# EDGAR Filing Document

**Accession Number:** 0000810893
**File Stem:** 0001193125-26-251123
**Filing Date:** 2026-6
**Character Count:** 2892345
**Document Hash:** 99fd30a5d66df9c281099d0a20a92020
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-251123.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0001193125-26-251123

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 52

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**EFFECTIVENESS DATE**: 20260601

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05028
- **FILM NUMBER:** 261050022

**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 ABS and Short-Term Investments Portfolio (Series ID: S000009844)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000027272 | PIMCO ABS and Short-Term Investments Portfolio |  |

### PIMCO Short-Term Portfolio (Series ID: S000009845)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000027273 | PIMCO Short-Term Portfolio |  |

### PIMCO U.S. Government and Short-Term Investments Portfolio (Series ID: S000009847)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000027275 | PIMCO U.S. Government and Short-Term Investments Portfolio |  |

### PIMCO EM Bond and Short-Term Investments Portfolio (Series ID: S000009848)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000027276 | PIMCO EM Bond and Short-Term Investments Portfolio |  |

### PIMCO High Yield and Short-Term Investments Portfolio (Series ID: S000009850)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000027278 | PIMCO High Yield and Short-Term Investments Portfolio |  |

### PIMCO International Portfolio (Series ID: S000009851)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000027279 | PIMCO International Portfolio |  |

### PIMCO Investment Grade Credit Bond Portfolio (Series ID: S000009852)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000027280 | PIMCO Investment Grade Credit Bond Portfolio |  |

### PIMCO Mortgage and Short-Term Investments Portfolio (Series ID: S000009853)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000027281 | PIMCO Mortgage and Short-Term Investments Portfolio |  |

### PIMCO Municipal Portfolio (Series ID: S000009854)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000027282 | PIMCO Municipal Portfolio |  |

### PIMCO Real Return Portfolio (Series ID: S000009855)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000027283 | PIMCO Real Return Portfolio |  |

### PIMCO Long Duration Credit Bond Portfolio (Series ID: S000024285)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000071766 | Long Duration Credit Bond Portfolio |  |

### PIMCO Short-Term Floating NAV Portfolio II (Series ID: S000025613)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000076734 | PIMCO Short-Term Floating NAV Portfolio II |  |

### PIMCO Low Duration Portfolio (Series ID: S000034605)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000106507 | PIMCO Low Duration Portfolio |  |

### PIMCO Moderate Duration Portfolio (Series ID: S000034606)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000106508 | PIMCO Moderate Duration Portfolio |  |

### PIMCO Short-Term Floating NAV Portfolio III (Series ID: S000037048)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000113894 | PIMCO Short-Term Floating NAV Portfolio III |  |

### PIMCO Short Asset Portfolio (Series ID: S000057874)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000187474 | PIMCO Short Asset Portfolio |  |

### PIMCO Sector Fund Series - AM (Series ID: S000071783)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000227285 | PIMCO Sector Fund Series - AM |  |

### PIMCO Sector Fund Series - H (Series ID: S000071787)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000227289 | PIMCO Sector Fund Series - H |  |

### PIMCO Sector Fund Series - I (Series ID: S000071788)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000227290 | PIMCO Sector Fund Series - I |  |

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

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

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

### PIMCO Funds

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

#### (Address of principal executive office)

#### Bijal Y. Parikh

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

#### PIMCO Funds

#### 650 Newport Center Drive

#### Newport Beach, CA 92660

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

#### Adam T. Teufel

#### Dechert LLP

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

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

Date of fiscal year end: March 31

Date of reporting period: March 31, 2026

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

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

------

#### EXPLANATORY NOTE
The Registrant is filing this Certified Shareholder Report on Form N-CSR in six (6) separate submissions due to file size limitations on EDGAR submissions. The initial submission (the "initially filed submission") of the Certified Shareholder Report on Form N-CSR dated June 1, 2026, the immediately following companion submission (the "first companion submission") of the Certified Shareholder Report on Form N-CSR dated June 1, 2026 and the immediately following companion submission (the "second companion submission") of the Certified Shareholder Report on Form N-CSR dated June 1, 2026 provide the information required by Item 1, 6 and 7 with respect to certain reports transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the "Act") (17 CFR 270.30e-1). This submission (the "third companion submission") provides the information required by Items 1, 6 and 7 with respect to the remaining reports transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1) that were not included in the Registrant's initially filed submission, the Registrant's first companion submission, the Registrant's second companion submission and in the immediately following companion submissions (the "fourth companion submission" and the "fifth companion submission"). Apart from Items 1, 6 and 7, this submission is identical in all material respects to the initially filed submission and the first companion submission.

------

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

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

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

● PIMCO All Asset Fund Class A

● PIMCO All Asset Fund Administrative Class

● PIMCO All Asset Fund Class C

● PIMCO All Asset Fund Institutional Class

● PIMCO All Asset Fund I-2

● PIMCO All Asset Fund Class R

● PIMCO All Asset Fund I-3

● PIMCO All Asset All Authority Fund Class A

● PIMCO All Asset All Authority Fund Class C

● PIMCO All Asset All Authority Fund Institutional Class

● PIMCO All Asset All Authority Fund I-2

● PIMCO All Asset All Authority Fund I-3

● PIMCO Global Core Asset Allocation Fund Class A

● PIMCO Global Core Asset Allocation Fund Class C

● PIMCO Global Core Asset Allocation Fund Institutional Class

● PIMCO Global Core Asset Allocation Fund I-2

● PIMCO California Intermediate Municipal Bond Fund Class A

● PIMCO California Intermediate Municipal Bond Fund Class C

● PIMCO California Intermediate Municipal Bond Fund Institutional Class

● PIMCO California Intermediate Municipal Bond Fund I-2

● PIMCO California Municipal Bond Fund Class A

● PIMCO California Municipal Bond Fund Class C

● PIMCO California Municipal Bond Fund Institutional Class

● PIMCO California Municipal Bond Fund I-2

● PIMCO California Short Duration Municipal Income Fund Class A

● PIMCO California Short Duration Municipal Income Fund Institutional Class

● PIMCO California Short Duration Municipal Income Fund I-2

● PIMCO High Yield Municipal Bond Fund Class A

● PIMCO High Yield Municipal Bond Fund Class C

● PIMCO High Yield Municipal Bond Fund Institutional Class

● PIMCO High Yield Municipal Bond Fund I-2

● PIMCO High Yield Municipal Bond Fund I-3

● PIMCO Municipal Bond Fund Class A

● PIMCO Municipal Bond Fund Class C

● PIMCO Municipal Bond Fund Institutional Class

● PIMCO Municipal Bond Fund I-2

● PIMCO Municipal Bond Fund I-3

● PIMCO National Intermediate Municipal Bond Fund Class A

● PIMCO National Intermediate Municipal Bond Fund Class C

● PIMCO National Intermediate Municipal Bond Fund Institutional Class

● PIMCO National Intermediate Municipal Bond Fund I-2

● PIMCO New York Municipal Bond Fund Class A

● PIMCO New York Municipal Bond Fund Class C

● PIMCO New York Municipal Bond Fund Institutional Class

● PIMCO New York Municipal Bond Fund I-2

● PIMCO New York Municipal Bond Fund I-3

● PIMCO Short Duration Municipal Income Fund Class A

● PIMCO Short Duration Municipal Income Fund Class C

● PIMCO Short Duration Municipal Income Fund Institutional Class

● PIMCO Short Duration Municipal Income Fund I-2

● PIMCO Short Duration Municipal Income Fund Class C-2

● PIMCO Short Duration Municipal Income Fund I-3

● PIMCO California Municipal Opportunistic Value Fund Institutional Class

● PIMCO National Municipal Opportunistic Value Fund Institutional Class

------

● PIMCO Emerging Markets Bond Fund Class A

● PIMCO Emerging Markets Bond Fund Class C

● PIMCO Emerging Markets Bond Fund Institutional Class

● PIMCO Emerging Markets Bond Fund I-2

● PIMCO Emerging Markets Bond Fund I-3

● PIMCO Emerging Markets Corporate Bond Fund Institutional Class

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

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

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

● PIMCO Emerging Markets Full Spectrum Bond Fund Institutional Class

● PIMCO Emerging Markets Local Currency and Bond Fund Class A

● PIMCO Emerging Markets Local Currency and Bond Fund Class C

● PIMCO Emerging Markets Local Currency and Bond Fund Institutional Class

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

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

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

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

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

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

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

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

● PIMCO International Bond Fund (Unhedged) Class A

● PIMCO International Bond Fund (Unhedged) Administrative Class

● PIMCO International Bond Fund (Unhedged) Class C

● PIMCO International Bond Fund (Unhedged) Institutional Class

● PIMCO International Bond Fund (Unhedged) I-2

● PIMCO International Bond Fund (Unhedged) I-3

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

● PIMCO RAE Fundamental Advantage PLUS Fund Class A

● PIMCO RAE Fundamental Advantage PLUS Fund Institutional Class

● PIMCO RAE PLUS EMG Fund Institutional Class

● PIMCO RAE PLUS EMG Fund I-2

● PIMCO RAE PLUS EMG Fund Class A

● PIMCO RAE PLUS EMG Fund Class C

● PIMCO RAE PLUS Fund Class A

● PIMCO RAE PLUS Fund Class C

● PIMCO RAE PLUS Fund Institutional Class

● PIMCO RAE PLUS Fund I-2

● PIMCO RAE PLUS Fund I-3

● PIMCO RAE PLUS International Fund Institutional Class

● PIMCO RAE PLUS International Fund Class A

● PIMCO RAE PLUS International Fund I-2

● PIMCO RAE PLUS Small Fund Institutional Class

● PIMCO RAE PLUS Small Fund Class A

● PIMCO RAE PLUS Small Fund Class C

● PIMCO RAE PLUS Small Fund I-2

● PIMCO RAE Worldwide Long/Short PLUS Fund Class A

● PIMCO RAE Worldwide Long/Short PLUS Fund Class C

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

● PIMCO RAE Worldwide Long/Short PLUS Fund Institutional Class

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

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

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

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

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

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

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

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

------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

● PIMCO Climate Bond Fund Class A

● PIMCO Climate Bond Fund Class C

● PIMCO Climate Bond Fund Institutional Class

● PIMCO Climate Bond Fund I-2

● PIMCO Climate Bond Fund I-3

● PIMCO Dynamic Bond Fund Class A

● PIMCO Dynamic Bond Fund Class C

● PIMCO Dynamic Bond Fund Institutional Class

● PIMCO Dynamic Bond Fund I-2

● PIMCO Dynamic Bond Fund Class R

● PIMCO Dynamic Bond Fund I-3

● PIMCO Extended Duration Fund Institutional Class

● PIMCO Extended Duration Fund I-2

● PIMCO GNMA and Government Securities Fund Class A

● PIMCO GNMA and Government Securities Fund Class C

● PIMCO GNMA and Government Securities Fund Institutional Class

● PIMCO GNMA and Government Securities Fund I-2

● PIMCO GNMA and Government Securities Fund I-3

● PIMCO Investment Grade Credit Bond Fund Class A

● PIMCO Investment Grade Credit Bond Fund Administrative Class

● PIMCO Investment Grade Credit Bond Fund Class C

● PIMCO Investment Grade Credit Bond Fund Institutional Class

● PIMCO Investment Grade Credit Bond Fund I-2

● PIMCO Investment Grade Credit Bond Fund I-3

● PIMCO Long Duration Total Return Fund Institutional Class

● PIMCO Long Duration Total Return Fund I-2

● PIMCO Long Duration Total Return Fund Class A

● PIMCO Long Duration Total Return Fund Class C

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

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

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

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

● PIMCO Low Duration Opportunities Fund Class A

● PIMCO Low Duration Opportunities Fund Class C

------

● PIMCO Low Duration Opportunities Fund Institutional Class

● PIMCO Low Duration Opportunities Fund I-2

● PIMCO Moderate Duration Fund Institutional Class

● PIMCO Moderate Duration Fund I-2

● PIMCO Mortgage Opportunities and Bond Fund I-3

● PIMCO Mortgage Opportunities and Bond Fund Class A

● PIMCO Mortgage Opportunities and Bond Fund Class C

● PIMCO Mortgage Opportunities and Bond Fund Institutional Class

● PIMCO Mortgage Opportunities and Bond Fund I-2

● PIMCO Total Return ESG Fund Administrative Class

● PIMCO Total Return ESG Fund Institutional Class

● PIMCO Total Return ESG Fund I-2

● PIMCO Total Return ESG Fund Class A

● PIMCO Total Return ESG Fund Class C

● PIMCO Total Return ESG Fund I-3

● PIMCO Total Return Fund II Institutional Class

● PIMCO Total Return Fund II I-2

● PIMCO Total Return Fund IV Class A

● PIMCO Total Return Fund IV Institutional Class

● PIMCO Total Return Fund V Institutional Class

● PIMCO Total Return Fund V Class A

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

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

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

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

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

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

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

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

● PIMCO ABS and Short-Term Investments Portfolio

● PIMCO EM Bond and Short-Term Investments Portfolio

● PIMCO High Yield and Short-Term Investments Portfolio

● PIMCO Investment Grade Credit Bond Portfolio

● PIMCO Long Duration Credit Bond Portfolio

● PIMCO Low Duration Portfolio

● PIMCO Moderate Duration Portfolio

● PIMCO Mortgage and Short-Term Investments Portfolio

● PIMCO Municipal Portfolio

● PIMCO Real Return Portfolio

● PIMCO Sector Fund Series – AM

● PIMCO Sector Fund Series – H

● PIMCO Sector Fund Series – I

● PIMCO Short-Term Portfolio

● PIMCO Short-Term Floating NAV Portfolio II

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

● PIMCO International Portfolio

● PIMCO Short Asset Portfolio

● PIMCO Short-Term Floating NAV Portfolio III

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

● PIMCO All Asset: Multi-RAE PLUS Fund

● PIMCO All Asset: Multi-Real Fund

● PIMCO All Authority: Multi-RAE PLUS Fund

● PIMCO Income Fund Class A

● PIMCO Income Fund Administrative Class

● PIMCO Income Fund Class C

● PIMCO Income Fund Institutional Class

● PIMCO Income Fund I-2

------

● PIMCO Income Fund Class R

● PIMCO Income Fund I-3

● PIMCO Total Return Fund Class A

● PIMCO Total Return Fund Administrative Class

● PIMCO Total Return Fund Class C

● PIMCO Total Return Fund Institutional Class

● PIMCO Total Return Fund I-2

● PIMCO Total Return Fund Class R

● PIMCO Total Return Fund I-3

● PIMCO Credit Opportunities Bond Fund Class A

● PIMCO Credit Opportunities Bond Fund Class C

● PIMCO Credit Opportunities Bond Fund Institutional Class

● PIMCO Credit Opportunities Bond Fund I-2

● PIMCO Diversified Income Fund Class A

● PIMCO Diversified Income Fund Administrative Class

● PIMCO Diversified Income Fund Class C

● PIMCO Diversified Income Fund Institutional Class

● PIMCO Diversified Income Fund I-2

● PIMCO Diversified Income Fund I-3

● PIMCO ESG Income Fund Class A

● PIMCO ESG Income Fund Class C

● PIMCO ESG Income Fund Institutional Class

● PIMCO ESG Income Fund I-2

● PIMCO ESG Income Fund I-3

● PIMCO High Yield Fund Class A

● PIMCO High Yield Fund Administrative Class

● PIMCO High Yield Fund Class C

● PIMCO High Yield Fund Institutional Class

● PIMCO High Yield Fund I-2

● PIMCO High Yield Fund Class R

● PIMCO High Yield Fund I-3

● PIMCO High Yield Spectrum Fund Class A

● PIMCO High Yield Spectrum Fund Class C

● PIMCO High Yield Spectrum Fund Institutional Class

● PIMCO High Yield Spectrum Fund I-2

● PIMCO High Yield Spectrum Fund I-3

● PIMCO Long-Term Credit Bond Fund Institutional Class

● PIMCO Long-Term Credit Bond Fund I-2

● PIMCO Low Duration Credit Fund Class A

● PIMCO Low Duration Credit Fund Class C

● PIMCO Low Duration Credit Fund Institutional Class

● PIMCO Low Duration Credit Fund I-2

● PIMCO Low Duration Income Fund Class A

● PIMCO Low Duration Income Fund Class C

● PIMCO Low Duration Income Fund Institutional Class

● PIMCO Low Duration Income Fund I-2

● PIMCO Low Duration Income Fund I-3

● PIMCO Low Duration Income Fund Class C-2

● PIMCO Preferred and Capital Securities Fund Class A

● PIMCO Preferred and Capital Securities Fund Class C

● PIMCO Preferred and Capital Securities Fund I-2

● PIMCO Preferred and Capital Securities Fund Institutional Class

● PIMCO Preferred and Capital Securities Fund I-3

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

● PIMCO Government Money Market Fund Class A

● PIMCO Government Money Market Fund Class C

● PIMCO Government Money Market Fund Class M

● PIMCO Government Money Market Fund I-2

● PIMCO Government Money Market Fund Institutional Class

------

● PIMCO Government Money Market Fund Administrative Class

● PIMCO Low Duration Fund Class A

● PIMCO Low Duration Fund Administrative Class

● PIMCO Low Duration Fund Class C

● PIMCO Low Duration Fund Institutional Class

● PIMCO Low Duration Fund I-2

● PIMCO Low Duration Fund Class R

● PIMCO Low Duration Fund I-3

● PIMCO Low Duration Fund Class C-2

● PIMCO Low Duration Fund II Administrative Class

● PIMCO Low Duration Fund II Institutional Class

● PIMCO Low Duration ESG Fund Institutional Class

● PIMCO Low Duration ESG Fund I-2

● PIMCO Short Asset Investment Fund Class A

● PIMCO Short Asset Investment Fund Administrative Class

● PIMCO Short Asset Investment Fund Institutional Class

● PIMCO Short Asset Investment Fund I-2

● PIMCO Short Asset Investment Fund Class M

● PIMCO Short Asset Investment Fund I-3

● PIMCO Short-Term Fund Class A

● PIMCO Short-Term Fund Administrative Class

● PIMCO Short-Term Fund Class C

● PIMCO Short-Term Fund Institutional Class

● PIMCO Short-Term Fund I-2

● PIMCO Short-Term Fund Class R

● PIMCO Short-Term Fund I-3

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

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

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

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

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

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

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

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

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

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

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

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

● PIMCO Inflation Response Multi-Asset Fund Class A

● PIMCO Inflation Response Multi-Asset Fund Institutional Class

● PIMCO Inflation Response Multi-Asset Fund I-2

● PIMCO Inflation Response Multi-Asset Fund I-3

● PIMCO Long-Term Real Return Fund Institutional Class

● PIMCO Long-Term Real Return Fund I-2

● PIMCO Real Return Fund Class A

● PIMCO Real Return Fund Administrative Class

● PIMCO Real Return Fund Class C

● PIMCO Real Return Fund Institutional Class

● PIMCO Real Return Fund I-2

● PIMCO Real Return Fund Class R

● PIMCO Real Return Fund I-3

● PIMCO RealEstateRealReturn Strategy Fund Class A

● PIMCO RealEstateRealReturn Strategy Fund Class C

● PIMCO RealEstateRealReturn Strategy Fund Institutional Class

● PIMCO RealEstateRealReturn Strategy Fund I-2

● PIMCO RealEstateRealReturn Strategy Fund I-3

● PIMCO TRENDS Managed Futures Strategy Fund I-3

● PIMCO TRENDS Managed Futures Strategy Fund Class C

● PIMCO TRENDS Managed Futures Strategy Fund Class A

● PIMCO TRENDS Managed Futures Strategy Fund Institutional Class

● PIMCO TRENDS Managed Futures Strategy Fund I-2

(b) Not applicable to the open-end investment companies.

# Class A: PFOAX

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

#### Annual Shareholder Report \| March 31, 2026
![Image](g108372g59d89.jpg)

This 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 March 31, 2026 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $105 | 1.04% |

---

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

* Long exposure to select Latin American currencies, including the Brazilian real and the Mexican peso, contributed to relative performance versus the Bloomberg Global Aggregate ex-USD (USD Hedged) Index ("Index"), as they appreciated relative to the U.S. dollar.

* Positioning within select emerging market Central, Eastern European, Middle Eastern and African currencies, including long exposure to the Turkish lira, contributed to relative performance versus the Index, as cash rates remained elevated.

* Curve positioning in the U.S., including short exposure to the long-end, contributed to relative performance versus the Index, as the curve steepened.

* Overweight exposure to Australian duration detracted from relative performance versus the Index, as yields rose.

* Curve positioning in the euro bloc, including overweight exposure to the front-end in March 2026, detracted from relative performance versus the Index, as yields rose.

* Positioning within Japanese rates, particularly an overweight exposure to the long-end of the curve throughout 2025, detracted from relative performance versus the Index, as yields rose.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2026 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g108372g97t10.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Global Aggregate ex-USD (USD Hedged) Index** |
| **3/31/16** | $9625 | $10000 |
| **4/30/16** | $9656 | $9998 |
| **5/31/16** | $9708 | $10070 |
| **6/30/16** | $9928 | $10272 |
| **7/31/16** | $10025 | $10328 |
| **8/31/16** | $10054 | $10324 |
| **9/30/16** | $10089 | $10326 |
| **10/31/16** | $10009 | $10207 |
| **11/30/16** | $9920 | $10096 |
| **12/31/16** | $9994 | $10134 |
| **1/31/17** | $9913 | $10047 |
| **2/28/17** | $10050 | $10146 |
| **3/31/17** | $10047 | $10140 |
| **4/30/17** | $10072 | $10201 |
| **5/31/17** | $10116 | $10244 |
| **6/30/17** | $10085 | $10199 |
| **7/31/17** | $10130 | $10223 |
| **8/31/17** | $10234 | $10317 |
| **9/30/17** | $10212 | $10269 |
| **10/31/17** | $10287 | $10340 |
| **11/30/17** | $10323 | $10380 |
| **12/31/17** | $10304 | $10385 |
| **1/31/18** | $10320 | $10344 |
| **2/28/18** | $10338 | $10377 |
| **3/31/18** | $10435 | $10483 |
| **4/30/18** | $10417 | $10472 |
| **5/31/18** | $10438 | $10487 |
| **6/30/18** | $10480 | $10533 |
| **7/31/18** | $10484 | $10531 |
| **8/31/18** | $10488 | $10537 |
| **9/30/18** | $10470 | $10515 |
| **10/31/18** | $10493 | $10545 |
| **11/30/18** | $10488 | $10591 |
| **12/31/18** | $10533 | $10714 |
| **1/31/19** | $10675 | $10823 |
| **2/28/19** | $10700 | $10847 |
| **3/31/19** | $10836 | $11031 |
| **4/30/19** | $10853 | $11036 |
| **5/31/19** | $10962 | $11168 |
| **6/30/19** | $11121 | $11334 |
| **7/31/19** | $11229 | $11473 |
| **8/31/19** | $11397 | $11704 |
| **9/30/19** | $11340 | $11655 |
| **10/31/19** | $11293 | $11588 |
| **11/30/19** | $11248 | $11566 |
| **12/31/19** | $11260 | $11526 |
| **1/31/20** | $11434 | $11723 |
| **2/29/20** | $11458 | $11817 |
| **3/31/20** | $11032 | $11584 |
| **4/30/20** | $11268 | $11748 |
| **5/31/20** | $11354 | $11750 |
| **6/30/20** | $11438 | $11788 |
| **7/31/20** | $11578 | $11872 |
| **8/31/20** | $11583 | $11788 |
| **9/30/20** | $11672 | $11868 |
| **10/31/20** | $11750 | $11904 |
| **11/30/20** | $11815 | $11932 |
| **12/31/20** | $11905 | $11980 |
| **1/31/21** | $11895 | $11927 |
| **2/28/21** | $11723 | $11729 |
| **3/31/21** | $11734 | $11752 |
| **4/30/21** | $11726 | $11740 |
| **5/31/21** | $11737 | $11755 |
| **6/30/21** | $11737 | $11793 |
| **7/31/21** | $11856 | $11953 |
| **8/31/21** | $11823 | $11924 |
| **9/30/21** | $11713 | $11804 |
| **10/31/21** | $11635 | $11754 |
| **11/30/21** | $11709 | $11877 |
| **12/31/21** | $11660 | $11812 |
| **1/31/22** | $11573 | $11681 |
| **2/28/22** | $11377 | $11522 |
| **3/31/22** | $11215 | $11334 |
| **4/30/22** | $10989 | $11121 |
| **5/31/22** | $10882 | $11039 |
| **6/30/22** | $10656 | $10879 |
| **7/31/22** | $10936 | $11172 |
| **8/31/22** | $10679 | $10889 |
| **9/30/22** | $10390 | $10639 |
| **10/31/22** | $10464 | $10693 |
| **11/30/22** | $10636 | $10860 |
| **12/31/22** | $10471 | $10659 |
| **1/31/23** | $10702 | $10839 |
| **2/28/23** | $10607 | $10748 |
| **3/31/23** | $10759 | $10964 |
| **4/30/23** | $10790 | $11009 |
| **5/31/23** | $10790 | $11026 |
| **6/30/23** | $10822 | $11044 |
| **7/31/23** | $10855 | $11052 |
| **8/31/23** | $10881 | $11083 |
| **9/30/23** | $10785 | $10958 |
| **10/31/23** | $10764 | $10955 |
| **11/30/23** | $11054 | $11239 |
| **12/31/23** | $11419 | $11545 |
| **1/31/24** | $11394 | $11528 |
| **2/29/24** | $11391 | $11511 |
| **3/31/24** | $11545 | $11612 |
| **4/30/24** | $11443 | $11505 |
| **5/31/24** | $11486 | $11531 |
| **6/30/24** | $11551 | $11625 |
| **7/31/24** | $11711 | $11814 |
| **8/31/24** | $11752 | $11909 |
| **9/30/24** | $11899 | $12030 |
| **10/31/24** | $11797 | $11971 |
| **11/30/24** | $12005 | $12129 |
| **12/31/24** | $12019 | $12119 |
| **1/31/25** | $12082 | $12150 |
| **2/28/25** | $12118 | $12197 |
| **3/31/25** | $12038 | $12099 |
| **4/30/25** | $12152 | $12279 |
| **5/31/25** | $12157 | $12271 |
| **6/30/25** | $12272 | $12333 |
| **7/31/25** | $12264 | $12335 |
| **8/31/25** | $12318 | $12338 |
| **9/30/25** | $12370 | $12393 |
| **10/31/25** | $12519 | $12508 |
| **11/30/25** | $12500 | $12493 |
| **12/31/25** | $12487 | $12458 |
| **1/31/26** | $12547 | $12501 |
| **2/28/26** | $12668 | $12657 |
| **3/31/26** | $12279 | $12434 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2026.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 2.00% | 0.91% | 2.47% |
| Class A (including sales charge) | (1.82%) | 0.14% | 2.07% |
| Bloomberg Global Aggregate ex-USD (USD Hedged) Index | 2.77% | 1.13% | 2.20% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $18299822 |
| # of Portfolio Holdings | 2399 |
| Portfolio Turnover Rate | 639% |
| Total Net Advisory Fees Paid During the Reporting Period | $40406 |

---

---

| | |
|:---|:---|
| 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 | 58.9% |
| China | 8.2% |
| United Kingdom | 7.4% |
| Japan | 4.5% |
| Australia | 4.4% |
| Canada | 4.3% |
| France | 3.9% |
| Spain | 3.7% |
| Ireland | 3.3% |
| Other Countries | 23.9% |
| Short-Term Instruments | 2.4% |
| Affiliated Investments | 6.5% |
| Financial Derivative Instruments | 1.1% |
| Other Assets and Liabilities, Net | (32.5%) |
| 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. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.07% as a result of higher expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g108372g98p01.jpg)

# Class A: PFOAX
![Image](g108372g90a33.jpg)

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

March 31, 2026

PIMS4007TSRAR_033126

# Administrative Class: PFRAX

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

#### Annual Shareholder Report \| March 31, 2026
![Image](g108372g59d89.jpg)

This 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 March 31, 2026 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Administrative Class | $90 | 0.89% |

---

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

* Long exposure to select Latin American currencies, including the Brazilian real and the Mexican peso, contributed to relative performance versus the Bloomberg Global Aggregate ex-USD (USD Hedged) Index ("Index"), as they appreciated relative to the U.S. dollar.

* Positioning within select emerging market Central, Eastern European, Middle Eastern and African currencies, including long exposure to the Turkish lira, contributed to relative performance versus the Index, as cash rates remained elevated.

* Curve positioning in the U.S., including short exposure to the long-end, contributed to relative performance versus the Index, as the curve steepened.

* Overweight exposure to Australian duration detracted from relative performance versus the Index, as yields rose.

* Curve positioning in the euro bloc, including overweight exposure to the front-end in March 2026, detracted from relative performance versus the Index, as yields rose.

* Positioning within Japanese rates, particularly an overweight exposure to the long-end of the curve throughout 2025, detracted from relative performance versus the Index, as yields rose.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2026 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g108372g80m87.jpg)

---

| | | |
|:---|:---|:---|
| | **Administrative Class** | **Bloomberg Global Aggregate ex-USD (USD Hedged) Index** |
| **3/31/16** | $1000000 | $1000000 |
| **4/30/16** | $1003303 | $999752 |
| **5/31/16** | $1008843 | $1007012 |
| **6/30/16** | $1031865 | $1027203 |
| **7/31/16** | $1042117 | $1032831 |
| **8/31/16** | $1045211 | $1032433 |
| **9/30/16** | $1049015 | $1032621 |
| **10/31/16** | $1040839 | $1020714 |
| **11/30/16** | $1031682 | $1009599 |
| **12/31/16** | $1039474 | $1013379 |
| **1/31/17** | $1031269 | $1004691 |
| **2/28/17** | $1045638 | $1014620 |
| **3/31/17** | $1045415 | $1013985 |
| **4/30/17** | $1048140 | $1020076 |
| **5/31/17** | $1052847 | $1024428 |
| **6/30/17** | $1049766 | $1019924 |
| **7/31/17** | $1054579 | $1022252 |
| **8/31/17** | $1065511 | $1031725 |
| **9/30/17** | $1063375 | $1026894 |
| **10/31/17** | $1071373 | $1034042 |
| **11/30/17** | $1075251 | $1038041 |
| **12/31/17** | $1073374 | $1038530 |
| **1/31/18** | $1075153 | $1034390 |
| **2/28/18** | $1077127 | $1037723 |
| **3/31/18** | $1087445 | $1048260 |
| **4/30/18** | $1085673 | $1047239 |
| **5/31/18** | $1087979 | $1048741 |
| **6/30/18** | $1092533 | $1053273 |
| **7/31/18** | $1093021 | $1053131 |
| **8/31/18** | $1093637 | $1053687 |
| **9/30/18** | $1091923 | $1051528 |
| **10/31/18** | $1094389 | $1054536 |
| **11/30/18** | $1094005 | $1059131 |
| **12/31/18** | $1098866 | $1071435 |
| **1/31/19** | $1113874 | $1082327 |
| **2/28/19** | $1116544 | $1084737 |
| **3/31/19** | $1130862 | $1103136 |
| **4/30/19** | $1132806 | $1103603 |
| **5/31/19** | $1144329 | $1116826 |
| **6/30/19** | $1161084 | $1133422 |
| **7/31/19** | $1172491 | $1147262 |
| **8/31/19** | $1190207 | $1170355 |
| **9/30/19** | $1184423 | $1165503 |
| **10/31/19** | $1179621 | $1158762 |
| **11/30/19** | $1175120 | $1156582 |
| **12/31/19** | $1176520 | $1152558 |
| **1/31/20** | $1194793 | $1172322 |
| **2/29/20** | $1197435 | $1181691 |
| **3/31/20** | $1153117 | $1158385 |
| **4/30/20** | $1177899 | $1174790 |
| **5/31/20** | $1187052 | $1175029 |
| **6/30/20** | $1195994 | $1178782 |
| **7/31/20** | $1210782 | $1187248 |
| **8/31/20** | $1211441 | $1178783 |
| **9/30/20** | $1220851 | $1186761 |
| **10/31/20** | $1229199 | $1190407 |
| **11/30/20** | $1236190 | $1193173 |
| **12/31/20** | $1245802 | $1197966 |
| **1/31/21** | $1244851 | $1192704 |
| **2/28/21** | $1226985 | $1172946 |
| **3/31/21** | $1228321 | $1175225 |
| **4/30/21** | $1227678 | $1173983 |
| **5/31/21** | $1228940 | $1175497 |
| **6/30/21** | $1229062 | $1179329 |
| **7/31/21** | $1241704 | $1195289 |
| **8/31/21** | $1238388 | $1192415 |
| **9/30/21** | $1226980 | $1180375 |
| **10/31/21** | $1219033 | $1175360 |
| **11/30/21** | $1226909 | $1187659 |
| **12/31/21** | $1221984 | $1181207 |
| **1/31/22** | $1212942 | $1168072 |
| **2/28/22** | $1192572 | $1152222 |
| **3/31/22** | $1175732 | $1133367 |
| **4/30/22** | $1152212 | $1112057 |
| **5/31/22** | $1141111 | $1103892 |
| **6/30/22** | $1117520 | $1087939 |
| **7/31/22** | $1147025 | $1117223 |
| **8/31/22** | $1120264 | $1088873 |
| **9/30/22** | $1090050 | $1063940 |
| **10/31/22** | $1097993 | $1069303 |
| **11/30/22** | $1116201 | $1086035 |
| **12/31/22** | $1098964 | $1065881 |
| **1/31/23** | $1123394 | $1083944 |
| **2/28/23** | $1113475 | $1074779 |
| **3/31/23** | $1129601 | $1096353 |
| **4/30/23** | $1132978 | $1100949 |
| **5/31/23** | $1133168 | $1102582 |
| **6/30/23** | $1136623 | $1104391 |
| **7/31/23** | $1140308 | $1105221 |
| **8/31/23** | $1143153 | $1108302 |
| **9/30/23** | $1133234 | $1095771 |
| **10/31/23** | $1131165 | $1095451 |
| **11/30/23** | $1161731 | $1123922 |
| **12/31/23** | $1200235 | $1154517 |
| **1/31/24** | $1197734 | $1152767 |
| **2/29/24** | $1197585 | $1151079 |
| **3/31/24** | $1213926 | $1161227 |
| **4/30/24** | $1203368 | $1150515 |
| **5/31/24** | $1208053 | $1153088 |
| **6/30/24** | $1215053 | $1162502 |
| **7/31/24** | $1232019 | $1181394 |
| **8/31/24** | $1236525 | $1190851 |
| **9/30/24** | $1252124 | $1202985 |
| **10/31/24** | $1241555 | $1197057 |
| **11/30/24** | $1263580 | $1212865 |
| **12/31/24** | $1265192 | $1211913 |
| **1/31/25** | $1272030 | $1215011 |
| **2/28/25** | $1275962 | $1219729 |
| **3/31/25** | $1267717 | $1209856 |
| **4/30/25** | $1279854 | $1227939 |
| **5/31/25** | $1280502 | $1227117 |
| **6/30/25** | $1292854 | $1233250 |
| **7/31/25** | $1292139 | $1233515 |
| **8/31/25** | $1298001 | $1233773 |
| **9/30/25** | $1303608 | $1239339 |
| **10/31/25** | $1319453 | $1250810 |
| **11/30/25** | $1317656 | $1249324 |
| **12/31/25** | $1316494 | $1245790 |
| **1/31/26** | $1322905 | $1250132 |
| **2/28/26** | $1335896 | $1265736 |
| **3/31/26** | $1295045 | $1243367 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2026.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 2.16% | 1.06% | 2.62% |
| Bloomberg Global Aggregate ex-USD (USD Hedged) Index | 2.77% | 1.13% | 2.20% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $18299822 |
| # of Portfolio Holdings | 2399 |
| Portfolio Turnover Rate | 639% |
| Total Net Advisory Fees Paid During the Reporting Period | $40406 |

---

---

| | |
|:---|:---|
| 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 | 58.9% |
| China | 8.2% |
| United Kingdom | 7.4% |
| Japan | 4.5% |
| Australia | 4.4% |
| Canada | 4.3% |
| France | 3.9% |
| Spain | 3.7% |
| Ireland | 3.3% |
| Other Countries | 23.9% |
| Short-Term Instruments | 2.4% |
| Affiliated Investments | 6.5% |
| Financial Derivative Instruments | 1.1% |
| Other Assets and Liabilities, Net | (32.5%) |
| 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. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.07% as a result of higher expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g108372g98p01.jpg)

# Administrative Class: PFRAX
![Image](g108372g90a33.jpg)

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

March 31, 2026

PIMS0403TSRAR_033126

# Class C: PFOCX

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

#### Annual Shareholder Report \| March 31, 2026
![Image](g108372g59d89.jpg)

This 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 March 31, 2026 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $180 | 1.79% |

---

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

* Long exposure to select Latin American currencies, including the Brazilian real and the Mexican peso, contributed to relative performance versus the Bloomberg Global Aggregate ex-USD (USD Hedged) Index ("Index"), as they appreciated relative to the U.S. dollar.

* Positioning within select emerging market Central, Eastern European, Middle Eastern and African currencies, including long exposure to the Turkish lira, contributed to relative performance versus the Index, as cash rates remained elevated.

* Curve positioning in the U.S., including short exposure to the long-end, contributed to relative performance versus the Index, as the curve steepened.

* Overweight exposure to Australian duration detracted from relative performance versus the Index, as yields rose.

* Curve positioning in the euro bloc, including overweight exposure to the front-end in March 2026, detracted from relative performance versus the Index, as yields rose.

* Positioning within Japanese rates, particularly an overweight exposure to the long-end of the curve throughout 2025, detracted from relative performance versus the Index, as yields rose.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2026 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g108372g65r61.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Global Aggregate ex-USD (USD Hedged) Index** |
| **3/31/16** | $10000 | $10000 |
| **4/30/16** | $10022 | $9998 |
| **5/31/16** | $10070 | $10070 |
| **6/30/16** | $10292 | $10272 |
| **7/31/16** | $10387 | $10328 |
| **8/31/16** | $10409 | $10324 |
| **9/30/16** | $10439 | $10326 |
| **10/31/16** | $10350 | $10207 |
| **11/30/16** | $10252 | $10096 |
| **12/31/16** | $10321 | $10134 |
| **1/31/17** | $10232 | $10047 |
| **2/28/17** | $10360 | $10146 |
| **3/31/17** | $10350 | $10140 |
| **4/30/17** | $10380 | $10201 |
| **5/31/17** | $10419 | $10244 |
| **6/30/17** | $10380 | $10199 |
| **7/31/17** | $10419 | $10223 |
| **8/31/17** | $10518 | $10317 |
| **9/30/17** | $10498 | $10269 |
| **10/31/17** | $10558 | $10340 |
| **11/30/17** | $10588 | $10380 |
| **12/31/17** | $10562 | $10385 |
| **1/31/18** | $10572 | $10344 |
| **2/28/18** | $10583 | $10377 |
| **3/31/18** | $10676 | $10483 |
| **4/30/18** | $10651 | $10472 |
| **5/31/18** | $10665 | $10487 |
| **6/30/18** | $10702 | $10533 |
| **7/31/18** | $10699 | $10531 |
| **8/31/18** | $10696 | $10537 |
| **9/30/18** | $10672 | $10515 |
| **10/31/18** | $10688 | $10545 |
| **11/30/18** | $10676 | $10591 |
| **12/31/18** | $10715 | $10714 |
| **1/31/19** | $10854 | $10823 |
| **2/28/19** | $10872 | $10847 |
| **3/31/19** | $11003 | $11031 |
| **4/30/19** | $11014 | $11036 |
| **5/31/19** | $11117 | $11168 |
| **6/30/19** | $11272 | $11334 |
| **7/31/19** | $11375 | $11473 |
| **8/31/19** | $11537 | $11704 |
| **9/30/19** | $11473 | $11655 |
| **10/31/19** | $11418 | $11588 |
| **11/30/19** | $11366 | $11566 |
| **12/31/19** | $11371 | $11526 |
| **1/31/20** | $11538 | $11723 |
| **2/29/20** | $11556 | $11817 |
| **3/31/20** | $11120 | $11584 |
| **4/30/20** | $11351 | $11748 |
| **5/31/20** | $11430 | $11750 |
| **6/30/20** | $11508 | $11788 |
| **7/31/20** | $11641 | $11872 |
| **8/31/20** | $11638 | $11788 |
| **9/30/20** | $11720 | $11868 |
| **10/31/20** | $11791 | $11904 |
| **11/30/20** | $11850 | $11932 |
| **12/31/20** | $11932 | $11980 |
| **1/31/21** | $11915 | $11927 |
| **2/28/21** | $11735 | $11729 |
| **3/31/21** | $11739 | $11752 |
| **4/30/21** | $11724 | $11740 |
| **5/31/21** | $11727 | $11755 |
| **6/30/21** | $11720 | $11793 |
| **7/31/21** | $11831 | $11953 |
| **8/31/21** | $11791 | $11924 |
| **9/30/21** | $11673 | $11804 |
| **10/31/21** | $11589 | $11754 |
| **11/30/21** | $11655 | $11877 |
| **12/31/21** | $11599 | $11812 |
| **1/31/22** | $11505 | $11681 |
| **2/28/22** | $11304 | $11522 |
| **3/31/22** | $11135 | $11334 |
| **4/30/22** | $10904 | $11121 |
| **5/31/22** | $10791 | $11039 |
| **6/30/22** | $10560 | $10879 |
| **7/31/22** | $10831 | $11172 |
| **8/31/22** | $10570 | $10889 |
| **9/30/22** | $10277 | $10639 |
| **10/31/22** | $10344 | $10693 |
| **11/30/22** | $10508 | $10860 |
| **12/31/22** | $10337 | $10659 |
| **1/31/23** | $10560 | $10839 |
| **2/28/23** | $10459 | $10748 |
| **3/31/23** | $10602 | $10964 |
| **4/30/23** | $10626 | $11009 |
| **5/31/23** | $10620 | $11026 |
| **6/30/23** | $10644 | $11044 |
| **7/31/23** | $10671 | $11052 |
| **8/31/23** | $10689 | $11083 |
| **9/30/23** | $10589 | $10958 |
| **10/31/23** | $10561 | $10955 |
| **11/30/23** | $10839 | $11239 |
| **12/31/23** | $11190 | $11545 |
| **1/31/24** | $11158 | $11528 |
| **2/29/24** | $11149 | $11511 |
| **3/31/24** | $11292 | $11612 |
| **4/30/24** | $11186 | $11505 |
| **5/31/24** | $11220 | $11531 |
| **6/30/24** | $11277 | $11625 |
| **7/31/24** | $11426 | $11814 |
| **8/31/24** | $11459 | $11909 |
| **9/30/24** | $11595 | $12030 |
| **10/31/24** | $11488 | $11971 |
| **11/30/24** | $11683 | $12129 |
| **12/31/24** | $11689 | $12119 |
| **1/31/25** | $11743 | $12150 |
| **2/28/25** | $11772 | $12197 |
| **3/31/25** | $11687 | $12099 |
| **4/30/25** | $11790 | $12279 |
| **5/31/25** | $11787 | $12271 |
| **6/30/25** | $11892 | $12333 |
| **7/31/25** | $11877 | $12335 |
| **8/31/25** | $11921 | $12338 |
| **9/30/25** | $11964 | $12393 |
| **10/31/25** | $12101 | $12508 |
| **11/30/25** | $12076 | $12493 |
| **12/31/25** | $12055 | $12458 |
| **1/31/26** | $12104 | $12501 |
| **2/28/26** | $12214 | $12657 |
| **3/31/26** | $11832 | $12434 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2026.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 1.24% | 0.16% | 1.70% |
| Class C (including sales charge) | 0.26% | 0.16% | 1.70% |
| Bloomberg Global Aggregate ex-USD (USD Hedged) Index | 2.77% | 1.13% | 2.20% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $18299822 |
| # of Portfolio Holdings | 2399 |
| Portfolio Turnover Rate | 639% |
| Total Net Advisory Fees Paid During the Reporting Period | $40406 |

---

---

| | |
|:---|:---|
| 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 | 58.9% |
| China | 8.2% |
| United Kingdom | 7.4% |
| Japan | 4.5% |
| Australia | 4.4% |
| Canada | 4.3% |
| France | 3.9% |
| Spain | 3.7% |
| Ireland | 3.3% |
| Other Countries | 23.9% |
| Short-Term Instruments | 2.4% |
| Affiliated Investments | 6.5% |
| Financial Derivative Instruments | 1.1% |
| Other Assets and Liabilities, Net | (32.5%) |
| 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. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.07% as a result of higher expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g108372g98p01.jpg)

# Class C: PFOCX
![Image](g108372g90a33.jpg)

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

March 31, 2026

PIMS4207TSRAR_033126

# Institutional Class: PFORX

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

#### Annual Shareholder Report \| March 31, 2026
![Image](g108372g59d89.jpg)

This 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 March 31, 2026 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $65 | 0.64% |

---

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

* Long exposure to select Latin American currencies, including the Brazilian real and the Mexican peso, contributed to relative performance versus the Bloomberg Global Aggregate ex-USD (USD Hedged) Index ("Index"), as they appreciated relative to the U.S. dollar.

* Positioning within select emerging market Central, Eastern European, Middle Eastern and African currencies, including long exposure to the Turkish lira, contributed to relative performance versus the Index, as cash rates remained elevated.

* Curve positioning in the U.S., including short exposure to the long-end, contributed to relative performance versus the Index, as the curve steepened.

* Overweight exposure to Australian duration detracted from relative performance versus the Index, as yields rose.

* Curve positioning in the euro bloc, including overweight exposure to the front-end in March 2026, detracted from relative performance versus the Index, as yields rose.

* Positioning within Japanese rates, particularly an overweight exposure to the long-end of the curve throughout 2025, detracted from relative performance versus the Index, as yields rose.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2026 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g108372g76m42.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate ex-USD (USD Hedged) Index** |
| **3/31/16** | $1000000 | $1000000 |
| **4/30/16** | $1003515 | $999752 |
| **5/31/16** | $1009262 | $1007012 |
| **6/30/16** | $1032502 | $1027203 |
| **7/31/16** | $1042981 | $1032831 |
| **8/31/16** | $1046299 | $1032433 |
| **9/30/16** | $1050335 | $1032621 |
| **10/31/16** | $1042356 | $1020714 |
| **11/30/16** | $1033398 | $1009599 |
| **12/31/16** | $1041436 | $1013379 |
| **1/31/17** | $1033420 | $1004691 |
| **2/28/17** | $1048018 | $1014620 |
| **3/31/17** | $1048030 | $1013985 |
| **4/30/17** | $1050964 | $1020076 |
| **5/31/17** | $1055906 | $1024428 |
| **6/30/17** | $1053048 | $1019924 |
| **7/31/17** | $1058085 | $1022252 |
| **8/31/17** | $1069279 | $1031725 |
| **9/30/17** | $1067362 | $1026894 |
| **10/31/17** | $1075609 | $1034042 |
| **11/30/17** | $1079724 | $1038041 |
| **12/31/17** | $1078075 | $1038530 |
| **1/31/18** | $1080083 | $1034390 |
| **2/28/18** | $1082273 | $1037723 |
| **3/31/18** | $1092879 | $1048260 |
| **4/30/18** | $1091315 | $1047239 |
| **5/31/18** | $1093864 | $1048741 |
| **6/30/18** | $1098676 | $1053273 |
| **7/31/18** | $1099393 | $1053131 |
| **8/31/18** | $1100269 | $1053687 |
| **9/30/18** | $1098748 | $1051528 |
| **10/31/18** | $1101463 | $1054536 |
| **11/30/18** | $1101318 | $1059131 |
| **12/31/18** | $1106438 | $1071435 |
| **1/31/19** | $1121778 | $1082327 |
| **2/28/19** | $1124683 | $1084737 |
| **3/31/19** | $1139346 | $1103136 |
| **4/30/19** | $1141538 | $1103603 |
| **5/31/19** | $1153400 | $1116826 |
| **6/30/19** | $1170511 | $1133422 |
| **7/31/19** | $1182259 | $1147262 |
| **8/31/19** | $1200386 | $1170355 |
| **9/30/19** | $1194782 | $1165503 |
| **10/31/19** | $1190190 | $1158762 |
| **11/30/19** | $1185899 | $1156582 |
| **12/31/19** | $1187562 | $1152558 |
| **1/31/20** | $1206261 | $1172322 |
| **2/29/20** | $1209159 | $1181691 |
| **3/31/20** | $1164650 | $1158385 |
| **4/30/20** | $1189922 | $1174790 |
| **5/31/20** | $1199421 | $1175029 |
| **6/30/20** | $1208704 | $1178782 |
| **7/31/20** | $1223924 | $1187248 |
| **8/31/20** | $1224830 | $1178783 |
| **9/30/20** | $1234597 | $1186761 |
| **10/31/20** | $1243310 | $1190407 |
| **11/30/20** | $1250628 | $1193173 |
| **12/31/20** | $1260646 | $1197966 |
| **1/31/21** | $1259925 | $1192704 |
| **2/28/21** | $1242083 | $1172946 |
| **3/31/21** | $1243700 | $1175225 |
| **4/30/21** | $1243321 | $1173983 |
| **5/31/21** | $1244846 | $1175497 |
| **6/30/21** | $1245224 | $1179329 |
| **7/31/21** | $1258310 | $1195289 |
| **8/31/21** | $1255206 | $1192415 |
| **9/30/21** | $1243901 | $1180375 |
| **10/31/21** | $1236109 | $1175360 |
| **11/30/21** | $1244351 | $1187659 |
| **12/31/21** | $1239636 | $1181207 |
| **1/31/22** | $1230710 | $1168072 |
| **2/28/22** | $1210273 | $1152222 |
| **3/31/22** | $1193444 | $1133367 |
| **4/30/22** | $1169820 | $1112057 |
| **5/31/22** | $1158789 | $1103892 |
| **6/30/22** | $1135066 | $1087939 |
| **7/31/22** | $1165277 | $1117223 |
| **8/31/22** | $1138336 | $1088873 |
| **9/30/22** | $1107882 | $1063940 |
| **10/31/22** | $1116177 | $1069303 |
| **11/30/22** | $1134914 | $1086035 |
| **12/31/22** | $1117644 | $1065881 |
| **1/31/23** | $1142715 | $1083944 |
| **2/28/23** | $1132844 | $1074779 |
| **3/31/23** | $1149508 | $1096353 |
| **4/30/23** | $1153169 | $1100949 |
| **5/31/23** | $1153604 | $1102582 |
| **6/30/23** | $1157375 | $1104391 |
| **7/31/23** | $1161356 | $1105221 |
| **8/31/23** | $1164498 | $1108302 |
| **9/30/23** | $1154639 | $1095771 |
| **10/31/23** | $1152767 | $1095451 |
| **11/30/23** | $1184160 | $1123922 |
| **12/31/23** | $1223673 | $1154517 |
| **1/31/24** | $1221373 | $1152767 |
| **2/29/24** | $1221463 | $1151079 |
| **3/31/24** | $1238390 | $1161227 |
| **4/30/24** | $1227872 | $1150515 |
| **5/31/24** | $1232933 | $1153088 |
| **6/30/24** | $1240314 | $1162502 |
| **7/31/24** | $1257897 | $1181394 |
| **8/31/24** | $1262784 | $1190851 |
| **9/30/24** | $1278959 | $1202985 |
| **10/31/24** | $1268433 | $1197057 |
| **11/30/24** | $1291205 | $1212865 |
| **12/31/24** | $1293128 | $1211913 |
| **1/31/25** | $1300399 | $1215011 |
| **2/28/25** | $1304669 | $1219729 |
| **3/31/25** | $1296494 | $1209856 |
| **4/30/25** | $1309173 | $1227939 |
| **5/31/25** | $1310125 | $1227117 |
| **6/30/25** | $1323025 | $1233250 |
| **7/31/25** | $1322574 | $1233515 |
| **8/31/25** | $1328866 | $1233773 |
| **9/30/25** | $1334871 | $1239339 |
| **10/31/25** | $1351364 | $1250810 |
| **11/30/25** | $1349787 | $1249324 |
| **12/31/25** | $1348922 | $1245790 |
| **1/31/26** | $1355788 | $1250132 |
| **2/28/26** | $1369364 | $1265736 |
| **3/31/26** | $1327765 | $1243367 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2026.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 2.41% | 1.32% | 2.88% |
| Bloomberg Global Aggregate ex-USD (USD Hedged) Index | 2.77% | 1.13% | 2.20% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $18299822 |
| # of Portfolio Holdings | 2399 |
| Portfolio Turnover Rate | 639% |
| Total Net Advisory Fees Paid During the Reporting Period | $40406 |

---

---

| | |
|:---|:---|
| 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 | 58.9% |
| China | 8.2% |
| United Kingdom | 7.4% |
| Japan | 4.5% |
| Australia | 4.4% |
| Canada | 4.3% |
| France | 3.9% |
| Spain | 3.7% |
| Ireland | 3.3% |
| Other Countries | 23.9% |
| Short-Term Instruments | 2.4% |
| Affiliated Investments | 6.5% |
| Financial Derivative Instruments | 1.1% |
| Other Assets and Liabilities, Net | (32.5%) |
| 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. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.07% as a result of higher expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g108372g98p01.jpg)

# Institutional Class: PFORX
![Image](g108372g90a33.jpg)

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

March 31, 2026

PIMS0103TSRAR_033126

# I-2: PFBPX

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

#### Annual Shareholder Report \| March 31, 2026
![Image](g108372g59d89.jpg)

This 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 March 31, 2026 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $75 | 0.74% |

---

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

* Long exposure to select Latin American currencies, including the Brazilian real and the Mexican peso, contributed to relative performance versus the Bloomberg Global Aggregate ex-USD (USD Hedged) Index ("Index"), as they appreciated relative to the U.S. dollar.

* Positioning within select emerging market Central, Eastern European, Middle Eastern and African currencies, including long exposure to the Turkish lira, contributed to relative performance versus the Index, as cash rates remained elevated.

* Curve positioning in the U.S., including short exposure to the long-end, contributed to relative performance versus the Index, as the curve steepened.

* Overweight exposure to Australian duration detracted from relative performance versus the Index, as yields rose.

* Curve positioning in the euro bloc, including overweight exposure to the front-end in March 2026, detracted from relative performance versus the Index, as yields rose.

* Positioning within Japanese rates, particularly an overweight exposure to the long-end of the curve throughout 2025, detracted from relative performance versus the Index, as yields rose.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2026 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g108372g96l82.jpg)

---

| | | |
|:---|:---|:---|
| | **I-2** | **Bloomberg Global Aggregate ex-USD (USD Hedged) Index** |
| **3/31/16** | $1000000 | $1000000 |
| **4/30/16** | $1003431 | $999752 |
| **5/31/16** | $1009096 | $1007012 |
| **6/30/16** | $1032248 | $1027203 |
| **7/31/16** | $1042637 | $1032831 |
| **8/31/16** | $1045865 | $1032433 |
| **9/30/16** | $1049808 | $1032621 |
| **10/31/16** | $1041750 | $1020714 |
| **11/30/16** | $1032712 | $1009599 |
| **12/31/16** | $1040652 | $1013379 |
| **1/31/17** | $1032564 | $1004691 |
| **2/28/17** | $1047070 | $1014620 |
| **3/31/17** | $1046989 | $1013985 |
| **4/30/17** | $1049840 | $1020076 |
| **5/31/17** | $1054688 | $1024428 |
| **6/30/17** | $1051741 | $1019924 |
| **7/31/17** | $1056688 | $1022252 |
| **8/31/17** | $1067777 | $1031725 |
| **9/30/17** | $1065772 | $1026894 |
| **10/31/17** | $1073919 | $1034042 |
| **11/30/17** | $1077940 | $1038041 |
| **12/31/17** | $1076199 | $1038530 |
| **1/31/18** | $1078116 | $1034390 |
| **2/28/18** | $1080219 | $1037723 |
| **3/31/18** | $1090709 | $1048260 |
| **4/30/18** | $1089062 | $1047239 |
| **5/31/18** | $1091514 | $1048741 |
| **6/30/18** | $1096223 | $1053273 |
| **7/31/18** | $1096848 | $1053131 |
| **8/31/18** | $1097619 | $1053687 |
| **9/30/18** | $1096020 | $1051528 |
| **10/31/18** | $1098636 | $1054536 |
| **11/30/18** | $1098395 | $1059131 |
| **12/31/18** | $1103411 | $1071435 |
| **1/31/19** | $1118618 | $1082327 |
| **2/28/19** | $1121429 | $1084737 |
| **3/31/19** | $1135953 | $1103136 |
| **4/30/19** | $1138047 | $1103603 |
| **5/31/19** | $1149773 | $1116826 |
| **6/30/19** | $1166741 | $1133422 |
| **7/31/19** | $1178352 | $1147262 |
| **8/31/19** | $1196313 | $1170355 |
| **9/30/19** | $1190637 | $1165503 |
| **10/31/19** | $1185961 | $1158762 |
| **11/30/19** | $1181585 | $1156582 |
| **12/31/19** | $1183142 | $1152558 |
| **1/31/20** | $1201666 | $1172322 |
| **2/29/20** | $1204462 | $1181691 |
| **3/31/20** | $1160030 | $1158385 |
| **4/30/20** | $1185105 | $1174790 |
| **5/31/20** | $1194465 | $1175029 |
| **6/30/20** | $1203611 | $1178782 |
| **7/31/20** | $1218658 | $1187248 |
| **8/31/20** | $1219464 | $1178783 |
| **9/30/20** | $1229087 | $1186761 |
| **10/31/20** | $1237654 | $1190407 |
| **11/30/20** | $1244841 | $1193173 |
| **12/31/20** | $1254695 | $1197966 |
| **1/31/21** | $1253883 | $1192704 |
| **2/28/21** | $1236031 | $1172946 |
| **3/31/21** | $1237535 | $1175225 |
| **4/30/21** | $1237050 | $1173983 |
| **5/31/21** | $1238469 | $1175497 |
| **6/30/21** | $1238744 | $1179329 |
| **7/31/21** | $1251653 | $1195289 |
| **8/31/21** | $1248462 | $1192415 |
| **9/30/21** | $1237115 | $1180375 |
| **10/31/21** | $1229260 | $1175360 |
| **11/30/21** | $1237355 | $1187659 |
| **12/31/21** | $1232555 | $1181207 |
| **1/31/22** | $1223582 | $1168072 |
| **2/28/22** | $1203172 | $1152222 |
| **3/31/22** | $1186340 | $1133367 |
| **4/30/22** | $1162757 | $1112057 |
| **5/31/22** | $1151697 | $1103892 |
| **6/30/22** | $1128026 | $1087939 |
| **7/31/22** | $1157953 | $1117223 |
| **8/31/22** | $1131085 | $1088873 |
| **9/30/22** | $1100726 | $1063940 |
| **10/31/22** | $1108882 | $1069303 |
| **11/30/22** | $1127409 | $1086035 |
| **12/31/22** | $1110151 | $1065881 |
| **1/31/23** | $1134969 | $1083944 |
| **2/28/23** | $1125078 | $1074779 |
| **3/31/23** | $1141525 | $1096353 |
| **4/30/23** | $1145072 | $1100949 |
| **5/31/23** | $1145408 | $1102582 |
| **6/30/23** | $1149052 | $1104391 |
| **7/31/23** | $1152914 | $1105221 |
| **8/31/23** | $1155935 | $1108302 |
| **9/30/23** | $1146052 | $1095771 |
| **10/31/23** | $1144099 | $1095451 |
| **11/30/23** | $1175161 | $1123922 |
| **12/31/23** | $1214269 | $1154517 |
| **1/31/24** | $1211888 | $1152767 |
| **2/29/24** | $1211883 | $1151079 |
| **3/31/24** | $1228574 | $1161227 |
| **4/30/24** | $1218040 | $1150515 |
| **5/31/24** | $1222949 | $1153088 |
| **6/30/24** | $1230176 | $1162502 |
| **7/31/24** | $1247511 | $1181394 |
| **8/31/24** | $1252244 | $1190851 |
| **9/30/24** | $1268188 | $1202985 |
| **10/31/24** | $1257643 | $1197057 |
| **11/30/24** | $1280115 | $1212865 |
| **12/31/24** | $1281912 | $1211913 |
| **1/31/25** | $1289009 | $1215011 |
| **2/28/25** | $1293142 | $1219729 |
| **3/31/25** | $1284938 | $1209856 |
| **4/30/25** | $1297400 | $1227939 |
| **5/31/25** | $1298231 | $1227117 |
| **6/30/25** | $1310910 | $1233250 |
| **7/31/25** | $1310352 | $1233515 |
| **8/31/25** | $1316471 | $1233773 |
| **9/30/25** | $1322315 | $1239339 |
| **10/31/25** | $1338547 | $1250810 |
| **11/30/25** | $1336881 | $1249324 |
| **12/31/25** | $1335896 | $1245790 |
| **1/31/26** | $1342577 | $1250132 |
| **2/28/26** | $1355917 | $1265736 |
| **3/31/26** | $1314616 | $1243367 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2026.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 2.31% | 1.22% | 2.77% |
| Bloomberg Global Aggregate ex-USD (USD Hedged) Index | 2.77% | 1.13% | 2.20% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $18299822 |
| # of Portfolio Holdings | 2399 |
| Portfolio Turnover Rate | 639% |
| Total Net Advisory Fees Paid During the Reporting Period | $40406 |

---

---

| | |
|:---|:---|
| 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 | 58.9% |
| China | 8.2% |
| United Kingdom | 7.4% |
| Japan | 4.5% |
| Australia | 4.4% |
| Canada | 4.3% |
| France | 3.9% |
| Spain | 3.7% |
| Ireland | 3.3% |
| Other Countries | 23.9% |
| Short-Term Instruments | 2.4% |
| Affiliated Investments | 6.5% |
| Financial Derivative Instruments | 1.1% |
| Other Assets and Liabilities, Net | (32.5%) |
| 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. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.07% as a result of higher expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g108372g98p01.jpg)

# I-2: PFBPX
![Image](g108372g90a33.jpg)

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

March 31, 2026

PIMS1911TSRAR_033126

# Class R: PFRRX

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

#### Annual Shareholder Report \| March 31, 2026
![Image](g108372g59d89.jpg)

This 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 March 31, 2026 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $130 | 1.29% |

---

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

* Long exposure to select Latin American currencies, including the Brazilian real and the Mexican peso, contributed to relative performance versus the Bloomberg Global Aggregate ex-USD (USD Hedged) Index ("Index"), as they appreciated relative to the U.S. dollar.

* Positioning within select emerging market Central, Eastern European, Middle Eastern and African currencies, including long exposure to the Turkish lira, contributed to relative performance versus the Index, as cash rates remained elevated.

* Curve positioning in the U.S., including short exposure to the long-end, contributed to relative performance versus the Index, as the curve steepened.

* Overweight exposure to Australian duration detracted from relative performance versus the Index, as yields rose.

* Curve positioning in the euro bloc, including overweight exposure to the front-end in March 2026, detracted from relative performance versus the Index, as yields rose.

* Positioning within Japanese rates, particularly an overweight exposure to the long-end of the curve throughout 2025, detracted from relative performance versus the Index, as yields rose.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2026 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g108372g71o06.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R** | **Bloomberg Global Aggregate ex-USD (USD Hedged) Index** |
| **3/31/16** | $10000 | $10000 |
| **4/30/16** | $10030 | $9998 |
| **5/31/16** | $10082 | $10070 |
| **6/30/16** | $10308 | $10272 |
| **7/31/16** | $10407 | $10328 |
| **8/31/16** | $10435 | $10324 |
| **9/30/16** | $10469 | $10326 |
| **10/31/16** | $10384 | $10207 |
| **11/30/16** | $10289 | $10096 |
| **12/31/16** | $10363 | $10134 |
| **1/31/17** | $10278 | $10047 |
| **2/28/17** | $10418 | $10146 |
| **3/31/17** | $10412 | $10140 |
| **4/30/17** | $10436 | $10201 |
| **5/31/17** | $10480 | $10244 |
| **6/30/17** | $10445 | $10199 |
| **7/31/17** | $10490 | $10223 |
| **8/31/17** | $10595 | $10317 |
| **9/30/17** | $10570 | $10269 |
| **10/31/17** | $10646 | $10340 |
| **11/30/17** | $10681 | $10380 |
| **12/31/17** | $10659 | $10385 |
| **1/31/18** | $10673 | $10344 |
| **2/28/18** | $10689 | $10377 |
| **3/31/18** | $10788 | $10483 |
| **4/30/18** | $10767 | $10472 |
| **5/31/18** | $10786 | $10487 |
| **6/30/18** | $10828 | $10533 |
| **7/31/18** | $10829 | $10531 |
| **8/31/18** | $10831 | $10537 |
| **9/30/18** | $10811 | $10515 |
| **10/31/18** | $10832 | $10545 |
| **11/30/18** | $10824 | $10591 |
| **12/31/18** | $10869 | $10714 |
| **1/31/19** | $11013 | $10823 |
| **2/28/19** | $11036 | $10847 |
| **3/31/19** | $11174 | $11031 |
| **4/30/19** | $11190 | $11036 |
| **5/31/19** | $11300 | $11168 |
| **6/30/19** | $11462 | $11334 |
| **7/31/19** | $11570 | $11473 |
| **8/31/19** | $11741 | $11704 |
| **9/30/19** | $11680 | $11655 |
| **10/31/19** | $11629 | $11588 |
| **11/30/19** | $11581 | $11566 |
| **12/31/19** | $11591 | $11526 |
| **1/31/20** | $11766 | $11723 |
| **2/29/20** | $11789 | $11817 |
| **3/31/20** | $11349 | $11584 |
| **4/30/20** | $11589 | $11748 |
| **5/31/20** | $11675 | $11750 |
| **6/30/20** | $11759 | $11788 |
| **7/31/20** | $11900 | $11872 |
| **8/31/20** | $11903 | $11788 |
| **9/30/20** | $11992 | $11868 |
| **10/31/20** | $12069 | $11904 |
| **11/30/20** | $12134 | $11932 |
| **12/31/20** | $12224 | $11980 |
| **1/31/21** | $12211 | $11927 |
| **2/28/21** | $12032 | $11729 |
| **3/31/21** | $12041 | $11752 |
| **4/30/21** | $12030 | $11740 |
| **5/31/21** | $12039 | $11755 |
| **6/30/21** | $12036 | $11793 |
| **7/31/21** | $12156 | $11953 |
| **8/31/21** | $12119 | $11924 |
| **9/30/21** | $12004 | $11804 |
| **10/31/21** | $11922 | $11754 |
| **11/30/21** | $11995 | $11877 |
| **12/31/21** | $11942 | $11812 |
| **1/31/22** | $11850 | $11681 |
| **2/28/22** | $11648 | $11522 |
| **3/31/22** | $11479 | $11334 |
| **4/30/22** | $11246 | $11121 |
| **5/31/22** | $11134 | $11039 |
| **6/30/22** | $10900 | $10879 |
| **7/31/22** | $11184 | $11172 |
| **8/31/22** | $10919 | $10889 |
| **9/30/22** | $10621 | $10639 |
| **10/31/22** | $10695 | $10693 |
| **11/30/22** | $10869 | $10860 |
| **12/31/22** | $10697 | $10659 |
| **1/31/23** | $10931 | $10839 |
| **2/28/23** | $10832 | $10748 |
| **3/31/23** | $10985 | $10964 |
| **4/30/23** | $11014 | $11009 |
| **5/31/23** | $11012 | $11026 |
| **6/30/23** | $11042 | $11044 |
| **7/31/23** | $11074 | $11052 |
| **8/31/23** | $11098 | $11083 |
| **9/30/23** | $10998 | $10958 |
| **10/31/23** | $10974 | $10955 |
| **11/30/23** | $11267 | $11239 |
| **12/31/23** | $11637 | $11545 |
| **1/31/24** | $11609 | $11528 |
| **2/29/24** | $11604 | $11511 |
| **3/31/24** | $11758 | $11612 |
| **4/30/24** | $11652 | $11505 |
| **5/31/24** | $11693 | $11531 |
| **6/30/24** | $11757 | $11625 |
| **7/31/24** | $11917 | $11814 |
| **8/31/24** | $11957 | $11909 |
| **9/30/24** | $12104 | $12030 |
| **10/31/24** | $11998 | $11971 |
| **11/30/24** | $12206 | $12129 |
| **12/31/24** | $12218 | $12119 |
| **1/31/25** | $12280 | $12150 |
| **2/28/25** | $12314 | $12197 |
| **3/31/25** | $12230 | $12099 |
| **4/30/25** | $12343 | $12279 |
| **5/31/25** | $12345 | $12271 |
| **6/30/25** | $12460 | $12333 |
| **7/31/25** | $12449 | $12335 |
| **8/31/25** | $12501 | $12338 |
| **9/30/25** | $12552 | $12393 |
| **10/31/25** | $12700 | $12508 |
| **11/30/25** | $12679 | $12493 |
| **12/31/25** | $12663 | $12458 |
| **1/31/26** | $12720 | $12501 |
| **2/28/26** | $12841 | $12657 |
| **3/31/26** | $12444 | $12434 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2026.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class R | 1.75% | 0.66% | 2.21% |
| Bloomberg Global Aggregate ex-USD (USD Hedged) Index | 2.77% | 1.13% | 2.20% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $18299822 |
| # of Portfolio Holdings | 2399 |
| Portfolio Turnover Rate | 639% |
| Total Net Advisory Fees Paid During the Reporting Period | $40406 |

---

---

| | |
|:---|:---|
| 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 | 58.9% |
| China | 8.2% |
| United Kingdom | 7.4% |
| Japan | 4.5% |
| Australia | 4.4% |
| Canada | 4.3% |
| France | 3.9% |
| Spain | 3.7% |
| Ireland | 3.3% |
| Other Countries | 23.9% |
| Short-Term Instruments | 2.4% |
| Affiliated Investments | 6.5% |
| Financial Derivative Instruments | 1.1% |
| Other Assets and Liabilities, Net | (32.5%) |
| 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. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.07% as a result of higher expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g108372g98p01.jpg)

# Class R: PFRRX
![Image](g108372g90a33.jpg)

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

March 31, 2026

PIMS4507TSRAR_033126

# I-3: PFONX

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

#### Annual Shareholder Report \| March 31, 2026
![Image](g108372g59d89.jpg)

This 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 March 31, 2026 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $80 | 0.79% |

---

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

* Long exposure to select Latin American currencies, including the Brazilian real and the Mexican peso, contributed to relative performance versus the Bloomberg Global Aggregate ex-USD (USD Hedged) Index ("Index"), as they appreciated relative to the U.S. dollar.

* Positioning within select emerging market Central, Eastern European, Middle Eastern and African currencies, including long exposure to the Turkish lira, contributed to relative performance versus the Index, as cash rates remained elevated.

* Curve positioning in the U.S., including short exposure to the long-end, contributed to relative performance versus the Index, as the curve steepened.

* Overweight exposure to Australian duration detracted from relative performance versus the Index, as yields rose.

* Curve positioning in the euro bloc, including overweight exposure to the front-end in March 2026, detracted from relative performance versus the Index, as yields rose.

* Positioning within Japanese rates, particularly an overweight exposure to the long-end of the curve throughout 2025, detracted from relative performance versus the Index, as yields rose.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of a broad-based securities market index (i.e., a regulatory index). The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2026 or the life of the Fund, if shorter. For periods prior to the inception date of I-3 shares (4/27/2018), performance information shown in the graph and table for these shares is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and other expenses paid by I-3 shares. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g108372g06s96.jpg)

---

| | | |
|:---|:---|:---|
| | **I-3** | **Bloomberg Global Aggregate ex-USD (USD Hedged) Index** |
| **3/31/16** | $1000000 | $1000000 |
| **4/30/16** | $1003391 | $999752 |
| **5/31/16** | $1009011 | $1007012 |
| **6/30/16** | $1032119 | $1027203 |
| **7/31/16** | $1042463 | $1032831 |
| **8/31/16** | $1045646 | $1032433 |
| **9/30/16** | $1049551 | $1032621 |
| **10/31/16** | $1041446 | $1020714 |
| **11/30/16** | $1032369 | $1009599 |
| **12/31/16** | $1040268 | $1013379 |
| **1/31/17** | $1032129 | $1004691 |
| **2/28/17** | $1046589 | $1014620 |
| **3/31/17** | $1046469 | $1013985 |
| **4/30/17** | $1049269 | $1020076 |
| **5/31/17** | $1054069 | $1024428 |
| **6/30/17** | $1051086 | $1019924 |
| **7/31/17** | $1055980 | $1022252 |
| **8/31/17** | $1067016 | $1031725 |
| **9/30/17** | $1064971 | $1026894 |
| **10/31/17** | $1073064 | $1034042 |
| **11/30/17** | $1077037 | $1038041 |
| **12/31/17** | $1075255 | $1038530 |
| **1/31/18** | $1077121 | $1034390 |
| **2/28/18** | $1079181 | $1037723 |
| **3/31/18** | $1089618 | $1048260 |
| **4/30/18** | $1087935 | $1047239 |
| **5/31/18** | $1090338 | $1048741 |
| **6/30/18** | $1095004 | $1053273 |
| **7/31/18** | $1095593 | $1053131 |
| **8/31/18** | $1096321 | $1053687 |
| **9/30/18** | $1094689 | $1051528 |
| **10/31/18** | $1097261 | $1054536 |
| **11/30/18** | $1096982 | $1059131 |
| **12/31/18** | $1101946 | $1071435 |
| **1/31/19** | $1117100 | $1082327 |
| **2/28/19** | $1119870 | $1084737 |
| **3/31/19** | $1134341 | $1103136 |
| **4/30/19** | $1136391 | $1103603 |
| **5/31/19** | $1148058 | $1116826 |
| **6/30/19** | $1164970 | $1133422 |
| **7/31/19** | $1176526 | $1147262 |
| **8/31/19** | $1194418 | $1170355 |
| **9/30/19** | $1188709 | $1165503 |
| **10/31/19** | $1183995 | $1158762 |
| **11/30/19** | $1179580 | $1156582 |
| **12/31/19** | $1181089 | $1152558 |
| **1/31/20** | $1199551 | $1172322 |
| **2/29/20** | $1202300 | $1181691 |
| **3/31/20** | $1157884 | $1158385 |
| **4/30/20** | $1182893 | $1174790 |
| **5/31/20** | $1192194 | $1175029 |
| **6/30/20** | $1201280 | $1178782 |
| **7/31/20** | $1216253 | $1187248 |
| **8/31/20** | $1217007 | $1178783 |
| **9/30/20** | $1226564 | $1186761 |
| **10/31/20** | $1235065 | $1190407 |
| **11/30/20** | $1242191 | $1193173 |
| **12/31/20** | $1251972 | $1197966 |
| **1/31/21** | $1251112 | $1192704 |
| **2/28/21** | $1233238 | $1172946 |
| **3/31/21** | $1234684 | $1175225 |
| **4/30/21** | $1234143 | $1173983 |
| **5/31/21** | $1235514 | $1175497 |
| **6/30/21** | $1235733 | $1179329 |
| **7/31/21** | $1248563 | $1195289 |
| **8/31/21** | $1245326 | $1192415 |
| **9/30/21** | $1233948 | $1180375 |
| **10/31/21** | $1226055 | $1175360 |
| **11/30/21** | $1234079 | $1187659 |
| **12/31/21** | $1229230 | $1181207 |
| **1/31/22** | $1220226 | $1168072 |
| **2/28/22** | $1199821 | $1152222 |
| **3/31/22** | $1182972 | $1133367 |
| **4/30/22** | $1159392 | $1112057 |
| **5/31/22** | $1148313 | $1103892 |
| **6/30/22** | $1124662 | $1087939 |
| **7/31/22** | $1154486 | $1117223 |
| **8/31/22** | $1127614 | $1088873 |
| **9/30/22** | $1097265 | $1063940 |
| **10/31/22** | $1105369 | $1069303 |
| **11/30/22** | $1123807 | $1086035 |
| **12/31/22** | $1106517 | $1065881 |
| **1/31/23** | $1131211 | $1083944 |
| **2/28/23** | $1121295 | $1074779 |
| **3/31/23** | $1137650 | $1096353 |
| **4/30/23** | $1141148 | $1100949 |
| **5/31/23** | $1141436 | $1102582 |
| **6/30/23** | $1145024 | $1104391 |
| **7/31/23** | $1148836 | $1105221 |
| **8/31/23** | $1151819 | $1108302 |
| **9/30/23** | $1141903 | $1095771 |
| **10/31/23** | $1139921 | $1095451 |
| **11/30/23** | $1170855 | $1123922 |
| **12/31/23** | $1209800 | $1154517 |
| **1/31/24** | $1207390 | $1152767 |
| **2/29/24** | $1207345 | $1151079 |
| **3/31/24** | $1223951 | $1161227 |
| **4/30/24** | $1213391 | $1150515 |
| **5/31/24** | $1218218 | $1153088 |
| **6/30/24** | $1225366 | $1162502 |
| **7/31/24** | $1242621 | $1181394 |
| **8/31/24** | $1247290 | $1190851 |
| **9/30/24** | $1263137 | $1202985 |
| **10/31/24** | $1252560 | $1197057 |
| **11/30/24** | $1274933 | $1212865 |
| **12/31/24** | $1276666 | $1211913 |
| **1/31/25** | $1283714 | $1215011 |
| **2/28/25** | $1287787 | $1219729 |
| **3/31/25** | $1279583 | $1209856 |
| **4/30/25** | $1291968 | $1227939 |
| **5/31/25** | $1292753 | $1227117 |
| **6/30/25** | $1305349 | $1233250 |
| **7/31/25** | $1304742 | $1233515 |
| **8/31/25** | $1310781 | $1233773 |
| **9/30/25** | $1316553 | $1239339 |
| **10/31/25** | $1332678 | $1250810 |
| **11/30/25** | $1330967 | $1249324 |
| **12/31/25** | $1329916 | $1245790 |
| **1/31/26** | $1336510 | $1250132 |
| **2/28/26** | $1349759 | $1265736 |
| **3/31/26** | $1308559 | $1243367 |

---

The table below shows the average annual total returns of the Fund and a regulatory index for certain periods ended March 31, 2026.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-3 | 2.26% | 1.17% | 2.73% |
| Bloomberg Global Aggregate ex-USD (USD Hedged) Index | 2.77% | 1.13% | 2.20% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $18299822 |
| # of Portfolio Holdings | 2399 |
| Portfolio Turnover Rate | 639% |
| Total Net Advisory Fees Paid During the Reporting Period | $40406 |

---

---

| | |
|:---|:---|
| 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 | 58.9% |
| China | 8.2% |
| United Kingdom | 7.4% |
| Japan | 4.5% |
| Australia | 4.4% |
| Canada | 4.3% |
| France | 3.9% |
| Spain | 3.7% |
| Ireland | 3.3% |
| Other Countries | 23.9% |
| Short-Term Instruments | 2.4% |
| Affiliated Investments | 6.5% |
| Financial Derivative Instruments | 1.1% |
| Other Assets and Liabilities, Net | (32.5%) |
| 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. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by July 31, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.07% as a result of higher expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g108372g98p01.jpg)

# I-3: PFONX
![Image](g108372g90a33.jpg)

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

March 31, 2026

PIMS2182TSRAR_033126

# PIMCO ABS and Short-Term Investments Portfolio

#### Annual Shareholder Report \| March 31, 2026
![Image](g108372g53j22.jpg)

This annual shareholder report contains important information about the PIMCO ABS and Short-Term Investments Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO ABS and Short-Term Investments Portfolio | $6 | 0.06% |

---

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

* Exposure to non-agency residential mortgage-backed securities ("MBS") contributed to relative performance versus the Bloomberg Asset-Backed Securities Index ("Index"), as spreads tightened.

* Exposure to agency MBS relative value strategies contributed to relative performance versus the Index, as securities posted positive returns.

* U.S. duration positioning contributed to relative performance versus the Index, as interest rates on the long end of the curve increased.

* Underweight exposure to asset-backed securities detracted from relative performance versus the Index, as spreads tightened.

* There were no other material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Bloomberg U.S. Aggregate Index replaced the FTSE 3-Month Treasury Bill Index as the Portfolio's regulatory index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2026 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g108372g31o27.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PIMCO ABS and Short-Term Investments Portfolio** | **Bloomberg U.S. Aggregate Index** | **Bloomberg Asset-Backed Securities Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/16** | $10000 | $10000 | $10000 | $10000 |
| **4/30/16** | $10106 | $10038 | $10024 | $10002 |
| **5/31/16** | $10131 | $10041 | $10034 | $10004 |
| **6/30/16** | $10191 | $10221 | $10117 | $10006 |
| **7/31/16** | $10281 | $10286 | $10109 | $10009 |
| **8/31/16** | $10331 | $10274 | $10110 | $10011 |
| **9/30/16** | $10400 | $10268 | $10137 | $10013 |
| **10/31/16** | $10433 | $10190 | $10133 | $10016 |
| **11/30/16** | $10416 | $9949 | $10081 | $10019 |
| **12/31/16** | $10458 | $9963 | $10066 | $10022 |
| **1/31/17** | $10509 | $9982 | $10088 | $10025 |
| **2/28/17** | $10577 | $10049 | $10102 | $10029 |
| **3/31/17** | $10637 | $10044 | $10120 | $10034 |
| **4/30/17** | $10679 | $10122 | $10152 | $10039 |
| **5/31/17** | $10765 | $10199 | $10188 | $10045 |
| **6/30/17** | $10811 | $10189 | $10181 | $10052 |
| **7/31/17** | $10879 | $10233 | $10208 | $10060 |
| **8/31/17** | $10991 | $10325 | $10247 | $10069 |
| **9/30/17** | $11027 | $10276 | $10224 | $10078 |
| **10/31/17** | $11053 | $10282 | $10230 | $10087 |
| **11/30/17** | $11079 | $10268 | $10220 | $10096 |
| **12/31/17** | $11111 | $10316 | $10222 | $10106 |
| **1/31/18** | $11137 | $10197 | $10193 | $10117 |
| **2/28/18** | $11155 | $10100 | $10165 | $10128 |
| **3/31/18** | $11186 | $10165 | $10183 | $10141 |
| **4/30/18** | $11213 | $10089 | $10179 | $10155 |
| **5/31/18** | $11274 | $10161 | $10221 | $10170 |
| **6/30/18** | $11301 | $10149 | $10225 | $10185 |
| **7/31/18** | $11336 | $10151 | $10235 | $10202 |
| **8/31/18** | $11372 | $10216 | $10280 | $10219 |
| **9/30/18** | $11406 | $10151 | $10276 | $10236 |
| **10/31/18** | $11424 | $10070 | $10283 | $10255 |
| **11/30/18** | $11424 | $10131 | $10322 | $10274 |
| **12/31/18** | $11452 | $10317 | $10404 | $10294 |
| **1/31/19** | $11516 | $10426 | $10453 | $10315 |
| **2/28/19** | $11553 | $10420 | $10482 | $10334 |
| **3/31/19** | $11622 | $10620 | $10558 | $10356 |
| **4/30/19** | $11677 | $10623 | $10586 | $10377 |
| **5/31/19** | $11732 | $10812 | $10689 | $10398 |
| **6/30/19** | $11786 | $10947 | $10734 | $10419 |
| **7/31/19** | $11823 | $10971 | $10732 | $10440 |
| **8/31/19** | $11851 | $11256 | $10849 | $10460 |
| **9/30/19** | $11891 | $11196 | $10833 | $10478 |
| **10/31/19** | $11928 | $11230 | $10862 | $10496 |
| **11/30/19** | $11965 | $11224 | $10864 | $10511 |
| **12/31/19** | $11999 | $11216 | $10875 | $10526 |
| **1/31/20** | $12056 | $11432 | $10983 | $10540 |
| **2/29/20** | $12085 | $11638 | $11081 | $10554 |
| **3/31/20** | $11422 | $11569 | $10852 | $10567 |
| **4/30/20** | $11642 | $11775 | $10997 | $10576 |
| **5/31/20** | $11785 | $11830 | $11118 | $10580 |
| **6/30/20** | $11888 | $11904 | $11236 | $10581 |
| **7/31/20** | $11984 | $12082 | $11283 | $10582 |
| **8/31/20** | $12090 | $11984 | $11311 | $10584 |
| **9/30/20** | $12141 | $11978 | $11326 | $10585 |
| **10/31/20** | $12179 | $11924 | $11327 | $10586 |
| **11/30/20** | $12247 | $12041 | $11344 | $10586 |
| **12/31/20** | $12321 | $12058 | $11366 | $10587 |
| **1/31/21** | $12430 | $11971 | $11382 | $10588 |
| **2/28/21** | $12479 | $11799 | $11367 | $10589 |
| **3/31/21** | $12489 | $11651 | $11349 | $10589 |
| **4/30/21** | $12529 | $11743 | $11364 | $10590 |
| **5/31/21** | $12529 | $11782 | $11389 | $10590 |
| **6/30/21** | $12541 | $11864 | $11387 | $10590 |
| **7/31/21** | $12580 | $11997 | $11410 | $10590 |
| **8/31/21** | $12610 | $11974 | $11410 | $10590 |
| **9/30/21** | $12667 | $11871 | $11393 | $10591 |
| **10/31/21** | $12667 | $11867 | $11353 | $10591 |
| **11/30/21** | $12647 | $11902 | $11346 | $10592 |
| **12/31/21** | $12669 | $11872 | $11328 | $10592 |
| **1/31/22** | $12649 | $11616 | $11264 | $10593 |
| **2/28/22** | $12557 | $11487 | $11193 | $10593 |
| **3/31/22** | $12394 | $11168 | $11001 | $10595 |
| **4/30/22** | $12302 | $10744 | $10917 | $10598 |
| **5/31/22** | $12251 | $10813 | $10951 | $10603 |
| **6/30/22** | $12117 | $10643 | $10901 | $10610 |
| **7/31/22** | $12209 | $10903 | $10953 | $10621 |
| **8/31/22** | $12188 | $10595 | $10881 | $10637 |
| **9/30/22** | $11980 | $10138 | $10754 | $10658 |
| **10/31/22** | $11866 | $10006 | $10664 | $10684 |
| **11/30/22** | $11949 | $10374 | $10770 | $10715 |
| **12/31/22** | $12077 | $10327 | $10841 | $10751 |
| **1/31/23** | $12301 | $10645 | $10994 | $10791 |
| **2/28/23** | $12290 | $10370 | $10901 | $10829 |
| **3/31/23** | $12252 | $10633 | $11042 | $10872 |
| **4/30/23** | $12326 | $10698 | $11097 | $10915 |
| **5/31/23** | $12380 | $10581 | $11060 | $10961 |
| **6/30/23** | $12434 | $10544 | $11030 | $11008 |
| **7/31/23** | $12520 | $10536 | $11076 | $11058 |
| **8/31/23** | $12542 | $10469 | $11105 | $11110 |
| **9/30/23** | $12512 | $10203 | $11057 | $11160 |
| **10/31/23** | $12415 | $10042 | $11039 | $11212 |
| **11/30/23** | $12643 | $10497 | $11227 | $11264 |
| **12/31/23** | $12869 | $10898 | $11441 | $11317 |
| **1/31/24** | $12970 | $10868 | $11495 | $11369 |
| **2/29/24** | $12981 | $10715 | $11462 | $11419 |
| **3/31/24** | $13118 | $10814 | $11519 | $11472 |
| **4/30/24** | $13073 | $10541 | $11448 | $11523 |
| **5/31/24** | $13197 | $10719 | $11555 | $11577 |
| **6/30/24** | $13266 | $10821 | $11632 | $11629 |
| **7/31/24** | $13460 | $11074 | $11790 | $11683 |
| **8/31/24** | $13585 | $11233 | $11905 | $11737 |
| **9/30/24** | $13694 | $11383 | $12022 | $11788 |
| **10/31/24** | $13648 | $11101 | $11937 | $11839 |
| **11/30/24** | $13798 | $11218 | $12021 | $11886 |
| **12/31/24** | $13819 | $11035 | $12015 | $11933 |
| **1/31/25** | $13926 | $11093 | $12054 | $11979 |
| **2/28/25** | $14069 | $11337 | $12172 | $12020 |
| **3/31/25** | $14125 | $11342 | $12199 | $12064 |
| **4/30/25** | $14078 | $11386 | $12259 | $12108 |
| **5/31/25** | $14209 | $11305 | $12261 | $12153 |
| **6/30/25** | $14339 | $11478 | $12368 | $12196 |
| **7/31/25** | $14387 | $11448 | $12383 | $12242 |
| **8/31/25** | $14532 | $11585 | $12502 | $12287 |
| **9/30/25** | $14618 | $11711 | $12571 | $12331 |
| **10/31/25** | $14717 | $11785 | $12618 | $12375 |
| **11/30/25** | $14802 | $11858 | $12689 | $12416 |
| **12/31/25** | $14901 | $11840 | $12728 | $12457 |
| **1/31/26** | $14976 | $11853 | $12759 | $12498 |
| **2/28/26** | $15039 | $12047 | $12870 | $12534 |
| **3/31/26** | $15015 | $11835 | $12767 | $12573 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2026.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO ABS and Short-Term Investments Portfolio | 6.30% | 3.75% | 4.15% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |
| FTSE 3-Month Treasury Bill Index | 4.22% | 3.49% | 2.32% |
| Bloomberg Asset-Backed Securities Index | 4.66% | 2.38% | 2.47% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $8670254 |
| # of Portfolio Holdings | 2275 |
| Portfolio Turnover Rate | 677% |
| Total Net Advisory Fees Paid During the Reporting Period | $1611 |

---

---

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

---

## What did the Portfolio invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 60.5% |
| Asset-Backed Securities | 55.1% |
| Non-Agency Mortgage-Backed Securities | 18.6% |
| U.S. Treasury Obligations | 1.0% |
| Corporate Bonds & Notes | 0.2% |
| Short-Term Instruments | 1.1% |
| Affiliated Investments | 18.5% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (55.0%) |
| 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 Portfolio'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
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g108372g72p47.jpg)

For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![Image](g108372g37d99.jpg)

# PIMCO ABS and Short-Term Investments Portfolio
Annual Shareholder Report \|

March 31, 2026

PAPS0460TSRAR_033126

# PIMCO EM Bond and Short-Term Investments Portfolio

#### Annual Shareholder Report \| March 31, 2026
![Image](g108372g53j22.jpg)

This annual shareholder report contains important information about the PIMCO EM Bond and Short-Term Investments Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO EM Bond and Short-Term Investments Portfolio | $20 | 0.19% |

---

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

* Overweight exposure to the Turkish lira contributed to relative performance versus the Custom JPM ELMI+ Benchmark ("Index"), as the currency had positive carry.

* Overweight exposure to the Brazilian real contributed to relative performance versus the Index, as the currency appreciated.

* Overweight exposure to the South African rand contributed to relative performance versus the Index, as the currency appreciated.

* Underweight exposure to the Taiwanese dollar detracted from relative performance versus the Index, as the currency appreciated.

* Underweight exposure to the Malaysian ringgit detracted from relative performance versus the Index, as the currency appreciated.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Bloomberg Global Aggregate (USD Hedged) Index replaced the FTSE 3-Month Treasury Bill Index as the Portfolio's regulatory index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2026 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g108372g98c28.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PIMCO EM Bond and Short-Term Investments Portfolio** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Custom JPM ELMI + Benchmark** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/16** | $10000 | $10000 | $10000 | $10000 |
| **4/30/16** | $10171 | $10017 | $10100 | $10002 |
| **5/31/16** | $10129 | $10059 | $9835 | $10004 |
| **6/30/16** | $10311 | $10251 | $10182 | $10006 |
| **7/31/16** | $10257 | $10312 | $10166 | $10009 |
| **8/31/16** | $10397 | $10307 | $10213 | $10011 |
| **9/30/16** | $10407 | $10306 | $10253 | $10013 |
| **10/31/16** | $10589 | $10206 | $10219 | $10016 |
| **11/30/16** | $10611 | $10037 | $9862 | $10019 |
| **12/31/16** | $10787 | $10065 | $10000 | $10022 |
| **1/31/17** | $10604 | $10028 | $10186 | $10025 |
| **2/28/17** | $10615 | $10114 | $10329 | $10029 |
| **3/31/17** | $10604 | $10109 | $10456 | $10034 |
| **4/30/17** | $10680 | $10178 | $10501 | $10039 |
| **5/31/17** | $10637 | $10237 | $10622 | $10045 |
| **6/30/17** | $10733 | $10208 | $10561 | $10052 |
| **7/31/17** | $10776 | $10242 | $10739 | $10060 |
| **8/31/17** | $10830 | $10335 | $10835 | $10069 |
| **9/30/17** | $10991 | $10288 | $10847 | $10078 |
| **10/31/17** | $10787 | $10331 | $10758 | $10087 |
| **11/30/17** | $10787 | $10347 | $10949 | $10096 |
| **12/31/17** | $10899 | $10370 | $11044 | $10106 |
| **1/31/18** | $11114 | $10296 | $11333 | $10117 |
| **2/28/18** | $11232 | $10273 | $11224 | $10128 |
| **3/31/18** | $11226 | $10358 | $11256 | $10141 |
| **4/30/18** | $11129 | $10320 | $11005 | $10155 |
| **5/31/18** | $10739 | $10358 | $10786 | $10170 |
| **6/30/18** | $10545 | $10377 | $10628 | $10185 |
| **7/31/18** | $10916 | $10380 | $10726 | $10202 |
| **8/31/18** | $10163 | $10412 | $10383 | $10219 |
| **9/30/18** | $10479 | $10372 | $10503 | $10236 |
| **10/31/18** | $10981 | $10352 | $10523 | $10255 |
| **11/30/18** | $11025 | $10403 | $10602 | $10274 |
| **12/31/18** | $11003 | $10553 | $10631 | $10294 |
| **1/31/19** | $11223 | $10665 | $10963 | $10315 |
| **2/28/19** | $11270 | $10678 | $10929 | $10334 |
| **3/31/19** | $11281 | $10869 | $10847 | $10356 |
| **4/30/19** | $11327 | $10875 | $10866 | $10377 |
| **5/31/19** | $11351 | $11032 | $10825 | $10398 |
| **6/30/19** | $11512 | $11186 | $11103 | $10419 |
| **7/31/19** | $11570 | $11274 | $11137 | $10440 |
| **8/31/19** | $11397 | $11530 | $10764 | $10460 |
| **9/30/19** | $11524 | $11477 | $10878 | $10478 |
| **10/31/19** | $11489 | $11457 | $11106 | $10496 |
| **11/30/19** | $11489 | $11443 | $11021 | $10511 |
| **12/31/19** | $11531 | $11420 | $11308 | $10526 |
| **1/31/20** | $11531 | $11626 | $11126 | $10540 |
| **2/29/20** | $11415 | $11768 | $10845 | $10554 |
| **3/31/20** | $10701 | $11585 | $10241 | $10567 |
| **4/30/20** | $10887 | $11773 | $10366 | $10576 |
| **5/31/20** | $11202 | $11806 | $10478 | $10580 |
| **6/30/20** | $11330 | $11865 | $10557 | $10581 |
| **7/31/20** | $11493 | $11995 | $10718 | $10582 |
| **8/31/20** | $11516 | $11908 | $10756 | $10584 |
| **9/30/20** | $11481 | $11951 | $10632 | $10585 |
| **10/31/20** | $11516 | $11952 | $10614 | $10586 |
| **11/30/20** | $11796 | $12020 | $10965 | $10586 |
| **12/31/20** | $12063 | $12057 | $11193 | $10587 |
| **1/31/21** | $11923 | $11993 | $11083 | $10588 |
| **2/28/21** | $11655 | $11806 | $11030 | $10589 |
| **3/31/21** | $11573 | $11760 | $10896 | $10589 |
| **4/30/21** | $11701 | $11790 | $11077 | $10590 |
| **5/31/21** | $11900 | $11817 | $11255 | $10590 |
| **6/30/21** | $11963 | $11874 | $11202 | $10590 |
| **7/31/21** | $11822 | $12022 | $11105 | $10590 |
| **8/31/21** | $11787 | $11998 | $11194 | $10590 |
| **9/30/21** | $11508 | $11884 | $11001 | $10591 |
| **10/31/21** | $11520 | $11853 | $11059 | $10591 |
| **11/30/21** | $11473 | $11938 | $10845 | $10592 |
| **12/31/21** | $11542 | $11890 | $10958 | $10592 |
| **1/31/22** | $11409 | $11703 | $10999 | $10593 |
| **2/28/22** | $11120 | $11547 | $10615 | $10593 |
| **3/31/22** | $11114 | $11298 | $9445 | $10595 |
| **4/30/22** | $10750 | $10994 | $9186 | $10598 |
| **5/31/22** | $10859 | $10979 | $9294 | $10603 |
| **6/30/22** | $10517 | $10813 | $9018 | $10610 |
| **7/31/22** | $10762 | $11088 | $8989 | $10621 |
| **8/31/22** | $10786 | $10799 | $8971 | $10637 |
| **9/30/22** | $10505 | $10452 | $8692 | $10658 |
| **10/31/22** | $10580 | $10416 | $8769 | $10684 |
| **11/30/22** | $10766 | $10682 | $9131 | $10715 |
| **12/31/22** | $10808 | $10556 | $9305 | $10751 |
| **1/31/23** | $10988 | $10799 | $9587 | $10791 |
| **2/28/23** | $10821 | $10626 | $9391 | $10829 |
| **3/31/23** | $11093 | $10862 | $9600 | $10872 |
| **4/30/23** | $11144 | $10918 | $9623 | $10915 |
| **5/31/23** | $11118 | $10875 | $9511 | $10961 |
| **6/30/23** | $11327 | $10869 | $9667 | $11008 |
| **7/31/23** | $11470 | $10872 | $9866 | $11058 |
| **8/31/23** | $11457 | $10858 | $9688 | $11110 |
| **9/30/23** | $11276 | $10671 | $9599 | $11160 |
| **10/31/23** | $11250 | $10595 | $9594 | $11212 |
| **11/30/23** | $11473 | $10960 | $9902 | $11264 |
| **12/31/23** | $11804 | $11310 | $10068 | $11317 |
| **1/31/24** | $11791 | $11288 | $9918 | $11369 |
| **2/29/24** | $11871 | $11210 | $9943 | $11419 |
| **3/31/24** | $12067 | $11311 | $9950 | $11472 |
| **4/30/24** | $11945 | $11129 | $9849 | $11523 |
| **5/31/24** | $12217 | $11228 | $9938 | $11577 |
| **6/30/24** | $12135 | $11325 | $9843 | $11629 |
| **7/31/24** | $12244 | $11544 | $9939 | $11683 |
| **8/31/24** | $12122 | $11670 | $10222 | $11737 |
| **9/30/24** | $12339 | $11806 | $10470 | $11788 |
| **10/31/24** | $12461 | $11646 | $10140 | $11839 |
| **11/30/24** | $12720 | $11784 | $10036 | $11886 |
| **12/31/24** | $12686 | $11694 | $9909 | $11933 |
| **1/31/25** | $12959 | $11739 | $10090 | $11979 |
| **2/28/25** | $13205 | $11881 | $10134 | $12020 |
| **3/31/25** | $13336 | $11831 | $10278 | $12064 |
| **4/30/25** | $13048 | $11948 | $10571 | $12108 |
| **5/31/25** | $12800 | $11908 | $10716 | $12153 |
| **6/30/25** | $13165 | $12022 | $10953 | $12196 |
| **7/31/25** | $13363 | $12013 | $10791 | $12242 |
| **8/31/25** | $13633 | $12078 | $10972 | $12287 |
| **9/30/25** | $14119 | $12167 | $11045 | $12331 |
| **10/31/25** | $14394 | $12263 | $11029 | $12375 |
| **11/30/25** | $14684 | $12289 | $11114 | $12416 |
| **12/31/25** | $14774 | $12263 | $11214 | $12457 |
| **1/31/26** | $15027 | $12292 | $11438 | $12498 |
| **2/28/26** | $15339 | $12465 | $11590 | $12534 |
| **3/31/26** | $14660 | $12244 | $11245 | $12573 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2026.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO EM Bond and Short-Term Investments Portfolio | 9.93% | 4.84% | 3.90% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| Custom JPM ELMI + Benchmark | 9.41% | 0.63% | 1.18% |
| FTSE 3-Month Treasury Bill Index | 4.22% | 3.49% | 2.32% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $488090 |
| # of Portfolio Holdings | 668 |
| Portfolio Turnover Rate | 35% |
| Total Net Advisory Fees Paid During the Reporting Period | $89 |

---

---

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

---

## What did the Portfolio invest in?

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

---

| | |
|:---|:---|
| Colombia | 14.6% |
| Peru | 13.3% |
| South Africa | 12.4% |
| Saudi Arabia | 9.4% |
| Mexico | 6.6% |
| Luxembourg | 5.1% |
| Romania | 4.6% |
| United States | 4.2% |
| Israel | 2.9% |
| Other Countries | 18.7% |
| Short-Term Instruments | 0.9% |
| Affiliated Investments | 4.5% |
| Financial Derivative Instruments | 2.9% |
| Other Assets and Liabilities, Net | (0.1%) |
| 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 Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next offering memorandum, which we expect to be available by July 31, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

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

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g108372g72p47.jpg)

For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![Image](g108372g37d99.jpg)

# PIMCO EM Bond and Short-Term Investments Portfolio
Annual Shareholder Report \|

March 31, 2026

PAPS0138TSRAR_033126

# PIMCO High Yield and Short-Term Investments Portfolio

#### Annual Shareholder Report \| March 31, 2026
![Image](g108372g53j22.jpg)

This annual shareholder report contains important information about the PIMCO High Yield and Short-Term Investments Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO High Yield and Short-Term Investments Portfolio | $10 | 0.10% |

---

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

* Exposure to restructure equity, specifically exposure to a mortgage originator, contributed to relative performance versus the ICE BofA U.S. High Yield, BB-B Rated Index ("Index"), as prices rose. 

* Overweight exposure to the energy services sector contributed to relative performance versus the Index, as the sector outperformed.

* Security selection within the healthcare sector, specifically overweight exposure to a hospital operator, contributed to relative performance versus the Index, as spreads tightened.

* Duration positioning detracted from performance versus the Index, amid elevated rate volatility. 

* Security selection within the retail sector, specifically overweight exposure to a department store retailer, detracted from relative performance versus the Index, as spreads widened.

* Security selection within the finance and brokerage sector, specifically overweight exposure to a financial services provider, detracted from relative performance versus the Index, as spreads widened.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Bloomberg U.S. Aggregate Index replaced the FTSE 3-Month Treasury Bill Index as the Portfolio's regulatory index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2026 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g108372g30a14.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PIMCO High Yield and Short-Term Investments Portfolio** | **Bloomberg U.S. Aggregate Index** | **ICE BofA U.S. High Yield, BB-B Rated Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/16** | $10000 | $10000 | $10000 | $10000 |
| **4/30/16** | $10544 | $10038 | $10335 | $10002 |
| **5/31/16** | $10730 | $10041 | $10369 | $10004 |
| **6/30/16** | $10896 | $10221 | $10460 | $10006 |
| **7/31/16** | $11160 | $10286 | $10716 | $10009 |
| **8/31/16** | $11408 | $10274 | $10933 | $10011 |
| **9/30/16** | $11530 | $10268 | $10985 | $10013 |
| **10/31/16** | $11560 | $10190 | $10999 | $10016 |
| **11/30/16** | $11500 | $9949 | $10941 | $10019 |
| **12/31/16** | $11687 | $9963 | $11125 | $10022 |
| **1/31/17** | $11916 | $9982 | $11252 | $10025 |
| **2/28/17** | $12114 | $10049 | $11397 | $10029 |
| **3/31/17** | $12129 | $10044 | $11380 | $10034 |
| **4/30/17** | $12347 | $10122 | $11520 | $10039 |
| **5/31/17** | $12548 | $10199 | $11615 | $10045 |
| **6/30/17** | $12576 | $10189 | $11633 | $10052 |
| **7/31/17** | $12718 | $10233 | $11754 | $10060 |
| **8/31/17** | $12797 | $10325 | $11766 | $10069 |
| **9/30/17** | $12882 | $10276 | $11858 | $10078 |
| **10/31/17** | $12979 | $10282 | $11909 | $10087 |
| **11/30/17** | $13027 | $10268 | $11877 | $10096 |
| **12/31/17** | $13104 | $10316 | $11900 | $10106 |
| **1/31/18** | $13104 | $10197 | $11952 | $10117 |
| **2/28/18** | $12941 | $10100 | $11834 | $10128 |
| **3/31/18** | $12907 | $10165 | $11767 | $10141 |
| **4/30/18** | $12940 | $10089 | $11834 | $10155 |
| **5/31/18** | $13007 | $10161 | $11818 | $10170 |
| **6/30/18** | $13076 | $10149 | $11845 | $10185 |
| **7/31/18** | $13194 | $10151 | $11972 | $10202 |
| **8/31/18** | $13330 | $10216 | $12066 | $10219 |
| **9/30/18** | $13437 | $10151 | $12127 | $10236 |
| **10/31/18** | $13265 | $10070 | $11949 | $10255 |
| **11/30/18** | $13145 | $10131 | $11884 | $10274 |
| **12/31/18** | $12973 | $10317 | $11659 | $10294 |
| **1/31/19** | $13512 | $10426 | $12176 | $10315 |
| **2/28/19** | $13704 | $10420 | $12376 | $10334 |
| **3/31/19** | $13822 | $10620 | $12514 | $10356 |
| **4/30/19** | $14054 | $10623 | $12674 | $10377 |
| **5/31/19** | $14036 | $10812 | $12542 | $10398 |
| **6/30/19** | $14340 | $10947 | $12867 | $10419 |
| **7/31/19** | $14104 | $10971 | $12943 | $10440 |
| **8/31/19** | $14194 | $11256 | $13038 | $10460 |
| **9/30/19** | $14147 | $11196 | $13083 | $10478 |
| **10/31/19** | $14147 | $11230 | $13127 | $10496 |
| **11/30/19** | $14184 | $11224 | $13206 | $10511 |
| **12/31/19** | $14488 | $11216 | $13420 | $10526 |
| **1/31/20** | $14602 | $11432 | $13429 | $10540 |
| **2/29/20** | $14412 | $11638 | $13236 | $10554 |
| **3/31/20** | $13260 | $11569 | $11826 | $10567 |
| **4/30/20** | $13672 | $11775 | $12320 | $10576 |
| **5/31/20** | $14142 | $11830 | $12863 | $10580 |
| **6/30/20** | $14346 | $11904 | $12952 | $10581 |
| **7/31/20** | $14783 | $12082 | $13580 | $10582 |
| **8/31/20** | $15001 | $11984 | $13681 | $10584 |
| **9/30/20** | $14954 | $11978 | $13512 | $10585 |
| **10/31/20** | $15075 | $11924 | $13579 | $10586 |
| **11/30/20** | $15539 | $12041 | $14060 | $10586 |
| **12/31/20** | $15772 | $12058 | $14286 | $10587 |
| **1/31/21** | $15813 | $11971 | $14302 | $10588 |
| **2/28/21** | $15875 | $11799 | $14327 | $10589 |
| **3/31/21** | $15837 | $11651 | $14331 | $10589 |
| **4/30/21** | $16003 | $11743 | $14483 | $10590 |
| **5/31/21** | $16108 | $11782 | $14515 | $10590 |
| **6/30/21** | $16548 | $11864 | $14703 | $10590 |
| **7/31/21** | $16653 | $11997 | $14768 | $10590 |
| **8/31/21** | $17871 | $11974 | $14847 | $10590 |
| **9/30/21** | $18046 | $11871 | $14839 | $10591 |
| **10/31/21** | $17918 | $11867 | $14816 | $10591 |
| **11/30/21** | $17747 | $11902 | $14672 | $10592 |
| **12/31/21** | $18155 | $11872 | $14952 | $10592 |
| **1/31/22** | $17723 | $11616 | $14526 | $10593 |
| **2/28/22** | $17399 | $11487 | $14396 | $10593 |
| **3/31/22** | $17168 | $11168 | $14263 | $10595 |
| **4/30/22** | $16510 | $10744 | $13752 | $10598 |
| **5/31/22** | $16247 | $10813 | $13843 | $10603 |
| **6/30/22** | $15527 | $10643 | $12910 | $10610 |
| **7/31/22** | $16041 | $10903 | $13705 | $10621 |
| **8/31/22** | $15795 | $10595 | $13332 | $10637 |
| **9/30/22** | $15172 | $10138 | $12812 | $10658 |
| **10/31/22** | $15400 | $10006 | $13195 | $10684 |
| **11/30/22** | $16014 | $10374 | $13470 | $10715 |
| **12/31/22** | $16069 | $10327 | $13367 | $10751 |
| **1/31/23** | $16778 | $10645 | $13851 | $10791 |
| **2/28/23** | $16549 | $10370 | $13646 | $10829 |
| **3/31/23** | $16303 | $10633 | $13843 | $10872 |
| **4/30/23** | $16421 | $10698 | $13960 | $10915 |
| **5/31/23** | $16184 | $10581 | $13823 | $10961 |
| **6/30/23** | $16457 | $10544 | $14017 | $11008 |
| **7/31/23** | $16721 | $10536 | $14198 | $11058 |
| **8/31/23** | $16745 | $10469 | $14225 | $11110 |
| **9/30/23** | $16591 | $10203 | $14049 | $11160 |
| **10/31/23** | $16420 | $10042 | $13914 | $11212 |
| **11/30/23** | $17151 | $10497 | $14550 | $11264 |
| **12/31/23** | $17756 | $10898 | $15047 | $11317 |
| **1/31/24** | $17731 | $10868 | $15058 | $11369 |
| **2/29/24** | $17706 | $10715 | $15064 | $11419 |
| **3/31/24** | $17945 | $10814 | $15241 | $11472 |
| **4/30/24** | $17765 | $10541 | $15101 | $11523 |
| **5/31/24** | $17997 | $10719 | $15270 | $11577 |
| **6/30/24** | $18215 | $10821 | $15425 | $11629 |
| **7/31/24** | $18583 | $11074 | $15683 | $11683 |
| **8/31/24** | $18871 | $11233 | $15924 | $11737 |
| **9/30/24** | $19131 | $11383 | $16104 | $11788 |
| **10/31/24** | $19131 | $11101 | $15988 | $11839 |
| **11/30/24** | $19291 | $11218 | $16160 | $11886 |
| **12/31/24** | $19221 | $11035 | $16076 | $11933 |
| **1/31/25** | $19517 | $11093 | $16292 | $11979 |
| **2/28/25** | $19679 | $11337 | $16402 | $12020 |
| **3/31/25** | $19471 | $11342 | $16262 | $12064 |
| **4/30/25** | $19390 | $11386 | $16275 | $12108 |
| **5/31/25** | $19770 | $11305 | $16518 | $12153 |
| **6/30/25** | $20074 | $11478 | $16827 | $12196 |
| **7/31/25** | $20213 | $11448 | $16874 | $12242 |
| **8/31/25** | $20493 | $11585 | $17073 | $12287 |
| **9/30/25** | $20716 | $11711 | $17210 | $12331 |
| **10/31/25** | $20859 | $11785 | $17256 | $12375 |
| **11/30/25** | $21030 | $11858 | $17370 | $12416 |
| **12/31/25** | $21197 | $11840 | $17479 | $12457 |
| **1/31/26** | $21256 | $11853 | $17567 | $12498 |
| **2/28/26** | $21344 | $12047 | $17620 | $12534 |
| **3/31/26** | $21042 | $11835 | $17414 | $12573 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2026.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO High Yield and Short-Term Investments Portfolio | 8.07% | 5.85% | 7.72% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |
| ICE BofA U.S. High Yield, BB-B Rated Index | 7.08% | 3.97% | 5.70% |
| FTSE 3-Month Treasury Bill Index | 4.22% | 3.49% | 2.32% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $149633 |
| # of Portfolio Holdings | 680 |
| Portfolio Turnover Rate | 59% |
| Total Net Advisory Fees Paid During the Reporting Period | $29 |

---

---

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

---

## What did the Portfolio invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 80.4% |
| Loan Participations and Assignments | 6.7% |
| U.S. Treasury Obligations | 3.7% |
| Common Stocks | 3.4% |
| Preferred Securities | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.4% |
| Affiliated Investments | 0.4% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | 4.7% |
| 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 Portfolio'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
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g108372g72p47.jpg)

For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![Image](g108372g37d99.jpg)

# PIMCO High Yield and Short-Term Investments Portfolio
Annual Shareholder Report \|

March 31, 2026

PAPS0477TSRAR_033126

# PIMCO Investment Grade Credit Bond Portfolio

#### Annual Shareholder Report \| March 31, 2026
![Image](g108372g53j22.jpg)

This annual shareholder report contains important information about the PIMCO Investment Grade Credit Bond Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Investment Grade Credit Bond Portfolio | $30 | 0.29% |

---

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

* Security selection within the technology sector, specifically exposure to debt tied to a data center buildout, contributed to performance versus the Bloomberg Credit Investment Grade Index (Ex-Aa3 and Higher) ("Index"), as spreads tightened.

* Tactical exposure to securitized credit, specifically exposure to agency residential mortgage-backed securities, contributed to performance versus the Index, as it outperformed the Index.

* Underweight exposure to the media sector contributed to performance versus the Index, as the sector underperformed the Index.

* Duration positioning detracted from performance versus the Index, amid elevated rate volatility.

* Security selection within the banks and brokerage sector, specifically overweight exposure to a regional bank, detracted from performance versus the Index, as spreads widened.

* Tactical exposure to emerging markets, specifically underweight exposure to Latin American sovereign debt, detracted from performance versus the Index, as spreads tightened.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Bloomberg U.S. Aggregate Index replaced the FTSE 3-Month Treasury Bill Index as the Portfolio's regulatory index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2026 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g108372g26e64.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PIMCO Investment Grade Credit Bond Portfolio** | **Bloomberg U.S. Aggregate Index** | **Bloomberg Credit Investment Grade Index (Ex-Aa3 and Higher)** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/16** | $10000 | $10000 | $10000 | $10000 |
| **4/30/16** | $10116 | $10038 | $10142 | $10002 |
| **5/31/16** | $10179 | $10041 | $10132 | $10004 |
| **6/30/16** | $10302 | $10221 | $10376 | $10006 |
| **7/31/16** | $10503 | $10286 | $10529 | $10009 |
| **8/31/16** | $10556 | $10274 | $10560 | $10011 |
| **9/30/16** | $10566 | $10268 | $10530 | $10013 |
| **10/31/16** | $10555 | $10190 | $10444 | $10016 |
| **11/30/16** | $10394 | $9949 | $10146 | $10019 |
| **12/31/16** | $10474 | $9963 | $10220 | $10022 |
| **1/31/17** | $10540 | $9982 | $10259 | $10025 |
| **2/28/17** | $10639 | $10049 | $10383 | $10029 |
| **3/31/17** | $10661 | $10044 | $10364 | $10034 |
| **4/30/17** | $10739 | $10122 | $10475 | $10039 |
| **5/31/17** | $10805 | $10199 | $10598 | $10045 |
| **6/30/17** | $10847 | $10189 | $10631 | $10052 |
| **7/31/17** | $10914 | $10233 | $10716 | $10060 |
| **8/31/17** | $10959 | $10325 | $10806 | $10069 |
| **9/30/17** | $10981 | $10276 | $10787 | $10078 |
| **10/31/17** | $11015 | $10282 | $10829 | $10087 |
| **11/30/17** | $11015 | $10268 | $10821 | $10096 |
| **12/31/17** | $11040 | $10316 | $10916 | $10106 |
| **1/31/18** | $11029 | $10197 | $10816 | $10117 |
| **2/28/18** | $10994 | $10100 | $10636 | $10128 |
| **3/31/18** | $11006 | $10165 | $10663 | $10141 |
| **4/30/18** | $10994 | $10089 | $10559 | $10155 |
| **5/31/18** | $11006 | $10161 | $10608 | $10170 |
| **6/30/18** | $11002 | $10149 | $10550 | $10185 |
| **7/31/18** | $11084 | $10151 | $10641 | $10202 |
| **8/31/18** | $11131 | $10216 | $10693 | $10219 |
| **9/30/18** | $11161 | $10151 | $10661 | $10236 |
| **10/31/18** | $11114 | $10070 | $10494 | $10255 |
| **11/30/18** | $11078 | $10131 | $10472 | $10274 |
| **12/31/18** | $11069 | $10317 | $10624 | $10294 |
| **1/31/19** | $11298 | $10426 | $10879 | $10315 |
| **2/28/19** | $11395 | $10420 | $10909 | $10334 |
| **3/31/19** | $11524 | $10620 | $11189 | $10356 |
| **4/30/19** | $11621 | $10623 | $11255 | $10377 |
| **5/31/19** | $11609 | $10812 | $11414 | $10398 |
| **6/30/19** | $11748 | $10947 | $11695 | $10419 |
| **7/31/19** | $11821 | $10971 | $11763 | $10440 |
| **8/31/19** | $11894 | $11256 | $12138 | $10460 |
| **9/30/19** | $11931 | $11196 | $12059 | $10478 |
| **10/31/19** | $12018 | $11230 | $12136 | $10496 |
| **11/30/19** | $12055 | $11224 | $12167 | $10511 |
| **12/31/19** | $12125 | $11216 | $12213 | $10526 |
| **1/31/20** | $12250 | $11432 | $12503 | $10540 |
| **2/29/20** | $12250 | $11638 | $12660 | $10554 |
| **3/31/20** | $11437 | $11569 | $11681 | $10567 |
| **4/30/20** | $11799 | $11775 | $12286 | $10576 |
| **5/31/20** | $12000 | $11830 | $12504 | $10580 |
| **6/30/20** | $12232 | $11904 | $12761 | $10581 |
| **7/31/20** | $12457 | $12082 | $13183 | $10582 |
| **8/31/20** | $12482 | $11984 | $13014 | $10584 |
| **9/30/20** | $12484 | $11978 | $12973 | $10585 |
| **10/31/20** | $12497 | $11924 | $12958 | $10586 |
| **11/30/20** | $12725 | $12041 | $13315 | $10586 |
| **12/31/20** | $12817 | $12058 | $13384 | $10587 |
| **1/31/21** | $12791 | $11971 | $13217 | $10588 |
| **2/28/21** | $12701 | $11799 | $12986 | $10589 |
| **3/31/21** | $12591 | $11651 | $12771 | $10589 |
| **4/30/21** | $12706 | $11743 | $12910 | $10590 |
| **5/31/21** | $12771 | $11782 | $13008 | $10590 |
| **6/30/21** | $12874 | $11864 | $13217 | $10590 |
| **7/31/21** | $12978 | $11997 | $13392 | $10590 |
| **8/31/21** | $12965 | $11974 | $13359 | $10590 |
| **9/30/21** | $12912 | $11871 | $13213 | $10591 |
| **10/31/21** | $12873 | $11867 | $13244 | $10591 |
| **11/30/21** | $12834 | $11902 | $13249 | $10592 |
| **12/31/21** | $12884 | $11872 | $13246 | $10592 |
| **1/31/22** | $12632 | $11616 | $12805 | $10593 |
| **2/28/22** | $12406 | $11487 | $12546 | $10593 |
| **3/31/22** | $12139 | $11168 | $12237 | $10595 |
| **4/30/22** | $11779 | $10744 | $11567 | $10598 |
| **5/31/22** | $11832 | $10813 | $11674 | $10603 |
| **6/30/22** | $11527 | $10643 | $11343 | $10610 |
| **7/31/22** | $11794 | $10903 | $11705 | $10621 |
| **8/31/22** | $11647 | $10595 | $11371 | $10637 |
| **9/30/22** | $11333 | $10138 | $10775 | $10658 |
| **10/31/22** | $11266 | $10006 | $10669 | $10684 |
| **11/30/22** | $11616 | $10374 | $11225 | $10715 |
| **12/31/22** | $11647 | $10327 | $11179 | $10751 |
| **1/31/23** | $12019 | $10645 | $11624 | $10791 |
| **2/28/23** | $11826 | $10370 | $11262 | $10829 |
| **3/31/23** | $11967 | $10633 | $11566 | $10872 |
| **4/30/23** | $12050 | $10698 | $11659 | $10915 |
| **5/31/23** | $11994 | $10581 | $11494 | $10961 |
| **6/30/23** | $12036 | $10544 | $11543 | $11008 |
| **7/31/23** | $12119 | $10536 | $11586 | $11058 |
| **8/31/23** | $12119 | $10469 | $11497 | $11110 |
| **9/30/23** | $11961 | $10203 | $11189 | $11160 |
| **10/31/23** | $11835 | $10042 | $10980 | $11212 |
| **11/30/23** | $12311 | $10497 | $11633 | $11264 |
| **12/31/23** | $12657 | $10898 | $12140 | $11317 |
| **1/31/24** | $12728 | $10868 | $12119 | $11369 |
| **2/29/24** | $12657 | $10715 | $11940 | $11419 |
| **3/31/24** | $12787 | $10814 | $12095 | $11472 |
| **4/30/24** | $12658 | $10541 | $11790 | $11523 |
| **5/31/24** | $12845 | $10719 | $12012 | $11577 |
| **6/30/24** | $12933 | $10821 | $12089 | $11629 |
| **7/31/24** | $13165 | $11074 | $12376 | $11683 |
| **8/31/24** | $13324 | $11233 | $12571 | $11737 |
| **9/30/24** | $13476 | $11383 | $12793 | $11788 |
| **10/31/24** | $13345 | $11101 | $12483 | $11839 |
| **11/30/24** | $13462 | $11218 | $12649 | $11886 |
| **12/31/24** | $13423 | $11035 | $12404 | $11933 |
| **1/31/25** | $13513 | $11093 | $12475 | $11979 |
| **2/28/25** | $13694 | $11337 | $12731 | $12020 |
| **3/31/25** | $13698 | $11342 | $12694 | $12064 |
| **4/30/25** | $13713 | $11386 | $12690 | $12108 |
| **5/31/25** | $13653 | $11305 | $12694 | $12153 |
| **6/30/25** | $13915 | $11478 | $12935 | $12196 |
| **7/31/25** | $13915 | $11448 | $12947 | $12242 |
| **8/31/25** | $14083 | $11585 | $13083 | $12287 |
| **9/30/25** | $14277 | $11711 | $13283 | $12331 |
| **10/31/25** | $14401 | $11785 | $13340 | $12375 |
| **11/30/25** | $14494 | $11858 | $13423 | $12416 |
| **12/31/25** | $14462 | $11840 | $13401 | $12457 |
| **1/31/26** | $14510 | $11853 | $13426 | $12498 |
| **2/28/26** | $14748 | $12047 | $13601 | $12534 |
| **3/31/26** | $14412 | $11835 | $13327 | $12573 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2026.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Investment Grade Credit Bond Portfolio | 5.21% | 2.74% | 3.72% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |
| Bloomberg Credit Investment Grade Index (Ex-Aa3 and Higher) | 4.99% | 0.86% | 2.91% |
| FTSE 3-Month Treasury Bill Index | 4.22% | 3.49% | 2.32% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $2616778 |
| # of Portfolio Holdings | 877 |
| Portfolio Turnover Rate | 187% |
| Total Net Advisory Fees Paid During the Reporting Period | $489 |

---

---

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

---

## What did the Portfolio invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 77.0% |
| U.S. Government Agencies | 9.9% |
| U.S. Treasury Obligations | 5.6% |
| Preferred Securities | 3.6% |
| Sovereign Issues | 1.6% |
| Non-Agency Mortgage-Backed Securities | 1.1% |
| Asset-Backed Securities | 0.8% |
| Municipal Bonds & Notes | 0.7% |
| Convertible Preferred Securities | 0.6% |
| Loan Participations and Assignments | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 5.8% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (7.1%) |
| 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 Portfolio'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. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next offering memorandum, which we expect to be available by July 31, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses increased during the year by 0.12% as a result of higher expenses related to interest.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g108372g72p47.jpg)

For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![Image](g108372g37d99.jpg)

# PIMCO Investment Grade Credit Bond Portfolio
Annual Shareholder Report \|

March 31, 2026

PAPS0476TSRAR_033126

# PIMCO Long Duration Credit Bond Portfolio

#### Annual Shareholder Report \| March 31, 2026
![Image](g108372g53j22.jpg)

This annual shareholder report contains important information about the PIMCO Long Duration Credit Bond Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Long Duration Credit Bond Portfolio | $52 | 0.51% |

---

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

* Relative value positioning within physical versus synthetic credit contributed to relative performance versus the Bloomberg U.S. Long Credit Index ("Index"), as synthetic positioning outperformed cash bonds.

* Out of benchmark exposure to securitized strategies contributed to relative performance versus the Index, as the strategy outperformed like-duration Treasuries.

* Positioning within technology contributed to relative performance versus the Index, as select issuers outperformed.

* Underweight exposure to emerging markets detracted from relative performance versus the Index, as spreads narrowed.

* Interest rates strategies overall, including duration, curve positioning, and instrument selection detracted from relative performance versus the Index, as the curve steepened.

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

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2026 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g108372g41i53.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO Long Duration Credit Bond Portfolio** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. Long Credit Index** |
| **3/31/16** | $10000 | $10000 | $10000 |
| **4/30/16** | $10245 | $10038 | $10235 |
| **5/31/16** | $10271 | $10041 | $10237 |
| **6/30/16** | $10714 | $10221 | $10665 |
| **7/31/16** | $11085 | $10286 | $10962 |
| **8/31/16** | $11147 | $10274 | $11023 |
| **9/30/16** | $11081 | $10268 | $10907 |
| **10/31/16** | $10848 | $10190 | $10681 |
| **11/30/16** | $10250 | $9949 | $10162 |
| **12/31/16** | $10408 | $9963 | $10318 |
| **1/31/17** | $10520 | $9982 | $10343 |
| **2/28/17** | $10752 | $10049 | $10551 |
| **3/31/17** | $10733 | $10044 | $10489 |
| **4/30/17** | $10919 | $10122 | $10652 |
| **5/31/17** | $11151 | $10199 | $10872 |
| **6/30/17** | $11287 | $10189 | $10982 |
| **7/31/17** | $11381 | $10233 | $11076 |
| **8/31/17** | $11559 | $10325 | $11238 |
| **9/30/17** | $11559 | $10276 | $11221 |
| **10/31/17** | $11626 | $10282 | $11302 |
| **11/30/17** | $11683 | $10268 | $11348 |
| **12/31/17** | $11891 | $10316 | $11578 |
| **1/31/18** | $11743 | $10197 | $11430 |
| **2/28/18** | $11379 | $10100 | $11052 |
| **3/31/18** | $11490 | $10165 | $11135 |
| **4/30/18** | $11282 | $10089 | $10919 |
| **5/31/18** | $11292 | $10161 | $10970 |
| **6/30/18** | $11240 | $10149 | $10839 |
| **7/31/18** | $11379 | $10151 | $11002 |
| **8/31/18** | $11429 | $10216 | $11038 |
| **9/30/18** | $11365 | $10151 | $10976 |
| **10/31/18** | $11013 | $10070 | $10580 |
| **11/30/18** | $11003 | $10131 | $10537 |
| **12/31/18** | $11254 | $10317 | $10796 |
| **1/31/19** | $11647 | $10426 | $11169 |
| **2/28/19** | $11699 | $10420 | $11161 |
| **3/31/19** | $12218 | $10620 | $11644 |
| **4/30/19** | $12311 | $10623 | $11715 |
| **5/31/19** | $12624 | $10812 | $11995 |
| **6/30/19** | $13039 | $10947 | $12462 |
| **7/31/19** | $13198 | $10971 | $12606 |
| **8/31/19** | $14031 | $11256 | $13357 |
| **9/30/19** | $13851 | $11196 | $13162 |
| **10/31/19** | $13915 | $11230 | $13234 |
| **11/30/19** | $14001 | $11224 | $13305 |
| **12/31/19** | $13993 | $11216 | $13317 |
| **1/31/20** | $14628 | $11432 | $13857 |
| **2/29/20** | $14918 | $11638 | $14134 |
| **3/31/20** | $13570 | $11569 | $12698 |
| **4/30/20** | $14378 | $11775 | $13548 |
| **5/31/20** | $14614 | $11830 | $13756 |
| **6/30/20** | $15004 | $11904 | $14105 |
| **7/31/20** | $15829 | $12082 | $14964 |
| **8/31/20** | $15388 | $11984 | $14456 |
| **9/30/20** | $15324 | $11978 | $14383 |
| **10/31/20** | $15175 | $11924 | $14295 |
| **11/30/20** | $15998 | $12041 | $15025 |
| **12/31/20** | $16114 | $12058 | $15091 |
| **1/31/21** | $15746 | $11971 | $14701 |
| **2/28/21** | $15248 | $11799 | $14214 |
| **3/31/21** | $14813 | $11651 | $13824 |
| **4/30/21** | $15159 | $11743 | $14063 |
| **5/31/21** | $15267 | $11782 | $14210 |
| **6/30/21** | $15832 | $11864 | $14715 |
| **7/31/21** | $16216 | $11997 | $15040 |
| **8/31/21** | $16192 | $11974 | $14985 |
| **9/30/21** | $15877 | $11871 | $14689 |
| **10/31/21** | $16059 | $11867 | $14907 |
| **11/30/21** | $16132 | $11902 | $14968 |
| **12/31/21** | $16105 | $11872 | $14913 |
| **1/31/22** | $15337 | $11616 | $14095 |
| **2/28/22** | $14782 | $11487 | $13622 |
| **3/31/22** | $14266 | $11168 | $13238 |
| **4/30/22** | $13012 | $10744 | $11963 |
| **5/31/22** | $13063 | $10813 | $12073 |
| **6/30/22** | $12476 | $10643 | $11572 |
| **7/31/22** | $13089 | $10903 | $12110 |
| **8/31/22** | $12578 | $10595 | $11581 |
| **9/30/22** | $11597 | $10138 | $10580 |
| **10/31/22** | $11313 | $10006 | $10337 |
| **11/30/22** | $12268 | $10374 | $11268 |
| **12/31/22** | $12138 | $10327 | $11141 |
| **1/31/23** | $13028 | $10645 | $11892 |
| **2/28/23** | $12430 | $10370 | $11279 |
| **3/31/23** | $12891 | $10633 | $11745 |
| **4/30/23** | $12999 | $10698 | $11846 |
| **5/31/23** | $12690 | $10581 | $11528 |
| **6/30/23** | $12839 | $10544 | $11695 |
| **7/31/23** | $12812 | $10536 | $11678 |
| **8/31/23** | $12582 | $10469 | $11455 |
| **9/30/23** | $11903 | $10203 | $10849 |
| **10/31/23** | $11397 | $10042 | $10401 |
| **11/30/23** | $12559 | $10497 | $11497 |
| **12/31/23** | $13477 | $10898 | $12336 |
| **1/31/24** | $13435 | $10868 | $12221 |
| **2/29/24** | $13128 | $10715 | $11905 |
| **3/31/24** | $13372 | $10814 | $12133 |
| **4/30/24** | $12752 | $10541 | $11539 |
| **5/31/24** | $13147 | $10719 | $11861 |
| **6/30/24** | $13261 | $10821 | $11929 |
| **7/31/24** | $13716 | $11074 | $12305 |
| **8/31/24** | $14001 | $11233 | $12567 |
| **9/30/24** | $14365 | $11383 | $12895 |
| **10/31/24** | $13760 | $11101 | $12356 |
| **11/30/24** | $14091 | $11218 | $12629 |
| **12/31/24** | $13522 | $11035 | $12088 |
| **1/31/25** | $13610 | $11093 | $12140 |
| **2/28/25** | $14168 | $11337 | $12559 |
| **3/31/25** | $13991 | $11342 | $12386 |
| **4/30/25** | $13827 | $11386 | $12234 |
| **5/31/25** | $13738 | $11305 | $12172 |
| **6/30/25** | $14183 | $11478 | $12541 |
| **7/31/25** | $14168 | $11448 | $12536 |
| **8/31/25** | $14288 | $11585 | $12630 |
| **9/30/25** | $14727 | $11711 | $13028 |
| **10/31/25** | $14894 | $11785 | $13099 |
| **11/30/25** | $14986 | $11858 | $13161 |
| **12/31/25** | $14802 | $11840 | $13028 |
| **1/31/26** | $14864 | $11853 | $13034 |
| **2/28/26** | $15222 | $12047 | $13310 |
| **3/31/26** | $14660 | $11835 | $12877 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2026.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Long Duration Credit Bond Portfolio | 4.78% | (0.21%) | 3.90% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |
| Bloomberg U.S. Long Credit Index | 3.96% | (1.41%) | 2.56% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $28474384 |
| # of Portfolio Holdings | 2734 |
| Portfolio Turnover Rate | 247% |
| Total Net Advisory Fees Paid During the Reporting Period | $5404 |

---

---

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

---

## What did the Portfolio invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 72.0% |
| U.S. Treasury Obligations | 27.3% |
| U.S. Government Agencies | 16.9% |
| Sovereign Issues | 4.9% |
| Municipal Bonds & Notes | 2.1% |
| Preferred Securities | 1.9% |
| Non-Agency Mortgage-Backed Securities | 1.9% |
| Asset-Backed Securities | 0.5% |
| Loan Participations and Assignments | 0.3% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 0.1% |
| Financial Derivative Instruments | 0.3% |
| Other Assets and Liabilities, Net | (28.4%) |
| 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 Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next offering memorandum, which we expect to be available by July 31, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses decreased during the year by 0.28% as a result of lower expenses related to interest.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g108372g72p47.jpg)

For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![Image](g108372g37d99.jpg)

# PIMCO Long Duration Credit Bond Portfolio
Annual Shareholder Report \|

March 31, 2026

PAPS1830TSRAR_033126

# PIMCO Low Duration Portfolio

#### Annual Shareholder Report \| March 31, 2026
![Image](g108372g53j22.jpg)

This annual shareholder report contains important information about the PIMCO Low Duration Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Low Duration Portfolio | $5 | 0.05% |

---

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

* Overweight exposure to agency mortgage-backed securities ("MBS") contributed to relative performance versus the Bloomberg 1-3 Year U.S. Government/Credit Bond Index ("Index"), as agency MBS had positive total returns.

* Overweight exposure to investment grade corporate credit, particularly in financials, contributed to relative performance versus the Index, as investment grade corporate bonds had positive total returns and spreads tightened.

* Underweight exposure to U.S. duration, particularly in the 30 year part of the curve, contributed to relative performance versus the Index, as interest rates rose at the long end of the curve.

* Overweight exposure to commercial mortgage-backed securities ("CMBS") contributed to relative performance versus the Index, as short-term CMBS had positive total returns.

* There were no material detractors for this Portfolio.

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

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2026 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g108372g77r99.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO Low Duration Portfolio** | **Bloomberg U.S. Aggregate Index** | **Bloomberg 1-3 Year U.S. Government/Credit Bond Index** |
| **3/31/16** | $10000 | $10000 | $10000 |
| **4/30/16** | $10020 | $10038 | $10014 |
| **5/31/16** | $10010 | $10041 | $10007 |
| **6/30/16** | $10059 | $10221 | $10067 |
| **7/31/16** | $10079 | $10286 | $10069 |
| **8/31/16** | $10089 | $10274 | $10058 |
| **9/30/16** | $10117 | $10268 | $10069 |
| **10/31/16** | $10117 | $10190 | $10066 |
| **11/30/16** | $10056 | $9949 | $10024 |
| **12/31/16** | $10066 | $9963 | $10030 |
| **1/31/17** | $10087 | $9982 | $10049 |
| **2/28/17** | $10118 | $10049 | $10066 |
| **3/31/17** | $10135 | $10044 | $10071 |
| **4/30/17** | $10165 | $10122 | $10090 |
| **5/31/17** | $10196 | $10199 | $10106 |
| **6/30/17** | $10192 | $10189 | $10102 |
| **7/31/17** | $10234 | $10233 | $10128 |
| **8/31/17** | $10254 | $10325 | $10149 |
| **9/30/17** | $10254 | $10276 | $10136 |
| **10/31/17** | $10264 | $10282 | $10134 |
| **11/30/17** | $10243 | $10268 | $10112 |
| **12/31/17** | $10262 | $10316 | $10115 |
| **1/31/18** | $10231 | $10197 | $10088 |
| **2/28/18** | $10210 | $10100 | $10079 |
| **3/31/18** | $10227 | $10165 | $10095 |
| **4/30/18** | $10227 | $10089 | $10084 |
| **5/31/18** | $10259 | $10161 | $10122 |
| **6/30/18** | $10271 | $10149 | $10123 |
| **7/31/18** | $10282 | $10151 | $10129 |
| **8/31/18** | $10324 | $10216 | $10164 |
| **9/30/18** | $10316 | $10151 | $10157 |
| **10/31/18** | $10326 | $10070 | $10168 |
| **11/30/18** | $10347 | $10131 | $10197 |
| **12/31/18** | $10401 | $10317 | $10277 |
| **1/31/19** | $10465 | $10426 | $10317 |
| **2/28/19** | $10486 | $10420 | $10333 |
| **3/31/19** | $10549 | $10620 | $10401 |
| **4/30/19** | $10581 | $10623 | $10425 |
| **5/31/19** | $10646 | $10812 | $10497 |
| **6/30/19** | $10700 | $10947 | $10555 |
| **7/31/19** | $10700 | $10971 | $10549 |
| **8/31/19** | $10775 | $11256 | $10634 |
| **9/30/19** | $10775 | $11196 | $10628 |
| **10/31/19** | $10808 | $11230 | $10665 |
| **11/30/19** | $10819 | $11224 | $10665 |
| **12/31/19** | $10836 | $11216 | $10691 |
| **1/31/20** | $10901 | $11432 | $10750 |
| **2/29/20** | $10978 | $11638 | $10838 |
| **3/31/20** | $10890 | $11569 | $10871 |
| **4/30/20** | $10967 | $11775 | $10940 |
| **5/31/20** | $11011 | $11830 | $10977 |
| **6/30/20** | $11064 | $11904 | $10999 |
| **7/31/20** | $11119 | $12082 | $11019 |
| **8/31/20** | $11153 | $11984 | $11023 |
| **9/30/20** | $11149 | $11978 | $11024 |
| **10/31/20** | $11149 | $11924 | $11026 |
| **11/30/20** | $11193 | $12041 | $11037 |
| **12/31/20** | $11228 | $12058 | $11047 |
| **1/31/21** | $11239 | $11971 | $11051 |
| **2/28/21** | $11228 | $11799 | $11048 |
| **3/31/21** | $11216 | $11651 | $11043 |
| **4/30/21** | $11239 | $11743 | $11051 |
| **5/31/21** | $11250 | $11782 | $11064 |
| **6/30/21** | $11239 | $11864 | $11047 |
| **7/31/21** | $11261 | $11997 | $11066 |
| **8/31/21** | $11261 | $11974 | $11066 |
| **9/30/21** | $11248 | $11871 | $11057 |
| **10/31/21** | $11214 | $11867 | $11021 |
| **11/30/21** | $11203 | $11902 | $11012 |
| **12/31/21** | $11194 | $11872 | $10995 |
| **1/31/22** | $11115 | $11616 | $10916 |
| **2/28/22** | $11058 | $11487 | $10869 |
| **3/31/22** | $10925 | $11168 | $10721 |
| **4/30/22** | $10846 | $10744 | $10664 |
| **5/31/22** | $10902 | $10813 | $10729 |
| **6/30/22** | $10815 | $10643 | $10654 |
| **7/31/22** | $10883 | $10903 | $10710 |
| **8/31/22** | $10803 | $10595 | $10626 |
| **9/30/22** | $10680 | $10138 | $10496 |
| **10/31/22** | $10646 | $10006 | $10483 |
| **11/30/22** | $10748 | $10374 | $10570 |
| **12/31/22** | $10783 | $10327 | $10590 |
| **1/31/23** | $10898 | $10645 | $10675 |
| **2/28/23** | $10840 | $10370 | $10595 |
| **3/31/23** | $10981 | $10633 | $10750 |
| **4/30/23** | $11016 | $10698 | $10786 |
| **5/31/23** | $10993 | $10581 | $10753 |
| **6/30/23** | $10965 | $10544 | $10710 |
| **7/31/23** | $11023 | $10536 | $10755 |
| **8/31/23** | $11070 | $10469 | $10793 |
| **9/30/23** | $11046 | $10203 | $10788 |
| **10/31/23** | $11046 | $10042 | $10821 |
| **11/30/23** | $11223 | $10497 | $10947 |
| **12/31/23** | $11398 | $10898 | $11078 |
| **1/31/24** | $11458 | $10868 | $11121 |
| **2/29/24** | $11434 | $10715 | $11081 |
| **3/31/24** | $11493 | $10814 | $11125 |
| **4/30/24** | $11457 | $10541 | $11088 |
| **5/31/24** | $11554 | $10719 | $11168 |
| **6/30/24** | $11617 | $10821 | $11231 |
| **7/31/24** | $11764 | $11074 | $11364 |
| **8/31/24** | $11887 | $11233 | $11467 |
| **9/30/24** | $11999 | $11383 | $11563 |
| **10/31/24** | $11912 | $11101 | $11497 |
| **11/30/24** | $11986 | $11218 | $11536 |
| **12/31/24** | $12012 | $11035 | $11561 |
| **1/31/25** | $12075 | $11093 | $11613 |
| **2/28/25** | $12177 | $11337 | $11695 |
| **3/31/25** | $12217 | $11342 | $11749 |
| **4/30/25** | $12307 | $11386 | $11838 |
| **5/31/25** | $12307 | $11305 | $11822 |
| **6/30/25** | $12399 | $11478 | $11898 |
| **7/31/25** | $12412 | $11448 | $11895 |
| **8/31/25** | $12528 | $11585 | $12000 |
| **9/30/25** | $12587 | $11711 | $12040 |
| **10/31/25** | $12652 | $11785 | $12080 |
| **11/30/25** | $12717 | $11858 | $12137 |
| **12/31/25** | $12763 | $11840 | $12179 |
| **1/31/26** | $12803 | $11853 | $12207 |
| **2/28/26** | $12869 | $12047 | $12270 |
| **3/31/26** | $12801 | $11835 | $12213 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2026.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Low Duration Portfolio | 4.78% | 2.68% | 2.50% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |
| Bloomberg 1-3 Year U.S. Government/Credit Bond Index | 3.96% | 2.04% | 2.02% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $2383455 |
| # of Portfolio Holdings | 467 |
| Portfolio Turnover Rate | 84% |
| Total Net Advisory Fees Paid During the Reporting Period | $469 |

---

---

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

---

## What did the Portfolio invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 35.9% |
| U.S. Government Agencies | 18.6% |
| Corporate Bonds & Notes | 18.4% |
| Asset-Backed Securities | 10.7% |
| Non-Agency Mortgage-Backed Securities | 5.7% |
| Municipal Bonds & Notes | 1.0% |
| Sovereign Issues | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 19.9% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (10.4%) |
| 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 Portfolio'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
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g108372g72p47.jpg)

For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![Image](g108372g37d99.jpg)

# PIMCO Low Duration Portfolio
Annual Shareholder Report \|

March 31, 2026

PAPS2034TSRAR_033126

# PIMCO Moderate Duration Portfolio

#### Annual Shareholder Report \| March 31, 2026
![Image](g108372g53j22.jpg)

This annual shareholder report contains important information about the PIMCO Moderate Duration Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Moderate Duration Portfolio | $6 | 0.06% |

---

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

* Overweight exposure to agency mortgage-backed securities ("MBS") contributed to relative performance versus the Bloomberg U.S. Aggregate Index ("Index"), as spreads tightened.

* Long exposure to securitized credit including asset backed securities and commercial MBS contributed to relative performance versus the Index, as spreads tightened.

* Positioning within corporate credit, including overweight exposure to senior financials, contributed to relative performance versus the Index, as the asset class outperformed.

* Curve positioning in the U.S., including underweight exposure to the 3-year section of the curve, detracted from relative performance versus the Index, as yields fell.

* There were no other material detractors for this Portfolio.

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

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2026 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g108372g26n82.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO Moderate Duration Portfolio** | **Bloomberg U.S. Aggregate Index** | **Bloomberg Intermediate Aggregate Bond Index** |
| **3/31/16** | $10000 | $10000 | $10000 |
| **4/30/16** | $10030 | $10038 | $10023 |
| **5/31/16** | $10030 | $10041 | $10021 |
| **6/30/16** | $10138 | $10221 | $10144 |
| **7/31/16** | $10188 | $10286 | $10171 |
| **8/31/16** | $10188 | $10274 | $10158 |
| **9/30/16** | $10223 | $10268 | $10175 |
| **10/31/16** | $10182 | $10190 | $10138 |
| **11/30/16** | $9990 | $9949 | $9963 |
| **12/31/16** | $10010 | $9963 | $9967 |
| **1/31/17** | $10040 | $9982 | $9985 |
| **2/28/17** | $10091 | $10049 | $10031 |
| **3/31/17** | $10103 | $10044 | $10035 |
| **4/30/17** | $10175 | $10122 | $10098 |
| **5/31/17** | $10246 | $10199 | $10154 |
| **6/30/17** | $10229 | $10189 | $10128 |
| **7/31/17** | $10291 | $10233 | $10174 |
| **8/31/17** | $10363 | $10325 | $10240 |
| **9/30/17** | $10318 | $10276 | $10201 |
| **10/31/17** | $10329 | $10282 | $10200 |
| **11/30/17** | $10298 | $10268 | $10174 |
| **12/31/17** | $10322 | $10316 | $10194 |
| **1/31/18** | $10208 | $10197 | $10094 |
| **2/28/18** | $10145 | $10100 | $10041 |
| **3/31/18** | $10187 | $10165 | $10086 |
| **4/30/18** | $10135 | $10089 | $10034 |
| **5/31/18** | $10208 | $10161 | $10098 |
| **6/30/18** | $10209 | $10149 | $10095 |
| **7/31/18** | $10219 | $10151 | $10093 |
| **8/31/18** | $10282 | $10216 | $10154 |
| **9/30/18** | $10238 | $10151 | $10106 |
| **10/31/18** | $10196 | $10070 | $10075 |
| **11/30/18** | $10259 | $10131 | $10135 |
| **12/31/18** | $10406 | $10317 | $10287 |
| **1/31/19** | $10501 | $10426 | $10374 |
| **2/28/19** | $10512 | $10420 | $10378 |
| **3/31/19** | $10655 | $10620 | $10522 |
| **4/30/19** | $10676 | $10623 | $10534 |
| **5/31/19** | $10794 | $10812 | $10673 |
| **6/30/19** | $10890 | $10947 | $10774 |
| **7/31/19** | $10912 | $10971 | $10786 |
| **8/31/19** | $11051 | $11256 | $10948 |
| **9/30/19** | $11027 | $11196 | $10923 |
| **10/31/19** | $11059 | $11230 | $10964 |
| **11/30/19** | $11059 | $11224 | $10955 |
| **12/31/19** | $11072 | $11216 | $10974 |
| **1/31/20** | $11215 | $11432 | $11106 |
| **2/29/20** | $11347 | $11638 | $11250 |
| **3/31/20** | $11307 | $11569 | $11246 |
| **4/30/20** | $11439 | $11775 | $11376 |
| **5/31/20** | $11483 | $11830 | $11439 |
| **6/30/20** | $11560 | $11904 | $11486 |
| **7/31/20** | $11648 | $12082 | $11551 |
| **8/31/20** | $11659 | $11984 | $11544 |
| **9/30/20** | $11649 | $11978 | $11540 |
| **10/31/20** | $11627 | $11924 | $11521 |
| **11/30/20** | $11694 | $12041 | $11563 |
| **12/31/20** | $11749 | $12058 | $11589 |
| **1/31/21** | $11749 | $11971 | $11571 |
| **2/28/21** | $11647 | $11799 | $11482 |
| **3/31/21** | $11563 | $11651 | $11402 |
| **4/30/21** | $11642 | $11743 | $11462 |
| **5/31/21** | $11676 | $11782 | $11486 |
| **6/30/21** | $11681 | $11864 | $11491 |
| **7/31/21** | $11772 | $11997 | $11574 |
| **8/31/21** | $11749 | $11974 | $11555 |
| **9/30/21** | $11690 | $11871 | $11497 |
| **10/31/21** | $11633 | $11867 | $11448 |
| **11/30/21** | $11633 | $11902 | $11452 |
| **12/31/21** | $11618 | $11872 | $11439 |
| **1/31/22** | $11456 | $11616 | $11270 |
| **2/28/22** | $11363 | $11487 | $11183 |
| **3/31/22** | $11048 | $11168 | $10902 |
| **4/30/22** | $10758 | $10744 | $10628 |
| **5/31/22** | $10828 | $10813 | $10718 |
| **6/30/22** | $10675 | $10643 | $10583 |
| **7/31/22** | $10908 | $10903 | $10812 |
| **8/31/22** | $10664 | $10595 | $10543 |
| **9/30/22** | $10278 | $10138 | $10176 |
| **10/31/22** | $10149 | $10006 | $10095 |
| **11/30/22** | $10453 | $10374 | $10378 |
| **12/31/22** | $10435 | $10327 | $10351 |
| **1/31/23** | $10720 | $10645 | $10595 |
| **2/28/23** | $10518 | $10370 | $10375 |
| **3/31/23** | $10740 | $10633 | $10598 |
| **4/30/23** | $10800 | $10698 | $10660 |
| **5/31/23** | $10740 | $10581 | $10582 |
| **6/30/23** | $10689 | $10544 | $10519 |
| **7/31/23** | $10713 | $10536 | $10535 |
| **8/31/23** | $10677 | $10469 | $10505 |
| **9/30/23** | $10478 | $10203 | $10320 |
| **10/31/23** | $10345 | $10042 | $10219 |
| **11/30/23** | $10743 | $10497 | $10574 |
| **12/31/23** | $11092 | $10898 | $10888 |
| **1/31/24** | $11117 | $10868 | $10888 |
| **2/29/24** | $10994 | $10715 | $10759 |
| **3/31/24** | $11081 | $10814 | $10842 |
| **4/30/24** | $10882 | $10541 | $10638 |
| **5/31/24** | $11056 | $10719 | $10793 |
| **6/30/24** | $11166 | $10821 | $10892 |
| **7/31/24** | $11417 | $11074 | $11123 |
| **8/31/24** | $11567 | $11233 | $11267 |
| **9/30/24** | $11715 | $11383 | $11393 |
| **10/31/24** | $11462 | $11101 | $11167 |
| **11/30/24** | $11588 | $11218 | $11261 |
| **12/31/24** | $11479 | $11035 | $11157 |
| **1/31/25** | $11543 | $11093 | $11218 |
| **2/28/25** | $11776 | $11337 | $11414 |
| **3/31/25** | $11782 | $11342 | $11448 |
| **4/30/25** | $11873 | $11386 | $11532 |
| **5/31/25** | $11808 | $11305 | $11474 |
| **6/30/25** | $11982 | $11478 | $11621 |
| **7/31/25** | $11956 | $11448 | $11596 |
| **8/31/25** | $12140 | $11585 | $11751 |
| **9/30/25** | $12230 | $11711 | $11828 |
| **10/31/25** | $12322 | $11785 | $11894 |
| **11/30/25** | $12402 | $11858 | $11973 |
| **12/31/25** | $12407 | $11840 | $11988 |
| **1/31/26** | $12461 | $11853 | $12010 |
| **2/28/26** | $12637 | $12047 | $12165 |
| **3/31/26** | $12431 | $11835 | $12001 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2026.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Moderate Duration Portfolio | 5.51% | 1.46% | 2.20% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |
| Bloomberg Intermediate Aggregate Bond Index | 4.83% | 1.03% | 1.84% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $3676785 |
| # of Portfolio Holdings | 779 |
| Portfolio Turnover Rate | 267% |
| Total Net Advisory Fees Paid During the Reporting Period | $725 |

---

---

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

---

## What did the Portfolio invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 44.6% |
| Corporate Bonds & Notes | 20.9% |
| U.S. Treasury Obligations | 12.4% |
| Asset-Backed Securities | 11.1% |
| Non-Agency Mortgage-Backed Securities | 5.8% |
| Municipal Bonds & Notes | 2.3% |
| Other Investments | 0.1% |
| Short-Term Instruments | 21.8% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| 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 Portfolio'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
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g108372g72p47.jpg)

For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![Image](g108372g37d99.jpg)

# PIMCO Moderate Duration Portfolio
Annual Shareholder Report \|

March 31, 2026

PAPS2035TSRAR_033126

# PIMCO Mortgage and Short-Term Investments Portfolio

#### Annual Shareholder Report \| March 31, 2026
![Image](g108372g53j22.jpg)

This annual shareholder report contains important information about the PIMCO Mortgage and Short-Term Investments Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Mortgage and Short-Term Investments Portfolio | $16 | 0.15% |

---

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

* Overweight exposure to GNMA mortgage-backed securities ("MBS") positions contributed to relative performance versus the Bloomberg U.S. MBS Fixed-Rate Index ("Index"), as spreads tightened.

* Overweight exposure to conventional MBS positions contributed to relative performance versus the Index, as spreads tightened.

* Exposure to senior non-agency residential MBS positions contributed to relative performance versus the Index, as spreads tightened.

* Exposure to structured agency MBS positions contributed to relative performance versus the Index, as interest only agency collateralized mortgage obligations posted positive returns.

* U.S. duration positioning detracted from relative performance versus the Index, as interest rates on the long end of the curve increased.

* There were no other material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Bloomberg U.S. Aggregate Index replaced the FTSE 3-Month Treasury Bill Index as the Portfolio's regulatory index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2026 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g108372g38d94.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PIMCO Mortgage and Short-Term Investments Portfolio** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. MBS Fixed-Rate Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/16** | $10000 | $10000 | $10000 | $10000 |
| **4/30/16** | $10073 | $10038 | $10016 | $10002 |
| **5/31/16** | $10082 | $10041 | $10029 | $10004 |
| **6/30/16** | $10241 | $10221 | $10111 | $10006 |
| **7/31/16** | $10296 | $10286 | $10132 | $10009 |
| **8/31/16** | $10305 | $10274 | $10144 | $10011 |
| **9/30/16** | $10416 | $10268 | $10172 | $10013 |
| **10/31/16** | $10388 | $10190 | $10145 | $10016 |
| **11/30/16** | $9982 | $9949 | $9970 | $10019 |
| **12/31/16** | $9993 | $9963 | $9970 | $10022 |
| **1/31/17** | $10002 | $9982 | $9967 | $10025 |
| **2/28/17** | $10096 | $10049 | $10014 | $10029 |
| **3/31/17** | $10106 | $10044 | $10017 | $10034 |
| **4/30/17** | $10227 | $10122 | $10083 | $10039 |
| **5/31/17** | $10349 | $10199 | $10145 | $10045 |
| **6/30/17** | $10310 | $10189 | $10105 | $10052 |
| **7/31/17** | $10405 | $10233 | $10150 | $10060 |
| **8/31/17** | $10546 | $10325 | $10225 | $10069 |
| **9/30/17** | $10524 | $10276 | $10202 | $10078 |
| **10/31/17** | $10515 | $10282 | $10198 | $10087 |
| **11/30/17** | $10486 | $10268 | $10184 | $10096 |
| **12/31/17** | $10553 | $10316 | $10217 | $10106 |
| **1/31/18** | $10320 | $10197 | $10097 | $10117 |
| **2/28/18** | $10183 | $10100 | $10031 | $10128 |
| **3/31/18** | $10288 | $10165 | $10095 | $10141 |
| **4/30/18** | $10190 | $10089 | $10044 | $10155 |
| **5/31/18** | $10307 | $10161 | $10115 | $10170 |
| **6/30/18** | $10328 | $10149 | $10119 | $10185 |
| **7/31/18** | $10328 | $10151 | $10109 | $10202 |
| **8/31/18** | $10416 | $10216 | $10170 | $10219 |
| **9/30/18** | $10315 | $10151 | $10108 | $10236 |
| **10/31/18** | $10177 | $10070 | $10044 | $10255 |
| **11/30/18** | $10334 | $10131 | $10134 | $10274 |
| **12/31/18** | $10610 | $10317 | $10318 | $10294 |
| **1/31/19** | $10761 | $10426 | $10400 | $10315 |
| **2/28/19** | $10741 | $10420 | $10390 | $10334 |
| **3/31/19** | $11004 | $10620 | $10542 | $10356 |
| **4/30/19** | $10964 | $10623 | $10535 | $10377 |
| **5/31/19** | $11176 | $10812 | $10672 | $10398 |
| **6/30/19** | $11286 | $10947 | $10748 | $10419 |
| **7/31/19** | $11357 | $10971 | $10792 | $10440 |
| **8/31/19** | $11459 | $11256 | $10888 | $10460 |
| **9/30/19** | $11497 | $11196 | $10896 | $10478 |
| **10/31/19** | $11549 | $11230 | $10934 | $10496 |
| **11/30/19** | $11570 | $11224 | $10943 | $10511 |
| **12/31/19** | $11623 | $11216 | $10973 | $10526 |
| **1/31/20** | $11729 | $11432 | $11050 | $10540 |
| **2/29/20** | $11898 | $11638 | $11165 | $10554 |
| **3/31/20** | $12059 | $11569 | $11283 | $10567 |
| **4/30/20** | $12270 | $11775 | $11354 | $10576 |
| **5/31/20** | $12345 | $11830 | $11368 | $10580 |
| **6/30/20** | $12411 | $11904 | $11358 | $10581 |
| **7/31/20** | $12518 | $12082 | $11378 | $10582 |
| **8/31/20** | $12603 | $11984 | $11383 | $10584 |
| **9/30/20** | $12597 | $11978 | $11371 | $10585 |
| **10/31/20** | $12629 | $11924 | $11366 | $10586 |
| **11/30/20** | $12694 | $12041 | $11374 | $10586 |
| **12/31/20** | $12801 | $12058 | $11398 | $10587 |
| **1/31/21** | $12893 | $11971 | $11407 | $10588 |
| **2/28/21** | $12812 | $11799 | $11331 | $10589 |
| **3/31/21** | $12699 | $11651 | $11273 | $10589 |
| **4/30/21** | $12826 | $11743 | $11335 | $10590 |
| **5/31/21** | $12757 | $11782 | $11315 | $10590 |
| **6/30/21** | $12784 | $11864 | $11311 | $10590 |
| **7/31/21** | $12877 | $11997 | $11381 | $10590 |
| **8/31/21** | $12877 | $11974 | $11363 | $10590 |
| **9/30/21** | $12845 | $11871 | $11322 | $10591 |
| **10/31/21** | $12787 | $11867 | $11300 | $10591 |
| **11/30/21** | $12763 | $11902 | $11290 | $10592 |
| **12/31/21** | $12728 | $11872 | $11280 | $10592 |
| **1/31/22** | $12466 | $11616 | $11112 | $10593 |
| **2/28/22** | $12263 | $11487 | $11005 | $10593 |
| **3/31/22** | $11650 | $11168 | $10719 | $10595 |
| **4/30/22** | $10885 | $10744 | $10342 | $10598 |
| **5/31/22** | $11124 | $10813 | $10457 | $10603 |
| **6/30/22** | $10693 | $10643 | $10289 | $10610 |
| **7/31/22** | $11284 | $10903 | $10620 | $10621 |
| **8/31/22** | $10620 | $10595 | $10257 | $10637 |
| **9/30/22** | $9575 | $10138 | $9739 | $10658 |
| **10/31/22** | $9307 | $10006 | $9600 | $10684 |
| **11/30/22** | $9989 | $10374 | $9991 | $10715 |
| **12/31/22** | $9897 | $10327 | $9947 | $10751 |
| **1/31/23** | $10485 | $10645 | $10275 | $10791 |
| **2/28/23** | $10022 | $10370 | $10004 | $10829 |
| **3/31/23** | $10366 | $10633 | $10199 | $10872 |
| **4/30/23** | $10428 | $10698 | $10251 | $10915 |
| **5/31/23** | $10265 | $10581 | $10176 | $10961 |
| **6/30/23** | $10189 | $10544 | $10133 | $11008 |
| **7/31/23** | $10189 | $10536 | $10125 | $11058 |
| **8/31/23** | $10012 | $10469 | $10042 | $11110 |
| **9/30/23** | $9413 | $10203 | $9722 | $11160 |
| **10/31/23** | $8953 | $10042 | $9521 | $11212 |
| **11/30/23** | $9886 | $10497 | $10018 | $11264 |
| **12/31/23** | $10658 | $10898 | $10449 | $11317 |
| **1/31/24** | $10566 | $10868 | $10401 | $11369 |
| **2/29/24** | $10265 | $10715 | $10232 | $11419 |
| **3/31/24** | $10473 | $10814 | $10340 | $11472 |
| **4/30/24** | $9865 | $10541 | $10027 | $11523 |
| **5/31/24** | $10261 | $10719 | $10228 | $11577 |
| **6/30/24** | $10385 | $10821 | $10347 | $11629 |
| **7/31/24** | $10825 | $11074 | $10620 | $11683 |
| **8/31/24** | $11106 | $11233 | $10791 | $11737 |
| **9/30/24** | $11255 | $11383 | $10919 | $11788 |
| **10/31/24** | $10433 | $11101 | $10610 | $11839 |
| **11/30/24** | $10756 | $11218 | $10752 | $11886 |
| **12/31/24** | $10318 | $11035 | $10575 | $11933 |
| **1/31/25** | $10401 | $11093 | $10629 | $11979 |
| **2/28/25** | $10982 | $11337 | $10900 | $12020 |
| **3/31/25** | $10925 | $11342 | $10898 | $12064 |
| **4/30/25** | $11009 | $11386 | $10929 | $12108 |
| **5/31/25** | $10689 | $11305 | $10829 | $12153 |
| **6/30/25** | $11118 | $11478 | $11022 | $12196 |
| **7/31/25** | $10921 | $11448 | $10977 | $12242 |
| **8/31/25** | $11314 | $11585 | $11154 | $12287 |
| **9/30/25** | $11553 | $11711 | $11289 | $12331 |
| **10/31/25** | $11724 | $11785 | $11387 | $12375 |
| **11/30/25** | $11837 | $11858 | $11458 | $12416 |
| **12/31/25** | $11828 | $11840 | $11482 | $12457 |
| **1/31/26** | $11929 | $11853 | $11529 | $12498 |
| **2/28/26** | $12233 | $12047 | $11722 | $12534 |
| **3/31/26** | $11740 | $11835 | $11529 | $12573 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2026.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Mortgage and Short-Term Investments Portfolio | 7.46% | (1.56%) | 1.62% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |
| Bloomberg U.S. MBS Fixed-Rate Index | 5.79% | 0.45% | 1.43% |
| FTSE 3-Month Treasury Bill Index | 4.22% | 3.49% | 2.32% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $1234750 |
| # of Portfolio Holdings | 2417 |
| Portfolio Turnover Rate | 1,452% |
| Total Net Advisory Fees Paid During the Reporting Period | $228 |

---

---

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

---

## What did the Portfolio invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 249.8% |
| U.S. Treasury Obligations | 15.6% |
| Non-Agency Mortgage-Backed Securities | 6.8% |
| Asset-Backed Securities | 3.1% |
| Corporate Bonds & Notes | 1.4% |
| Municipal Bonds & Notes | 0.3% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 3.3% |
| Financial Derivative Instruments | (0.0%)<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (180.5%) |
| 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 Portfolio'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. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next offering memorandum, which we expect to be available by July 31, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses decreased during the year by 0.15% as a result of lower expenses related to interest.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g108372g72p47.jpg)

For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![Image](g108372g37d99.jpg)

# PIMCO Mortgage and Short-Term Investments Portfolio
Annual Shareholder Report \|

March 31, 2026

PAPS0474TSRAR_033126

# PIMCO Municipal Portfolio

#### Annual Shareholder Report \| March 31, 2026
![Image](g108372g53j22.jpg)

This annual shareholder report contains important information about the PIMCO Municipal Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Municipal Portfolio | $5 | 0.05% |

---

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

* Yield curve strategies contributed to relative performance versus the Bloomberg Municipal Long 22+ Total Return Index ("Index"), as front-end rates fell and long-end maturities rose. 

* Overweight exposure to the transportation sector contributed to relative performance versus the Index, as the sector outperformed the broader municipal market. 

* Security selection within the healthcare sector contributed to relative performance versus the Index, as the Portfolio's holdings outperformed the broader municipal market.

* Underweight exposure to the housing sector detracted from relative performance versus the Index, as the sector outperformed the broader municipal market.

* Underweight exposure to the water and sewer sector detracted from relative performance versus the Index, as the sector outperformed the broader municipal market. 

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

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Bloomberg Municipal Bond Index replaced the FTSE 3-Month Treasury Bill Index as the Portfolio's regulatory index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2026 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g108372g89w15.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PIMCO Municipal Portfolio** | **Bloomberg Municipal Bond Index** | **FTSE 3-Month Treasury Bill Index** | **Bloomberg Municipal Long 22+ Bond Index** |
| **3/31/16** | $10000 | $10000 | $10000 | $10000 |
| **4/30/16** | $10040 | $10074 | $10002 | $10105 |
| **5/31/16** | $10105 | $10101 | $10004 | $10193 |
| **6/30/16** | $10219 | $10261 | $10006 | $10451 |
| **7/31/16** | $10259 | $10268 | $10009 | $10440 |
| **8/31/16** | $10286 | $10282 | $10011 | $10472 |
| **9/30/16** | $10255 | $10230 | $10013 | $10381 |
| **10/31/16** | $10228 | $10123 | $10016 | $10219 |
| **11/30/16** | $10013 | $9745 | $10019 | $9713 |
| **12/31/16** | $10041 | $9860 | $10022 | $9867 |
| **1/31/17** | $10097 | $9925 | $10025 | $9927 |
| **2/28/17** | $10194 | $9994 | $10029 | $10005 |
| **3/31/17** | $10209 | $10015 | $10034 | $10039 |
| **4/30/17** | $10251 | $10088 | $10039 | $10113 |
| **5/31/17** | $10321 | $10248 | $10045 | $10340 |
| **6/30/17** | $10321 | $10211 | $10052 | $10315 |
| **7/31/17** | $10363 | $10294 | $10060 | $10415 |
| **8/31/17** | $10435 | $10372 | $10069 | $10516 |
| **9/30/17** | $10427 | $10320 | $10078 | $10442 |
| **10/31/17** | $10427 | $10345 | $10087 | $10491 |
| **11/30/17** | $10412 | $10289 | $10096 | $10513 |
| **12/31/17** | $10450 | $10397 | $10106 | $10675 |
| **1/31/18** | $10435 | $10275 | $10117 | $10479 |
| **2/28/18** | $10421 | $10244 | $10128 | $10434 |
| **3/31/18** | $10453 | $10282 | $10141 | $10508 |
| **4/30/18** | $10423 | $10245 | $10155 | $10441 |
| **5/31/18** | $10497 | $10362 | $10170 | $10618 |
| **6/30/18** | $10528 | $10371 | $10185 | $10605 |
| **7/31/18** | $10543 | $10396 | $10202 | $10607 |
| **8/31/18** | $10558 | $10423 | $10219 | $10651 |
| **9/30/18** | $10517 | $10356 | $10236 | $10554 |
| **10/31/18** | $10457 | $10292 | $10255 | $10435 |
| **11/30/18** | $10547 | $10406 | $10274 | $10567 |
| **12/31/18** | $10646 | $10530 | $10294 | $10712 |
| **1/31/19** | $10709 | $10610 | $10315 | $10772 |
| **2/28/19** | $10756 | $10667 | $10334 | $10840 |
| **3/31/19** | $11038 | $10835 | $10356 | $11124 |
| **4/30/19** | $11086 | $10876 | $10377 | $11215 |
| **5/31/19** | $11339 | $11026 | $10398 | $11417 |
| **6/30/19** | $11399 | $11067 | $10419 | $11445 |
| **7/31/19** | $11478 | $11156 | $10440 | $11543 |
| **8/31/19** | $11813 | $11332 | $10460 | $11837 |
| **9/30/19** | $11700 | $11241 | $10478 | $11747 |
| **10/31/19** | $11684 | $11261 | $10496 | $11745 |
| **11/30/19** | $11700 | $11289 | $10511 | $11780 |
| **12/31/19** | $11704 | $11324 | $10526 | $11811 |
| **1/31/20** | $12019 | $11527 | $10540 | $12098 |
| **2/29/20** | $12302 | $11676 | $10554 | $12358 |
| **3/31/20** | $11658 | $11252 | $10567 | $11670 |
| **4/30/20** | $11357 | $11111 | $10576 | $11362 |
| **5/31/20** | $11759 | $11465 | $10580 | $11835 |
| **6/30/20** | $11991 | $11559 | $10581 | $12011 |
| **7/31/20** | $12261 | $11754 | $10582 | $12294 |
| **8/31/20** | $12193 | $11699 | $10584 | $12198 |
| **9/30/20** | $12150 | $11701 | $10585 | $12181 |
| **10/31/20** | $12099 | $11666 | $10586 | $12129 |
| **11/30/20** | $12338 | $11842 | $10586 | $12434 |
| **12/31/20** | $12463 | $11914 | $10587 | $12549 |
| **1/31/21** | $12586 | $11990 | $10588 | $12672 |
| **2/28/21** | $12304 | $11799 | $10589 | $12366 |
| **3/31/21** | $12367 | $11872 | $10589 | $12490 |
| **4/30/21** | $12527 | $11972 | $10590 | $12663 |
| **5/31/21** | $12598 | $12008 | $10590 | $12753 |
| **6/30/21** | $12694 | $12040 | $10590 | $12841 |
| **7/31/21** | $12801 | $12140 | $10590 | $12978 |
| **8/31/21** | $12748 | $12096 | $10590 | $12875 |
| **9/30/21** | $12611 | $12009 | $10591 | $12746 |
| **10/31/21** | $12629 | $11973 | $10591 | $12709 |
| **11/30/21** | $12773 | $12075 | $10592 | $12919 |
| **12/31/21** | $12788 | $12095 | $10592 | $12947 |
| **1/31/22** | $12426 | $11764 | $10593 | $12488 |
| **2/28/22** | $12353 | $11722 | $10593 | $12424 |
| **3/31/22** | $11880 | $11342 | $10595 | $11827 |
| **4/30/22** | $11404 | $11028 | $10598 | $11280 |
| **5/31/22** | $11532 | $11192 | $10603 | $11484 |
| **6/30/22** | $11278 | $11008 | $10610 | $11048 |
| **7/31/22** | $11592 | $11299 | $10621 | $11464 |
| **8/31/22** | $11241 | $11052 | $10637 | $11061 |
| **9/30/22** | $10761 | $10627 | $10658 | $10391 |
| **10/31/22** | $10593 | $10539 | $10684 | $10165 |
| **11/30/22** | $11244 | $11032 | $10715 | $10962 |
| **12/31/22** | $11204 | $11064 | $10751 | $10930 |
| **1/31/23** | $11598 | $11381 | $10791 | $11445 |
| **2/28/23** | $11317 | $11124 | $10829 | $11064 |
| **3/31/23** | $11589 | $11371 | $10872 | $11396 |
| **4/30/23** | $11589 | $11345 | $10915 | $11375 |
| **5/31/23** | $11494 | $11247 | $10961 | $11283 |
| **6/30/23** | $11622 | $11359 | $11008 | $11473 |
| **7/31/23** | $11641 | $11404 | $11058 | $11513 |
| **8/31/23** | $11469 | $11240 | $11110 | $11221 |
| **9/30/23** | $11100 | $10911 | $11160 | $10709 |
| **10/31/23** | $10869 | $10818 | $11212 | $10497 |
| **11/30/23** | $11736 | $11504 | $11264 | $11554 |
| **12/31/23** | $12067 | $11772 | $11317 | $11952 |
| **1/31/24** | $12047 | $11712 | $11369 | $11846 |
| **2/29/24** | $12047 | $11727 | $11419 | $11864 |
| **3/31/24** | $12062 | $11726 | $11472 | $11863 |
| **4/30/24** | $11904 | $11581 | $11523 | $11663 |
| **5/31/24** | $11923 | $11547 | $11577 | $11716 |
| **6/30/24** | $12116 | $11724 | $11629 | $11962 |
| **7/31/24** | $12195 | $11831 | $11683 | $12077 |
| **8/31/24** | $12295 | $11924 | $11737 | $12157 |
| **9/30/24** | $12424 | $12042 | $11788 | $12324 |
| **10/31/24** | $12243 | $11867 | $11839 | $12083 |
| **11/30/24** | $12485 | $12072 | $11886 | $12430 |
| **12/31/24** | $12282 | $11896 | $11933 | $12120 |
| **1/31/25** | $12302 | $11955 | $11979 | $12130 |
| **2/28/25** | $12443 | $12074 | $12020 | $12248 |
| **3/31/25** | $12178 | $11869 | $12064 | $11942 |
| **4/30/25** | $12097 | $11774 | $12108 | $11791 |
| **5/31/25** | $11974 | $11781 | $12153 | $11675 |
| **6/30/25** | $12050 | $11855 | $12196 | $11711 |
| **7/31/25** | $11947 | $11831 | $12242 | $11584 |
| **8/31/25** | $12071 | $11934 | $12287 | $11685 |
| **9/30/25** | $12508 | $12210 | $12331 | $12158 |
| **10/31/25** | $12697 | $12361 | $12375 | $12381 |
| **11/30/25** | $12718 | $12390 | $12416 | $12396 |
| **12/31/25** | $12717 | $12401 | $12457 | $12356 |
| **1/31/26** | $12781 | $12517 | $12498 | $12418 |
| **2/28/26** | $12995 | $12673 | $12534 | $12625 |
| **3/31/26** | $12735 | $12379 | $12573 | $12328 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2026.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Municipal Portfolio | 4.57% | 0.59% | 2.45% |
| Bloomberg Municipal Bond Index | 4.29% | 0.84% | 2.16% |
| Bloomberg Municipal Long 22+ Bond Index | 3.23% | (0.26%) | 2.12% |
| FTSE 3-Month Treasury Bill Index | 4.22% | 3.49% | 2.32% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $106382 |
| # of Portfolio Holdings | 85 |
| Portfolio Turnover Rate | 20% |
| Total Net Advisory Fees Paid During the Reporting Period | $20 |

---

---

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

---

## What did the Portfolio invest in?

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

---

| | |
|:---|:---|
| Health, Hospital & Nursing Home Revenue | 13.7% |
| Port, Airport & Marina Revenue | 12.7% |
| Ad Valorem Property Tax | 9.4% |
| College & University Revenue | 8.6% |
| Highway Revenue Tolls | 6.7% |
| Income Tax Revenue | 5.9% |
| Appropriations | 5.4% |
| Electric Power & Light Revenue | 3.4% |
| Water Revenue | 3.2% |
| Hotel Occupancy Tax | 3.1% |
| Natural Gas Revenue | 2.9% |
| Other Investments | 14.5% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments FR_72201W154 | 5.4% |
| Other Assets and Liabilities, Net | 4.9% |
| 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 Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g108372g72p47.jpg)

For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![Image](g108372g37d99.jpg)

# PIMCO Municipal Portfolio
Annual Shareholder Report \|

March 31, 2026

PAPS0489TSRAR_033126

# PIMCO Real Return Portfolio

#### Annual Shareholder Report \| March 31, 2026
![Image](g108372g53j22.jpg)

This annual shareholder report contains important information about the PIMCO Real Return Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Real Return Portfolio | $353 | 3.49% |

---

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

* The structural levered exposure to the Bloomberg U.S. TIPS Index underperformed the cost of financing as represented by the Secured Overnight Financing Rate. 

* Interest rate strategies in the U.S., including a yield curve steepening position, contributed to relative performance versus the structural levered exposure, as the U.S. yield curve steepened.

* Overweight exposure to U.S. breakeven inflation expectations ("breakevens") detracted from relative performance versus the structural levered exposure, as breakevens fell across the curve.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Bloomberg U.S. Aggregate Index replaced the FTSE 3-Month Treasury Bill Index as the Portfolio's regulatory index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2026 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g108372g93c14.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PIMCO Real Return Portfolio** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. TIPS Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/16** | $10000 | $10000 | $10000 | $10000 |
| **4/30/16** | $10077 | $10038 | $10035 | $10002 |
| **5/31/16** | $9934 | $10041 | $9964 | $10004 |
| **6/30/16** | $10289 | $10221 | $10171 | $10006 |
| **7/31/16** | $10421 | $10286 | $10259 | $10009 |
| **8/31/16** | $10344 | $10274 | $10213 | $10011 |
| **9/30/16** | $10508 | $10268 | $10269 | $10013 |
| **10/31/16** | $10408 | $10190 | $10228 | $10016 |
| **11/30/16** | $10031 | $9949 | $10031 | $10019 |
| **12/31/16** | $10019 | $9963 | $10022 | $10022 |
| **1/31/17** | $10199 | $9982 | $10106 | $10025 |
| **2/28/17** | $10288 | $10049 | $10153 | $10029 |
| **3/31/17** | $10304 | $10044 | $10148 | $10034 |
| **4/30/17** | $10397 | $10122 | $10208 | $10039 |
| **5/31/17** | $10397 | $10199 | $10204 | $10045 |
| **6/30/17** | $10251 | $10189 | $10107 | $10052 |
| **7/31/17** | $10344 | $10233 | $10152 | $10060 |
| **8/31/17** | $10519 | $10325 | $10260 | $10069 |
| **9/30/17** | $10401 | $10276 | $10194 | $10078 |
| **10/31/17** | $10495 | $10282 | $10216 | $10087 |
| **11/30/17** | $10519 | $10268 | $10229 | $10096 |
| **12/31/17** | $10725 | $10316 | $10323 | $10106 |
| **1/31/18** | $10535 | $10197 | $10234 | $10117 |
| **2/28/18** | $10357 | $10100 | $10135 | $10128 |
| **3/31/18** | $10522 | $10165 | $10241 | $10141 |
| **4/30/18** | $10498 | $10089 | $10236 | $10155 |
| **5/31/18** | $10558 | $10161 | $10279 | $10170 |
| **6/30/18** | $10657 | $10149 | $10320 | $10185 |
| **7/31/18** | $10571 | $10151 | $10271 | $10202 |
| **8/31/18** | $10657 | $10216 | $10345 | $10219 |
| **9/30/18** | $10499 | $10151 | $10236 | $10236 |
| **10/31/18** | $10285 | $10070 | $10089 | $10255 |
| **11/30/18** | $10361 | $10131 | $10137 | $10274 |
| **12/31/18** | $10467 | $10317 | $10193 | $10294 |
| **1/31/19** | $10695 | $10426 | $10330 | $10315 |
| **2/28/19** | $10666 | $10420 | $10328 | $10334 |
| **3/31/19** | $10988 | $10620 | $10518 | $10356 |
| **4/30/19** | $11017 | $10623 | $10553 | $10377 |
| **5/31/19** | $11346 | $10812 | $10728 | $10398 |
| **6/30/19** | $11495 | $10947 | $10820 | $10419 |
| **7/31/19** | $11538 | $10971 | $10858 | $10440 |
| **8/31/19** | $11998 | $11256 | $11117 | $10460 |
| **9/30/19** | $11747 | $11196 | $10965 | $10478 |
| **10/31/19** | $11718 | $11230 | $10993 | $10496 |
| **11/30/19** | $11747 | $11224 | $11010 | $10511 |
| **12/31/19** | $11794 | $11216 | $11052 | $10526 |
| **1/31/20** | $12245 | $11432 | $11284 | $10540 |
| **2/29/20** | $12419 | $11638 | $11440 | $10554 |
| **3/31/20** | $12176 | $11569 | $11239 | $10567 |
| **4/30/20** | $12831 | $11775 | $11551 | $10576 |
| **5/31/20** | $13006 | $11830 | $11586 | $10580 |
| **6/30/20** | $13248 | $11904 | $11715 | $10581 |
| **7/31/20** | $13792 | $12082 | $11985 | $10582 |
| **8/31/20** | $14048 | $11984 | $12116 | $10584 |
| **9/30/20** | $13981 | $11978 | $12071 | $10585 |
| **10/31/20** | $13825 | $11924 | $11993 | $10586 |
| **11/30/20** | $14090 | $12041 | $12127 | $10586 |
| **12/31/20** | $14370 | $12058 | $12267 | $10587 |
| **1/31/21** | $14491 | $11971 | $12307 | $10588 |
| **2/28/21** | $14024 | $11799 | $12109 | $10589 |
| **3/31/21** | $13989 | $11651 | $12086 | $10589 |
| **4/30/21** | $14341 | $11743 | $12255 | $10590 |
| **5/31/21** | $14622 | $11782 | $12404 | $10590 |
| **6/30/21** | $14813 | $11864 | $12479 | $10590 |
| **7/31/21** | $15506 | $11997 | $12811 | $10590 |
| **8/31/21** | $15470 | $11974 | $12789 | $10590 |
| **9/30/21** | $15276 | $11871 | $12697 | $10591 |
| **10/31/21** | $15553 | $11867 | $12841 | $10591 |
| **11/30/21** | $15849 | $11902 | $12956 | $10592 |
| **12/31/21** | $15904 | $11872 | $12997 | $10592 |
| **1/31/22** | $15302 | $11616 | $12734 | $10593 |
| **2/28/22** | $15590 | $11487 | $12843 | $10593 |
| **3/31/22** | $15157 | $11168 | $12604 | $10595 |
| **4/30/22** | $14597 | $10744 | $12347 | $10598 |
| **5/31/22** | $14330 | $10813 | $12224 | $10603 |
| **6/30/22** | $13570 | $10643 | $11837 | $10610 |
| **7/31/22** | $14541 | $10903 | $12353 | $10621 |
| **8/31/22** | $13847 | $10595 | $12024 | $10637 |
| **9/30/22** | $12218 | $10138 | $11228 | $10658 |
| **10/31/22** | $12452 | $10006 | $11368 | $10684 |
| **11/30/22** | $12833 | $10374 | $11576 | $10715 |
| **12/31/22** | $12573 | $10327 | $11458 | $10751 |
| **1/31/23** | $12978 | $10645 | $11667 | $10791 |
| **2/28/23** | $12635 | $10370 | $11507 | $10829 |
| **3/31/23** | $13233 | $10633 | $11840 | $10872 |
| **4/30/23** | $13222 | $10698 | $11853 | $10915 |
| **5/31/23** | $12889 | $10581 | $11711 | $10961 |
| **6/30/23** | $12795 | $10544 | $11672 | $11008 |
| **7/31/23** | $12784 | $10536 | $11686 | $11058 |
| **8/31/23** | $12553 | $10469 | $11582 | $11110 |
| **9/30/23** | $12120 | $10203 | $11368 | $11160 |
| **10/31/23** | $11939 | $10042 | $11286 | $11212 |
| **11/30/23** | $12439 | $10497 | $11592 | $11264 |
| **12/31/23** | $12913 | $10898 | $11904 | $11317 |
| **1/31/24** | $12978 | $10868 | $11925 | $11369 |
| **2/29/24** | $12708 | $10715 | $11797 | $11419 |
| **3/31/24** | $12816 | $10814 | $11894 | $11472 |
| **4/30/24** | $12439 | $10541 | $11693 | $11523 |
| **5/31/24** | $12762 | $10719 | $11894 | $11577 |
| **6/30/24** | $12892 | $10821 | $11988 | $11629 |
| **7/31/24** | $13245 | $11074 | $12201 | $11683 |
| **8/31/24** | $13388 | $11233 | $12297 | $11737 |
| **9/30/24** | $13687 | $11383 | $12482 | $11788 |
| **10/31/24** | $13230 | $11101 | $12258 | $11839 |
| **11/30/24** | $13297 | $11218 | $12317 | $11886 |
| **12/31/24** | $12906 | $11035 | $12122 | $11933 |
| **1/31/25** | $13152 | $11093 | $12279 | $11979 |
| **2/28/25** | $13609 | $11337 | $12547 | $12020 |
| **3/31/25** | $13751 | $11342 | $12627 | $12064 |
| **4/30/25** | $13751 | $11386 | $12642 | $12108 |
| **5/31/25** | $13572 | $11305 | $12568 | $12153 |
| **6/30/25** | $13763 | $11478 | $12688 | $12196 |
| **7/31/25** | $13740 | $11448 | $12704 | $12242 |
| **8/31/25** | $14093 | $11585 | $12899 | $12287 |
| **9/30/25** | $14134 | $11711 | $12955 | $12331 |
| **10/31/25** | $14180 | $11785 | $13001 | $12375 |
| **11/30/25** | $14192 | $11858 | $13025 | $12416 |
| **12/31/25** | $14024 | $11840 | $12972 | $12457 |
| **1/31/26** | $14095 | $11853 | $13012 | $12498 |
| **2/28/26** | $14377 | $12047 | $13182 | $12534 |
| **3/31/26** | $14036 | $11835 | $13006 | $12573 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2026.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Real Return Portfolio | 2.07% | 0.07% | 3.45% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |
| Bloomberg U.S. TIPS Index | 3.00% | 1.48% | 2.66% |
| FTSE 3-Month Treasury Bill Index | 4.22% | 3.49% | 2.32% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $487899 |
| # of Portfolio Holdings | 93 |
| Portfolio Turnover Rate | 19% |
| Total Net Advisory Fees Paid During the Reporting Period | $92 |

---

---

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

---

## What did the Portfolio invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 178.4% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 0.4% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (78.9%) |
| 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 Portfolio'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. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next offering memorandum, which we expect to be available by July 31, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses decreased during the year by 0.65% as a result of lower expenses related to interest.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g108372g72p47.jpg)

For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![Image](g108372g37d99.jpg)

# PIMCO Real Return Portfolio
Annual Shareholder Report \|

March 31, 2026

PAPS0488TSRAR_033126

# PIMCO Sector Fund Series – AM

#### Annual Shareholder Report \| March 31, 2026
![Image](g108372g53j22.jpg)

This annual shareholder report contains important information about the PIMCO Sector Fund Series – AM (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Sector Fund Series – AM | $33 | 0.32% |

---

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

* Exposure to structured agency mortgage-backed securities ("MBS") positions contributed to relative performance versus the Bloomberg U.S. MBS Fixed Rate Index ("Index"), as interest only agency collateralized mortgage obligations posted positive returns.

* Overweight exposure to GNMA MBS positions contributed to relative performance versus the Index, as spreads tightened.

* Exposure to senior non-agency residential MBS positions contributed to relative performance versus the Index, as spreads tightened.

* Exposure to conventional MBS positions detracted from relative performance versus the Index, as spreads tightened.

* U.S. duration positioning detracted from relative performance versus the Index, as interest rates on the long end of the curve increased.

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

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2026 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g108372g94x14.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO Sector Fund Series – AM** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. MBS Fixed-Rate Index** |
| **7/19/24** | $10000 | $10000 | $10000 |
| **7/31/24** | $10110 | $10111 | $10119 |
| **8/31/24** | $10280 | $10257 | $10283 |
| **9/30/24** | $10400 | $10394 | $10405 |
| **10/31/24** | $10090 | $10136 | $10110 |
| **11/30/24** | $10250 | $10243 | $10245 |
| **12/31/24** | $10098 | $10076 | $10076 |
| **1/31/25** | $10170 | $10129 | $10128 |
| **2/28/25** | $10426 | $10352 | $10386 |
| **3/31/25** | $10426 | $10356 | $10384 |
| **4/30/25** | $10426 | $10397 | $10414 |
| **5/31/25** | $10323 | $10322 | $10319 |
| **6/30/25** | $10539 | $10481 | $10502 |
| **7/31/25** | $10498 | $10453 | $10460 |
| **8/31/25** | $10686 | $10578 | $10628 |
| **9/30/25** | $10807 | $10694 | $10757 |
| **10/31/25** | $10913 | $10761 | $10850 |
| **11/30/25** | $10966 | $10827 | $10918 |
| **12/31/25** | $11002 | $10811 | $10941 |
| **1/31/26** | $11088 | $10823 | $10986 |
| **2/28/26** | $11283 | $11000 | $11169 |
| **3/31/26** | $11099 | $10806 | $10985 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2026.

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **Since Inception 7/19/24** |
| PIMCO Sector Fund Series – AM | 6.46% | 6.31% |
| Bloomberg U.S. Aggregate Index | 4.35% | 4.67% |
| Bloomberg U.S. MBS Fixed-Rate Index | 5.79% | 5.68% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $54521 |
| # of Portfolio Holdings | 169 |
| Portfolio Turnover Rate | 971% |
| 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 Portfolio invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 166.7% |
| Non-Agency Mortgage-Backed Securities | 11.3% |
| Short-Term Instruments | 0.9% |
| Affiliated Investments | 11.1% |
| Financial Derivative Instruments | 1.4% |
| Other Assets and Liabilities, Net | (91.4%) |
| 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 Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next offering memorandum, which we expect to be available by July 31, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses decreased during the year by 0.96% as a result of lower expenses related to interest.

Change to Principal Investment Strategies. Effective May 21, 2025, the Portfolio has an investment strategy that may invest up to 10% of its total assets in investment grade securities rated below Aaa by Moody's Investors Service, Inc. ("Moody's"), or equivalently rated by Standard & Poor's Ratings Services ("S&P") or Fitch Ratings, Inc. ("Fitch"), or, if unrated, determined by PIMCO to be of comparable quality, subject to a minimum rating of Baa by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality; provided that, for the avoidance of doubt, investments in securities issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises are not subject to this limit.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g108372g72p47.jpg)

For additional information about the Portfolio, including the Portfolio's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![Image](g108372g37d99.jpg)

# PIMCO Sector Fund Series – AM
Annual Shareholder Report \|

March 31, 2026

PAPS2226TSRAR_033126

# PIMCO Sector Fund Series – H

#### Annual Shareholder Report \| March 31, 2026
![Image](g108372g53j22.jpg)

This annual shareholder report contains important information about the PIMCO Sector Fund Series – H (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Sector Fund Series – H | $8 | 0.08% |

---

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

* Underweight exposure to a select department store retailer contributed to relative performance versus the ICE BofA U.S. High Yield, BB-B Rated, Constrained Index ("Index"), as spreads widened.

* Security selection within the wireless sector, specifically overweight exposure to a media company, contributed to relative performance versus the Index, as spreads tightened.

* Security selection within the healthcare sector, specifically overweight exposure to a pharmaceutical company, contributed to relative performance versus the Index, as spreads tightened.

* Exposure to restructure equity detracted from relative performance versus the Index, as prices fell.

* Security selection within the transportation sector, specifically overweight exposure to an airline, detracted from relative performance versus the Index, as spreads widened. 

* Underweight exposure to the energy exploration sector detracted from relative performance versus the Index, as the sector outperformed.

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

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2026 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g108372g55x90.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO Sector Fund Series – H** | **Bloomberg U.S. Aggregate Index** | **ICE BofA U.S. High Yield, BB-B Rated, Constrained Index** |
| **2/22/24** | $10000 | $10000 | $10000 |
| **2/29/24** | $9980 | $10047 | $9999 |
| **3/31/24** | $10100 | $10140 | $10117 |
| **4/30/24** | $10010 | $9884 | $10024 |
| **5/31/24** | $10150 | $10051 | $10136 |
| **6/30/24** | $10252 | $10146 | $10239 |
| **7/31/24** | $10425 | $10383 | $10410 |
| **8/31/24** | $10597 | $10533 | $10570 |
| **9/30/24** | $10710 | $10674 | $10689 |
| **10/31/24** | $10638 | $10409 | $10612 |
| **11/30/24** | $10762 | $10519 | $10726 |
| **12/31/24** | $10730 | $10347 | $10671 |
| **1/31/25** | $10869 | $10402 | $10814 |
| **2/28/25** | $10964 | $10631 | $10887 |
| **3/31/25** | $10887 | $10635 | $10794 |
| **4/30/25** | $10909 | $10676 | $10802 |
| **5/31/25** | $11091 | $10600 | $10963 |
| **6/30/25** | $11282 | $10763 | $11169 |
| **7/31/25** | $11315 | $10735 | $11200 |
| **8/31/25** | $11467 | $10863 | $11332 |
| **9/30/25** | $11562 | $10981 | $11423 |
| **10/31/25** | $11616 | $11050 | $11453 |
| **11/30/25** | $11704 | $11119 | $11529 |
| **12/31/25** | $11769 | $11102 | $11602 |
| **1/31/26** | $11814 | $11114 | $11660 |
| **2/28/26** | $11848 | $11296 | $11695 |
| **3/31/26** | $11687 | $11097 | $11558 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2026.

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **Since Inception 2/22/24** |
| PIMCO Sector Fund Series – H | 7.35% | 7.68% |
| Bloomberg U.S. Aggregate Index | 4.35% | 5.07% |
| ICE BofA U.S. High Yield, BB-B Rated, Constrained Index | 7.08% | 7.12% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $111973 |
| # of Portfolio Holdings | 510 |
| Portfolio Turnover Rate | 42% |
| 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 Portfolio invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 74.4% |
| Loan Participations and Assignments | 4.0% |
| U.S. Treasury Obligations | 3.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 16.0% |
| Financial Derivative Instruments | 0.2% |
| Other Assets and Liabilities, Net | 2.1% |
| 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 Portfolio'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
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g108372g72p47.jpg)

For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![Image](g108372g37d99.jpg)

# PIMCO Sector Fund Series – H
Annual Shareholder Report \|

March 31, 2026

PAPS2230TSRAR_033126

# PIMCO Sector Fund Series – I

#### Annual Shareholder Report \| March 31, 2026
![Image](g108372g53j22.jpg)

This annual shareholder report contains important information about the PIMCO Sector Fund Series – I (the "Fund") for the period of April 1, 2025 to March 31, 2026 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Sector Fund Series – I | $64 | 0.62% |

---

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

* Duration positioning contributed to performance versus the Bloomberg U.S. Credit Index ("Index"), amid elevated rate volatility.

* Security selection within the technology sector, specifically exposure to debt tied to a data center buildout, contributed to performance versus the Index, as spreads tightened.

* Tactical exposure to securitized credit, specifically exposure to agency residential mortgage-backed securities, contributed to performance versus the Index, as it outperformed the Index.

* Tactical exposure to emerging markets, specifically overweight exposure to a Brazilian sugar and ethanol producer, detracted from performance versus the Index, as prices fell.

* Tactical currency positioning detracted from performance versus the Index, specifically exposure to the Indian rupee, as it depreciated relative to the U.S. dollar.

* Underweight exposure to the healthcare sector detracted from performance versus the Index, as the sector outperformed the broader Index.

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

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2026 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g108372g01u61.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO Sector Fund Series – I** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. Credit Index** |
| **6/2/22** | $10000 | $10000 | $10000 |
| **6/30/22** | $9740 | $9866 | $9759 |
| **7/31/22** | $10050 | $10107 | $10055 |
| **8/31/22** | $9760 | $9822 | $9771 |
| **9/30/22** | $9280 | $9397 | $9276 |
| **10/31/22** | $9210 | $9276 | $9180 |
| **11/30/22** | $9651 | $9617 | $9637 |
| **12/31/22** | $9596 | $9573 | $9595 |
| **1/31/23** | $10004 | $9868 | $9961 |
| **2/28/23** | $9719 | $9613 | $9661 |
| **3/31/23** | $9986 | $9857 | $9926 |
| **4/30/23** | $10068 | $9917 | $10004 |
| **5/31/23** | $9955 | $9809 | $9865 |
| **6/30/23** | $9974 | $9774 | $9895 |
| **7/31/23** | $10005 | $9767 | $9926 |
| **8/31/23** | $9953 | $9705 | $9854 |
| **9/30/23** | $9701 | $9458 | $9598 |
| **10/31/23** | $9524 | $9309 | $9427 |
| **11/30/23** | $10055 | $9730 | $9962 |
| **12/31/23** | $10495 | $10103 | $10380 |
| **1/31/24** | $10506 | $10075 | $10361 |
| **2/29/24** | $10379 | $9933 | $10212 |
| **3/31/24** | $10510 | $10024 | $10337 |
| **4/30/24** | $10264 | $9771 | $10080 |
| **5/31/24** | $10467 | $9937 | $10264 |
| **6/30/24** | $10547 | $10031 | $10332 |
| **7/31/24** | $10827 | $10265 | $10575 |
| **8/31/24** | $10988 | $10413 | $10739 |
| **9/30/24** | $11166 | $10552 | $10923 |
| **10/31/24** | $10904 | $10290 | $10659 |
| **11/30/24** | $11068 | $10399 | $10795 |
| **12/31/24** | $10878 | $10229 | $10591 |
| **1/31/25** | $10956 | $10283 | $10650 |
| **2/28/25** | $11224 | $10509 | $10867 |
| **3/31/25** | $11193 | $10513 | $10841 |
| **4/30/25** | $11193 | $10555 | $10848 |
| **5/31/25** | $11193 | $10479 | $10840 |
| **6/30/25** | $11430 | $10640 | $11038 |
| **7/31/25** | $11430 | $10612 | $11044 |
| **8/31/25** | $11589 | $10739 | $11160 |
| **9/30/25** | $11744 | $10856 | $11321 |
| **10/31/25** | $11836 | $10924 | $11371 |
| **11/30/25** | $11927 | $10992 | $11442 |
| **12/31/25** | $11904 | $10976 | $11420 |
| **1/31/26** | $11939 | $10988 | $11438 |
| **2/28/26** | $12117 | $11167 | $11593 |
| **3/31/26** | $11842 | $10971 | $11366 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2026.

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **Since Inception 6/2/22** |
| PIMCO Sector Fund Series – I | 5.79% | 4.52% |
| Bloomberg U.S. Aggregate Index | 4.35% | 2.45% |
| Bloomberg U.S. Credit Index | 4.84% | 3.40% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $3182313 |
| # of Portfolio Holdings | 1411 |
| Portfolio Turnover Rate | 158% |
| 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 Portfolio invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 76.1% |
| U.S. Treasury Obligations | 18.3% |
| U.S. Government Agencies | 12.5% |
| Asset-Backed Securities | 6.3% |
| Sovereign Issues | 2.4% |
| Preferred Securities | 1.2% |
| Non-Agency Mortgage-Backed Securities | 1.1% |
| Loan Participations and Assignments | 0.3% |
| Municipal Bonds & Notes | 0.2% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Financial Derivative Instruments | 0.2% |
| Other Assets and Liabilities, Net | (18.6%) |
| 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 Portfolio'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
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g108372g72p47.jpg)

For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![Image](g108372g37d99.jpg)

# PIMCO Sector Fund Series – I
Annual Shareholder Report \|

March 31, 2026

PAPS2231TSRAR_033126

# PIMCO Short-Term Portfolio

#### Annual Shareholder Report \| March 31, 2026
![Image](g108372g53j22.jpg)

This annual shareholder report contains important information about the PIMCO Short-Term Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Short-Term Portfolio | $7 | 0.06% |

---

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

* Exposure to non-agency residential mortgage-backed securities ("MBS") contributed to performance, as the securities posted positive returns.

* Exposure to agency MBS relative value strategies contributed to performance, as securities posted positive returns.

* Exposure to non-agency commercial MBS contributed to performance, as spreads tightened.

* There were no material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Bloomberg U.S. Aggregate Index replaced the FTSE 3-Month Treasury Bill Index as the Portfolio's regulatory index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2026 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g108372g17x60.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PIMCO Short-Term Portfolio** | **Bloomberg U.S. Aggregate Index** | **ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup>** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/16** | $10000 | $10000 | $10000 | $10000 |
| **4/30/16** | $10064 | $10038 | $10005 | $10002 |
| **5/31/16** | $10075 | $10041 | $10011 | $10004 |
| **6/30/16** | $10102 | $10221 | $10016 | $10006 |
| **7/31/16** | $10156 | $10286 | $10021 | $10009 |
| **8/31/16** | $10199 | $10274 | $10026 | $10011 |
| **9/30/16** | $10249 | $10268 | $10032 | $10013 |
| **10/31/16** | $10292 | $10190 | $10039 | $10016 |
| **11/30/16** | $10303 | $9949 | $10046 | $10019 |
| **12/31/16** | $10330 | $9963 | $10053 | $10022 |
| **1/31/17** | $10374 | $9982 | $10061 | $10025 |
| **2/28/17** | $10418 | $10049 | $10069 | $10029 |
| **3/31/17** | $10440 | $10044 | $10078 | $10034 |
| **4/30/17** | $10484 | $10122 | $10087 | $10039 |
| **5/31/17** | $10539 | $10199 | $10097 | $10045 |
| **6/30/17** | $10585 | $10189 | $10107 | $10052 |
| **7/31/17** | $10629 | $10233 | $10118 | $10060 |
| **8/31/17** | $10696 | $10325 | $10128 | $10069 |
| **9/30/17** | $10732 | $10276 | $10139 | $10078 |
| **10/31/17** | $10754 | $10282 | $10151 | $10087 |
| **11/30/17** | $10777 | $10268 | $10162 | $10096 |
| **12/31/17** | $10801 | $10316 | $10173 | $10106 |
| **1/31/18** | $10813 | $10197 | $10188 | $10117 |
| **2/28/18** | $10824 | $10100 | $10202 | $10128 |
| **3/31/18** | $10851 | $10165 | $10216 | $10141 |
| **4/30/18** | $10874 | $10089 | $10236 | $10155 |
| **5/31/18** | $10920 | $10161 | $10256 | $10170 |
| **6/30/18** | $10940 | $10149 | $10275 | $10185 |
| **7/31/18** | $10974 | $10151 | $10295 | $10202 |
| **8/31/18** | $11020 | $10216 | $10315 | $10219 |
| **9/30/18** | $11055 | $10151 | $10335 | $10236 |
| **10/31/18** | $11055 | $10070 | $10356 | $10255 |
| **11/30/18** | $11078 | $10131 | $10377 | $10274 |
| **12/31/18** | $11112 | $10317 | $10397 | $10294 |
| **1/31/19** | $11183 | $10426 | $10421 | $10315 |
| **2/28/19** | $11218 | $10420 | $10446 | $10334 |
| **3/31/19** | $11259 | $10620 | $10470 | $10356 |
| **4/30/19** | $11307 | $10623 | $10493 | $10377 |
| **5/31/19** | $11354 | $10812 | $10516 | $10398 |
| **6/30/19** | $11407 | $10947 | $10538 | $10419 |
| **7/31/19** | $11419 | $10971 | $10559 | $10440 |
| **8/31/19** | $11431 | $11256 | $10579 | $10460 |
| **9/30/19** | $11463 | $11196 | $10600 | $10478 |
| **10/31/19** | $11500 | $11230 | $10618 | $10496 |
| **11/30/19** | $11512 | $11224 | $10637 | $10511 |
| **12/31/19** | $11548 | $11216 | $10656 | $10526 |
| **1/31/20** | $11585 | $11432 | $10673 | $10540 |
| **2/29/20** | $11609 | $11638 | $10690 | $10554 |
| **3/31/20** | $11179 | $11569 | $10708 | $10567 |
| **4/30/20** | $11340 | $11775 | $10721 | $10576 |
| **5/31/20** | $11463 | $11830 | $10734 | $10580 |
| **6/30/20** | $11565 | $11904 | $10747 | $10581 |
| **7/31/20** | $11640 | $12082 | $10749 | $10582 |
| **8/31/20** | $11727 | $11984 | $10752 | $10584 |
| **9/30/20** | $11750 | $11978 | $10755 | $10585 |
| **10/31/20** | $11775 | $11924 | $10757 | $10586 |
| **11/30/20** | $11825 | $12041 | $10759 | $10586 |
| **12/31/20** | $11885 | $12058 | $10761 | $10587 |
| **1/31/21** | $11961 | $11971 | $10763 | $10588 |
| **2/28/21** | $11973 | $11799 | $10765 | $10589 |
| **3/31/21** | $11970 | $11651 | $10768 | $10589 |
| **4/30/21** | $11995 | $11743 | $10769 | $10590 |
| **5/31/21** | $11970 | $11782 | $10771 | $10590 |
| **6/30/21** | $11966 | $11864 | $10773 | $10590 |
| **7/31/21** | $11978 | $11997 | $10774 | $10590 |
| **8/31/21** | $12004 | $11974 | $10776 | $10590 |
| **9/30/21** | $12044 | $11871 | $10777 | $10591 |
| **10/31/21** | $12044 | $11867 | $10778 | $10591 |
| **11/30/21** | $12018 | $11902 | $10779 | $10592 |
| **12/31/21** | $12021 | $11872 | $10781 | $10592 |
| **1/31/22** | $12009 | $11616 | $10783 | $10593 |
| **2/28/22** | $11918 | $11487 | $10785 | $10593 |
| **3/31/22** | $11790 | $11168 | $10787 | $10595 |
| **4/30/22** | $11739 | $10744 | $10796 | $10598 |
| **5/31/22** | $11726 | $10813 | $10805 | $10603 |
| **6/30/22** | $11599 | $10643 | $10814 | $10610 |
| **7/31/22** | $11690 | $10903 | $10828 | $10621 |
| **8/31/22** | $11664 | $10595 | $10850 | $10637 |
| **9/30/22** | $11463 | $10138 | $10872 | $10658 |
| **10/31/22** | $11385 | $10006 | $10900 | $10684 |
| **11/30/22** | $11463 | $10374 | $10934 | $10715 |
| **12/31/22** | $11595 | $10327 | $10972 | $10751 |
| **1/31/23** | $11805 | $10645 | $11013 | $10791 |
| **2/28/23** | $11819 | $10370 | $11052 | $10829 |
| **3/31/23** | $11729 | $10633 | $11096 | $10872 |
| **4/30/23** | $11810 | $10698 | $11140 | $10915 |
| **5/31/23** | $11850 | $10581 | $11188 | $10961 |
| **6/30/23** | $11963 | $10544 | $11236 | $11008 |
| **7/31/23** | $12058 | $10536 | $11285 | $11058 |
| **8/31/23** | $12085 | $10469 | $11336 | $11110 |
| **9/30/23** | $12072 | $10203 | $11387 | $11160 |
| **10/31/23** | $12003 | $10042 | $11439 | $11212 |
| **11/30/23** | $12236 | $10497 | $11490 | $11264 |
| **12/31/23** | $12427 | $10898 | $11543 | $11317 |
| **1/31/24** | $12552 | $10868 | $11596 | $11369 |
| **2/29/24** | $12580 | $10715 | $11645 | $11419 |
| **3/31/24** | $12720 | $10814 | $11699 | $11472 |
| **4/30/24** | $12720 | $10541 | $11751 | $11523 |
| **5/31/24** | $12863 | $10719 | $11805 | $11577 |
| **6/30/24** | $12911 | $10821 | $11854 | $11629 |
| **7/31/24** | $13071 | $11074 | $11912 | $11683 |
| **8/31/24** | $13187 | $11233 | $11967 | $11737 |
| **9/30/24** | $13263 | $11383 | $12018 | $11788 |
| **10/31/24** | $13248 | $11101 | $12068 | $11839 |
| **11/30/24** | $13426 | $11218 | $12116 | $11886 |
| **12/31/24** | $13472 | $11035 | $12163 | $11933 |
| **1/31/25** | $13593 | $11093 | $12208 | $11979 |
| **2/28/25** | $13683 | $11337 | $12250 | $12020 |
| **3/31/25** | $13747 | $11342 | $12295 | $12064 |
| **4/30/25** | $13747 | $11386 | $12340 | $12108 |
| **5/31/25** | $13884 | $11305 | $12386 | $12153 |
| **6/30/25** | $14001 | $11478 | $12430 | $12196 |
| **7/31/25** | $14079 | $11448 | $12477 | $12242 |
| **8/31/25** | $14188 | $11585 | $12524 | $12287 |
| **9/30/25** | $14256 | $11711 | $12569 | $12331 |
| **10/31/25** | $14335 | $11785 | $12614 | $12375 |
| **11/30/25** | $14399 | $11858 | $12656 | $12416 |
| **12/31/25** | $14527 | $11840 | $12697 | $12457 |
| **1/31/26** | $17053 | $11853 | $12738 | $12498 |
| **2/28/26** | $17101 | $12047 | $12774 | $12534 |
| **3/31/26** | $17130 | $11835 | $12814 | $12573 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2026.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Short-Term Portfolio | 24.61% | 7.43% | 5.53% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |
| FTSE 3-Month Treasury Bill Index | 4.22% | 3.49% | 2.32% |
| ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup> | 4.22% | 3.50% | -% |

---

---

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

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $208505 |
| # of Portfolio Holdings | 793 |
| Portfolio Turnover Rate | 689% |
| Total Net Advisory Fees Paid During the Reporting Period | $37 |

---

---

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

---

## What did the Portfolio invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 63.1% |
| Asset-Backed Securities | 45.6% |
| Non-Agency Mortgage-Backed Securities | 28.9% |
| U.S. Treasury Obligations | 4.1% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 1.1% |
| Affiliated Investments | 11.8% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (54.5%) |
| 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 Portfolio'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. |

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next offering memorandum, which we expect to be available by July 31, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses decreased during the year by 0.11% as a result of lower expenses related to interest.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g108372g72p47.jpg)

For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![Image](g108372g37d99.jpg)

# PIMCO Short-Term Portfolio
Annual Shareholder Report \|

March 31, 2026

PAPS0468TSRAR_033126

# PIMCO Short-Term Floating NAV Portfolio II

#### Annual Shareholder Report \| March 31, 2026
![Image](g108372g53j22.jpg)

This annual shareholder report contains important information about the PIMCO Short-Term Floating NAV Portfolio II (the "Portfolio") for the period of April 1, 2025 to March 31, 2026 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Short-Term Floating NAV Portfolio II | $6 | 0.06% |

---

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

* Holdings of investment grade corporate credit, particularly in financials, contributed to relative performance versus the FTSE 3-Month Treasury Bill Index ("Index"), as investment grade corporate bonds had positive total returns.

* U.S. duration positioning contributed to relative performance versus the Index, as carry contributions from the strengthening dollar offset detractions from underweight positioning as interest rates fell.

* There were no material detractors for this Portfolio.

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

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2026 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g108372g48i22.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO Short-Term Floating NAV Portfolio II** | **Bloomberg U.S. Aggregate Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/16** | $10000 | $10000 | $10000 |
| **4/30/16** | $10007 | $10038 | $10002 |
| **5/31/16** | $10013 | $10041 | $10004 |
| **6/30/16** | $10019 | $10221 | $10006 |
| **7/31/16** | $10026 | $10286 | $10009 |
| **8/31/16** | $10033 | $10274 | $10011 |
| **9/30/16** | $10040 | $10268 | $10013 |
| **10/31/16** | $10046 | $10190 | $10016 |
| **11/30/16** | $10051 | $9949 | $10019 |
| **12/31/16** | $10059 | $9963 | $10022 |
| **1/31/17** | $10069 | $9982 | $10025 |
| **2/28/17** | $10078 | $10049 | $10029 |
| **3/31/17** | $10085 | $10044 | $10034 |
| **4/30/17** | $10094 | $10122 | $10039 |
| **5/31/17** | $10103 | $10199 | $10045 |
| **6/30/17** | $10113 | $10189 | $10052 |
| **7/31/17** | $10124 | $10233 | $10060 |
| **8/31/17** | $10135 | $10325 | $10069 |
| **9/30/17** | $10147 | $10276 | $10078 |
| **10/31/17** | $10158 | $10282 | $10087 |
| **11/30/17** | $10168 | $10268 | $10096 |
| **12/31/17** | $10179 | $10316 | $10106 |
| **1/31/18** | $10192 | $10197 | $10117 |
| **2/28/18** | $10203 | $10100 | $10128 |
| **3/31/18** | $10219 | $10165 | $10141 |
| **4/30/18** | $10236 | $10089 | $10155 |
| **5/31/18** | $10255 | $10161 | $10170 |
| **6/30/18** | $10272 | $10149 | $10185 |
| **7/31/18** | $10291 | $10151 | $10202 |
| **8/31/18** | $10311 | $10216 | $10219 |
| **9/30/18** | $10328 | $10151 | $10236 |
| **10/31/18** | $10347 | $10070 | $10255 |
| **11/30/18** | $10368 | $10131 | $10274 |
| **12/31/18** | $10389 | $10317 | $10294 |
| **1/31/19** | $10414 | $10426 | $10315 |
| **2/28/19** | $10436 | $10420 | $10334 |
| **3/31/19** | $10460 | $10620 | $10356 |
| **4/30/19** | $10483 | $10623 | $10377 |
| **5/31/19** | $10507 | $10812 | $10398 |
| **6/30/19** | $10528 | $10947 | $10419 |
| **7/31/19** | $10551 | $10971 | $10440 |
| **8/31/19** | $10574 | $11256 | $10460 |
| **9/30/19** | $10593 | $11196 | $10478 |
| **10/31/19** | $10612 | $11230 | $10496 |
| **11/30/19** | $10628 | $11224 | $10511 |
| **12/31/19** | $10644 | $11216 | $10526 |
| **1/31/20** | $10664 | $11432 | $10540 |
| **2/29/20** | $10679 | $11638 | $10554 |
| **3/31/20** | $10632 | $11569 | $10567 |
| **4/30/20** | $10683 | $11775 | $10576 |
| **5/31/20** | $10702 | $11830 | $10580 |
| **6/30/20** | $10711 | $11904 | $10581 |
| **7/31/20** | $10715 | $12082 | $10582 |
| **8/31/20** | $10717 | $11984 | $10584 |
| **9/30/20** | $10719 | $11978 | $10585 |
| **10/31/20** | $10720 | $11924 | $10586 |
| **11/30/20** | $10721 | $12041 | $10586 |
| **12/31/20** | $10723 | $12058 | $10587 |
| **1/31/21** | $10724 | $11971 | $10588 |
| **2/28/21** | $10725 | $11799 | $10589 |
| **3/31/21** | $10725 | $11651 | $10589 |
| **4/30/21** | $10727 | $11743 | $10590 |
| **5/31/21** | $10727 | $11782 | $10590 |
| **6/30/21** | $10727 | $11864 | $10590 |
| **7/31/21** | $10727 | $11997 | $10590 |
| **8/31/21** | $10728 | $11974 | $10590 |
| **9/30/21** | $10730 | $11871 | $10591 |
| **10/31/21** | $10729 | $11867 | $10591 |
| **11/30/21** | $10729 | $11902 | $10592 |
| **12/31/21** | $10729 | $11872 | $10592 |
| **1/31/22** | $10729 | $11616 | $10593 |
| **2/28/22** | $10729 | $11487 | $10593 |
| **3/31/22** | $10729 | $11168 | $10595 |
| **4/30/22** | $10732 | $10744 | $10598 |
| **5/31/22** | $10737 | $10813 | $10603 |
| **6/30/22** | $10743 | $10643 | $10610 |
| **7/31/22** | $10758 | $10903 | $10621 |
| **8/31/22** | $10779 | $10595 | $10637 |
| **9/30/22** | $10799 | $10138 | $10658 |
| **10/31/22** | $10821 | $10006 | $10684 |
| **11/30/22** | $10859 | $10374 | $10715 |
| **12/31/22** | $10900 | $10327 | $10751 |
| **1/31/23** | $10948 | $10645 | $10791 |
| **2/28/23** | $10986 | $10370 | $10829 |
| **3/31/23** | $11030 | $10633 | $10872 |
| **4/30/23** | $11074 | $10698 | $10915 |
| **5/31/23** | $11122 | $10581 | $10961 |
| **6/30/23** | $11173 | $10544 | $11008 |
| **7/31/23** | $11220 | $10536 | $11058 |
| **8/31/23** | $11272 | $10469 | $11110 |
| **9/30/23** | $11323 | $10203 | $11160 |
| **10/31/23** | $11373 | $10042 | $11212 |
| **11/30/23** | $11430 | $10497 | $11264 |
| **12/31/23** | $11486 | $10898 | $11317 |
| **1/31/24** | $11538 | $10868 | $11369 |
| **2/29/24** | $11588 | $10715 | $11419 |
| **3/31/24** | $11636 | $10814 | $11472 |
| **4/30/24** | $11693 | $10541 | $11523 |
| **5/31/24** | $11751 | $10719 | $11577 |
| **6/30/24** | $11800 | $10821 | $11629 |
| **7/31/24** | $11857 | $11074 | $11683 |
| **8/31/24** | $11917 | $11233 | $11737 |
| **9/30/24** | $11967 | $11383 | $11788 |
| **10/31/24** | $12017 | $11101 | $11839 |
| **11/30/24** | $12066 | $11218 | $11886 |
| **12/31/24** | $12113 | $11035 | $11933 |
| **1/31/25** | $12160 | $11093 | $11979 |
| **2/28/25** | $12202 | $11337 | $12020 |
| **3/31/25** | $12245 | $11342 | $12064 |
| **4/30/25** | $12288 | $11386 | $12108 |
| **5/31/25** | $12336 | $11305 | $12153 |
| **6/30/25** | $12380 | $11478 | $12196 |
| **7/31/25** | $12426 | $11448 | $12242 |
| **8/31/25** | $12474 | $11585 | $12287 |
| **9/30/25** | $12517 | $11711 | $12331 |
| **10/31/25** | $12565 | $11785 | $12375 |
| **11/30/25** | $12604 | $11858 | $12416 |
| **12/31/25** | $12648 | $11840 | $12457 |
| **1/31/26** | $12689 | $11853 | $12498 |
| **2/28/26** | $12725 | $12047 | $12534 |
| **3/31/26** | $12762 | $11835 | $12573 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2026.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Short-Term Floating NAV Portfolio II | 4.22% | 3.54% | 2.47% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |
| FTSE 3-Month Treasury Bill Index | 4.22% | 3.49% | 2.32% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $10760036 |
| # of Portfolio Holdings | 308 |
| Portfolio Turnover Rate | 117% |
| Total Net Advisory Fees Paid During the Reporting Period | $2145 |

---

---

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

---

## What did the Portfolio invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 13.8% |
| U.S. Government Agencies | 1.6% |
| Sovereign Issues | 1.4% |
| U.S. Treasury Obligations | 0.8% |
| Other Investments | 0.1% |
| Short-Term Instruments | 102.8% |
| Other Assets and Liabilities, Net | (20.5%) |
| 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 Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g108372g72p47.jpg)

For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![Image](g108372g37d99.jpg)

# PIMCO Short-Term Floating NAV Portfolio II
Annual Shareholder Report \|

March 31, 2026

PAPS1944TSRAR_033126

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

#### Annual Shareholder Report \| March 31, 2026
![Image](g108372g53j22.jpg)

This annual shareholder report contains important information about the PIMCO U.S. Government and Short-Term Investments Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO U.S. Government and Short-Term Investments Portfolio | $11 | 0.11% |

---

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

* U.S. interest rates strategies overall, including duration, curve positioning, and instrument selection contributed to relative performance versus the Bloomberg Government Bond Index ("Index"), as the curve steepened.

* Positioning within investment grade credit contributed to relative performance versus the Index, as tactical spread beta positioning outperformed.

* Out of benchmark exposure to securitized strategies contributed to relative performance versus the Index, as the strategy outperformed like-duration Treasuries.

* There were no material detractors for this Portfolio.

## Portfolio Performance
In addition to the Portfolio's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). The Bloomberg U.S. Aggregate Index replaced the FTSE 3-Month Treasury Bill Index as the Portfolio's regulatory index. The Portfolio's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2026 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g108372g26c47.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PIMCO U.S. Government and Short-Term Investments Portfolio** | **Bloomberg U.S. Aggregate Index** | **Bloomberg Government Bond Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/16** | $10000 | $10000 | $10000 | $10000 |
| **4/30/16** | $9978 | $10038 | $9990 | $10002 |
| **5/31/16** | $10000 | $10041 | $9990 | $10004 |
| **6/30/16** | $10377 | $10221 | $10204 | $10006 |
| **7/31/16** | $10533 | $10286 | $10244 | $10009 |
| **8/31/16** | $10389 | $10274 | $10190 | $10011 |
| **9/30/16** | $10366 | $10268 | $10178 | $10013 |
| **10/31/16** | $10153 | $10190 | $10070 | $10016 |
| **11/30/16** | $9616 | $9949 | $9810 | $10019 |
| **12/31/16** | $9664 | $9963 | $9799 | $10022 |
| **1/31/17** | $9811 | $9982 | $9822 | $10025 |
| **2/28/17** | $9946 | $10049 | $9869 | $10029 |
| **3/31/17** | $9955 | $10044 | $9866 | $10034 |
| **4/30/17** | $10125 | $10122 | $9933 | $10039 |
| **5/31/17** | $10272 | $10199 | $9997 | $10045 |
| **6/30/17** | $10303 | $10189 | $9981 | $10052 |
| **7/31/17** | $10337 | $10233 | $9998 | $10060 |
| **8/31/17** | $10633 | $10325 | $10105 | $10069 |
| **9/30/17** | $10379 | $10276 | $10020 | $10078 |
| **10/31/17** | $10367 | $10282 | $10008 | $10087 |
| **11/30/17** | $10333 | $10268 | $9994 | $10096 |
| **12/31/17** | $10396 | $10316 | $10024 | $10106 |
| **1/31/18** | $10073 | $10197 | $9891 | $10117 |
| **2/28/18** | $9900 | $10100 | $9818 | $10128 |
| **3/31/18** | $10090 | $10165 | $9909 | $10141 |
| **4/30/18** | $9882 | $10089 | $9830 | $10155 |
| **5/31/18** | $10032 | $10161 | $9917 | $10170 |
| **6/30/18** | $10042 | $10149 | $9919 | $10185 |
| **7/31/18** | $9914 | $10151 | $9878 | $10202 |
| **8/31/18** | $10065 | $10216 | $9953 | $10219 |
| **9/30/18** | $9773 | $10151 | $9862 | $10236 |
| **10/31/18** | $9645 | $10070 | $9816 | $10255 |
| **11/30/18** | $9855 | $10131 | $9903 | $10274 |
| **12/31/18** | $10541 | $10317 | $10113 | $10294 |
| **1/31/19** | $10637 | $10426 | $10160 | $10315 |
| **2/28/19** | $10458 | $10420 | $10134 | $10334 |
| **3/31/19** | $11115 | $10620 | $10326 | $10356 |
| **4/30/19** | $10983 | $10623 | $10298 | $10377 |
| **5/31/19** | $11868 | $10812 | $10537 | $10398 |
| **6/30/19** | $12155 | $10947 | $10634 | $10419 |
| **7/31/19** | $12047 | $10971 | $10622 | $10440 |
| **8/31/19** | $13199 | $11256 | $10979 | $10460 |
| **9/30/19** | $12768 | $11196 | $10888 | $10478 |
| **10/31/19** | $12707 | $11230 | $10895 | $10496 |
| **11/30/19** | $12575 | $11224 | $10863 | $10511 |
| **12/31/19** | $12345 | $11216 | $10803 | $10526 |
| **1/31/20** | $13120 | $11432 | $11065 | $10540 |
| **2/29/20** | $13945 | $11638 | $11354 | $10554 |
| **3/31/20** | $14919 | $11569 | $11676 | $10567 |
| **4/30/20** | $15006 | $11775 | $11750 | $10576 |
| **5/31/20** | $14956 | $11830 | $11722 | $10580 |
| **6/30/20** | $15081 | $11904 | $11733 | $10581 |
| **7/31/20** | $15527 | $12082 | $11864 | $10582 |
| **8/31/20** | $15106 | $11984 | $11738 | $10584 |
| **9/30/20** | $15196 | $11978 | $11755 | $10585 |
| **10/31/20** | $14822 | $11924 | $11647 | $10586 |
| **11/30/20** | $14959 | $12041 | $11687 | $10586 |
| **12/31/20** | $14871 | $12058 | $11662 | $10587 |
| **1/31/21** | $14520 | $11971 | $11554 | $10588 |
| **2/28/21** | $13876 | $11799 | $11349 | $10589 |
| **3/31/21** | $13267 | $11651 | $11179 | $10589 |
| **4/30/21** | $13545 | $11743 | $11261 | $10590 |
| **5/31/21** | $13589 | $11782 | $11299 | $10590 |
| **6/30/21** | $13948 | $11864 | $11370 | $10590 |
| **7/31/21** | $14433 | $11997 | $11521 | $10590 |
| **8/31/21** | $14360 | $11974 | $11502 | $10590 |
| **9/30/21** | $13967 | $11871 | $11379 | $10591 |
| **10/31/21** | $13981 | $11867 | $11370 | $10591 |
| **11/30/21** | $14292 | $11902 | $11454 | $10592 |
| **12/31/21** | $14113 | $11872 | $11396 | $10592 |
| **1/31/22** | $13516 | $11616 | $11183 | $10593 |
| **2/28/22** | $13307 | $11487 | $11109 | $10593 |
| **3/31/22** | $12291 | $11168 | $10766 | $10595 |
| **4/30/22** | $11273 | $10744 | $10438 | $10598 |
| **5/31/22** | $11213 | $10813 | $10458 | $10603 |
| **6/30/22** | $11084 | $10643 | $10366 | $10610 |
| **7/31/22** | $11625 | $10903 | $10530 | $10621 |
| **8/31/22** | $10648 | $10595 | $10271 | $10637 |
| **9/30/22** | $9564 | $10138 | $9921 | $10658 |
| **10/31/22** | $9051 | $10006 | $9785 | $10684 |
| **11/30/22** | $9791 | $10374 | $10043 | $10715 |
| **12/31/22** | $9446 | $10327 | $9993 | $10751 |
| **1/31/23** | $10243 | $10645 | $10240 | $10791 |
| **2/28/23** | $9523 | $10370 | $10003 | $10829 |
| **3/31/23** | $10310 | $10633 | $10290 | $10872 |
| **4/30/23** | $10448 | $10698 | $10345 | $10915 |
| **5/31/23** | $10217 | $10581 | $10227 | $10961 |
| **6/30/23** | $10007 | $10544 | $10151 | $11008 |
| **7/31/23** | $9868 | $10536 | $10116 | $11058 |
| **8/31/23** | $9667 | $10469 | $10066 | $11110 |
| **9/30/23** | $9056 | $10203 | $9848 | $11160 |
| **10/31/23** | $8652 | $10042 | $9731 | $11212 |
| **11/30/23** | $9460 | $10497 | $10066 | $11264 |
| **12/31/23** | $10205 | $10898 | $10401 | $11317 |
| **1/31/24** | $10079 | $10868 | $10373 | $11369 |
| **2/29/24** | $9765 | $10715 | $10238 | $11419 |
| **3/31/24** | $9890 | $10814 | $10304 | $11472 |
| **4/30/24** | $9273 | $10541 | $10067 | $11523 |
| **5/31/24** | $9557 | $10719 | $10212 | $11577 |
| **6/30/24** | $9746 | $10821 | $10315 | $11629 |
| **7/31/24** | $10224 | $11074 | $10539 | $11683 |
| **8/31/24** | $10431 | $11233 | $10673 | $11737 |
| **9/30/24** | $10686 | $11383 | $10801 | $11788 |
| **10/31/24** | $10061 | $11101 | $10546 | $11839 |
| **11/30/24** | $10301 | $11218 | $10628 | $11886 |
| **12/31/24** | $9682 | $11035 | $10466 | $11933 |
| **1/31/25** | $9796 | $11093 | $10520 | $11979 |
| **2/28/25** | $10417 | $11337 | $10745 | $12020 |
| **3/31/25** | $10385 | $11342 | $10770 | $12064 |
| **4/30/25** | $10336 | $11386 | $10838 | $12108 |
| **5/31/25** | $10172 | $11305 | $10728 | $12153 |
| **6/30/25** | $10387 | $11478 | $10862 | $12196 |
| **7/31/25** | $10370 | $11448 | $10820 | $12242 |
| **8/31/25** | $10470 | $11585 | $10934 | $12287 |
| **9/30/25** | $10679 | $11711 | $11026 | $12331 |
| **10/31/25** | $10879 | $11785 | $11094 | $12375 |
| **11/30/25** | $10996 | $11858 | $11163 | $12416 |
| **12/31/25** | $10856 | $11840 | $11126 | $12457 |
| **1/31/26** | $10856 | $11853 | $11116 | $12498 |
| **2/28/26** | $11179 | $12047 | $11317 | $12534 |
| **3/31/26** | $10789 | $11835 | $11122 | $12573 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2026.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO U.S. Government and Short-Term Investments Portfolio | 3.89% | (4.05%) | 0.76% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |
| Bloomberg Government Bond Index | 3.27% | (0.10%) | 1.07% |
| FTSE 3-Month Treasury Bill Index | 4.22% | 3.49% | 2.32% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $1258537 |
| # of Portfolio Holdings | 219 |
| Portfolio Turnover Rate | 18% |
| Total Net Advisory Fees Paid During the Reporting Period | $237 |

---

---

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

---

## What did the Portfolio invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 84.0% |
| Non-Agency Mortgage-Backed Securities | 2.9% |
| Corporate Bonds & Notes | 1.5% |
| Asset-Backed Securities | 1.2% |
| U.S. Government Agencies | 0.4% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 5.6% |
| Financial Derivative Instruments | 0.2% |
| Other Assets and Liabilities, Net | 4.1% |
| Total | 100.0% |

---

---

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

---

## Material Portfolio Changes
This is a summary of certain changes and planned changes of the Portfolio since the beginning of the reporting period. For more information, you may refer to the Portfolio's next offering memorandum, which we expect to be available by July 31, 2026 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Portfolio Operating Expenses. Annual portfolio operating expenses decreased during the year by 0.28% as a result of lower expenses related to interest.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g108372g72p47.jpg)

For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![Image](g108372g37d99.jpg)

# PIMCO U.S. Government and Short-Term Investments Portfolio
Annual Shareholder Report \|

March 31, 2026

PAPS0470TSRAR_033126

# PIMCO International Portfolio

#### Annual Shareholder Report \| March 31, 2026
![Image](g108372g53j22.jpg)

This annual shareholder report contains important information about the PIMCO International Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO International Portfolio | $20 | 0.20% |

---

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

* Curve positioning in the euro bloc, including underweight exposure to the long-end, contributed to relative performance versus the JPMorgan GBI Global ex-US Index Hedged in USD ("Index"), as yields rose.

* Curve positioning in Japan, including underweight exposure to the intermediate section, contributed to relative performance versus the Index, as yields rose.

* Curve positioning in Canada, including underweight exposure to the intermediate section, contributed to relative performance versus the Index, as the curve steepened.

* Overweight exposure to duration in Australia detracted from relative performance versus the Index, as yields rose.

* Curve positioning in the U.K., namely overweight exposure to the long-end of the curve in 2026, detracted from relative performance versus the Index, as long-end yields rose.

* Short exposure to the euro from November 2025 through January 2026 detracted from relative performance versus the Index, as it appreciated relative to the U.S. dollar.

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

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2026 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g108372g66j52.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PIMCO International Portfolio** | **Bloomberg Global Aggregate ex-USD (USD Hedged) Index** | **JPMorgan GBI Global ex-US Index Hedged in USD** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/16** | $10000 | $10000 | $10000 | $10000 |
| **4/30/16** | $9862 | $9998 | $9978 | $10002 |
| **5/31/16** | $10013 | $10070 | $10072 | $10004 |
| **6/30/16** | $9548 | $10272 | $10331 | $10006 |
| **7/31/16** | $9624 | $10328 | $10362 | $10009 |
| **8/31/16** | $9674 | $10324 | $10344 | $10011 |
| **9/30/16** | $9661 | $10326 | $10337 | $10013 |
| **10/31/16** | $9674 | $10207 | $10183 | $10016 |
| **11/30/16** | $9925 | $10096 | $10070 | $10019 |
| **12/31/16** | $9862 | $10134 | $10114 | $10022 |
| **1/31/17** | $9925 | $10047 | $9978 | $10025 |
| **2/28/17** | $9711 | $10146 | $10092 | $10029 |
| **3/31/17** | $9636 | $10140 | $10077 | $10034 |
| **4/30/17** | $9373 | $10201 | $10144 | $10039 |
| **5/31/17** | $9272 | $10244 | $10187 | $10045 |
| **6/30/17** | $9573 | $10199 | $10132 | $10052 |
| **7/31/17** | $9598 | $10223 | $10154 | $10060 |
| **8/31/17** | $9473 | $10317 | $10259 | $10069 |
| **9/30/17** | $9799 | $10269 | $10197 | $10078 |
| **10/31/17** | $9636 | $10340 | $10277 | $10087 |
| **11/30/17** | $9473 | $10380 | $10326 | $10096 |
| **12/31/17** | $9523 | $10385 | $10319 | $10106 |
| **1/31/18** | $9799 | $10344 | $10277 | $10117 |
| **2/28/18** | $9812 | $10377 | $10323 | $10128 |
| **3/31/18** | $9511 | $10483 | $10470 | $10141 |
| **4/30/18** | $9410 | $10472 | $10451 | $10155 |
| **5/31/18** | $9285 | $10487 | $10442 | $10170 |
| **6/30/18** | $9322 | $10533 | $10498 | $10185 |
| **7/31/18** | $9460 | $10531 | $10483 | $10202 |
| **8/31/18** | $9573 | $10537 | $10457 | $10219 |
| **9/30/18** | $9649 | $10515 | $10435 | $10236 |
| **10/31/18** | $9749 | $10545 | $10472 | $10255 |
| **11/30/18** | $9448 | $10591 | $10533 | $10274 |
| **12/31/18** | $8661 | $10714 | $10688 | $10294 |
| **1/31/19** | $8585 | $10823 | $10807 | $10315 |
| **2/28/19** | $8774 | $10847 | $10808 | $10334 |
| **3/31/19** | $8094 | $11031 | $11015 | $10356 |
| **4/30/19** | $8208 | $11036 | $11007 | $10377 |
| **5/31/19** | $7994 | $11168 | $11168 | $10398 |
| **6/30/19** | $7794 | $11334 | $11356 | $10419 |
| **7/31/19** | $7529 | $11473 | $11514 | $10440 |
| **8/31/19** | $7277 | $11704 | $11811 | $10460 |
| **9/30/19** | $7770 | $11655 | $11759 | $10478 |
| **10/31/19** | $7859 | $11588 | $11666 | $10496 |
| **11/30/19** | $7695 | $11566 | $11608 | $10511 |
| **12/31/19** | $7684 | $11526 | $11541 | $10526 |
| **1/31/20** | $7983 | $11723 | $11780 | $10540 |
| **2/29/20** | $7541 | $11817 | $11888 | $10554 |
| **3/31/20** | $7048 | $11584 | $11709 | $10567 |
| **4/30/20** | $6776 | $11748 | $11814 | $10576 |
| **5/31/20** | $6750 | $11750 | $11807 | $10580 |
| **6/30/20** | $6802 | $11788 | $11841 | $10581 |
| **7/31/20** | $6789 | $11872 | $11937 | $10582 |
| **8/31/20** | $6983 | $11788 | $11816 | $10584 |
| **9/30/20** | $6918 | $11868 | $11945 | $10585 |
| **10/31/20** | $6996 | $11904 | $11989 | $10586 |
| **11/30/20** | $7009 | $11932 | $11998 | $10586 |
| **12/31/20** | $6931 | $11980 | $12045 | $10587 |
| **1/31/21** | $7061 | $11927 | $11966 | $10588 |
| **2/28/21** | $7334 | $11729 | $11711 | $10589 |
| **3/31/21** | $7360 | $11752 | $11757 | $10589 |
| **4/30/21** | $7360 | $11740 | $11717 | $10590 |
| **5/31/21** | $7334 | $11755 | $11730 | $10590 |
| **6/30/21** | $7243 | $11793 | $11777 | $10590 |
| **7/31/21** | $7048 | $11953 | $11955 | $10590 |
| **8/31/21** | $7100 | $11924 | $11913 | $10590 |
| **9/30/21** | $7347 | $11804 | $11772 | $10591 |
| **10/31/21** | $7152 | $11754 | $11753 | $10591 |
| **11/30/21** | $6866 | $11877 | $11914 | $10592 |
| **12/31/21** | $7035 | $11812 | $11794 | $10592 |
| **1/31/22** | $7204 | $11681 | $11636 | $10593 |
| **2/28/22** | $7334 | $11522 | $11492 | $10593 |
| **3/31/22** | $7321 | $11334 | $11313 | $10595 |
| **4/30/22** | $7152 | $11121 | $11073 | $10598 |
| **5/31/22** | $7438 | $11039 | $10940 | $10603 |
| **6/30/22** | $7469 | $10879 | $10794 | $10610 |
| **7/31/22** | $7404 | $11172 | $11083 | $10621 |
| **8/31/22** | $7496 | $10889 | $10736 | $10637 |
| **9/30/22** | $7609 | $10639 | $10442 | $10658 |
| **10/31/22** | $7675 | $10693 | $10504 | $10684 |
| **11/30/22** | $7741 | $10860 | $10670 | $10715 |
| **12/31/22** | $8002 | $10659 | $10361 | $10751 |
| **1/31/23** | $8041 | $10839 | $10534 | $10791 |
| **2/28/23** | $7909 | $10748 | $10453 | $10829 |
| **3/31/23** | $7696 | $10964 | $10707 | $10872 |
| **4/30/23** | $7656 | $11009 | $10722 | $10915 |
| **5/31/23** | $7683 | $11026 | $10707 | $10961 |
| **6/30/23** | $7656 | $11044 | $10722 | $11008 |
| **7/31/23** | $7842 | $11052 | $10680 | $11058 |
| **8/31/23** | $7869 | $11083 | $10690 | $11110 |
| **9/30/23** | $7962 | $10958 | $10536 | $11160 |
| **10/31/23** | $8135 | $10955 | $10510 | $11212 |
| **11/30/23** | $8135 | $11239 | $10827 | $11264 |
| **12/31/23** | $8201 | $11545 | $11150 | $11317 |
| **1/31/24** | $8214 | $11528 | $11087 | $11369 |
| **2/29/24** | $8121 | $11511 | $11048 | $11419 |
| **3/31/24** | $8148 | $11612 | $11156 | $11472 |
| **4/30/24** | $8267 | $11505 | $11004 | $11523 |
| **5/31/24** | $8347 | $11531 | $10980 | $11577 |
| **6/30/24** | $8379 | $11625 | $11045 | $11629 |
| **7/31/24** | $8473 | $11814 | $11224 | $11683 |
| **8/31/24** | $8499 | $11909 | $11331 | $11737 |
| **9/30/24** | $8561 | $12030 | $11443 | $11788 |
| **10/31/24** | $8413 | $11971 | $11353 | $11839 |
| **11/30/24** | $8426 | $12129 | $11497 | $11886 |
| **12/31/24** | $8538 | $12119 | $11410 | $11933 |
| **1/31/25** | $8592 | $12150 | $11413 | $11979 |
| **2/28/25** | $8673 | $12197 | $11462 | $12020 |
| **3/31/25** | $8795 | $12099 | $11331 | $12064 |
| **4/30/25** | $8850 | $12279 | $11511 | $12108 |
| **5/31/25** | $8863 | $12271 | $11471 | $12153 |
| **6/30/25** | $8992 | $12333 | $11527 | $12196 |
| **7/31/25** | $8978 | $12335 | $11494 | $12242 |
| **8/31/25** | $9021 | $12338 | $11469 | $12287 |
| **9/30/25** | $9082 | $12393 | $11532 | $12331 |
| **10/31/25** | $9199 | $12508 | $11657 | $12375 |
| **11/30/25** | $9140 | $12493 | $11631 | $12416 |
| **12/31/25** | $9114 | $12458 | $11563 | $12457 |
| **1/31/26** | $9054 | $12501 | $11572 | $12498 |
| **2/28/26** | $9265 | $12657 | $11768 | $12534 |
| **3/31/26** | $8947 | $12434 | $11498 | $12573 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2026.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO International Portfolio | 1.73% | 3.98% | (1.11%) |
| Bloomberg Global Aggregate ex-USD (USD Hedged) Index | 2.77% | 1.13% | 2.20% |
| JPMorgan GBI Global ex-US Index Hedged in USD | 1.47% | (0.45%) | 1.41% |
| FTSE 3-Month Treasury Bill Index | 4.22% | 3.49% | 2.32% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $542322 |
| # of Portfolio Holdings | 286 |
| Portfolio Turnover Rate | 86% |
| Total Net Advisory Fees Paid During the Reporting Period | $104 |

---

---

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

---

## What did the Portfolio invest in?

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

---

| | |
|:---|:---|
| Japan | 14.5% |
| United Kingdom | 8.7% |
| Supranational | 6.8% |
| Australia | 4.4% |
| United States | 2.1% |
| Short-Term Instruments | 25.7% |
| Affiliated Investments | 31.9% |
| Financial Derivative Instruments | 1.6% |
| Other Assets and Liabilities, Net | 4.3% |
| 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 Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g108372g72p47.jpg)

For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![Image](g108372g37d99.jpg)

# PIMCO International Portfolio
Annual Shareholder Report \|

March 31, 2026

PAPS0109TSRAR_033126

# PIMCO Short Asset Portfolio

#### Annual Shareholder Report \| March 31, 2026
![Image](g108372g53j22.jpg)

This annual shareholder report contains important information about the PIMCO Short Asset Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Short Asset Portfolio | $0 | 0.00% |

---

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

* Overweight exposure to investment grade corporate credit, specifically financials, contributed to relative performance versus the FTSE 3-Month Treasury Bill Index ("Index"), as investment grade corporate bonds had positive total returns.

* Overweight exposure to agency mortgage-backed securities ("MBS") contributed to relative performance, as agency MBS had positive total returns.

* Overweight exposure to select securitized credit, particularly collateralized loan obligations ("CLO") and asset-backed securities ("ABS"), contributed to relative performance versus the Index, as CLOs and ABS had positive total returns.

* Overweight U.S. duration positioning, particularly in the 1 year part of the curve, contributed to relative performance versus the Index, as interest rates fell.

* Overweight exposure to Australian duration, particularly in the 3 year part of the curve, detracted from relative performance versus the Index, as interest rates rose.

* Overweight exposure to U.K. duration, particularly in the 1 year part of the curve, detracted from relative performance versus the Index, as interest rates rose.

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

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2026 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g108372g97h28.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO Short Asset Portfolio** | **Bloomberg U.S. Aggregate Index** | **FTSE 3-Month Treasury Bill Index** |
| **5/1/17** | $10000 | $10000 | $10000 |
| **5/31/17** | $10012 | $10099 | $10006 |
| **6/30/17** | $10035 | $10089 | $10013 |
| **7/31/17** | $10054 | $10132 | $10021 |
| **8/31/17** | $10066 | $10223 | $10030 |
| **9/30/17** | $10091 | $10174 | $10039 |
| **10/31/17** | $10112 | $10180 | $10048 |
| **11/30/17** | $10126 | $10167 | $10057 |
| **12/31/17** | $10143 | $10214 | $10067 |
| **1/31/18** | $10165 | $10096 | $10078 |
| **2/28/18** | $10178 | $10001 | $10089 |
| **3/31/18** | $10188 | $10065 | $10102 |
| **4/30/18** | $10217 | $9990 | $10115 |
| **5/31/18** | $10235 | $10061 | $10130 |
| **6/30/18** | $10255 | $10049 | $10146 |
| **7/31/18** | $10284 | $10051 | $10162 |
| **8/31/18** | $10308 | $10116 | $10179 |
| **9/30/18** | $10335 | $10051 | $10196 |
| **10/31/18** | $10354 | $9971 | $10215 |
| **11/30/18** | $10353 | $10031 | $10234 |
| **12/31/18** | $10343 | $10215 | $10254 |
| **1/31/19** | $10386 | $10324 | $10275 |
| **2/28/19** | $10428 | $10318 | $10294 |
| **3/31/19** | $10449 | $10516 | $10315 |
| **4/30/19** | $10487 | $10518 | $10336 |
| **5/31/19** | $10498 | $10705 | $10358 |
| **6/30/19** | $10526 | $10840 | $10379 |
| **7/31/19** | $10559 | $10863 | $10399 |
| **8/31/19** | $10584 | $11145 | $10419 |
| **9/30/19** | $10610 | $11085 | $10437 |
| **10/31/19** | $10636 | $11119 | $10455 |
| **11/30/19** | $10656 | $11113 | $10470 |
| **12/31/19** | $10681 | $11105 | $10485 |
| **1/31/20** | $10720 | $11319 | $10499 |
| **2/29/20** | $10730 | $11523 | $10513 |
| **3/31/20** | $10474 | $11455 | $10526 |
| **4/30/20** | $10640 | $11659 | $10534 |
| **5/31/20** | $10722 | $11713 | $10539 |
| **6/30/20** | $10810 | $11787 | $10540 |
| **7/31/20** | $10847 | $11963 | $10541 |
| **8/31/20** | $10869 | $11866 | $10542 |
| **9/30/20** | $10885 | $11860 | $10543 |
| **10/31/20** | $10899 | $11807 | $10544 |
| **11/30/20** | $10909 | $11923 | $10545 |
| **12/31/20** | $10927 | $11939 | $10546 |
| **1/31/21** | $10946 | $11854 | $10547 |
| **2/28/21** | $10952 | $11682 | $10547 |
| **3/31/21** | $10963 | $11536 | $10548 |
| **4/30/21** | $10968 | $11628 | $10548 |
| **5/31/21** | $10976 | $11666 | $10549 |
| **6/30/21** | $10975 | $11748 | $10549 |
| **7/31/21** | $10972 | $11879 | $10549 |
| **8/31/21** | $10979 | $11856 | $10549 |
| **9/30/21** | $10993 | $11754 | $10550 |
| **10/31/21** | $10989 | $11750 | $10550 |
| **11/30/21** | $10979 | $11785 | $10550 |
| **12/31/21** | $10980 | $11755 | $10551 |
| **1/31/22** | $10978 | $11502 | $10551 |
| **2/28/22** | $10950 | $11373 | $10552 |
| **3/31/22** | $10882 | $11057 | $10554 |
| **4/30/22** | $10884 | $10638 | $10557 |
| **5/31/22** | $10888 | $10706 | $10562 |
| **6/30/22** | $10835 | $10538 | $10569 |
| **7/31/22** | $10831 | $10796 | $10580 |
| **8/31/22** | $10896 | $10491 | $10596 |
| **9/30/22** | $10908 | $10038 | $10616 |
| **10/31/22** | $10909 | $9908 | $10643 |
| **11/30/22** | $10947 | $10272 | $10673 |
| **12/31/22** | $11016 | $10226 | $10709 |
| **1/31/23** | $11083 | $10540 | $10749 |
| **2/28/23** | $11146 | $10268 | $10786 |
| **3/31/23** | $11151 | $10529 | $10829 |
| **4/30/23** | $11205 | $10592 | $10873 |
| **5/31/23** | $11267 | $10477 | $10919 |
| **6/30/23** | $11335 | $10440 | $10965 |
| **7/31/23** | $11403 | $10432 | $11015 |
| **8/31/23** | $11467 | $10366 | $11066 |
| **9/30/23** | $11537 | $10102 | $11116 |
| **10/31/23** | $11593 | $9943 | $11169 |
| **11/30/23** | $11651 | $10393 | $11220 |
| **12/31/23** | $11721 | $10791 | $11272 |
| **1/31/24** | $11797 | $10761 | $11325 |
| **2/29/24** | $11864 | $10609 | $11374 |
| **3/31/24** | $11936 | $10707 | $11427 |
| **4/30/24** | $11997 | $10437 | $11478 |
| **5/31/24** | $12064 | $10614 | $11532 |
| **6/30/24** | $12120 | $10714 | $11583 |
| **7/31/24** | $12172 | $10965 | $11637 |
| **8/31/24** | $12238 | $11122 | $11691 |
| **9/30/24** | $12296 | $11271 | $11742 |
| **10/31/24** | $12363 | $10992 | $11793 |
| **11/30/24** | $12427 | $11108 | $11840 |
| **12/31/24** | $12497 | $10926 | $11886 |
| **1/31/25** | $12562 | $10984 | $11932 |
| **2/28/25** | $12608 | $11226 | $11973 |
| **3/31/25** | $12644 | $11230 | $12017 |
| **4/30/25** | $12676 | $11274 | $12060 |
| **5/31/25** | $12754 | $11193 | $12105 |
| **6/30/25** | $12810 | $11365 | $12149 |
| **7/31/25** | $12873 | $11335 | $12194 |
| **8/31/25** | $12940 | $11471 | $12239 |
| **9/30/25** | $12988 | $11596 | $12283 |
| **10/31/25** | $13051 | $11668 | $12327 |
| **11/30/25** | $13097 | $11741 | $12368 |
| **12/31/25** | $13152 | $11724 | $12409 |
| **1/31/26** | $13204 | $11736 | $12449 |
| **2/28/26** | $13250 | $11928 | $12485 |
| **3/31/26** | $13278 | $11718 | $12524 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2026.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **Since Inception 5/1/17** |
| PIMCO Short Asset Portfolio | 5.01% | 3.91% | 3.23% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.79% |
| FTSE 3-Month Treasury Bill Index | 4.22% | 3.49% | 2.56% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $6890609 |
| # of Portfolio Holdings | 938 |
| Portfolio Turnover Rate | 49% |
| 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 Portfolio invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 52.4% |
| Asset-Backed Securities | 18.4% |
| U.S. Government Agencies | 16.3% |
| Non-Agency Mortgage-Backed Securities | 3.1% |
| Sovereign Issues | 2.3% |
| U.S. Treasury Obligations | 0.3% |
| Short-Term Instruments | 10.8% |
| Financial Derivative Instruments | 0.3% |
| Other Assets and Liabilities, Net | (3.9%) |
| 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 Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g108372g72p47.jpg)

For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![Image](g108372g37d99.jpg)

# PIMCO Short Asset Portfolio
Annual Shareholder Report \|

March 31, 2026

PAPS2172TSRAR_033126

# PIMCO Short-Term Floating NAV Portfolio III

#### Annual Shareholder Report \| March 31, 2026
![Image](g108372g53j22.jpg)

This annual shareholder report contains important information about the PIMCO Short-Term Floating NAV Portfolio III (the "Portfolio") for the period of April 1, 2025 to March 31, 2026 (the "reporting period"). You can find additional information about the Portfolio at **www.pimco.com/PAPS**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

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

---

| | | |
|:---|:---|:---|
| **Portfolio Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO Short-Term Floating NAV Portfolio III | $0 | 0.00% |

---

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

* Holdings of investment grade corporate credit, particularly financials, contributed to relative performance versus the FTSE 3-Month Treasury Bill Index ("Index"), as investment grade corporate bonds had positive total returns.

* U.S. duration contributed to relative performance versus the Index, as U.S. dollar carry from hedging activity offset the detractors from underweight U.S. duration positioning.

* There were no material detractors for this Portfolio.

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

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2026 or the life of the Portfolio, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g108372g39q22.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO Short-Term Floating NAV Portfolio III** | **Bloomberg U.S. Aggregate Index** | **FTSE 3-Month Treasury Bill Index** |
| **3/31/16** | $10000 | $10000 | $10000 |
| **4/30/16** | $10009 | $10038 | $10002 |
| **5/31/16** | $10015 | $10041 | $10004 |
| **6/30/16** | $10024 | $10221 | $10006 |
| **7/31/16** | $10034 | $10286 | $10009 |
| **8/31/16** | $10042 | $10274 | $10011 |
| **9/30/16** | $10052 | $10268 | $10013 |
| **10/31/16** | $10059 | $10190 | $10016 |
| **11/30/16** | $10068 | $9949 | $10019 |
| **12/31/16** | $10076 | $9963 | $10022 |
| **1/31/17** | $10087 | $9982 | $10025 |
| **2/28/17** | $10097 | $10049 | $10029 |
| **3/31/17** | $10105 | $10044 | $10034 |
| **4/30/17** | $10115 | $10122 | $10039 |
| **5/31/17** | $10125 | $10199 | $10045 |
| **6/30/17** | $10137 | $10189 | $10052 |
| **7/31/17** | $10148 | $10233 | $10060 |
| **8/31/17** | $10161 | $10325 | $10069 |
| **9/30/17** | $10172 | $10276 | $10078 |
| **10/31/17** | $10185 | $10282 | $10087 |
| **11/30/17** | $10196 | $10268 | $10096 |
| **12/31/17** | $10212 | $10316 | $10106 |
| **1/31/18** | $10225 | $10197 | $10117 |
| **2/28/18** | $10236 | $10100 | $10128 |
| **3/31/18** | $10254 | $10165 | $10141 |
| **4/30/18** | $10272 | $10089 | $10155 |
| **5/31/18** | $10291 | $10161 | $10170 |
| **6/30/18** | $10310 | $10149 | $10185 |
| **7/31/18** | $10330 | $10151 | $10202 |
| **8/31/18** | $10352 | $10216 | $10219 |
| **9/30/18** | $10369 | $10151 | $10236 |
| **10/31/18** | $10389 | $10070 | $10255 |
| **11/30/18** | $10409 | $10131 | $10274 |
| **12/31/18** | $10433 | $10317 | $10294 |
| **1/31/19** | $10459 | $10426 | $10315 |
| **2/28/19** | $10482 | $10420 | $10334 |
| **3/31/19** | $10507 | $10620 | $10356 |
| **4/30/19** | $10530 | $10623 | $10377 |
| **5/31/19** | $10556 | $10812 | $10398 |
| **6/30/19** | $10578 | $10947 | $10419 |
| **7/31/19** | $10600 | $10971 | $10440 |
| **8/31/19** | $10625 | $11256 | $10460 |
| **9/30/19** | $10645 | $11196 | $10478 |
| **10/31/19** | $10665 | $11230 | $10496 |
| **11/30/19** | $10682 | $11224 | $10511 |
| **12/31/19** | $10701 | $11216 | $10526 |
| **1/31/20** | $10719 | $11432 | $10540 |
| **2/29/20** | $10736 | $11638 | $10554 |
| **3/31/20** | $10667 | $11569 | $10567 |
| **4/30/20** | $10701 | $11775 | $10576 |
| **5/31/20** | $10714 | $11830 | $10580 |
| **6/30/20** | $10722 | $11904 | $10581 |
| **7/31/20** | $10728 | $12082 | $10582 |
| **8/31/20** | $10731 | $11984 | $10584 |
| **9/30/20** | $10734 | $11978 | $10585 |
| **10/31/20** | $10735 | $11924 | $10586 |
| **11/30/20** | $10737 | $12041 | $10586 |
| **12/31/20** | $10741 | $12058 | $10587 |
| **1/31/21** | $10743 | $11971 | $10588 |
| **2/28/21** | $10745 | $11799 | $10589 |
| **3/31/21** | $10746 | $11651 | $10589 |
| **4/30/21** | $10749 | $11743 | $10590 |
| **5/31/21** | $10752 | $11782 | $10590 |
| **6/30/21** | $10753 | $11864 | $10590 |
| **7/31/21** | $10755 | $11997 | $10590 |
| **8/31/21** | $10755 | $11974 | $10590 |
| **9/30/21** | $10758 | $11871 | $10591 |
| **10/31/21** | $10757 | $11867 | $10591 |
| **11/30/21** | $10758 | $11902 | $10592 |
| **12/31/21** | $10764 | $11872 | $10592 |
| **1/31/22** | $10763 | $11616 | $10593 |
| **2/28/22** | $10765 | $11487 | $10593 |
| **3/31/22** | $10762 | $11168 | $10595 |
| **4/30/22** | $10766 | $10744 | $10598 |
| **5/31/22** | $10768 | $10813 | $10603 |
| **6/30/22** | $10777 | $10643 | $10610 |
| **7/31/22** | $10803 | $10903 | $10621 |
| **8/31/22** | $10821 | $10595 | $10637 |
| **9/30/22** | $10842 | $10138 | $10658 |
| **10/31/22** | $10869 | $10006 | $10684 |
| **11/30/22** | $10907 | $10374 | $10715 |
| **12/31/22** | $10949 | $10327 | $10751 |
| **1/31/23** | $10995 | $10645 | $10791 |
| **2/28/23** | $11034 | $10370 | $10829 |
| **3/31/23** | $11081 | $10633 | $10872 |
| **4/30/23** | $11124 | $10698 | $10915 |
| **5/31/23** | $11172 | $10581 | $10961 |
| **6/30/23** | $11225 | $10544 | $11008 |
| **7/31/23** | $11272 | $10536 | $11058 |
| **8/31/23** | $11324 | $10469 | $11110 |
| **9/30/23** | $11375 | $10203 | $11160 |
| **10/31/23** | $11431 | $10042 | $11212 |
| **11/30/23** | $11485 | $10497 | $11264 |
| **12/31/23** | $11543 | $10898 | $11317 |
| **1/31/24** | $11588 | $10868 | $11369 |
| **2/29/24** | $11649 | $10715 | $11419 |
| **3/31/24** | $11700 | $10814 | $11472 |
| **4/30/24** | $11752 | $10541 | $11523 |
| **5/31/24** | $11813 | $10719 | $11577 |
| **6/30/24** | $11864 | $10821 | $11629 |
| **7/31/24** | $11921 | $11074 | $11683 |
| **8/31/24** | $11984 | $11233 | $11737 |
| **9/30/24** | $12036 | $11383 | $11788 |
| **10/31/24** | $12085 | $11101 | $11839 |
| **11/30/24** | $12135 | $11218 | $11886 |
| **12/31/24** | $12187 | $11035 | $11933 |
| **1/31/25** | $12234 | $11093 | $11979 |
| **2/28/25** | $12277 | $11337 | $12020 |
| **3/31/25** | $12317 | $11342 | $12064 |
| **4/30/25** | $12365 | $11386 | $12108 |
| **5/31/25** | $12412 | $11305 | $12153 |
| **6/30/25** | $12459 | $11478 | $12196 |
| **7/31/25** | $12503 | $11448 | $12242 |
| **8/31/25** | $12555 | $11585 | $12287 |
| **9/30/25** | $12600 | $11711 | $12331 |
| **10/31/25** | $12649 | $11785 | $12375 |
| **11/30/25** | $12690 | $11858 | $12416 |
| **12/31/25** | $12735 | $11840 | $12457 |
| **1/31/26** | $12775 | $11853 | $12498 |
| **2/28/26** | $12813 | $12047 | $12534 |
| **3/31/26** | $12852 | $11835 | $12573 |

---

The table below shows the average annual total returns of the Portfolio, a regulatory index, and one or more supplemental index(es) for certain periods ended March 31, 2026.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| PIMCO Short-Term Floating NAV Portfolio III | 4.34% | 3.64% | 2.54% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |
| FTSE 3-Month Treasury Bill Index | 4.22% | 3.49% | 2.32% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $14858567 |
| # of Portfolio Holdings | 392 |
| Portfolio Turnover Rate | 187% |
| 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 Portfolio invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 22.9% |
| U.S. Treasury Obligations | 20.7% |
| U.S. Government Agencies | 3.6% |
| Sovereign Issues | 2.7% |
| Asset-Backed Securities | 0.1% |
| Short-Term Instruments | 52.7% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (2.8%) |
| 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 Portfolio's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g108372g72p47.jpg)

For additional information about the Portfolio, including the Portfolio's offering memorandum, financial information, holdings and proxy voting information, please visit **www.pimco.com/PAPS** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Portfolio, please visit: **www.pimco.com/tax.**![Image](g108372g37d99.jpg)

# PIMCO Short-Term Floating NAV Portfolio III
Annual Shareholder Report \|

March 31, 2026

PAPS2056TSRAR_033126

------

**Item 2.** **Code of Ethics.** <br>

As of the end of the period covered by this report, the Registrant has adopted a code of ethics (the "Code") that applies to the Registrant's principal executive officer and principal financial officer. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the principal executive officer or principal financial officer during the period covered by this report.

A copy of the Code is included as an exhibit to this report.

**Item 3.** **Audit Committee Financial Expert.** <br>

The Board of Trustees has determined that Steven Lipiner, who serves on the Board's Audit Committee, qualifies as an "audit committee financial expert" as such term is defined in the instructions to this Item 3. The Board has also determined that Mr. Lipiner is "independent" as such term is interpreted under this Item 3.

**Item 4.** **Principal Accountant Fees and Services.** <br>

---

| | | |
|:---|:---|:---|
| (a) | <u>Fiscal Year Ended</u> | <u>Audit Fees</u> |
|  | March 31, 2026 | $6576508 |
|  | March 31, 2025 | $6503548 |
| (b) | <u>Fiscal Year Ended</u> | <u>Audit-Related Fees <sup>(1)</sup></u> |
|  | March 31, 2026 | $— |
|  | March 31, 2025 | $— |
| (c) | <u>Fiscal Year Ended</u> | <u>Tax Fees</u> |
|  | March 31, 2026 | $— |
|  | March 31, 2025 | $6500 |
| (d) | <u>Fiscal Year Ended</u> | <u>All Other Fees <sup>(2)</sup></u> |
|  | March 31, 2026 | $— |
|  | March 31, 2025 | $— |

---

"Audit Fees" represents aggregate fees billed for each of the last two fiscal years for professional services rendered for the audit of the PIMCO Funds (the "Trust" or "Registrant") annual financial statements or services that are normally provided by the accountant in connection with statutory or regulatory filings or engagements for those fiscal years.

"Audit-Related Fees" represents aggregate fees billed for each of the last two fiscal years for assurance and related services reasonably related to the performance of the audit of the Trust's annual financial statements for those years.

"Tax Fees" represents aggregate fees billed for each of the last two fiscal years for professional services related to tax compliance, tax advice and tax planning, including review of federal and state income tax returns, review of excise tax distribution requirements and preparation of excise tax returns.

"All Other Fees" represents aggregate fees, if any, billed for other products and services rendered by the principal accountant to the Trust for the last two fiscal years.

<sup>(1)</sup> There were no "Audit-Related Fees" for the last two fiscal years.

<sup>(2)</sup> There were no "All Other Fees" for the last two fiscal years.

(e) Pre-approval policies and procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's Audit Committee has adopted pre-approval policies and procedures (the "Procedures") to govern the Audit Committee's pre-approval of (i) all audit services and permissible non-audit services to be provided to the

------

Registrant by its independent accountant, and (ii) all permissible non-audit services to be provided by such independent accountant to the Registrant's investment adviser and to any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant (collectively, the "Service Affiliates") if the services provided directly relate to the Registrant's operations and financial reporting. In accordance with the Procedures, the Audit Committee is responsible for the engagement of the independent accountant to certify the Registrant's financial statements for each fiscal year. With respect to the pre-approval of non-audit services provided to the Registrant and its Service Affiliates, the Procedures provide that the Audit Committee may annually pre-approve a list of types or categories of non-audit services that may be provided to the Registrant or its Service Affiliates, or the Audit Committee may pre-approve such services on a project-by-project basis as they arise. Unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee if it is to be provided by the independent accountant. The Procedures also permit the Audit Committee to delegate authority to one or more of its members to pre-approve any proposed non-audit services that have not been previously pre-approved by the Audit Committee, subject to the ratification by the full Audit Committee no later than its next scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) With respect to the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | Aggregate Non-Audit Fees Billed to Entity | Aggregate Non-Audit Fees Billed to Entity | Aggregate Non-Audit Fees Billed to Entity |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entity | March 31, 2026 | March 31, 2026 | March 31, 2025 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PIMCO Funds | $— |  | $6500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Investment Management Company LLC<br> ("PIMCO") |  | 23837833 | 26548184 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Totals | $— | 23837833 | $26554684 |

---

(h) The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant which were not pre-approved (not requiring pre-approval) is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

**Item 5.** **Audit Committee of Listed Registrants.** <br>

The Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The Audit Committee is comprised of:

Michael J. Berchtold

Jennifer Holden Dunbar

Kym M. Hubbard

Gary F. Kennedy

Anne K. Kratky

Steven Lipiner (Chair)

Peter B. McCarthy\*

Ronald C. Parker

\*Mr. McCarthy retired from the Board of Trustees effective as of May 14.

**Item 6.** **Investments.** <br>

------

The information required by this Item 6 is included as part of the annual Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** <br>

(a) The following is a copy of the report(s) of the Funds' Financial Statements and Financial Highlights.

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

● PAPS Portfolio

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

● Asset Allocation Funds

● Tax-Efficient Strategy Funds

● Municipal Value Funds

● International Bond Funds

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

● Equity-Related Strategy Funds

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

● Bond Funds

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

● PAPS – All Asset Funds

● Income Fund

● Credit Bond Funds

● Total Return Fund

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

● Short Duration Strategy Funds

● Real Return Strategy Funds

● TRENDS Managed Futures Strategy Fund

(b) Not applicable.

------

![LOGO](g104753g13e39.jpg)

PIMCO FUNDS

## Annual Financial and Other Information
March 31, 2026

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)](#tx104753_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx104753_2) | 6 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities (N-CSR Item 7)](#tx104753_3) | 8 |
| &nbsp;&nbsp; [Statement of Operations (N-CSR Item 7)](#tx104753_4) | 10 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx104753_5) | 11 |
| &nbsp;&nbsp; [Schedule of Investments (N-CSR Item 6)](#tx104753_6) | 12 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx104753_7) | 42 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx104753_8) | 61 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx104753_9) | 65 |
| &nbsp;&nbsp; [Glossary](#tx104753_10) | 66 |
| &nbsp;&nbsp; [Distribution Information](#tx104753_11) | 67 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx104753_12) | 69 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx104753_13) | 70 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx104753_14) | 71 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx104753_15) | 72 |

---

This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectuses. The Shareholder Reports for the other series of the PIMCO Funds are printed separately.

------

Important Information About the PIMCO 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. In addition, the armed conflict among the United States, Israel, and Iran has caused, and could continue to cause, significant market disruptions and volatility. The conflict has had a particular negative impact on oil and gas markets, which could have a broader adverse effect on many sectors of the global economy in the future.

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

---

| | |
|:---|:---|
| **2** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

---

------

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 | 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

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>3</sub> |

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Important Information About the PIMCO International Bond Fund (U.S. Dollar-Hedged) (Cont.)

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. On February 18, 2026, the SEC extended the compliance date for Form N-PORT reporting requirements related to the Names Rule to November 17, 2027 for fund groups with net assets of $10 billion or more.

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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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<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; 03/31/2026 | $9.85 | $0.37 | $(0.13) | $0.24 | $(0.41) | $0.00 | $0.00 | $(0.41) |
| &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) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.85 | 0.36 | (0.13) | 0.23 | (0.40) | 0.00 | 0.00 | (0.40) |
| &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) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.85 | 0.36 | (0.14) | 0.22 | (0.39) | 0.00 | 0.00 | (0.39) |
| &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) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.85 | 0.35 | (0.14) | 0.21 | (0.38) | 0.00 | 0.00 | (0.38) |
| &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) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.85 | 0.33 | (0.13) | 0.20 | (0.37) | 0.00 | 0.00 | (0.37) |
| &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) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.85 | 0.26 | (0.13) | 0.13 | (0.30) | 0.00 | 0.00 | (0.30) |
| &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) |
| Class R |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.85 | 0.31 | (0.13) | 0.18 | (0.35) | 0.00 | 0.00 | (0.35) |
| &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) |

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

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<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. 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 to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest**<br> **Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $9.68 | 2.41% | $12276887 | 0.64% | 0.64% | 0.50% | 0.50% | 3.77% | 639% |
| 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 |
| 9.68 | 2.31 | 5176687 | 0.74 | 0.74 | 0.60 | 0.60 | 3.67 | 639 |
| 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 |
| 9.68 | 2.26 | 215265 | 0.79 | 0.84 | 0.65 | 0.70 | 3.62 | 639 |
| 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 |
| 9.68 | 2.16 | 42346 | 0.89 | 0.89 | 0.75 | 0.75 | 3.52 | 639 |
| 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 |
| 9.68 | 2.00 | 523808 | 1.04 | 1.04 | 0.90 | 0.90 | 3.37 | 639 |
| 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 |
| 9.68 | 1.24 | 11754 | 1.79 | 1.79 | 1.65 | 1.65 | 2.62 | 639 |
| 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 |
| 9.68 | 1.75 | 53075 | 1.29 | 1.29 | 1.15 | 1.15 | 3.12 | 639 |
| 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 |

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>7</sub> |

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Statement of Assets and Liabilities PIMCO International Bond Fund (U.S. Dollar-Hedged)

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| | |
|:---|:---|
| (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\* | $22835211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 1198028 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 98832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 321946 |
|  Deposits with counterparty | 34288 |
|  Foreign currency, at value | 87646 |
|  Receivable for investments sold | 2164696 |
|  Receivable for investments sold on a delayed-delivery basis | 116 |
|  Receivable for TBA investments sold | 14250241 |
|  Receivable for Fund shares sold | 566134 |
|  Interest and/or dividends receivable | 143061 |
|  Dividends receivable from Affiliates | 3003 |
|  Reimbursement receivable from PIMCO | 9 |
|  Other assets | 42 |
|  **Total Assets** | 41703253 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $660451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 3236275 |
|  Financial Derivative Instruments |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 46118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 168096 |
|  Payable for investments purchased | 2669905 |
|  Payable for investments in Affiliates purchased | 3134 |
|  Payable for investments purchased on a delayed-delivery basis | 89145 |
|  Payable for TBA investments purchased | 16165484 |
|  Payable for unfunded loan commitments | 22408 |
|  Deposits from counterparty | 255427 |
|  Payable for Fund shares redeemed | 48019 |
|  Distributions payable | 16780 |
|  Overdraft due to custodian | 13846 |
|  Accrued investment advisory fees | 3514 |
|  Accrued supervisory and administrative fees | 4050 |
|  Accrued distribution fees | 27 |
|  Accrued servicing fees | 122 |
|  Foreign capital gains tax payable | 627 |
|  Other liabilities | 3 |
|  **Total Liabilities** | 23403431 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $18299822 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $19546341 |
|  Distributable earnings (accumulated loss) | (1246519) |
|  **Net Assets** | $18299822 |
|  Cost of investments in securities | $23371005 |
|  Cost of investments in Affiliates | $1194873 |
|  Cost of foreign currency held | $87165 |
|  Proceeds received on short sales | $3244847 |
|  Cost or premiums of financial derivative instruments, net | $(65702) |
|  \* Includes repurchase agreements of: | $30380 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

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| | | |
|:---|:---|:---|
| **8** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

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March 31, 2026

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| | |
|:---|:---|
|  **Net Assets:** |  |
|  Institutional Class | $12276887 |
|  I-2 | 5176687 |
|  I-3 | 215265 |
|  Administrative Class | 42346 |
|  Class A | 523808 |
|  Class C | 11754 |
|  Class R | 53075 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 1268473 |
|  I-2 | 534679 |
|  I-3 | 22236 |
|  Administrative Class | 4373 |
|  Class A | 54096 |
|  Class C | 1214 |
|  Class R | 5482 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $9.68 |
|  I-2 | 9.68 |
|  I-3 | 9.68 |
|  Administrative Class | 9.68 |
|  Class A | 9.68 |
|  Class C | 9.68 |
|  Class R | 9.68 |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund.

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>9</sub> |

---

------

Statement of Operations PIMCO International Bond Fund (U.S. Dollar-Hedged)

---

| | |
|:---|:---|
| Year Ended March 31, 2026 |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest, net of foreign taxes\* | $682669 |
|  Dividends | 284 |
|  Dividends from Investments in Affiliates | 29792 |
|  Miscellaneous income | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 713051 |
|  **Expenses:** |  |
|  Investment advisory fees | 40406 |
|  Supervisory and administrative fees | 46829 |
|  Distribution and/or servicing fees - Administrative Class | 114 |
|  Distribution and/or servicing fees - Class A | 1370 |
|  Distribution and/or servicing fees - Class C | 135 |
|  Distribution and/or servicing fees - Class R | 265 |
|  Trustee fees | 102 |
|  Interest expense | 22989 |
|  Miscellaneous expense | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 112257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (109) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 112148 |
|  **Net Investment Income (Loss)** | 600903 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | 113315 |
|  Investments in Affiliates | (37) |
|  Exchange-traded or centrally cleared financial derivative instruments | 88689 |
|  Over the counter financial derivative instruments | (437816) |
|  Foreign currency | 14081 |
|  **Net Realized Gain (Loss)** | (221768) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 45302 |
|  Investments in Affiliates | 14340 |
|  Exchange-traded or centrally cleared financial derivative instruments | (303313) |
|  Over the counter financial derivative instruments | 211645 |
|  Foreign currency assets and liabilities | (10064) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (42090) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $337045 |
|  \* Foreign tax withholdings | $657 |

---

---

| | |
|:---|:---|
| <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>) | **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $600903 | $605419 |
|  Net realized gain (loss) | (221768) | 107646 |
|  Net change in unrealized appreciation (depreciation) | (42090) | (21213) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 337045 | 691852 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (421610) | (535100) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (203509) | (206219) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (8722) | (10451) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (1774) | (2709) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (20469) | (28474) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (406) | (747) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (1841) | (2486) |
|  **Total Distributions<sup>(a)</sup>** | (658331) | (786186) |
|  **Fund Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | 3470919 | 691875 |
|  **Total Increase (Decrease) in Net Assets** | 3149633 | 597541 |
|  **Net Assets:** |  |  |
|  Beginning of year | 15150189 | 14552648 |
|  End of year | $18299822 | $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. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<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 124.9% | INVESTMENTS IN SECURITIES 124.9% | INVESTMENTS IN SECURITIES 124.9% |
| 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 | 3477 | 2921 |
|  1.000% due 07/09/2029 | 88 | 78 |
|  3.500% due 07/09/2041 þ | 920 | 617 |
|  Total Argentina (Cost $3,107) | Total Argentina (Cost $3,107) | 3616 |
| AUSTRALIA 4.4% | AUSTRALIA 4.4% | AUSTRALIA 4.4% |
| 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 | 35262 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.0% |
|  Project Cashmere | Project Cashmere | Project Cashmere |
|  4.543% due 12/30/2057 «(b) | 224800 | 155101 |
|  5.713% due 12/30/2057 «(b) | 12700 | 8762 |
|  5.863% due 12/30/2057 «(b) | 8900 | 6141 |
|  6.163% due 12/30/2057 «(b) | 4700 | 3243 |
|  6.563% due 12/30/2057 «(b) | 3400 | 2346 |
|  |  | 175593 |
| SOVEREIGN ISSUES 3.2% | SOVEREIGN ISSUES 3.2% | SOVEREIGN ISSUES 3.2% |
|  Australia Government Bonds | Australia Government Bonds | Australia Government Bonds |
|  1.750% due 06/21/2051 | 8800 | 3046 |
|  2.500% due 05/21/2030 | 15800 | 10025 |
|  Australian Capital Territory  | Australian Capital Territory  | Australian Capital Territory  |
|  4.750% due 10/23/2030 | 69700 | 47377 |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
|  1.750% due 03/20/2034 | 216170 | 114055 |
|  2.000% due 03/08/2033 | 49600 | 27768 |
|  4.750% due 09/20/2035 | 23400 | 15212 |
|  4.750% due 02/20/2037 | 37300 | 23811 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |
|  1.500% due 08/20/2032 | 167400 | 92277 |
|  1.750% due 07/20/2034 | 59100 | 30705 |
|  2.000% due 08/22/2033 | 11000 | 6042 |
|  5.000% due 03/10/2036 | 67600 | 44460 |
|  5.250% due 07/21/2036 | 29600 | 19781 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
|  1.500% due 09/10/2031 | 2400 | 1371 |
|  2.000% due 09/17/2035 | 34900 | 17677 |
|  2.000% due 11/20/2037 | 50700 | 23651 |
|  2.250% due 09/15/2033 | 102100 | 56885 |
|  2.250% due 11/20/2034 | 42600 | 22765 |
|  4.250% due 12/20/2032 | 34900 | 22670 |
|  |  | 579578 |
|  Total Australia (Cost $765,692) | Total Australia (Cost $765,692) | 790433 |
| BELGIUM 0.0% | BELGIUM 0.0% | BELGIUM 0.0% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  KBC Group NV | KBC Group NV | KBC Group NV |
|  5.796% due 01/19/2029 •  | 8000 | 8180 |
|  Total Belgium (Cost $8,000) | Total Belgium (Cost $8,000) | 8180 |
| BERMUDA 0.1% | BERMUDA 0.1% | BERMUDA 0.1% |
| ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% |
|  Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. |
|  4.821% due 10/23/2035 | 13100 | 13101 |
|  Trinitas CLO XIX Ltd. | Trinitas CLO XIX Ltd. | Trinitas CLO XIX Ltd. |
|  4.778% due 10/20/2033 •  | 7897 | 7898 |
|  Trinitas CLO XX Ltd. | Trinitas CLO XX Ltd. | Trinitas CLO XX Ltd. |
|  4.708% due 07/20/2035 •  | 1700 | 1700 |
|  Total Bermuda (Cost $22,697) | Total Bermuda (Cost $22,697) | 22699 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| BRAZIL 2.0% |  |  |
| SOVEREIGN ISSUES 2.0% |  |  |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (d) | 8900 | 1717 |
|  0.000% due 07/01/2026 (d) | 794800 | 148598 |
|  0.000% due 10/01/2026 (d) | 1191500 | 215496 |
|  Total Brazil (Cost $362,961) |  | 365811 |
| BULGARIA 0.2% |  |  |
| SOVEREIGN ISSUES 0.2% |  |  |
|  Bulgaria Government International Bonds | Bulgaria Government International Bonds | Bulgaria Government International Bonds |
|  3.375% due 07/18/2035 | 13200 | 14607 |
|  4.125% due 07/18/2045 | 20000 | 21664 |
|  Total Bulgaria (Cost $37,900) |  | 36271 |
| CANADA 4.3% |  |  |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  4.299% due 03/20/2028 | 13700 | 13780 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  4.242% due 04/01/2031 (b) | 21000 | 21123 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  2.750% due 03/29/2028 | 9000 | 10202 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.692% (SOFRINDX + 1.030%) due 02/04/2031 ~ | 40900 | 40938 |
|  4.969% due 08/02/2030 •  | 8300 | 8407 |
|  |  | 94450 |
| 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 ~ | 615 | 442 |
|  2.867% due 02/12/2055 ~ | 16700 | 11597 |
|  3.650% due 08/12/2053 | 2522 | 1808 |
|  |  | 13847 |
| SOVEREIGN ISSUES 3.7% |  |  |
|  Canada Government Bonds | Canada Government Bonds | Canada Government Bonds |
|  1.750% due 12/01/2053 | 20660 | 9496 |
|  2.750% due 03/01/2030 | 3400 | 2420 |
|  3.000% due 06/01/2034 | 188700 | 132246 |
|  3.250% due 12/01/2033 | 132000 | 94445 |
|  Canada Government Real Return Bonds | Canada Government Real Return Bonds | Canada Government Real Return Bonds |
|  1.500% due 12/01/2044 (f) | 12846 | 8843 |
|  Export Development Canada | Export Development Canada | Export Development Canada |
|  4.500% due 01/28/2030 | 6200 | 8199 |
|  7.130% due 03/11/2029 | 2176700 | 22512 |
|  Province of British Columbia | Province of British Columbia | Province of British Columbia |
|  4.150% due 06/18/2034 | 109200 | 80520 |
|  Province of Ontario | Province of Ontario | Province of Ontario |
|  3.650% due 06/02/2033 | 31500 | 22715 |
|  Province of Quebec |  |  |
|  3.600% due 09/01/2033 | 321000 | 229565 |
|  4.450% due 09/01/2034 | 83600 | 62780 |
|  |  | 673741 |
|  Total Canada (Cost $780,923) |  | 782038 |
| CAYMAN ISLANDS 2.3% |  |  |
| ASSET-BACKED SECURITIES 1.9% | ASSET-BACKED SECURITIES 1.9% | ASSET-BACKED SECURITIES 1.9% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.122% due 01/15/2037 •  | 10055 | 10075 |
|  5.137% due 11/15/2036 •  | 9338 | 9361 |
|  ARES LXII CLO Ltd. | ARES LXII CLO Ltd. | ARES LXII CLO Ltd. |
|  4.738% due 01/25/2034 •  | 9200 | 9203 |
|  ARES XLIV CLO Ltd. |  |  |
|  4.802% due 04/15/2034 •  | 14200 | 14215 |
|  Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. |
|  4.778% due 01/18/2035 •  | 1900 | 1898 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bain Capital Credit CLO Ltd. |  |  |
|  4.728% due 07/24/2034 •  | 4900 | 4903 |
|  Benefit Street Partners CLO XXII Ltd. | Benefit Street Partners CLO XXII Ltd. | Benefit Street Partners CLO XXII Ltd. |
|  4.818% due 04/20/2035 •  | 9900 | 9903 |
|  Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. |
|  4.682% due 10/15/2034 •  | 4000 | 3994 |
|  Canyon CLO Ltd. | Canyon CLO Ltd. | Canyon CLO Ltd. |
|  4.752% due 07/15/2034 •  | 3000 | 3003 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  4.758% due 07/20/2034 •  | 11300 | 11307 |
|  Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund |
|  4.818% due 10/19/2029 •  | 262 | 262 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  4.798% due 07/25/2034 •  | 9300 | 9310 |
|  Fortress Credit BSL VII Ltd. | Fortress Credit BSL VII Ltd. | Fortress Credit BSL VII Ltd. |
|  4.761% due 07/23/2032 •  | 1032 | 1033 |
|  Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. |
|  4.768% due 04/20/2033 •  | 4623 | 4625 |
|  GoldenTree Loan Management U.S. CLO 8 Ltd. | GoldenTree Loan Management U.S. CLO 8 Ltd. | GoldenTree Loan Management U.S. CLO 8 Ltd. |
|  4.818% due 10/20/2034 •  | 3000 | 3004 |
|  Greywolf CLO IV Ltd. | Greywolf CLO IV Ltd. | Greywolf CLO IV Ltd. |
|  4.908% due 04/17/2034 •  | 9400 | 9412 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  4.818% due 10/20/2034 •  | 9900 | 9912 |
|  Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. |
|  4.788% due 07/25/2034 •  | 9900 | 9908 |
|  KKR CLO 33 Ltd. | KKR CLO 33 Ltd. | KKR CLO 33 Ltd. |
|  4.748% due 07/20/2034 •  | 4500 | 4505 |
|  LCM 36 Ltd. | LCM 36 Ltd. | LCM 36 Ltd. |
|  4.742% due 01/15/2034 •  | 2000 | 2001 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.087% due 11/15/2038 •  | 1401 | 1404 |
|  5.222% due 01/17/2037 •  | 1983 | 1980 |
|  Marble Point CLO XXII Ltd. | Marble Point CLO XXII Ltd. | Marble Point CLO XXII Ltd. |
|  4.888% due 07/25/2034 •  | 12300 | 12294 |
|  Mountain View CLO XIV Ltd. | Mountain View CLO XIV Ltd. | Mountain View CLO XIV Ltd. |
|  6.813% due 10/15/2034 •  | 9800 | 9812 |
|  Navesink CLO 6 Ltd. | Navesink CLO 6 Ltd. | Navesink CLO 6 Ltd. |
|  0.000% due 04/15/2037 •  | 10100 | 10100 |
|  Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. |
|  4.718% due 07/17/2036 •  | 900 | 900 |
|  Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. |
|  4.727% due 10/14/2036 •  | 9800 | 9806 |
|  OZLM XXIV Ltd. | OZLM XXIV Ltd. | OZLM XXIV Ltd. |
|  5.089% due 07/20/2032 •  | 3204 | 3208 |
|  PPM CLO 5 Ltd. | PPM CLO 5 Ltd. | PPM CLO 5 Ltd. |
|  4.848% due 10/18/2034 •  | 12200 | 12214 |
|  Riserva CLO Ltd. | Riserva CLO Ltd. | Riserva CLO Ltd. |
|  4.718% due 01/18/2034 •  | 8300 | 8305 |
|  Romark CLO - IV Ltd. | Romark CLO - IV Ltd. | Romark CLO - IV Ltd. |
|  4.790% due 07/10/2034 •  | 4300 | 4305 |
|  Romark CLO V Ltd. | Romark CLO V Ltd. | Romark CLO V Ltd. |
|  4.862% due 01/15/2035 •  | 12200 | 12192 |
|  Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. |
|  5.423% due 07/29/2043 | 11500 | 11562 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  4.842% due 04/15/2038 •  | 4900 | 4888 |
|  Sound Point CLO IX Ltd. | Sound Point CLO IX Ltd. | Sound Point CLO IX Ltd. |
|  5.139% due 07/20/2032 •  | 7748 | 7746 |
|  Sound Point CLO XIX Ltd. | Sound Point CLO XIX Ltd. | Sound Point CLO XIX Ltd. |
|  4.934% due 04/15/2031 •  | 46 | 46 |
|  Sound Point CLO XXIII | Sound Point CLO XXIII | Sound Point CLO XXIII |
|  5.104% due 07/15/2034 •  | 7400 | 7410 |
|  Starwood Ltd. | Starwood Ltd. | Starwood Ltd. |
|  5.022% due 11/15/2038 •  | 2857 | 2853 |
|  Sycamore Tree CLO Ltd. | Sycamore Tree CLO Ltd. | Sycamore Tree CLO Ltd. |
|  0.000% due 01/20/2037 •  | 3060 | 3058 |
|  Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. |
|  4.822% due 10/15/2035 •  | 4800 | 4794 |
|  Symphony CLO XXV Ltd. | Symphony CLO XXV Ltd. | Symphony CLO XXV Ltd. |
|  4.718% due 04/19/2034 •  | 14900 | 14908 |

---

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Trinitas CLO VII Ltd. | Trinitas CLO VII Ltd. | Trinitas CLO VII Ltd. |
|  4.728% due 01/25/2035 •  | 3600 | 3601 |
|  Valerie Asset Ltd. | Valerie Asset Ltd. | Valerie Asset Ltd. |
|  5.219% due 09/15/2050 «(j) | 69707 | 68224 |
|  5.267% due 09/15/2050 «(j) | 9470 | 8470 |
|  Venture 44 CLO Ltd. | Venture 44 CLO Ltd. | Venture 44 CLO Ltd. |
|  4.808% due 10/20/2034 •  | 1500 | 1502 |
|  |  | 357416 |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Foxconn Far East Ltd. | Foxconn Far East Ltd. | Foxconn Far East Ltd. |
|  1.875% due 08/25/2028 | 5200 | 4800 |
|  Gaci First Investment Co. | Gaci First Investment Co. | Gaci First Investment Co. |
|  5.250% due 01/29/2034 | 9300 | 9239 |
|  5.625% due 07/29/2034 | 25800 | 26217 |
|  Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. |
|  5.718% due 09/15/2026 «•  | 6700 | 7795 |
|  Sands China Ltd. |  |  |
|  5.400% due 08/08/2028 | 9200 | 9275 |
|  |  | 57326 |
| 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 | 9822 |
|  Total Cayman Islands (Cost $424,175) | Total Cayman Islands (Cost $424,175) | 424564 |
| 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 | 15200 | 15402 |
|  Total Chile (Cost $15,203) |  | 15402 |
| CHINA 8.2% | CHINA 8.2% | CHINA 8.2% |
| SOVEREIGN ISSUES 8.2% | SOVEREIGN ISSUES 8.2% | SOVEREIGN ISSUES 8.2% |
|  China Development Bank | China Development Bank | China Development Bank |
|  2.630% due 01/08/2034 | 3823540 | 584905 |
|  2.820% due 05/22/2033 | 2977280 | 460280 |
|  China Government Bonds | China Government Bonds | China Government Bonds |
|  1.650% due 05/15/2035 | 1013700 | 145331 |
|  1.920% due 01/15/2055 | 459400 | 60574 |
|  2.190% due 09/25/2054 | 846400 | 118264 |
|  3.190% due 04/15/2053 | 8080 | 1363 |
|  3.530% due 10/18/2051 | 707500 | 125352 |
|  Total China (Cost $1,455,139) | Total China (Cost $1,455,139) | 1496069 |
| COLOMBIA 1.4% | COLOMBIA 1.4% | COLOMBIA 1.4% |
| SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  6.125% due 01/21/2031 | 17700 | 17435 |
|  6.500% due 01/21/2033 | 34800 | 34121 |
|  Colombia TES | Colombia TES | Colombia TES |
|  9.250% due 05/28/2042 | 18924000 | 3867 |
|  11.500% due 07/25/2046 | 27962500 | 6746 |
|  11.750% due 01/24/2035 | 327916000 | 81302 |
|  12.000% due 03/13/2058 | 5924800 | 1456 |
|  12.750% due 11/28/2040 | 108878700 | 28858 |
|  13.250% due 02/09/2033 | 276018600 | 74004 |
|  Total Colombia (Cost $257,678) | Total Colombia (Cost $257,678) | 247789 |
| COSTA RICA 0.2% |  |  |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Costa Rica Government International Bonds | Costa Rica Government International Bonds | Costa Rica Government International Bonds |
|  5.500% due 11/21/2030 | 24750 | 29285 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.001% due 01/16/2036 |  | 12000 | 14294 |
|  Total Costa Rica (Cost $43,026) |  |  | 43579 |
| DENMARK 0.9% | DENMARK 0.9% | DENMARK 0.9% | DENMARK 0.9% |
| CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% | CORPORATE BONDS & NOTES 0.9% |
|  Jyske Realkredit AS | Jyske Realkredit AS | Jyske Realkredit AS | Jyske Realkredit AS |
|  1.500% due 10/01/2053 |  | 26257 | 3259 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
|  1.000% due 04/01/2026 |  | 509200 | 78798 |
|  1.500% due 10/01/2053 |  | 42432 | 5303 |
|  Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS |
|  1.000% due 10/01/2053 |  | 2 | 0 |
|  1.500% due 10/01/2053 |  | 31549 | 3889 |
|  Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS |
|  1.000% due 01/01/2027 |  | 422095 | 64645 |
|  1.500% due 10/01/2053 |  | 34097 | 4202 |
|  Total Denmark (Cost $156,265) |  |  | 160096 |
| EGYPT 0.1% | EGYPT 0.1% | EGYPT 0.1% | EGYPT 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds |
|  19.698% due 10/14/2030 |  | 906400 | 16328 |
|  Total Egypt (Cost $19,271) |  |  | 16328 |
| FRANCE 3.9% | FRANCE 3.9% | FRANCE 3.9% | FRANCE 3.9% |
| CORPORATE BONDS & NOTES 0.7% | 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 | Banque Federative du Credit Mutuel SA |
|  5.088% due 01/23/2027 | $— | 13900 | 13986 |
|  5.896% due 07/13/2026 |  | 24800 | 24915 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  5.497% due 05/20/2030 •  |  | 12500 | 12809 |
|  5.738% due 02/20/2035 •(l) |  | 13300 | 13655 |
|  5.786% due 01/13/2033 •  |  | 11800 | 12202 |
|  BPCE SA | BPCE SA | BPCE SA | BPCE SA |
|  5.876% due 01/14/2031 •  |  | 3900 | 4019 |
|  6.293% due 01/14/2036 •  |  | 10400 | 10891 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  5.862% due 01/09/2036 •  |  | 29362 | 30258 |
|  |  |  | 122735 |
| SOVEREIGN ISSUES 3.2% | SOVEREIGN ISSUES 3.2% | SOVEREIGN ISSUES 3.2% | SOVEREIGN ISSUES 3.2% |
|  French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT |
|  2.700% due 02/25/2031 |  | 23100 | 26169 |
|  2.750% due 02/25/2029 |  | 121600 | 139891 |
|  2.750% due 02/25/2030 |  | 361800 | 413946 |
|  |  |  | 580006 |
|  Total France (Cost $668,706) |  |  | 702741 |
| GERMANY 0.1% | GERMANY 0.1% | GERMANY 0.1% | GERMANY 0.1% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  2.552% due 01/07/2028 •  | $— | 8200 | 8073 |
|  Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau |
|  4.250% due 02/15/2030 |  | 13600 | 17847 |
|  Total Germany (Cost $25,728) | Total Germany (Cost $25,728) | Total Germany (Cost $25,728) | 25920 |
| HUNGARY 0.0% |  |  |  |
| SOVEREIGN ISSUES 0.0% |  |  |  |
|  Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
|  5.500% due 03/26/2036 | $— | 5800 | 5660 |
|  Total Hungary (Cost $5,694) |  |  | 5660 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| IRELAND 3.3% | IRELAND 3.3% | IRELAND 3.3% | IRELAND 3.3% |
| ASSET-BACKED SECURITIES 3.0% | ASSET-BACKED SECURITIES 3.0% | ASSET-BACKED SECURITIES 3.0% | ASSET-BACKED SECURITIES 3.0% |
|  Arbour CLO DAC | Arbour CLO DAC | Arbour CLO DAC | Arbour CLO DAC |
|  3.314% due 05/15/2038 •  | EUR | 3900 | 4511 |
|  Arcano Euro CLO II DAC | Arcano Euro CLO II DAC | Arcano Euro CLO II DAC | Arcano Euro CLO II DAC |
|  3.280% due 07/25/2039 •  |  | 13900 | 16068 |
|  ARES European CLO XIV DAC | ARES European CLO XIV DAC | ARES European CLO XIV DAC | ARES European CLO XIV DAC |
|  3.063% due 10/21/2034 •  |  | 1021 | 1182 |
|  ARES European CLO XV DAC | ARES European CLO XV DAC | ARES European CLO XV DAC | ARES European CLO XV DAC |
|  2.966% due 01/15/2036 •  |  | 8335 | 9616 |
|  Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC |
|  3.277% due 01/22/2038 •  |  | 22400 | 25878 |
|  Barings Euro CLO DAC | Barings Euro CLO DAC | Barings Euro CLO DAC | Barings Euro CLO DAC |
|  3.269% due 10/21/2038 •  |  | 18700 | 21602 |
|  3.426% due 08/15/2039 •  |  | 12600 | 14536 |
|  BlackRock European CLO III DAC | BlackRock European CLO III DAC | BlackRock European CLO III DAC | BlackRock European CLO III DAC |
|  2.906% due 07/19/2035 •  |  | 7600 | 8775 |
|  BlackRock European CLO VII DAC | BlackRock European CLO VII DAC | BlackRock European CLO VII DAC | BlackRock European CLO VII DAC |
|  2.636% due 10/15/2031 •  |  | 1178 | 1364 |
|  BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC |
|  2.666% due 10/15/2031 •  |  | 1544 | 1787 |
|  Bosphorus CLO IX DAC | Bosphorus CLO IX DAC | Bosphorus CLO IX DAC | Bosphorus CLO IX DAC |
|  0.000% due 04/15/2038 •(b) |  | 9300 | 10749 |
|  Cairn CLO VII DAC | Cairn CLO VII DAC | Cairn CLO VII DAC | Cairn CLO VII DAC |
|  2.696% due 01/31/2030 •  |  | 1820 | 2106 |
|  Cairn CLO XI DAC | Cairn CLO XI DAC | Cairn CLO XI DAC | Cairn CLO XI DAC |
|  3.187% due 01/15/2040 •  |  | 8300 | 9588 |
|  Capital Four CLO IV DAC | Capital Four CLO IV DAC | Capital Four CLO IV DAC | Capital Four CLO IV DAC |
|  3.175% due 04/15/2038 •  |  | 6400 | 7375 |
|  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 •  |  | 9100 | 10500 |
|  Carlyle Euro CLO DAC |  |  |  |
|  2.716% due 01/15/2031 •  |  | 2318 | 2683 |
|  3.006% due 10/15/2035 •  |  | 17000 | 19642 |
|  3.194% due 08/15/2038 •  |  | 25000 | 28885 |
|  CVC Cordatus Loan Fund XII DAC | CVC Cordatus Loan Fund XII DAC | CVC Cordatus Loan Fund XII DAC | CVC Cordatus Loan Fund XII DAC |
|  3.285% due 01/23/2039 •  |  | 11080 | 12790 |
|  CVC Cordatus Loan Fund XXX DAC | CVC Cordatus Loan Fund XXX DAC | CVC Cordatus Loan Fund XXX DAC | CVC Cordatus Loan Fund XXX DAC |
|  3.229% due 05/15/2037 •  |  | 4600 | 5314 |
|  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 |
|  2.824% due 08/15/2033 •  |  | 11242 | 12979 |
|  Dryden 73 Euro CLO DAC | Dryden 73 Euro CLO DAC | Dryden 73 Euro CLO DAC | Dryden 73 Euro CLO DAC |
|  2.956% due 01/15/2034 •  |  | 6576 | 7595 |
|  Dryden Euro CLO | Dryden Euro CLO | Dryden Euro CLO | Dryden Euro CLO |
|  3.286% due 10/18/2039 •  |  | 8300 | 9588 |
|  Grosvenor Place CLO DAC | Grosvenor Place CLO DAC | Grosvenor Place CLO DAC | Grosvenor Place CLO DAC |
|  3.383% due 08/15/2039 •  |  | 12900 | 14910 |
|  Harvest CLO XVI DAC | Harvest CLO XVI DAC | Harvest CLO XVI DAC | Harvest CLO XVI DAC |
|  3.336% due 10/15/2038 •  |  | 14900 | 17211 |
|  Hayfin Emerald CLO V DAC | Hayfin Emerald CLO V DAC | Hayfin Emerald CLO V DAC | Hayfin Emerald CLO V DAC |
|  3.194% due 11/17/2037 •  |  | 16900 | 19542 |
|  Hayfin Emerald CLO XIV DAC | Hayfin Emerald CLO XIV DAC | Hayfin Emerald CLO XIV DAC | Hayfin Emerald CLO XIV DAC |
|  3.237% due 01/22/2039 •  |  | 5500 | 6357 |
|  ICG Euro CLO DAC | ICG Euro CLO DAC | ICG Euro CLO DAC | ICG Euro CLO DAC |
|  3.320% (EUR003M + 1.290%) due 01/26/2038 ~ |  | 6600 | 7627 |
|  Indigo Credit Management I DAC | Indigo Credit Management I DAC | Indigo Credit Management I DAC | Indigo Credit Management I DAC |
|  3.276% due 10/15/2037 •  |  | 2300 | 2657 |
|  Indigo Credit Management II DAC | Indigo Credit Management II DAC | Indigo Credit Management II DAC | Indigo Credit Management II DAC |
|  3.216% due 07/15/2038 •  |  | 28000 | 32359 |
|  Invesco Euro CLO III DAC | Invesco Euro CLO III DAC | Invesco Euro CLO III DAC | Invesco Euro CLO III DAC |
|  3.136% due 10/30/2038 •  |  | 15700 | 18138 |
|  Invesco Euro CLO V DAC | Invesco Euro CLO V DAC | Invesco Euro CLO V DAC | Invesco Euro CLO V DAC |
|  3.036% due 01/15/2034 •  |  | 9787 | 11324 |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  2.666% due 04/15/2031 •  |  | 3654 | 4229 |
|  Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC |
|  2.840% due 12/15/2031 •  |  | 341 | 394 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>13</sub> |

---

------

Schedule of Investments PIMCO International Bond Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  MV Credit Euro CLO III DAC | MV Credit Euro CLO III DAC | MV Credit Euro CLO III DAC |
|  3.284% due 02/15/2038 •  | 6300 | 7282 |
|  OCP Euro CLO DAC |  |  |
|  3.256% due 10/20/2039 •  | 9100 | 10514 |
|  3.266% due 07/20/2036 •  | 12600 | 14554 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  2.866% due 10/15/2034 •  | 17608 | 20336 |
|  2.954% due 05/15/2033 •  | 1381 | 1598 |
|  3.047% due 07/15/2035 •  | 1100 | 1272 |
|  3.134% due 02/15/2035 •  | 22626 | 26180 |
|  Penta CLO 9 DAC | Penta CLO 9 DAC | Penta CLO 9 DAC |
|  2.880% due 07/25/2036 •  | 8400 | 9684 |
|  Providus CLO V DAC | Providus CLO V DAC | Providus CLO V DAC |
|  3.214% due 11/15/2039 •  | 12200 | 14093 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  3.271% due 08/29/2036 •  | 10000 | 11552 |
|  Sculptor European CLO IV DAC | Sculptor European CLO IV DAC | Sculptor European CLO IV DAC |
|  3.238% due 04/27/2038 •  | 18200 | 21031 |
|  St. Paul's CLO II DAC | St. Paul's CLO II DAC | St. Paul's CLO II DAC |
|  3.010% due 10/25/2035 •  | 8000 | 9239 |
|  Tikehau CLO V DAC | Tikehau CLO V DAC | Tikehau CLO V DAC |
|  3.216% due 10/15/2038 •  | 11600 | 13404 |
|  Trinitas Euro CLO I DAC | Trinitas Euro CLO I DAC | Trinitas Euro CLO I DAC |
|  3.226% due 07/15/2039 •  | 6000 | 6933 |
|  |  | 547533 |
| 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 |
|  3.886% (EUR006M + 1.750%) due 03/05/2027 «~ | 34600 | 40035 |
| 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 |
|  3.019% due 08/24/2075 ~ | 12563 | 14516 |
|  Total Ireland (Cost $588,625) |  | 602084 |
| 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 |
|  4.500% due 01/17/2033 | 11200 | 10775 |
|  5.375% due 03/12/2029 | 19550 | 19861 |
|  5.375% due 02/19/2030 | 79200 | 80469 |
|  5.500% due 03/12/2034 | 8200 | 8316 |
|  5.625% due 02/19/2035 | 15000 | 15279 |
|  5.750% due 03/12/2054 | 22900 | 21331 |
|  Total Israel (Cost $154,165) |  | 156031 |
| ITALY 1.7% | ITALY 1.7% | ITALY 1.7% |
| 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 | 16993 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.200% due 11/28/2033 | 15100 | 16931 |
|  8.248% due 11/21/2033 •  | 13200 | 15217 |
|  |  | 49141 |
| SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.750% due 05/05/2026 | 18800 | 18825 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  3.400% due 04/01/2028 | 194600 | 227281 |
|  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 | 7987 |
|  |  | 254093 |
|  Total Italy (Cost $307,437) |  | 303234 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| JAPAN 4.5% | JAPAN 4.5% | JAPAN 4.5% |
| 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 | 7531 |
|  4.780% (SOFRRATE + 1.130%) due 09/12/2031 ~ | 31000 | 31145 |
|  Nippon Life Insurance Co. | Nippon Life Insurance Co. | Nippon Life Insurance Co. |
|  4.748% due 04/02/2031 (b) | 5400 | 5416 |
|  5.046% due 04/02/2033 (b) | 4100 | 4107 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.329% due 01/22/2027 | 10300 | 10130 |
|  Olympus Corp. | Olympus Corp. | Olympus Corp. |
|  2.143% due 12/08/2026 | 8700 | 8594 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  4.660% due 07/08/2031 •  | 12600 | 12534 |
|  4.869% (SOFRRATE + 1.190%) due 07/08/2031 ~ | 8100 | 8162 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  5.200% due 03/07/2027 | 4300 | 4339 |
|  5.200% due 03/07/2029 | 16400 | 16728 |
|  |  | 108686 |
| SOVEREIGN ISSUES 3.9% | SOVEREIGN ISSUES 3.9% | SOVEREIGN ISSUES 3.9% |
|  Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds |
|  0.100% due 03/10/2028 (f) | 15715286 | 99368 |
|  0.100% due 03/10/2029 (f) | 5015468 | 31508 |
|  Japan Government Five Year Bonds | Japan Government Five Year Bonds | Japan Government Five Year Bonds |
|  0.400% due 06/20/2029 | 6120000 | 37185 |
|  Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds |
|  2.200% due 03/20/2064 | 10823000 | 47268 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  0.500% due 09/20/2046 | 5480000 | 20134 |
|  0.500% due 03/20/2049 | 10483000 | 35218 |
|  0.700% due 12/20/2048 | 9439000 | 33856 |
|  0.700% due 12/20/2050 | 4080000 | 13660 |
|  0.700% due 03/20/2051 | 4080000 | 13538 |
|  0.700% due 06/20/2051 | 9715000 | 31943 |
|  0.700% due 12/20/2051 | 590000 | 1905 |
|  1.000% due 03/20/2052 | 2860000 | 10082 |
|  1.300% due 06/20/2052 | 1760000 | 6732 |
|  1.400% due 09/20/2045 | 1330000 | 6154 |
|  1.400% due 03/20/2053 | 1390000 | 5401 |
|  1.800% due 03/20/2054 | 775500 | 3306 |
|  2.200% due 06/20/2054 | 3886350 | 18234 |
|  2.300% due 12/20/2054 | 2950300 | 14111 |
|  2.400% due 03/20/2055 | 21000 | 103 |
|  3.200% due 09/20/2055 | 4850000 | 28089 |
|  3.400% due 12/20/2055 | 2958700 | 17813 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  0.400% due 06/20/2040 | 14093700 | 63420 |
|  0.500% due 03/20/2041 | 1771500 | 7900 |
|  1.100% due 09/20/2042 | 9710000 | 45793 |
|  1.800% due 09/20/2044 | 10720000 | 54481 |
|  2.400% due 03/20/2045 | 9271000 | 51621 |
|  3.200% due 12/20/2045 | 3674900 | 22934 |
|  |  | 721757 |
|  Total Japan (Cost $1,200,623) | Total Japan (Cost $1,200,623) | 830443 |
| JERSEY, CHANNEL ISLANDS 0.5% | JERSEY, CHANNEL ISLANDS 0.5% | JERSEY, CHANNEL ISLANDS 0.5% |
| 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. |
|  4.661% due 04/23/2035 •  | 14400 | 14403 |
|  4.819% due 04/22/2035 •  | 12800 | 12797 |
|  4.830% due 07/17/2035 •  | 5000 | 5001 |
|  Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. |
|  5.568% due 01/20/2037 •  | 5100 | 5117 |
|  Elmwood CLO 15 Ltd. | Elmwood CLO 15 Ltd. | Elmwood CLO 15 Ltd. |
|  4.819% due 04/22/2035 •  | 2500 | 2500 |
|  Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. |
|  4.778% due 04/20/2035 •  | 2300 | 2301 |
|  Harvest U.S. CLO Ltd. | Harvest U.S. CLO Ltd. | Harvest U.S. CLO Ltd. |
|  4.822% due 01/15/2037 •  | 5700 | 5696 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Invesco CLO Ltd. | Invesco CLO Ltd. | Invesco CLO Ltd. |
|  4.818% due 07/20/2035 •  | 11500 | 11505 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  4.798% due 07/20/2032 •  | 5953 | 5959 |
|  |  | 65279 |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Royal Bank of Scotland International Ltd. | Royal Bank of Scotland International Ltd. | Royal Bank of Scotland International Ltd. |
|  4.660% due 12/16/2028 «(j) | 19000 | 18757 |
|  Total Jersey, Channel Islands (Cost $84,253) | Total Jersey, Channel Islands (Cost $84,253) | 84036 |
| KAZAKHSTAN 0.0% | KAZAKHSTAN 0.0% | KAZAKHSTAN 0.0% |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC |
|  18.400% due 10/16/2028 | 3838000 | 8252 |
|  Total Kazakhstan (Cost $7,086) | Total Kazakhstan (Cost $7,086) | 8252 |
| KUWAIT 0.5% | KUWAIT 0.5% | KUWAIT 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds |
|  4.016% due 10/09/2028 | 41200 | 40642 |
|  4.136% due 10/09/2030 | 20500 | 20083 |
|  4.652% due 10/09/2035 | 29000 | 27891 |
|  Total Kuwait (Cost $90,700) | Total Kuwait (Cost $90,700) | 88616 |
| 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 | 1474 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Fennovoima OYJ | Fennovoima OYJ | Fennovoima OYJ |
|  0.600% - 4.485% (EUR003M + 2.350%) due 07/10/2028 «~µ(j) | 2976 | 3460 |
|  0.600% - 4.485% (EUR003M + 2.350%) due 07/10/2028 «~(j) | 8427 | 9799 |
|  |  | 13259 |
| 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 (l) | $95500 | 96121 |
|  Total Luxembourg (Cost $110,088) | Total Luxembourg (Cost $110,088) | 110854 |
| 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 | 2962 |
|  4.550% due 04/21/2050 | 3300 | 2840 |
|  4.800% due 04/21/2060 | 4200 | 3662 |
|  |  | 9464 |
| 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 | 19006 |
|  3.519% due 04/20/2028 | 765672 | 190380 |
|  3.582% due 07/15/2032 | 23340 | 5791 |
|  Malaysia Government Investment Issue | Malaysia Government Investment Issue | Malaysia Government Investment Issue |
|  4.193% due 10/07/2032 | 133560 | 34322 |
|  |  | 249499 |
|  Total Malaysia (Cost $229,311) |  | 258963 |

---

14 PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED) See Accompanying Notes

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| 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 | 4782 |
|  Total Mexico (Cost $5,688) |  | 4782 |
| NETHERLANDS 0.2% | NETHERLANDS 0.2% | NETHERLANDS 0.2% |
| 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 | 19869 |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  5.515% due 12/03/2035 •  | 15200 | 15417 |
|  Total Netherlands (Cost $35,106) |  | 35286 |
| 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 | 151 |
|  Total New Zealand (Cost $207) |  | 151 |
| 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. |
|  3.724% (EUR003M + 1.700%) due 08/23/2027 ~ | 9075 | 10465 |
|  Total Nigeria (Cost $9,492) |  | 10465 |
| 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 | 13946 |
|  Total Norway (Cost $15,081) |  | 13946 |
| PERU 1.5% | PERU 1.5% | PERU 1.5% |
| SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% | SOVEREIGN ISSUES 1.5% |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  2.780% due 12/01/2060 | 4700 | 2490 |
|  3.230% due 07/28/2121 | 3300 | 1772 |
|  5.400% due 08/12/2034 | 105600 | 28832 |
|  6.150% due 08/12/2032 | 299500 | 90006 |
|  6.850% due 08/12/2035 | 265373 | 77866 |
|  6.900% due 08/12/2037 | 238700 | 68209 |
|  6.950% due 08/12/2031 | 15441 | 4813 |
|  Total Peru (Cost $274,474) |  | 273988 |
| POLAND 0.1% | POLAND 0.1% | POLAND 0.1% |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
|  4.875% due 02/12/2030 | 10000 | 10227 |
|  5.125% due 09/18/2034 | 6100 | 6139 |
|  5.375% due 02/12/2035 | 7400 | 7552 |
|  Total Poland (Cost $23,429) |  | 23918 |
| 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 | 8991 |
|  3.125% due 07/12/2041 | 1600 | 1165 |
|  3.300% due 07/12/2051 | 4600 | 2981 |
|  Total Qatar (Cost $16,335) |  | 13137 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| ROMANIA 0.6% | ROMANIA 0.6% | ROMANIA 0.6% |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  1.750% due 07/13/2030 | 12500 | 12731 |
|  2.124% due 07/16/2031 | 800 | 794 |
|  2.125% due 03/07/2028 | 14800 | 16597 |
|  5.000% due 09/27/2026 | 5355 | 6244 |
|  5.125% due 09/24/2031 | 28630 | 32865 |
|  5.250% due 03/10/2030 | 13000 | 15253 |
|  5.500% due 09/18/2028 | 9000 | 10747 |
|  6.625% due 09/27/2029 | 13100 | 16153 |
|  Total Romania (Cost $107,740) | Total Romania (Cost $107,740) | 111384 |
| SAUDI ARABIA 1.4% | SAUDI ARABIA 1.4% | SAUDI ARABIA 1.4% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  2.250% due 11/24/2030 | 1200 | 1060 |
|  4.750% due 06/02/2030 | 1300 | 1289 |
|  5.375% due 06/02/2035 | 1300 | 1294 |
|  6.375% due 06/02/2055 | 8300 | 8271 |
|  |  | 11914 |
| 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 | 4300 | 4037 |
|  3.375% due 03/05/2032 | 18700 | 20964 |
|  3.750% due 03/05/2037 (l) | 5700 | 6212 |
|  4.750% due 01/18/2028 | 32100 | 32187 |
|  4.750% due 01/16/2030 | 51500 | 51510 |
|  4.875% due 07/18/2033 | 7200 | 7122 |
|  5.000% due 01/16/2034 | 35500 | 35367 |
|  5.000% due 01/18/2053 | 1000 | 847 |
|  5.125% due 01/13/2028 | 44400 | 44882 |
|  5.375% due 01/13/2031 | 27600 | 28220 |
|  |  | 231348 |
|  Total Saudi Arabia (Cost $239,938) | Total Saudi Arabia (Cost $239,938) | 243262 |
| 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% |
|  Telecom Serbia | Telecom Serbia | Telecom Serbia |
|  3.522% (EUR006M + 1.350%) due 06/11/2029 «~ | 19400 | 22385 |
|  Total Serbia (Cost $20,914) |  | 22385 |
| SINGAPORE 0.1% | SINGAPORE 0.1% | SINGAPORE 0.1% |
| ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% |
|  Bayfront Iabs VII Pte. Ltd. | Bayfront Iabs VII Pte. Ltd. | Bayfront Iabs VII Pte. Ltd. |
|  0.000% due 04/11/2048 «•  | 13400 | 13400 |
|  Total Singapore (Cost $13,400) | Total Singapore (Cost $13,400) | 13400 |
| SLOVAKIA 0.1% | SLOVAKIA 0.1% | SLOVAKIA 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 |
|  7.125% due 07/04/2028 •  | 17400 | 20986 |
|  Total Slovakia (Cost $20,845) |  | 20986 |
| SOUTH AFRICA 1.6% | SOUTH AFRICA 1.6% | SOUTH AFRICA 1.6% |
| SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% |
|  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 | 9339 |
|  7.000% due 02/28/2031 | 461300 | 25551 |
|  8.000% due 01/31/2030 | 1044300 | 61053 |
|  8.875% due 02/28/2035 | 2979900 | 173075 |
|  9.000% due 01/31/2040 | 541200 | 30100 |
|  Total South Africa (Cost $285,298) | Total South Africa (Cost $285,298) | 299118 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SOUTH KOREA 1.7% | SOUTH KOREA 1.7% | SOUTH KOREA 1.7% |
| SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% | SOVEREIGN ISSUES 1.7% |
|  Korea Housing Finance Corp. | Korea Housing Finance Corp. | Korea Housing Finance Corp. |
|  2.696% due 03/04/2031 | 26500 | 29948 |
|  2.765% due 09/02/2030 | 28100 | 31948 |
|  Korea Treasury Bonds |  |  |
|  1.375% due 06/10/2030 | 38824610 | 23016 |
|  2.375% due 12/10/2028 | 113568490 | 71951 |
|  2.625% due 06/10/2028 | 250251130 | 160494 |
|  Total South Korea (Cost $373,483) | Total South Korea (Cost $373,483) | 317357 |
| SPAIN 3.7% | SPAIN 3.7% | SPAIN 3.7% |
| SOVEREIGN ISSUES 3.7% | SOVEREIGN ISSUES 3.7% | SOVEREIGN ISSUES 3.7% |
|  Autonomous Community of Catalonia | Autonomous Community of Catalonia | Autonomous Community of Catalonia |
|  4.220% due 04/26/2035 | 3500 | 4135 |
|  Spain Government Bonds | Spain Government Bonds | Spain Government Bonds |
|  1.450% due 04/30/2029 | 19213 | 21352 |
|  2.400% due 05/31/2028 | 85750 | 98419 |
|  3.150% due 04/30/2035 | 91140 | 103178 |
|  3.200% due 10/31/2035 | 31100 | 35190 |
|  3.300% due 04/30/2036 | 24500 | 27820 |
|  3.450% due 10/31/2034 | 254730 | 296132 |
|  3.500% due 05/31/2029 | 70600 | 83305 |
|  Spain Government International Bonds | Spain Government International Bonds | Spain Government International Bonds |
|  5.250% due 04/06/2029 | 900 | 1205 |
|  Total Spain (Cost $671,071) | Total Spain (Cost $671,071) | 670736 |
| SUPRANATIONAL 1.5% | SUPRANATIONAL 1.5% | SUPRANATIONAL 1.5% |
| 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 | 10113 |
| SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% |
|  European Union | European Union | European Union |
|  3.375% due 12/12/2035 | 118100 | 136198 |
|  3.750% due 10/12/2045 | 108500 | 121464 |
|  |  | 257662 |
|  Total Supranational (Cost $277,877) | Total Supranational (Cost $277,877) | 267775 |
| SWITZERLAND 0.3% | SWITZERLAND 0.3% | SWITZERLAND 0.3% |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  3.091% due 05/14/2032 •  | 4800 | 4404 |
|  3.869% due 01/12/2029 •  | 7680 | 7594 |
|  4.282% due 01/09/2028 | 900 | 897 |
|  4.844% due 11/06/2033 •  | 23600 | 23221 |
|  5.428% due 02/08/2030 •  | 7100 | 7255 |
|  5.617% due 09/13/2030 •  | 11500 | 11858 |
|  5.699% due 02/08/2035 •  | 2200 | 2256 |
|  Total Switzerland (Cost $57,142) | Total Switzerland (Cost $57,142) | 57485 |
| THAILAND 1.0% | THAILAND 1.0% | THAILAND 1.0% |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds |
|  1.840% due 05/17/2036 | 2213494 | 64895 |
|  2.700% due 06/17/2040 | 3343700 | 99838 |
|  2.980% due 06/17/2045 | 931914 | 27235 |
|  Total Thailand (Cost $208,446) | Total Thailand (Cost $208,446) | 191968 |
| 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 | 45707 |
|  4.500% due 05/06/2030 | 5200 | 5131 |
|  5.000% due 05/06/2035 | 7400 | 7212 |
|  MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. |
|  5.500% due 04/28/2033 | 6600 | 6698 |
|  Total United Arab Emirates (Cost $65,891) | Total United Arab Emirates (Cost $65,891) | 64748 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 15

------

Schedule of Investments PIMCO International Bond Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| UNITED KINGDOM 7.4% | UNITED KINGDOM 7.4% | UNITED KINGDOM 7.4% |
| ASSET-BACKED SECURITIES 0.0% | ASSET-BACKED SECURITIES 0.0% | ASSET-BACKED SECURITIES 0.0% |
|  Together Asset-Backed Securitisation 14 PLC | Together Asset-Backed Securitisation 14 PLC | Together Asset-Backed Securitisation 14 PLC |
|  4.494% due 08/15/2066 ~ | 6292 | 8315 |
| CORPORATE BONDS & NOTES 2.1% | CORPORATE BONDS & NOTES 2.1% | CORPORATE BONDS & NOTES 2.1% |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  5.674% due 03/12/2028 •  | 9800 | 9894 |
|  5.690% due 03/12/2030 •  | 20200 | 20760 |
|  6.490% due 09/13/2029 •  | 6600 | 6874 |
|  8.875% due 09/15/2027 •(g)(h) | 10100 | 13756 |
|  9.250% due 09/15/2028 •(g)(h) | 2300 | 3208 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  3.973% due 05/22/2030 •  | 5000 | 4897 |
|  4.041% due 03/13/2028 •  | 4100 | 4082 |
|  4.583% due 06/19/2029 •  | 7400 | 7396 |
|  5.597% due 05/17/2028 •  | 16900 | 17093 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  5.590% due 11/26/2035 •  | 14900 | 15166 |
|  5.721% due 06/05/2030 •  | 28500 | 29437 |
|  7.875% due 06/27/2029 •(g)(h) | 3400 | 4602 |
|  8.500% due 09/27/2027 •(g)(h) | 1000 | 1366 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  2.972% due 02/16/2028 •  | 13800 | 13610 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.892% due 05/18/2029 •  | 300 | 302 |
|  5.076% due 01/27/2030 •  | 5732 | 5797 |
|  5.125% due 05/12/2027 •(g)(h) | 4300 | 5606 |
|  5.516% due 09/30/2028 •  | 10500 | 10656 |
|  5.778% due 03/01/2035 •  | 55200 | 57080 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (d) | 33409 | 26161 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  4.716% (SOFRINDX + 1.070%) due 09/22/2029 ~ | 15200 | 15213 |
|  4.858% due 09/11/2030 •  | 2000 | 2005 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  2.608% due 01/12/2028 •  | 11100 | 10936 |
|  6.187% due 07/06/2027 •  | 18000 | 18073 |
|  6.750% due 02/08/2028 •  | 14000 | 14250 |
|  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 | 35900 |
|  7.750% due 04/15/2032 | 28600 | 27450 |
|  |  | 381570 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  FPS Finance Co. 1 LLC | FPS Finance Co. 1 LLC | FPS Finance Co. 1 LLC |
|  6.610% (EUR003M + 2.950%) due 05/26/2028 «~ | 3600 | 3600 |
|  Nscale AS | Nscale AS | Nscale AS |
|  TBD% - 8.700% (TSFR3M + 5.000%) due 08/11/2032 «~µ | 20000 | 20000 |
|  Virgin Media Investment Holdings Ltd. | Virgin Media Investment Holdings Ltd. | Virgin Media Investment Holdings Ltd. |
|  6.978% due 08/01/2030 «~ | 1100 | 1398 |
|  |  | 24998 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.5% |
|  Aldbrook Mortgage Transaction PLC | Aldbrook Mortgage Transaction PLC | Aldbrook Mortgage Transaction PLC |
|  4.595% due 12/18/2066 •  | 3776 | 4997 |
|  Bletchley Park Funding PLC | Bletchley Park Funding PLC | Bletchley Park Funding PLC |
|  4.504% due 01/27/2070 •  | 3256 | 4307 |
|  Braccan Mortgage Funding PLC | Braccan Mortgage Funding PLC | Braccan Mortgage Funding PLC |
|  0.000% due 01/17/2068 •  | 25000 | 33090 |
|  0.000% due 04/17/2068 •  | 19900 | 26343 |
|  4.585% due 05/17/2067 •  | 12953 | 17143 |
|  Elstree 1st PLC | Elstree 1st PLC | Elstree 1st PLC |
|  4.473% due 10/21/2065 •  | 3638 | 4805 |
|  Elstree Funding | Elstree Funding | Elstree Funding |
|  4.453% due 01/21/2065 •  | 2448 | 3237 |
|  EuroMASTR PLC | EuroMASTR PLC | EuroMASTR PLC |
|  4.065% due 06/15/2040 •  | 49 | 63 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  4.565% due 09/13/2045 •  | $| 366 | 478 |
|  4.815% due 06/13/2045 •  |  | 90 | 119 |
|  Ludgate Funding PLC | Ludgate Funding PLC | Ludgate Funding PLC | Ludgate Funding PLC |
|  2.176% due 01/01/2061 •  | EUR | 73 | 83 |
|  Mansard Mortgages PLC | Mansard Mortgages PLC | Mansard Mortgages PLC | Mansard Mortgages PLC |
|  4.515% due 12/15/2049 •  | GBP | 1202 | 1592 |
|  Mortimer BTL PLC | Mortimer BTL PLC | Mortimer BTL PLC | Mortimer BTL PLC |
|  4.445% due 06/23/2053 •  |  | 5377 | 7118 |
|  Mortimer PLC | Mortimer PLC | Mortimer PLC | Mortimer PLC |
|  4.575% due 09/22/2067 •  |  | 1080 | 1430 |
|  Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC |
|  2.256% due 12/01/2050 •  | EUR | 2301 | 2533 |
|  2.750% due 12/15/2050 •  |  | 2414 | 2776 |
|  3.400% due 12/15/2050 •  |  | 765 | 848 |
|  3.650% due 12/15/2050 •  |  | 1254 | 1398 |
|  4.034% due 12/01/2050 •  | GBP | 20 | 27 |
|  4.065% due 12/15/2050 •  |  | 1905 | 2377 |
|  4.865% due 12/15/2050 •  |  | 1682 | 2204 |
|  5.115% due 12/15/2050 •  |  | 948 | 1214 |
|  Polaris PLC | Polaris PLC | Polaris PLC | Polaris PLC |
|  4.464% due 06/27/2070 •  |  | 21900 | 28918 |
|  4.504% due 08/25/2068 •  |  | 4011 | 5300 |
|  4.554% due 10/27/2069 •  |  | 24999 | 33084 |
|  Resloc U.K. PLC | Resloc U.K. PLC | Resloc U.K. PLC | Resloc U.K. PLC |
|  4.025% due 12/15/2043 •  |  | 257 | 333 |
|  4.085% due 12/15/2043 •  |  | 443 | 559 |
|  RMAC Securities No. 1 PLC | RMAC Securities No. 1 PLC | RMAC Securities No. 1 PLC | RMAC Securities No. 1 PLC |
|  2.322% due 06/12/2044 •  | EUR | 50 | 55 |
|  4.015% due 06/12/2044 •  | GBP | 797 | 1038 |
|  4.035% due 06/12/2044 •  |  | 2180 | 2831 |
|  4.061% due 06/12/2044 •  | $| 111 | 108 |
|  Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC |
|  4.645% due 06/28/2050 •  | GBP | 5047 | 6681 |
|  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 |
|  4.669% due 07/20/2053 •  |  | 14922 | 19763 |
|  Tower Bridge Funding PLC | Tower Bridge Funding PLC | Tower Bridge Funding PLC | Tower Bridge Funding PLC |
|  4.625% due 05/20/2066 •  |  | 2138 | 2833 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  4.644% (SONIO/N + 0.900%) due 07/15/2059 ~ |  | 17590 | 23294 |
|  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 (d) |  | 1 | 5113 |
|  4.695% due 12/21/2049 •  |  | 11193 | 14825 |
|  5.395% due 12/21/2049 •  |  | 6230 | 8255 |
|  5.895% due 12/21/2049 •  |  | 3115 | 4101 |
|  6.395% due 12/21/2049 •  |  | 1780 | 2339 |
|  6.895% due 12/21/2049 •  |  | 1780 | 2319 |
|  |  |  | 279931 |
| SOVEREIGN ISSUES 3.7% | SOVEREIGN ISSUES 3.7% | SOVEREIGN ISSUES 3.7% | SOVEREIGN ISSUES 3.7% |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  0.625% due 10/22/2050 |  | 38900 | 17914 |
|  1.250% due 07/31/2051 |  | 47100 | 26101 |
|  1.500% due 07/31/2053 |  | 29830 | 17105 |
|  1.750% due 01/22/2049 |  | 28000 | 19087 |
|  4.375% due 03/07/2030 |  | 315090 | 416340 |
|  4.375% due 07/31/2054 |  | 27570 | 30386 |
|  5.250% due 01/31/2041 |  | 40100 | 52861 |
|  5.375% due 01/31/2056 |  | 78700 | 101800 |
|  |  |  | 681594 |
|  Total United Kingdom (Cost $1,476,562) | Total United Kingdom (Cost $1,476,562) | Total United Kingdom (Cost $1,476,562) | 1376408 |
| UNITED STATES 58.9% | UNITED STATES 58.9% | UNITED STATES 58.9% | UNITED STATES 58.9% |
| ASSET-BACKED SECURITIES 2.9% | ASSET-BACKED SECURITIES 2.9% | ASSET-BACKED SECURITIES 2.9% | ASSET-BACKED SECURITIES 2.9% |
|  ABFC Trust | ABFC Trust | ABFC Trust | ABFC Trust |
|  4.053% due 01/25/2037 •  |  | $3536 | 2547 |
|  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 |
|  3.933% due 11/25/2036 •  |  | 3638 | 1488 |
|  4.378% due 02/25/2036 •  |  | 15638 | 14269 |
|  AMRESCO Residential Securities Corp. Mortgage Loan Trust | AMRESCO Residential Securities Corp. Mortgage Loan Trust | AMRESCO Residential Securities Corp. Mortgage Loan Trust | AMRESCO Residential Securities Corp. Mortgage Loan Trust |
|  4.733% due 06/25/2029 •  |  | 144 | 150 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  5.920% due 06/17/2039 •  | 4990 | 4993 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  3.642% due 02/25/2034 •  | 133 | 144 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  4.888% due 02/25/2035 •  | 1610 | 1666 |
|  5.137% due 04/15/2033 •  | 183 | 184 |
|  C-BASS Trust | C-BASS Trust | C-BASS Trust |
|  3.913% due 11/25/2036 •  | 3 | 1 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  3.853% due 07/25/2045 •  | 171 | 121 |
|  4.053% due 03/25/2037 •  | 1297 | 1186 |
|  4.093% due 12/25/2036 •  | 5765 | 2145 |
|  4.113% due 12/25/2036 •  | 2069 | 1164 |
|  4.153% due 01/25/2037 •  | 3912 | 2920 |
|  4.183% due 06/25/2037 •  | 757 | 757 |
|  4.243% due 08/25/2036 •  | 10427 | 10299 |
|  4.313% due 03/25/2036 •  | 3370 | 3115 |
|  7.250% due 10/25/2037 þ | 718 | 695 |
|  Consumer Loan Finance Issuer Trust | Consumer Loan Finance Issuer Trust | Consumer Loan Finance Issuer Trust |
|  0.000% due 11/25/2054 «(d) | 3452 | 1807 |
|  5.150% due 11/25/2054 | 2557 | 2566 |
|  5.350% due 11/25/2054 | 14340 | 14546 |
|  5.450% due 11/25/2054 | 3314 | 3345 |
|  5.750% due 11/25/2054 | 1657 | 1668 |
|  6.600% due 11/25/2054 | 2145 | 2149 |
|  8.750% due 11/25/2054 | 1243 | 1253 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.473% due 12/25/2036 •  | 187 | 156 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  3.933% due 08/25/2037 •  | 3127 | 2816 |
|  3.993% due 06/25/2047 •  | 4475 | 4040 |
|  4.053% due 12/25/2036 •  | 768 | 722 |
|  4.073% due 05/25/2035 •  | 1163 | 1133 |
|  4.073% due 06/25/2035 •  | 4702 | 4361 |
|  4.212% due 12/25/2034 •  | 6925 | 6568 |
|  4.253% due 04/25/2047 •  | 10499 | 9692 |
|  4.273% due 03/25/2036 •  | 715 | 664 |
|  4.332% due 08/25/2035 ~ | 163 | 156 |
|  4.768% due 01/25/2036 •  | 10385 | 10311 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  4.413% due 01/25/2032 •  | 10 | 10 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.693% due 03/25/2034 •  | 2711 | 2852 |
|  Fremont Home Loan Trust |  |  |
|  4.093% due 10/25/2036 •  | 5982 | 2361 |
|  4.333% due 02/25/2036 •  | 7522 | 7044 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.153% due 03/25/2036 •  | 5742 | 1828 |
|  GSAA Trust |  |  |
|  5.995% due 03/25/2046 ~ | 757 | 256 |
|  GSAMP Trust |  |  |
|  4.053% due 12/25/2046 •  | 7041 | 3726 |
|  4.333% due 03/25/2047 •  | 1101 | 815 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.393% 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 |
|  4.033% due 04/25/2037 •  | 6593 | 4490 |
|  4.133% due 04/25/2037 •  | 3131 | 2211 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.313% due 04/25/2037 •  | 5964 | 2980 |
|  4.408% due 01/25/2036 •  | 4380 | 4250 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.013% due 08/25/2036 •  | 38 | 29 |
|  4.063% due 07/25/2036 •  | 2068 | 1889 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.313% due 08/25/2045 •  | 1788 | 1779 |
|  4.353% due 10/25/2034 •  | 10 | 10 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  3.993% due 08/25/2036 •  | 5954 | 2030 |
|  4.093% due 03/25/2036 •  | 534 | 316 |
|  4.093% due 10/25/2036 •  | 10683 | 3416 |
|  4.233% due 10/25/2036 •  | 3179 | 1018 |
|  4.528% due 10/25/2035 •  | 7643 | 7594 |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **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 |
|  3.953% due 09/25/2037 •  | 20 | 4 |
|  4.033% due 02/25/2037 •  | 41 | 11 |
|  MF1 LLC |  |  |
|  5.827% due 06/19/2037 •  | 8591 | 8594 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  3.923% due 10/25/2036 •  | 538 | 487 |
|  3.933% due 05/25/2037 •  | 2339 | 1784 |
|  3.943% due 11/25/2036 •  | 7881 | 4649 |
|  3.993% due 05/25/2037 •  | 25793 | 14409 |
|  4.273% due 06/25/2036 •  | 3227 | 1599 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  3.963% due 04/25/2037 •  | 8525 | 4361 |
|  4.023% due 04/25/2037 •  | 6276 | 3212 |
|  4.143% due 04/25/2037 •  | 903 | 462 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.419% due 09/25/2046 þ | 1259 | 252 |
|  Morgan Stanley Structured Trust | Morgan Stanley Structured Trust | Morgan Stanley Structured Trust |
|  4.093% due 06/25/2037 •  | 6574 | 6120 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  4.918% due 10/25/2033 •  | 3288 | 3289 |
|  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 |
|  4.228% due 03/25/2036 •  | 125 | 125 |
|  4.423% due 02/25/2036 •  | 8474 | 7745 |
|  Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust |
|  3.871% due 12/26/2037 ~ | 7322 | 6386 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.053% due 03/25/2037 •  | 12799 | 8403 |
|  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 |
|  4.353% due 12/25/2035 •  | 356 | 354 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.013% due 05/25/2037 •  | 1615 | 980 |
|  4.073% due 02/25/2037 •  | 11236 | 5535 |
|  4.573% due 02/25/2035 •  | 1933 | 1865 |
|  Project Panama SPV LLC | Project Panama SPV LLC | Project Panama SPV LLC |
|  7.200% due 01/03/2029 « | 15804 | 15895 |
|  RAAC Trust | RAAC Trust | RAAC Trust |
|  4.293% due 02/25/2037 •  | 3850 | 3783 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.294% due 01/25/2037 þ | 14365 | 4243 |
|  5.675% due 06/25/2037 þ | 16477 | 3839 |
|  5.731% due 11/25/2036 þ | 26069 | 8093 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.233% due 12/25/2035 •  | 1277 | 1178 |
|  4.393% due 03/25/2036 •  | 425 | 422 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.633% due 09/25/2034 •  | 366 | 357 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  5.543% due 12/25/2037 •  | 3774 | 3400 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.053% due 05/25/2037 •  | 143 | 112 |
|  4.133% due 08/25/2036 •  | 1102 | 355 |
|  Private Education Loan Trust | Private Education Loan Trust | Private Education Loan Trust |
|  0.000% due 03/15/2055 «(d) | 4 | 52 |
|  3.940% due 02/16/2055 | 10494 | 10178 |
|  4.780% due 03/15/2055 | 3000 | 2971 |
|  4.849% due 11/16/2054 « | 8696 | 8696 |
|  4.872% due 03/15/2055 •  | 6612 | 6625 |
|  4.960% due 03/15/2055 | 59231 | 59699 |
|  5.100% due 03/15/2055 | 3000 | 3022 |
|  5.122% due 02/16/2055 •  | 1146 | 1157 |
|  5.19% due 11/16/2054 « | 63769 | 63384 |
|  5.260% due 03/15/2055 | 6000 | 5804 |
|  5.71% due 11/16/2054 « | 3835 | 3805 |
|  6.14% due 11/16/2054 « | 767 | 760 |
|  6.93% due 11/16/2054 « | 6135 | 6084 |
|  SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust |
|  0.000% due 03/27/2034 «(d) | 4633 | 4568 |
|  4.910% due 03/27/2034 | 15894 | 15951 |
|  5.250% due 03/27/2034 | 3796 | 3828 |
|  5.770% due 03/27/2034 | 2944 | 2993 |
|  6.260% due 03/27/2034 | 2177 | 2223 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  3.913% due 11/25/2036 •  | 31 | 8 |
|  4.198% due 12/25/2036 •  | 4902 | 4826 |
|  4.293% due 11/25/2036 •  | 6242 | 5995 |

---

---

| | | |
|:---|:---|:---|
|  | **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 |
|  4.743% due 07/25/2033 •  | 2188 | 2152 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  3.953% due 03/25/2036 •  | 938 | 908 |
|  4.023% due 05/25/2047 •  | 1948 | 1927 |
|  4.233% due 12/25/2036 •  | 18447 | 17535 |
|  WaMu Asset-Backed Certificates Trust | WaMu Asset-Backed Certificates Trust | WaMu Asset-Backed Certificates Trust |
|  4.083% due 05/25/2037 •  | 3622 | 3287 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  4.138% due 01/25/2037 •  | 10444 | 10551 |
|  |  | 537995 |
| CORPORATE BONDS & NOTES 6.6% | CORPORATE BONDS & NOTES 6.6% | CORPORATE BONDS & NOTES 6.6% |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.898% due 07/23/2031 •  | 24300 | 21648 |
|  3.261% due 01/28/2031 •  | 3400 | 3876 |
|  5.162% due 01/24/2031 •  | 49300 | 50248 |
|  5.202% due 04/25/2029 •  | 4500 | 4565 |
|  5.468% due 01/23/2035 •  | 11000 | 11232 |
|  5.511% due 01/24/2036 •  | 24200 | 24687 |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 169700 | 174609 |
|  Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC |
|  3.500% due 06/01/2034 | 12200 | 13402 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  5.174% due 02/13/2030 •  | 20900 | 21225 |
|  Credit Suisse AG AT1 Claim | 16825 | 5889 |
|  Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange |
|  4.500% due 01/18/2032 | 3800 | 3463 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.700% due 08/10/2026 | 1900 | 1886 |
|  2.900% due 02/16/2028 | 900 | 863 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  2.250% due 01/06/2027 | 7400 | 7278 |
|  5.900% due 01/13/2035 | 10500 | 10426 |
|  Goldman Sachs Group, Inc. |  |  |
|  3.500% due 01/23/2033 •  | 10500 | 11902 |
|  4.148% due 01/21/2029 •  | 1600 | 1591 |
|  4.377% (SOFRRATE + 0.710%) due 01/21/2029 ~ | 22600 | 22578 |
|  4.516% due 01/21/2032 •  | 34400 | 33886 |
|  4.776% (SOFRRATE + 1.120%) due 02/24/2028 ~ | 2600 | 2611 |
|  5.016% due 10/23/2035 •  | 47050 | 46196 |
|  5.065% due 01/21/2037 •  | 33900 | 33156 |
|  5.218% due 04/23/2031 •  | 25000 | 25428 |
|  5.330% due 07/23/2035 •  | 10400 | 10439 |
|  5.536% due 01/28/2036 •  | 14700 | 14949 |
|  5.727% due 04/25/2030 •  | 15000 | 15478 |
|  6.484% due 10/24/2029 •  | 15200 | 15904 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  4.603% due 10/22/2030 •  | 28500 | 28566 |
|  4.995% due 07/22/2030 •  | 6700 | 6799 |
|  5.012% due 01/23/2030 •  | 42000 | 42594 |
|  6.087% due 10/23/2029 •  | 20900 | 21720 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  5.900% due 06/01/2027 | 13900 | 14084 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  1.650% due 04/15/2026 | 6400 | 6393 |
|  Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I |
|  4.350% due 01/12/2031 | 3800 | 3760 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  2.475% due 01/21/2028 •  | 2600 | 2560 |
|  2.622% (EUR003M + 0.600%) due 05/04/2029 ~ | 15000 | 17312 |
|  3.149% due 11/07/2031 •  | 16900 | 19037 |
|  3.749% due 11/07/2036 •  | 15900 | 17707 |
|  3.790% due 03/21/2030 •  | 21900 | 25473 |
|  3.955% due 03/21/2035 •  | 28400 | 32507 |
|  4.654% due 10/18/2030 •  | 27600 | 27594 |
|  4.892% due 10/22/2036 •  | 5400 | 5222 |
|  5.173% due 01/16/2030 •  | 40100 | 40671 |
|  5.320% due 07/19/2035 •  | 10800 | 10841 |
|  5.466% due 01/18/2035 •  | 7700 | 7830 |
|  6.407% due 11/01/2029 •  | 15700 | 16388 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New York Life Global Funding | New York Life Global Funding | New York Life Global Funding |
|  4.250% due 01/09/2031 | 3700 | 3661 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.100% due 08/01/2027 | 200 | 194 |
|  3.500% due 08/01/2050 | 500 | 331 |
|  3.950% due 12/01/2047 | 900 | 656 |
|  4.000% due 12/01/2046 | 800 | 586 |
|  4.250% due 03/15/2046 | 500 | 380 |
|  4.300% due 03/15/2045 | 600 | 469 |
|  4.500% due 07/01/2040 | 300 | 256 |
|  4.550% due 07/01/2030 | 600 | 592 |
|  4.600% due 06/15/2043 | 1100 | 909 |
|  4.750% due 02/15/2044 | 1207 | 1010 |
|  4.950% due 07/01/2050 | 100 | 83 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  2.750% due 06/06/2029 | 25900 | 29325 |
|  4.875% due 02/13/2029 | 13000 | 13196 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  6.124% due 05/31/2027 •  | 18300 | 18338 |
|  Southern Co. | Southern Co. | Southern Co. |
|  1.875% due 09/15/2081 •  | 8400 | 9420 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  4.182% due 01/23/2030 •  | 5600 | 5551 |
|  4.406% (SOFRRATE + 0.740%) due 01/23/2030 ~ | 1000 | 995 |
|  4.808% due 07/25/2028 •  | 7500 | 7533 |
|  4.897% due 07/25/2033 •  | 10000 | 9953 |
|  4.960% due 01/23/2037 •  | 24800 | 24168 |
|  5.150% due 04/23/2031 •  | 38900 | 39572 |
|  5.198% due 01/23/2030 •  | 16100 | 16355 |
|  5.211% due 12/03/2035 •  | 38000 | 37849 |
|  5.389% due 04/24/2034 •  | 20200 | 20509 |
|  5.499% due 01/23/2035 •(l) | 15000 | 15274 |
|  6.303% due 10/23/2029 •  | 13600 | 14166 |
|  |  | 1207804 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1% |
|  Alfa-Bank CJSC | Alfa-Bank CJSC | Alfa-Bank CJSC |
|  5.860% (EUR003M + 2.100%) due 10/21/2026 «~(j) | 3559 | 3559 |
|  Dorchester LLC | Dorchester LLC | Dorchester LLC |
|  4.610% (EUR003M + 2.300%) due 01/04/2027 «~(j) | 6800 | 7860 |
|  Project Hudson II | Project Hudson II | Project Hudson II |
|  7.730% due 05/29/2026 «~ | 7500 | 7527 |
|  |  | 18946 |
| 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 |
|  7.834% due 02/15/2041 | 100 | 121 |
|  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 | 6605 |
|  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 | 4891 |
|  2.532% due 06/01/2028 | 3300 | 3173 |
|  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 | 7536 | 7723 |
|  |  | 22513 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 3.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 3.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 3.6% |
|  ACRA Trust | ACRA Trust | ACRA Trust |
|  5.608% due 10/25/2064 þ | 2208 | 2215 |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  4.898% due 09/25/2035 ~ | 24 | 20 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  3.983% due 05/25/2046 •  | 106 | 95 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  4.750% due 09/26/2067 þ | 8651 | 8632 |
|  4.846% due 07/25/2062 þ | 22423 | 22222 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **17** |

---

------

Schedule of Investments PIMCO International Bond Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  BAMLL Commercial Mortgage Pass-Through Certificates | BAMLL Commercial Mortgage Pass-Through Certificates | BAMLL Commercial Mortgage Pass-Through Certificates |
|  3.110% due 04/25/2050 « | 28245 | 27567 |
|  3.110% due 08/25/2052 « | 10000 | 8962 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  4.837% due 09/15/2038 •  | 15200 | 14645 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  2.372% due 03/20/2036 ~ | 24 | 23 |
|  4.356% due 10/20/2046 ~ | 22 | 18 |
|  4.751% due 01/20/2047 ~ | 37 | 32 |
|  5.500% due 01/25/2036 | 10 | 10 |
|  5.710% due 02/20/2036 ~ | 236 | 227 |
|  5.802% due 11/20/2034 ~ | 96 | 94 |
|  6.000% due 03/25/2037 | 105 | 80 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  4.978% due 04/25/2035 ~ | 46 | 45 |
|  5.054% due 09/25/2035 ~ | 8 | 7 |
|  5.296% due 06/25/2035 ~ | 37 | 34 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.522% due 01/26/2047 •  | 84 | 84 |
|  5.250% due 02/26/2036 ~ | 405 | 148 |
|  5.250% due 04/26/2037 | 662 | 355 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.047% due 08/25/2036 ~ | 522 | 344 |
|  4.126% due 11/25/2036 ~ | 203 | 85 |
|  4.132% due 08/25/2036 ~ | 843 | 377 |
|  4.544% due 08/25/2036 ~ | 101 | 62 |
|  4.567% due 11/25/2035 ~ | 27 | 21 |
|  4.718% due 09/25/2035 ~ | 1288 | 675 |
|  5.042% due 01/25/2036 ~ | 50 | 48 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.000% due 05/25/2034 ~ | 27 | 25 |
|  5.355% due 07/25/2034 ~ | 11 | 11 |
|  5.561% due 02/25/2034 ~ | 4 | 4 |
|  5.599% due 10/25/2033 ~ | 12 | 11 |
|  5.703% due 11/25/2034 ~ | 1 | 1 |
|  6.470% due 01/25/2035 ~ | 52 | 53 |
|  6.516% due 05/25/2034 ~ | 30 | 30 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  3.920% due 12/26/2046 ~ | 19 | 15 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.904% due 07/25/2037 ~ | 319 | 255 |
|  6.447% due 02/25/2037 ~ | 25 | 25 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.023% due 05/25/2036 •  | 243 | 237 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.096% due 09/20/2036 ~ | 55 | 50 |
|  4.135% due 02/25/2047 ~ | 84 | 78 |
|  4.147% due 03/25/2037 ~ | 72 | 62 |
|  4.303% due 05/20/2036 ~ | 133 | 124 |
|  4.333% due 03/25/2035 •  | 154 | 147 |
|  4.373% due 04/25/2035 •  | 186 | 180 |
|  4.421% due 04/20/2036 ~ | 1874 | 1738 |
|  4.433% due 03/25/2035 •  | 186 | 173 |
|  4.453% due 02/25/2035 •  | 4 | 4 |
|  4.787% due 11/25/2034 ~ | 157 | 152 |
|  6.000% due 08/25/2037 | 972 | 424 |
|  6.449% due 02/20/2036 •  | 142 | 135 |
|  CIM Trust | CIM Trust | CIM Trust |
|  5.500% due 08/25/2064 ~ | 5322 | 5338 |
|  Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust |
|  6.000% due 04/25/2037 | 22 | 19 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  3.000% due 11/27/2051 ~ | 30338 | 26384 |
|  4.451% due 09/25/2037 ~ | 226 | 215 |
|  4.571% due 03/25/2037 ~ | 101 | 101 |
|  4.957% due 07/25/2046 ~ | 267 | 255 |
|  5.387% due 08/25/2035 ~ | 4 | 4 |
|  6.490% due 05/25/2035 •  | 3 | 3 |
|  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 |
|  4.451% due 09/25/2035 ~ | 620 | 581 |
|  COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust |
|  4.156% due 02/25/2067 ~ | 8145 | 7808 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.002% due 11/25/2035 •  | 85 | 81 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.073% due 04/25/2047 •  | $— | 408 | $— | 375 |
|  4.143% due 05/25/2037 •  |  | 311 |  | 96 |
|  4.170% due 09/20/2046 •  |  | 491 |  | 517 |
|  4.173% due 09/25/2046 •  |  | 215 |  | 212 |
|  4.193% due 09/25/2035 •  |  | 91 |  | 49 |
|  4.210% due 03/20/2046 •  |  | 32 |  | 31 |
|  4.210% due 05/20/2046 •  |  | 287 |  | 261 |
|  4.210% due 07/20/2046 •  |  | 192 |  | 168 |
|  4.213% due 07/25/2046 •  |  | 20 |  | 19 |
|  4.243% due 09/25/2035 •  |  | 798 |  | 485 |
|  4.353% due 02/25/2037 •  |  | 118 |  | 99 |
|  4.474% due 02/25/2037 ~ |  | 41 |  | 37 |
|  5.000% due 11/25/2035 |  | 2917 |  | 1459 |
|  5.109% due 11/25/2047 •  |  | 1017 |  | 921 |
|  5.239% due 11/25/2047 •  |  | 2363 |  | 2140 |
|  5.250% due 06/25/2035 |  | 53 |  | 39 |
|  5.259% due 08/25/2035 •  |  | 95 |  | 93 |
|  5.359% due 11/25/2035 •  |  | 88 |  | 81 |
|  6.250% due 08/25/2037 |  | 279 |  | 122 |
|  6.500% due 08/25/2032 |  | 1 |  | 1 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  5.181% due 07/25/2070 ~ |  | 16911 |  | 16893 |
|  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 ~ |  | 1214 |  | 682 |
|  CSMC Trust |  |  |  |  |
|  2.500% due 07/25/2056 ~ |  | 2370 |  | 1976 |
|  5.187% due 07/15/2038 •  |  | 4800 |  | 4264 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  3.933% due 07/25/2047 •  |  | 212 |  | 203 |
|  4.173% due 08/25/2047 •  |  | 5505 |  | 4815 |
|  5.293% due 10/25/2047 •  |  | 2368 |  | 1864 |
|  DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust |
|  4.431% 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 |  | 31167 |  | 31270 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  5.994% due 08/25/2035 ~ |  | 37 |  | 24 |
|  GCAT Trust | GCAT Trust | GCAT Trust | GCAT Trust | GCAT Trust |
|  3.000% due 04/25/2052 ~ |  | 13491 |  | 11733 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.153% due 01/25/2037 •  |  | 221 |  | 207 |
|  4.213% due 04/25/2036 •  |  | 153 |  | 140 |
|  4.333% due 11/25/2045 •  |  | 36 |  | 35 |
|  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 |
|  6.745% 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 ~ |  | 5134 |  | 4281 |
|  2.500% due 04/25/2052 ~ |  | 6381 |  | 5321 |
|  3.000% due 09/25/2052 ~ |  | 30366 |  | 26369 |
|  3.750% due 10/25/2057 |  | 1569 |  | 1540 |
|  3.900% due 09/25/2061 þ |  | 4175 |  | 4081 |
|  4.100% due 07/25/2065 þ |  | 7232 |  | 7030 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.023% due 05/25/2037 •  |  | 2489 |  | 1156 |
|  4.111% due 05/25/2035 ~ |  | 42 |  | 31 |
|  4.111% due 11/25/2035 ~ |  | 70 |  | 62 |
|  4.860% due 09/25/2035 ~ |  | 49 |  | 48 |
|  4.904% due 04/25/2035 ~ |  | 8 |  | 8 |
|  5.270% due 03/25/2033 •  |  | 9 |  | 9 |
|  6.449% due 01/25/2035 ~ |  | 50 |  | 48 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.171% due 09/19/2037 •  |  | 325 |  | 288 |
|  4.271% due 03/19/2036 •  |  | 51 |  | 48 |
|  4.685% due 07/19/2035 ~ |  | 49 |  | 37 |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  4.673% due 04/25/2037 ~ |  | 327 |  | 298 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  4.513% due 10/25/2034 •  |  | 38 |  | 37 |
|  4.573% due 10/25/2034 •  |  | 13 |  | 13 |
|  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 |
|  4.153% due 07/25/2047 •  |  | 1240 |  | 837 |
|  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 |
|  3.469% due 08/25/2036 ~ |  | 241 |  | 185 |
|  5.041% due 11/25/2035 ~ |  | 27 |  | 32 |
|  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 |
|  4.393% due 11/25/2035 •  |  | 111 |  | 64 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |  |
|  3.668% due 03/25/2036 ~ | 2958 | 2163 |
|  3.844% due 09/25/2035 ~ | 2916 | 2369 |
|  4.093% due 06/25/2037 •  | 268 | 83 |
|  4.173% due 09/25/2046 •  | 1332 | 1249 |
|  4.273% due 06/25/2037 •  | 216 | 205 |
|  4.293% due 02/25/2037 •  | 414 | 274 |
|  4.368% due 12/25/2034 ~ | 23 | 22 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.273% due 10/25/2036 •  | 5501 | 5157 |
|  5.330% due 12/25/2035 ~ | 2896 | 1959 |
|  5.500% due 11/25/2036 ~ | 6 | 3 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  3.000% due 03/25/2052 ~ | 48827 | 42625 |
|  3.000% due 05/25/2052 ~ | 62384 | 54298 |
|  4.617% due 05/25/2052 •  | 10026 | 9408 |
|  5.182% due 09/25/2035 ~ | 25 | 25 |
|  5.299% due 02/25/2036 ~ | 144 | 94 |
|  5.502% due 10/25/2035 ~ | 2 | 2 |
|  5.571% due 07/25/2035 ~ | 28 | 27 |
|  5.681% due 11/25/2033 ~ | 8 | 8 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.133% due 12/25/2036 •  | 751 | 674 |
|  Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust |
|  2.130% due 09/10/2039 | 23200 | 22363 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  4.003% due 04/25/2046 •  | 545 | 514 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  4.193% due 03/25/2036 •  | 367 | 30 |
|  6.000% due 03/25/2036 | 574 | 497 |
|  Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  4.267% due 06/15/2030 •  | 3 | 3 |
|  4.387% due 10/20/2029 •  | 2 | 2 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.213% due 02/25/2036 •  | 110 | 109 |
|  4.293% due 11/25/2035 •  | 143 | 138 |
|  4.796% due 06/25/2035 ~ | 39 | 38 |
|  5.900% due 02/25/2033 ~ | 14 | 13 |
|  MFA Trust | MFA Trust | MFA Trust |
|  1.381% due 04/25/2065 ~ | 2565 | 2522 |
|  1.947% due 04/25/2065 ~ | 1060 | 1044 |
|  5.261% due 08/25/2070 þ | 25282 | 25273 |
|  Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
|  4.956% due 12/15/2038 •  | 22800 | 22096 |
|  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 | 3601 | 3506 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 9218 | 8944 |
|  2.750% due 11/25/2059 ~ | 8890 | 8545 |
|  6.864% due 10/25/2063 þ | 8939 | 9012 |
|  NYMT Loan Trust | NYMT Loan Trust | NYMT Loan Trust |
|  5.379% due 06/25/2069 ~ | 2530 | 2538 |
|  OBX Trust | OBX Trust | OBX Trust |
|  3.000% due 01/25/2052 ~ | 28173 | 24432 |
|  5.949% due 02/25/2063 þ | 5382 | 5368 |
|  PMT Loan Trust | PMT Loan Trust | PMT Loan Trust |
|  2.500% due 07/25/2051 ~ | 9485 | 7903 |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  4.000% due 11/25/2054 þ | 3419 | 3342 |
|  RALI Trust | RALI Trust | RALI Trust |
|  3.943% due 02/25/2047 •  | 1129 | 330 |
|  4.153% due 07/25/2036 •  | 10712 | 3346 |
|  4.193% due 12/25/2046 •  | 404 | 377 |
|  4.213% due 04/25/2046 •  | 39 | 9 |
|  4.333% due 05/25/2046 •  | 133 | 102 |
|  4.788% due 10/25/2037 ~ | 2431 | 1940 |
|  6.000% due 06/25/2036 | 279 | 229 |
|  6.250% due 02/25/2037 | 5201 | 4318 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.193% due 01/25/2046 •  | 90 | 24 |
|  5.750% due 02/25/2036 | 3335 | 2222 |
|  6.500% due 08/25/2036 | 571 | 149 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  5.398% due 09/25/2035 ~ | 124 | 77 |
|  6.500% due 03/25/2032 | 7 | 7 |

---

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.249% due 09/20/2046 ~ | 1071 | 590 |
|  6.609% due 04/20/2035 ~ | 5 | 5 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.243% due 09/25/2036 ~ | 281 | 189 |
|  4.443% due 08/25/2035 ~ | 120 | 105 |
|  5.798% due 04/25/2034 ~ | 2 | 2 |
|  5.939% due 02/25/2034 ~ | 18 | 18 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.173% due 06/25/2036 •  | 10 | 10 |
|  4.213% due 05/25/2036 •  | 192 | 136 |
|  4.233% due 05/25/2036 •  | 1227 | 1030 |
|  4.233% due 09/25/2047 •  | 1257 | 1140 |
|  4.313% due 05/25/2046 •  | 27 | 17 |
|  4.371% due 07/19/2034 •  | 1 | 1 |
|  4.393% due 08/25/2036 •  | 766 | 629 |
|  4.413% due 12/25/2035 •  | 2 | 2 |
|  5.359% due 08/25/2047 •  | 625 | 541 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.073% due 01/25/2036 •  | 712 | 595 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.083% due 10/25/2036 •  | 4932 | 4155 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.043% due 06/25/2037 •  | 199 | 188 |
|  5.114% due 10/25/2043 ~ | 16 | 15 |
|  5.736% due 06/25/2037 •  | 1232 | 1072 |
|  5.786% due 06/25/2037 •  | 2971 | 2559 |
|  5.786% due 06/25/2047 •  | 309 | 284 |
|  5.836% due 03/25/2037 •  | 239 | 170 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  1.636% due 04/25/2060 ~ | 10916 | 9989 |
|  2.710% due 01/25/2060 ~ | 7008 | 6774 |
|  2.900% due 10/25/2059 ~ | 30892 | 29730 |
|  4.546% due 10/27/2064 ~ | 6961 | 6972 |
|  4.793% due 05/25/2058 •  | 2293 | 2335 |
|  UWM Mortgage Trust | UWM Mortgage Trust | UWM Mortgage Trust |
|  3.000% due 01/25/2052 ~ | 6013 | 5215 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.829% due 12/25/2046 •  | 47 | 42 |
|  4.030% due 02/27/2034 •  | 32 | 32 |
|  4.125% due 02/25/2037 ~ | 1868 | 1682 |
|  4.135% due 09/25/2036 ~ | 1019 | 881 |
|  4.253% due 04/25/2035 ~ | 59 | 58 |
|  4.353% due 11/25/2045 •  | 1212 | 1144 |
|  4.413% due 01/25/2045 •  | 44 | 44 |
|  4.431% due 12/25/2035 ~ | 80 | 74 |
|  4.483% due 10/25/2035 ~ | 92 | 85 |
|  4.533% due 11/25/2034 •  | 165 | 163 |
|  4.656% due 08/25/2046 ~ | 562 | 516 |
|  4.839% due 06/25/2046 •  | 276 | 262 |
|  4.859% due 02/25/2046 •  | 685 | 638 |
|  5.359% due 10/25/2046 •  | 393 | 378 |
|  5.718% due 06/25/2033 ~ | 10 | 10 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  4.173% due 07/25/2046 •  | 2012 | 1732 |
|  4.629% due 04/25/2047 •  | 4234 | 3575 |
|  4.699% due 05/25/2047 •  | 2 | 6 |
|  4.799% due 07/25/2046 •  | 260 | 162 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  3.862% due 12/15/2039 | 18484 | 17855 |
|  |  | 650800 |
| SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% | SOVEREIGN ISSUES 0.0% |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  1.000% due 03/26/2031 | 7533600 | 1579 |
|  Colombia TES | Colombia TES | Colombia TES |
|  1.000% due 08/22/2029 | 3123000 | 787 |
|  1.000% due 11/28/2040 | 1937000 | 515 |
|  |  | 2881 |
| U.S. GOVERNMENT AGENCIES 38.3% | U.S. GOVERNMENT AGENCIES 38.3% | U.S. GOVERNMENT AGENCIES 38.3% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  2.500% due 01/01/2051 - 02/01/2051 | 4665 | 3942 |
|  3.000% due 06/01/2051 | 464 | 408 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.500% due 07/01/2039 - 10/01/2039 | $— | 2063 | $— | 1974 |
|  4.000% due 06/01/2038 - 06/01/2052 |  | 3928 |  | 3735 |
|  5.500% due 06/01/2053 - 01/01/2055 |  | 80718 |  | 81298 |
|  6.000% due 12/01/2033 - 10/01/2054 |  | 117112 |  | 119870 |
|  6.500% due 09/01/2053 - 04/01/2055 |  | 46230 |  | 47986 |
|  6.521% 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 |
|  2.142% due 01/15/2038 ~(a) |  | 1415 |  | 67 |
|  4.146% due 01/15/2038 •  |  | 1415 |  | 1398 |
|  4.267% due 10/15/2040 •  |  | 615 |  | 610 |
|  4.387% due 12/15/2037 •  |  | 69 |  | 69 |
|  4.602% due 11/25/2054 •  |  | 11626 |  | 11702 |
|  4.662% due 02/25/2055 •  |  | 9022 |  | 9103 |
|  4.812% due 03/25/2055 •  |  | 22464 |  | 22626 |
|  5.062% due 03/25/2055 •  |  | 7684 |  | 7749 |
|  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 |
|  5.059% due 10/25/2044 - 02/25/2045 •  |  | 493 |  | 457 |
|  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 |  | 3507 |  | 2958 |
|  3.000% due 10/01/2049 - 03/01/2060 |  | 28327 |  | 24872 |
|  3.500% due 04/01/2027 - 01/01/2059 |  | 35644 |  | 32883 |
|  4.000% due 02/01/2039 - 08/01/2053 |  | 7962 |  | 7597 |
|  4.500% due 07/01/2052 |  | 1739 |  | 1683 |
|  5.113% due 06/01/2043 •  |  | 7 |  | 7 |
|  5.500% due 06/01/2053 - 10/01/2053 |  | 35663 |  | 35953 |
|  5.754% due 12/01/2034 •  |  | 22 |  | 23 |
|  6.000% due 01/01/2054 - 10/01/2054 |  | 300346 |  | 306926 |
|  6.125% due 06/01/2035 •  |  | 59 |  | 60 |
|  6.133% due 12/01/2030 •  |  | 2 |  | 2 |
|  6.232% due 11/01/2034 •  |  | 128 |  | 134 |
|  6.460% due 04/01/2032 •  |  | 3 |  | 3 |
|  6.500% due 08/01/2053 - 04/01/2055 |  | 149986 |  | 155283 |
|  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 |  | 65 |  | 65 |
|  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 |
|  3.902% due 03/25/2034 •  |  | 2 |  | 2 |
|  4.176% due 06/25/2036 •  |  | 108 |  | 108 |
|  4.276% due 10/25/2040 •  |  | 60 |  | 60 |
|  4.812% due 03/25/2055 •  |  | 13297 |  | 13401 |
|  4.822% due 03/25/2055 •  |  | 7387 |  | 7450 |
|  5.162% due 12/25/2054 •  |  | 20308 |  | 20449 |
|  6.000% due 04/25/2043 |  | 72 |  | 73 |
|  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 |  | 172 |  | 177 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.000% due 09/20/2051 - 02/20/2056 |  | 272229 |  | 243380 |
|  3.500% due 02/20/2052 - 03/20/2056 |  | 755052 |  | 693233 |
|  5.375% due 08/20/2027 •  |  | 2 |  | 2 |
|  5.625% due 04/20/2027 - 05/20/2030 •  |  | 25 |  | 24 |
|  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 |  | 134 |  | 131 |
|  4.673% due 12/20/2073 •  |  | 11159 |  | 11295 |
|  6.000% due 08/20/2034 |  | 1610 |  | 1617 |
|  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 05/01/2056 |  | 68878 |  | 59230 |
|  3.000% due 04/01/2056 - 05/01/2056 |  | 184000 |  | 164189 |
|  6.500% due 04/01/2056 - 05/01/2056 |  | 684200 |  | 709215 |
|  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 |
|  2.000% due 04/01/2056 |  | 470740 |  | 379277 |
|  4.000% due 04/01/2056 |  | 17400 |  | 16421 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.500% due 05/01/2056 - 06/01/2056 | $— | 527948 | 508784 |
|  5.000% due 04/01/2056 - 06/01/2056 |  | 3022080 | 2976596 |
|  6.500% due 05/01/2056 - 06/01/2056 |  | 303565 | 313791 |
|  |  |  | 7000352 |
| U.S. TREASURY OBLIGATIONS 7.3% | U.S. TREASURY OBLIGATIONS 7.3% | U.S. TREASURY OBLIGATIONS 7.3% | U.S. TREASURY OBLIGATIONS 7.3% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.875% due 02/15/2041 (l)(p) |  | 14700 | 10189 |
|  2.250% due 08/15/2049 (l)(p) |  | 24250 | 15089 |
|  2.375% due 11/15/2049 (p) |  | 5525 | 3522 |
|  3.000% due 02/15/2048 (l)(n)(p) |  | 34100 | 25155 |
|  3.000% due 08/15/2048 (p) |  | 8550 | 6277 |
|  3.000% due 02/15/2049 (p) |  | 375 | 274 |
|  3.375% due 11/15/2048 (l)(p) |  | 72400 | 56758 |
|  4.125% due 08/15/2044 (l)(p) |  | 87750 | 79635 |
|  4.500% due 11/15/2054 (l)(p) |  | 343300 | 320798 |
|  4.625% due 02/15/2046 |  | 24000 | 23139 |
|  4.625% due 02/15/2055 (l) |  | 213900 | 204066 |
|  4.750% due 02/15/2056 |  | 62400 | 60869 |
|  4.875% due 08/15/2045 (l)(p) |  | 4867 | 4852 |
|  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) |
|  2.375% due 01/15/2027 (n) |  | 6773 | 6892 |
|  2.500% due 01/15/2029 (n) |  | 38096 | 39529 |
|  3.875% due 04/15/2029 (n) |  | 14837 | 16011 |
|  0.125% due 07/15/2031 (n) |  | 67829 | 63395 |
|  0.125% due 01/15/2032 (n) |  | 52911 | 48711 |
|  0.500% due 01/15/2028 (n) |  | 104158 | 103378 |
|  0.625% due 07/15/2032 (n) |  | 35930 | 33912 |
|  1.125% due 01/15/2033 (l)(n)(p) |  | 123426 | 118918 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.500% due 02/15/2033 (n)(p) |  | 4970 | 4783 |
|  4.000% due 02/29/2028 (n)(p) |  | 10200 | 10235 |
|  4.125% due 02/15/2036 (l)(n)(p) |  | 74000 | 72850 |
|  4.250% due 08/15/2035 (l)(n)(p) | $— | 4980 | 4962 |
|  |  |  | 1334199 |
|  Total United States (Cost $10,915,725) | Total United States (Cost $10,915,725) | Total United States (Cost $10,915,725) | 10775490 |
| SHORT-TERM INSTRUMENTS 2.4% | SHORT-TERM INSTRUMENTS 2.4% | SHORT-TERM INSTRUMENTS 2.4% | SHORT-TERM INSTRUMENTS 2.4% |
| COMMERCIAL PAPER 1.6% | COMMERCIAL PAPER 1.6% | COMMERCIAL PAPER 1.6% | COMMERCIAL PAPER 1.6% |
|  AES Corp. | AES Corp. | AES Corp. | AES Corp. |
|  4.400% due 05/05/2026 (b) |  | 5000 | 4979 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  4.320% due 04/02/2026 |  | 13500 | 13497 |
|  4.350% due 04/14/2026 |  | 9200 | 9185 |
|  4.400% due 04/14/2026 |  | 14200 | 14177 |
|  4.400% due 04/16/2026 |  | 11700 | 11678 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  4.100% due 04/24/2026 (b) |  | 2600 | 2593 |
|  AMETEK, Inc. | AMETEK, Inc. | AMETEK, Inc. | AMETEK, Inc. |
|  4.150% due 04/27/2026 |  | 1000 | 997 |
|  4.170% due 04/27/2026 |  | 2600 | 2592 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  3.970% due 06/12/2026 |  | 2050 | 2033 |
|  Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
|  3.870% due 04/01/2026 |  | 5000 | 4999 |
|  3.870% due 04/02/2026 |  | 9450 | 9448 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.300% due 04/21/2026 |  | 3300 | 3292 |
|  ERAC USA Finance LLC | ERAC USA Finance LLC | ERAC USA Finance LLC | ERAC USA Finance LLC |
|  4.170% due 04/20/2026 |  | 5750 | 5737 |
|  4.170% due 04/23/2026 |  | 6800 | 6782 |
|  4.180% due 04/24/2026 |  | 4400 | 4388 |
|  Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy |
|  4.050% due 04/09/2026 |  | 4300 | 4296 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  4.180% due 04/22/2026 |  | 2700 | 2693 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **19** |

---

------

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)** |
|  Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. |
|  4.170% due 04/24/2026 | $— | 2250 | $— | 2244 |
|  Genuine Parts Co. | Genuine Parts Co. | Genuine Parts Co. | Genuine Parts Co. | Genuine Parts Co. |
|  4.220% due 04/09/2026 |  | 2100 |  | 2098 |
|  4.250% due 04/01/2026 |  | 1200 |  | 1200 |
|  4.280% due 04/06/2026 |  | 2000 |  | 1999 |
|  4.300% due 04/23/2026 |  | 2600 |  | 2593 |
|  4.340% due 04/28/2026 |  | 1300 |  | 1296 |
|  4.350% due 04/23/2026 |  | 900 |  | 898 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  4.200% due 04/01/2026 |  | 5900 |  | 5899 |
|  4.200% due 04/02/2026 |  | 9200 |  | 9198 |
|  4.200% due 04/06/2026 |  | 9100 |  | 9094 |
|  4.220% due 04/02/2026 |  | 3500 |  | 3499 |
|  4.220% due 04/07/2026 |  | 9000 |  | 8994 |
|  4.230% due 04/07/2026 |  | 5200 |  | 5196 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.350% due 04/23/2026 |  | 2100 |  | 2094 |
|  4.350% due 05/01/2026 |  | 2100 |  | 2092 |
|  4.380% due 04/23/2026 |  | 9800 |  | 9773 |
|  4.380% due 05/01/2026 |  | 8200 |  | 8169 |
|  Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. |
|  4.200% due 04/13/2026 |  | 1800 |  | 1797 |
|  Jabil, Inc. | Jabil, Inc. | Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
|  4.120% due 04/08/2026 |  | 10000 |  | 9990 |
|  Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV |
|  4.210% due 04/23/2026 |  | 1000 |  | 998 |
|  4.250% due 04/08/2026 |  | 3500 |  | 3497 |
|  4.250% due 04/09/2026 |  | 5700 |  | 5694 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.350% due 04/20/2026 |  | 3500 |  | 3492 |
|  4.350% due 04/30/2026 |  | 1500 |  | 1495 |
|  4.380% due 05/07/2026 |  | 5400 |  | 5376 |
|  Leidos, Inc. | Leidos, Inc. | Leidos, Inc. | Leidos, Inc. | Leidos, Inc. |
|  4.180% due 04/23/2026 |  | 5000 |  | 4987 |
|  4.180% due 04/28/2026 |  | 10400 |  | 10366 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Phillips 66 | Phillips 66 | Phillips 66 | Phillips 66 |
|  4.300% due 04/24/2026 | $| 4700 | 4687 |
|  4.330% due 04/27/2026 |  | 7050 | 7029 |
|  4.350% due 05/01/2026 |  | 8100 | 8072 |
|  4.370% due 05/01/2026 |  | 9300 | 9268 |
|  4.400% due 05/29/2026 |  | 14900 | 14801 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  4.200% due 04/09/2026 |  | 1600 | 1598 |
|  S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. |
|  4.000% due 04/06/2026 |  | 15200 | 15190 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  3.950% due 05/01/2026 |  | 9550 | 9516 |
|  3.950% due 05/04/2026 |  | 3350 | 3337 |
|  |  |  | 300892 |
|  |  | **SHARES** |  |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.720% (i) |  | 11535277 | 11535 |
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| REPURCHASE AGREEMENTS (k) 0.2% | REPURCHASE AGREEMENTS (k) 0.2% | REPURCHASE AGREEMENTS (k) 0.2% | REPURCHASE AGREEMENTS (k) 0.2% |
|  |  |  | 30380 |
| EGYPT TREASURY BILLS 0.0% | EGYPT TREASURY BILLS 0.0% | EGYPT TREASURY BILLS 0.0% | EGYPT TREASURY BILLS 0.0% |
|  24.060% due<br>10/20/2026 (d)(e) | EGP | 14800 | 238 |
| NIGERIA TREASURY BILLS 0.3% | NIGERIA TREASURY BILLS 0.3% | NIGERIA TREASURY BILLS 0.3% | NIGERIA TREASURY BILLS 0.3% |
|  31.999% due 06/11/2026 - 06/26/2026 (c)(d) | NGN | 72111394 | 49897 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% |
|  3.693% due 04/07/2026 - 06/30/2026 (c)(d)(n)(p) | 44633 | $— | 44385 |
|  Total Short-Term Instruments<br> (Cost $432,408) | Total Short-Term Instruments<br> (Cost $432,408) |  | 437327 |
|  Total Investments in Securities<br> (Cost $23,371,005) | Total Investments in Securities<br> (Cost $23,371,005) |  | 22835211 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 6.5% | INVESTMENTS IN AFFILIATES 6.5% | INVESTMENTS IN AFFILIATES 6.5% | INVESTMENTS IN AFFILIATES 6.5% |
| SHORT-TERM INSTRUMENTS 6.5% | SHORT-TERM INSTRUMENTS 6.5% | SHORT-TERM INSTRUMENTS 6.5% | SHORT-TERM INSTRUMENTS 6.5% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.5% |
|  PIMCO Short Asset Portfolio | 78184492 |  | 767381 |
|  PIMCO Short-Term Floating NAV Portfolio III | 44218858 |  | 430647 |
|  Total Short-Term Instruments<br>(Cost $1,194,873) | Total Short-Term Instruments<br>(Cost $1,194,873) |  | 1198028 |
|  Total Investments in Affiliates<br>(Cost $1,194,873) | Total Investments in Affiliates<br>(Cost $1,194,873) |  | 1198028 |
|  Total Investments 131.4%<br>(Cost $24,565,878) | Total Investments 131.4%<br>(Cost $24,565,878) | $— | 24033239 |
|  Financial Derivative<br>Instruments (m)(o) 1.1%<br> (Cost or Premiums, net $(65702)) | Financial Derivative<br>Instruments (m)(o) 1.1%<br> (Cost or Premiums, net $(65702)) |  | 206564 |
| Other Assets and Liabilities, net (32.5)% | Other Assets and Liabilities, net (32.5)% |  | (5939981) |
| Net Assets 100.0% |  | $— | 18299822 |

---

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

(h) Contingent convertible security.

(i) Coupon represents a 7-Day Yield.

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

---

------

March 31, 2026

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Alfa-Bank CJSC | 5.860% | 10/21/2026 | 10/27/2025 | $3559 | $3559 | 0.02% |
|  Dorchester LLC | 4.610 | 01/04/2027 | 12/10/2025 | 7952 | 7860 | 0.04 |
|  Fennovoima OYJ | 0.600 | 07/10/2028 | 07/16/2025 | 3463 | 3460 | 0.02 |
|  Fennovoima OYJ | 4.477 | 07/10/2028 | 07/16/2025 | 6615 | 6643 | 0.04 |
|  Fennovoima OYJ | 4.461 | 07/10/2028 | 07/16/2025 | 3158 | 3156 | 0.02 |
|  Royal Bank of Scotland International Ltd. | 4.660 | 12/16/2028 | 11/18/2025 | 19000 | 18757 | 0.10 |
|  Valerie Asset Ltd. | 5.219 | 09/15/2050 | 03/02/2026 | 68109 | 68224 | 0.37 |
|  Valerie Asset Ltd. | 5.267 | 09/15/2050 | 03/02/2026 | 8456 | 8470 | 0.05 |
|  |  |  |  | $120312 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120129 | 0.66% |

---

#### 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> |
|  BRC | 3.710% | 03/31/2026 | 04/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30380 | U.S. Treasury Notes 4.250% due 03/31/2033 | $(31044) | $30380 | $30383 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31044) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30380 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30383 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Settlement<br>Date | Maturity<br>Date | **Amount<br>Borrowed<sup>(2)</sup>** | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BRC | 1.500% | 02/04/2026 | TBD<sup>(3)</sup> | (915) | $(1060) |
|  | 1.500 | 02/17/2026 | TBD<sup>(3)</sup> | (1332) | (1542) |
|  | 3.540 | 03/31/2026 | 04/01/2026 | $(30076) | (30076) |
|  | 3.550 | 12/12/2025 | TBD<sup>(3)</sup> | (9116) | (9215) |
|  | 3.850 | 03/20/2026 | 05/01/2026 | (16226) | (16247) |
|  FAR | 3.750 | 02/18/2026 | 04/08/2026 | (81977) | (82335) |
|  | 3.750 | 03/20/2026 | 04/08/2026 | (5067) | (5074) |
|  | 3.760 | 03/05/2026 | 04/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(513454) | (514902) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(660451) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (17.7)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (17.7)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (17.7)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (17.7)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (17.7)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (17.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association, TBA | 3.500% | 04/01/2056 | $72490 | $(67001) | $(66500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 04/01/2041 | 244800 | (226708) | (225248) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 04/01/2056 | 954340 | (782102) | (768915) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 05/01/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(815005) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(819889) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 05/01/2056 | 71530 | (59906) | (60122) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.000 | 06/01/2040 | 136100 | (119109) | (119361) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 06/01/2056 | 143100 | (130445) | (130903) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 05/01/2056 | 142680 | (143812) | (143153) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.000 | 06/01/2056 | 458360 | (465698) | (466557) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.500 | 05/01/2056 | 421400 | (435061) | (435627) |
|  Total Short Sales (17.7)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3244847) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3236275) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 |
|  BRC | $30383 | $(58140) | $0 | $(27757) | $28236 | $479 |
|  FAR | 0 | (602311) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(602311) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7801) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30383 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(660451) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 21

------

Schedule of Investments PIMCO International Bond Fund (U.S. Dollar-Hedged) (Cont.)

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Corporate Bonds & Notes | $0 | $0 | $0 | $(9215) | $(9215) |
|  Sovereign Issues | 0 | 0 | (16247) | (2602) | (18849) |
|  U.S. Treasury Obligations | (30076) | (602311) | 0 | 0 | (632387) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30076) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(602311) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16247) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11817) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(660451) |
|  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  | $(660451) |

---

(l) Securities with an aggregate market value of $653,706 and cash of $84 have been pledged as collateral under the terms of the above master agreements as of March 31, 2026.

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended March 31, 2026 was $(366225) at a weighted average interest rate of 4.047%. 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

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS<sup>(1)</sup>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - Eurex Euro-Bund 10-Year Bond April Futures | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125.500 | 04/24/2026 | 152 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | $(62) | $(160) |
|  Call - Eurex Euro-Bund 10-Year Bond April Futures |  | 128.000 | 04/24/2026 | 152 | 152 | (53) | (19) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179) |

---

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110.000 | 04/24/2026 | 391 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 | $(134) | $(146) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 113.000 | 04/24/2026 | 391 | 391 | (91) | (52) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(225) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(198) |
|  Total Written Options |  |  |  |  | $(340) | $(377) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Variation Margin | Variation Margin |
| Description | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
|  3-Month EURIBOR December Futures  | 12/2026 | 24274 | $6816474 | $(24364) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  Canada Government 10-Year Bond June Futures  | 06/2026 | 4382 | 378035 | (5797) | 1436 | (1) |
|  Euro-BTP Future June Futures  | 06/2026 | 10311 | 1385822 | (54182) | 16685 | 0 |
|  Euro-Buxl 30-Year Bond June Futures  | 06/2026 | 151 | 19244 | (231) | 356 | 0 |
|  Long Guilt June Futures  | 06/2026 | 5283 | 613879 | (30447) | 4615 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 1530 | 165515 | (1699) | 192 | (4) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 1187 | 131813 | (1236) | 278 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 11124 | 1262748 | (26425) | 3243 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144381) | $26805 | $(5) |

---

22 PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED) See Accompanying Notes

------

March 31, 2026

#### 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 June Futures  | 06/2026 | 750 | $(53638) | $220 | $0 | $(241) |
|  Australia Government 10-Year Bond June Futures  | 06/2026 | 8006 | (595204) | 2928 | 0 | (5601) |
|  Canada Government 5-Year Bond June Futures  | 06/2026 | 172 | (14032) | 194 | 0 | (39) |
|  Euro-Bobl June Futures  | 06/2026 | 5964 | (795716) | 15324 | 0 | (3171) |
|  Euro-Bund June Futures  | 06/2026 | 1986 | (287835) | 4343 | 0 | (2089) |
|  Euro-Oat June Futures  | 06/2026 | 3941 | (540657) | 16205 | 1 | (4848) |
|  Euro-Schatz June Futures  | 06/2026 | 3021 | (369260) | 3412 | 17 | (489) |
|  Japan Government 10-Year Bond June Futures  | 06/2026 | 708 | (581327) | 6532 | 132 | (1193) |
|  U.S. Treasury 2-Year Note June Futures  | 06/2026 | 2219 | (460321) | 3303 | 0 | (173) |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 622 | (72502) | 2429 | 0 | (136) |
|  |  |  |  | $54890 | $150 | $(17980) |
|  Total Futures Contracts |  |  |  | $(89491) | $26955 | $(17985) |

---

#### 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>March 31, 2026<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>March 31, 2026<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 |
|  Deutsche Bank | 1.000% | Quarterly | 12/20/2032 | 1.263% | 13900 | $(104) | $(141) | $(245) | $16 | $0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2026 | 0.354 | $3100 | 271 | (234) | 37 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;167 | $(375) | $(208) | $16 | $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-45 5-Year Index | (1.000)% | Quarterly | 12/20/2030 | $130753 | $(2124) | $(237) | $(2361) | $0 | $(256) |
|  CDX.IG-45 10-Year Index | (1.000) | Quarterly | 12/20/2035 | 504217 | (3654) | 2627 | (1027) | 0 | (1669) |
|  CDX.IG-46 5-Year Index | (1.000) | Quarterly | 06/20/2031 | 555500 | (8550) | (1223) | (9773) | 0 | (1264) |
|  CDX.IG-46 10-Year Index | (1.000) | Quarterly | 06/20/2036 | 577050 | 877 | (1018) | (141) | 0 | (1965) |
|  CDX.IT-RAXX MAIN45 | (1.000) | Quarterly | 06/20/2031 | 626800 | (9673) | (509) | (10182) | 0 | (884) |
|  |  |  |  |  | $(23124) | $(360) | $(23484) | $0 | $(6038) |

---

#### 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-44 5-Year Index | 1.000% | Quarterly | 06/20/2030 | $4920 | $106 | $(16) | $90 | $9 | $0 |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 1012013 | 21525 | (3253) | 18272 | 1758 | (8) |
|  CDX.IG-45 10-Year Index | 1.000 | Quarterly | 12/20/2035 | 202749 | 82 | 331 | 413 | 699 | 0 |
|  CDX.IG-46 5-Year Index | 1.000 | Quarterly | 06/20/2031 | 444100 | 7500 | 314 | 7814 | 962 | 0 |
|  |  |  |  |  | $29213 | $(2624) | $26589 | $3428 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |

---

#### 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 | 3.000% | Annual | 06/17/2027 | GBP | 390900 | $(909) | $(10839) | $(11748) | $457 | $0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/18/2028 |  | 15440 | (280) | (17) | (297) | 0 | 0 |
| Pay<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 09/16/2028 |  | 1070760 | (10185) | (10948) | (21133) | 2331 | 0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/18/2031 |  | 151570 | (4299) | (2163) | (6462) | 370 | (16) |
| Pay<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 09/16/2031 |  | 278330 | (9336) | (2861) | (12197) | 834 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/18/2036 |  | 99000 | 1207 | 3529 | 4736 | 0 | (452) |
| Receive<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/16/2036 |  | 23130 | 988 | 222 | 1210 | 0 | (92) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 03/18/2056 |  | 47660 | 2451 | 688 | 3139 | 32 | (123) |
| Receive<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/16/2056 |  | 61720 | 2144 | 2108 | 4252 | 0 | (283) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **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 INR-MIBOR Compounded-OIS | 5.750% | Semi-Annual | 03/18/2031 | 2097640 | $(3) | $828 | $825 | $0 | $(32) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | Annual | 03/19/2027 | 86610000 | (1417) | (277) | (1694) | 87 | 0 |
| Pay<sup>(7)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 06/17/2028 | 18499700 | 94 | (20) | 74 | 27 | 0 |
| Receive<sup>(7)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 09/16/2028 | 357020000 | 2543 | 899 | 3442 | 0 | (1729) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.600 | Annual | 12/18/2029 | 21820900 | (4444) | (668) | (5112) | 202 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Semi-Annual | 03/17/2031 | 29934240 | (15191) | (1025) | (16216) | 337 | 0 |
| Pay<sup>(7)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 1.750 | Annual | 06/17/2031 | 3391100 | 24 | (88) | (64) | 42 | 0 |
| Receive<sup>(7)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 1.750 | Annual | 09/16/2031 | 96841000 | 2490 | 1167 | 3657 | 0 | (1252) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2032 | 58150000 | (1095) | (16098) | (17192) | 830 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/18/2034 | 57990000 | (719) | (27982) | (28701) | 1105 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 12/18/2034 | 2867700 | (1300) | (210) | (1510) | 56 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 03/19/2035 | 36530000 | (2777) | (17487) | (20264) | 718 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2035 | 2240000 | (811) | (115) | (926) | 45 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 09/17/2035 | 73449850 | (13057) | (19807) | (32864) | 1503 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 03/18/2036 | 15070000 | (3894) | (1677) | (5571) | 320 | 0 |
| Pay<sup>(7)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 06/17/2036 | 3603700 | (206) | (214) | (420) | 79 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Semi-Annual | 06/19/2039 | 11190000 | 15538 | 1118 | 16656 | 0 | (207) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.800 | Annual | 06/15/2052 | 5184300 | (6145) | (7121) | (13266) | 11 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 2.500 | Annual | 12/17/2055 | 714300 | 9 | (467) | (458) | 0 | 0 |
| Receive<sup>(7)</sup> | 1-Day SGD-SIBCSORA Compounded-OIS | 1.750 | Semi-Annual | 09/16/2031 | 842816 | 111 | 12215 | 12326 | 0 | (3317) |
| Receive<sup>(7)</sup> | 1-Day SGD-SIBCSORA Compounded-OIS | 2.000 | Semi-Annual | 09/16/2031 | 478600 | (1088) | 3701 | 2613 | 0 | (1898) |
| Receive<sup>(7)</sup> | 1-Day THB-THOR Compounded-OIS | 1.250 | Quarterly | 09/16/2031 | 2935872 | 346 | 2140 | 2486 | 0 | (180) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | $869700 | 6249 | (6162) | 87 | 0 | (12) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 08/15/2026 | 3100 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.940 | Annual | 08/22/2026 | 208100 | 0 | (113) | (113) | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.965 | Annual | 11/30/2026 | 479900 | 95 | 3596 | 3690 | 0 | (44) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 | 222800 | 1454 | (1391) | 63 | 29 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2027 | 1034970 | 20968 | (13812) | 7156 | 0 | (217) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2027 | 15754 | 1198 | (542) | 656 | 0 | (4) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2027 | 158400 | (996) | (897) | (1893) | 46 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.460 | Annual | 06/30/2027 | 465700 | 0 | (2654) | (2654) | 143 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2027 | 557700 | 3187 | (3144) | 43 | 199 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/18/2028 | 25660 | 107 | (170) | (63) | 11 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 05/31/2028 | 28400 | 0 | 82 | 82 | 0 | (13) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.662 | Annual | 05/31/2028 | 63600 | 0 | 170 | 170 | 0 | (29) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 05/31/2028 | 82700 | 0 | 151 | 151 | 0 | (37) |
| Pay<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/17/2028 | 467560 | (6064) | 775 | (5289) | 211 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.851 | Annual | 02/28/2029 | 180100 | 0 | (1376) | (1376) | 0 | (129) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.862 | Annual | 02/28/2029 | 135400 | 0 | (1076) | (1076) | 0 | (97) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 08/31/2030 | 754036 | 2463 | 5016 | 7479 | 0 | (748) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.337 | Annual | 08/31/2030 | 16600 | 0 | 157 | 157 | 0 | (16) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.407 | Annual | 08/31/2030 | 8800 | 0 | 60 | 60 | 0 | (9) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.422 | Annual | 08/31/2030 | 14800 | 0 | 92 | 92 | 0 | (15) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 96200 | (1793) | 1200 | (593) | 0 | (100) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/18/2031 | 1028870 | 1022 | 4597 | 5619 | 0 | (1082) |
| Pay<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/17/2031 | 3380 | (58) | 1 | (57) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 359264 | (358) | (691) | (1049) | 0 | (423) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.828 | Annual | 05/15/2032 | 60900 | 35 | (379) | (344) | 0 | (72) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.564 | Annual | 01/31/2033 | 11200 | 0 | 94 | 94 | 0 | (13) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.836 | Annual | 05/15/2034 | 47100 | 0 | (75) | (75) | 0 | (48) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.847 | Annual | 05/15/2034 | 28200 | 0 | (69) | (69) | 0 | (29) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 05/15/2034 | 50000 | 0 | (172) | (172) | 0 | (51) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 392350 | 10886 | (8960) | 1926 | 0 | (390) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 07/10/2034 | 77500 | (236) | (188) | (424) | 0 | (78) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.645 | Annual | 08/07/2034 | 13300 | (45) | 214 | 169 | 0 | (13) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 08/19/2034 | 6700 | (24) | 135 | 111 | 0 | (7) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.613 | Annual | 08/22/2034 | 4700 | (17) | 88 | 71 | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 09/04/2034 | 10700 | (40) | 319 | 279 | 0 | (10) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 | 3800 | (14) | 178 | 164 | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 21400 | (63) | (83) | (146) | 0 | (20) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 21790 | 990 | (47) | 943 | 0 | (19) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 27600 | (81) | (155) | (236) | 0 | (26) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 11800 | (34) | (25) | (59) | 0 | (11) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 38500 | 2061 | (70) | 1991 | 0 | (33) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.640 | Annual | 08/15/2035 | 160400 | 321 | 2144 | 2465 | 0 | (139) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 08/15/2035 | 159700 | (141) | 1839 | 1698 | 0 | (139) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/15/2035 | 272298 | 695 | 1877 | 2572 | 0 | (238) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 206500 | (4063) | 5756 | 1693 | 0 | (178) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.621 | Annual | 11/15/2035 | 25700 | 0 | 461 | 461 | 0 | (21) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.631 | Annual | 11/15/2035 | 13700 | 0 | 235 | 235 | 0 | (11) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.712 | Annual | 11/15/2035 | 12200 | 0 | 132 | 132 | 0 | (10) |

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| | | |
|:---|:---|:---|
| **24** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

---

------

March 31, 2026

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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 | 3.750% | Annual | 12/17/2035 | $704000 | $(4614) | $10470 | $5856 | $0 | $(582) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.679 | Annual | 02/15/2036 | 32400 | 0 | 484 | 484 | 0 | (26) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.755 | Annual | 02/15/2036 | 38500 | 0 | 333 | 333 | 0 | (31) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2036 | 540030 | (7507) | 1395 | (6112) | 0 | (440) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/17/2036 | 296840 | 1988 | 1203 | 3191 | 121 | (173) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.066 | Annual | 02/15/2046 | 1800 | 0 | 25 | 25 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.076 | Annual | 02/15/2046 | 2700 | 0 | 33 | 33 | 5 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 | 1600 | 10 | 103 | 113 | 4 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 66570 | 22040 | 4976 | 27016 | 197 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.222 | Annual | 11/15/2052 | 6800 | 0 | (67) | (67) | 23 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.224 | Annual | 11/15/2052 | 6700 | 0 | (69) | (69) | 22 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.225 | Annual | 11/15/2052 | 13200 | 0 | (137) | (137) | 44 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.227 | Annual | 11/15/2052 | 19900 | 0 | (213) | (213) | 66 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.228 | Annual | 11/15/2052 | 6900 | 0 | (74) | (74) | 23 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.232 | Annual | 11/15/2052 | 6600 | 0 | (76) | (76) | 22 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.233 | Annual | 11/15/2052 | 13000 | 0 | (152) | (152) | 43 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.238 | Annual | 11/15/2052 | 9500 | 0 | (119) | (119) | 32 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.244 | Annual | 11/15/2052 | 9400 | 0 | (126) | (126) | 31 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.245 | Annual | 11/15/2052 | 20700 | 0 | (282) | (282) | 69 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.248 | Annual | 11/15/2052 | 15800 | 0 | (223) | (223) | 53 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.988 | Annual | 11/15/2053 | 62900 | 0 | 1764 | 1764 | 223 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.998 | Annual | 11/15/2053 | 2800 | 0 | 74 | 74 | 10 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.010 | Annual | 11/15/2053 | 1400 | 0 | 34 | 34 | 5 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 11/15/2053 | 1630 | 0 | 39 | 39 | 6 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.082 | Annual | 11/15/2053 | 3100 | 0 | 39 | 39 | 11 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 12/20/2053 | 29070 | 1926 | 2456 | 4382 | 100 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.940 | Annual | 11/15/2054 | 46700 | 0 | 1599 | 1599 | 173 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.955 | Annual | 11/15/2054 | 18800 | 0 | 598 | 598 | 70 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.959 | Annual | 11/15/2054 | 41000 | 0 | 1273 | 1273 | 152 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.964 | Annual | 11/15/2054 | 28600 | 0 | 862 | 862 | 106 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.990 | Annual | 11/15/2054 | 44800 | 0 | 1152 | 1152 | 166 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.996 | Annual | 11/15/2054 | 17000 | 0 | 420 | 420 | 63 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.111 | Annual | 11/15/2054 | 28100 | 0 | 137 | 137 | 105 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.115 | Annual | 11/15/2054 | 12540 | 0 | 53 | 53 | 47 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.117 | Annual | 11/15/2054 | 2220 | 0 | 9 | 9 | 8 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.130 | Annual | 11/15/2054 | 25940 | 0 | 44 | 44 | 97 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.765 | Annual | 02/15/2055 | 10000 | 0 | 640 | 640 | 37 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.772 | Annual | 02/15/2055 | 7900 | 0 | 498 | 498 | 29 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.777 | Annual | 02/15/2055 | 9400 | 0 | 584 | 584 | 35 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.798 | Annual | 02/15/2055 | 43500 | 0 | 2548 | 2548 | 162 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.806 | Annual | 02/15/2055 | 30600 | 0 | 1748 | 1748 | 114 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.861 | Annual | 02/15/2055 | 11600 | 0 | 554 | 554 | 43 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 02/15/2055 | 19800 | 0 | 928 | 928 | 74 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.773 | Annual | 03/04/2055 | 32600 | 0 | 2047 | 2047 | 121 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 | 60200 | 7432 | 1676 | 9108 | 219 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 06/25/2055 | 27500 | 102 | 921 | 1023 | 104 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.065 | Annual | 06/26/2055 | 19584 | (342) | 601 | 259 | 75 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.960 | Annual | 06/27/2055 | 35627 | (19) | 1153 | 1134 | 135 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 | 14280 | 1449 | 141 | 1590 | 53 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.005 | Annual | 09/29/2055 | 12336 | (132) | 409 | 277 | 47 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2055 | 190500 | (10343) | (2287) | (12630) | 0 | (725) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.052 | Annual | 02/15/2056 | 7300 | 0 | 104 | 104 | 28 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2056 | 29610 | 635 | 49 | 684 | 115 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/17/2056 | 52200 | 982 | 242 | 1224 | 215 | 0 |
| Pay<sup>(7)</sup> | 3-Month AUD-BBR-BBSW | 5.000 | Semi-Annual | 09/16/2036 | 11600 | (130) | 73 | (57) | 115 | 0 |
| Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.294 | Annual | 02/10/2027 | 127700 | (3801) | 4217 | 416 | 72 | 0 |
| Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.283 | Annual | 02/14/2027 | 33300 | (1009) | 1110 | 101 | 19 | 0 |
| Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.343 | Annual | 05/16/2027 | 30200 | (907) | 1132 | 225 | 30 | 0 |
| Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.250 | Annual | 03/18/2031 | 172200 | (738) | 101 | (637) | 782 | 0 |
| Pay<sup>(7)</sup> | 3-Month CHF-SRFXON3 Compounded-OIS | 0.250 | Annual | 09/16/2031 | 61700 | (553) | 77 | (476) | 234 | 0 |
| Pay | 3-Month KRW-KORIBOR | 2.750 | Quarterly | 03/18/2036 | 382868000 | 1274 | (23625) | (22351) | 0 | (152) |
| Receive<sup>(7)</sup> | 3-Month PLN-WIBOR | 4.700 | Annual | 01/20/2036 | 365200 | 0 | 1672 | 1672 | 386 | 0 |
| Pay | 3-Month SEK-STIBOR | 2.474 | Annual | 02/03/2030 | 788000 | (18) | (896) | (914) | 354 | 0 |
| Pay | 3-Month SEK-STIBOR | 2.500 | Annual | 03/18/2031 | 1584650 | (811) | (1830) | (2641) | 937 | 0 |
| Pay<sup>(7)</sup> | 3-Month SEK-STIBOR | 2.750 | Annual | 09/16/2031 | 991150 | (76) | (805) | (881) | 544 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 1.750 | Semi-Annual | 03/16/2027 | 77200 | (3953) | 2356 | (1597) | 49 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 3.500 | Semi-Annual | 03/18/2031 | 1928900 | (18400) | (64142) | (82542) | 10946 | 0 |
| Receive | 6-Month AUD-BBR-BBSW | 3.750 | Semi-Annual | 03/18/2031 | 371700 | 10483 | 2577 | 13060 | 0 | (2215) |
| Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2035 | 94000 | (55) | (3636) | (3691) | 805 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/19/2035 | 38200 | 374 | (1392) | (1018) | 331 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 09/17/2035 | 205700 | 1205 | (9735) | (8530) | 1835 | 0 |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **25** |

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Schedule of Investments PIMCO International Bond Fund (U.S. Dollar-Hedged) (Cont.)

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/ Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Pay | 6-Month AUD-BBR-BBSW | 4.500% | Semi-Annual | 09/17/2035 | AUD | 125500 | $2074 | $(5626) | $(3552) | $1133 | $0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/18/2036 |  | 89700 | 78 | (4037) | (3959) | 831 | 0 |
| Pay | 6-Month CZK-PRIBOR | 1.913 | Annual | 01/30/2029 | CZK | 264500 | (1021) | 211 | (810) | 19 | 0 |
| Pay<sup>(7)</sup> | 6-Month CZK-PRIBOR | 4.350 | Annual | 01/20/2036 |  | 2025900 | 0 | (1224) | (1224) | 0 | (142) |
| Pay | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/19/2027 | EUR | 507230 | 5986 | (4062) | 1924 | 101 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.700 | Annual | 04/11/2027 |  | 19400 | (1428) | 897 | (531) | 9 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 04/12/2027 |  | 32900 | (2475) | 1535 | (940) | 16 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 05/11/2027 |  | 25300 | (1938) | 1197 | (741) | 12 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 |  | 39600 | (2553) | 1708 | (845) | 19 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 |  | 18800 | (1217) | 812 | (405) | 10 | 0 |
| Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/16/2028 |  | 3806055 | (18195) | (38714) | (56909) | 7392 | 0 |
| Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.170 | Annual | 12/15/2028 |  | 704400 | 459 | (3665) | (3206) | 721 | 0 |
| Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.350 | Annual | 12/15/2028 |  | 716300 | (501) | 3814 | 3313 | 0 | (811) |
| Pay | 6-Month EUR-EURIBOR | 1.795 | Annual | 10/11/2029 |  | 34492 | 0 | (1090) | (1090) | 110 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.929 | Annual | 10/11/2029 |  | 158740 | 0 | (4075) | (4075) | 509 | 0 |
| Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 09/16/2031 |  | 1563780 | (12223) | (24538) | (36761) | 6968 | (32) |
| Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 09/16/2036 |  | 1344640 | (33296) | (15623) | (48919) | 10364 | (20) |
| Pay | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/21/2042 |  | 27930 | (1969) | (1732) | (3701) | 267 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.451 | Annual | 05/27/2050 |  | 15900 | (1127) | (7441) | (8568) | 99 | 0 |
| Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.825 | Annual | 09/19/2055 |  | 493900 | 6994 | (9071) | (2077) | 0 | (260) |
| Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 09/16/2056 |  | 127930 | (3029) | (194) | (3223) | 1040 | 0 |
| Pay | 6-Month NOK-NIBOR | 3.750 | Annual | 03/18/2031 | NOK | 785800 | (2360) | (715) | (3075) | 287 | 0 |
| Pay<sup>(7)</sup> | 6-Month NOK-NIBOR | 4.500 | Annual | 09/16/2031 |  | 85300 | (2) | (25) | (27) | 35 | 0 |
| Pay | CAONREPO | 3.898 | Annual | 06/19/2026 | CAD | 395400 | (28) | 4117 | 4089 | 22 | 0 |
| Pay | CAONREPO | 3.925 | Annual | 06/19/2026 |  | 310100 | (27) | 3295 | 3268 | 17 | 0 |
| Pay | CAONREPO | 2.500 | Semi-Annual | 06/19/2029 |  | 107400 | (3763) | 3067 | (696) | 78 | 0 |
| Pay | CAONREPO | 2.850 | Semi-Annual | 09/01/2029 |  | 172000 | (261) | 422 | 161 | 223 | 0 |
| Pay | CAONREPO | 1.713 | Semi-Annual | 10/02/2029 |  | 65800 | (4350) | 2453 | (1897) | 83 | 0 |
| Pay | CAONREPO | 1.900 | Semi-Annual | 12/18/2029 |  | 193700 | (12264) | 7523 | (4741) | 254 | 0 |
| Receive | CAONREPO | 3.250 | Semi-Annual | 03/15/2033 |  | 116000 | 1801 | (3000) | (1199) | 0 | (213) |
| Receive | CAONREPO | 2.850 | Semi-Annual | 06/01/2033 |  | 12400 | 103 | (10) | 93 | 0 | (23) |
| Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2033 |  | 19300 | 70 | (66) | 4 | 0 | (35) |
| Receive | CAONREPO | 3.180 | Semi-Annual | 06/01/2033 |  | 162200 | (111) | (1273) | (1384) | 0 | (300) |
| Receive | CAONREPO | 3.300 | Semi-Annual | 06/01/2033 |  | 199200 | 711 | (3573) | (2862) | 0 | (371) |
| Receive | CAONREPO | 3.400 | Semi-Annual | 06/01/2033 |  | 82200 | (82) | (1499) | (1581) | 0 | (154) |
| Receive | CAONREPO | 2.880 | Semi-Annual | 09/01/2033 |  | 63200 | 0 | 516 | 516 | 0 | (116) |
| Receive | CAONREPO | 3.500 | Semi-Annual | 09/01/2033 |  | 94100 | 1146 | (3194) | (2048) | 0 | (179) |
| Receive | CAONREPO | 3.700 | Semi-Annual | 09/01/2033 |  | 46400 | (3) | (1455) | (1458) | 0 | (89) |
| Pay | CAONREPO | 3.000 | Semi-Annual | 03/18/2036 |  | 10600 | (152) | 14 | (138) | 22 | 0 |
| Receive<sup>(7)</sup> | CAONREPO | 3.250 | Semi-Annual | 06/17/2036 |  | 19300 | 38 | (34) | 4 | 8 | (17) |
| Pay | CAONREPO | 2.750 | Semi-Annual | 12/18/2048 |  | 36900 | (3458) | 18 | (3440) | 45 | 0 |
| Pay | CAONREPO | 3.250 | Semi-Annual | 06/21/2053 |  | 35300 | 115 | (1446) | (1331) | 27 | 0 |
| Pay<sup>(7)</sup> | CAONREPO | 3.500 | Semi-Annual | 06/17/2056 |  | 9000 | (82) | 23 | (59) | 2 | (3) |
| Pay<sup>(7)</sup> | IRS CNY 1.50000 06/17/26-5Y LCH | 1.500 | Quarterly | 06/17/2031 | CNY | 756200 | (313) | (286) | (599) | 40 | 0 |
|  |  |  |  |  |  |  | $(103668) | $(262550) | $(366218) | $61934 | $(21238) |
|  Total Swap Agreements | Total Swap Agreements |  |  |  |  |  | $(97412) | $(265909) | $(363321) | $65378 | $(27284) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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;33268 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65564 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98832 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(377) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17985) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27756) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46118) |

---

(n) Securities with an aggregate market value of $383,443 and cash of $34,204 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2026. 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 $148 and liability of $(4) 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. 

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

---

------

March 31, 2026

<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 $6,313 for closed futures and unsettled variation margin asset of $186 and liability of $(472) for closed swap agreements is outstanding at period end. 

&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<br>Appreciation/(Depreciation) | Unrealized<br>Appreciation/(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 04/2026 | 1131789 | $826245 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12615 | $0 |
|  | 04/2026 | 132955 | 79692 | 3289 | 0 |
|  | 04/2026 | 216 | 171 | 3 | 0 |
|  | 04/2026 | $831908 | 628567 | 63 | 0 |
|  | 04/2026 | 136502 | 238764 | 704 | 0 |
|  | 05/2026 | 1101493 | $754457 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5233) |
|  | 05/2026 | 628567 | 831881 | 0 | (57) |
|  | 05/2026 | 238764 | 136653 | 0 | (696) |
|  BOA | 04/2026 | 55576 | 10625 | 0 | (104) |
|  | 04/2026 | 20408 | 14961 | 289 | 0 |
|  | 04/2026 | 34079521 | 8877 | 0 | (390) |
|  | 04/2026 | 41982 | 214993 | 131 | 0 |
|  | 04/2026 | 154389 | $179129 | 679 | 0 |
|  | 04/2026 | 109665 | 1170 | 8 | (2) |
|  | 04/2026 | 502 | 3 | 0 | 0 |
|  | 04/2026 | 9365875 | 6339 | 111 | 0 |
|  | 04/2026 | 42094 | 11384 | 45 | 0 |
|  | 04/2026 | 49384 | 9657 | 0 | (11) |
|  | 04/2026 | 34743 | $27263 | 240 | 0 |
|  | 04/2026 | 1225 | 39 | 2 | 0 |
|  | 04/2026 | $10606 | 55576 | 123 | 0 |
|  | 04/2026 | 145 | 198 | 0 | (2) |
|  | 04/2026 | 5537 | 38194 | 8 | 0 |
|  | 04/2026 | 25751 | 94807823 | 30 | 0 |
|  | 04/2026 | 45001 | 39120 | 239 | (23) |
|  | 04/2026 | 8001 | 6003 | 0 | (56) |
|  | 04/2026 | 10678 | 982310 | 0 | (304) |
|  | 04/2026 | 34808 | 5553634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | 0 |
|  | 04/2026 | 2915 | 53724 | 81 | 0 |
|  | 04/2026 | 1673 | 6175 | 0 | (9) |
|  | 04/2026 | 2584 | 11138 | 0 | (61) |
|  | 04/2026 | 357 | 6144 | 6 | 0 |
|  | 05/2026 | 462 | $67 | 0 | (1) |
|  | 05/2026 | 36497 | 42011 | 0 | (238) |
|  | 05/2026 | 5536909 | 34808 | 0 | (184) |
|  | 05/2026 | $7838 | 54422 | 66 | 0 |
|  | 05/2026 | 488 | 2127 | 0 | (6) |
|  | 06/2026 | 74 | $11 | 0 | 0 |
|  | 06/2026 | 66526 | 21534 | 329 | 0 |
|  | 06/2026 | 146577 | 8158 | 30 | 0 |
|  | 06/2026 | $8608 | 45658 | 91 | 0 |
|  | 06/2026 | 1960 | 13514 | 5 | 0 |
|  | 06/2026 | 3529 | 11007 | 0 | (21) |
|  | 06/2026 | 9047 | 164595 | 82 | (3) |
|  | 07/2026 | 5766 | 39494 | 0 | (11) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **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** |
|  | 09/2026 | 94807823 | $24809 | $0 | $(45) |
|  | 10/2026 | 47800 | 8747 | 0 | (100) |
|  BPS | 04/2026 | 47 | 1488 | 1 | 0 |
|  | 04/2026 | 588872 | 108483 | 0 | (5202) |
|  | 04/2026 | 7885 | 5650 | 0 | (18) |
|  | 04/2026 | 16772 | 2438 | 3 | 0 |
|  | 04/2026 | 37536 | 5445 | 11 | 0 |
|  | 04/2026 | 51609379 | 13469 | 0 | (565) |
|  | 04/2026 | 850975 | 121576 | 0 | (10048) |
|  | 04/2026 | 33694 | 172432 | 149 | 0 |
|  | 04/2026 | 32465 | $43057 | 86 | 0 |
|  | 04/2026 | 65447 | 21196 | 377 | 0 |
|  | 04/2026 | 27495255 | 297234 | 6030 | (124) |
|  | 04/2026 | 118359758 | 79809 | 1124 | (21) |
|  | 04/2026 | 142167 | 84088 | 2392 | 0 |
|  | 04/2026 | 13676 | 3675 | 0 | (9) |
|  | 04/2026 | 5760 | 624 | 15 | 0 |
|  | 04/2026 | 842 | 658 | 3 | 0 |
|  | 04/2026 | 1916905 | 59274 | 1104 | (25) |
|  | 04/2026 | 4669 | 146 | 0 | 0 |
|  | 04/2026 | $35425 | 50198 | 0 | (790) |
|  | 04/2026 | 111903 | 588872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782 | 0 |
|  | 04/2026 | 5354 | 37536 | 79 | 0 |
|  | 04/2026 | 10088 | 7504 | 0 | (156) |
|  | 04/2026 | 87114 | 1474014379 | 5 | (288) |
|  | 04/2026 | 15616 | 49463 | 118 | 0 |
|  | 04/2026 | 98291 | 9253390 | 175 | 0 |
|  | 04/2026 | 10085 | 15063242 | 21 | (88) |
|  | 04/2026 | 38257 | 137914 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1106) |
|  | 04/2026 | 2144 | 9254 | 0 | (47) |
|  | 04/2026 | 3726 | 4796 | 5 | 0 |
|  | 04/2026 | 203793 | 6516941 | 1 | (373) |
|  | 04/2026 | 1885960 | $111367 | 61 | 0 |
|  | 05/2026 | 289 | 42 | 0 | 0 |
|  | 05/2026 | 49408 | 15616 | 0 | (118) |
|  | 05/2026 | 3987460 | 42143 | 0 | (173) |
|  | 05/2026 | 4786 | 3726 | 0 | (5) |
|  | 05/2026 | 496940 | 16063 | 939 | 0 |
|  | 05/2026 | 915651 | 28416 | 0 | (128) |
|  | 05/2026 | $16480 | 86506 | 119 | 0 |
|  | 05/2026 | 38386 | 266257 | 297 | 0 |
|  | 05/2026 | 21112 | 359361640 | 52 | 0 |
|  | 05/2026 | 246112 | 23302774 | 1182 | 0 |
|  | 05/2026 | 6539 | 1993 | 0 | (97) |
|  | 05/2026 | 658 | 840 | 0 | (3) |
|  | 05/2026 | 4206 | 138077 | 0 | (9) |
|  | 06/2026 | 5063583 | $158204 | 671 | 0 |
|  | 06/2026 | $48365 | 331763 | 0 | (61) |
|  | 06/2026 | 13859 | 233411861 | 0 | (136) |
|  | 06/2026 | 4135 | 1263 | 0 | (51) |
|  | 06/2026 | 2597 | 83338 | 0 | (4) |
|  | 07/2026 | 151052 | $28086 | 0 | (487) |
|  | 07/2026 | 146 | 21 | 0 | 0 |
|  | 07/2026 | $2887 | 882 | 0 | (35) |
|  | 08/2026 | 91373 | 3750 | 49 | 0 |
|  | 10/2026 | 319500 | $58284 | 0 | (849) |
|  | 01/2027 | $47 | 1476 | 0 | (1) |
|  | 06/2027 | 2865 | 869 | 0 | (43) |
|  | 05/2029 | 10107 | $34746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1661 | 0 |
|  | 07/2029 | 1468 | 5051 | 241 | 0 |
|  | 05/2030 | 7030 | 24210 | 1100 | 0 |
|  BRC | 04/2026 | 1433 | 1033 | 3 | 0 |
|  | 04/2026 | 7433 | 6443 | 0 | (64) |
|  | 04/2026 | 28777 | 147282 | 114 | 0 |
|  | 04/2026 | 54023 | $6904 | 8 | 0 |
|  | 04/2026 | 886 | 226 | 7 | 0 |
|  | 04/2026 | 14926 | 8634 | 56 | 0 |
|  | 04/2026 | 119411 | 23361 | 0 | (71) |
|  | 04/2026 | 18981 | $4281 | 0 | (19) |
|  | 04/2026 | 9143362 | 201306 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1911) |

---

---

| | | |
|:---|:---|:---|
| **28** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **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 | $226 | 906 | $0 | $(2) |
|  | 04/2026 | 77 | 740 | 0 | (1) |
|  | 04/2026 | 15149 | 54513 | 0 | (465) |
|  | 04/2026 | 1880 | 8301 | 0 | 0 |
|  | 04/2026 | 20079 | 182187 | 0 | (834) |
|  | 04/2026 | 66596 | 3054120 | 395 | 0 |
|  | 04/2026 | 650855 | $39615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253 | (49) |
|  | 05/2026 | 30182 | 37866 | 0 | (14) |
|  | 05/2026 | 445 | 64 | 0 | 0 |
|  | 05/2026 | 6454 | 7433 | 63 | 0 |
|  | 05/2026 | 868697 | $18631 | 0 | (124) |
|  | 05/2026 | 3681348 | 116909 | 2150 | 0 |
|  | 05/2026 | $1033 | 1431 | 0 | (3) |
|  | 05/2026 | 10904 | 505723 | 2 | 0 |
|  | 06/2026 | 862 | $280 | 5 | 0 |
|  | 06/2026 | $88654 | 1540587 | 0 | (3226) |
|  | 01/2027 | 155522 | $24496 | 130 | 0 |
|  | 02/2027 | $116909 | 3647561 | 0 | (3522) |
|  BSH | 04/2026 | 658800 | $118488 | 0 | (8697) |
|  | 04/2026 | $126854 | 658800 | 331 | 0 |
|  | 04/2026 | 194547 | 31057615 | 1147 | 0 |
|  | 04/2026 | 14807 | 25649 | 0 | (68) |
|  | 04/2026 | 43343 | 156776 | 0 | (1112) |
|  | 05/2026 | 30964049 | $194547 | 0 | (1140) |
|  | 05/2026 | 25649 | 14824 | 69 | 0 |
|  | 06/2026 | 83468 | 24431 | 542 | 0 |
|  | 10/2026 | 702600 | 129691 | 0 | (346) |
|  | 10/2026 | 39982 | 11819 | 448 | 0 |
|  | 01/2027 | 47960 | 14119 | 543 | 0 |
|  CBK | 04/2026 | 9235 | 6506 | 134 | 0 |
|  | 04/2026 | 47617 | 9123 | 0 | (70) |
|  | 04/2026 | 124141 | 18058 | 39 | (5) |
|  | 04/2026 | 2780960 | 728 | 0 | (28) |
|  | 04/2026 | 401887 | 466209 | 1688 | 0 |
|  | 04/2026 | 46838 | 62761 | 766 | 0 |
|  | 04/2026 | 19868735 | 214371 | 4181 | 0 |
|  | 04/2026 | 4546000 | 29046 | 402 | 0 |
|  | 04/2026 | 75045 | 7729 | 4 | (26) |
|  | 04/2026 | 100274 | 29054 | 315 | (62) |
|  | 04/2026 | 95710 | 10263 | 153 | 0 |
|  | 04/2026 | 887 | 28 | 1 | 0 |
|  | 04/2026 | 78978 | 2477 | 9 | 0 |
|  | 04/2026 | $1067 | 1506 | 0 | (28) |
|  | 04/2026 | 9001 | 47617 | 192 | 0 |
|  | 04/2026 | 5371 | 7332 | 0 | (100) |
|  | 04/2026 | 7556 | 52075 | 4 | 0 |
|  | 04/2026 | 3756 | 25932 | 0 | (1) |
|  | 04/2026 | 31245 | 115894749 | 270 | 0 |
|  | 04/2026 | 15812 | 332841 | 0 | (135) |
|  | 04/2026 | 203629 | 1286732 | 0 | (4604) |
|  | 04/2026 | 69625 | 60023 | 8 | (256) |
|  | 04/2026 | 13591 | 10188 | 0 | (106) |
|  | 04/2026 | 471693 | 43532717 | 113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10675) |
|  | 04/2026 | 3074 | 478100 | 0 | (61) |
|  | 04/2026 | 16877 | 58440 | 0 | (83) |
|  | 04/2026 | 0 | 1 | 0 | 0 |
|  | 04/2026 | 50206 | 1589531 | 0 | (578) |
|  | 05/2026 | 909 | $131 | 0 | (1) |
|  | 05/2026 | 8 | 0 | 0 | 0 |
|  | 05/2026 | 1083050 | 35027 | 2065 | 0 |
|  | 05/2026 | $9257 | 64035 | 50 | 0 |
|  | 05/2026 | 5112 | 3869 | 9 | 0 |
|  | 05/2026 | 15019 | 1427681 | 132 | 0 |
|  | 05/2026 | 115609 | 3697764 | 0 | (339) |
|  | 06/2026 | 83611090 | $21897 | 0 | (493) |
|  | 06/2026 | 126283169 | 7501 | 76 | 0 |
|  | 06/2026 | 16801 | 5449 | 95 | 0 |
|  | 06/2026 | 107474 | 31167 | 405 | 0 |
|  | 06/2026 | 5290115 | 165816 | 1217 | 0 |
|  | 06/2026 | $47466 | 326610 | 76 | (5) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **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** |
|  | 06/2026 | $5518 | 92715809 | $0 | $(66) |
|  | 06/2026 | 82397 | 1457245 | 0 | (1567) |
|  | 07/2026 | 67727893 | $17797 | 0 | (198) |
|  | 07/2026 | 140014 | 41352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348 | 0 |
|  | 07/2026 | $2521 | 17264 | 0 | (5) |
|  | 08/2026 | 6558717 | $69984 | 1343 | 0 |
|  | 08/2026 | 52734 | 14630 | 0 | (419) |
|  | 08/2026 | $619 | 326907 | 35 | 0 |
|  | 09/2026 | 49691140 | $12965 | 0 | (62) |
|  | 09/2026 | $2717 | 2358364 | 0 | (169) |
|  | 09/2026 | 5923 | 105938 | 0 | (95) |
|  | 10/2026 | 11497 | $39017 | 397 | 0 |
|  | 12/2026 | 22349 | 6378 | 43 | 0 |
|  DUB | 04/2026 | 37573 | 192040 | 71 | 0 |
|  | 04/2026 | 262162 | $33512 | 44 | 0 |
|  | 04/2026 | 132048 | 42659 | 646 | 0 |
|  | 04/2026 | 4002445 | 42535 | 165 | (137) |
|  | 04/2026 | 486615 | 95079 | 0 | (319) |
|  | 04/2026 | $242500 | 1677055 | 988 | 0 |
|  | 04/2026 | 3 | 19 | 0 | 0 |
|  | 04/2026 | 698 | 14729 | 0 | (4) |
|  | 04/2026 | 9945 | 500066 | 0 | (923) |
|  | 04/2026 | 288 | 96679 | 3 | 0 |
|  | 04/2026 | 49276 | 4580012 | 0 | (614) |
|  | 04/2026 | 255831 | 326799 | 0 | (1652) |
|  | 04/2026 | 17704 | 578221 | 0 | (152) |
|  | 05/2026 | 1672993 | $242500 | 0 | (998) |
|  | 05/2026 | 19 | 3 | 0 | 0 |
|  | 05/2026 | 326067 | 255831 | 1638 | 0 |
|  | 06/2026 | 2454617 | 4601 | 0 | (421) |
|  | 06/2026 | 252 | 64 | 2 | 0 |
|  | 06/2026 | 43650 | 12521 | 60 | (36) |
|  | 06/2026 | 577043 | 17704 | 99 | 0 |
|  | 06/2026 | 647 | 20 | 0 | 0 |
|  | 06/2026 | $16983 | 116294 | 2 | (66) |
|  | 06/2026 | 40867 | 714761 | 0 | (1232) |
|  | 06/2026 | 8513 | 29253 | 0 | (139) |
|  | 07/2026 | 3214 | 1721971 | 245 | 0 |
|  | 08/2026 | 3696620 | $39301 | 614 | 0 |
|  | 09/2026 | 75113 | 21770 | 364 | 0 |
|  | 01/2027 | 196080 | 31064 | 343 | 0 |
|  FAR | 04/2026 | 975527 | 692754 | 19689 | 0 |
|  | 04/2026 | 984789 | 188679 | 0 | (1441) |
|  | 04/2026 | 39047 | 50593 | 1759 | 0 |
|  | 04/2026 | 182115 | 246343 | 5296 | 0 |
|  | 04/2026 | 11349523 | 72639 | 1126 | 0 |
|  | 04/2026 | 28721 | 8223 | 0 | (30) |
|  | 04/2026 | 36 | 28 | 0 | 0 |
|  | 04/2026 | $184038 | 984789 | 6081 | 0 |
|  | 04/2026 | 243828 | 38915003 | 1375 | 0 |
|  | 04/2026 | 8533 | 28721 | 0 | (279) |
|  | 04/2026 | 16824 | 60716 | 0 | (469) |
|  | 04/2026 | 1380 | 1764 | 0 | (8) |
|  | 05/2026 | 3168556 | $460439 | 0 | (733) |
|  | 05/2026 | 82171 | 25965 | 0 | (203) |
|  | 05/2026 | 38797453 | 243828 | 0 | (1364) |
|  | 05/2026 | 1761 | 1380 | 8 | 0 |
|  | 06/2026 | 47352 | 15361 | 269 | 0 |
|  | 06/2026 | 154120 | 8860 | 314 | 0 |
|  | 06/2026 | 10176 | 2973 | 60 | 0 |
|  | 06/2026 | $21611 | 376503 | 0 | (733) |
|  | 09/2026 | 28881 | $8533 | 302 | 0 |
|  | 09/2026 | $4807 | 84877 | 0 | (138) |
|  GLM | 04/2026 | 2857728 | $528912 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22789) |
|  | 04/2026 | 27061 | 3953 | 24 | 0 |
|  | 04/2026 | 64202 | 20652 | 222 | 0 |
|  | 04/2026 | 1452139 | 15429 | 74 | (65) |
|  | 04/2026 | 6234841 | 4171 | 25 | 0 |
|  | 04/2026 | 990963 | 252308 | 7392 | 0 |

---

---

| | | |
|:---|:---|:---|
| **30** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **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 | $542733 | 2857728 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8968 | $0 |
|  | 04/2026 | 6793 | 46639 | 0 | (21) |
|  | 04/2026 | 12495 | 46467376 | 141 | 0 |
|  | 04/2026 | 170 | 58272 | 5 | 0 |
|  | 04/2026 | 2334 | 39426561 | 0 | (11) |
|  | 04/2026 | 24654 | 454618 | 696 | 0 |
|  | 04/2026 | 523 | 1950 | 2 | 0 |
|  | 04/2026 | 5734 | 7284 | 0 | (68) |
|  | 04/2026 | 9864 | 323683 | 0 | (39) |
|  | 06/2026 | 119870677 | $7110 | 62 | 0 |
|  | 06/2026 | 45650 | 2562 | 30 | 0 |
|  | 06/2026 | 323108 | 9864 | 7 | 0 |
|  | 06/2026 | $268572 | 1423695 | 2681 | 0 |
|  | 06/2026 | 12462 | 210894937 | 0 | (62) |
|  | 06/2026 | 23174 | 402633 | 0 | (847) |
|  | 07/2026 | 445300 | $82637 | 0 | (1594) |
|  | 07/2026 | 47531291 | 12495 | 0 | (134) |
|  | 07/2026 | $57075 | 306568 | 914 | 0 |
|  | 07/2026 | 910 | 492719 | 81 | 0 |
|  JPM | 04/2026 | 212400 | $40694 | 0 | (311) |
|  | 04/2026 | 2700 | 1996 | 55 | 0 |
|  | 04/2026 | 33616 | 4867 | 0 | (14) |
|  | 04/2026 | 32899 | 168130 | 48 | 0 |
|  | 04/2026 | 24815 | $28564 | 0 | (119) |
|  | 04/2026 | 305932 | 39131 | 76 | 0 |
|  | 04/2026 | 152669 | 1652 | 38 | 0 |
|  | 04/2026 | 3309059 | 2247 | 46 | 0 |
|  | 04/2026 | 88568 | 24136 | 316 | (38) |
|  | 04/2026 | 182430 | 35694 | 0 | (51) |
|  | 04/2026 | 302212 | $239805 | 4749 | 0 |
|  | 04/2026 | 1133881 | 35718 | 1289 | 0 |
|  | 04/2026 | $40207 | 212400 | 798 | 0 |
|  | 04/2026 | 886534 | 6134556 | 4127 | 0 |
|  | 04/2026 | 418 | 8923 | 2 | 0 |
|  | 04/2026 | 852 | 284224 | 2 | 0 |
|  | 04/2026 | 26 | 2425 | 0 | (1) |
|  | 04/2026 | 9178 | 169094 | 254 | 0 |
|  | 04/2026 | 4000 | 38325 | 0 | (41) |
|  | 04/2026 | 7370 | 12610 | 0 | (123) |
|  | 04/2026 | 1143 | 1475 | 4 | 0 |
|  | 04/2026 | 7819 | 242229 | 0 | (464) |
|  | 04/2026 | 1859 | 31581 | 5 | 0 |
|  | 04/2026 | 420692 | $24742 | 16 | (103) |
|  | 05/2026 | 57164 | 39177 | 0 | (248) |
|  | 05/2026 | 6119573 | 886534 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4148) |
|  | 05/2026 | 1050130 | 161438 | 0 | (1241) |
|  | 05/2026 | 6104 | 31315 | 16 | 0 |
|  | 05/2026 | 4146 | $26 | 0 | 0 |
|  | 05/2026 | 31273 | 6104 | 0 | (7) |
|  | 05/2026 | 1471 | $1143 | 0 | (4) |
|  | 05/2026 | $197349 | 1279268 | 828 | 0 |
|  | 06/2026 | 226332 | $13 | 0 | 0 |
|  | 06/2026 | 42588 | 13785 | 211 | 0 |
|  | 06/2026 | 278571 | 15528 | 81 | 0 |
|  | 06/2026 | 1076139 | 32813 | 0 | (18) |
|  | 06/2026 | $122 | 2058953 | 0 | (1) |
|  | 06/2026 | 3345 | 10390 | 0 | (34) |
|  | 07/2026 | 131500 | $24307 | 0 | (567) |
|  | 08/2026 | 235802 | 9664 | 114 | 0 |
|  | 08/2026 | $154 | 14400 | 0 | (3) |
|  | 10/2026 | 90700 | $16515 | 0 | (272) |
|  | 01/2027 | 404291 | 63767 | 425 | 0 |
|  MBC | 04/2026 | 184584 | 127849 | 597 | (101) |
|  | 04/2026 | 6575 | 8301 | 78 | 0 |
|  | 04/2026 | 1803 | 9251 | 8 | 0 |
|  | 04/2026 | 143259 | $165745 | 312 | (152) |
|  | 04/2026 | 18021 | 24135 | 283 | 0 |
|  | 04/2026 | 14674945 | 94080 | 1629 | (16) |
|  | 04/2026 | 21202859 | 14386 | 287 | 0 |
|  | 04/2026 | 26850 | 2756 | 0 | (17) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **31** |

---

------

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** |
|  | 04/2026 | 149365 | $15990 | $212 | $0 |
|  | 04/2026 | 18307 | 14309 | 70 | 0 |
|  | 04/2026 | 322360 | 10044 | 256 | 0 |
|  | 04/2026 | $11254 | 16149 | 0 | (112) |
|  | 04/2026 | 13079 | 10287 | 0 | (214) |
|  | 04/2026 | 41572 | 36014 | 55 | 0 |
|  | 04/2026 | 29177 | 21786 | 0 | (341) |
|  | 04/2026 | 79997 | 12783864 | 577 | (23) |
|  | 04/2026 | 7379 | 136206 | 214 | 0 |
|  | 04/2026 | 4412 | 42097 | 0 | (65) |
|  | 04/2026 | 4796 | 8238 | 0 | (62) |
|  | 04/2026 | 484 | 2131 | 0 | (2) |
|  | 04/2026 | 7461 | 9558 | 0 | (27) |
|  | 04/2026 | 34 | 1070 | 0 | (2) |
|  | 05/2026 | 12703 | $16768 | 0 | (45) |
|  | 05/2026 | 11778764 | 73882 | 0 | (558) |
|  | 05/2026 | 2133 | 484 | 2 | 0 |
|  | 05/2026 | 4678 | 3648 | 1 | 0 |
|  | 05/2026 | 3107343 | 100643 | 6071 | 0 |
|  | 05/2026 | $551 | 28100 | 0 | (58) |
|  | 05/2026 | 16258 | 14157 | 130 | 0 |
|  | 05/2026 | 1121 | 10966 | 12 | 0 |
|  | 06/2026 | 32357 | $1792 | 0 | (2) |
|  | 06/2026 | $12890 | 88161 | 0 | (65) |
|  | 06/2026 | 66477 | 1160456 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2128) |
|  MYI | 04/2026 | 77203 | $2437225 | 1108 | 0 |
|  | 04/2026 | 55079 | $10619 | 0 | (14) |
|  | 04/2026 | 8366 | 6085 | 71 | 0 |
|  | 04/2026 | 715460 | 102253 | 0 | (8410) |
|  | 04/2026 | 1461 | 16 | 0 | 0 |
|  | 04/2026 | 5565 | 36 | 1 | 0 |
|  | 04/2026 | 7465 | 1901 | 56 | 0 |
|  | 04/2026 | 9428 | 2664 | 124 | 0 |
|  | 04/2026 | 6307223 | 198959 | 2074 | 0 |
|  | 04/2026 | $10553 | 55079 | 81 | 0 |
|  | 04/2026 | 184 | 3872 | 0 | (2) |
|  | 04/2026 | 6 | 21 | 0 | 0 |
|  | 04/2026 | 65778 | 2102380 | 51 | (192) |
|  | 05/2026 | 18914 | $13570 | 0 | (46) |
|  | 05/2026 | $21742 | 114222 | 175 | 0 |
|  | 06/2026 | 1757849 | $104 | 1 | 0 |
|  | 06/2026 | 2103686 | 65778 | 331 | 0 |
|  | 06/2026 | $10232 | 70597 | 34 | 0 |
|  | 01/2027 | 237561 | 7463097 | 0 | (5564) |
|  | 01/2027 | 38602 | 1207748 | 0 | (1058) |
|  NGF | 04/2026 | 3976488 | $581046 | 3710 | 0 |
|  | 04/2026 | $2158 | 20742 | 0 | (15) |
|  | 04/2026 | 63345 | 2895670 | 1000 | 0 |
|  | 05/2026 | 55665 | 2574337 | 0 | (65) |
|  RYL | 04/2026 | 5726 | $4149 | 32 | 0 |
|  SCX | 04/2026 | 25951 | 3755 | 0 | (3) |
|  | 04/2026 | 167904108 | 43856 | 0 | (1802) |
|  | 04/2026 | 11605 | 15555 | 194 | 0 |
|  | 04/2026 | 8925949 | 57218 | 975 | 0 |
|  | 04/2026 | 39208913 | 25683 | 0 | (391) |
|  | 04/2026 | 23 | 18 | 0 | 0 |
|  | 04/2026 | 49105 | 1542 | 52 | 0 |
|  | 04/2026 | $841718 | 1165359 | 0 | (3956) |
|  | 04/2026 | 26057 | 19537 | 0 | (198) |
|  | 04/2026 | 33876 | 3086273 | 0 | (1282) |
|  | 04/2026 | 25683 | 39213792 | 391 | 0 |
|  | 04/2026 | 2827 | 4787 | 0 | (76) |
|  | 04/2026 | 8959 | 32415 | 0 | (227) |
|  | 04/2026 | 4550 | 145206 | 0 | (13) |
|  | 05/2026 | 1163756 | $841718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3934 | 0 |
|  | 05/2026 | $22437 | 155489 | 144 | 0 |
|  | 05/2026 | 3228 | 513800 | 19 | 0 |
|  | 06/2026 | 257289 | $479 | 0 | (48) |
|  | 06/2026 | $17028 | 116452 | 0 | (69) |

---

---

| | | |
|:---|:---|:---|
| **32** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 06/2026 | $21554 | 363403891 | $0 | $(188) |
|  | 07/2026 | 11292 | 77392 | 0 | (18) |
|  | 11/2026 | 339675 | $210 | 0 | (17) |
|  SOG | 04/2026 | 7925755 | 1161495 | 10776 | 0 |
|  | 04/2026 | 16438 | 83937 | 16 | 0 |
|  | 04/2026 | 2518730 | $2981391 | 70116 | 0 |
|  | 04/2026 | 6487 | 7433 | 6 | 0 |
|  | 04/2026 | 56850 | $603 | 0 | (1) |
|  | 04/2026 | 49232201 | 316409 | 6197 | 0 |
|  | 04/2026 | 87115 | 24964 | 0 | (70) |
|  | 04/2026 | 186762 | 36593 | 3 | (18) |
|  | 04/2026 | 11959 | $2716 | 8 | 0 |
|  | 04/2026 | $6466 | 4992 | 0 | (222) |
|  | 04/2026 | 2382 | 116789 | 0 | (269) |
|  | 04/2026 | 3584990 | 3107923 | 7304 | 0 |
|  | 04/2026 | 101176 | 76653 | 302 | (20) |
|  | 04/2026 | 24942 | 87115 | 92 | 0 |
|  | 04/2026 | 7393 | 32197 | 0 | (102) |
|  | 04/2026 | 7197 | 68769 | 67 | 0 |
|  | 05/2026 | 3107923 | $3590643 | 0 | (7124) |
|  | 05/2026 | 73580 | 97085 | 0 | (301) |
|  | 05/2026 | 68657 | 7197 | 0 | (67) |
|  | 05/2026 | $230 | 1594 | 2 | 0 |
|  | 06/2026 | 33870 | $10977 | 181 | 0 |
|  | 06/2026 | 241144 | 71622 | 2589 | 0 |
|  SSB | 04/2026 | 479194 | 648632 | 14371 | 0 |
|  | 04/2026 | 57708 | 370 | 7 | 0 |
|  | 06/2026 | 33966 | 9789 | 66 | 0 |
|  | 09/2026 | 337453348 | 87011 | 0 | (1454) |
|  UAG | 04/2026 | 2469 | 1797 | 22 | 0 |
|  | 04/2026 | 296040829 | 200938 | 4072 | 0 |
|  | 04/2026 | 40641 | 11045 | 97 | 0 |
|  | 04/2026 | $73 | 58 | 0 | (1) |
|  | 04/2026 | 859 | 18032 | 0 | (9) |
|  | 04/2026 | 46094 | 166729 | 2 | (1183) |
|  | 04/2026 | 3655 | 4704 | 4 | 0 |
|  | 06/2026 | 54726 | $17706 | 263 | 0 |
|  | 06/2026 | 41266 | 2299 | 11 | 0 |
|  | 09/2026 | 72956413 | 18873 | 0 | (253) |
|  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;280456 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154789) |

---

#### 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 | 38786 | $58 | $59 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 58714 | 82 | 85 |
|  | Put - OTC USD versus KRW | KRW | 1400.000 | 07/09/2026 | 34009 | 345 | 101 |
|  | Put - OTC USD versus KRW |  | 1400.000 | 07/13/2026 | 7572 | 52 | 24 |
|  | Call - OTC USD versus SGD | SGD | 1.315 | 11/05/2026 | 41977 | 300 | 164 |
| BPS | Put - OTC EUR versus CZK | CZK | 24.040 | 08/13/2026 | 15897 | 57 | 9 |
|  | Call - OTC USD versus SGD | SGD | 1.315 | 11/05/2026 | 205 | 1 | 1 |
| GLM | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 9285 | 12 | 14 |
| MBC | Call - OTC USD versus HKD |  | 7.800 | 08/14/2026 | 34122 | 45 | 52 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 17560 | 26 | 25 |
|  | Put - OTC USD versus KRW | KRW | 1400.000 | 07/09/2026 | 64900 | 597 | 194 |
|  | Put - OTC USD versus KRW |  | 1400.000 | 07/10/2026 | 64900 | 519 | 197 |
| MYI | Put - OTC EUR versus CZK | CZK | 23.900 | 06/02/2026 | 28386 | 115 | 2 |
|  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;2209 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 33

------

Schedule of Investments PIMCO International Bond Fund (U.S. Dollar-Hedged) (Cont.)

#### 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 | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 38786 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 58714 | (27) | (24) |
|  | Put - OTC USD versus KRW | KRW | 1350.000 | 07/09/2026 | 34009 | (121) | (27) |
|  | Put - OTC USD versus KRW |  | 1350.000 | 07/13/2026 | 7572 | (17) | (7) |
|  | Put - OTC USD versus SGD | SGD | 1.237 | 11/05/2026 | 41977 | (300) | (257) |
| BPS | Put - OTC USD versus SGD |  | 1.237 | 11/05/2026 | 205 | (2) | (1) |
| GLM | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 9285 | (4) | (4) |
| MBC | Call - OTC USD versus HKD |  | 7.850 | 08/14/2026 | 34122 | (15) | (14) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 17560 | (9) | (7) |
|  | Put - OTC USD versus KRW | KRW | 1350.000 | 07/09/2026 | 64900 | (201) | (52) |
|  | Put - OTC USD versus KRW |  | 1350.000 | 07/10/2026 | 64900 | (168) | (53) |
|  |  |  |  |  |  | $(885) | $(461) |

---

#### 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 |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.600% | 04/16/2026 | 17400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57) | $(15) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.900 | 04/16/2026 | 17400 | (56) | (91) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695 | 04/27/2026 | 16200 | (57) | (47) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.055 | 04/27/2026 | 16200 | (57) | (45) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(227) | $(198) |
|  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;(1112) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(659) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2026<sup>(5)</sup> | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(7)</sup> | Swap Agreements,<br>at Value<sup>(7)</sup> |
| Counterparty | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2026<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 | 0.272% | $22200 | $(741) | $168 | $0 | $(573) |
|  | South Korea Government International Bonds | (1.000) | Quarterly | 12/20/2030 | 0.324 | 61300 | (2263) | 443 | 0 | (1820) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3004) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2393) |

---

#### 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>March 31, 2026<sup>(5)</sup> | Notional<br>Amount<sup>(6)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(7)</sup> | Swap Agreements,<br>at Value<sup>(7)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2026<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% |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15742 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(4)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | **Notional<br>Amount<sup>(6)</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 | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | **Notional<br>Amount<sup>(6)</sup>** | **Notional<br>Amount<sup>(6)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2030 | EUR | 3500 | $812 | $(112) | $700 | $0 |
| BPS | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 |  | 52530 | 11027 | (514) | 10513 | 0 |
| CBK | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 |  | 5000 | 1132 | (131) | 1001 | 0 |
| GST | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 |  | 15900 | 3285 | (103) | 3182 | 0 |
| JPM | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 |  | 66000 | 14171 | (963) | 13208 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30427 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1823) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28604 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

34 PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED) See Accompanying Notes

------

March 31, 2026

#### 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 JPY-SOFR less 0.450% 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 | 03/17/2032 | $38474 | JPY6,078,800 | $103 | $15 | $118 | $0 |
|  | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.357% 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 | 12/16/2027 | 669022 | 100353300 | 8564 | (47) | 8517 | 0 |
|  FAR | Floating rate equal to 1-Day JPY-SOFR less 0.450% 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 | 03/17/2032 | 444887 | 70292200 | 2086 | 169 | 2255 | 0 |
|  | 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 | 22750000 | 651 | 144 | 795 | 0 |
|  GLM | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.315% 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 | 12/16/2027 | 593871 | 92050000 | 383 | (274) | 109 | 0 |
|  | Floating rate equal to 1-Day USD-SOFR Compounded-OIS less 0.323% based on the notional amount of currency received | Floating rate equal to 1-Day GBP-SOFR based on the notional amount of currency delivered | Maturity | 10/22/2045 | 165634 | GBP123,405 | (154) | (142) | 0 | (296) |
|  | 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 | JPY2,250,000 | 17 | 3 | 20 | 0 |
|  |  |  |  |  |  |  | $11650 | $(132) | $11814 | $(296) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<br>Floating Rate | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | **Notional<br>Amount** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements, at<br>Value | Swap Agreements, at<br>Value |
| Counterparty | Pay/Receive<br>Floating Rate | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | **Notional<br>Amount** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Pay<br> 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500% | Quarterly | 03/17/2032 | CNY | 400800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(508) | $66 | $0 | $(442) |
| BPS | Pay<br> 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500 | Quarterly | 03/17/2032 |  | 2883260 | (3612) | 431 | 0 | (3181) |
| CBK | Pay<br> 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500 | Quarterly | 03/17/2032 |  | 140600 | (126) | (29) | 0 | (155) |
| JPM | Pay<br> 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500 | Quarterly | 03/17/2032 |  | 3388330 | (3071) | (667) | 0 | (3738) |
| SCX | Pay<br> 3-Month CNY-CNREPOFIX<sup>(2)</sup> | 1.500 | Quarterly | 03/17/2032 |  | 1278570 | (803) | (607) | 0 | (1410) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8120) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(806) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8926) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 35

------

Schedule of Investments PIMCO International Bond Fund (U.S. Dollar-Hedged) (Cont.)

#### 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  | 7051 | 3.621% (SOFR plus a specified spread) | Maturity | 09/21/2026 | $2400 | $0 | $(2) | $0 | $(2) |
|  | Receive | iBoxx USD Liquid Investment Grade Index  | 676692 | 1.236% (SOFR plus a specified spread) | Maturity | 09/21/2026 | 229500 | 0 | (1015) | 0 | (1015) |
|  | Receive | iBoxx USD Liquid Investment Grade Index  | 11201 | 3.629% (SOFR plus a specified spread) | Maturity | 09/21/2026 | 3800 | 0 | (16) | 0 | (16) |
|  | Receive | iBoxx USD Liquid Investment Grade Index  | 24309 | 3.629% (SOFR plus a specified spread) | Maturity | 09/21/2026 | 8300 | 0 | 29 | 29 | 0 |
| CBK | Receive | SIBCSORA Index  | N/A | 0.822 | Semi-Annual | 08/26/2026 | 1550 | 0 | 30 | 30 | 0 |
|  |  |  |  |  |  |  |  | $0 | $(974) | $59 | $(1033) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $30953 | $(3038) | $40563 | $(12648) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2026:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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 | $16674 | $0 | $0 | $16674 | $(5986) | $0 | $0 | $(5986) | $10688 | $(14740) | $(4052) |
|  BOA | 2780 | 433 | 700 | 3913 | (1571) | (330) | (442) | (2343) | 1570 | (3330) | (1760) |
|  BPS | 19853 | 10 | 10542 | 30405 | (21060) | (1) | (4214) | (25275) | 5130 | (5930) | (800) |
|  BRC | 4186 | 0 | 0 | 4186 | (10305) | 0 | 0 | (10305) | (6119) | 6022 | (97) |
|  BSH | 3080 | 0 | 0 | 3080 | (11363) | 0 | 0 | (11363) | (8283) | 7183 | (1100) |
|  CBK | 15570 | 0 | 9666 | 25236 | (20237) | 0 | (155) | (20392) | 4844 | 3934 | 8778 |
|  DUB | 5365 | 0 | 86 | 5451 | (6693) | 0 | 0 | (6693) | (1242) | 774 | (468) |
|  FAR | 36279 | 0 | 3050 | 39329 | (5398) | 0 | 0 | (5398) | 33931 | (36380) | (2449) |
|  GLM | 21243 | 14 | 129 | 21386 | (25630) | (202) | (296) | (26128) | (4742) | 8081 | 3339 |
|  GST | 0 | 0 | 3182 | 3182 | 0 | 0 | 0 | 0 | 3182 | (3240) | (58) |
|  JPM | 13500 | 0 | 13208 | 26708 | (7808) | 0 | (3738) | (11546) | 15162 | (18273) | (3111) |
|  MBC | 10794 | 468 | 0 | 11262 | (3990) | (126) | 0 | (4116) | 7146 | (9080) | (1934) |
|  MYC | 0 | 0 | 0 | 0 | 0 | 0 | (2393) | (2393) | (2393) | 2587 | 194 |
|  MYI | 4107 | 2 | 0 | 4109 | (15286) | 0 | 0 | (15286) | (11177) | 10191 | (986) |
|  NGF | 4710 | 0 | 0 | 4710 | (80) | 0 | 0 | (80) | 4630 | (7052) | (2422) |
|  RYL | 32 | 0 | 0 | 32 | 0 | 0 | 0 | 0 | 32 | 0 | 32 |
|  SCX | 5709 | 0 | 0 | 5709 | (8288) | 0 | (1410) | (9698) | (3989) | 3991 | 2 |
|  SOG | 97659 | 0 | 0 | 97659 | (8194) | 0 | 0 | (8194) | 89465 | (120300) | (30835) |
|  SSB | 14444 | 0 | 0 | 14444 | (1454) | 0 | 0 | (1454) | 12990 | (15595) | (2605) |
|  UAG | 4471 | 0 | 0 | 4471 | (1446) | 0 | 0 | (1446) | 3025 | (4560) | (1535) |
|  Total Over the Counter | $280456 | $927 | $40563 | $321946 | $(154789) | $(659) | $(12648) | $(168096) |  |  |  |

---

(p) Securities with an aggregate market value of $42,762 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2026.

<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. 

---

| | | |
|:---|:---|:---|
| **36** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

---

------

March 31, 2026

<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. 

#### 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 March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for 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 | $33268 | $33268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3444 | 0 | 0 | 62120 | 65564 |
|  | $0 | $3444 | $0 | $0 | $95388 | $98832 |
|  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 | $280456 | $0 | $280456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 927 | 0 | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 28690 | 0 | 11814 | 59 | 40563 |
|  | $0 | $28690 | $0 | $293197 | $59 | $321946 |
|  | $0 | $32134 | $0 | $293197 | $95447 | $420778 |
|  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 | $377 | $377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 17985 | 17985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 6046 | 0 | 0 | 21710 | 27756 |
|  | $0 | $6046 | $0 | $0 | $40072 | $46118 |
|  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 | $154789 | $0 | $154789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 461 | 198 | 659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2393 | 0 | 296 | 9959 | 12648 |
|  | $0 | $2393 | $0 | $155546 | $10157 | $168096 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8439 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155546 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50229 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214214 |

---

The effect of Financial Derivative Instruments on the Statement of Operations for the year ended March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $0 | $8077 | $8077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106763 | 106763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 8616 | 0 | 0 | (34767) | (26151) |
|  | $0 | $8616 | $0 | $0 | $80073 | $88689 |
|  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 | $(447129) | $0 | $(447129) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (419) | (4702) | (5121) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 5288 | 19962 | 25250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3278 | 0 | 5223 | (19317) | (10816) |
|  | $0 | $3278 | $0 | $(437037) | $(4057) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(437816) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11894 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(437037) | $76016 | $(349127) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 37

------

Schedule of Investments PIMCO International Bond 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** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(44) | $(44) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (84866) | (84866) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 177 | 0 | 0 | (218580) | (218403) |
|  | $0 | $177 | $0 | $0 | $(303490) | $(303313) |
|  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 | $207460 | $0 | $207460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (96) | (3053) | (3149) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 403 | 888 | 1291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (2711) | 0 | 208 | 8546 | 6043 |
|  | $0 | $(2711) | $0 | $207975 | $6381 | $211645 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2534) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207975 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(297109) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91668) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2026 |
|  Investments 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 | $3616 | $0 | $3616 |
|  Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 35262 | 0 | 35262 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 0 | 175593 | 175593 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 579578 | 0 | 579578 |
|  Belgium | Belgium | Belgium | Belgium | Belgium |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 8180 | 0 | 8180 |
|  Bermuda | Bermuda | Bermuda | Bermuda | Bermuda |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 22699 | 0 | 22699 |
|  Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Sovereign Issues | 0 | 365811 | 0 | 365811 |
|  Bulgaria | Bulgaria | Bulgaria | Bulgaria | Bulgaria |
| &nbsp;&nbsp; Sovereign Issues | 0 | 36271 | 0 | 36271 |
|  Canada | Canada | Canada | Canada | Canada |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 94450 | 0 | 94450 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 13847 | 0 | 13847 |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673741 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 280722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76694 | 357416 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 49531 | 7795 | 57326 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 9822 | 0 | 9822 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Sovereign Issues | 0 | 15402 | 0 | 15402 |
|  China | China | China | China | China |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496069 | 0 | 1496069 |
|  Colombia | Colombia | Colombia | Colombia | Colombia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 247789 | 0 | 247789 |
|  Costa Rica | Costa Rica | Costa Rica | Costa Rica | Costa Rica |
| &nbsp;&nbsp; Sovereign Issues | 0 | 43579 | 0 | 43579 |
|  Denmark | Denmark | Denmark | Denmark | Denmark |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 160096 | 0 | 160096 |
|  Egypt | Egypt | Egypt | Egypt | Egypt |
| &nbsp;&nbsp; Sovereign Issues | 0 | 16328 | 0 | 16328 |
|  France | France | France | France | France |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 122735 | 0 | 122735 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 580006 | 0 | 580006 |
|  Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 25920 | 0 | 25920 |
|  Hungary | Hungary | Hungary | Hungary | Hungary |
| &nbsp;&nbsp; Sovereign Issues | 0 | 5660 | 0 | 5660 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2026** |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547533 | $0 | $547533 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 40035 | 40035 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 14516 | 0 | 14516 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Sovereign Issues | 0 | 156031 | 0 | 156031 |
|  Italy | Italy | Italy | Italy | Italy |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 49141 | 0 | 49141 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 254093 | 0 | 254093 |
|  Japan | Japan | Japan | Japan | Japan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 108686 | 0 | 108686 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 721757 | 0 | 721757 |
|  Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 65279 | 0 | 65279 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18757 | 18757 |
|  Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan |
| &nbsp;&nbsp; Sovereign Issues | 0 | 8252 | 0 | 8252 |
|  Kuwait | Kuwait | Kuwait | Kuwait | Kuwait |
| &nbsp;&nbsp; Sovereign Issues | 0 | 88616 | 0 | 88616 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1474 | 0 | 1474 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 13259 | 13259 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 96121 | 0 | 96121 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 9464 | 0 | 9464 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 249499 | 0 | 249499 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4782 | 0 | 4782 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 19869 | 0 | 19869 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 15417 | 0 | 15417 |
|  New Zealand | New Zealand | New Zealand | New Zealand | New Zealand |
| &nbsp;&nbsp; Sovereign Issues | 0 | 151 | 0 | 151 |
|  Nigeria | Nigeria | Nigeria | Nigeria | Nigeria |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 10465 | 0 | 10465 |
|  Norway | Norway | Norway | Norway | Norway |
| &nbsp;&nbsp; Sovereign Issues | 0 | 13946 | 0 | 13946 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Sovereign Issues | 0 | 273988 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273988 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Sovereign Issues | 0 | 23918 | 0 | 23918 |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 13137 | 0 | 13137 |

---

---

| | | |
|:---|:---|:---|
| **38** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair Value at<br>03/31/2026** |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $111384 | $0 | $111384 |
|  Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 11914 | 0 | 11914 |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231348 | 0 | 231348 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 22385 | 22385 |
|  Singapore | Singapore | Singapore | Singapore | Singapore |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 0 | 13400 | 13400 |
|  Slovakia | Slovakia | Slovakia | Slovakia | Slovakia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 20986 | 0 | 20986 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Sovereign Issues | 0 | 299118 | 0 | 299118 |
|  South Korea | South Korea | South Korea | South Korea | South Korea |
| &nbsp;&nbsp; Sovereign Issues | 0 | 317357 | 0 | 317357 |
|  Spain | Spain | Spain | Spain | Spain |
| &nbsp;&nbsp; Sovereign Issues | 0 | 670736 | 0 | 670736 |
|  Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 10113 | 0 | 10113 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 257662 | 0 | 257662 |
|  Switzerland | Switzerland | Switzerland | Switzerland | Switzerland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 57485 | 0 | 57485 |
|  Thailand | Thailand | Thailand | Thailand | Thailand |
| &nbsp;&nbsp; Sovereign Issues | 0 | 191968 | 0 | 191968 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 64748 | 0 | 64748 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 8315 | 0 | 8315 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 381570 | 0 | 381570 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 24998 | 24998 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 279931 | 0 | 279931 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 681594 | 0 | 681594 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 432944 | 105051 | 537995 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1207804 | 0 | 1207804 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 0 | 18946 | 18946 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 22513 | 0 | 22513 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 614271 | 36529 | 650800 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2026** |
| &nbsp;&nbsp; Sovereign Issues | $0 | $2881 | $0 | $2881 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 7000352 | 0 | 7000352 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 1334199 | 0 | 1334199 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 6889 | 294003 | 0 | 300892 |
| &nbsp;&nbsp; Mutual Funds | 11535 | 0 | 0 | 11535 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 30380 | 0 | 30380 |
| &nbsp;&nbsp; Egypt Treasury Bills | 0 | 238 | 0 | 238 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 49897 | 0 | 49897 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 44385 | 0 | 44385 |
|  | $18424 | $22263345 | $553442 | $22835211 |
|  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 | $1198028 | $0 | $0 | $1198028 |
|  Total Investments | $1216452 | $22263345 | $553442 | $24033239 |
|  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 | $(3236275) | $0 | $(3236275) |
|  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 | 23242 | 69091 | 0 | 92333 |
|  Over the counter | 0 | 321860 | 86 | 321946 |
|  | $23242 | $390951 | $86 | $414279 |
|  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 | (17851) | (27795) | 0 | (45646) |
|  Over the counter | 0 | (168096) | 0 | (168096) |
|  | $(17851) | $(195891) | $0 | $(213742) |
|  Total Financial Derivative Instruments | $5391 | $195060 | $86 | $200537 |
|  Totals | $1221843 | $19220197 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553528 | $20997501 |

---

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended March 31, 2026:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 03/31/2026 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2026<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 |
|  Australia | Australia | Australia | Australia | Australia | Australia | Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp; Non-Agency Mortgage- Backed Securities | $0 | $166405 | $0 | $0 | $0 | $9188 | $0 | $0 | $175593 | $9188 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 76562 | 0 | 4 | 0 | 128 | 0 | 0 | 76694 | 128 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 7838 | 0 | 0 | 0 | (43) | 0 | 0 | 7795 | (43) |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | 32226 | 0 | (3812) | 0 | 265 | 1981 | 0 | (30660) | 0 | 0 |
| &nbsp;&nbsp; Loan Participations and Assignments | 37338 | 0 | 0 | 41 | 0 | 2656 | 0 | 0 | 40035 | 2656 |
|  Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 19000 | 0 | 0 | 0 | (243) | 0 | 0 | 18757 | (244) |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 13228 | 0 | 7 | 0 | 24 | 0 | 0 | 13259 | 24 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **39** |

---

------

Schedule of Investments PIMCO International Bond Fund (U.S. Dollar-Hedged) (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 03/31/2026** | **Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2026<sup>(2)</sup>** |
|  Serbia<sup>(3)</sup> | Serbia<sup>(3)</sup> | Serbia<sup>(3)</sup> | Serbia<sup>(3)</sup> | Serbia<sup>(3)</sup> | Serbia<sup>(3)</sup> | Serbia<sup>(3)</sup> | Serbia<sup>(3)</sup> | Serbia<sup>(3)</sup> | Serbia<sup>(3)</sup> | Serbia<sup>(3)</sup> |
| &nbsp;&nbsp; Loan Participations and Assignments | $49785 | $0 | $(32334) | $14 | $4654 | $266 | $0 | $0 | $22385 | $1194 |
|  Singapore | Singapore | Singapore | Singapore | Singapore | Singapore | Singapore | Singapore | Singapore | Singapore | Singapore |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 13400 | 0 | 0 | 0 | 0 | 0 | 0 | 13400 | 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; Loan Participations and Assignments | 3372 | 25025 | (3638) | 0 | 403 | (164) | 0 | 0 | 24998 | (28) |
|  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 | 88449 | (51582) | 22 | (114) | (718) | 0 | 0 | 105051 | (796) |
| &nbsp;&nbsp; Loan Participations and Assignments | 12801 | 11912 | (5600) | 0 | 0 | (167) | 0 | 0 | 18946 | (167) |
| &nbsp;&nbsp; Non-Agency Mortgage- Backed Securities | 37238 | 0 | (1701) | 65 | 84 | 843 | 0 | 0 | 36529 | 850 |
|  | $241754 | $421819 | $(98667) | $153 | $5292 | $13751 | $0 | $(30660) | $553442 | $12762 |
|  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 | $(168) | $0 | $0 | $(177) | $0 | $0 | $86 | $(177) |
|  Totals | $242185 | $421819 | $(98835) | $153 | $5292 | $13574 | $0 | $(30660) | $553528 | $12585 |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Ending<br>Balance<br>at 03/31/2026 | **Valuation<br>Technique** | **Unobservable<br>Inputs** | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | Ending<br>Balance<br>at 03/31/2026 | **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 |
|  Australia | Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage- Backed Securities | $175593 | Recent Transaction | Purchase Price | 100.000 |  |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | 76694 | Proxy pricing | Base Price | 89.281-97.704 | 96.774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 7795 | Discounted Cash Flow | Discount Rate | 6.918 |  |
|  Ireland | Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 40035 | Discounted Cash Flow | Discount Rate | 4.744 |  |
|  Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | 18757 | Discounted Cash Flow | Discount Rate | 5.173 |  |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 13259 | Discounted Cash Flow | Discount Rate | 4.840 |  |
|  Serbia | Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations<br> and Assignments | 22385 | Discounted Cash Flow | Discount Rate | 4.220 |  |
|  Singapore | Singapore | Singapore | Singapore | Singapore | Singapore |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | 13400 | Discounted Cash Flow | Discount Rate | 5.328 |  |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 3600 | Discounted Cash Flow | Discount Rate | 6.790 |  |
|  | 21398 | Recent Transaction | Purchase Price | 96.000-100.000 | 99.739 |
|  United States | United States | United States | United States | United States | United States |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | 22322 | Discounted Cash Flow | Discount Rate | 6.810-25.000 | 7.212 |
|  | 74033 | Proxy pricing | Base Price | 99.939-99.988 | 99.960 |
|  | 8696 | Recent transaction | Purchase price | 100.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan Participations and Assignments | 11086 | Discounted Cash Flow | Discount Rate | 4.270-5.770 | 5.288 |
|  | 7860 | Recent Transaction | Purchase Price | 100.000 |  |

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|:---|:---|:---|
| **40** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** | See Accompanying Notes |

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March 31, 2026

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Category and<br>Subcategory** | **Ending<br>Balance<br>at 03/31/2026** | **Valuation<br>Technique** | **Unobservable<br>Inputs** | **(% Unless Noted Otherwise)** | **(% Unless Noted Otherwise)** |
| **Category and<br>Subcategory** | **Ending<br>Balance<br>at 03/31/2026** | **Valuation<br>Technique** | **Unobservable<br>Inputs** | **Input Value(s)** | **Weighted<br>Average** |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-Agency Mortgage- Backed Securities | 36529 | Discounted Cash Flow | Discount Rate | 5.525-7.318 | 5.965 |
|  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 | 86 | Indicative Market Quotation | Broker Quote | 0.191 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553528 |  |  |  |  |

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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 March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end.

<sup>(3)</sup> Country updated from Luxemburg to Serbia since prior fiscal year end.

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|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **41** |

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Notes to Financial Statements

1. ORGANIZATION

PIMCO Funds (the "Trust") is a Massachusetts business trust established under a Declaration of Trust dated February 19, 1987, as amended and restated November 4, 2014. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, I-2, I-3, Administrative Class, Class A, Class C and Class R shares of the PIMCO 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 operates as a single reportable operating segment under the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280). 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 non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

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| **42** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

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March 31, 2026

(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 March 31, 2026, 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. Examples of such differences may include but are not limited to, for certain funds, the treatment of periodic payments under interest rate

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **43** |

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Notes to Financial Statements (Cont.)

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, which governs fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15,

2024, and early adoption is permitted. Management has implemented changes in connection with the amendments and where applicable included additional disclosure in the Notes to Financial Statements.

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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| **44** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

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March 31, 2026

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 by the Valuation Designee in accordance with procedures approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the 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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **45** |

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Notes to Financial Statements (Cont.)

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 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

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| **46** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

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March 31, 2026

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.

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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **47** |

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Notes to Financial Statements (Cont.)

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. 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 March 31, 2026 (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>03/31/2026 | 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;22644 | $&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;14292 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767381 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22654 | $&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>03/31/2026 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
| $10958 | $7054579 | $(6634901) | $(37) | $48 | $430647 | $7138 | $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

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|:---|:---|
| **48** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

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March 31, 2026

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 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. The Fund may invest in any level of the capital structure of an issuer of mortgage-backed or asset-backed securities, including the equity or "first loss" tranche.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is 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,

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **49** |

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Notes to Financial Statements (Cont.)

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 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.

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 Fund as of March 31, 2026, 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, 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

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|:---|:---|
| **50** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

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March 31, 2026

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).

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.

&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) and in certain instances will remain in custody with the counterparty. Traditionally, a Fund has used bilateral repurchase agreements wherein the underlying securities will be held by a Fund's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to a Fund.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, 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.

(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 Statement of Assets and Liabilities. The Fund

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **51** |

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Notes to Financial Statements (Cont.)

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.

(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 Statement of Assets and Liabilities. Short sales expose the Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Fund. A short sale is "against the box" if the Fund holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Fund will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Fund's loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

(e) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Fund of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each

Fund's investment policies and restrictions. Each Fund is currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended March 31, 2026, 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

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| **52** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

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March 31, 2026

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.

(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 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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **53** |

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Notes to Financial Statements (Cont.)

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 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.

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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 include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indexes, the quoted market prices and resulting values, as well as the annual payment rate, serve as an indication of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that 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

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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.

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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 and central bank policy, inflation, the economy, and the 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, a repurchase agreement, a borrower of portfolio securities, 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.

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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 changing interest rate environments 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. Derivatives used for hedging or risk management may not operate as intended or may expose the Fund to additional risks. 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.

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.

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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 "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 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, social unrest, recessions, supply chain disruptions, 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. Also, while such legislation or regulations are intended to strengthen markets, systems and public finances, they could affect fund expenses and the value of fund investments in unpredictable ways. 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

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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. Disruptions or failures that affect service providers, counterparties, market participants or issuers of securities that are held by the Fund may adversely affect PIMCO or the Fund, including by causing losses or impairing PIMCO's or the Fund's operations. 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 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 bilateral repurchase, reverse repurchase and certain sale-buyback transactions between the Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things,

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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.

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 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. 

---

| | |
|:---|:---|
| **60** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

---

------

March 31, 2026

(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 March 31, 2026, the Distributor retained $3,699,123 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 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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **61** |

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Notes to Financial Statements (Cont.)

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 March 31, 2026, 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 March 31, 2026, the amount waived and/or reimbursed was $109,413.

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 March 31, 2026 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;123759961 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124522006 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9217158 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5825907 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

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| | |
|:---|:---|
| **62** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

---

------

March 31, 2026

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.01 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>03/31/2026 | Year Ended <br>03/31/2026 | 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 | 545044 | $5368554 | 298421 | $2952397 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 229608 | 2275224 | 140644 | 1393024 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 11690 | 115834 | 11733 | 116068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 742 | 7357 | 1207 | 11947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 16995 | 168423 | 18080 | 179063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 81 | 806 | 185 | 1826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 937 | 9297 | 1283 | 12673 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 37398 | 370723 | 50165 | 497094 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 7619 | 75529 | 5578 | 55279 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 879 | 8718 | 1054 | 10444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 179 | 1770 | 273 | 2702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1757 | 17419 | 2496 | 24730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 40 | 392 | 72 | 716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 185 | 1838 | 250 | 2481 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (323623) | $(3200559) | (323515) | $(3196962) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (134721) | (1336707) | (101993) | (1009287) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (14305) | (141695) | (7845) | (77646) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (1797) | (17811) | (2189) | (21663) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (24174) | (239582) | (23701) | (234470) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (437) | (4337) | (915) | (9061) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (1036) | (10274) | (1974) | (19480) |
|  **Net increase (decrease) resulting from Fund share transactions** | 353061 | $3470919 | 69309 | $691875 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of March 31, 2026, three persons owned of record or beneficially 10% or more of the Fund's total outstanding shares, comprising 50% 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 March 31, 2026, 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.

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. Adoption

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **63** |

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Notes to Financial Statements (Cont.) March 31, 2026

of the new standard impacted financial statement disclosures only and did not affect any Fund's financial position or the results of its operations. For the annual period covered by this report, the fund did not pay any material federal, state or local income taxes or any material income taxes in foreign jurisdictions.

The Fund files U.S. federal, state and local tax returns as required. The Fund's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

As of March 31, 2026, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total<br>Components<br>of<br>Distributable<br>Earnings |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | $72826 | $0 | $(1052652) | $(16781) | $(249912) | $0 | $0 | $(1246519) |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on: swap contracts, straddle loss deferrals, sale/buyback transactions, passive foreign investment companies (PFICs), interest accrued on defaulted securities, constructive sales, hyperinflationary investments, and short positions. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for distributions payable at fiscal year-end.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2025 through March 31, 2026 which the Fund elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2025 through March 31, 2026 and Ordinary losses realized during the period January 1, 2026 through March 31, 2026 which the Fund elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of March 31, 2026, the Fund had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | $126701 | $123211 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of March 31, 2026, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup> |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | $21557754 | $844282 | $(1904412) | $(1060130) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on: swap contracts, straddle loss deferrals, sale/buyback transactions, passive foreign investment companies (PFICs), interest accrued on defaulted securities, constructive sales, hyperinflationary investments, and short positions. 

For the fiscal years ended March 31, 2026 and March 31, 2025, respectively, the Fund made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2025 | March 31, 2025 | March 31, 2025 |
|  | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | $658331 | $0 | $0 | $689465 | $96721 | $0 |

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---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

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| | |
|:---|:---|
| **64** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Funds and Shareholders of PIMCO International Bond Fund (U.S. Dollar-Hedged)

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO International Bond Fund (U.S. Dollar-Hedged) (one of the funds constituting PIMCO Funds, referred to hereafter as the "Fund") as of March 31, 2026, the related statement of operations for the year ended March 31, 2026, the statement of changes in net assets for each of the two years in the period ended March 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2026 and the financial highlights for each of the five years in the period ended March 31, 2026 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

May 27, 2026

We have served as the auditor of one or more investment companies in PIMCO Funds since 1987.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **65** |

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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 | FAR | Wells Fargo Bank National Association | NGF | Nomura Global Financial Products, Inc. |
| BOA | Bank of America N.A. | GLM | Goldman Sachs Bank USA | RYL | NatWest Markets Plc |
| BPS | BNP Paribas S.A. | GST | Goldman Sachs International | SCX | Standard Chartered Bank, London |
| BRC | Barclays Bank PLC | JPM | JP Morgan Chase Bank N.A. | 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. | MYC | Morgan Stanley Bank, N.A. | UAG | UBS AG Stamford |
| DUB | Deutsche Bank AG | MYI | Morgan Stanley & Co. International PLC |  |  |
|  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 |
| COP | Colombian Peso | KWD | Kuwaiti Dinar | THB | Thai Baht |
| CZK | Czech Koruna | KZT | Kazakhstani Tenge | TRY | Turkish New Lira |
| DKK | Danish Krone | MXN | Mexican Peso | TWD | Taiwanese Dollar |
| EGP | Egyptian Pound | MYR | Malaysian Ringgit | USD (or $) | United States Dollar |
| EUR | Euro | NGN | Nigerian Naira | ZAR | South African Rand |
| GBP | British Pound |  |  |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| CBOE | Chicago Board Options Exchange | 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 | SONIO | Sterling Overnight Interbank Average Rate |
| CAONREPO | Canadian Overnight Repo Rate Average | MUTKCALM | Tokyo Overnight Average Rate | SRFXON3 | Swiss Overnight Rate Average (6PM) |
| CDX.IG | Credit Derivatives Index - Investment Grade | SIBCSORA | Singapore Overnight Rate Average | THOR | Thai Overnight Baht Repurchase Rate |
| CNREPOFIX | China Fixing Repo Rates 7-Day | SOFR | Secured Overnight Financing Rate | TSFR3M | Term SOFR 3-Month |
| CPI | Consumer Price Index | SOFRINDX | Secured Overnight Financing Rate Index |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | EURIBOR | Euro Interbank Offered Rate | PRIBOR | Prague Interbank Offered Rate |
| ALT | Alternate Loan Trust | JSC | Joint Stock Company | 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" | NIBOR | Norwegian Interbank Offered Rate | TBD | To-Be-Determined |
| CLO | Collateralized Loan Obligation | OAT | Obligations Assimilables du Trésor | TBD% | Interest rate to be determined when loan settles or at the time of funding |
| DAC | Designated Activity Company | OIS | Overnight Index Swap | WIBOR | Warsaw Interbank Offered Rate |

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66 PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)

------

Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the fund estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended March 31, 2026 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 International Bond Fund (U.S. Dollar-Hedged) | 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) |
|  October 2025 | $0.0326 | $0.0000 | $0.0000 | $0.0326 |
|  November 2025 | $0.0283 | $0.0000 | $0.0000 | $0.0283 |
|  December 2025 | $0.0336 | $0.0000 | $0.0000 | $0.0336 |
|  January 2026 | $0.0305 | $0.0000 | $0.0000 | $0.0305 |
|  February 2026 | $0.0296 | $0.0000 | $0.0000 | $0.0296 |
|  March 2026 | $0.0356 | $0.0000 | $0.0000 | $0.0356 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2025 | $0.0318 | $0.0000 | $0.0000 | $0.0318 |
|  November 2025 | $0.0275 | $0.0000 | $0.0000 | $0.0275 |
|  December 2025 | $0.0327 | $0.0000 | $0.0000 | $0.0327 |
|  January 2026 | $0.0297 | $0.0000 | $0.0000 | $0.0297 |
|  February 2026 | $0.0289 | $0.0000 | $0.0000 | $0.0289 |
|  March 2026 | $0.0348 | $0.0000 | $0.0000 | $0.0348 |
| I-3 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2025 | $0.0314 | $0.0000 | $0.0000 | $0.0314 |
|  November 2025 | $0.0271 | $0.0000 | $0.0000 | $0.0271 |
|  December 2025 | $0.0320 | $0.0000 | $0.0000 | $0.0320 |
|  January 2026 | $0.0292 | $0.0000 | $0.0000 | $0.0292 |
|  February 2026 | $0.0285 | $0.0000 | $0.0000 | $0.0285 |
|  March 2026 | $0.0344 | $0.0000 | $0.0000 | $0.0344 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2025 | $0.0306 | $0.0000 | $0.0000 | $0.0306 |
|  November 2025 | $0.0264 | $0.0000 | $0.0000 | $0.0264 |
|  December 2025 | $0.0312 | $0.0000 | $0.0000 | $0.0312 |
|  January 2026 | $0.0284 | $0.0000 | $0.0000 | $0.0284 |
|  February 2026 | $0.0277 | $0.0000 | $0.0000 | $0.0277 |
|  March 2026 | $0.0336 | $0.0000 | $0.0000 | $0.0336 |
| Class A | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2025 | $0.0294 | $0.0000 | $0.0000 | $0.0294 |
|  November 2025 | $0.0252 | $0.0000 | $0.0000 | $0.0252 |
|  December 2025 | $0.0297 | $0.0000 | $0.0000 | $0.0297 |
|  January 2026 | $0.0270 | $0.0000 | $0.0000 | $0.0270 |
|  February 2026 | $0.0266 | $0.0000 | $0.0000 | $0.0266 |
|  March 2026 | $0.0324 | $0.0000 | $0.0000 | $0.0324 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **67** |

---

------

Distribution Information (Cont.) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2025 | $0.0234 | $0.0000 | $0.0000 | $0.0234 |
|  November 2025 | $0.0193 | $0.0000 | $0.0000 | $0.0193 |
|  December 2025 | $0.0225 | $0.0000 | $0.0000 | $0.0225 |
|  January 2026 | $0.0205 | $0.0000 | $0.0000 | $0.0205 |
|  February 2026 | $0.0208 | $0.0000 | $0.0000 | $0.0208 |
|  March 2026 | $0.0264 | $0.0000 | $0.0000 | $0.0264 |
| **Class R** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2025 | $0.0274 | $0.0000 | $0.0000 | $0.0274 |
|  November 2025 | $0.0233 | $0.0000 | $0.0000 | $0.0233 |
|  December 2025 | $0.0275 | $0.0000 | $0.0000 | $0.0275 |
|  January 2026 | $0.0249 | $0.0000 | $0.0000 | $0.0249 |
|  February 2026 | $0.0247 | $0.0000 | $0.0000 | $0.0247 |
|  March 2026 | $0.0304 | $0.0000 | $0.0000 | $0.0304 |

---

\* 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 net income, yield, earnings or investment performance. 

---

| | |
|:---|:---|
| **68** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

---

------

Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Fund's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a fund's dividend distribution that qualifies under tax law. The percentage of the following Fund's fiscal 2026 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended March 31, 2026 was designated as ''qualified dividend income'' as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2026.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2026 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2026 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Fund intends to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b).

Section 199A Dividends. The Fund intends to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Dividend<br>Received<br>Deduction% | Qualified<br>Dividend<br>Income% | Qualified<br>Interest<br>Income<br>(000s)<sup>†</sup> | Qualified<br>Short-Term<br>Capital Gains<br>(000s)<sup>†</sup> |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 0.00% | 0.00% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211286 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2027, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2026.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **69** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **70** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **71** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **72** | **PIMCO INTERNATIONAL BOND FUND (U.S. DOLLAR-HEDGED)** |

---

------

#### 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](g104753g75h91.jpg)

PIMS0770FSTMAR_033126

------

![LOGO](g121208g58u18.jpg)

PIMCO FUNDS

## Annual Financial and Other Information
March 31, 2026

**Private Account Portfolio Series**

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 Fund 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

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the Portfolios](#tx121208_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx121208_2) | 6 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx121208_3) | 12 |
| &nbsp;&nbsp; [Consolidated Statements of Assets and Liabilities (N-CSR Item 7)](#tx121208_4) | 14 |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx121208_5) | 15 |
| &nbsp;&nbsp; [Consolidated Statements of Operations (N-CSR Item 7)](#tx121208_6) | 18 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx121208_7) | 19 |
| &nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets (N-CSR Item 7)](#tx121208_8) | 24 |
| &nbsp;&nbsp; [Statement of Cash Flows (N-CSR Item 7)](#tx121208_9) | 25 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx121208_10) | 208 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx121208_11) | 232 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx121208_12) | 241 |
| &nbsp;&nbsp; [Glossary](#tx121208_13) | 242 |
| &nbsp;&nbsp; [Distribution Information](#tx121208_14) | 243 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx121208_15) | 246 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx121208_16) | 247 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx121208_17) | 248 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx121208_18) | 249 |
| Portfolio | Schedule of<br>Investments<br>(N-CSR Item 6) |
| &nbsp;&nbsp; [PIMCO ABS and Short-Term Investments Portfolio](#tx121208_19) | 26 |
| &nbsp;&nbsp; [PIMCO EM Bond and Short-Term Investments Portfolio](#tx121208_20) | 43 |
| &nbsp;&nbsp; [PIMCO High Yield and Short-Term Investments Portfolio](#tx121208_21) | 55 |
| &nbsp;&nbsp; [PIMCO Investment Grade Credit Bond Portfolio](#tx121208_22) | 66 |
| &nbsp;&nbsp; [PIMCO Long Duration Credit Bond Portfolio](#tx121208_23) | 79 |
| &nbsp;&nbsp; [PIMCO Low Duration Portfolio](#tx121208_24) | 106 |
| &nbsp;&nbsp; [PIMCO Moderate Duration Portfolio](#tx121208_25) | 113 |
| &nbsp;&nbsp; [PIMCO Mortgage and Short-Term Investments Portfolio](#tx121208_26) | 121 |
| &nbsp;&nbsp; [PIMCO Municipal Portfolio](#tx121208_27) | 128 |
| &nbsp;&nbsp; [PIMCO Real Return Portfolio](#tx121208_28) | 131 |
| &nbsp;&nbsp; [PIMCO Sector Fund Series - AM](#tx121208_29) | 136 |
| &nbsp;&nbsp; [PIMCO Sector Fund Series - H](#tx121208_30) | 141 |
| &nbsp;&nbsp; [PIMCO Sector Fund Series - I](#tx121208_31) | 149 |
| &nbsp;&nbsp; [PIMCO Short-Term Portfolio](#tx121208_32) | 166 |
| &nbsp;&nbsp; [PIMCO Short-Term Floating NAV Portfolio II](#tx121208_33) | 175 |
| &nbsp;&nbsp; [PIMCO U.S. Government and Short-Term Investments Portfolio](#tx121208_34) | 180 |
| &nbsp;&nbsp; [PIMCO International Portfolio<sup>(1)</sup>](#tx121208_35) | 184 |
| &nbsp;&nbsp; [PIMCO Short Asset Portfolio<sup>(1)</sup>](#tx121208_36) | 190 |
| &nbsp;&nbsp; [PIMCO Short-Term Floating NAV Portfolio III<sup>(1)</sup>](#tx121208_37) | 201 |

---

 <br> <sup>(1)</sup> Consolidated Schedule of Investments

------

Important Information About the Portfolios

PIMCO Funds (the "Trust") is an open-end management investment company that includes the 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 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 Sector Fund Series - AM, PIMCO Sector Fund Series - H and PIMCO Sector Fund Series - I (each, a "Portfolio" and collectively, the "Portfolios").

We believe that bond portfolios 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 portfolios, and fixed income securities and other instruments held by a Portfolio 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 Portfolio management will anticipate such movement accurately. The Portfolios may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Portfolio 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 Portfolios 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 portfolios 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 portfolios 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 Portfolio's performance or cause a Portfolio to incur losses. As a result, a Portfolio may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of a Portfolio.

The Portfolios may be subject to various risks as described in each Portfolio's offering memorandum and in the Principal and Other Risks note in the Notes to Financial Statements.

Classifications of the Portfolios' 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 Portfolio's compliance calculations, including those used in a Portfolio's offering memorandum, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. All Portfolios are separately monitored for compliance with respect to offering memorandum and regulatory requirements.

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

In February 2022, Russia launched an invasion of Ukraine. As a result, Russia and other countries, persons and entities that provided material aid to Russia's aggression against Ukraine, have been the subject of economic sanctions and import and export controls imposed by countries throughout the world, including the United States. Such measures, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments and economies, which may, in turn, negatively impact a Portfolio. 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 Portfolio may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions

---

| | |
|:---|:---|
| **2** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Portfolio to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Portfolio may no longer seek to hold. In addition, the armed conflict among the United States, Israel, and Iran has caused, and could continue to cause, significant market disruptions and volatility. The conflict has had a particular negative impact on oil and gas markets, which could have a broader adverse effect on many sectors of the global economy in the future.

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 Portfolios and their investments.

Increased volatility in the U.S. and global markets could be harmful to the Portfolios, issuers in which they invest and other market participants and Portfolio service providers. For example, if a bank at which a Portfolio 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 Portfolio 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 Portfolio may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Portfolios 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 Portfolios 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 Portfolios and issuers in which they invest.

The following table discloses the inception dates of each Portfolio along with each Portfolio's diversification status as of period end:

---

| | | |
|:---|:---|:---|
| Portfolio Name | Portfolio<br>Inception | Diversification<br>Status |
|  PIMCO ABS and Short-Term Investments Portfolio | 10/31/00 | Diversified |
|  PIMCO EM Bond and Short-Term Investments Portfolio | 04/03/98 | Non-diversified |
|  PIMCO High Yield and Short-Term Investments Portfolio | 12/08/00 | Diversified |
|  PIMCO Investment Grade Credit Bond Portfolio | 01/26/00 | Diversified |
|  PIMCO Long Duration Credit Bond Portfolio | 12/22/08 | Diversified |
|  PIMCO Low Duration Portfolio | 05/31/12 | Diversified |
|  PIMCO Moderate Duration Portfolio | 07/31/12 | Diversified |
|  PIMCO Mortgage and Short-Term Investments Portfolio | 01/31/00 | Diversified |
|  PIMCO Municipal Portfolio | 08/21/00 | Diversified |
|  PIMCO Real Return Portfolio | 04/28/00 | Diversified |
|  PIMCO Sector Fund Series - AM | 07/19/24 | Non-diversified |
|  PIMCO Sector Fund Series - H | 02/22/24 | Non-diversified |
|  PIMCO Sector Fund Series - I | 06/02/22 | Diversified |
|  PIMCO Short-Term Portfolio | 04/20/00 | Diversified |
|  PIMCO Short-Term Floating NAV Portfolio II | 06/09/09 | Diversified |
|  PIMCO U.S. Government and Short-Term Investments Portfolio | 01/31/00 | Diversified |
|  PIMCO International Portfolio | 12/13/89 | Non-diversified |
|  PIMCO Short Asset Portfolio | 05/01/17 | Diversified |
|  PIMCO Short-Term Floating NAV Portfolio III | 03/12/12 | Diversified |

---

An investment in a Portfolio 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 Portfolio.

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 Portfolios. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Portfolio's offering memorandum nor offering memorandum supplement, any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Portfolio creates a contract between or among any shareholder of a Portfolio, on the one hand, and the Trust,

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>3</sub> |

---

------

Important Information About the Portfolios (Cont.)

a Portfolio, a service provider to the Trust or a Portfolio, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent offering memorandum or use a new offering memorandum or offering memorandum supplement with respect to a Portfolio 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 Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Portfolio, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current offering memorandum or offering memorandum supplement.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolios. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Portfolio, and information about how each Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Portfolios file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Portfolios' complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027. On February 18, 2026, the SEC extended the compliance date for Form N-PORT reporting requirements related to the Names Rule to November 17, 2027 for fund groups with net assets of $10 billion or more.

Daily updates on the net asset value of a Portfolio may be obtained by calling (888) 87-PIMCO.

Paper copies of the Portfolios' shareholder reports are required to be provided free of charge by the Portfolio 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.

A supplement was filed on May 21, 2025 to provide notification of changes to the principal investment strategies of the PIMCO Sector Fund Series - AM. As of May 21, 2025, the second sentence in the second paragraph of the principal investment strategies of PIMCO Sector Fund Series - AM was deleted and replaced with the following: In addition, the Portfolio may invest up to 10% of its total assets in investment grade securities rated below Aaa by Moody's Investors Service, Inc. ("Moody's"), or equivalently rated by Standard & Poor's Ratings Services ("S&P") or Fitch Ratings, Inc. ("Fitch"), or, if unrated, determined by PIMCO to be of comparable quality, subject to a minimum rating of Baa by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality; provided that, for the avoidance of doubt, investments in securities issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises are not subject to this limit.

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| **4** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>5</sub> |

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Financial Highlights

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO ABS and Short-Term Investments Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $11.83 | $0.62 | $0.11 | $0.73 | $(0.67) | $0.00 | $0.00 | $(0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 11.65 | 0.68 | 0.19 | 0.87 | (0.69) | 0.00 | 0.00 | (0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 11.50 | 0.65 | 0.14 | 0.79 | (0.64) | 0.00 | 0.00 | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 12.14 | 0.49 | (0.63) | (0.14) | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.60 | 0.36 | (0.45) | (0.09) | (0.33) | (0.04) | 0.00 | (0.37) |
|  **PIMCO EM Bond and Short-Term Investments Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $9.70 | $0.60 | $0.31 | $0.91 | $(1.05) | $0.00 | $0.00 | $(1.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.88 | 0.51 | 0.42 | 0.93 | (0.11) | 0.00 | 0.00 | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.61 | 0.46 | 0.28 | 0.74 | (0.47) | 0.00 | 0.00 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.14 | 0.37 | (0.40) | (0.03) | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.92 | 0.32 | (0.70) | (0.38) | (0.40) | 0.00 | 0.00 | (0.40) |
|  **PIMCO High Yield and Short-Term Investments Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $7.16 | $0.49 | $0.08 | $0.57 | $(0.71) | $0.00 | $0.00 | $(0.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 6.96 | 0.50 | 0.08 | 0.58 | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.88 | 0.51 | 0.16 | 0.67 | (0.53) | (0.06) | 0.00 | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 7.83 | 0.43 | (0.83) | (0.40) | (0.55) | 0.00 | 0.00 | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 7.60 | 0.38 | 0.26 | 0.64 | (0.41) | 0.00 | 0.00 | (0.41) |
|  **PIMCO Investment Grade Credit Bond Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $9.06 | $0.43 | $0.04 | $0.47 | $(0.45) | $0.00 | $0.00 | $(0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.90 | 0.42 | 0.20 | 0.62 | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.67 | 0.37 | 0.21 | 0.58 | (0.35) | 0.00 | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.12 | 0.30 | (0.43) | (0.13) | (0.30) | (0.02) | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.78 | 0.27 | (0.60) | (0.33) | (0.28) | (0.05) | 0.00 | (0.33) |
|  **PIMCO Long Duration Credit Bond Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $9.42 | $0.49 | $(0.04) | $0.45 | $(0.51) | $0.00 | $0.00 | $(0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.49 | 0.47 | (0.04) | 0.43 | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.59 | 0.43 | (0.08) | 0.35 | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.26 | 0.46 | (1.56) | (1.10) | (0.48) | (0.09) | 0.00 | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.42 | 0.52 | (0.89) | (0.37) | (0.59) | (0.20) | 0.00 | (0.79) |
|  **PIMCO Low Duration Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $9.55 | $0.42 | $0.03 | $0.45 | $(0.38) | $0.00 | $0.00 | $(0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.47 | 0.46 | 0.13 | 0.59 | (0.51) | 0.00 | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.49 | 0.44 | (0.01) | 0.43 | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.69 | 0.28 | (0.23) | 0.05 | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.04 | 0.09 | (0.34) | (0.25) | (0.08) | (0.02) | 0.00 | (0.10) |
|  **PIMCO Moderate Duration Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $9.06 | $0.41 | $0.08 | $0.49 | $(0.41) | $0.00 | $0.00 | $(0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.92 | 0.41 | 0.14 | 0.55 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.03 | 0.38 | (0.10) | 0.28 | (0.39) | 0.00 | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.54 | 0.26 | (0.53) | (0.27) | (0.24) | 0.00 | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.18 | 0.15 | (0.59) | (0.44) | (0.16) | (0.04) | 0.00 | (0.20) |
|  **PIMCO Mortgage and Short-Term Investments Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $7.86 | $0.33 | $0.25 | $0.58 | $(0.37) | $0.00 | $0.00 | $(0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.93 | 0.35 | (0.02) | 0.33 | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.24 | 0.34 | (0.26) | 0.08 | (0.39) | 0.00 | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.75 | 0.31 | (1.40) | (1.09) | (0.42) | 0.00 | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.00 | 0.28 | (1.15) | (0.87) | (0.38) | 0.00 | 0.00 | (0.38) |

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| | | |
|:---|:---|:---|
| **6** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **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 and<br>Dividends on<br>Securities<br>Sold Short** | **Expenses<br>Excluding<br>Interest<br>Expense,<br>Dividends on<br>Securities<br>Sold Short<br>and Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $11.89 | 6.30% | $8670254 | 0.06% | 0.06% | 0.05% | 0.05% | 5.16% | 677% |
| 11.83 | 7.68 | 7419457 | 0.10 | 0.10 | 0.05 | 0.05 | 5.81 | 683 |
| 11.65 | 7.07 | 5637981 | 0.22 | 0.22 | 0.05 | 0.05 | 5.65 | 567 |
| 11.50 | (1.15) | 4269304 | 0.09 | 0.09 | 0.05 | 0.05 | 4.17 | 382 |
| 12.14 | (0.76) | 4915605 | 0.05 | 0.05 | 0.05 | 0.05 | 2.88 | 433 |
| $9.56 | 9.93% | $488090 | 0.19% | 0.19% | 0.12% | 0.12% | 6.21% | 35% |
| 9.70 | 10.52 | 432926 | 0.24 | 0.24 | 0.12 | 0.12 | 5.61 | 16 |
| 8.88 | 8.79 | 465137 | 0.16 | 0.16 | 0.12 | 0.12 | 5.30 | 10 |
| 8.61 | (0.20) | 423236 | 0.15 | 0.15 | 0.12 | 0.12 | 4.21 | 14 |
| 9.14 | (3.96) | 488117 | 0.12 | 0.12 | 0.12 | 0.12 | 3.30 | 23 |
| $7.02 | 8.07% | $149633 | 0.10% | 0.10% | 0.05% | 0.05% | 6.78% | 59% |
| 7.16 | 8.50 | 142730 | 0.09 | 0.09 | 0.05 | 0.05 | 7.09 | 61 |
| 6.96 | 10.08 | 154524 | 0.06 | 0.06 | 0.05 | 0.05 | 7.38 | 97 |
| 6.88 | (5.04) | 170349 | 0.10 | 0.10 | 0.05 | 0.05 | 6.02 | 17 |
| 7.83 | 8.41 | 518756 | 0.12 | 0.12 | 0.05 | 0.05 | 4.69 | 53 |
| $9.08 | 5.21% | $2616778 | 0.29% | 0.29% | 0.05% | 0.05% | 4.70% | 187% |
| 9.06 | 7.12 | 2468007 | 0.17 | 0.17 | 0.05 | 0.05 | 4.70 | 221 |
| 8.90 | 6.85 | 3470318 | 0.07 | 0.07 | 0.05 | 0.05 | 4.29 | 158 |
| 8.67 | (1.42) | 3250613 | 0.06 | 0.06 | 0.05 | 0.05 | 3.43 | 114 |
| 9.12 | (3.59) | 4774312 | 0.05 | 0.05 | 0.05 | 0.05 | 2.72 | 58 |
| $9.36 | 4.78% | $28474384 | 0.51% | 0.51% | 0.05% | 0.05% | 5.11% | 247% |
| 9.42 | 4.63 | 26365712 | 0.79 | 0.79 | 0.05 | 0.05 | 4.89 | 333 |
| 9.49 | 3.73 | 25606564 | 0.91 | 0.91 | 0.05 | 0.05 | 4.63 | 171 |
| 9.59 | (9.64) | 26091834 | 0.54 | 0.54 | 0.05 | 0.05 | 4.73 | 76 |
| 11.26 | (3.69) | 28855611 | 0.06 | 0.06 | 0.05 | 0.05 | 4.08 | 66 |
| $9.62 | 4.78% | $2383455 | 0.05% | 0.05% | 0.05% | 0.05% | 4.38% | 84% |
| 9.55 | 6.30 | 2216829 | 0.05 | 0.05 | 0.05 | 0.05 | 4.79 | 92 |
| 9.47 | 4.66 | 2083810 | 0.05 | 0.05 | 0.05 | 0.05 | 4.63 | 73 |
| 9.49 | 0.51 | 2207295 | 0.06 | 0.06 | 0.05 | 0.05 | 2.94 | 119 |
| 9.69 | (2.60) | 1999224 | 0.05 | 0.05 | 0.05 | 0.05 | 0.85 | 143 |
| $9.14 | 5.51% | $3676785 | 0.06% | 0.06% | 0.05% | 0.05% | 4.42% | 267% |
| 9.06 | 6.33 | 3427861 | 0.06 | 0.06 | 0.05 | 0.05 | 4.55 | 239 |
| 8.92 | 3.17 | 3183864 | 0.06 | 0.06 | 0.05 | 0.05 | 4.33 | 396 |
| 9.03 | (2.78) | 3197253 | 0.06 | 0.06 | 0.05 | 0.05 | 2.80 | 530 |
| 9.54 | (4.45) | 3553079 | 0.05 | 0.05 | 0.05 | 0.05 | 1.45 | 370 |
| $8.07 | 7.46% | $1234750 | 0.15% | 0.15% | 0.05% | 0.05% | 4.11% | 1452% |
| 7.86 | 4.32 | 1112104 | 0.30 | 0.30 | 0.05 | 0.05 | 4.41 | 1758 |
| 7.93 | 1.03 | 1399256 | 0.52 | 0.52 | 0.05 | 0.05 | 4.31 | 1483 |
| 8.24 | (11.12) | 1368313 | 0.62 | 0.62 | 0.05 | 0.05 | 3.62 | 1297 |
| 9.75 | (8.17) | 1406044 | 0.06 | 0.06 | 0.05 | 0.05 | 2.61 | 966 |

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|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>7</sub> |

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Financial Highlights (Cont.)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Municipal Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $5.96 | $0.25 | $0.02 | $0.27 | $(0.32) | $0.00 | $0.00 | $(0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 6.10 | 0.24 | (0.18) | 0.06 | (0.20) | 0.00 | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.09 | 0.23 | 0.01 | 0.24 | (0.23) | 0.00 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 6.48 | 0.23 | (0.40) | (0.17) | (0.22) | 0.00 | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 6.97 | 0.21 | (0.48) | (0.27) | (0.20) | (0.02) | 0.00 | (0.22) |
|  **PIMCO Real Return Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $12.29 | $0.51 | $(0.26) | $0.25 | $(0.60) | $0.00 | $0.00 | $(0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 11.88 | 0.52 | 0.33 | 0.85 | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 12.70 | 0.39 | (0.79) | (0.40) | (0.42) | 0.00 | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023~ | 17.04 | 1.04 | (3.15) | (2.11) | (1.57) | (0.66) | 0.00 | (2.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022~ | 23.88 | 2.19 | 0.12 | 2.31 | (1.89) | (7.26) | 0.00 | (9.15) |
|  **PIMCO Sector Fund Series – AM** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $10.10 | $0.53 | $0.11 | $0.64 | $(0.49) | $0.00 | $0.00 | $(0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/19/2024 - 03/31/2025 | 10.00 | 0.37 | 0.05 | 0.42 | (0.24) | (0.08) | 0.00 | (0.32) |
|  **PIMCO Sector Fund Series – H** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $10.18 | $0.64 | $0.10 | $0.74 | $(0.56) | $(0.01) | $0.00 | $(0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.10 | 0.66 | 0.11 | 0.77 | (0.66) | (0.03) | 0.00 | (0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 02/22/2024 - 03/31/2024 | 10.00 | 0.07 | 0.03 | 0.10 | 0.00 | 0.00 | 0.00 | 0.00 |
|  **PIMCO Sector Fund Series – I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $9.97 | $0.52 | $0.05 | $0.57 | $(0.52) | $(0.09) | $0.00 | $(0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.85 | 0.52 | 0.11 | 0.63 | (0.46) | (0.05) | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.74 | 0.52 | (0.02) | 0.50 | (0.39) | 0.00 | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/02/2022 - 03/31/2023 | 10.00 | 0.37 | (0.39) | (0.02) | (0.24) | 0.00 | 0.00 | (0.24) |
|  **PIMCO Short-Term Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $8.99 | $0.43 | $1.69 | $2.12 | $(0.59) | $0.00 | $0.00 | $(0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.90 | 0.46 | 0.24 | 0.70 | (0.61) | 0.00 | 0.00 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.75 | 0.39 | 0.33 | 0.72 | (0.57) | 0.00 | 0.00 | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.11 | 0.27 | (0.32) | (0.05) | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.43 | 0.19 | (0.33) | (0.14) | (0.18) | 0.00 | 0.00 | (0.18) |
|  **PIMCO Short-Term Floating NAV Portfolio II** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $10.02 | $0.42 | $0.00 | $0.42 | $(0.42) | $0.00 | $0.00 | $(0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.01 | 0.50 | 0.01 | 0.51 | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.01 | 0.53 | 0.00 | 0.53 | (0.53) | 0.00 | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.01 | 0.27 | 0.01 | 0.28 | (0.28) | 0.00 | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.01 | 0.01 | 0.00 | 0.01 | (0.01) | 0.00 | 0.00 | (0.01) |
|  **PIMCO U.S. Government and Short-Term Investments Portfolio** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $6.32 | $0.23 | $0.01 | $0.24 | $(0.24) | $0.00 | $0.00 | $(0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 6.25 | 0.21 | 0.09 | 0.30 | (0.23) | 0.00 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 6.70 | 0.18 | (0.45) | (0.27) | (0.18) | 0.00 | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.21 | 0.17 | (1.50) | (1.33) | (0.18) | 0.00 | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.06 | 0.23 | (0.87) | (0.64) | (0.19) | (0.02) | 0.00 | (0.21) |
|  **PIMCO International Portfolio (Consolidated)** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $6.44 | $0.23 | $(0.11) | $0.12 | $(0.74) | $0.00 | $0.00 | $(0.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 6.13 | 0.22 | 0.26 | 0.48 | (0.17) | 0.00 | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 5.79 | 0.29 | 0.05 | 0.34 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 5.64 | 0.14 | 0.15 | 0.29 | (0.14) | 0.00 | 0.00 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 5.67 | 0.02 | (0.05) | (0.03) | 0.00 | 0.00 | 0.00 | 0.00 |
|  **PIMCO Short Asset Portfolio (Consolidated)** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $9.79 | $0.44 | $0.04 | $0.48 | $(0.42) | $0.00 | $(0.04) | $(0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.74 | 0.47 | 0.09 | 0.56 | (0.46) | 0.00 | (0.05) | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.60 | 0.48 | 0.18 | 0.66 | (0.45) | 0.00 | (0.07) | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.86 | 0.26 | (0.02) | 0.24 | (0.49) | 0.00 | (0.01) | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.03 | 0.09 | (0.16) | (0.07) | (0.10) | 0.00 | 0.00 | (0.10) |

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| | | |
|:---|:---|:---|
| **8** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **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 and<br>Dividends on<br>Securities<br>Sold Short** | **Expenses<br>Excluding<br>Interest<br>Expense,<br>Dividends on<br>Securities<br>Sold Short<br>and Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $5.91 | 4.57% | $106382 | 0.05% | 0.05% | 0.05% | 0.05% | 4.25% | 20% |
| 5.96 | 0.97 | 100378 | 0.05 | 0.05 | 0.05 | 0.05 | 4.00 | 9 |
| 6.10 | 4.08 | 119336 | 0.05 | 0.05 | 0.05 | 0.05 | 3.87 | 35 |
| 6.09 | (2.45) | 111612 | 0.05 | 0.05 | 0.05 | 0.05 | 3.68 | 21 |
| 6.48 | (3.94) | 136326 | 0.05 | 0.05 | 0.05 | 0.05 | 3.00 | 12 |
| $11.94 | 2.07% | $487899 | 3.49% | 3.49% | 0.05% | 0.05% | 4.17% | 19% |
| 12.29 | 7.29 | 462085 | 4.14 | 4.14 | 0.05 | 0.05 | 4.39 | 33 |
| 11.88 | (3.15) | 362090 | 4.33 | 4.33 | 0.05 | 0.05 | 3.31 | 13 |
| 12.70 | (12.70) | 156177 | 2.69 | 2.69 | 0.05 | 0.05 | 7.74 | 102 |
| 17.04 | 8.35 | 57769 | 0.11 | 0.11 | 0.05 | 0.05 | 9.91 | 34 |
| $10.25 | 6.46% | $54521 | 0.32% | 0.37% | 0.00% | 0.05% | 5.22% | 971% |
| 10.10 | 4.26 | 51208 | 1.28 \* | 1.33 \* | 0.00 \* | 0.05 \* | 5.25 \* | 906 |
| $10.35 | 7.35% | $111973 | 0.08% | 0.13% | 0.00% | 0.05% | 6.10% | 42% |
| 10.18 | 7.80 | 35605 | 0.10 | 0.15 | 0.00 | 0.05 | 6.45 | 33 |
| 10.10 | 1.00 | 33028 | 0.06 \* | 0.11 \* | 0.00 \* | 0.05 \* | 6.26 \* | 3 |
| $9.93 | 5.79% | $3182313 | 0.62% | 0.67% | 0.00% | 0.05% | 5.14% | 158% |
| 9.97 | 6.50 | 2834233 | 0.61 | 0.66 | 0.00 | 0.05 | 5.20 | 218 |
| 9.85 | 5.24 | 1251571 | 0.29 | 0.34 | 0.00 | 0.05 | 5.40 | 81 |
| 9.74 | (0.14) | 150411 | 0.01 \* | 0.06 \* | 0.00 \* | 0.05 \* | 4.66 \* | 36 |
| $10.52 | 24.61% | $208505 | 0.06% | 0.06% | 0.05% | 0.05% | 4.63% | 689% |
| 8.99 | 8.07 | 172846 | 0.17 | 0.17 | 0.05 | 0.05 | 5.07 | 765 |
| 8.90 | 8.44 | 198558 | 0.68 | 0.68 | 0.05 | 0.05 | 4.43 | 784 |
| 8.75 | (0.52) | 215073 | 0.25 | 0.25 | 0.05 | 0.05 | 3.01 | 626 |
| 9.11 | (1.50) | 345957 | 0.05 | 0.05 | 0.05 | 0.05 | 1.99 | 604 |
| $10.02 | 4.22% | $10760036 | 0.06% | 0.06% | 0.05% | 0.05% | 4.14% | 117% |
| 10.02 | 5.23 | 8439747 | 0.06 | 0.06 | 0.05 | 0.05 | 4.98 | 112 |
| 10.01 | 5.49 | 7428700 | 0.06 | 0.06 | 0.05 | 0.05 | 5.30 | 110 |
| 10.01 | 2.81 | 13096392 | 0.08 | 0.08 | 0.05 | 0.05 | 2.73 | 68 |
| 10.01 | 0.04 | 15196560 | 0.05 | 0.05 | 0.05 | 0.05 | 0.10 | 96 |
| $6.32 | 3.89% | $1258537 | 0.11% | 0.11% | 0.05% | 0.05% | 3.57% | 18% |
| 6.32 | 5.01 | 1166284 | 0.39 | 0.39 | 0.05 | 0.05 | 3.44 | 15 |
| 6.25 | (4.07) | 1784051 | 0.67 | 0.67 | 0.05 | 0.05 | 2.96 | 24 |
| 6.70 | (16.12) | 1507329 | 0.93 | 0.93 | 0.05 | 0.05 | 2.39 | 23 |
| 8.21 | (7.36) | 1961097 | 0.06 | 0.06 | 0.05 | 0.05 | 2.43 | 10 |
| $5.82 | 1.73% | $542322 | 0.20% | 0.20% | 0.12% | 0.12% | 3.71% | 86% |
| 6.44 | 7.94 | 517524 | 0.19 | 0.19 | 0.12 | 0.12 | 3.56 | 104 |
| 6.13 | 5.87 | 574377 | 0.14 | 0.14 | 0.12 | 0.12 | 4.89 | 6 |
| 5.79 | 5.12 | 521621 | 0.16 | 0.16 | 0.12 | 0.12 | 2.45 | 0 |
| 5.64 | (0.53) | 537322 | 0.12 | 0.12 | 0.12 | 0.12 | 0.39 | 0 |
| $9.81 | 5.01% | $6890609 | 0.00% | 0.00% | 0.00% | 0.00% | 4.46% | 49% |
| 9.79 | 5.93 | 6044808 | 0.00 | 0.00 | 0.00 | 0.00 | 4.84 | 53 |
| 9.74 | 7.04 | 5235359 | 0.00 | 0.00 | 0.00 | 0.00 | 4.97 | 55 |
| 9.60 | 2.48 | 4622405 | 0.00 | 0.00 | 0.00 | 0.00 | 2.62 | 21 |
| 9.86 | (0.74) | 5423395 | 0.00 | 0.00 | 0.00 | 0.00 | 0.92 | 112 |

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>9</sub> |

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------

Financial Highlights (Cont.)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Short-Term Floating NAV Portfolio III (Consolidated)** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $9.73 | $0.40 | $0.02 | $0.42 | $(0.41) | $0.00 | $0.00 | $(0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.73 | 0.47 | 0.02 | 0.49 | (0.49) | 0.00 | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.72 | 0.43 | 0.10 | 0.53 | (0.52) | 0.00 | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.71 | 0.24 | 0.04 | 0.28 | (0.27) | 0.00 | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.86 | 0.01 | 0.00 | 0.01 | (0.16) | 0.00 | 0.00 | (0.16) |

---

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

---

~ A one for three reverse share split, effective March 24, 2023, has been retroactively applied.

\* 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 Portfolios' offering memoranda and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolios. 

<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 Portfolios' offering memoranda and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Portfolios. Additionally, excludes applicable initial sales charges and contingent deferred sales charges. 

---

| | | |
|:---|:---|:---|
| **10** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **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 and<br>Dividends on<br>Securities<br>Sold Short** | **Expenses<br>Excluding<br>Interest<br>Expense,<br>Dividends on<br>Securities<br>Sold Short<br>and Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |  |  |  |  |
| $9.74 | 4.34% | $14858567 | 0.00% | 0.00% | 0.00% | 0.00% | 4.11% | 187% |
| 9.73 | 5.27 | 18102198 | 0.00 | 0.00 | 0.00 | 0.00 | 4.83 | 118 |
| 9.73 | 5.59 | 14627120 | 0.00 | 0.00 | 0.00 | 0.00 | 4.49 | 104 |
| 9.72 | 2.96 | 11460092 | 0.00 | 0.00 | 0.00 | 0.00 | 2.47 | 74 |
| 9.71 | 0.15 | 11834353 | 0.00 | 0.00 | 0.00 | 0.00 | 0.13 | 51 |

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>11</sub> |

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------

Statements of Assets and Liabilities

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO<br>ABS and<br>Short-Term<br>Investments<br>Portfolio** | **PIMCO<br>EM Bond and<br>Short-Term<br>Investments<br>Portfolio** | **PIMCO<br>High Yield and<br>Short-Term<br>Investments<br>Portfolio** | **PIMCO<br>Investment<br>Grade Credit<br>Bond Portfolio** | **PIMCO<br>Long Duration<br>Credit Bond<br>Portfolio** | **PIMCO<br>Low Duration<br>Portfolio** | **PIMCO<br>Moderate<br>Duration<br>Portfolio** |
|  **Assets:** |  |  |  |  |  |  |  |
|  *Investments, at value* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $11829048 | $452847 | $141780 | $2649994 | $36470901 | $2631116 | $4376648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 1606888 | 21740 | 608 | 150449 | 12385 | 0 | 0 |
|  *Financial Derivative Instruments* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 5789 | 820 | 108 | 3462 | 74584 | 690 | 1527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1643 | 30586 | 15 | 3 | 30490 | 0 | 0 |
|  Cash | 0 | 0 | 0 | 0 | 0 | 752 | 74116 |
|  Deposits with counterparty | 5381 | 3550 | 1940 | 107623 | 24650 | 15813 | 7911 |
|  Foreign currency, at value | 0 | 1298 | 16 | 0 | 20914 | 0 | 0 |
|  Receivable for investments sold | 3791 | 162 | 405 | 5145 | 2016714 | 10 | 92 |
|  Receivable for investments sold on a delayed-delivery basis | 0 | 0 | 81 | 0 | 120 | 0 | 0 |
|  Receivable for TBA investments sold | 9675224 | 0 | 0 | 305370 | 7798322 | 309384 | 667029 |
|  Receivable for Portfolio shares sold | 76053 | 17527 | 4188 | 109881 | 88851 | 2554 | 7252 |
|  Interest and/or dividends receivable | 24651 | 6894 | 2161 | 25350 | 396174 | 9035 | 20891 |
|  Dividends receivable from Affiliates | 4923 | 69 | 5 | 512 | 335 | 0 | 0 |
|  Reimbursement receivable from PIMCO | 5 | 0 | 0 | 2 | 18 | 2 | 2 |
|  **Total Assets** | 23233396 | 535493 | 151307 | 3357791 | 46934458 | 2969356 | 5155468 |
|  **Liabilities:** |  |  |  |  |  |  |  |
|  *Borrowings & Other Financing Transactions* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $0 | $4876 | $707 | $67154 | $5329578 | $0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback transactions | 0 | 0 | 0 | 0 | 192551 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 111239 | 0 | 0 | 4932 | 0 | 0 | 0 |
|  *Financial Derivative Instruments* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 8459 | 44 | 12 | 259 | 11808 | 339 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 596 | 17152 | 7 | 164 | 12782 | 0 | 0 |
|  Payable for investments purchased | 85300 | 8182 | 937 | 111971 | 332566 | 162738 | 362204 |
|  Payable for investments in Affiliates purchased | 5095 | 71 | 5 | 526 | 337 | 0 | 0 |
|  Payable for investments purchased on a delayed-delivery basis | 0 | 0 | 0 | 0 | 770 | 0 | 0 |
|  Payable for TBA investments purchased | 14350206 | 0 | 0 | 555838 | 12519589 | 422288 | 1115456 |
|  Payable for unfunded loan commitments | 0 | 0 | 0 | 0 | 19172 | 0 | 0 |
|  Deposits from counterparty | 1856 | 16957 | 0 | 0 | 36183 | 435 | 367 |
|  Payable for Portfolio shares redeemed | 0 | 0 | 0 | 0 | 2992 | 0 | 0 |
|  Distributions payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  Overdraft due to custodian | 37 | 0 | 0 | 65 | 111 | 0 | 0 |
|  Accrued investment advisory fees | 141 | 8 | 2 | 42 | 466 | 39 | 61 |
|  Accrued supervisory and administrative fees | 212 | 39 | 4 | 62 | 699 | 59 | 91 |
|  Foreign capital gains tax payable | 0 | 73 | 0 | 0 | 461 | 0 | 0 |
|  Other liabilities | 1 | 1 | 0 | 0 | 9 | 3 | 0 |
|  **Total Liabilities** | 14563142 | 47403 | 1674 | 741013 | 18460074 | 585901 | 1478683 |
|  **Commitments and Contingent Liabilities^** |  |  |  |  |  |  |  |
|  **Net Assets** | $8670254 | $488090 | $149633 | $2616778 | $28474384 | $2383455 | $3676785 |
|  **Net Assets Consist of:** |  |  |  |  |  |  |  |
|  Paid in capital | $8816768 | $512358 | $194600 | $2906876 | $33925374 | $2440707 | $4037144 |
|  Distributable earnings (accumulated loss) | (146514) | (24268) | (44967) | (290098) | (5450990) | (57252) | (360359) |
|  **Net Assets** | $8670254 | $488090 | $149633 | $2616778 | $28474384 | $2383455 | $3676785 |
|  **Shares Issued and Outstanding** | 729139 | 51070 | 21320 | 288071 | 3041741 | 247735 | 402190 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** | $11.89 | $9.56 | $7.02 | $9.08 | $9.36 | $9.62 | $9.14 |
|  Cost of investments in securities | $12007422 | $457919 | $142847 | $2681771 | $39834065 | $2624592 | $4379099 |
|  Cost of investments in Affiliates | $1606465 | $21736 | $4486 | $150436 | $12384 | $0 | $0 |
|  Cost of foreign currency held | $0 | $1292 | $17 | $0 | $21431 | $0 | $0 |
|  Proceeds received on short sales | $111078 | $0 | $0 | $4984 | $0 | $0 | $0 |
|  Cost or premiums of financial derivative instruments, net | $49884 | $(1333) | $673 | $24071 | $616801 | $1683 | $2039 |
|  \* Includes repurchase agreements of: | $0 | $0 | $0 | $0 | $0 | $475100 | $801100 |

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| | |
|:---|:---|
| <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.

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolios.

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| | | |
|:---|:---|:---|
| **12** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

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------

March 31, 2026

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO<br>Mortgage and<br>Short-Term<br>Investments<br>Portfolio** | **PIMCO<br>Municipal**<br> **Portfolio** | **PIMCO**<br> **Real Return<br>Portfolio** | **PIMCO**<br> **Sector Fund**<br> **Series – AM** | **PIMCO**<br> **Sector Fund**<br> **Series – H** | **PIMCO**<br> **Sector Fund**<br> **Series – I** | **PIMCO**<br> **Short-Term<br>Portfolio** | **PIMCO**<br> **Short-Term<br>Floating NAV<br>Portfolio II** | **PIMCO<br>U.S. Government<br>and Short-Term<br>Investments<br>Portfolio** |
| $3423338 | $95402 | $871014 | $97523 | $91465 | $3767502 | $297788 | $12960722 | $1133309 |
| 40227 | 5768 | 1998 | 6063 | 17882 | 465 | 24603 | 0 | 70528 |
| 1933 | 0 | 47 | 17 | 161 | 3465 | 191 | 0 | 5642 |
| 0 | 0 | 2 | 865 | 56 | 5289 | 55 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | 96 | 0 | 13214 | 0 |
| 19727 | 0 | 904 | 507 | 1792 | 10009 | 3592 | 0 | 1800 |
| 0 | 0 | 307 | 0 | 25 | 1481 | 0 | 0 | 0 |
| 3921 | 0 | 111185 | 898 | 226 | 109144 | 46 | 214 | 23 |
| 0 | 0 | 0 | 0 | 37 | 14 | 0 | 0 | 0 |
| 5665778 | 0 | 0 | 76509 | 0 | 685245 | 202306 | 0 | 17453 |
| 48203 | 4151 | 19082 | 0 | 0 | 0 | 0 | 30400 | 48688 |
| 4283 | 1066 | 2972 | 165 | 1369 | 35566 | 705 | 26697 | 10224 |
| 67 | 17 | 7 | 16 | 58 | 18 | 76 | 0 | 223 |
| 1 | 0 | 0 | 2 | 5 | 132 | 0 | 7 | 1 |
| 9207478 | 106404 | 1007518 | 182565 | 113076 | 4618426 | 529362 | 13031254 | 1287891 |
| $0 | $0 | $503352 | $0 | $0 | $282532 | $0 | $0 | $0 |
| 0 | 0 | 0 | 0 | 0 | 52426 | 0 | 0 | 0 |
| 785011 | 0 | 0 | 5469 | 0 | 0 | 7362 | 0 | 2891 |
| 2239 | 0 | 22 | 27 | 10 | 587 | 358 | 0 | 3217 |
| 0 | 0 | 0 | 74 | 13 | 1759 | 0 | 0 | 0 |
| 1828 | 0 | 16218 | 4 | 995 | 19116 | 2075 | 2216479 | 0 |
| 5072 | 18 | 7 | 16 | 60 | 18 | 79 | 0 | 230 |
| 0 | 0 | 0 | 906 | 0 | 65 | 0 | 0 | 0 |
| 7176152 | 0 | 0 | 121546 | 0 | 1071893 | 310975 | 0 | 14536 |
| 0 | 0 | 0 | 0 | 20 | 2478 | 0 | 0 | 0 |
| 2376 | 0 | 0 | 0 | 0 | 3479 | 0 | 54224 | 0 |
| 0 | 0 | 0 | 0 | 0 | 1629 | 0 | 0 | 8429 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 44 | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 20 | 2 | 8 | 1 | 2 | 52 | 3 | 188 | 20 |
| 30 | 2 | 12 | 1 | 3 | 78 | 5 | 282 | 31 |
| 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 7972728 | 22 | 519619 | 128044 | 1103 | 1436113 | 320857 | 2271218 | 29354 |
| $1234750 | $106382 | $487899 | $54521 | $111973 | $3182313 | $208505 | $10760036 | $1258537 |
| $1619088 | $116004 | $543455 | $54168 | $112067 | $3164637 | $266118 | $10760290 | $2148163 |
| (384338) | (9622) | (55556) | 353 | (94) | 17676 | (57613) | (254) | (889626) |
| $1234750 | $106382 | $487899 | $54521 | $111973 | $3182313 | $208505 | $10760036 | $1258537 |
| 152920 | 17991 | 40877 | 5321 | 10815 | 320553 | 19815 | 1074347 | 199022 |
| $8.07 | $5.91 | $11.94 | $10.25 | $10.35 | $9.93 | $10.52 | $10.02 | $6.32 |
| $3527205 | $97346 | $882190 | $97123 | $92506 | $3775065 | $306307 | $12961706 | $1518209 |
| $40223 | $5768 | $1998 | $6063 | $17881 | $465 | $24598 | $0 | $70531 |
| $0 | $0 | $306 | $0 | $25 | $1486 | $0 | $0 | $0 |
| $782347 | $0 | $0 | $5459 | $0 | $0 | $7327 | $0 | $2885 |
| $1803 | $0 | $0 | $998 | $865 | $30355 | $916 | $0 | $19991 |
| $0 | $0 | $0 | $0 | $0 | $0 | $0 | $10528000 | $0 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>13</sub> |

---

------

Consolidated Statements of Assets and Liabilities March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO<br>International<br>Portfolio** | **PIMCO**<br> **Short Asset<br>Portfolio** | **PIMCO**<br> **Short-Term<br>Floating NAV<br>Portfolio III** |
|  **Assets:** |  |  |  |
|  *Investments, at value* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $337859 | $7137557 | $15257483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 172712 | 0 | 0 |
|  *Financial Derivative Instruments* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 6058 | 4256 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 6531 | 21289 | 17358 |
|  Cash | 536 | 7482 | 19983 |
|  Deposits with counterparty | 18983 | 19968 | 3600 |
|  Foreign currency, at value | 14741 | 6638 | 1178 |
|  Receivable for investments sold | 1213 | 3107 | 8888 |
|  Receivable for Portfolio shares sold | 22414 | 0 | 477900 |
|  Interest and/or dividends receivable | 1441 | 38022 | 58914 |
|  Dividends receivable from Affiliates | 441 | 0 | 0 |
|  Other assets | 0 | 1 | 1 |
|  **Total Assets** | 582929 | 7238320 | 15845305 |
|  **Liabilities:** |  |  |  |
|  *Borrowings & Other Financing Transactions* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $0 | $198119 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Derivative Instruments |  |  |  |
|  *Exchange-traded or centrally cleared* | 2646 | 1476 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1641 | 2156 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 30254 | 120603 | 921839 |
|  Payable for investments in Affiliates purchased | 457 | 0 | 0 |
|  Deposits from counterparty | 5559 | 23615 | 64014 |
|  Payable for Portfolio shares redeemed | 0 | 1734 | 100 |
|  Accrued investment advisory fees | 9 | 0 | 0 |
|  Accrued supervisory and administrative fees | 41 | 0 | 0 |
|  Foreign capital gains tax payable | 0 | 8 | 0 |
|  **Total Liabilities** | 40607 | 347711 | 986738 |
|  **Commitments and Contingent Liabilities^** |  |  |  |
|  **Net Assets** | $542322 | $6890609 | $14858567 |
|  **Net Assets Consist of:** |  |  |  |
|  Paid in capital | 628766 | 7066653 | 14872781 |
|  Distributable earnings (accumulated loss) | (86444) | (176044) | (14214) |
|  **Net Assets** | $542322 | $6890609 | $14858567 |
|  **Shares Issued and Outstanding** | 93237 | 702076 | 1525737 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** | $5.82 | $9.81 | $9.74 |
|  Cost of investments in securities | $364753 | $7140385 | $15271320 |
|  Cost of investments in Affiliates | $172572 | $0 | $0 |
|  Cost of foreign currency held | $14671 | $6673 | $1193 |
|  Cost or premiums of financial derivative instruments, net | $(7717) | $2754 | $0 |
|  \* Includes repurchase agreements of: | $133200 | $0 | $6869027 |

---

---

| | |
|:---|:---|
| <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.

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolios.

---

| | | |
|:---|:---|:---|
| **14** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Statements of Operations

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Year Ended March 31, 2026 |  |  |  |  |  |  |
| (Amounts in thousands<sup>†</sup>) | **PIMCO**<br> **ABS and<br>Short-Term<br>Investments<br>Portfolio** | **PIMCO**<br> **EM Bond and<br>Short-Term<br>Investments<br>Portfolio** | **PIMCO**<br> **High Yield and<br>Short-Term<br>Investments<br>Portfolio** | **PIMCO<br>Investment<br>Grade Credit<br>Bond Portfolio** | **PIMCO**<br> **Long Duration<br>Credit Bond<br>Portfolio** | **PIMCO**<br> **Low Duration<br>Portfolio** |
|  **Investment Income:** |  |  |  |  |  |  |
|  Interest, net of foreign taxes\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371675 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25137 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9513 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115606 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507575 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103824 |
|  Dividends | 305 | 2014 | 300 | 1860 | 5946 | 86 |
|  Dividends from Investments in Affiliates | 49397 | 1337 | 51 | 4400 | 4903 | 0 |
|  Miscellaneous income | 0 | 0 | 19 | 0 | 294 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 421377 | 28488 | 9883 | 121866 | 1518718 | 103910 |
|  **Expenses:** |  |  |  |  |  |  |
|  Investment advisory fees | 1611 | 89 | 29 | 489 | 5404 | 469 |
|  Supervisory and administrative fees | 2417 | 445 | 43 | 733 | 8105 | 703 |
|  Trustee fees | 51 | 3 | 1 | 16 | 174 | 15 |
|  Interest expense | 925 | 309 | 66 | 5772 | 124017 | 46 |
|  Miscellaneous expense | 54 | 2 | 1 | 12 | 132 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 5058 | 848 | 140 | 7022 | 137832 | 1244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (50) | (3) | (1) | (16) | (171) | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 5008 | 845 | 139 | 7006 | 137661 | 1229 |
|  **Net Investment Income (Loss)** | 416369 | 27643 | 9744 | 114860 | 1381057 | 102681 |
|  **Net Realized Gain (Loss):** |  |  |  |  |  |  |
|  Investments in securities | 69328 | (9043) | (4350) | 1562 | (437771) | 3609 |
|  Investments in Affiliates | (123) | 11 | (1) | 24 | 91 | 0 |
|  Exchange-traded or centrally cleared financial derivative instruments | (21456) | 513 | 527 | 10797 | 442858 | 5411 |
|  Over the counter financial derivative instruments | 8257 | (6745) | (246) | 2243 | (42124) | 0 |
|  Short sales | 0 | 0 | 1 | 0 | 0 | 0 |
|  Foreign currency | 0 | (902) | 8 | 0 | (656) | 0 |
|  **Net Realized Gain (Loss)** | 56006 | (16166) | (4061) | 14626 | (37602) | 9020 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |  |  |  |
|  Investments in securities | (5971) | 24020 | 5653 | 12220 | 153300 | 5107 |
|  Investments in Affiliates | 480 | 4 | 3 | 14 | 4 | 0 |
|  Exchange-traded or centrally cleared financial derivative instruments | 29862 | (2877) | (417) | (19137) | (278885) | (8460) |
|  Over the counter financial derivative instruments | (2859) | 9385 | 76 | 11 | 26717 | 0 |
|  Short sales | 0 | 0 | 0 | 0 | 0 | 0 |
|  Foreign currency assets and liabilities | 0 | (134) | (1) | 0 | (15503) | 0 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 21512 | 30398 | 5314 | (6892) | (114367) | (3353) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $493887 | $41875 | $10997 | $122594 | $1229088 | $108348 |
|  \* Foreign tax withholdings | $0 | $82 | $0 | $0 | $521 | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **15** |

---

------

Statements of Operations (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Year Ended March 31, 2026 |  |  |  |  |  |  |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>Moderate<br>Duration<br>Portfolio** | **PIMCO<br>Mortgage and<br>Short-Term<br>Investments<br>Portfolio** | **PIMCO<br>Municipal<br>Portfolio** | **PIMCO**<br> **Real Return<br>Portfolio** | **PIMCO**<br> **Fund**<br> **Series – AM** | **PIMCO**<br> **Sector Fund<br>Series – H** |
|  **Investment Income:** |  |  |  |  |  |  |
|  Interest, net of foreign taxes\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162426 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47932 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4115 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35169 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4140 |
|  Dividends | 0 | 36 | 16 | 29 | 10 | 8 |
|  Dividends from Investments in Affiliates | 0 | 723 | 125 | 98 | 87 | 391 |
|  Miscellaneous income | 0 | 0 | 0 | 0 | 0 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 162426 | 48691 | 4256 | 35296 | 2927 | 4549 |
|  **Expenses:** |  |  |  |  |  |  |
|  Investment advisory fees | 725 | 228 | 20 | 92 | 11 | 15 |
|  Supervisory and administrative fees | 1087 | 342 | 30 | 138 | 16 | 22 |
|  Trustee fees | 23 | 8 | 1 | 3 | 0 | 0 |
|  Interest expense | 217 | 1170 | 0 | 15843 | 168 | 57 |
|  Miscellaneous expense | 18 | 12 | 0 | 3 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 2070 | 1760 | 51 | 16079 | 195 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (23) | (7) | (1) | (3) | (26) | (37) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 2047 | 1753 | 50 | 16076 | 169 | 57 |
|  **Net Investment Income (Loss)** | 160379 | 46938 | 4206 | 19220 | 2758 | 4492 |
|  **Net Realized Gain (Loss):** |  |  |  |  |  |  |
|  Investments in securities | 16825 | 37141 | (575) | (659) | 637 | 339 |
|  Investments in Affiliates | 0 | 4 | 0 | (5) | 1 | 1 |
|  Exchange-traded or centrally cleared financial derivative instruments | 20257 | 9666 | 0 | 451 | (208) | 470 |
|  Over the counter financial derivative instruments | 0 | (271) | 0 | (4) | (6) | 30 |
|  Short sales | 0 | 0 | 0 | 0 | 0 | 0 |
|  Foreign currency | 0 | 0 | 0 | 20 | 0 | (51) |
|  **Net Realized Gain (Loss)** | 37082 | 46540 | (575) | (197) | 424 | 789 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |  |  |  |
|  Investments in securities | 15733 | 1729 | 804 | (9479) | (54) | (1192) |
|  Investments in Affiliates | 0 | 4 | (1) | 0 | 0 | 0 |
|  Exchange-traded or centrally cleared financial derivative instruments | (19353) | (13719) | 0 | (235) | 278 | (404) |
|  Over the counter financial derivative instruments | 0 | 152 | 0 | 2 | (93) | 47 |
|  Short sales | 0 | 0 | 0 | 0 | 0 | 0 |
|  Foreign currency assets and liabilities | 0 | 0 | 0 | (1) | 0 | 1 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (3620) | (11834) | 803 | (9713) | 131 | (1548) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $193841 | $81644 | $4434 | $9310 | $3313 | $3733 |
|  \* Foreign tax withholdings | $0 | $0 | $0 | $0 | $0 | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **16** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **PIMCO**<br> **Sector Fund**<br> **Series – I** | **PIMCO**<br> **Short-Term<br>Portfolio** | **PIMCO**<br> **Short-Term<br>Floating NAV<br>Portfolio II** | **PIMCO**<br> **U.S. Government<br>and Short-Term<br>Investments<br>Portfolio** |
| $173400 | $7873 | $451160 | $42223 |
| 52 | 32 | 0 | 28 |
| 689 | 712 | 0 | 1277 |
| 0 | 0 | 0 | 0 |
| 174141 | 8617 | 451160 | 43528 |
| 604 | 37 | 2145 | 237 |
| 907 | 55 | 3217 | 355 |
| 19 | 1 | 67 | 8 |
| 18704 | 11 | 1474 | 670 |
| 5 | 1 | 52 | 9 |
| 20239 | 105 | 6955 | 1279 |
| (1520) | (1) | (66) | (8) |
| 18719 | 104 | 6889 | 1271 |
| 155422 | 8513 | 444271 | 42257 |
| 31776 | 32426 | 2866 | 1250 |
| (51) | 2 | 0 | (2) |
| 12601 | 1761 | 0 | 61009 |
| (4809) | 136 | 0 | 0 |
| 4 | 0 | 0 | 0 |
| (565) | 0 | 0 | 3 |
| 38956 | 34325 | 2866 | 62260 |
| (29235) | 332 | (3394) | (23595) |
| 0 | 7 | 0 | (3) |
| (3579) | (619) | 0 | (35147) |
| 2422 | 48 | 0 | 0 |
| 47 | 0 | 0 | 0 |
| 84 | 0 | 0 | (3) |
| (30261) | (232) | (3394) | (58748) |
| $164117 | $42606 | $443743 | $45769 |
| $0 | $0 | $0 | $0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **17** |

---

------

Consolidated Statements of Operations

---

| | | | |
|:---|:---|:---|:---|
| Year Ended March 31, 2026 |  |  |  |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>International<br>Portfolio** | **PIMCO**<br> **Short Asset<br>Portfolio** | **PIMCO**<br> **Short-Term<br>Floating NAV<br>Portfolio III** |
|  **Investment Income:** |  |  |  |
|  Interest, net of foreign taxes\* | $13955 | $267969 | $1090861 |
|  Dividends | 30 | 0 | 0 |
|  Dividends from Investments in Affiliates | 6334 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 20319 | 267969 | 1090861 |
|  **Expenses:** |  |  |  |
|  Investment advisory fees | 104 | 0 | 0 |
|  Supervisory and administrative fees | 519 | 0 | 0 |
|  Trustee fees | 3 | 0 | 0 |
|  Interest expense | 423 | 117 | 0 |
|  Miscellaneous expense | 3 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 1052 | 117 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (3) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 1049 | 117 | 0 |
|  **Net Investment Income (Loss)** | 19270 | 267852 | 1090861 |
|  **Net Realized Gain (Loss):** |  |  |  |
|  Investments in securities | (71) | 15166 | 64831 |
|  Investments in Affiliates | (36) | 0 | 0 |
|  Exchange-traded or centrally cleared financial derivative instruments | 13051 | 4490 | 0 |
|  Over the counter financial derivative instruments | (6464) | (43925) | (5694) |
|  Short sales | 0 | (2750) | 0 |
|  Foreign currency | 1790 | 1967 | 4460 |
|  **Net Realized Gain (Loss)** | 8270 | (25052) | 63597 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |
|  Investments in securities | (19338) | 38630 | (5014) |
|  Investments in Affiliates | 73 | 0 | 0 |
|  Exchange-traded or centrally cleared financial derivative instruments | (9765) | 1909 | 0 |
|  Over the counter financial derivative instruments | 9868 | 11666 | (10676) |
|  Short sales | 0 | 58 | 0 |
|  Foreign currency assets and liabilities | (225) | (491) | 460 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (19387) | 51772 | (15230) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $8153 | $294572 | $1139228 |
|  **\* Foreign tax withholdings** | $0 | $86 | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **18** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **ABS and Short-Term**<br> **Investments Portfolio** | **PIMCO**<br> **ABS and Short-Term**<br> **Investments Portfolio** | **PIMCO**<br> **EM Bond and Short-Term**<br> **Investments Portfolio** | **PIMCO**<br> **EM Bond and Short-Term**<br> **Investments Portfolio** | **PIMCO**<br> **High Yield and Short-Term**<br> **Investments Portfolio** | **PIMCO**<br> **High Yield and Short-Term**<br> **Investments Portfolio** |
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $416369 | $386367 | $27643 | $24524 | $9744 | $10600 |
|  Net realized gain (loss) | 56006 | 64026 | (16166) | 22383 | (4061) | 2659 |
|  Net change in unrealized appreciation (depreciation) | 21512 | 43145 | 30398 | (3669) | 5314 | (1026) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 493887 | 493538 | 41875 | 43238 | 10997 | 12233 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains | (449133) | (392238) | (48151) | (5000) | (13950) | (7950) |
|  **Total Distributions<sup>(a)</sup>** | (449133) | (392238) | (48151) | (5000) | (13950) | (7950) |
|  **Portfolio Share Transactions:** |  |  |  |  |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | 1206043 | 1680176 | 61440 | (70449) | 9856 | (16077) |
|  **Total Increase (Decrease) in Net Assets** | 1250797 | 1781476 | 55164 | (32211) | 6903 | (11794) |
|  **Net Assets:** |  |  |  |  |  |  |
|  Beginning of year | 7419457 | 5637981 | 432926 | 465137 | 142730 | 154524 |
|  End of year | $8670254 | $7419457 | $488090 | $432926 | $149633 | $142730 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **19** |

---

------

Statements of Changes in Net Assets (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **Investment Grade**<br> **Credit Bond Portfolio** | **PIMCO**<br> **Investment Grade**<br> **Credit Bond Portfolio** | **PIMCO**<br> **Long Duration**<br> **Credit Bond Portfolio** | **PIMCO**<br> **Long Duration**<br> **Credit Bond Portfolio** | **PIMCO**<br> **Low Duration Portfolio** | **PIMCO**<br> **Low Duration Portfolio** |
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $114860 | $142674 | $1381057 | $1244007 | $102681 | $99685 |
|  Net realized gain (loss) | 14626 | (21488) | (37602) | (252684) | 9020 | 2289 |
|  Net change in unrealized appreciation (depreciation) | (6892) | 89838 | (114367) | 215999 | (3353) | 26137 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 122594 | 211024 | 1229088 | 1207322 | 108348 | 128111 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains | (119009) | (145722) | (1445118) | (1325209) | (92347) | (109228) |
|  **Total Distributions<sup>(a)</sup>** | (119009) | (145722) | (1445118) | (1325209) | (92347) | (109228) |
|  **Portfolio Share Transactions:** |  |  |  |  |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | 145186 | (1067613) | 2324702 | 877035 | 150625 | 114136 |
|  **Total Increase (Decrease) in Net Assets** | 148771 | (1002311) | 2108672 | 759148 | 166626 | 133019 |
|  **Net Assets:** |  |  |  |  |  |  |
|  Beginning of year | 2468007 | 3470318 | 26365712 | 25606564 | 2216829 | 2083810 |
|  End of year | $2616778 | $2468007 | $28474384 | $26365712 | $2383455 | $2216829 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **20** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO**<br> **Moderate Duration Portfolio** | **PIMCO**<br> **Moderate Duration Portfolio** | **PIMCO**<br> **Mortgage and Short-Term**<br> **Investments Portfolio** | **PIMCO**<br> **Mortgage and Short-Term**<br> **Investments Portfolio** | **PIMCO**<br> **Municipal Portfolio** | **PIMCO**<br> **Municipal Portfolio** | **PIMCO**<br> **Real Return Portfolio** | **PIMCO**<br> **Real Return Portfolio** |
| **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** |
| $160379 | $145690 | $46938 | $53541 | $4206 | $4422 | $19220 | $19105 |
| 37082 | 4881 | 46540 | (44124) | (575) | (523) | (197) | (6751) |
| (3620) | 46445 | (11834) | 44719 | 803 | (2560) | (9713) | 17876 |
| 193841 | 197016 | 81644 | 54136 | 4434 | 1339 | 9310 | 30230 |
| (162522) | (145851) | (52372) | (59899) | (5251) | (3600) | (22501) | (15001) |
| (162522) | (145851) | (52372) | (59899) | (5251) | (3600) | (22501) | (15001) |
| 217605 | 192832 | 93374 | (281389) | 6821 | (16697) | 39005 | 84766 |
| 248924 | 243997 | 122646 | (287152) | 6004 | (18958) | 25814 | 99995 |
| 3427861 | 3183864 | 1112104 | 1399256 | 100378 | 119336 | 462085 | 362090 |
| $3676785 | $3427861 | $1234750 | $1112104 | $106382 | $100378 | $487899 | $462085 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **21** |

---

------

Statements of Changes in Net Assets (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **Sector Fund Series – AM** | **PIMCO**<br> **Sector Fund Series – AM** | **PIMCO**<br> **Sector Fund Series – H** | **PIMCO**<br> **Sector Fund Series – H** | **PIMCO**<br> **Sector Fund Series – I** | **PIMCO**<br> **Sector Fund Series – I** |
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>March 31, 2026** | **Inception date through<br>March 31, 2025<sup>(b)</sup>** | **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $2758 | $1981 | $4492 | $2225 | $155422 | $103867 |
|  Net realized gain (loss) | 424 | (551) | 789 | 296 | 38956 | 19868 |
|  Net change in unrealized appreciation (depreciation) | 131 | 291 | (1548) | 56 | (30261) | 3679 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 3313 | 1721 | 3733 | 2577 | 164117 | 127414 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains | (2518) | (2163) | (4372) | (2310) | (185776) | (108540) |
|  **Total Distributions<sup>(a)</sup>** | (2518) | (2163) | (4372) | (2310) | (185776) | (108540) |
|  **Portfolio Share Transactions:** |  |  |  |  |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | 2518 | 51650 | 77007 | 2310 | 369739 | 1563788 |
|  **Total Increase (Decrease) in Net Assets** | 3313 | 51208 | 76368 | 2577 | 348080 | 1582662 |
|  **Net Assets:** |  |  |  |  |  |  |
|  Beginning of year | 51208 | 0 | 35605 | 33028 | 2834233 | 1251571 |
|  End of year | $54521 | $51208 | $111973 | $35605 | $3182313 | $2834233 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(b)</sup> Inception date of the Portfolio was July 19, 2024.

---

| | | |
|:---|:---|:---|
| **22** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PIMCO<br>Short-Term Portfolio** | **PIMCO<br>Short-Term Portfolio** | **PIMCO<br>Short-Term Floating NAV Portfolio II** | **PIMCO<br>Short-Term Floating NAV Portfolio II** | **PIMCO<br>U.S. Government and Short-Term**<br> **Investments Portfolio** | **PIMCO<br>U.S. Government and Short-Term**<br> **Investments Portfolio** |
| **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** |
| $8513 | $9257 | $444271 | $410925 | $42257 | $48224 |
| 34325 | 10571 | 2866 | 2768 | 62260 | (103776) |
| (232) | (5544) | (3394) | 600 | (58748) | 150850 |
| 42606 | 14284 | 443743 | 414293 | 45769 | 95298 |
| (11501) | (12350) | (445128) | (412735) | (45525) | (49483) |
| (11501) | (12350) | (445128) | (412735) | (45525) | (49483) |
| 4554 | (27646) | 2321674 | 1009489 | 92009 | (663582) |
| 35659 | (25712) | 2320289 | 1011047 | 92253 | (617767) |
| 172846 | 198558 | 8439747 | 7428700 | 1166284 | 1784051 |
| $208505 | $172846 | $10760036 | $8439747 | $1258537 | $1166284 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **23** |

---

------

Consolidated Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **International Portfolio** | **PIMCO**<br> **International Portfolio** | **PIMCO**<br> **Short Asset Portfolio** | **PIMCO**<br> **Short Asset Portfolio** | **PIMCO**<br> **Short-Term Floating NAV**<br> **Portfolio III** | **PIMCO**<br> **Short-Term Floating NAV**<br> **Portfolio III** |
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** | **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $19270 | $19301 | $267852 | $268519 | $1090861 | $753939 |
|  Net realized gain (loss) | 8270 | 44093 | (25052) | 19121 | 63597 | 32883 |
|  Net change in unrealized appreciation (depreciation) | (19387) | (21399) | 51772 | 29823 | (15230) | 2936 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 8153 | 41995 | 294572 | 317463 | 1139228 | 789758 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains | (60502) | (14602) | (254197) | (263409) | (1124713) | (783389) |
|  Tax basis return of capital | 0 | 0 | (26403) | (27196) | 0 | 0 |
|  **Total Distributions<sup>(a)</sup>** | (60502) | (14602) | (280600) | (290605) | (1124713) | (783389) |
|  **Fund Share Transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) resulting from Portfolio<br> share transactions\* | 77147 | (84246) | 831829 | 782591 | (3258146) | 3468709 |
|  **Total Increase (Decrease) in Net Assets** | 24798 | (56853) | 845801 | 809449 | (3243631) | 3475078 |
|  **Net Assets:** |  |  |  |  |  |  |
|  Beginning of year | 517524 | 574377 | 6044808 | 5235359 | 18102198 | 14627120 |
|  End of year | $542322 | $517524 | $6890609 | $6044808 | $14858567 | $18102198 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **24** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Statement of Cash Flows

---

| | |
|:---|:---|
| Year Ended March 31, 2026 |  |
| (Amounts in thousands<sup>†</sup>) | **PIMCO Real<br>Return Portfolio** |
|  **Cash Flows Provided by (Used for) Operating Activities:** |  |
|  Net increase (decrease) in net assets resulting from operations | $9310 |
|  **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 | (214810) |
|  Proceeds from sales of long-term securities | 158167 |
| (Purchases) Proceeds from sales of short-term portfolio investments, net | 16845 |
| (Increase) decrease in deposits with counterparty | 190 |
| (Increase) decrease in receivable for investments sold | 196297 |
| (Increase) decrease in interest and/or dividends receivable | (819) |
| (Increase) decrease in dividends receivable from Affiliates | 54 |
|  Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments | 178 |
|  Proceeds from (Payments on) over the counter financial derivative instruments | (4) |
| (Increase) decrease in reimbursement receivable from PIMCO | 1 |
|  Increase (decrease) in payable for investments purchased | 16164 |
|  Increase (decrease) in accrued supervisory and administrative fees | 1 |
|  Proceeds from (Payments on) foreign currency transactions | 19 |
|  *Net Realized (Gain) Loss* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | (451) |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (20) |
|  *Net Change in Unrealized (Appreciation) Depreciation* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 9479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency assets and liabilities | 1 |
|  Net amortization (accretion) on investments | (5612) |
|  **Net Cash Provided by (Used for) Operating Activities** | 185891 |
|  **Cash Flows Received from (Used for) Financing Activities:** |  |
|  Proceeds from shares sold | 46740 |
|  Payments on shares redeemed | (48760) |
|  Cash distributions paid\* | (558) |
|  Proceeds from reverse repurchase agreements | 46127367 |
|  Payments on reverse repurchase agreements | (46310601) |
|  Proceeds from sale-buyback transactions | 14404 |
|  Payments on sale-buyback transactions | (14404) |
|  **Net Cash Received from (Used for) Financing Activities** | (185812) |
|  **Net Increase (Decrease) in Cash and Foreign Currency** | 79 |
|  **Cash and Foreign Currency:** |  |
|  Beginning of year | 228 |
|  End of year | $307 |
|  \* Reinvestment of distributions | $21943 |
|  **Supplemental Disclosure of Cash Flow Information:** |  |
|  Interest expense paid during the year | $15310 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

A Statement of Cash Flows is presented when the Portfolio 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 Portfolio's investments are not classified as Level 1 or 2 in the fair value hierarchy.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **25** |

---

------

Schedule of Investments PIMCO ABS and Short-Term Investments Portfolio

#### (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 136.5% | INVESTMENTS IN SECURITIES 136.5% | INVESTMENTS IN SECURITIES 136.5% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
| BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% |
|  Ambac Assurance Corp. | Ambac Assurance Corp. | Ambac Assurance Corp. |
|  5.100% due 12/31/2099 (f) | 43 | 57 |
|  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. |
|  4.024% (US0003M + 0.350%) due 03/22/2038 ~ | 13003 | 12548 |
|  |  | 12605 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Crown Castle Towers LLC | Crown Castle Towers LLC | Crown Castle Towers LLC |
|  4.241% due 07/15/2048 | 500 | 497 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  5.880% due 01/10/2028 | 280 | 281 |
|  Times Square Hotel Trust | Times Square Hotel Trust | Times Square Hotel Trust |
|  8.528% due 08/01/2026 | 317 | 317 |
|  |  | 1095 |
|  Total Corporate Bonds & Notes (Cost $13,530) | Total Corporate Bonds & Notes (Cost $13,530) | 13700 |
| U.S. GOVERNMENT AGENCIES 60.5% | U.S. GOVERNMENT AGENCIES 60.5% | U.S. GOVERNMENT AGENCIES 60.5% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  3.000% due 04/01/2037 - 05/01/2052 | 15718 | 14111 |
|  3.500% due 07/01/2046 - 05/01/2052 | 445 | 411 |
|  4.000% due 04/01/2039 - 09/01/2052 | 6554 | 6376 |
|  5.000% due 06/01/2053 - 03/01/2055 | 1202 | 1188 |
|  5.500% due 12/01/2052 - 01/01/2056 | 70749 | 71725 |
|  5.733% due 02/01/2035 •  | 6 | 6 |
|  5.875% due 02/01/2035 •  | 4 | 4 |
|  5.893% due 11/01/2034 •  | 5 | 5 |
|  5.903% due 03/01/2034 •  | 3 | 3 |
|  5.927% due 01/01/2035 •  | 2 | 2 |
|  5.928% due 02/01/2035 •  | 2 | 2 |
|  5.937% due 08/01/2031 •  | 3 | 3 |
|  5.969% due 12/01/2033 •  | 7 | 7 |
|  5.987% due 01/01/2035 •  | 3 | 3 |
|  6.000% due 10/01/2054 - 10/01/2055 | 2537 | 2633 |
|  6.020% due 02/01/2036 •  | 1 | 1 |
|  6.035% due 11/01/2034 •  | 1 | 1 |
|  6.090% due 09/01/2035 •  | 2 | 2 |
|  6.106% due 10/01/2034 •  | 3 | 3 |
|  6.215% due 09/01/2028 •  | 1 | 1 |
|  6.234% due 01/01/2035 •  | 1 | 1 |
|  6.262% due 03/01/2032 •  | 6 | 6 |
|  6.360% due 09/01/2033 •  | 4 | 4 |
|  6.480% due 04/01/2034 •  | 2 | 3 |
|  6.500% due 02/01/2054 - 06/01/2055 | 19150 | 19853 |
|  6.617% due 07/01/2037 •  | 1 | 1 |
|  7.000% due 05/01/2054 - 08/01/2055 | 27543 | 29065 |
|  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 |
|  0.480% due 01/25/2034 ~(a) | 85331 | 2277 |
|  0.773% due 03/25/2034 ~(a) | 66173 | 2857 |
|  2.776% due 06/25/2054 ~ | 1695 | 1652 |
|  2.937% due 07/25/2054 ~ | 47048 | 45711 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.000% due 10/15/2033 | 10 | 10 |
|  4.037% due 10/15/2032 •  | 1 | 1 |
|  4.137% due 12/15/2029 •  | 2 | 2 |
|  4.237% due 12/15/2031 •  | 1 | 1 |
|  4.337% due 08/15/2031 •  | 2 | 2 |
|  4.862% due 12/25/2054 •  | 1454 | 1467 |
|  5.000% due 02/15/2036 | 65 | 66 |
|  5.500% due 05/15/2036 | 5 | 5 |
|  7.000% due 06/15/2029 | 2 | 2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.500% due 01/15/2031 | $— | 1 | $— | 1 |
|  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 |
|  4.053% due 08/25/2031 •  |  | 13 |  | 13 |
|  5.059% due 10/25/2044 -02/25/2045 •  |  | 745 |  | 690 |
|  5.259% due 07/25/2044 •  |  | 201 |  | 196 |
|  6.500% due 07/25/2043 |  | 210 |  | 217 |
|  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 - 05/01/2052 |  | 6412 |  | 5904 |
|  3.500% due 03/01/2040 - 02/01/2050 |  | 15576 |  | 14515 |
|  4.000% due 08/01/2038 - 01/01/2059 |  | 7487 |  | 7221 |
|  4.500% due 07/01/2052 - 04/01/2053 |  | 9402 |  | 9104 |
|  4.707% due 05/01/2036 •  |  | 1 |  | 1 |
|  5.000% due 06/01/2053 |  | 31 |  | 30 |
|  5.114% due 03/01/2044 - 10/01/2044 •  |  | 13 |  | 13 |
|  5.312% due 02/01/2033 •  |  | 5 |  | 5 |
|  5.314% due 10/01/2040 •  |  | 4 |  | 4 |
|  5.500% due 11/01/2052 - 12/01/2055 |  | 28195 |  | 28632 |
|  5.532% due 09/01/2033 •  |  | 7 |  | 7 |
|  5.549% due 01/01/2035 •  |  | 1 |  | 1 |
|  5.552% due 02/01/2035 •  |  | 1 |  | 1 |
|  5.617% due 02/01/2035 •  |  | 2 |  | 2 |
|  5.640% due 11/01/2035 •  |  | 1 |  | 1 |
|  5.673% due 03/01/2035 •  |  | 3 |  | 3 |
|  5.711% due 06/01/2033 •  |  | 2 |  | 2 |
|  5.751% due 07/01/2035 •  |  | 1 |  | 1 |
|  5.842% due 07/01/2033 •  |  | 1 |  | 1 |
|  5.850% due 11/01/2034 •  |  | 1 |  | 1 |
|  5.992% due 12/01/2036 •  |  | 1 |  | 1 |
|  5.994% due 01/01/2037 •  |  | 2 |  | 2 |
|  5.998% due 03/01/2033 •  |  | 1 |  | 1 |
|  6.000% due 12/01/2052 - 11/01/2055 |  | 19882 |  | 20595 |
|  6.024% due 05/01/2034 •  |  | 7 |  | 7 |
|  6.075% due 12/01/2036 •  |  | 3 |  | 3 |
|  6.102% due 11/01/2032 •  |  | 6 |  | 6 |
|  6.176% due 03/01/2035 •  |  | 3 |  | 4 |
|  6.205% due 10/01/2034 •  |  | 2 |  | 2 |
|  6.209% due 07/01/2033 •  |  | 1 |  | 1 |
|  6.246% due 10/01/2032 •  |  | 3 |  | 3 |
|  6.308% due 05/01/2036 •  |  | 3 |  | 3 |
|  6.364% due 09/01/2033 •  |  | 2 |  | 2 |
|  6.375% due 04/01/2032 •  |  | 1 |  | 1 |
|  6.410% due 11/01/2034 •  |  | 5 |  | 5 |
|  6.465% due 05/01/2033 •  |  | 6 |  | 6 |
|  6.500% due 09/01/2033 •  |  | 4 |  | 4 |
|  6.500% due 02/01/2044 - 04/01/2055 |  | 76138 |  | 78786 |
|  6.616% due 04/01/2036 •  |  | 6 |  | 7 |
|  6.635% due 04/01/2033 •  |  | 3 |  | 3 |
|  6.845% due 06/01/2033 •  |  | 18 |  | 19 |
|  7.000% due 03/01/2045 - 04/01/2055 |  | 27085 |  | 28662 |
|  8.500% due 04/01/2030 - 11/01/2030 |  | 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 |
|  7.000% due 07/25/2042 |  | 2 |  | 2 |
|  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 |
|  2.224% due 11/25/2049 •(a) |  | 442 |  | 56 |
|  3.842% due 07/25/2037 •  |  | 321 |  | 315 |
|  3.912% due 03/25/2036 •  |  | 5 |  | 5 |
|  4.000% due 11/25/2033 |  | 23 |  | 23 |
|  4.426% due 11/25/2031 •  |  | 8 |  | 9 |
|  4.776% due 04/25/2032 •  |  | 1 |  | 1 |
|  4.862% due 12/25/2054 •  |  | 1328 |  | 1339 |
|  5.000% due 11/25/2032 |  | 433 |  | 428 |
|  5.500% due 09/25/2035 |  | 2370 |  | 2405 |
|  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 |
|  3.896% due 08/25/2031 •  |  | 21 |  | 20 |
|  6.500% due 06/25/2028 |  | 1 |  | 1 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.000% due 10/20/2051 - 12/20/2052 |  | 19811 |  | 17712 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.500% due 01/20/2052 - 03/20/2056 | 49262 | 45294 |
|  4.500% due 07/20/2040 - 12/20/2053 | 6896 | 6729 |
|  5.125% due 12/20/2027 - 10/20/2033 •  | 5 | 5 |
|  5.375% due 07/20/2029 - 09/20/2033 •  | 17 | 17 |
|  5.625% due 01/20/2027 - 05/20/2032 •  | 16 | 16 |
|  6.000% due 02/20/2055 | 72 | 73 |
|  6.500% due 01/20/2055 - 02/20/2055 | 6839 | 7112 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.083% due 03/20/2068 •  | 639 | 637 |
|  4.123% due 12/20/2062 - 01/20/2072 •  | 536 | 535 |
|  4.133% due 10/20/2062 •  | 269 | 268 |
|  4.233% due 02/20/2061 •  | 34 | 34 |
|  4.433% due 02/20/2070 •  | 152 | 153 |
|  4.463% due 11/20/2065 •  | 387 | 388 |
|  4.473% due 09/20/2055 •  | 1779 | 1783 |
|  4.513% due 09/20/2063 •  | 212 | 214 |
|  4.523% due 04/20/2054 •  | 1734 | 1735 |
|  4.533% due 09/20/2063 - 02/20/2067 •  | 423 | 425 |
|  4.623% due 11/20/2055 •  | 1986 | 1992 |
|  4.673% due 10/20/2055 •  | 1478 | 1484 |
|  4.783% due 12/20/2066 •  | 436 | 439 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.000% due 05/01/2056 | 3000 | 2477 |
|  2.500% due 04/01/2056 | 3600 | 3098 |
|  3.500% due 03/01/2056 | 12900 | 11838 |
|  4.000% due 04/01/2056 | 14800 | 13866 |
|  4.500% due 04/01/2056 | 27400 | 26474 |
|  5.000% due 05/01/2056 | 3300 | 3262 |
|  5.500% due 06/01/2040 | 24400 | 24477 |
|  6.000% due 06/01/2040 - 05/01/2056 | 162900 | 165425 |
|  6.500% due 05/01/2056 | 103700 | 107473 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  2.500% due 04/01/2041 - 05/01/2056 | 30100 | 25372 |
|  3.000% due 06/01/2040 - 04/01/2041 | 128740 | 117616 |
|  3.500% due 06/01/2056 | 85000 | 77755 |
|  4.000% due 04/01/2056 - 06/01/2056 | 273450 | 257699 |
|  4.500% due 04/01/2056 - 06/01/2056 | 111960 | 107965 |
|  5.000% due 04/01/2056 - 06/01/2056 | 1117640 | 1100935 |
|  5.500% due 05/01/2056 - 06/01/2056 | 556600 | 558245 |
|  6.000% due 05/01/2056 - 07/01/2056 | 1062905 | 1081766 |
|  6.500% due 05/01/2056 - 06/01/2056 | 1042197 | 1077305 |
|  Total U.S. Government Agencies<br>(Cost $5,253,342) | Total U.S. Government Agencies<br>(Cost $5,253,342) | 5248861 |
| U.S. TREASURY OBLIGATIONS 1.0% | U.S. TREASURY OBLIGATIONS 1.0% | U.S. TREASURY OBLIGATIONS 1.0% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.000% due 11/15/2042 (i)(k) | 49800 | 45077 |
|  4.000% due 11/15/2052 (i)(k) | 37800 | 32486 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  2.375% due 05/15/2029 (i)(k) | 8900 | 8523 |
|  Total U.S. Treasury Obligations (Cost $100,164) | Total U.S. Treasury Obligations (Cost $100,164) | 86086 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 18.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 18.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 18.6% |
|  1211 Avenue of the Americas Trust | 1211 Avenue of the Americas Trust | 1211 Avenue of the Americas Trust |
|  3.901% due 08/10/2035 | 4050 | 3882 |
|  280 Park Avenue Mortgage Trust | 280 Park Avenue Mortgage Trust | 280 Park Avenue Mortgage Trust |
|  4.850% due 09/15/2034 •  | 1400 | 1393 |
|  ACRA Trust | ACRA Trust | ACRA Trust |
|  5.608% due 10/25/2064 þ | 736 | 738 |

---

---

| | | |
|:---|:---|:---|
| **26** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  4.353% due 11/25/2035 •  | 14 | 14 |
|  4.353% due 08/25/2036 •  | 28797 | 8747 |
|  4.433% due 01/25/2036 •  | 193 | 186 |
|  6.019% due 11/25/2037 ~ | 294 | 185 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  6.750% due 11/25/2046 þ | 6191 | 5647 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  6.049% due 04/25/2044 •  | 154 | 173 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  1.469% due 06/25/2065 ~ | 69 | 67 |
|  4.800% due 11/25/2067 þ | 22750 | 22638 |
|  5.985% due 01/25/2069 þ | 671 | 675 |
|  6.197% due 01/25/2069 þ | 2055 | 2071 |
|  6.500% due 12/25/2067 þ | 930 | 934 |
|  Arroyo Mortgage Trust | Arroyo Mortgage Trust | Arroyo Mortgage Trust |
|  1.175% due 10/25/2048 ~ | 2772 | 2531 |
|  1.483% due 10/25/2048 ~ | 3647 | 3336 |
|  1.637% due 10/25/2048 ~ | 1850 | 1695 |
|  Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust |
|  4.745% due 04/15/2035 •  | 3452 | 3452 |
|  ATLX Trust | ATLX Trust | ATLX Trust |
|  3.850% due 04/25/2064 þ | 1908 | 1858 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  4.091% due 08/10/2038 ~ | 1655 | 1620 |
|  Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust |
|  6.000% due 07/25/2034 | 327 | 306 |
|  6.000% due 04/25/2037 | 1279 | 1107 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  3.396% due 10/20/2046 ~ | 277 | 242 |
|  3.885% due 01/20/2047 ~ | 316 | 235 |
|  4.048% due 10/26/2036 ~ | 60919 | 58971 |
|  4.063% due 09/20/2046 ~ | 47 | 41 |
|  4.170% due 10/20/2036 •  | 2145 | 1691 |
|  4.250% due 02/20/2047 •  | 1110 | 1057 |
|  4.598% due 09/20/2046 ~ | 326 | 298 |
|  4.751% due 01/20/2047 ~ | 3 | 3 |
|  5.750% due 08/25/2036 | 70 | 60 |
|  6.220% due 09/20/2046 ~ | 259 | 258 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  3.589% due 11/20/2046 ~ | 19 | 16 |
|  4.497% due 10/25/2035 ~ | 155 | 147 |
|  4.872% due 06/25/2035 ~ | 113 | 110 |
|  5.477% due 11/25/2033 ~ | 3 | 3 |
|  5.687% due 06/25/2034 ~ | 61 | 59 |
|  5.791% due 09/25/2033 ~ | 369 | 306 |
|  6.371% due 12/25/2033 ~ | 21 | 21 |
|  7.085% due 05/25/2034 ~ | 270 | 268 |
|  Bank5 | Bank5 | Bank5 |
|  4.619% due 02/15/2059 | 49480 | 49288 |
|  5.104% due 02/15/2059 | 7780 | 7900 |
|  BankUnited Trust | BankUnited Trust | BankUnited Trust |
|  4.393% due 09/25/2045 •  | 37 | 35 |
|  BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust |
|  4.763% due 02/15/2059 | 1300 | 1300 |
|  5.248% due 02/15/2059 | 3200 | 3269 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.068% due 11/26/2036 ~ | 3813 | 3121 |
|  4.238% due 01/26/2036 •  | 8121 | 7583 |
|  6.193% due 10/25/2047 •  | 11142 | 8400 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  3.454% due 11/25/2034 ~ | 190 | 160 |
|  3.672% due 04/25/2035 ~ | 974 | 807 |
|  4.031% due 04/25/2035 ~ | 10 | 10 |
|  4.119% due 04/25/2035 ~ | 797 | 753 |
|  4.132% due 08/25/2036 ~ | 901 | 403 |
|  4.375% due 02/25/2036 ~ | 1791 | 1250 |
|  4.544% due 08/25/2036 ~ | 1268 | 773 |
|  5.042% due 01/25/2036 ~ | 502 | 481 |
|  5.065% due 07/25/2035 ~ | 5786 | 3332 |
|  5.314% due 11/25/2035 ~ | 593 | 252 |
|  5.379% due 01/25/2034 ~ | 152 | 145 |
|  5.518% due 09/25/2034 •  | 2467 | 2461 |
|  5.803% due 08/25/2034 ~ | 339 | 326 |
|  6.103% due 12/25/2033 ~ | 82 | 81 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  0.000% due 10/25/2034 ~ | 16 | 12 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.000% due 05/25/2034 ~ | $— | 14 | $— | 13 |
|  4.065% due 05/25/2047 ~ |  | 172 |  | 156 |
|  4.275% due 04/25/2034 ~ |  | 24 |  | 21 |
|  4.472% due 02/25/2035 ~ |  | 286 |  | 236 |
|  4.690% due 11/25/2030 ~ |  | 26 |  | 26 |
|  4.968% due 01/25/2035 ~ |  | 804 |  | 759 |
|  5.368% due 12/25/2035 ~ |  | 73 |  | 63 |
|  5.641% due 11/25/2034 ~ |  | 161 |  | 147 |
|  5.714% due 01/25/2034 ~ |  | 16 |  | 15 |
|  5.850% due 12/25/2046 •  |  | 1492 |  | 1353 |
|  5.877% due 08/25/2035 ~ |  | 316 |  | 310 |
|  6.062% due 02/25/2036 ~ |  | 31 |  | 30 |
|  6.183% due 11/25/2034 ~ |  | 46 |  | 44 |
|  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 |
|  4.003% due 01/25/2037 •  |  | 276 |  | 264 |
|  4.113% due 12/25/2046 •  |  | 4511 |  | 4055 |
|  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 |
|  3.920% due 12/26/2046 ~ |  | 1928 |  | 1496 |
|  4.788% due 01/26/2036 ~ |  | 1332 |  | 953 |
|  Bella Vista Mortgage Trust | Bella Vista Mortgage Trust | Bella Vista Mortgage Trust | Bella Vista Mortgage Trust | Bella Vista Mortgage Trust |
|  4.291% due 05/20/2045 •  |  | 1042 |  | 662 |
|  4.533% due 02/25/2035 •  |  | 6802 |  | 4253 |
|  7.070% due 11/20/2034 ~ |  | 1706 |  | 1764 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  2.994% due 04/15/2054 ~ |  | 8809 |  | 6298 |
|  3.976% due 07/15/2051 |  | 1258 |  | 1252 |
|  4.377% due 05/15/2053 |  | 7358 |  | 7344 |
|  6.228% due 05/15/2056 ~ |  | 6000 |  | 6256 |
|  BINOM Securitization Trust | BINOM Securitization Trust | BINOM Securitization Trust | BINOM Securitization Trust | BINOM Securitization Trust |
|  4.441% due 08/25/2057 ~ |  | 6120 |  | 5965 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
|  4.637% due 11/15/2038 •  |  | 9919 |  | 9915 |
|  4.663% due 01/17/2039 •  |  | 9446 |  | 9447 |
|  4.685% due 02/15/2039 •  |  | 163 |  | 163 |
|  BX Trust | BX Trust | BX Trust | BX Trust | BX Trust |
|  3.202% due 12/09/2041 |  | 2726 |  | 2576 |
|  4.837% due 02/15/2036 •  |  | 4152 |  | 4152 |
|  Cascade Funding Mortgage Trust | Cascade Funding Mortgage Trust | Cascade Funding Mortgage Trust | Cascade Funding Mortgage Trust | Cascade Funding Mortgage Trust |
|  3.000% due 03/25/2035 ~ |  | 2650 |  | 2609 |
|  4.000% due 10/25/2054 ~ |  | 4844 |  | 4735 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 03/25/2063 ~ |  | 5995 |  | 5391 |
|  3.250% due 09/25/2063 ~ |  | 5567 |  | 4993 |
|  3.250% due 03/25/2064 ~ |  | 3484 |  | 3083 |
|  3.250% due 08/25/2064 ~ |  | 2585 |  | 2300 |
|  3.250% due 09/25/2064 ~ |  | 42819 |  | 38084 |
|  3.375% due 12/25/2064 ~ |  | 9184 |  | 8224 |
|  3.375% due 04/25/2065 ~ |  | 2725 |  | 2450 |
|  3.500% due 06/25/2062 ~ |  | 3096 |  | 2854 |
|  4.912% due 09/25/2055 •  |  | 2374 |  | 2380 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.337% due 12/25/2035 ~ |  | 417 |  | 368 |
|  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 |
|  3.839% due 01/25/2035 ~ |  | 174 |  | 166 |
|  4.367% due 03/25/2035 ~ |  | 499 |  | 435 |
|  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 |
|  3.712% due 07/19/2033 ~ |  | 39 |  | 37 |
|  3.940% due 07/19/2033 ~ |  | 768 |  | 702 |
|  4.229% due 05/19/2033 ~ |  | 6 |  | 5 |
|  4.273% due 03/25/2036 •  |  | 7835 |  | 7470 |
|  4.293% due 03/25/2036 •  |  | 4913 |  | 4627 |
|  4.373% due 04/25/2035 •  |  | 2 |  | 2 |
|  4.393% due 03/25/2035 •  |  | 21 |  | 10 |
|  4.413% due 03/25/2035 •  |  | 15 |  | 14 |
|  4.433% due 03/25/2035 •  |  | 1531 |  | 1471 |
|  4.473% due 02/25/2035 •  |  | 35 |  | 33 |
|  4.491% due 04/25/2035 ~ |  | 262 |  | 244 |
|  4.493% due 02/25/2035 •  |  | 257 |  | 235 |
|  4.493% due 05/25/2035 •  |  | 1062 |  | 871 |
|  4.573% due 02/25/2035 •  |  | 50 |  | 47 |
|  4.657% due 01/25/2036 ~ |  | 15 |  | 14 |
|  4.713% due 09/25/2034 •  |  | 105 |  | 93 |
|  4.727% due 01/20/2035 ~ |  | 1636 |  | 1554 |
|  4.787% due 11/25/2034 ~ |  | 1015 |  | 663 |
|  4.819% due 03/20/2036 ~ |  | 2968 |  | 2705 |
|  4.843% due 05/20/2035 ~ |  | 1393 |  | 1242 |
|  4.899% due 06/20/2036 ~ |  | 543 |  | 517 |
|  5.023% due 02/20/2035 ~ |  | 8 |  | 8 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.332% due 12/19/2033 ~ | $— | 16 | $— | 16 |
|  5.500% due 06/25/2034 |  | 1460 |  | 1166 |
|  5.500% due 06/25/2035 |  | 3486 |  | 1810 |
|  5.500% due 05/25/2036 |  | 945 |  | 825 |
|  5.678% due 06/19/2031 ~ |  | 1 |  | 1 |
|  5.750% due 12/25/2035 |  | 962 |  | 440 |
|  5.750% due 02/25/2036 |  | 3065 |  | 1152 |
|  6.000% due 03/25/2037 |  | 3064 |  | 1255 |
|  6.000% due 11/25/2037 |  | 67 |  | 27 |
|  6.077% due 06/20/2034 ~ |  | 1095 |  | 1037 |
|  6.078% due 02/19/2034 ~ |  | 4 |  | 4 |
|  6.116% due 02/25/2034 ~ |  | 5 |  | 5 |
|  6.148% due 02/20/2036 •  |  | 587 |  | 556 |
|  6.224% due 02/20/2036 •  |  | 23 |  | 21 |
|  6.639% due 02/19/2034 ~ |  | 4 |  | 4 |
|  CIM Trust | CIM Trust | CIM Trust | CIM Trust | CIM Trust |
|  3.000% due 01/25/2061 ~ |  | 2621 |  | 2438 |
|  3.750% due 12/25/2061 ~ |  | 8650 |  | 8185 |
|  5.000% due 05/25/2062 ~ |  | 1212 |  | 1205 |
|  5.000% due 02/25/2099 þ |  | 2365 |  | 2342 |
|  5.500% due 08/25/2064 ~ |  | 17297 |  | 17347 |
|  6.639% due 12/25/2067 þ |  | 1059 |  | 1060 |
|  Citicorp Mortgage Securities REMICS Pass-Through Certificates Trust | Citicorp Mortgage Securities REMICS Pass-Through Certificates Trust | Citicorp Mortgage Securities REMICS Pass-Through Certificates Trust | Citicorp Mortgage Securities REMICS Pass-Through Certificates Trust | Citicorp Mortgage Securities REMICS Pass-Through Certificates Trust |
|  5.308% due 08/25/2035 ~ |  | 1404 |  | 912 |
|  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 |  | 438 |  | 402 |
|  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 |  | 664 |  | 663 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  3.375% due 10/25/2062 þ |  | 6734 |  | 6188 |
|  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. |
|  3.923% due 06/25/2036 •  |  | 378 |  | 364 |
|  4.123% due 12/25/2034 •  |  | 42 |  | 41 |
|  4.239% due 11/25/2036 ~ |  | 867 |  | 819 |
|  4.293% due 09/25/2036 •  |  | 1757 |  | 1686 |
|  4.593% due 08/25/2035 •  |  | 449 |  | 439 |
|  5.387% due 08/25/2035 ~ |  | 48 |  | 47 |
|  5.668% due 11/25/2036 •  |  | 1957 |  | 2020 |
|  5.840% due 09/25/2035 •  |  | 37 |  | 37 |
|  6.040% due 11/25/2035 •  |  | 151 |  | 151 |
|  6.050% due 05/25/2042 ~ |  | 445 |  | 436 |
|  6.480% due 10/25/2035 •  |  | 7 |  | 7 |
|  6.490% due 05/25/2035 •  |  | 9 |  | 9 |
|  6.603% due 12/25/2034 ~ |  | 13 |  | 12 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  6.500% due 06/25/2037 |  | 737 |  | 696 |
|  CLNY Trust | CLNY Trust | CLNY Trust | CLNY Trust | CLNY Trust |
|  5.163% due 11/15/2038 •  |  | 3259 |  | 3228 |
|  COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust |
|  6.393% due 06/25/2069 þ |  | 1618 |  | 1634 |
|  6.421% due 05/25/2069 þ |  | 692 |  | 699 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  3.390% due 08/25/2035 ~ |  | 1425 |  | 1372 |
|  3.970% due 02/20/2047 •  |  | 1040 |  | 851 |
|  3.985% due 12/20/2046 •  |  | 4673 |  | 4222 |
|  4.093% due 10/25/2035 •  |  | 1960 |  | 607 |
|  4.113% due 02/25/2047 •  |  | 4053 |  | 3777 |
|  4.173% due 07/25/2046 •  |  | 6728 |  | 6218 |
|  4.173% due 09/25/2046 •  |  | 163 |  | 162 |
|  4.190% due 07/20/2046 •  |  | 324 |  | 285 |
|  4.193% due 06/25/2037 •  |  | 676 |  | 634 |
|  4.210% due 03/20/2046 •  |  | 175 |  | 166 |
|  4.213% due 06/25/2046 •  |  | 929 |  | 791 |
|  4.293% due 05/25/2035 •  |  | 144 |  | 130 |
|  4.293% due 06/25/2035 •  |  | 1045 |  | 996 |
|  4.333% due 02/25/2036 •  |  | 57 |  | 50 |
|  4.353% due 12/25/2035 •  |  | 303 |  | 290 |
|  4.373% due 02/25/2036 •  |  | 162 |  | 153 |
|  4.430% due 11/20/2035 •  |  | 90 |  | 86 |
|  4.453% due 10/25/2035 •  |  | 2323 |  | 1543 |
|  4.493% due 01/25/2046 •  |  | 734 |  | 746 |
|  4.553% due 12/25/2035 •  |  | 4123 |  | 3728 |
|  4.699% due 03/25/2047 •  |  | 1425 |  | 1303 |
|  4.826% due 02/25/2036 ~ |  | 1071 |  | 1002 |
|  4.859% due 02/25/2036 •  |  | 382 |  | 356 |
|  5.001% due 05/25/2035 ~ |  | 82 |  | 72 |
|  5.109% due 11/25/2047 •  |  | 2422 |  | 2193 |
|  5.163% due 12/25/2034 ~ |  | 1252 |  | 1227 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **27** |

---

------

Schedule of Investments PIMCO ABS and Short-Term Investments Portfolio (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.239% due 11/25/2047 •  | $— | 4417 | $— | 3999 |
|  5.333% due 11/25/2035 •  |  | 1359 |  | 1265 |
|  5.500% due 04/25/2035 |  | 704 |  | 463 |
|  5.500% due 11/25/2035 |  | 694 |  | 364 |
|  5.500% due 03/25/2036 |  | 62 |  | 25 |
|  5.750% due 03/25/2037 •  |  | 235 |  | 116 |
|  5.750% due 04/25/2047 |  | 337 |  | 168 |
|  6.000% due 03/25/2037 |  | 813 |  | 377 |
|  6.000% due 04/25/2037 |  | 2953 |  | 1471 |
|  6.250% due 12/25/2033 |  | 10 |  | 10 |
|  6.250% due 07/25/2036 |  | 3616 |  | 857 |
|  6.500% due 11/25/2031 |  | 12 |  | 12 |
|  6.500% due 06/25/2036 |  | 3220 |  | 1434 |
|  7.000% due 10/25/2035 |  | 3000 |  | 1460 |
|  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 |
|  6.000% due 08/25/2037 ~ |  | 359 |  | 160 |
|  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. |
|  2.600% due 12/25/2032 ~ |  | 26 |  | 20 |
|  4.457% due 12/25/2033 ~ |  | 71 |  | 71 |
|  4.459% due 03/25/2032 ~ |  | 43 |  | 42 |
|  4.943% due 09/25/2034 •  |  | 174 |  | 365 |
|  5.523% due 06/25/2033 ~ |  | 77 |  | 75 |
|  5.750% due 04/25/2033 |  | 3 |  | 3 |
|  5.793% due 03/25/2034 •  |  | 1034 |  | 736 |
|  6.250% due 07/25/2035 |  | 95 |  | 98 |
|  6.320% due 08/25/2033 ~ |  | 688 |  | 635 |
|  7.000% due 02/25/2033 |  | 7 |  | 7 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  5.003% due 11/25/2070 ~ |  | 940 |  | 936 |
|  5.036% due 11/25/2070 ~ |  | 3691 |  | 3677 |
|  5.129% due 09/25/2069 ~ |  | 5392 |  | 5397 |
|  5.549% due 12/25/2069 ~ |  | 771 |  | 774 |
|  6.093% due 04/25/2069 þ |  | 1713 |  | 1724 |
|  6.147% due 07/25/2069 þ |  | 15469 |  | 15597 |
|  6.272% due 06/25/2069 þ |  | 2089 |  | 2106 |
|  6.615% due 03/25/2068 þ |  | 1094 |  | 1096 |
|  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 |
|  5.500% due 11/25/2035 |  | 115 |  | 80 |
|  6.243% due 10/25/2033 ~ |  | 1063 |  | 977 |
|  6.611% due 10/25/2033 ~ |  | 18 |  | 18 |
|  CSFB Mortgage-Backed Trust | CSFB Mortgage-Backed Trust | CSFB Mortgage-Backed Trust | CSFB Mortgage-Backed Trust | CSFB Mortgage-Backed Trust |
|  4.993% due 10/25/2034 •  |  | 1560 |  | 1548 |
|  CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
|  5.500% due 04/25/2036 |  | 410 |  | 250 |
|  6.421% due 10/25/2037 ~ |  | 169 |  | 95 |
|  CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust |
|  2.000% due 01/25/2060 ~ |  | 5107 |  | 4535 |
|  2.000% due 10/25/2060 ~ |  | 5122 |  | 4634 |
|  2.750% due 01/25/2060 |  | 9795 |  | 7592 |
|  2.750% due 01/25/2060 ~ |  | 5626 |  | 4325 |
|  2.983% due 07/25/2057 ~ |  | 1000 |  | 859 |
|  3.250% due 01/25/2060 |  | 7373 |  | 5624 |
|  3.250% due 01/25/2060 ~ |  | 3775 |  | 2842 |
|  3.375% due 01/25/2060 |  | 1000 |  | 814 |
|  3.510% due 01/25/2060 ~ |  | 3343 |  | 2227 |
|  3.839% due 04/28/2037 ~ |  | 188 |  | 179 |
|  3.904% due 04/25/2062 ~ |  | 4573 |  | 4379 |
|  3.927% due 09/25/2057 ~ |  | 1300 |  | 1234 |
|  4.290% due 02/27/2036 ~ |  | 3579 |  | 2163 |
|  5.637% due 10/15/2037 •  |  | 1000 |  | 989 |
|  5.750% due 12/26/2035 |  | 157 |  | 88 |
|  6.250% due 05/26/2048 |  | 5679 |  | 4800 |
|  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 |  | 1200 |  | 1224 |
|  DC Office Trust | DC Office Trust | DC Office Trust | DC Office Trust | DC Office Trust |
|  2.965% due 09/15/2045 |  | 2205 |  | 1991 |
|  Deephaven Residential Mortgage Trust | Deephaven Residential Mortgage Trust | Deephaven Residential Mortgage Trust | Deephaven Residential Mortgage Trust | Deephaven Residential Mortgage Trust |
|  5.087% due 11/25/2060 ~ |  | 964 |  | 962 |
|  5.300% due 03/25/2067 ~ |  | 1330 |  | 1298 |
|  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 |
|  4.153% due 01/25/2047 •  |  | 3234 |  | 3068 |
|  4.433% due 08/25/2047 •  |  | 4094 |  | 3096 |
|  DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust |
|  4.391% due 08/19/2045 •  |  | 319 |  | 200 |
|  4.799% due 04/19/2046 •  |  | 203 |  | 165 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  4.914% due 12/25/2060 þ |  | 1134 |  | 1124 |
|  5.100% due 10/25/2070 þ |  | 1681 |  | 1675 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.522% due 01/26/2060 þ | $— | 777 | $— | 779 |
|  5.655% due 02/25/2060 þ |  | 1488 |  | 1496 |
|  5.726% due 01/25/2060 þ |  | 900 |  | 905 |
|  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 |
|  4.500% due 11/25/2035 ~ |  | 1448 |  | 1434 |
|  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 |
|  3.000% due 04/25/2036 ~ |  | 372 |  | 346 |
|  4.341% due 03/25/2035 ~ |  | 71 |  | 40 |
|  4.371% due 09/25/2035 ~ |  | 427 |  | 178 |
|  4.619% due 02/25/2037 ~ |  | 1002 |  | 680 |
|  4.782% due 09/25/2034 ~ |  | 143 |  | 143 |
|  5.165% due 07/25/2035 ~ |  | 2118 |  | 2009 |
|  5.389% due 12/25/2035 ~ |  | 333 |  | 251 |
|  5.603% due 06/25/2034 ~ |  | 456 |  | 459 |
|  First Horizon Asset Securities, Inc. | First Horizon Asset Securities, Inc. | First Horizon Asset Securities, Inc. | First Horizon Asset Securities, Inc. | First Horizon Asset Securities, Inc. |
|  4.683% due 01/25/2036 ~ |  | 1392 |  | 691 |
|  4.725% due 01/25/2036 ~ |  | 369 |  | 337 |
|  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 |
|  4.643% due 10/25/2035 ~ |  | 1038 |  | 950 |
|  GCAT Trust | GCAT Trust | GCAT Trust | GCAT Trust | GCAT Trust |
|  3.450% due 10/25/2068 ~ |  | 1500 |  | 1411 |
|  4.250% due 05/25/2067 ~ |  | 13825 |  | 13062 |
|  6.007% due 01/25/2059 þ |  | 650 |  | 653 |
|  6.085% due 06/25/2059 þ |  | 935 |  | 942 |
|  GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust |
|  4.078% due 05/25/2035 ~ |  | 669 |  | 630 |
|  4.633% due 09/19/2035 ~ |  | 749 |  | 601 |
|  7.500% due 05/25/2035 ~ |  | 5 |  | 5 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.213% due 04/25/2036 •  |  | 80 |  | 73 |
|  4.678% due 07/25/2035 •  |  | 5069 |  | 4935 |
|  GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust |
|  4.253% due 06/25/2045 •  |  | 5987 |  | 4782 |
|  GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
|  3.104% due 05/10/2034 |  | 15900 |  | 11894 |
|  5.040% due 12/15/2036 •  |  | 3670 |  | 3666 |
|  GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust |
|  2.000% due 12/25/2060 ~ |  | 1100 |  | 948 |
|  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 |
|  3.750% due 07/25/2061 ~ |  | 1994 |  | 1946 |
|  4.100% due 07/25/2065 þ |  | 4602 |  | 4474 |
|  5.013% due 07/25/2065 þ |  | 1404 |  | 1397 |
|  GSAA Trust | GSAA Trust | GSAA Trust | GSAA Trust | GSAA Trust |
|  5.986% due 11/25/2033 þ |  | 392 |  | 361 |
|  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 |
|  4.153% due 05/25/2036 •  |  | 576 |  | 571 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.143% due 09/25/2035 •  |  | 12528 |  | 10786 |
|  4.143% due 01/25/2036 •  |  | 15795 |  | 12705 |
|  7.000% due 06/25/2043 |  | 280 |  | 293 |
|  8.000% due 09/19/2027 ~ |  | 130 |  | 128 |
|  GSMSC Resecuritization Trust | GSMSC Resecuritization Trust | GSMSC Resecuritization Trust | GSMSC Resecuritization Trust | GSMSC Resecuritization Trust |
|  3.362% due 11/26/2037 |  | 10266 |  | 9696 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  3.918% due 05/25/2037 •  |  | 1948 |  | 867 |
|  4.293% due 07/25/2035 •  |  | 275 |  | 246 |
|  4.478% due 01/25/2036 ~ |  | 83 |  | 79 |
|  4.553% due 06/25/2034 ~ |  | 543 |  | 491 |
|  4.732% due 12/25/2034 ~ |  | 966 |  | 115 |
|  4.904% due 04/25/2035 ~ |  | 223 |  | 213 |
|  5.743% due 09/25/2035 ~ |  | 2342 |  | 1973 |
|  5.986% due 09/25/2035 ~ |  | 1 |  | 1 |
|  6.000% due 03/25/2032 |  | 4 |  | 4 |
|  6.356% due 01/25/2034 ~ |  | 838 |  | 638 |
|  6.559% due 04/25/2035 ~ |  | 163 |  | 161 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.171% due 01/19/2038 •  |  | 17564 |  | 15757 |
|  4.171% due 02/19/2046 •  |  | 129 |  | 122 |
|  4.201% due 12/19/2036 •  |  | 864 |  | 727 |
|  4.231% due 05/19/2035 •  |  | 465 |  | 452 |
|  4.271% due 06/19/2035 •  |  | 2021 |  | 2003 |
|  4.271% due 01/19/2036 •  |  | 12 |  | 12 |
|  4.271% due 03/19/2036 •  |  | 4690 |  | 4419 |
|  4.271% due 12/19/2036 •  |  | 5601 |  | 5501 |
|  4.299% due 06/19/2036 ~ |  | 684 |  | 275 |
|  4.491% due 01/19/2035 •  |  | 9 |  | 9 |
|  4.679% due 06/19/2045 •  |  | 186 |  | 72 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.690% due 06/20/2035 •  | $— | 104 | $— | 98 |
|  5.119% due 08/19/2034 ~ |  | 579 |  | 417 |
|  5.207% due 11/19/2034 ~ |  | 3 |  | 3 |
|  5.370% due 08/19/2034 ~ |  | 36 |  | 34 |
|  5.515% due 06/20/2035 •  |  | 2027 |  | 1647 |
|  Hilton USA Trust | Hilton USA Trust | Hilton USA Trust | Hilton USA Trust | Hilton USA Trust |
|  2.828% due 11/05/2035 |  | 6500 |  | 5573 |
|  3.719% due 11/05/2038 |  | 1000 |  | 995 |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  4.483% due 03/25/2035 •  |  | 97 |  | 85 |
|  4.528% due 10/25/2035 •  |  | 4685 |  | 4699 |
|  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 |
|  6.000% due 09/25/2037 |  | 1132 |  | 353 |
|  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 |
|  4.063% due 07/25/2035 •  |  | 821 |  | 516 |
|  4.103% due 07/25/2035 •  |  | 776 |  | 493 |
|  5.416% due 03/25/2034 þ |  | 317 |  | 298 |
|  5.769% due 07/25/2035 ~ |  | 1170 |  | 689 |
|  Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust |
|  4.013% due 05/25/2037 •  |  | 2942 |  | 2500 |
|  4.493% due 05/25/2036 •  |  | 10 |  | 10 |
|  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 |
|  3.195% due 11/25/2035 ~ |  | 1305 |  | 990 |
|  5.248% due 01/25/2036 ~ |  | 296 |  | 280 |
|  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 |
|  2.829% due 06/25/2036 ~ |  | 395 |  | 327 |
|  3.295% due 06/25/2035 ~ |  | 2613 |  | 2065 |
|  3.381% due 06/25/2036 ~ |  | 1477 |  | 896 |
|  3.390% due 06/25/2036 ~ |  | 2451 |  | 1905 |
|  3.417% due 06/25/2036 ~ |  | 659 |  | 573 |
|  3.503% due 02/25/2036 ~ |  | 2787 |  | 2010 |
|  3.511% due 02/25/2036 ~ |  | 1765 |  | 1382 |
|  3.631% due 05/25/2035 ~ |  | 1157 |  | 1032 |
|  3.774% due 07/25/2035 ~ |  | 740 |  | 692 |
|  3.931% due 01/25/2036 ~ |  | 2865 |  | 2625 |
|  3.967% due 06/25/2034 ~ |  | 1151 |  | 946 |
|  4.033% due 07/25/2036 •  |  | 11180 |  | 11222 |
|  4.093% due 06/25/2037 •  |  | 101 |  | 31 |
|  4.133% due 11/25/2036 •  |  | 140 |  | 142 |
|  4.153% due 07/25/2037 •  |  | 4778 |  | 4482 |
|  4.153% due 08/25/2037 •  |  | 2637 |  | 2473 |
|  4.173% due 09/25/2046 •  |  | 288 |  | 270 |
|  4.273% due 04/25/2035 •  |  | 76 |  | 63 |
|  4.360% due 09/25/2035 ~ |  | 7071 |  | 4713 |
|  4.433% due 02/25/2035 •  |  | 394 |  | 374 |
|  4.433% due 07/25/2045 •  |  | 2433 |  | 1829 |
|  4.516% due 07/25/2037 ~ |  | 2475 |  | 1014 |
|  4.533% due 07/25/2045 •  |  | 503 |  | 364 |
|  4.593% due 11/25/2034 •  |  | 1791 |  | 1684 |
|  5.013% due 09/25/2034 •  |  | 53 |  | 43 |
|  IndyMac Residential Mortgage-Backed Trust | IndyMac Residential Mortgage-Backed Trust | IndyMac Residential Mortgage-Backed Trust | IndyMac Residential Mortgage-Backed Trust | IndyMac Residential Mortgage-Backed Trust |
|  4.233% due 01/25/2049 •  |  | 13 |  | 11 |
|  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 |
|  4.273% due 07/25/2036 •  |  | 11092 |  | 10465 |
|  4.273% due 11/25/2036 •  |  | 2689 |  | 2361 |
|  4.287% due 06/27/2037 •  |  | 931 |  | 527 |
|  4.353% due 06/25/2037 •  |  | 30110 |  | 10939 |
|  6.375% due 06/27/2037 ~ |  | 13524 |  | 6154 |
|  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 |  | 19000 |  | 17865 |
|  3.648% due 12/15/2049 ~ |  | 300 |  | 298 |
|  4.549% due 07/05/2033 |  | 23176 |  | 19339 |
|  4.770% due 02/15/2035 •  |  | 5681 |  | 5612 |
|  4.860% due 07/05/2033 •  |  | 510 |  | 499 |
|  5.160% due 07/05/2033 •  |  | 3239 |  | 2839 |
|  5.170% due 12/15/2031 •  |  | 413 |  | 413 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  0.000% due 04/25/2037 ~ |  | 409 |  | 217 |
|  4.198% due 10/25/2036 ~ |  | 1014 |  | 561 |
|  4.273% due 08/25/2037 •  |  | 2345 |  | 694 |
|  4.625% due 07/25/2063 ~ |  | 1083 |  | 1055 |
|  4.787% due 06/25/2066 ~ |  | 3078 |  | 3055 |
|  4.895% due 10/25/2035 ~ |  | 19 |  | 12 |
|  4.912% due 03/25/2055 •  |  | 3476 |  | 3485 |
|  4.954% due 03/25/2066 ~ |  | 927 |  | 924 |
|  5.000% due 07/25/2036 |  | 208 |  | 73 |
|  5.012% due 02/25/2055 •  |  | 2100 |  | 2106 |

---

---

| | | |
|:---|:---|:---|
| **28** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.250% due 11/25/2063 ~ | $— | 720 | $— | 716 |
|  5.381% due 10/25/2035 ~ |  | 159 |  | 151 |
|  5.561% due 09/25/2055 þ |  | 2674 |  | 2672 |
|  5.567% due 09/25/2065 ~ |  | 838 |  | 842 |
|  5.682% due 06/25/2035 ~ |  | 718 |  | 586 |
|  5.862% due 06/25/2035 ~ |  | 36 |  | 29 |
|  5.990% due 07/25/2064 ~ |  | 1365 |  | 1373 |
|  6.368% due 08/25/2034 ~ |  | 732 |  | 726 |
|  7.700% due 08/25/2036 |  | 32 |  | 12 |
|  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 |
|  3.684% due 01/25/2063 ~ |  | 3655 |  | 3416 |
|  4.337% due 01/25/2063 ~ |  | 873 |  | 839 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  5.650% due 11/25/2060 þ |  | 1481 |  | 1483 |
|  5.750% due 07/25/2061 þ |  | 6447 |  | 6454 |
|  5.892% due 10/25/2066 þ |  | 1593 |  | 1595 |
|  6.250% due 07/25/2067 þ |  | 1661 |  | 1664 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  5.500% due 02/25/2036 |  | 199 |  | 90 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.153% due 11/25/2035 •  |  | 2696 |  | 2721 |
|  4.333% due 12/25/2035 •  |  | 2330 |  | 2237 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.213% due 05/25/2036 •  |  | 1389 |  | 1260 |
|  LUX | LUX | LUX | LUX | LUX |
|  6.363% due 08/15/2040 •  |  | 2800 |  | 2817 |
|  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 |  | 3400 |  | 3277 |
|  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 |
|  3.578% due 07/25/2034 ~ |  | 598 |  | 543 |
|  4.093% due 03/25/2047 •  |  | 4442 |  | 4163 |
|  4.123% due 12/25/2034 •  |  | 165 |  | 156 |
|  4.170% due 02/25/2034 ~ |  | 955 |  | 846 |
|  4.579% due 05/25/2034 ~ |  | 786 |  | 489 |
|  4.893% due 09/25/2037 •  |  | 3200 |  | 1221 |
|  5.677% due 07/25/2035 ~ |  | 7335 |  | 3168 |
|  6.125% due 12/25/2033 ~ |  | 3 |  | 3 |
|  6.159% due 12/21/2034 ~ |  | 24 |  | 23 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  5.500% due 04/25/2035 |  | 434 |  | 395 |
|  6.187% due 06/25/2033 ~ |  | 187 |  | 120 |
|  MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust |
|  5.500% due 03/25/2034 |  | 485 |  | 374 |
|  MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust |
|  6.500% due 08/25/2032 |  | 1796 |  | 222 |
|  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 |
|  4.487% due 11/15/2031 •  |  | 10 |  | 10 |
|  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 |
|  5.750% due 05/25/2037 |  | 76 |  | 73 |
|  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 |
|  4.413% due 08/25/2028 •  |  | 1 |  | 1 |
|  4.433% due 10/25/2028 •  |  | 15 |  | 15 |
|  4.453% due 06/25/2028 •  |  | 1 |  | 1 |
|  4.513% due 08/25/2035 •  |  | 11338 |  | 10670 |
|  4.533% due 03/25/2028 •  |  | 1 |  | 1 |
|  4.678% due 04/25/2035 ~ |  | 5 |  | 4 |
|  4.767% due 09/25/2029 •  |  | 373 |  | 367 |
|  4.993% due 03/25/2028 •  |  | 107 |  | 77 |
|  5.115% due 05/25/2036 ~ |  | 207 |  | 197 |
|  5.277% due 11/25/2035 •  |  | 2480 |  | 2425 |
|  5.696% due 05/25/2036 ~ |  | 3971 |  | 3726 |
|  MFA Trust | MFA Trust | MFA Trust | MFA Trust | MFA Trust |
|  1.947% due 04/25/2065 ~ |  | 144 |  | 141 |
|  2.855% due 07/25/2060 ~ |  | 500 |  | 415 |
|  3.300% due 08/25/2061 ~ |  | 6900 |  | 6446 |
|  4.400% due 03/25/2068 þ |  | 4447 |  | 4424 |
|  6.105% due 12/25/2068 þ |  | 11140 |  | 11204 |
|  6.775% due 10/25/2058 þ |  | 1397 |  | 1406 |
|  Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |
|  1.850% due 11/25/2060 ~ |  | 8550 |  | 7797 |
|  2.500% due 11/25/2060 ~ |  | 5358 |  | 4614 |
|  3.250% due 01/25/2061 ~ |  | 97 |  | 83 |
|  3.823% due 11/25/2058 ~ |  | 1000 |  | 851 |
|  Mill City Mortgage Trust | Mill City Mortgage Trust | Mill City Mortgage Trust | Mill City Mortgage Trust | Mill City Mortgage Trust |
|  3.680% due 09/25/2057 ~ |  | 35 |  | 35 |

---

---

| | | |
|:---|:---|:---|
|  | **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 |
|  4.787% due 05/15/2036 •  | 5347 | 762 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  0.000% due 11/25/2037 ~ | 1364 | 105 |
|  3.330% due 10/25/2037 ~ | 2294 | 1275 |
|  4.043% due 03/25/2036 •  | 1871 | 1197 |
|  4.053% due 03/25/2036 •  | 7356 | 4711 |
|  4.693% due 02/25/2036 •  | 168 | 160 |
|  5.185% due 10/25/2034 ~ | 11 | 11 |
|  Morgan Stanley Resecuritization Trust | Morgan Stanley Resecuritization Trust | Morgan Stanley Resecuritization Trust |
|  3.476% due 06/26/2047 •  | 10787 | 9768 |
|  Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust |
|  4.000% due 01/25/2064 þ | 12149 | 11747 |
|  4.000% due 06/25/2064 þ | 1926 | 1876 |
|  4.963% due 09/25/2070 ~ | 2779 | 2776 |
|  5.016% due 09/25/2070 ~ | 1492 | 1490 |
|  5.021% due 11/25/2070 þ | 2663 | 2658 |
|  5.530% due 05/25/2070 ~ | 811 | 814 |
|  MTN Commercial Mortgage Trust | MTN Commercial Mortgage Trust | MTN Commercial Mortgage Trust |
|  5.077% due 03/15/2039 •  | 6165 | 6163 |
|  NAAC Reperforming Loan REMICS Trust | NAAC Reperforming Loan REMICS Trust | NAAC Reperforming Loan REMICS Trust |
|  7.500% due 03/25/2034 | 256 | 241 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 11169 | 10836 |
|  3.000% due 07/25/2059 ~ | 1000 | 932 |
|  3.250% due 02/25/2059 ~ | 4828 | 4710 |
|  3.500% due 12/25/2057 ~ | 292 | 284 |
|  4.000% due 02/25/2057 ~ | 12764 | 12425 |
|  4.500% due 05/25/2058 ~ | 441 | 430 |
|  5.085% due 10/25/2065 ~ | 944 | 943 |
|  NLT Trust | NLT Trust | NLT Trust |
|  3.200% due 10/25/2062 ~ | 10276 | 9490 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  4.893% due 08/25/2034 •  | 574 | 704 |
|  5.754% due 10/25/2034 þ | 5669 | 5627 |
|  6.159% due 05/25/2036 ~ | 199 | 35 |
|  NYMT Loan Trust | NYMT Loan Trust | NYMT Loan Trust |
|  3.215% due 07/25/2061 | 250 | 218 |
|  3.514% due 07/25/2061 | 2000 | 1722 |
|  3.750% due 02/25/2068 ~ | 1198 | 1110 |
|  3.750% due 11/25/2069 ~ | 3668 | 3535 |
|  5.379% due 06/25/2069 ~ | 949 | 952 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  4.882% due 11/15/2038 •  | 4365 | 4358 |
|  OBX Trust | OBX Trust | OBX Trust |
|  3.620% due 03/25/2053 ~ | 2892 | 2897 |
|  3.703% due 04/25/2053 ~ | 4454 | 4437 |
|  4.940% due 09/25/2062 þ | 4991 | 4961 |
|  5.110% due 08/25/2062 þ | 1100 | 1097 |
|  5.949% due 02/25/2063 þ | 4589 | 4577 |
|  6.030% due 01/25/2064 þ | 1488 | 1500 |
|  6.113% due 03/25/2063 þ | 2094 | 2091 |
|  6.233% due 05/25/2064 þ | 1052 | 1061 |
|  6.465% due 10/25/2063 þ | 1635 | 1646 |
|  6.520% due 07/25/2063 þ | 1089 | 1091 |
|  6.567% due 06/25/2063 þ | 1783 | 1785 |
|  6.844% due 04/25/2063 þ | 878 | 883 |
|  7.045% due 09/25/2063 þ | 1411 | 1420 |
|  7.159% due 10/25/2063 þ | 2253 | 2272 |
|  Oceanview Mortgage Trust | Oceanview Mortgage Trust | Oceanview Mortgage Trust |
|  4.462% due 11/25/2054 •  | 812 | 812 |
|  One Market Plaza Trust | One Market Plaza Trust | One Market Plaza Trust |
|  3.614% due 02/10/2032 | 2337 | 2253 |
|  One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust |
|  4.737% due 01/15/2036 •  | 9156 | 8844 |
|  Pretium Mortgage Credit Partners LLC | Pretium Mortgage Credit Partners LLC | Pretium Mortgage Credit Partners LLC |
|  3.900% due 10/25/2063 ~ | 907 | 867 |
|  4.000% due 08/25/2064 þ | 907 | 881 |
|  4.000% due 03/25/2065 þ | 9830 | 9526 |
|  4.000% due 07/25/2069 þ | 896 | 872 |
|  4.075% due 06/25/2064 ~ | 848 | 802 |
|  4.150% due 04/25/2065 þ | 2860 | 2786 |
|  4.150% due 01/25/2070 þ | 5902 | 5724 |
|  5.249% due 10/25/2055 | 3017 | 3006 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  3.637% due 10/25/2032 ~ | 401 | 347 |
|  5.250% due 06/25/2033 | 246 | 227 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  5.101% due 10/25/2060 þ | $— | 957 | $— | 955 |
|  6.333% due 03/25/2059 þ |  | 942 |  | 949 |
|  6.431% due 05/25/2059 þ |  | 593 |  | 599 |
|  6.584% due 09/25/2058 þ |  | 1420 |  | 1424 |
|  7.225% due 11/25/2058 þ |  | 770 |  | 777 |
|  PRPM LLC | PRPM LLC | PRPM LLC | PRPM LLC | PRPM LLC |
|  3.750% due 03/25/2054 þ |  | 715 |  | 701 |
|  3.750% due 04/25/2055 þ |  | 1183 |  | 1153 |
|  4.000% due 11/25/2053 þ |  | 310 |  | 306 |
|  4.000% due 01/25/2054 þ |  | 687 |  | 679 |
|  4.000% due 05/25/2054 þ |  | 615 |  | 606 |
|  4.000% due 07/25/2054 þ |  | 622 |  | 613 |
|  4.000% due 11/25/2054 þ |  | 1710 |  | 1671 |
|  4.000% due 10/25/2064 þ |  | 4877 |  | 4767 |
|  4.200% due 12/25/2064 þ |  | 779 |  | 768 |
|  4.500% due 02/25/2055 þ |  | 760 |  | 751 |
|  4.500% due 08/25/2055 þ |  | 1161 |  | 1142 |
|  4.500% due 06/25/2065 þ |  | 9449 |  | 9253 |
|  4.839% due 10/25/2055 þ |  | 900 |  | 891 |
|  4.942% due 12/25/2055 þ |  | 2316 |  | 2297 |
|  5.089% due 02/25/2031 þ |  | 1622 |  | 1623 |
|  5.185% due 02/25/2031 þ |  | 1275 |  | 1262 |
|  5.250% due 07/25/2055 þ |  | 865 |  | 864 |
|  5.385% due 10/25/2030 þ |  | 1831 |  | 1824 |
|  5.500% due 03/25/2056 ~ |  | 2400 |  | 2412 |
|  5.503% due 08/25/2030 þ |  | 1822 |  | 1817 |
|  5.699% due 11/25/2029 þ |  | 845 |  | 846 |
|  5.729% due 07/25/2030 þ |  | 1801 |  | 1799 |
|  5.774% due 08/25/2028 þ |  | 2603 |  | 2600 |
|  5.870% due 11/25/2029 þ |  | 1815 |  | 1817 |
|  5.897% due 12/25/2029 þ |  | 1080 |  | 1080 |
|  6.179% due 06/25/2030 þ |  | 2433 |  | 2430 |
|  PRPM Trust | PRPM Trust | PRPM Trust | PRPM Trust | PRPM Trust |
|  4.845% due 01/25/2056 þ |  | 2093 |  | 2083 |
|  5.228% due 08/25/2069 þ |  | 6063 |  | 6056 |
|  5.674% due 12/26/2069 þ |  | 3305 |  | 3320 |
|  5.802% due 11/25/2069 þ |  | 2406 |  | 2420 |
|  6.221% due 11/25/2068 þ |  | 4376 |  | 4408 |
|  6.250% due 08/25/2068 þ |  | 1470 |  | 1473 |
|  6.255% due 05/25/2030 þ |  | 798 |  | 797 |
|  6.265% due 12/25/2068 þ |  | 889 |  | 895 |
|  6.327% due 06/25/2069 þ |  | 14199 |  | 14334 |
|  RALI Trust | RALI Trust | RALI Trust | RALI Trust | RALI Trust |
|  4.153% due 11/25/2036 •  |  | 5596 |  | 2785 |
|  4.173% due 07/25/2036 •  |  | 4483 |  | 4208 |
|  4.173% due 08/25/2036 •  |  | 3699 |  | 3832 |
|  4.173% due 04/25/2046 •  |  | 860 |  | 824 |
|  4.193% due 10/25/2046 •  |  | 4396 |  | 4294 |
|  4.678% due 02/25/2035 ~ |  | 409 |  | 366 |
|  4.788% due 10/25/2037 ~ |  | 681 |  | 543 |
|  5.015% due 12/26/2034 ~ |  | 90 |  | 45 |
|  5.357% due 09/25/2034 ~ |  | 2 |  | 2 |
|  5.445% due 12/25/2035 ~ |  | 572 |  | 508 |
|  6.000% due 12/25/2035 |  | 2124 |  | 1849 |
|  6.500% due 10/25/2036 |  | 15901 |  | 13945 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.143% due 10/25/2048 •  |  | 2 |  | 2 |
|  4.243% due 02/25/2034 •  |  | 11 |  | 11 |
|  4.243% due 04/25/2035 •  |  | 3158 |  | 1522 |
|  4.293% due 08/25/2036 •  |  | 2734 |  | 804 |
|  6.000% due 08/25/2036 |  | 6023 |  | 2474 |
|  6.250% due 08/25/2036 |  | 1752 |  | 1222 |
|  6.500% due 04/25/2037 |  | 4348 |  | 1149 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  3.200% due 02/25/2037 ~ |  | 194 |  | 169 |
|  3.619% due 06/25/2035 ~ |  | 1531 |  | 849 |
|  5.172% due 09/25/2035 ~ |  | 4169 |  | 2297 |
|  5.390% due 02/25/2036 ~ |  | 60 |  | 57 |
|  5.907% due 10/25/2037 ~ |  | 801 |  | 765 |
|  5.923% due 02/25/2037 ~ |  | 457 |  | 404 |
|  5.941% due 02/25/2036 ~ |  | 29 |  | 27 |
|  6.000% due 04/25/2037 |  | 74 |  | 56 |
|  RiverView HECM Trust | RiverView HECM Trust | RiverView HECM Trust | RiverView HECM Trust | RiverView HECM Trust |
|  4.260% due 05/25/2047 •  |  | 1630 |  | 1416 |
|  SACO I, Inc. | SACO I, Inc. | SACO I, Inc. | SACO I, Inc. | SACO I, Inc. |
|  7.000% due 08/25/2036 |  | 2 |  | 2 |
|  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 |
|  5.176% due 03/25/2066 ~ |  | 2300 |  | 2297 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **29** |

---

------

Schedule of Investments PIMCO ABS and Short-Term Investments Portfolio (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.545% due 01/25/2065 þ | $— | 801 | $— | 804 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  3.928% due 01/20/2047 ~ |  | 222 |  | 151 |
|  4.175% due 06/20/2034 ~ |  | 26 |  | 25 |
|  4.250% due 02/20/2035 •  |  | 255 |  | 246 |
|  4.410% due 11/20/2034 •  |  | 11 |  | 10 |
|  4.435% due 11/25/2063 ~ |  | 5394 |  | 5390 |
|  4.491% due 10/19/2026 •  |  | 8 |  | 8 |
|  4.590% due 10/20/2027 •  |  | 1 |  | 1 |
|  4.649% due 02/20/2034 •  |  | 27 |  | 25 |
|  4.674% due 04/25/2056 ~ |  | 960 |  | 938 |
|  4.678% due 05/20/2034 •  |  | 108 |  | 102 |
|  5.046% due 10/25/2055 ~ |  | 1441 |  | 1441 |
|  5.126% due 08/20/2034 ~ |  | 17 |  | 17 |
|  5.150% due 10/20/2027 •  |  | 4 |  | 3 |
|  5.693% due 09/20/2032 ~ |  | 6 |  | 6 |
|  SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
|  4.937% due 05/15/2038 •  |  | 1800 |  | 1798 |
|  SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust |
|  4.673% due 01/15/2039 •  |  | 25570 |  | 25559 |
|  STARM Mortgage Loan Trust | STARM Mortgage Loan Trust | STARM Mortgage Loan Trust | STARM Mortgage Loan Trust | STARM Mortgage Loan Trust |
|  6.073% due 01/25/2037 ~ |  | 75 |  | 50 |
|  6.427% due 01/25/2037 ~ |  | 736 |  | 737 |
|  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 |
|  3.849% due 05/25/2036 ~ |  | 2228 |  | 1228 |
|  3.871% due 02/25/2036 ~ |  | 49 |  | 43 |
|  4.173% due 07/25/2037 •  |  | 3943 |  | 3791 |
|  4.528% due 06/25/2034 •  |  | 112 |  | 111 |
|  4.841% due 09/25/2034 ~ |  | 246 |  | 243 |
|  4.917% due 07/25/2035 ~ |  | 20 |  | 18 |
|  5.259% due 01/25/2035 •  |  | 258 |  | 241 |
|  5.259% due 05/25/2035 •  |  | 296 |  | 235 |
|  5.798% due 04/25/2034 ~ |  | 1 |  | 1 |
|  5.939% due 02/25/2034 ~ |  | 15 |  | 14 |
|  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 |
|  4.093% due 02/25/2037 •  |  | 640 |  | 626 |
|  4.173% due 09/25/2047 •  |  | 6699 |  | 6258 |
|  4.333% due 08/25/2035 •  |  | 3197 |  | 3103 |
|  4.353% due 02/25/2036 •  |  | 141 |  | 121 |
|  4.391% due 07/19/2034 •  |  | 95 |  | 92 |
|  4.413% due 12/25/2035 •  |  | 9401 |  | 8007 |
|  4.491% due 03/19/2034 •  |  | 53 |  | 50 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.631% due 10/19/2033 •  |  | 27 |  | 25 |
|  4.691% due 11/19/2033 •  |  | 537 |  | 491 |
|  4.991% due 10/19/2033 •  |  | 581 |  | 632 |
|  Structured Asset Mortgage Investments, Inc. | Structured Asset Mortgage Investments, Inc. | Structured Asset Mortgage Investments, Inc. | Structured Asset Mortgage Investments, Inc. | Structured Asset Mortgage Investments, Inc. |
|  6.750% due 05/02/2030 ~ |  | 63 |  | 0 |
|  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 |
|  4.083% due 10/25/2036 •  |  | 171 |  | 144 |
|  7.500% due 10/25/2036 |  | 989 |  | 539 |
|  TBW Mortgage-Backed Pass-Through Certificates | TBW Mortgage-Backed Pass-Through Certificates | TBW Mortgage-Backed Pass-Through Certificates | TBW Mortgage-Backed Pass-Through Certificates | TBW Mortgage-Backed Pass-Through Certificates |
|  6.500% due 04/25/2036 |  | 1260 |  | 401 |
|  TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust |
|  6.500% due 07/25/2036 |  | 5765 |  | 1923 |
|  7.000% due 07/25/2036 |  | 609 |  | 0 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  4.059% due 09/25/2037 ~ |  | 673 |  | 671 |
|  4.446% due 09/25/2037 ~ |  | 14205 |  | 7806 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  1.636% due 04/25/2060 ~ |  | 27933 |  | 25559 |
|  2.250% due 12/25/2061 ~ |  | 3574 |  | 3498 |
|  2.710% due 01/25/2060 ~ |  | 19262 |  | 18618 |
|  2.750% due 06/25/2057 ~ |  | 2322 |  | 2287 |
|  2.900% due 10/25/2059 ~ |  | 7883 |  | 7587 |
|  3.000% due 10/25/2057 ~ |  | 1000 |  | 964 |
|  3.250% due 07/25/2056 ~ |  | 201 |  | 200 |
|  3.750% due 10/25/2056 ~ |  | 4088 |  | 4043 |
|  4.067% due 04/25/2056 ~ |  | 1000 |  | 948 |
|  4.103% due 01/25/2066 ~ |  | 3914 |  | 3864 |
|  4.546% due 10/27/2064 ~ |  | 5464 |  | 5473 |
|  4.612% due 10/25/2064 ~ |  | 9796 |  | 9718 |
|  4.793% due 10/25/2059 •  |  | 212 |  | 212 |
|  5.012% due 07/25/2065 ~ |  | 716 |  | 713 |
|  5.493% due 10/25/2059 •  |  | 11615 |  | 11662 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  0.820% due 10/25/2063 ~ |  | 440 |  | 427 |
|  1.057% due 10/25/2063 ~ |  | 12 |  | 12 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.262% due 10/25/2063 ~ | $— | 18 | $— | 17 |
|  4.260% due 02/25/2067 þ |  | 1170 |  | 1126 |
|  4.832% due 10/25/2067 ~ |  | 686 |  | 680 |
|  4.858% due 12/25/2070 þ |  | 4202 |  | 4191 |
|  5.086% due 07/25/2067 ~ |  | 7711 |  | 7692 |
|  5.130% due 02/25/2067 þ |  | 5834 |  | 5583 |
|  5.218% due 09/25/2069 ~ |  | 11669 |  | 11706 |
|  5.389% due 10/25/2067 ~ |  | 4700 |  | 4703 |
|  5.402% due 05/25/2065 þ |  | 2558 |  | 2566 |
|  5.799% due 07/25/2069 þ |  | 10594 |  | 10660 |
|  5.811% due 05/25/2068 þ |  | 1461 |  | 1459 |
|  6.116% due 03/25/2069 þ |  | 9491 |  | 9554 |
|  6.192% due 06/25/2069 þ |  | 2050 |  | 2069 |
|  6.218% due 06/25/2069 þ |  | 1572 |  | 1586 |
|  6.338% due 04/25/2069 þ |  | 1105 |  | 1114 |
|  6.443% due 08/25/2068 þ |  | 1175 |  | 1177 |
|  6.476% due 06/25/2068 þ |  | 689 |  | 689 |
|  6.665% due 09/25/2068 þ |  | 4917 |  | 4940 |
|  6.876% due 11/25/2068 ~ |  | 612 |  | 617 |
|  7.070% due 10/25/2068 þ |  | 2751 |  | 2772 |
|  Visio Trust | Visio Trust | Visio Trust | Visio Trust | Visio Trust |
|  6.598% due 10/25/2058 þ |  | 802 |  | 804 |
|  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 |
|  6.627% due 10/20/2035 ~ |  | 8 |  | 8 |
|  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 |
|  2.373% due 11/25/2041 ~ |  | 2 |  | 2 |
|  3.867% due 05/25/2037 ~ |  | 738 |  | 655 |
|  4.163% due 05/25/2034 •  |  | 12655 |  | 11869 |
|  4.333% due 12/25/2045 •  |  | 3068 |  | 3103 |
|  4.373% due 07/25/2045 •  |  | 3286 |  | 3178 |
|  4.477% due 09/25/2035 ~ |  | 2715 |  | 2588 |
|  4.483% due 10/25/2035 ~ |  | 689 |  | 635 |
|  4.533% due 11/25/2034 •  |  | 58 |  | 57 |
|  4.573% due 10/25/2044 •  |  | 181 |  | 180 |
|  4.633% due 06/25/2044 •  |  | 793 |  | 800 |
|  4.699% due 11/25/2046 •  |  | 7155 |  | 6264 |
|  4.773% due 11/25/2034 •  |  | 372 |  | 365 |
|  4.773% due 10/25/2045 •  |  | 556 |  | 539 |
|  4.793% due 07/25/2044 •  |  | 8 |  | 8 |
|  4.859% due 08/25/2046 •  |  | 3743 |  | 3537 |
|  4.907% due 08/25/2046 •  |  | 10220 |  | 9011 |
|  5.192% due 08/25/2033 ~ |  | 3 |  | 3 |
|  5.239% due 07/25/2034 ~ |  | 382 |  | 354 |
|  5.259% due 06/25/2042 •  |  | 46 |  | 43 |
|  5.259% due 08/25/2042 •  |  | 428 |  | 420 |
|  5.259% due 04/25/2044 •  |  | 330 |  | 288 |
|  5.298% due 06/25/2034 ~ |  | 260 |  | 230 |
|  5.364% due 03/25/2033 ~ |  | 44 |  | 43 |
|  5.500% due 06/25/2033 ~ |  | 917 |  | 764 |
|  5.652% due 06/25/2034 ~ |  | 96 |  | 94 |
|  5.748% due 10/25/2033 ~ |  | 55 |  | 46 |
|  5.799% due 01/25/2033 ~ |  | 570 |  | 569 |
|  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 |
|  5.760% due 12/19/2039 ~ |  | 69 |  | 64 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  4.443% due 10/25/2035 •  |  | 269 |  | 226 |
|  4.609% due 02/25/2047 •  |  | 10484 |  | 10010 |
|  4.689% due 11/25/2046 •  |  | 10766 |  | 9828 |
|  5.500% due 05/25/2035 |  | 1051 |  | 939 |
|  5.500% due 06/25/2035 |  | 86 |  | 79 |
|  5.500% due 11/25/2035 |  | 136 |  | 121 |
|  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 | Washington Mutual MSC Mortgage Pass-Through Certificates Trust |
|  4.958% due 02/25/2033 ~ |  | 315 |  | 303 |
|  5.634% due 12/25/2032 ~ |  | 74 |  | 71 |
|  5.750% due 03/25/2033 |  | 63 |  | 58 |
|  5.764% due 02/25/2033 ~ |  | 469 |  | 495 |
|  5.940% due 12/25/2032 ~ |  | 66 |  | 66 |
|  5.979% due 11/25/2030 ~ |  | 1 |  | 1 |
|  7.500% due 04/25/2033 ~ |  | 74 |  | 12 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  5.204% due 09/15/2040 ~ |  | 1600 |  | 1593 |
|  5.266% due 10/15/2042 •  |  | 4500 |  | 4496 |
|  5.315% due 07/15/2037 •  |  | 3500 |  | 3497 |
|  Wells Fargo Mortgage Loan Trust | Wells Fargo Mortgage Loan Trust | Wells Fargo Mortgage Loan Trust | Wells Fargo Mortgage Loan Trust | Wells Fargo Mortgage Loan Trust |
|  3.879% due 09/27/2036 ~ |  | 394 |  | 392 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.288% due 12/25/2036 ~ |  | 28 |  | 27 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  WSTN Trust | WSTN Trust | WSTN Trust |
|  6.297% due 07/05/2037 ~ | 4800 | 4852 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $1,678,869) | Total Non-Agency Mortgage-Backed Securities (Cost $1,678,869) | 1615863 |
| ASSET-BACKED SECURITIES 55.1% | ASSET-BACKED SECURITIES 55.1% | ASSET-BACKED SECURITIES 55.1% |
| AUTOMOBILE ABS OTHER 0.2% | AUTOMOBILE ABS OTHER 0.2% | AUTOMOBILE ABS OTHER 0.2% |
|  Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes |
|  5.117% due 09/15/2032 | 255 | 257 |
|  5.215% due 09/15/2032 | 255 | 257 |
|  CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust |
|  4.352% due 05/15/2028 •  | 1424 | 1425 |
|  4.402% due 09/15/2027 •  | 146 | 146 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  2.900% due 03/10/2028 | 341 | 336 |
|  4.550% due 01/10/2028 | 201 | 201 |
|  First Investors Auto Owner Trust | First Investors Auto Owner Trust | First Investors Auto Owner Trust |
|  3.985% due 04/15/2027 (c) | 7500 | 7500 |
|  4.310% due 07/16/2029 (c) | 4150 | 4150 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  4.172% due 05/15/2028 •  | 8297 | 8300 |
|  |  | 22572 |
| AUTOMOBILE SEQUENTIAL 14.7% | AUTOMOBILE SEQUENTIAL 14.7% | AUTOMOBILE SEQUENTIAL 14.7% |
|  Ally Auto Receivables Trust | Ally Auto Receivables Trust | Ally Auto Receivables Trust |
|  4.140% due 07/16/2029 | 2837 | 2839 |
|  Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes |
|  4.970% due 09/15/2032 | 612 | 617 |
|  American Credit Acceptance Receivables Trust | American Credit Acceptance Receivables Trust | American Credit Acceptance Receivables Trust |
|  4.730% due 01/12/2029 | 310 | 310 |
|  American Heritage Auto Receivables Issuer Trust | American Heritage Auto Receivables Issuer Trust | American Heritage Auto Receivables Issuer Trust |
|  4.400% due 11/15/2030 | 23000 | 22988 |
|  4.480% due 08/15/2028 | 1395 | 1396 |
|  American Heritage Auto Receivables Trust | American Heritage Auto Receivables Trust | American Heritage Auto Receivables Trust |
|  4.830% due 03/15/2028 | 255 | 255 |
|  AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust |
|  4.220% due 03/19/2029 | 4000 | 4003 |
|  5.430% due 01/18/2029 | 4653 | 4681 |
|  ARI Fleet Lease Trust | ARI Fleet Lease Trust | ARI Fleet Lease Trust |
|  3.960% due 11/15/2034 | 6300 | 6282 |
|  4.380% due 01/17/2034 | 1994 | 1997 |
|  Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust |
|  4.920% due 05/15/2029 | 450 | 452 |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  5.490% due 06/20/2029 | 2800 | 2855 |
|  5.810% due 12/20/2029 | 1000 | 1032 |
|  Bank of America Auto Trust | Bank of America Auto Trust | Bank of America Auto Trust |
|  5.390% due 07/16/2029 | 4200 | 4233 |
|  Bayview Opportunity Master Fund VII Trust | Bayview Opportunity Master Fund VII Trust | Bayview Opportunity Master Fund VII Trust |
|  5.660% due 03/15/2028 | 356 | 356 |
|  BMW Vehicle Lease Trust | BMW Vehicle Lease Trust | BMW Vehicle Lease Trust |
|  4.180% due 10/25/2027 | 5300 | 5304 |
|  BofA Auto Trust | BofA Auto Trust | BofA Auto Trust |
|  4.520% due 11/22/2027 | 6180 | 6186 |
|  5.350% due 11/15/2028 | 987 | 994 |
|  Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust |
|  4.100% due 07/17/2028 | 900 | 900 |
|  4.720% due 09/15/2028 | 915 | 917 |
|  4.730% due 02/15/2028 | 590 | 591 |
|  4.840% due 01/18/2028 | 6103 | 6107 |
|  5.340% due 04/17/2028 | 996 | 996 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.420% due 08/15/2028 | 18079 | 18105 |
|  4.670% due 12/15/2027 | 483 | 483 |
|  4.750% due 10/15/2027 | 697 | 698 |
|  4.920% due 10/16/2028 | 1941 | 1952 |
|  5.280% due 05/15/2028 | 1944 | 1953 |
|  6.000% due 07/17/2028 | 3030 | 3060 |
|  CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust |
|  3.911% due 03/15/2027 | 10478 | 10478 |
|  4.030% due 12/17/2029 | 17775 | 17769 |
|  4.120% due 03/15/2030 | 24500 | 24432 |

---

---

| | | |
|:---|:---|:---|
| **30** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.166% due 10/15/2026 | $— | 2123 | $— | 2123 |
|  4.190% due 03/15/2029 |  | 5600 |  | 5601 |
|  4.760% due 05/15/2028 |  | 1709 |  | 1713 |
|  5.400% due 11/15/2028 |  | 6200 |  | 6239 |
|  5.780% due 09/15/2027 |  | 253 |  | 253 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  4.040% due 11/11/2030 |  | 50000 |  | 49878 |
|  4.070% due 02/12/2029 |  | 7737 |  | 7732 |
|  4.100% due 06/11/2029 |  | 26560 |  | 26535 |
|  4.260% due 10/10/2029 |  | 3192 |  | 3192 |
|  4.310% due 09/10/2030 |  | 2300 |  | 2298 |
|  4.500% due 06/12/2028 |  | 474 |  | 474 |
|  4.530% due 01/10/2029 |  | 4077 |  | 4081 |
|  4.550% due 05/10/2030 |  | 8200 |  | 8230 |
|  4.560% due 08/10/2028 |  | 4941 |  | 4946 |
|  4.640% due 01/10/2030 |  | 2997 |  | 3007 |
|  4.740% due 12/10/2030 |  | 1800 |  | 1814 |
|  4.740% due 04/10/2031 |  | 5400 |  | 5462 |
|  4.780% due 05/10/2028 |  | 187 |  | 188 |
|  4.910% due 08/10/2029 |  | 1100 |  | 1106 |
|  5.050% due 04/10/2029 |  | 1001 |  | 1006 |
|  5.080% due 03/11/2030 |  | 2000 |  | 2027 |
|  5.210% due 06/10/2030 |  | 2600 |  | 2645 |
|  5.330% due 07/10/2029 |  | 2421 |  | 2438 |
|  5.620% due 01/10/2029 |  | 4757 |  | 4788 |
|  5.710% due 07/10/2028 |  | 705 |  | 706 |
|  5.710% due 07/10/2029 |  | 1300 |  | 1324 |
|  5.740% due 11/13/2029 |  | 9457 |  | 9653 |
|  5.820% due 08/10/2028 |  | 651 |  | 654 |
|  6.160% due 10/10/2028 |  | 207 |  | 209 |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  4.180% due 08/27/2029 |  | 2300 |  | 2301 |
|  4.400% due 11/26/2027 |  | 2 |  | 2 |
|  5.220% due 07/25/2029 |  | 21505 |  | 21693 |
|  5.680% due 01/25/2029 |  | 1618 |  | 1632 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.780% due 10/15/2030 |  | 1600 |  | 1618 |
|  5.830% due 02/15/2028 |  | 7714 |  | 7753 |
|  5.840% due 01/18/2028 |  | 661 |  | 663 |
|  Consumer Portfolio Services Auto Trust | Consumer Portfolio Services Auto Trust | Consumer Portfolio Services Auto Trust | Consumer Portfolio Services Auto Trust | Consumer Portfolio Services Auto Trust |
|  4.740% due 02/15/2029 |  | 2231 |  | 2235 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  4.190% due 12/17/2029 |  | 6571 |  | 6568 |
|  4.710% due 03/15/2029 |  | 1569 |  | 1573 |
|  4.910% due 06/15/2028 |  | 169 |  | 169 |
|  Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust | Drive Auto Receivables Trust |
|  4.140% due 09/15/2032 |  | 6900 |  | 6896 |
|  4.290% due 10/16/2028 |  | 7388 |  | 7391 |
|  4.500% due 09/15/2028 |  | 1790 |  | 1791 |
|  4.870% due 08/15/2028 |  | 17611 |  | 17627 |
|  Ent Auto Receivables Trust | Ent Auto Receivables Trust | Ent Auto Receivables Trust | Ent Auto Receivables Trust | Ent Auto Receivables Trust |
|  6.240% due 01/16/2029 |  | 803 |  | 806 |
|  6.260% due 11/15/2029 |  | 1000 |  | 1017 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  3.849% due 02/22/2027 |  | 12985 |  | 12983 |
|  4.000% due 10/20/2028 |  | 22300 |  | 22253 |
|  4.500% due 04/20/2028 |  | 15400 |  | 15440 |
|  4.560% due 11/20/2028 |  | 2700 |  | 2716 |
|  4.650% due 10/20/2027 |  | 1080 |  | 1083 |
|  4.690% due 07/20/2027 |  | 1412 |  | 1415 |
|  4.820% due 02/20/2029 |  | 1500 |  | 1514 |
|  4.980% due 08/21/2028 |  | 12600 |  | 12709 |
|  5.310% due 04/20/2027 |  | 4133 |  | 4142 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  3.984% due 04/15/2027 |  | 5350 |  | 5350 |
|  4.080% due 09/15/2028 |  | 2400 |  | 2399 |
|  4.310% due 11/15/2028 |  | 11700 |  | 11706 |
|  4.530% due 03/15/2028 |  | 1773 |  | 1774 |
|  4.830% due 01/18/2028 |  | 5427 |  | 5432 |
|  Exeter Select Automobile Receivables Trust | Exeter Select Automobile Receivables Trust | Exeter Select Automobile Receivables Trust | Exeter Select Automobile Receivables Trust | Exeter Select Automobile Receivables Trust |
|  4.540% due 06/15/2029 |  | 535 |  | 536 |
|  FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust |
|  3.980% due 10/15/2029 |  | 4475 |  | 4466 |
|  4.870% due 01/16/2029 |  | 5116 |  | 5128 |
|  5.460% due 04/15/2030 |  | 500 |  | 508 |
|  5.540% due 04/16/2029 |  | 1030 |  | 1037 |
|  FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust |
|  4.920% due 02/15/2031 |  | 2544 |  | 2544 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.940% due 11/15/2030 | $— | 873 | $— | 872 |
|  5.690% due 02/15/2030 |  | 904 |  | 909 |
|  5.890% due 06/15/2030 |  | 669 |  | 674 |
|  6.790% due 10/15/2029 |  | 527 |  | 531 |
|  First Investors Auto Owner Trust | First Investors Auto Owner Trust | First Investors Auto Owner Trust | First Investors Auto Owner Trust | First Investors Auto Owner Trust |
|  6.440% due 10/16/2028 |  | 294 |  | 295 |
|  Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
|  5.640% due 03/15/2028 |  | 203 |  | 203 |
|  Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
|  4.020% due 01/15/2029 |  | 31210 |  | 31200 |
|  4.070% due 07/15/2029 |  | 2900 |  | 2901 |
|  4.320% due 08/15/2027 |  | 2169 |  | 2170 |
|  4.560% due 12/15/2028 |  | 2300 |  | 2309 |
|  4.610% due 08/15/2029 |  | 7050 |  | 7096 |
|  5.530% due 09/15/2028 |  | 4318 |  | 4353 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  4.520% due 07/17/2028 |  | 4114 |  | 4118 |
|  4.750% due 03/15/2028 |  | 6342 |  | 6350 |
|  4.750% due 07/17/2028 |  | 799 |  | 800 |
|  GLS Auto Select Receivables Issuer Trust | GLS Auto Select Receivables Issuer Trust | GLS Auto Select Receivables Issuer Trust | GLS Auto Select Receivables Issuer Trust | GLS Auto Select Receivables Issuer Trust |
|  4.050% due 02/17/2032 |  | 900 |  | 898 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  4.430% due 12/17/2029 |  | 1534 |  | 1537 |
|  4.460% due 10/15/2030 |  | 603 |  | 604 |
|  5.580% due 06/17/2030 |  | 1160 |  | 1170 |
|  5.590% due 10/15/2029 |  | 3981 |  | 4015 |
|  6.370% due 06/15/2028 |  | 135 |  | 135 |
|  GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust |
|  4.190% due 10/20/2027 |  | 8640 |  | 8648 |
|  4.210% due 10/20/2027 |  | 4860 |  | 4862 |
|  4.550% due 07/20/2027 |  | 9677 |  | 9693 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.400% due 08/16/2029 |  | 4700 |  | 4712 |
|  4.470% due 02/16/2028 |  | 462 |  | 462 |
|  4.530% due 10/18/2027 |  | 293 |  | 293 |
|  5.130% due 04/16/2029 |  | 17561 |  | 17690 |
|  Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust |
|  4.310% due 07/16/2029 |  | 11626 |  | 11647 |
|  Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC |
|  5.570% due 09/25/2029 |  | 10000 |  | 10228 |
|  Hertz Vehicle Financing III LP | Hertz Vehicle Financing III LP | Hertz Vehicle Financing III LP | Hertz Vehicle Financing III LP | Hertz Vehicle Financing III LP |
|  1.680% due 12/27/2027 |  | 5321 |  | 5248 |
|  Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust |
|  4.330% due 05/15/2029 |  | 5200 |  | 5211 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.410% due 05/15/2029 |  | 6900 |  | 6927 |
|  4.840% due 03/15/2029 |  | 52300 |  | 52618 |
|  LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust |
|  3.750% due 05/15/2029 |  | 3550 |  | 3538 |
|  4.300% due 07/17/2028 |  | 25648 |  | 25666 |
|  4.520% due 03/15/2029 |  | 1162 |  | 1165 |
|  4.600% due 12/15/2027 |  | 384 |  | 384 |
|  5.460% due 07/16/2029 |  | 500 |  | 505 |
|  5.610% due 08/15/2028 |  | 477 |  | 479 |
|  Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust |
|  4.970% due 10/15/2029 |  | 940 |  | 941 |
|  5.100% due 10/15/2030 |  | 515 |  | 516 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  4.630% due 05/15/2028 |  | 13572 |  | 13595 |
|  5.220% due 02/17/2032 |  | 3038 |  | 3068 |
|  Mercedes-Benz Auto Lease Trust | Mercedes-Benz Auto Lease Trust | Mercedes-Benz Auto Lease Trust | Mercedes-Benz Auto Lease Trust | Mercedes-Benz Auto Lease Trust |
|  4.570% due 04/17/2028 |  | 59717 |  | 59865 |
|  Nissan Auto Lease Trust | Nissan Auto Lease Trust | Nissan Auto Lease Trust | Nissan Auto Lease Trust | Nissan Auto Lease Trust |
|  3.900% due 05/15/2028 |  | 18750 |  | 18709 |
|  Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust |
|  4.340% due 03/15/2029 |  | 2800 |  | 2806 |
|  4.450% due 11/15/2029 |  | 8790 |  | 8802 |
|  4.500% due 02/15/2028 |  | 49643 |  | 49745 |
|  Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust |
|  4.940% due 05/20/2030 |  | 494 |  | 495 |
|  OneMain Direct Auto Receivables Trust | 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 |  | 7247 |  | 7300 |
|  Oscar U.S. Funding XVII LLC | Oscar U.S. Funding XVII LLC | Oscar U.S. Funding XVII LLC | Oscar U.S. Funding XVII LLC | Oscar U.S. Funding XVII LLC |
|  4.470% due 03/12/2029 |  | 600 |  | 602 |
|  4.630% due 12/10/2027 |  | 787 |  | 788 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust |
|  4.030% due 07/15/2030 | 5100 | 5090 |
|  4.120% due 09/15/2028 | 466 | 466 |
|  4.700% due 06/15/2029 | 2188 | 2195 |
|  Porsche Innovative Lease Owner Trust | Porsche Innovative Lease Owner Trust | Porsche Innovative Lease Owner Trust |
|  4.350% due 10/20/2027 | 3022 | 3024 |
|  4.600% due 12/20/2027 | 16119 | 16150 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  4.811% due 07/27/2026 | 798 | 798 |
|  5.124% due 04/25/2034 | 2500 | 2508 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  4.040% due 03/15/2029 | 22650 | 22644 |
|  4.280% due 01/15/2029 | 7403 | 7407 |
|  4.620% due 11/15/2028 | 423 | 423 |
|  4.630% due 10/16/2028 | 8003 | 8017 |
|  4.710% due 06/15/2028 | 3225 | 3227 |
|  5.630% due 01/16/2029 | 2556 | 2563 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  4.680% due 04/20/2027 | 200 | 200 |
|  4.830% due 04/20/2028 | 3000 | 3010 |
|  5.560% due 11/22/2027 | 3973 | 3985 |
|  6.520% due 04/20/2028 | 614 | 615 |
|  SBNA Auto Receivables Trust | SBNA Auto Receivables Trust | SBNA Auto Receivables Trust |
|  5.210% due 04/16/2029 | 1100 | 1108 |
|  5.320% due 12/15/2028 | 1105 | 1107 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  4.570% due 01/15/2031 | 11700 | 11745 |
|  4.670% due 11/15/2028 | 1552 | 1554 |
|  4.680% due 09/15/2031 | 3200 | 3217 |
|  5.110% due 06/15/2029 | 2485 | 2497 |
|  5.160% due 05/15/2030 | 3200 | 3241 |
|  5.700% due 10/16/2028 | 712 | 715 |
|  5.700% due 08/15/2029 | 700 | 712 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  3.910% due 08/20/2029 | 5350 | 5338 |
|  4.520% due 11/20/2028 | 13542 | 13565 |
|  4.550% due 06/20/2030 | 2900 | 2911 |
|  4.650% due 05/22/2028 | 1381 | 1382 |
|  4.710% due 05/22/2028 | 20 | 20 |
|  5.470% due 10/20/2028 | 1177 | 1182 |
|  Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust |
|  4.060% due 06/20/2028 | 5500 | 5497 |
|  4.310% due 05/22/2028 | 47997 | 48085 |
|  Tesla Electric Vehicle Trust | Tesla Electric Vehicle Trust | Tesla Electric Vehicle Trust |
|  5.380% due 06/20/2028 | 18526 | 18658 |
|  5.380% due 02/20/2029 | 12500 | 12669 |
|  Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
|  4.400% due 06/15/2029 | 5000 | 5020 |
|  5.330% due 01/16/2029 | 1903 | 1920 |
|  Toyota Lease Owner Trust | Toyota Lease Owner Trust | Toyota Lease Owner Trust |
|  3.910% due 05/22/2028 | 42549 | 42512 |
|  Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust |
|  6.360% due 12/15/2027 | 82 | 76 |
|  USB Auto Owner Trust | USB Auto Owner Trust | USB Auto Owner Trust |
|  4.510% due 06/15/2028 | 4521 | 4527 |
|  Veros Auto Receivables Trust | Veros Auto Receivables Trust | Veros Auto Receivables Trust |
|  6.280% due 11/15/2027 | 32 | 32 |
|  Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust |
|  4.060% due 08/21/2028 | 33960 | 33954 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  3.840% due 01/16/2029 | 3480 | 3473 |
|  4.020% due 09/15/2028 | 4300 | 4296 |
|  4.660% due 09/15/2028 | 6778 | 6791 |
|  4.710% due 04/17/2028 | 2500 | 2506 |
|  4.820% due 09/15/2027 | 596 | 596 |
|  5.560% due 02/15/2028 | 1039 | 1041 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  5.270% due 09/17/2029 | 1751 | 1766 |
|  5.610% due 02/15/2028 | 165 | 166 |
|  World Omni Select Auto Trust | World Omni Select Auto Trust | World Omni Select Auto Trust |
|  4.140% due 05/15/2030 | 4789 | 4791 |
|  4.980% due 02/15/2030 | 17300 | 17357 |
|  |  | 1271110 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 31

------

Schedule of Investments PIMCO ABS and Short-Term Investments Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| CMBS OTHER 2.3% | CMBS OTHER 2.3% | CMBS OTHER 2.3% |
|  Acore Issuer LLC | Acore Issuer LLC | Acore Issuer LLC |
|  5.125% due 08/20/2043 •  | 13200 | 13192 |
|  ACREC LLC | ACREC LLC | ACREC LLC |
|  4.990% due 08/18/2042 •  | 6400 | 6384 |
|  5.130% due 01/18/2043 •  | 6400 | 6397 |
|  ACRES Commercial Realty Issuer LLC | ACRES Commercial Realty Issuer LLC | ACRES Commercial Realty Issuer LLC |
|  0.000% due 08/18/2044 •  | 6600 | 6596 |
|  ACRES LLC | ACRES LLC | ACRES LLC |
|  5.299% due 08/18/2040 •  | 10200 | 10237 |
|  AREIT Ltd. | AREIT Ltd. | AREIT Ltd. |
|  5.790% due 08/17/2041 •  | 919 | 921 |
|  BDS LLC | BDS LLC | BDS LLC |
|  4.959% due 10/17/2042 •  | 3650 | 3639 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  5.144% due 12/16/2036 •  | 2341 | 2343 |
|  BRSP Ltd. | BRSP Ltd. | BRSP Ltd. |
|  5.127% due 08/19/2043 •  | 5150 | 5140 |
|  FS Rialto Issuer LLC | FS Rialto Issuer LLC | FS Rialto Issuer LLC |
|  0.000% due 01/19/2044 •  | 5500 | 5501 |
|  GS REFT Issuer Ltd. | GS REFT Issuer Ltd. | GS REFT Issuer Ltd. |
|  5.170% due 04/19/2043 •  | 6960 | 6977 |
|  LMNT CRE LLC | LMNT CRE LLC | LMNT CRE LLC |
|  5.225% due 07/21/2043 •  | 11200 | 11207 |
|  LRECS LLC | LRECS LLC | LRECS LLC |
|  5.177% due 08/19/2043 •  | 27300 | 27252 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  5.000% due 02/18/2040 •  | 10100 | 10074 |
|  5.130% due 02/18/2043 •  | 17800 | 17821 |
|  5.410% due 03/19/2039 •  | 3500 | 3502 |
|  5.827% due 06/19/2037 •  | 9983 | 9986 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  4.874% due 10/16/2036 •  | 4273 | 4276 |
|  5.027% due 02/19/2037 •  | 9907 | 9917 |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  5.169% due 12/18/2042 •  | 500 | 500 |
|  5.180% due 08/18/2043 •  | 6800 | 6808 |
|  5.501% due 09/17/2039 •  | 1960 | 1964 |
|  Starwood LLC | Starwood LLC | Starwood LLC |
|  5.127% due 11/19/2042 •  | 24700 | 24702 |
|  TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. |
|  5.328% due 02/15/2039 •  | 3312 | 3321 |
|  |  | 198657 |
| CREDIT CARD OTHER 0.7% | CREDIT CARD OTHER 0.7% | CREDIT CARD OTHER 0.7% |
|  Golden Credit Card Trust | Golden Credit Card Trust | Golden Credit Card Trust |
|  1.140% due 08/15/2028 | 26900 | 26609 |
|  1.970% due 01/15/2029 | 33100 | 32541 |
|  |  | 59150 |
| HOME EQUITY OTHER 15.5% | HOME EQUITY OTHER 15.5% | HOME EQUITY OTHER 15.5% |
|  Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust |
|  4.708% due 10/25/2035 •  | 1900 | 1822 |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.073% due 11/25/2036 •  | 7080 | 4487 |
|  4.273% due 09/25/2036 •  | 2969 | 2933 |
|  4.473% due 04/25/2033 •  | 370 | 371 |
|  4.793% due 05/25/2037 •  | 12189 | 9122 |
|  4.813% due 03/25/2032 •  | 115 | 118 |
|  5.043% due 06/25/2037 •  | 7052 | 5090 |
|  ABFS Mortgage Loan Trust | ABFS Mortgage Loan Trust | ABFS Mortgage Loan Trust |
|  6.785% due 07/15/2033 þ | 430 | 343 |
|  Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust |
|  4.053% due 09/25/2036 •  | 130 | 130 |
|  5.927% due 04/25/2035 •  | 688 | 715 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.153% due 10/25/2036 •  | 14061 | 4677 |
|  4.233% due 01/25/2037 •  | 22202 | 4675 |
|  4.233% due 05/25/2037 •  | 56422 | 8366 |
|  4.313% due 10/25/2036 •  | 2005 | 667 |
|  4.693% due 09/25/2033 •  | 548 | 545 |
|  4.843% due 12/25/2033 •  | 399 | 410 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.843% due 07/25/2034 •  | $— | 7 | $— | 7 |
|  6.988% due 06/25/2034 •  |  | 658 |  | 566 |
|  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 |
|  4.393% due 06/25/2028 •  |  | 36 |  | 36 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  3.973% due 08/25/2035 •  |  | 3 |  | 3 |
|  Ameriquest Mortgage Securities Trust | Ameriquest Mortgage Securities Trust | Ameriquest Mortgage Securities Trust | Ameriquest Mortgage Securities Trust | Ameriquest Mortgage Securities Trust |
|  3.953% due 10/25/2036 •  |  | 17844 |  | 5422 |
|  4.033% due 10/25/2036 •  |  | 2960 |  | 899 |
|  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 |
|  4.415% due 06/25/2034 •  |  | 2386 |  | 2265 |
|  4.663% due 10/25/2035 •  |  | 5846 |  | 5812 |
|  4.708% due 01/25/2035 •  |  | 97 |  | 101 |
|  4.843% due 11/25/2034 •  |  | 4656 |  | 4626 |
|  4.903% due 03/25/2035 •  |  | 2670 |  | 2645 |
|  5.848% due 11/25/2034 •  |  | 3844 |  | 3446 |
|  Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust |
|  4.793% due 10/25/2034 •  |  | 1276 |  | 1264 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  4.263% due 01/25/2036 •  |  | 2485 |  | 2478 |
|  4.528% due 10/25/2035 •  |  | 12 |  | 12 |
|  4.558% due 10/25/2035 •  |  | 37500 |  | 35569 |
|  4.918% due 05/25/2034 •  |  | 1231 |  | 1069 |
|  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 |
|  3.891% due 01/25/2036 •  |  | 8449 |  | 8336 |
|  4.307% due 06/15/2031 •  |  | 111 |  | 109 |
|  4.498% due 11/25/2035 •  |  | 10881 |  | 11112 |
|  5.137% due 04/15/2033 •  |  | 8 |  | 8 |
|  Bayview Financial Acquisition Trust | Bayview Financial Acquisition Trust | Bayview Financial Acquisition Trust | Bayview Financial Acquisition Trust | Bayview Financial Acquisition Trust |
|  4.388% due 12/28/2036 •  |  | 7064 |  | 6413 |
|  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 |
|  2.249% due 09/25/2034 •  |  | 7 |  | 8 |
|  4.073% due 01/25/2037 •  |  | 272 |  | 269 |
|  4.113% due 08/25/2036 •  |  | 249 |  | 244 |
|  4.793% due 10/25/2037 •  |  | 5397 |  | 4912 |
|  4.843% due 11/25/2035 •  |  | 649 |  | 676 |
|  5.038% due 01/25/2035 •  |  | 1666 |  | 1752 |
|  5.043% due 08/25/2037 •  |  | 424 |  | 422 |
|  5.518% due 08/25/2034 •  |  | 16 |  | 15 |
|  5.737% due 03/25/2035 •  |  | 8392 |  | 8723 |
|  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 |
|  4.443% due 01/25/2047 •  |  | 7073 |  | 6157 |
|  4.618% due 10/25/2036 •  |  | 14135 |  | 13708 |
|  4.693% due 12/25/2033 •  |  | 188 |  | 199 |
|  4.793% due 11/25/2042 •  |  | 31 |  | 31 |
|  4.888% due 01/25/2034 •  |  | 825 |  | 829 |
|  4.973% due 06/25/2043 •  |  | 194 |  | 193 |
|  5.268% due 06/25/2043 ~ |  | 466 |  | 428 |
|  5.293% due 11/25/2042 •  |  | 19 |  | 19 |
|  BNC Mortgage Loan Trust | BNC Mortgage Loan Trust | BNC Mortgage Loan Trust | BNC Mortgage Loan Trust | BNC Mortgage Loan Trust |
|  4.003% due 07/25/2037 •  |  | 58001 |  | 54081 |
|  C-BASS Trust | C-BASS Trust | C-BASS Trust | C-BASS Trust | C-BASS Trust |
|  3.402% due 04/25/2037 þ |  | 787 |  | 778 |
|  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 |
|  4.513% due 06/25/2034 •  |  | 187 |  | 185 |
|  4.813% due 03/25/2035 •  |  | 1413 |  | 1373 |
|  4.828% due 09/25/2034 •  |  | 3 |  | 3 |
|  Chase Funding Trust | Chase Funding Trust | Chase Funding Trust | Chase Funding Trust | Chase Funding Trust |
|  4.373% due 11/25/2034 •  |  | 1 |  | 1 |
|  4.537% due 09/25/2032 |  | 1 |  | 1 |
|  4.693% due 05/25/2033 •  |  | 544 |  | 548 |
|  Citigroup Global Markets Mortgage Securities VII, Inc. | Citigroup Global Markets Mortgage Securities VII, Inc. | Citigroup Global Markets Mortgage Securities VII, Inc. | Citigroup Global Markets Mortgage Securities VII, Inc. | Citigroup Global Markets Mortgage Securities VII, Inc. |
|  7.000% due 12/25/2027 |  | 341 |  | 53 |
|  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. |
|  3.953% due 01/25/2037 •  |  | 508 |  | 379 |
|  4.073% due 01/25/2037 •  |  | 8228 |  | 7852 |
|  4.113% due 09/25/2036 •  |  | 8719 |  | 8038 |
|  4.313% due 03/25/2036 •  |  | 3246 |  | 3001 |
|  7.168% due 12/25/2033 •  |  | 926 |  | 928 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.213% due 08/25/2034 •  |  | 5598 |  | 5507 |
|  4.693% due 05/25/2032 •  |  | 80 |  | 78 |
|  4.693% due 06/25/2034 •  |  | 496 |  | 497 |
|  4.793% due 09/25/2032 •  |  | 88 |  | 92 |
|  4.888% due 02/25/2036 •  |  | 4037 |  | 3670 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  3.993% due 10/25/2047 •  | 11883 | 11314 |
|  4.073% due 06/25/2035 •  | 13642 | 12651 |
|  4.083% due 10/25/2047 •  | 47529 | 42006 |
|  4.212% due 12/25/2034 •  | 316 | 300 |
|  4.233% due 06/25/2047 •  | 14079 | 13355 |
|  4.293% due 01/25/2037 •  | 1672 | 1662 |
|  4.293% due 04/25/2046 •  | 4547 | 4459 |
|  4.353% due 04/25/2034 •  | 379 | 366 |
|  4.378% due 06/25/2036 •  | 13106 | 13102 |
|  4.440% due 12/25/2035 •  | 6078 | 6033 |
|  4.440% due 02/25/2036 •  | 6250 | 5833 |
|  4.483% due 04/25/2036 •  | 3454 | 3421 |
|  4.513% due 05/25/2036 •  | 43412 | 41667 |
|  4.533% due 12/25/2034 •  | 10 | 10 |
|  4.533% due 08/25/2047 •  | 398 | 391 |
|  4.573% due 11/25/2034 •  | 2289 | 2241 |
|  4.573% due 05/25/2036 •  | 32300 | 28447 |
|  4.763% due 08/25/2047 •  | 3000 | 2686 |
|  4.888% due 04/25/2036 •  | 5500 | 5399 |
|  4.933% due 08/25/2035 •  | 8446 | 8484 |
|  5.125% due 12/25/2034 ~ | 129 | 129 |
|  6.547% due 05/25/2036 þ | 293 | 243 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  4.413% due 01/25/2032 •  | 11 | 11 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  3.185% due 05/25/2036 •  | 3713 | 2578 |
|  3.672% due 12/25/2035 •  | 1377 | 1340 |
|  6.780% due 05/25/2035 þ | 155 | 144 |
|  Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust |
|  5.293% due 05/25/2037 •  | 1255 | 1246 |
|  EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
|  5.293% due 08/25/2040 •  | 141 | 144 |
|  Encore Credit Receivables Trust | Encore Credit Receivables Trust | Encore Credit Receivables Trust |
|  4.483% due 07/25/2035 •  | 208 | 205 |
|  4.723% due 11/25/2035 •  | 10611 | 10251 |
|  4.843% due 01/25/2036 •  | 12708 | 10824 |
|  EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust |
|  8.893% due 10/25/2034 •  | 2281 | 1993 |
|  Equity One Mortgage Pass-Through Trust | Equity One Mortgage Pass-Through Trust | Equity One Mortgage Pass-Through Trust |
|  3.073% due 07/25/2034 •  | 1 | 1 |
|  First NLC Trust | First NLC Trust | First NLC Trust |
|  3.933% due 08/25/2037 •  | 23206 | 11729 |
|  4.073% due 08/25/2037 •  | 1268 | 641 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.063% due 10/25/2036 •  | 24409 | 22658 |
|  4.073% due 01/25/2037 •  | 7109 | 3670 |
|  4.648% due 07/25/2034 •  | 2729 | 2602 |
|  4.768% due 06/25/2035 •  | 12570 | 11153 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.433% due 10/25/2035 •  | 932 | 985 |
|  4.468% due 10/25/2035 •  | 3600 | 3584 |
|  4.498% due 10/25/2035 •  | 4148 | 4119 |
|  5.218% due 12/25/2034 •  | 3412 | 3226 |
|  6.114% due 06/25/2034 þ | 4009 | 3946 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  2.609% due 10/25/2036 •  | 5042 | 22 |
|  4.073% due 12/25/2036 •  | 717 | 383 |
|  4.243% due 06/25/2036 •  | 13061 | 11484 |
|  4.438% due 11/25/2035 •  | 22 | 22 |
|  4.528% due 09/25/2035 •  | 4363 | 4338 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.393% due 11/25/2032 •  | 4 | 3 |
|  4.693% due 12/25/2035 •  | 3059 | 3053 |
|  4.708% due 03/25/2035 •  | 2064 | 2059 |
|  4.713% due 02/25/2033 •  | 1 | 1 |
|  4.993% due 07/25/2035 •  | 1033 | 1031 |
|  Home Equity Loan Trust | Home Equity Loan Trust | Home Equity Loan Trust |
|  3.983% due 04/25/2037 •  | 2043 | 1952 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  0.000% due 06/25/2031 •  | 310 | 330 |
|  3.881% due 07/25/2034 •  | 167 | 163 |
|  4.113% due 07/25/2037 •  | 76 | 43 |
|  5.195% due 02/25/2030 þ | 194 | 87 |
|  HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust |
|  3.913% due 12/25/2036 •  | 9 | 3 |

---

---

| | | |
|:---|:---|:---|
| **32** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  0.000% due 10/25/2036 (b)(e) | 3955 | 892 |
|  3.993% due 07/25/2036 •  | 2013 | 855 |
|  IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust |
|  3.993% due 01/25/2037 •  | 14974 | 4820 |
|  4.113% due 08/25/2036 •  | 20733 | 5555 |
|  4.253% due 01/25/2037 •  | 40770 | 13121 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.423% due 05/25/2035 •  | 21779 | 20804 |
|  4.768% due 12/25/2035 •  | 5000 | 4769 |
|  5.593% due 07/25/2035 •  | 10000 | 9310 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  3.953% due 08/25/2036 •  | 443 | 195 |
|  4.013% due 08/25/2036 •  | 526 | 401 |
|  4.093% due 03/25/2037 •  | 3851 | 3754 |
|  4.163% due 03/25/2037 •  | 20645 | 18192 |
|  4.198% due 07/25/2036 •  | 1249 | 1238 |
|  4.918% due 01/25/2037 •  | 4474 | 3711 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.093% due 05/25/2036 •  | 12321 | 6488 |
|  4.093% due 09/25/2036 •  | 1077 | 697 |
|  4.113% due 11/25/2036 •  | 12693 | 3777 |
|  4.153% due 05/25/2046 •  | 38692 | 11419 |
|  4.353% due 10/25/2034 •  | 856 | 839 |
|  4.413% due 08/25/2033 •  | 482 | 478 |
|  4.498% due 08/25/2045 •  | 15860 | 14024 |
|  4.648% due 07/25/2034 •  | 3766 | 3804 |
|  4.843% due 10/25/2034 •  | 3 | 3 |
|  4.843% due 06/25/2035 •  | 11601 | 11482 |
|  5.218% due 03/25/2032 •  | 4 | 7 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.053% due 08/25/2036 •  | 12822 | 6402 |
|  4.161% due 08/25/2033 •  | 591 | 624 |
|  4.493% due 09/25/2034 •  | 478 | 417 |
|  4.543% due 12/25/2034 •  | 236 | 246 |
|  4.618% due 10/25/2034 •  | 341 | 336 |
|  4.693% due 10/25/2035 •  | 1950 | 1834 |
|  4.893% due 08/25/2037 •  | 11301 | 9324 |
|  9.793% due 11/25/2032 •  | 3354 | 3209 |
|  MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust |
|  5.068% due 05/25/2037 •  | 199 | 35 |
|  Meritage Mortgage Loan Trust | Meritage Mortgage Loan Trust | Meritage Mortgage Loan Trust |
|  4.588% due 11/25/2035 •  | 4261 | 4201 |
|  Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust |
|  4.053% due 06/25/2037 •  | 1106 | 1125 |
|  6.793% due 10/25/2037 •  | 79 | 77 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  3.913% due 10/25/2037 •  | 5743 | 810 |
|  3.953% due 09/25/2037 •  | 123 | 24 |
|  3.973% due 06/25/2037 •  | 6257 | 1614 |
|  4.133% due 07/25/2037 •  | 26346 | 9967 |
|  4.293% due 05/25/2037 •  | 15144 | 1655 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  3.853% due 05/25/2037 •  | 62 | 57 |
|  3.893% due 11/25/2036 •  | 6929 | 3307 |
|  3.923% due 01/25/2037 •  | 51958 | 19638 |
|  4.093% due 06/25/2036 •  | 412 | 368 |
|  4.133% due 03/25/2037 •  | 18599 | 7522 |
|  4.273% due 06/25/2036 •  | 5166 | 4646 |
|  4.288% due 03/25/2036 •  | 19098 | 16404 |
|  4.453% due 11/25/2035 •  | 5420 | 5307 |
|  4.473% due 08/25/2034 •  | 5698 | 5415 |
|  4.648% due 07/25/2034 •  | 5738 | 5938 |
|  4.678% due 11/25/2034 •  | 1430 | 1386 |
|  4.783% due 03/25/2035 •  | 2091 | 2052 |
|  4.828% due 03/25/2035 •  | 3789 | 3509 |
|  5.793% due 07/25/2037 •  | 365 | 304 |
|  Morgan Stanley Capital I, Inc. Trust | Morgan Stanley Capital I, Inc. Trust | Morgan Stanley Capital I, Inc. Trust |
|  4.333% due 02/25/2036 •  | 2494 | 2541 |
|  4.333% due 03/25/2036 •  | 4854 | 4045 |
|  4.348% due 01/25/2036 •  | 7117 | 6073 |
|  Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust |
|  5.143% due 02/25/2033 •  | 17 | 19 |
|  6.268% due 01/25/2032 •  | 21 | 72 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.113% due 11/25/2036 •  | 538 | 34 |
|  4.313% due 10/25/2036 •  | 1168 | 323 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust |
|  4.213% due 03/25/2037 •  | 5632 | 5505 |
|  4.348% due 09/25/2036 •  | 5483 | 5273 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  4.153% due 05/25/2036 •  | 41 | 41 |
|  4.468% due 02/25/2036 •  | 4706 | 4610 |
|  4.573% due 03/25/2035 •  | 1980 | 1981 |
|  5.650% due 08/25/2034 ~ | 31 | 40 |
|  5.743% due 07/25/2035 •  | 23643 | 22574 |
|  7.000% due 06/20/2031 ~ | 1028 | 947 |
|  Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust |
|  4.513% due 03/25/2036 •  | 7700 | 7625 |
|  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 |
|  4.288% due 03/25/2036 •  | 5712 | 5418 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  3.993% due 03/25/2037 •  | 538 | 168 |
|  4.093% due 09/25/2037 •  | 10395 | 9812 |
|  4.528% due 01/25/2036 •  | 21304 | 20603 |
|  4.533% due 02/25/2034 •  | 4222 | 4251 |
|  4.893% due 02/25/2034 •  | 2 | 2 |
|  Option One Mortgage Accept Corp. Asset Back Certificates | Option One Mortgage Accept Corp. Asset Back Certificates | Option One Mortgage Accept Corp. Asset Back Certificates |
|  4.693% due 08/25/2033 •  | 21 | 23 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.333% due 01/25/2036 •  | 20332 | 19418 |
|  4.573% due 02/25/2035 •  | 313 | 302 |
|  4.588% due 05/25/2034 •  | 7 | 7 |
|  5.293% due 02/25/2035 •  | 2932 | 2179 |
|  Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates |
|  4.290% due 08/20/2030 •  | 1 | 1 |
|  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 |
|  4.843% due 10/25/2034 •  | 2097 | 2085 |
|  Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust |
|  3.265% due 01/25/2036 þ | 129 | 125 |
|  3.632% due 11/25/2035 •  | 3663 | 3515 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  4.795% due 09/25/2055 þ | 6873 | 6820 |
|  4.827% due 01/25/2056 þ | 2535 | 2518 |
|  4.894% due 11/25/2055 þ | 13079 | 13003 |
|  4.966% due 11/25/2055 þ | 4452 | 4430 |
|  5.158% due 10/25/2044 þ | 2325 | 2324 |
|  5.344% due 09/25/2044 þ | 1331 | 1333 |
|  5.472% due 06/25/2055 þ | 5169 | 5190 |
|  5.553% due 03/25/2055 þ | 3268 | 3289 |
|  5.582% due 12/25/2044 þ | 2940 | 2954 |
|  5.653% due 01/25/2045 þ | 3025 | 3042 |
|  5.846% due 08/25/2044 þ | 29934 | 30108 |
|  6.025% due 02/25/2044 ~ | 465 | 467 |
|  6.141% due 04/25/2044 ~ | 3270 | 3292 |
|  6.808% due 09/25/2043 ~ | 394 | 396 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  4.893% due 09/25/2037 •  | 655 | 258 |
|  4.993% due 08/25/2032 •  | 377 | 362 |
|  5.033% due 03/25/2033 •  | 6 | 6 |
|  5.434% due 08/25/2035 þ | 1 | 1 |
|  5.784% due 11/25/2034 þ | 3355 | 2988 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.333% due 02/25/2036 •  | 9629 | 9350 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.063% due 08/25/2036 •  | 2253 | 2237 |
|  4.083% due 08/25/2036 •  | 18508 | 17064 |
|  4.373% due 06/25/2033 •  | 354 | 343 |
|  4.438% due 01/25/2036 •  | 7626 | 7611 |
|  4.943% due 06/25/2035 •  | 2813 | 2804 |
|  5.443% due 07/25/2035 •  | 480 | 482 |
|  5.668% due 07/25/2035 •  | 3000 | 2921 |
|  5.713% due 07/25/2035 •  | 1645 | 1681 |
|  5.743% due 11/25/2034 •  | 2653 | 2657 |
|  SACO I Trust | SACO I Trust | SACO I Trust |
|  4.153% due 05/25/2036 •  | 39 | 83 |
|  4.313% due 06/25/2036 •  | 10 | 10 |
|  SACO I, Inc. | SACO I, Inc. | SACO I, Inc. |
|  4.543% due 07/25/2035 •  | 41 | 42 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  SASCO Mortgage Loan Trust | SASCO Mortgage Loan Trust | SASCO Mortgage Loan Trust |
|  4.704% due 12/25/2034 •  | 466 | 465 |
|  4.918% due 04/25/2035 •  | 182 | 194 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  1.582% due 11/25/2035 •  | 758 | 539 |
|  1.966% due 03/25/2035 •  | 1505 | 1351 |
|  4.033% due 05/25/2047 •  | 8173 | 6070 |
|  4.103% due 09/25/2037 •  | 494 | 481 |
|  4.663% due 08/25/2035 •  | 3011 | 3369 |
|  5.543% due 12/25/2037 •  | 5505 | 5325 |
|  6.381% due 12/25/2032 •  | 2971 | 2759 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.073% due 09/25/2036 •  | 10810 | 6087 |
|  4.093% due 12/25/2036 •  | 17455 | 8658 |
|  4.153% due 05/25/2037 •  | 17590 | 13801 |
|  4.573% due 02/25/2034 •  | 1031 | 1093 |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.053% due 07/25/2036 •  | 44337 | 17997 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  3.873% due 06/25/2037 •  | 3096 | 2090 |
|  3.963% due 07/25/2037 •  | 21529 | 19372 |
|  3.963% due 08/25/2037 •  | 19748 | 17493 |
|  4.043% due 08/25/2037 •  | 3000 | 2731 |
|  4.168% due 07/25/2036 •  | 11147 | 9899 |
|  4.408% due 02/25/2036 •  | 11226 | 11250 |
|  4.693% due 10/25/2037 •  | 55134 | 43752 |
|  4.768% due 03/25/2036 •  | 2200 | 2135 |
|  4.793% due 09/25/2037 •  | 7008 | 5244 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.558% due 08/25/2035 •  | 446 | 439 |
|  5.068% due 12/25/2034 •  | 813 | 801 |
|  5.960% due 04/25/2033 •  | 3731 | 3983 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  3.948% due 09/25/2036 •  | 5683 | 3446 |
|  4.053% due 05/25/2047 •  | 21126 | 19150 |
|  4.113% due 01/25/2037 •  | 3267 | 3139 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates |
|  3.375% due 08/25/2031 | 2 | 1 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  4.720% due 02/25/2066 þ | 1876 | 1853 |
|  5.091% due 10/25/2065 þ | 4702 | 4681 |
|  5.278% due 08/25/2065 þ | 5241 | 5239 |
|  5.348% due 07/25/2065 þ | 1892 | 1894 |
|  5.725% due 11/25/2064 þ | 2393 | 2403 |
|  6.125% due 02/25/2064 ~ | 491 | 493 |
|  6.290% due 05/25/2064 ~ | 3273 | 3302 |
|  Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust |
|  3.913% due 10/25/2036 •  | 72 | 25 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  4.138% due 01/25/2037 •  | 3522 | 3558 |
|  |  | 1343170 |
| HOME EQUITY SEQUENTIAL 0.1% | HOME EQUITY SEQUENTIAL 0.1% | HOME EQUITY SEQUENTIAL 0.1% |
|  EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust |
|  4.250% due 09/25/2033 þ | 75 | 72 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.073% due 03/25/2047 •  | 3532 | 3380 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  4.961% due 01/25/2066 þ | 2833 | 2818 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  4.433% due 03/25/2037 •  | 230 | 215 |
|  |  | 6485 |
| MANUFACTURING HOUSE ABS OTHER 0.0% | MANUFACTURING HOUSE ABS OTHER 0.0% | MANUFACTURING HOUSE ABS OTHER 0.0% |
|  UCFC Manufactured Housing Contract | UCFC Manufactured Housing Contract | UCFC Manufactured Housing Contract |
|  7.900% due 01/15/2028 ~ | 4 | 4 |
| MANUFACTURING HOUSE SEQUENTIAL 0.1% | MANUFACTURING HOUSE SEQUENTIAL 0.1% | MANUFACTURING HOUSE SEQUENTIAL 0.1% |
|  Cascade MH Asset Trust | Cascade MH Asset Trust | Cascade MH Asset Trust |
|  5.695% due 11/25/2056 ~ | 883 | 895 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **33** |

---

------

Schedule of Investments PIMCO ABS and Short-Term Investments Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. |
|  8.260% due 12/01/2030 ~ | 22467 | 3447 |
|  |  | 4342 |
| WHOLE LOAN COLLATERAL 3.3% | WHOLE LOAN COLLATERAL 3.3% | WHOLE LOAN COLLATERAL 3.3% |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.043% due 07/25/2036 •  | 8379 | 6513 |
|  5.500% due 06/25/2034 þ | 146 | 141 |
|  5.500% due 12/25/2035 | 45 | 29 |
|  14.041% due 02/25/2037 •  | 2245 | 1964 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.293% due 05/25/2037 •  | 426 | 407 |
|  4.831% due 07/25/2036 ~ | 2 | 2 |
|  5.500% due 01/25/2034 þ | 15 | 13 |
|  5.750% due 10/25/2033 þ | 25 | 31 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.198% due 06/25/2037 •  | 24348 | 23521 |
|  4.213% due 08/25/2036 •  | 5500 | 5472 |
|  4.258% due 08/25/2036 •  | 11380 | 10681 |
|  6.050% due 08/25/2035 þ | 166 | 156 |
|  6.129% due 08/25/2035 þ | 919 | 853 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  3.913% due 11/25/2036 •  | 29138 | 27196 |
|  4.013% due 12/25/2037 •  | 28993 | 27793 |
|  4.103% due 11/25/2036 •  | 25256 | 22172 |
|  4.113% due 06/25/2036 •  | 7448 | 7375 |
|  4.468% due 11/25/2035 •  | 530 | 532 |
|  4.543% due 12/25/2035 •  | 13135 | 12922 |
|  5.668% due 03/25/2034 •  | 1765 | 1683 |
|  5.668% due 07/25/2034 •  | 1447 | 1461 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.193% due 06/25/2046 •  | 4620 | 4431 |
|  4.213% due 04/25/2036 •  | 1987 | 1783 |
|  4.253% due 03/25/2036 •  | 5792 | 5896 |
|  4.273% due 03/25/2037 •  | 9959 | 9465 |
|  4.393% due 06/25/2037 •  | 18669 | 17432 |
|  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 |
|  4.768% due 07/25/2035 •  | 2776 | 2801 |
|  Pretium Mortgage Credit Partners LLC | Pretium Mortgage Credit Partners LLC | Pretium Mortgage Credit Partners LLC |
|  4.968% due 02/25/2056 þ | 990 | 982 |
|  5.151% due 02/25/2056 þ | 977 | 970 |
|  5.180% due 01/25/2056 þ | 1657 | 1645 |
|  5.184% due 11/25/2055 þ | 2814 | 2797 |
|  5.193% due 10/25/2055 þ | 2110 | 2111 |
|  5.265% due 12/25/2055 þ | 1840 | 1829 |
|  5.342% due 12/25/2055 þ | 2736 | 2728 |
|  5.510% due 04/25/2056 þ | 1500 | 1501 |
|  5.657% due 08/25/2055 þ | 3424 | 3433 |
|  5.732% due 08/25/2055 þ | 938 | 941 |
|  5.744% due 06/25/2055 þ | 899 | 901 |
|  6.244% due 05/25/2055 þ | 5268 | 5280 |
|  RAAC Trust | RAAC Trust | RAAC Trust |
|  5.893% due 05/25/2044 •  | 500 | 502 |
|  7.543% due 12/25/2035 •  | 654 | 683 |
|  RCO X Mortgage LLC | RCO X Mortgage LLC | RCO X Mortgage LLC |
|  5.418% due 10/25/2030 þ | 1375 | 1372 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.393% due 05/25/2036 •  | 17028 | 14601 |
|  4.573% due 09/25/2035 •  | 2450 | 2399 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  3.893% due 10/25/2036 •  | 4145 | 1357 |
|  4.293% due 03/25/2036 •  | 3111 | 1976 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.073% due 06/25/2037 •  | 21234 | 20045 |
|  4.093% due 06/25/2037 •  | 16978 | 10377 |
|  4.253% due 04/25/2037 •  | 7814 | 5789 |
|  4.693% due 06/25/2036 •  | 7519 | 7320 |
|  VCAT LLC | VCAT LLC | VCAT LLC |
|  5.062% due 02/25/2056 þ | 973 | 969 |
|  5.101% due 01/25/2056 þ | 943 | 939 |
|  |  | 286172 |
| OTHER ABS 18.2% | OTHER ABS 18.2% | OTHER ABS 18.2% |
|  37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. |
|  4.952% due 10/15/2034 •  | 2900 | 2904 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  37 Capital CLO 4 Ltd. | 37 Capital CLO 4 Ltd. | 37 Capital CLO 4 Ltd. |
|  4.762% due 04/15/2035 •  | 5000 | 5001 |
|  37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. |
|  4.962% due 07/15/2034 •  | 1600 | 1602 |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  4.871% due 10/23/2034 •  | 2600 | 2604 |
|  ACHV ABS Trust | ACHV ABS Trust | ACHV ABS Trust |
|  4.760% due 04/26/2032 | 164 | 164 |
|  5.010% due 12/26/2031 | 172 | 173 |
|  5.040% due 04/26/2032 | 262 | 263 |
|  5.900% due 04/25/2031 | 36 | 36 |
|  Affirm Master Trust | Affirm Master Trust | Affirm Master Trust |
|  4.670% due 07/15/2033 | 7400 | 7425 |
|  4.990% due 02/15/2033 | 8100 | 8152 |
|  AGL CLO 14 Ltd. | AGL CLO 14 Ltd. | AGL CLO 14 Ltd. |
|  4.800% due 12/02/2034 •  | 6750 | 6757 |
|  AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. |
|  4.868% due 01/20/2035 •  | 2400 | 2401 |
|  AMMC CLO 27 Ltd. | AMMC CLO 27 Ltd. | AMMC CLO 27 Ltd. |
|  4.748% due 01/20/2037 •  | 3700 | 3700 |
|  Anchorage Capital CLO 20 Ltd. | Anchorage Capital CLO 20 Ltd. | Anchorage Capital CLO 20 Ltd. |
|  4.768% due 01/20/2035 •  | 1000 | 1000 |
|  Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. |
|  4.718% due 10/20/2034 •  | 6500 | 6503 |
|  Anchorage Capital CLO 28 Ltd. | Anchorage Capital CLO 28 Ltd. | Anchorage Capital CLO 28 Ltd. |
|  4.829% due 04/20/2037 •  | 10900 | 10875 |
|  Anchorage Credit Funding 10 Ltd. | Anchorage Credit Funding 10 Ltd. | Anchorage Credit Funding 10 Ltd. |
|  3.619% due 04/25/2038 | 1762 | 1722 |
|  4.169% due 04/25/2038 | 1000 | 956 |
|  Anchorage Credit Funding 11 Ltd. | Anchorage Credit Funding 11 Ltd. | Anchorage Credit Funding 11 Ltd. |
|  3.400% due 04/25/2038 | 8212 | 7994 |
|  Anchorage Credit Funding 12 Ltd. | Anchorage Credit Funding 12 Ltd. | Anchorage Credit Funding 12 Ltd. |
|  3.177% due 10/25/2038 | 1903 | 1845 |
|  Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. |
|  2.875% due 07/27/2039 | 1000 | 959 |
|  Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. |
|  3.000% due 01/21/2040 | 1000 | 956 |
|  Anchorage Credit Funding 18 Ltd. | Anchorage Credit Funding 18 Ltd. | Anchorage Credit Funding 18 Ltd. |
|  5.327% due 10/22/2040 | 10800 | 10710 |
|  5.702% due 10/22/2040 | 2100 | 2086 |
|  Anchorage Credit Funding 19 Ltd. | Anchorage Credit Funding 19 Ltd. | Anchorage Credit Funding 19 Ltd. |
|  5.036% due 10/25/2040 | 9400 | 9318 |
|  Anchorage Credit Funding 20 Ltd. | Anchorage Credit Funding 20 Ltd. | Anchorage Credit Funding 20 Ltd. |
|  4.896% due 04/25/2042 (c) | 9900 | 9900 |
|  5.196% due 04/25/2042 (c) | 1400 | 1400 |
|  Anchorage Credit Funding 3 Ltd. | Anchorage Credit Funding 3 Ltd. | Anchorage Credit Funding 3 Ltd. |
|  2.871% due 01/28/2039 | 1725 | 1649 |
|  Anchorage Credit Funding 8 Ltd. | Anchorage Credit Funding 8 Ltd. | Anchorage Credit Funding 8 Ltd. |
|  4.430% due 07/25/2037 | 1381 | 1367 |
|  Anchorage Credit Funding 9 Ltd. | Anchorage Credit Funding 9 Ltd. | Anchorage Credit Funding 9 Ltd. |
|  3.793% due 10/25/2037 | 1243 | 1226 |
|  Apex Credit CLO Ltd. | Apex Credit CLO Ltd. | Apex Credit CLO Ltd. |
|  5.468% due 04/20/2036 •  | 6400 | 6410 |
|  Apidos CLO XI | Apidos CLO XI | Apidos CLO XI |
|  4.908% due 04/17/2034 •  | 7400 | 7410 |
|  Aqua Finance Issuer Trust | Aqua Finance Issuer Trust | Aqua Finance Issuer Trust |
|  4.760% due 04/17/2051 | 1900 | 1892 |
|  4.790% due 05/17/2051 | 2871 | 2886 |
|  ARES LXII CLO Ltd. | ARES LXII CLO Ltd. | ARES LXII CLO Ltd. |
|  4.738% due 01/25/2034 •  | 10500 | 10503 |
|  ARES LXV CLO Ltd. | ARES LXV CLO Ltd. | ARES LXV CLO Ltd. |
|  4.788% due 07/25/2034 •  | 5100 | 5101 |
|  ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. |
|  4.802% due 04/15/2034 •  | 10600 | 10611 |
|  ARES XXVII CLO Ltd. | ARES XXVII CLO Ltd. | ARES XXVII CLO Ltd. |
|  4.821% due 10/28/2034 •  | 6700 | 6708 |
|  Atlantic Avenue Ltd. | Atlantic Avenue Ltd. | Atlantic Avenue Ltd. |
|  4.928% due 01/20/2035 •  | 7400 | 7404 |
|  5.152% due 10/15/2038 •  | 11900 | 11928 |
|  Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. |
|  4.891% due 10/23/2032 •  | 3792 | 3799 |
|  Atlas Senior Loan Fund XVI Ltd. | Atlas Senior Loan Fund XVI Ltd. | Atlas Senior Loan Fund XVI Ltd. |
|  4.768% due 01/20/2034 •  | 6600 | 6604 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. |
|  4.778% due 01/18/2035 •  | 6800 | 6791 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  4.661% due 04/23/2035 •  | 9750 | 9752 |
|  4.700% due 10/21/2034 •  | 4100 | 4100 |
|  4.728% due 07/24/2034 •  | 4000 | 4003 |
|  4.760% due 10/21/2034 •  | 3700 | 3702 |
|  4.819% due 04/22/2035 •  | 9200 | 9198 |
|  4.821% due 10/23/2034 •  | 1000 | 1001 |
|  Benefit Street Partners CLO XXII Ltd. | Benefit Street Partners CLO XXII Ltd. | Benefit Street Partners CLO XXII Ltd. |
|  4.818% due 04/20/2035 •  | 6300 | 6302 |
|  BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust |
|  1.420% due 11/17/2033 | 199 | 198 |
|  4.820% due 04/17/2036 | 964 | 967 |
|  4.840% due 09/17/2036 | 3391 | 3402 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  4.853% due 11/15/2030 •  | 164 | 164 |
|  4.858% due 10/25/2030 •  | 1647 | 1649 |
|  BlueMountain CLO XXXIV Ltd. | BlueMountain CLO XXXIV Ltd. | BlueMountain CLO XXXIV Ltd. |
|  4.818% due 04/20/2035 •  | 10300 | 10302 |
|  Boyce Park CLO Ltd. | Boyce Park CLO Ltd. | Boyce Park CLO Ltd. |
|  4.668% due 04/21/2035 •  | 11250 | 11253 |
|  Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. | Canyon Capital CLO Ltd. |
|  4.682% due 10/15/2034 •  | 2800 | 2796 |
|  Canyon CLO Ltd. | Canyon CLO Ltd. | Canyon CLO Ltd. |
|  4.752% due 07/15/2034 •  | 1000 | 1001 |
|  4.772% due 10/15/2034 •  | 4100 | 4100 |
|  Capital Four U.S. CLO I Ltd. | Capital Four U.S. CLO I Ltd. | Capital Four U.S. CLO I Ltd. |
|  4.805% due 01/18/2035 •  | 7800 | 7788 |
|  Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. | Capital Four U.S. CLO II Ltd. |
|  5.568% due 01/20/2037 •  | 30000 | 30098 |
|  Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust |
|  4.772% due 08/16/2029 •  | 4000 | 3996 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  4.758% due 07/20/2034 •  | 8300 | 8305 |
|  Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. |
|  4.748% due 01/25/2035 •  | 1500 | 1497 |
|  4.778% due 10/20/2034 •  | 500 | 500 |
|  CarVal CLO I Ltd. | CarVal CLO I Ltd. | CarVal CLO I Ltd. |
|  4.901% due 07/16/2031 •  | 2016 | 2018 |
|  CarVal CLO III Ltd. | CarVal CLO III Ltd. | CarVal CLO III Ltd. |
|  4.658% due 07/20/2032 •  | 5234 | 5231 |
|  CBAM Ltd. | CBAM Ltd. | CBAM Ltd. |
|  5.029% due 07/20/2031 •  | 3030 | 3033 |
|  Cedar Funding VI CLO Ltd. | Cedar Funding VI CLO Ltd. | Cedar Funding VI CLO Ltd. |
|  4.758% due 04/20/2034 •  | 6600 | 6605 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  4.880% due 10/24/2030 •  | 33 | 33 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  1.600% due 07/25/2051 | 5547 | 5118 |
|  3.280% due 12/28/2048 | 5733 | 5504 |
|  4.130% due 12/26/2047 | 2865 | 2816 |
|  4.893% due 07/25/2051 •  | 3309 | 3306 |
|  4.993% due 12/26/2047 •  | 2100 | 2103 |
|  5.562% due 05/25/2055 •  | 920 | 937 |
|  CoreVest American Finance Ltd. | CoreVest American Finance Ltd. | CoreVest American Finance Ltd. |
|  1.358% due 08/15/2053 | 650 | 647 |
|  CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. |
|  4.868% due 01/20/2035 •  | 3700 | 3701 |
|  Crossroads Asset Trust | Crossroads Asset Trust | Crossroads Asset Trust |
|  4.910% due 02/20/2032 | 515 | 518 |
|  Crown Point CLO 7 Ltd. | Crown Point CLO 7 Ltd. | Crown Point CLO 7 Ltd. |
|  4.898% due 10/20/2031 •  | 95 | 95 |
|  DB Master Finance LLC | DB Master Finance LLC | DB Master Finance LLC |
|  4.030% due 11/20/2047 | 736 | 729 |
|  Dell Equipment Finance Trust | Dell Equipment Finance Trust | Dell Equipment Finance Trust |
|  4.690% due 08/22/2030 | 1684 | 1686 |
|  Diameter Capital CLO 6 Ltd. | Diameter Capital CLO 6 Ltd. | Diameter Capital CLO 6 Ltd. |
|  5.282% due 04/15/2037 •  | 11700 | 11735 |
|  DLLMT LLC | DLLMT LLC | DLLMT LLC |
|  4.030% due 07/20/2028 | 500 | 500 |
|  Domino's Pizza Master Issuer LLC | Domino's Pizza Master Issuer LLC | Domino's Pizza Master Issuer LLC |
|  2.662% due 04/25/2051 | 486 | 461 |
|  3.151% due 04/25/2051 | 486 | 442 |

---

---

| | | |
|:---|:---|:---|
| **34** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.668% due 10/25/2049 | $— | 1824 | $— | 1755 |
|  Dryden 43 Senior Loan Fund | Dryden 43 Senior Loan Fund | Dryden 43 Senior Loan Fund | Dryden 43 Senior Loan Fund | Dryden 43 Senior Loan Fund |
|  4.738% due 04/20/2034 •  |  | 1000 |  | 1001 |
|  Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund |
|  4.818% due 10/19/2029 •  |  | 147 |  | 147 |
|  Dryden 86 CLO Ltd. | Dryden 86 CLO Ltd. | Dryden 86 CLO Ltd. | Dryden 86 CLO Ltd. | Dryden 86 CLO Ltd. |
|  4.798% due 07/17/2034 •  |  | 600 |  | 601 |
|  Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. |
|  4.696% due 08/20/2034 •  |  | 9100 |  | 9102 |
|  ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust |
|  4.926% due 11/25/2069 •  |  | 4269 |  | 4301 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  4.798% due 07/25/2034 •  |  | 6100 |  | 6106 |
|  4.968% due 01/25/2035 •  |  | 6600 |  | 6604 |
|  5.268% due 01/25/2035 •  |  | 1000 |  | 1001 |
|  5.518% due 01/25/2035 •  |  | 1000 |  | 994 |
|  Flatiron CLO 19 Ltd. | Flatiron CLO 19 Ltd. | Flatiron CLO 19 Ltd. | Flatiron CLO 19 Ltd. | Flatiron CLO 19 Ltd. |
|  4.833% due 11/16/2034 •  |  | 1750 |  | 1752 |
|  Fortress Credit BSL VII Ltd. | Fortress Credit BSL VII Ltd. | Fortress Credit BSL VII Ltd. | Fortress Credit BSL VII Ltd. | Fortress Credit BSL VII Ltd. |
|  4.761% due 07/23/2032 •  |  | 595 |  | 596 |
|  Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. |
|  4.768% due 04/20/2033 •  |  | 2347 |  | 2348 |
|  Fortress Credit BSL XX Ltd. | Fortress Credit BSL XX Ltd. | Fortress Credit BSL XX Ltd. | Fortress Credit BSL XX Ltd. | Fortress Credit BSL XX Ltd. |
|  4.911% due 01/23/2037 •  |  | 4700 |  | 4702 |
|  Foundation Finance Trust | Foundation Finance Trust | Foundation Finance Trust | Foundation Finance Trust | Foundation Finance Trust |
|  4.670% due 04/15/2052 |  | 927 |  | 922 |
|  Galaxy XXII CLO Ltd. | Galaxy XXII CLO Ltd. | Galaxy XXII CLO Ltd. | Galaxy XXII CLO Ltd. | Galaxy XXII CLO Ltd. |
|  4.683% due 04/16/2034 •  |  | 2200 |  | 2199 |
|  Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. |
|  5.024% due 07/15/2031 •  |  | 5202 |  | 5208 |
|  GoldenTree Loan Management U.S. CLO 8 Ltd. | GoldenTree Loan Management U.S. CLO 8 Ltd. | GoldenTree Loan Management U.S. CLO 8 Ltd. | GoldenTree Loan Management U.S. CLO 8 Ltd. | GoldenTree Loan Management U.S. CLO 8 Ltd. |
|  4.818% due 10/20/2034 •  |  | 1000 |  | 1001 |
|  Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. |
|  4.778% due 04/20/2035 •  |  | 8200 |  | 8203 |
|  GoodLeap Home Improvement Solutions Trust | GoodLeap Home Improvement Solutions Trust | GoodLeap Home Improvement Solutions Trust | GoodLeap Home Improvement Solutions Trust | GoodLeap Home Improvement Solutions Trust |
|  5.320% due 06/20/2049 |  | 3525 |  | 3549 |
|  GreatAmerica Leasing Receivables Funding LLC | GreatAmerica Leasing Receivables Funding LLC | GreatAmerica Leasing Receivables Funding LLC | GreatAmerica Leasing Receivables Funding LLC | GreatAmerica Leasing Receivables Funding LLC |
|  5.280% due 03/15/2027 |  | 4670 |  | 4682 |
|  GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust |
|  4.340% due 12/27/2060 |  | 1752 |  | 1753 |
|  4.520% due 12/27/2060 |  | 2896 |  | 2895 |
|  4.590% due 12/27/2060 |  | 1450 |  | 1447 |
|  4.890% due 06/25/2060 |  | 1442 |  | 1442 |
|  4.930% due 06/25/2060 |  | 860 |  | 864 |
|  5.020% due 06/25/2060 |  | 900 |  | 911 |
|  5.120% due 03/25/2060 |  | 768 |  | 770 |
|  5.150% due 10/27/2059 |  | 702 |  | 709 |
|  5.220% due 03/25/2060 |  | 873 |  | 879 |
|  5.320% due 03/25/2060 |  | 2900 |  | 2950 |
|  5.550% due 06/25/2059 |  | 500 |  | 509 |
|  5.880% due 06/25/2059 |  | 158 |  | 158 |
|  Greywolf CLO III Ltd. | Greywolf CLO III Ltd. | Greywolf CLO III Ltd. | Greywolf CLO III Ltd. | Greywolf CLO III Ltd. |
|  4.899% due 04/22/2033 •  |  | 4196 |  | 4200 |
|  5.519% due 04/22/2033 •  |  | 2700 |  | 2705 |
|  Greywolf CLO IV Ltd. | Greywolf CLO IV Ltd. | Greywolf CLO IV Ltd. | Greywolf CLO IV Ltd. | Greywolf CLO IV Ltd. |
|  4.908% due 04/17/2034 •  |  | 2700 |  | 2703 |
|  Guggenheim CLO Ltd. | Guggenheim CLO Ltd. | Guggenheim CLO Ltd. | Guggenheim CLO Ltd. | Guggenheim CLO Ltd. |
|  4.822% due 01/15/2035 •  |  | 6250 |  | 6252 |
|  Harvest U.S. CLO Ltd. | Harvest U.S. CLO Ltd. | Harvest U.S. CLO Ltd. | Harvest U.S. CLO Ltd. | Harvest U.S. CLO Ltd. |
|  4.822% due 01/15/2037 •  |  | 11400 |  | 11392 |
|  Home Partners of America Trust | Home Partners of America Trust | Home Partners of America Trust | Home Partners of America Trust | Home Partners of America Trust |
|  2.200% due 01/17/2041 |  | 4819 |  | 4529 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  4.661% due 01/16/2033 •  |  | 1175 |  | 1176 |
|  4.818% due 10/20/2034 •  |  | 6700 |  | 6708 |
|  Invesco CLO Ltd. | Invesco CLO Ltd. | Invesco CLO Ltd. | Invesco CLO Ltd. | Invesco CLO Ltd. |
|  4.818% due 07/20/2035 •  |  | 7400 |  | 7403 |
|  Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. |
|  4.788% due 07/25/2034 •  |  | 6500 |  | 6506 |
|  Jamestown CLO XVIII Ltd. | Jamestown CLO XVIII Ltd. | Jamestown CLO XVIII Ltd. | Jamestown CLO XVIII Ltd. | Jamestown CLO XVIII Ltd. |
|  4.938% due 07/25/2035 •  |  | 6700 |  | 6709 |
|  KKR CLO 16 Ltd. | KKR CLO 16 Ltd. | KKR CLO 16 Ltd. | KKR CLO 16 Ltd. | KKR CLO 16 Ltd. |
|  4.808% due 10/20/2034 •  |  | 14000 |  | 14014 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  KKR CLO 21 Ltd. | KKR CLO 21 Ltd. | KKR CLO 21 Ltd. |
|  4.934% due 04/15/2031 •  | 128 | 129 |
|  KKR CLO 27 Ltd. | KKR CLO 27 Ltd. | KKR CLO 27 Ltd. |
|  4.782% due 01/15/2035 •  | 2700 | 2701 |
|  KKR CLO 33 Ltd. | KKR CLO 33 Ltd. | KKR CLO 33 Ltd. |
|  4.748% due 07/20/2034 •  | 2800 | 2803 |
|  KKR CLO 36 Ltd. | KKR CLO 36 Ltd. | KKR CLO 36 Ltd. |
|  4.822% due 10/15/2034 •  | 10300 | 10313 |
|  KKR CLO 38 Ltd. | KKR CLO 38 Ltd. | KKR CLO 38 Ltd. |
|  4.829% due 01/15/2038 •  | 1600 | 1599 |
|  KKR CLO 42 Ltd. | KKR CLO 42 Ltd. | KKR CLO 42 Ltd. |
|  4.818% due 07/20/2034 •  | 8700 | 8711 |
|  LCM 30 Ltd. | LCM 30 Ltd. | LCM 30 Ltd. |
|  5.009% due 04/20/2031 •  | 282 | 283 |
|  LCM 31 Ltd. | LCM 31 Ltd. | LCM 31 Ltd. |
|  4.948% due 07/20/2034 •  | 40900 | 40953 |
|  LCM 34 Ltd. | LCM 34 Ltd. | LCM 34 Ltd. |
|  4.848% due 10/20/2034 •  | 300 | 300 |
|  LCM 35 Ltd. | LCM 35 Ltd. | LCM 35 Ltd. |
|  4.752% due 10/15/2034 •  | 4400 | 4393 |
|  LCM 39 Ltd. | LCM 39 Ltd. | LCM 39 Ltd. |
|  4.703% due 10/15/2034 •  | 1750 | 1750 |
|  LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust |
|  5.700% due 07/15/2029 | 31 | 31 |
|  Lendmark Funding Trust | Lendmark Funding Trust | Lendmark Funding Trust |
|  4.470% due 02/21/2034 | 1600 | 1598 |
|  5.530% due 06/21/2032 | 800 | 806 |
|  M&T Equipment Notes | M&T Equipment Notes | M&T Equipment Notes |
|  4.700% due 12/16/2027 | 6926 | 6950 |
|  Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. |
|  4.718% due 10/19/2034 •  | 6250 | 6253 |
|  Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. |
|  4.672% due 10/15/2034 •  | 9200 | 9194 |
|  Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. |
|  4.919% due 10/22/2034 •  | 1000 | 1001 |
|  Marble Point CLO XXII Ltd. | Marble Point CLO XXII Ltd. | Marble Point CLO XXII Ltd. |
|  4.888% due 07/25/2034 •  | 7900 | 7896 |
|  Marble Point CLO XXIV Ltd. | Marble Point CLO XXIV Ltd. | Marble Point CLO XXIV Ltd. |
|  4.753% due 04/20/2035 •  | 8700 | 8702 |
|  Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust |
|  7.130% due 12/15/2033 | 368 | 371 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.099% due 04/25/2038 •  | 70 | 70 |
|  Mountain View CLO LLC | Mountain View CLO LLC | Mountain View CLO LLC |
|  4.547% due 04/14/2033 •  | 1200 | 1199 |
|  Mountain View CLO XIV Ltd. | Mountain View CLO XIV Ltd. | Mountain View CLO XIV Ltd. |
|  6.813% due 10/15/2034 •  | 6300 | 6308 |
|  Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. |
|  4.862% due 01/15/2036 •  | 4800 | 4800 |
|  Navesink CLO 6 Ltd. | Navesink CLO 6 Ltd. | Navesink CLO 6 Ltd. |
|  0.000% due 04/15/2037 •  | 9750 | 9750 |
|  Navient Education Loan Trust | Navient Education Loan Trust | Navient Education Loan Trust |
|  5.020% due 07/15/2055 | 2360 | 2367 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  5.237% due 07/16/2040 •  | 811 | 813 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  1.310% due 01/15/2069 | 676 | 643 |
|  1.330% due 04/15/2069 | 924 | 849 |
|  1.690% due 05/15/2069 | 589 | 552 |
|  2.600% due 08/15/2068 | 929 | 899 |
|  4.787% due 04/15/2069 •  | 1040 | 1035 |
|  Navient Refinance Loan Trust | Navient Refinance Loan Trust | Navient Refinance Loan Trust |
|  5.150% due 02/16/2055 | 1358 | 1365 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  4.767% due 12/15/2059 •  | 1631 | 1631 |
|  5.372% due 03/15/2072 •  | 3700 | 3722 |
|  7.230% due 03/15/2072 | 4300 | 4642 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  4.576% due 09/25/2065 •  | 4719 | 4726 |
|  4.610% due 02/21/2061 | 40137 | 39651 |
|  4.670% due 06/22/2065 | 29415 | 29121 |
|  4.676% due 06/27/2067 •  | 11978 | 11965 |
|  4.840% due 05/17/2055 | 16036 | 15977 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.973% due 02/21/2061 •  | $— | 12804 | $— | 12872 |
|  5.022% due 05/17/2055 •  |  | 15067 |  | 15163 |
|  5.023% due 06/22/2065 •  |  | 21523 |  | 21705 |
|  5.873% due 02/20/2041 •  |  | 2627 |  | 2683 |
|  6.640% due 02/20/2041 |  | 2246 |  | 2323 |
|  Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. |
|  4.718% due 07/17/2036 •  |  | 5300 |  | 5303 |
|  Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. |
|  4.727% due 10/14/2036 •  |  | 6400 |  | 6404 |
|  Neuberger Berman Loan Advisers Lasalle Street Lending CLO I Ltd. | Neuberger Berman Loan Advisers Lasalle Street Lending CLO I Ltd. | Neuberger Berman Loan Advisers Lasalle Street Lending CLO I Ltd. | Neuberger Berman Loan Advisers Lasalle Street Lending CLO I Ltd. | Neuberger Berman Loan Advisers Lasalle Street Lending CLO I Ltd. |
|  4.918% due 10/25/2036 •  |  | 7600 |  | 7601 |
|  Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. |
|  4.788% due 07/20/2034 •  |  | 7000 |  | 7006 |
|  Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. |
|  4.864% due 06/15/2031 •  |  | 1067 |  | 1068 |
|  Northwoods Capital XIV-B Ltd. | Northwoods Capital XIV-B Ltd. | Northwoods Capital XIV-B Ltd. | Northwoods Capital XIV-B Ltd. | Northwoods Capital XIV-B Ltd. |
|  4.883% due 11/13/2031 •  |  | 434 |  | 434 |
|  Ocean Trails CLO X | Ocean Trails CLO X | Ocean Trails CLO X | Ocean Trails CLO X | Ocean Trails CLO X |
|  4.972% due 10/15/2034 •  |  | 1000 |  | 1001 |
|  Ocean Trails CLO XI | Ocean Trails CLO XI | Ocean Trails CLO XI | Ocean Trails CLO XI | Ocean Trails CLO XI |
|  4.698% due 07/20/2034 •  |  | 7300 |  | 7301 |
|  Octagon Investment Partners 36 Ltd. | Octagon Investment Partners 36 Ltd. | Octagon Investment Partners 36 Ltd. | Octagon Investment Partners 36 Ltd. | Octagon Investment Partners 36 Ltd. |
|  4.904% due 04/15/2031 •  |  | 328 |  | 329 |
|  Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. |
|  4.708% due 01/20/2035 •  |  | 8900 |  | 8903 |
|  OFSI BSL X Ltd. | OFSI BSL X Ltd. | OFSI BSL X Ltd. | OFSI BSL X Ltd. | OFSI BSL X Ltd. |
|  4.938% due 04/20/2034 •  |  | 5200 |  | 5207 |
|  OneMain Financial Issuance Trust | OneMain Financial Issuance Trust | OneMain Financial Issuance Trust | OneMain Financial Issuance Trust | OneMain Financial Issuance Trust |
|  1.750% due 09/14/2035 |  | 1071 |  | 1056 |
|  5.172% due 09/15/2036 •  |  | 6000 |  | 6041 |
|  Oportun Funding Trust | Oportun Funding Trust | Oportun Funding Trust | Oportun Funding Trust | Oportun Funding Trust |
|  4.960% due 08/16/2032 |  | 322 |  | 322 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  4.684% due 08/17/2026 |  | 924 |  | 924 |
|  4.865% due 10/15/2032 |  | 3302 |  | 3307 |
|  4.961% due 10/15/2032 |  | 302 |  | 302 |
|  5.065% due 03/15/2032 |  | 486 |  | 487 |
|  5.108% due 03/15/2033 |  | 600 |  | 601 |
|  5.156% due 07/15/2032 |  | 606 |  | 607 |
|  5.183% due 06/15/2032 |  | 736 |  | 739 |
|  5.331% due 01/15/2032 |  | 426 |  | 428 |
|  6.278% due 10/15/2031 |  | 271 |  | 271 |
|  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 | Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust | Pagaya AI Debt Grantor Trust & Pagaya AI Debt Trust |
|  6.093% due 11/15/2031 |  | 277 |  | 277 |
|  Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
|  6.117% due 12/15/2031 |  | 3860 |  | 3874 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  5.373% due 01/17/2033 |  | 1020 |  | 1024 |
|  6.258% due 10/15/2031 |  | 695 |  | 695 |
|  6.319% due 08/15/2031 |  | 286 |  | 286 |
|  Pagaya Point of Sale Holdings Grantor Trust | Pagaya Point of Sale Holdings Grantor Trust | 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 |  | 1807 |
|  Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. |
|  4.480% due 10/15/2032 •  |  | 1300 |  | 1300 |
|  4.489% due 01/15/2033 •  |  | 9300 |  | 9289 |
|  4.660% due 01/15/2034 •  |  | 3100 |  | 3101 |
|  Pikes Peak CLO 2 | Pikes Peak CLO 2 | Pikes Peak CLO 2 | Pikes Peak CLO 2 | Pikes Peak CLO 2 |
|  4.888% due 10/11/2034 •  |  | 6000 |  | 6008 |
|  Pikes Peak CLO 4 | Pikes Peak CLO 4 | Pikes Peak CLO 4 | Pikes Peak CLO 4 | Pikes Peak CLO 4 |
|  4.882% due 07/15/2034 •  |  | 6100 |  | 6108 |
|  Planet Fitness Master Issuer LLC | Planet Fitness Master Issuer LLC | Planet Fitness Master Issuer LLC | Planet Fitness Master Issuer LLC | Planet Fitness Master Issuer LLC |
|  5.274% due 12/06/2055 |  | 1100 |  | 1101 |
|  Post CLO Ltd. | Post CLO Ltd. | Post CLO Ltd. | Post CLO Ltd. | Post CLO Ltd. |
|  4.752% due 10/15/2034 •  |  | 16000 |  | 16016 |
|  4.762% due 04/20/2035 •  |  | 7500 |  | 7502 |
|  PPM CLO 3 Ltd. | PPM CLO 3 Ltd. | PPM CLO 3 Ltd. | PPM CLO 3 Ltd. | PPM CLO 3 Ltd. |
|  4.788% due 07/17/2034 •  |  | 4300 |  | 4304 |
|  PPM CLO 5 Ltd. | PPM CLO 5 Ltd. | PPM CLO 5 Ltd. | PPM CLO 5 Ltd. | PPM CLO 5 Ltd. |
|  4.848% due 10/18/2034 •  |  | 7500 |  | 7509 |
|  RCKT Trust | RCKT Trust | RCKT Trust | RCKT Trust | RCKT Trust |
|  4.480% due 11/27/2034 |  | 579 |  | 579 |
|  4.900% due 07/25/2034 |  | 210 |  | 210 |
|  Reach ABS Trust | Reach ABS Trust | Reach ABS Trust | Reach ABS Trust | Reach ABS Trust |
|  4.320% due 02/15/2033 |  | 2658 |  | 2659 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **35** |

---

------

Schedule of Investments PIMCO ABS and Short-Term Investments Portfolio (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.930% due 08/18/2032 | $— | 3596 | $— | 3611 |
|  4.960% due 08/16/2032 |  | 753 |  | 755 |
|  5.880% due 07/15/2031 |  | 155 |  | 156 |
|  Regional Management Issuance Trust | Regional Management Issuance Trust | Regional Management Issuance Trust | Regional Management Issuance Trust | Regional Management Issuance Trust |
|  5.110% due 12/15/2033 |  | 1800 |  | 1807 |
|  5.830% due 07/15/2036 |  | 900 |  | 913 |
|  Riserva CLO Ltd. | Riserva CLO Ltd. | Riserva CLO Ltd. | Riserva CLO Ltd. | Riserva CLO Ltd. |
|  4.718% due 01/18/2034 •  |  | 5000 |  | 5003 |
|  Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. |
|  4.798% due 07/20/2034 •  |  | 2800 |  | 2803 |
|  4.868% due 07/20/2035 •  |  | 6400 |  | 6403 |
|  Romark CLO - IV Ltd. | Romark CLO - IV Ltd. | Romark CLO - IV Ltd. | Romark CLO - IV Ltd. | Romark CLO - IV Ltd. |
|  4.790% due 07/10/2034 •  |  | 5700 |  | 5706 |
|  Romark CLO V Ltd. | Romark CLO V Ltd. | Romark CLO V Ltd. | Romark CLO V Ltd. | Romark CLO V Ltd. |
|  4.862% due 01/15/2035 •  |  | 7800 |  | 7795 |
|  Romark Credit Funding II Ltd. | Romark Credit Funding II Ltd. | Romark Credit Funding II Ltd. | Romark Credit Funding II Ltd. | Romark Credit Funding II Ltd. |
|  2.625% due 10/25/2039 |  | 2000 |  | 1904 |
|  Romark Credit Funding III Ltd. | Romark Credit Funding III Ltd. | Romark Credit Funding III Ltd. | Romark Credit Funding III Ltd. | Romark Credit Funding III Ltd. |
|  5.539% due 09/15/2042 |  | 2500 |  | 2503 |
|  Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. |
|  5.423% due 07/29/2043 |  | 8300 |  | 8345 |
|  Romark WM-R Ltd. | Romark WM-R Ltd. | Romark WM-R Ltd. | Romark WM-R Ltd. | Romark WM-R Ltd. |
|  4.959% due 04/20/2031 •  |  | 227 |  | 227 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  4.842% due 04/15/2038 •  |  | 8750 |  | 8729 |
|  Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. |
|  4.809% due 04/20/2037 •  |  | 8100 |  | 8093 |
|  Shenton Aircraft Investment I Ltd. | Shenton Aircraft Investment I Ltd. | Shenton Aircraft Investment I Ltd. | Shenton Aircraft Investment I Ltd. | Shenton Aircraft Investment I Ltd. |
|  4.750% due 10/15/2042 |  | 4881 |  | 4881 |
|  Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. |
|  4.708% due 01/20/2035 •  |  | 5000 |  | 5002 |
|  SLC Student Loan Trust | SLC Student Loan Trust | SLC Student Loan Trust | SLC Student Loan Trust | SLC Student Loan Trust |
|  4.853% due 06/15/2040 •  |  | 1435 |  | 1423 |
|  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 |
|  4.266% due 06/15/2039 •  |  | 717 |  | 703 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  5.153% due 12/15/2033 •  |  | 9116 |  | 9028 |
|  5.849% due 01/27/2027 •  |  | 1682 |  | 1690 |
|  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 |
|  1.600% due 09/15/2054 |  | 8799 |  | 8323 |
|  3.940% due 02/16/2055 |  | 9349 |  | 9067 |
|  4.643% due 09/15/2054 •  |  | 3727 |  | 3718 |
|  4.772% due 06/17/2052 •  |  | 678 |  | 678 |
|  4.772% due 07/15/2053 •  |  | 15644 |  | 15636 |
|  5.020% due 03/17/2053 |  | 6286 |  | 6295 |
|  5.030% due 03/15/2056 (c) |  | 48860 |  | 48919 |
|  5.060% due 03/16/2054 |  | 2864 |  | 2886 |
|  5.090% due 10/16/2056 |  | 1550 |  | 1563 |
|  5.122% due 02/16/2055 •  |  | 11640 |  | 11757 |
|  5.122% due 03/15/2056 •  |  | 4674 |  | 4721 |
|  5.130% due 04/15/2054 |  | 2852 |  | 2875 |
|  5.240% due 03/15/2056 |  | 5298 |  | 5350 |
|  5.380% due 01/15/2053 |  | 277 |  | 280 |
|  5.380% due 07/15/2053 |  | 33049 |  | 33561 |
|  5.500% due 06/17/2052 |  | 2863 |  | 2922 |
|  5.522% due 05/16/2050 •  |  | 566 |  | 575 |
|  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 |
|  4.240% due 08/25/2035 |  | 3680 |  | 3675 |
|  4.470% due 08/15/2034 |  | 3450 |  | 3451 |
|  4.800% due 02/27/2034 |  | 658 |  | 660 |
|  4.820% due 06/25/2034 |  | 7319 |  | 7345 |
|  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 |
|  1.950% due 02/15/2046 |  | 638 |  | 601 |
|  2.370% due 11/16/2048 |  | 7147 |  | 6960 |
|  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. |
|  4.934% due 04/15/2031 •  |  | 261 |  | 261 |
|  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. |
|  5.030% due 07/26/2031 •  |  | 971 |  | 972 |
|  Sound Point CLO XXIII | Sound Point CLO XXIII | Sound Point CLO XXIII | Sound Point CLO XXIII | Sound Point CLO XXIII |
|  5.104% due 07/15/2034 •  |  | 7000 |  | 7009 |
|  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. |
|  5.110% due 10/25/2034 •  |  | 3500 |  | 3505 |
|  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. |
|  4.948% due 01/25/2032 •  |  | 2742 |  | 2740 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sounds Point CLO IV-R Ltd. | Sounds Point CLO IV-R Ltd. | Sounds Point CLO IV-R Ltd. |
|  5.079% due 04/18/2031 •  | 2540 | 2543 |
|  Sunbit Asset Securitization Trust | Sunbit Asset Securitization Trust | Sunbit Asset Securitization Trust |
|  5.360% due 07/15/2030 | 2900 | 2905 |
|  Sycamore Tree CLO Ltd. | Sycamore Tree CLO Ltd. | Sycamore Tree CLO Ltd. |
|  0.000% due 01/20/2037 •  | 8550 | 8544 |
|  Symphony CLO 52 Ltd. | Symphony CLO 52 Ltd. | Symphony CLO 52 Ltd. |
|  4.815% due 01/20/2036 •  | 7000 | 6999 |
|  Symphony CLO XXII Ltd. | Symphony CLO XXII Ltd. | Symphony CLO XXII Ltd. |
|  4.848% due 04/18/2033 •  | 1698 | 1699 |
|  Symphony CLO XXIV Ltd. | Symphony CLO XXIV Ltd. | Symphony CLO XXIV Ltd. |
|  4.801% due 10/23/2035 •  | 4700 | 4694 |
|  Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. |
|  4.822% due 10/15/2035 •  | 7300 | 7291 |
|  Symphony CLO XXV Ltd. | Symphony CLO XXV Ltd. | Symphony CLO XXV Ltd. |
|  4.718% due 04/19/2034 •  | 9000 | 9005 |
|  Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. |
|  4.821% due 10/23/2035 | 9200 | 9201 |
|  T-Mobile U.S. Trust | T-Mobile U.S. Trust | T-Mobile U.S. Trust |
|  4.250% due 05/21/2029 | 2700 | 2705 |
|  TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. |
|  4.933% due 10/13/2032 •  | 9857 | 9867 |
|  TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. |
|  4.954% due 08/16/2034 •  | 7200 | 7209 |
|  Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust |
|  5.290% due 06/20/2050 | 600 | 598 |
|  Thayer Park CLO Ltd. | Thayer Park CLO Ltd. | Thayer Park CLO Ltd. |
|  4.668% due 04/20/2034 •  | 3800 | 3798 |
|  THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. |
|  4.872% due 04/15/2035 •  | 12300 | 12316 |
|  Tralee CLO V Ltd. | Tralee CLO V Ltd. | Tralee CLO V Ltd. |
|  4.748% due 10/20/2034 •  | 4700 | 4693 |
|  Tricon American Homes Trust | Tricon American Homes Trust | Tricon American Homes Trust |
|  1.499% due 07/17/2038 | 26196 | 25958 |
|  2.049% due 07/17/2038 | 5280 | 5232 |
|  2.249% due 07/17/2038 | 3300 | 3271 |
|  Trimaran CAVU Ltd. | Trimaran CAVU Ltd. | Trimaran CAVU Ltd. |
|  4.667% due 10/25/2034 •  | 6200 | 6199 |
|  Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. |
|  4.778% due 01/25/2034 •  | 7200 | 7205 |
|  Trinitas CLO VII Ltd. | Trinitas CLO VII Ltd. | Trinitas CLO VII Ltd. |
|  4.728% due 01/25/2035 •  | 5300 | 5302 |
|  Trinitas CLO XIX Ltd. | Trinitas CLO XIX Ltd. | Trinitas CLO XIX Ltd. |
|  4.778% due 10/20/2033 •  | 4999 | 4999 |
|  Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. |
|  4.818% due 10/20/2034 •  | 10700 | 10713 |
|  Trinitas CLO XX Ltd. | Trinitas CLO XX Ltd. | Trinitas CLO XX Ltd. |
|  4.708% due 07/20/2035 •  | 4100 | 4101 |
|  Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. |
|  4.907% due 10/20/2033 •  | 1000 | 1001 |
|  Unity-Peace Park CLO Ltd. | Unity-Peace Park CLO Ltd. | Unity-Peace Park CLO Ltd. |
|  4.723% due 04/20/2035 •  | 12100 | 12103 |
|  Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust |
|  7.900% due 10/20/2028 | 1863 | 1877 |
|  Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust |
|  4.600% due 09/20/2035 | 1940 | 1940 |
|  6.330% due 04/20/2035 | 500 | 508 |
|  Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust |
|  4.250% due 06/17/2030 | 97 | 97 |
|  UPX HIL Issuer Trust | UPX HIL Issuer Trust | UPX HIL Issuer Trust |
|  5.160% due 01/25/2047 | 780 | 778 |
|  VB-S1 Issuer LLC | VB-S1 Issuer LLC | VB-S1 Issuer LLC |
|  4.693% due 03/15/2056 | 12300 | 12101 |
|  Venture 33 CLO Ltd. | Venture 33 CLO Ltd. | Venture 33 CLO Ltd. |
|  4.994% due 07/15/2031 •  | 211 | 211 |
|  Venture 44 CLO Ltd. | Venture 44 CLO Ltd. | Venture 44 CLO Ltd. |
|  4.808% due 10/20/2034 •  | 800 | 801 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  4.798% due 07/20/2032 •  | 55438 | 55495 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  4.728% due 04/20/2034 •  | 12400 | 12409 |
|  4.868% due 07/20/2032 •  | 1500 | 1500 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.009% due 10/17/2032 •  | $— | 18918 | $— | 18936 |
|  Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. |
|  4.822% due 07/15/2034 •  |  | 5300 |  | 5305 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  4.732% due 10/15/2034 •  |  | 4824 |  | 4827 |
|  4.778% due 07/20/2034 •  |  | 7900 |  | 7905 |
|  |  |  |  | 1580830 |
|  Total Asset-Backed Securities (Cost $4,869,467) | Total Asset-Backed Securities (Cost $4,869,467) | Total Asset-Backed Securities (Cost $4,869,467) |  | 4772492 |
|  | **SHARES** | **SHARES** |  |  |
| SHORT-TERM INSTRUMENTS 1.1% | SHORT-TERM INSTRUMENTS 1.1% | SHORT-TERM INSTRUMENTS 1.1% | SHORT-TERM INSTRUMENTS 1.1% | SHORT-TERM INSTRUMENTS 1.1% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.720% (g) |  | 1477091 |  | 1477 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| SHORT-TERM NOTES 0.6% | SHORT-TERM NOTES 0.6% | SHORT-TERM NOTES 0.6% | SHORT-TERM NOTES 0.6% | SHORT-TERM NOTES 0.6% |
|  AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust |
|  4.185% due 11/18/2026 | $— | 555 |  | 555 |
|  ARI Fleet Lease Trust | ARI Fleet Lease Trust | ARI Fleet Lease Trust | ARI Fleet Lease Trust | ARI Fleet Lease Trust |
|  3.812% due 01/15/2027 |  | 6952 |  | 6951 |
|  FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust |
|  3.893% due 02/16/2027 |  | 692 |  | 692 |
|  GLS Auto Select Receivables Issuer Trust | GLS Auto Select Receivables Issuer Trust | GLS Auto Select Receivables Issuer Trust | GLS Auto Select Receivables Issuer Trust | GLS Auto Select Receivables Issuer Trust |
|  3.792% due 01/15/2027 |  | 529 |  | 529 |
|  LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust |
|  3.871% due 02/16/2027 |  | 1969 |  | 1968 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  3.874% due 01/15/2027 |  | 3953 |  | 3953 |
|  3.893% due 01/15/2027 |  | 34077 |  | 34073 |
|  |  |  |  | 48721 |
| U.S. TREASURY BILLS 0.5% | U.S. TREASURY BILLS 0.5% | U.S. TREASURY BILLS 0.5% | U.S. TREASURY BILLS 0.5% | U.S. TREASURY BILLS 0.5% |
|  3.714% due 06/30/2026 - 07/21/2026 (d)(e) |  | 42244 |  | 41848 |
| Total Short-Term Instruments (Cost $92,050) | Total Short-Term Instruments (Cost $92,050) | Total Short-Term Instruments (Cost $92,050) |  | 92046 |
| Total Investments in Securities (Cost $12,007,422) | Total Investments in Securities (Cost $12,007,422) | Total Investments in Securities (Cost $12,007,422) |  | 11829048 |
|  | **SHARES** | **SHARES** |  |  |
| INVESTMENTS IN AFFILIATES 18.5% | INVESTMENTS IN AFFILIATES 18.5% | INVESTMENTS IN AFFILIATES 18.5% | INVESTMENTS IN AFFILIATES 18.5% | INVESTMENTS IN AFFILIATES 18.5% |
| SHORT-TERM INSTRUMENTS 18.5% | SHORT-TERM INSTRUMENTS 18.5% | SHORT-TERM INSTRUMENTS 18.5% | SHORT-TERM INSTRUMENTS 18.5% | SHORT-TERM INSTRUMENTS 18.5% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 18.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 18.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 18.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 18.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 18.5% |
|  PIMCO Short-Term Floating NAV Portfolio III |  | 164995144 |  | 1606888 |
| Total Short-Term Instruments (Cost $1,606,465) | Total Short-Term Instruments (Cost $1,606,465) | Total Short-Term Instruments (Cost $1,606,465) |  | 1606888 |
| Total Investments in Affiliates (Cost $1,606,465) | Total Investments in Affiliates (Cost $1,606,465) | Total Investments in Affiliates (Cost $1,606,465) |  | 1606888 |
| Total Investments 155.0% (Cost $13,613,887) | Total Investments 155.0% (Cost $13,613,887) | Total Investments 155.0% (Cost $13,613,887) | $— | 13435936 |
|  Financial Derivative<br>Instruments (h)(j) (0.0)%<br> (Cost or Premiums, net $49,884) | Financial Derivative<br>Instruments (h)(j) (0.0)%<br> (Cost or Premiums, net $49,884) | Financial Derivative<br>Instruments (h)(j) (0.0)%<br> (Cost or Premiums, net $49,884) |  | (1623) |
| Other Assets and Liabilities, net (55.0)% | Other Assets and Liabilities, net (55.0)% | Other Assets and Liabilities, net (55.0)% |  | (4764059) |
| Net Assets 100.0% | Net Assets 100.0% | Net Assets 100.0% | $— | 8670254 |

---

---

| | | |
|:---|:---|:---|
| **36** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

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

(g) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (1.3)% | U.S. Government Agencies (1.3)% | U.S. Government Agencies (1.3)% | U.S. Government Agencies (1.3)% | U.S. Government Agencies (1.3)% | U.S. Government Agencies (1.3)% |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500% | 04/01/2056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | $(12698) | $(12548) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.000 | 04/01/2056 | 73635 | (72447) | (72631) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.000 | 05/01/2056 | 25595 | (25933) | (26060) |
|  Total Short Sales (1.3)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111078) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111239) |

---

&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 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2026 | 3106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644325 | $(4754) | $243 | $0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 430 | 50122 | (1660) | 94 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6414) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 | $&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 |
|  3-Month SOFR Active Contract March Futures  | 06/2026 | 99 | $(23840) | $370 | $0 | $(1) |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 7601 | (822274) | 11567 | 0 | (1069) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 11305 | (1255385) | 23652 | 0 | (2650) |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2026 | 748 | (85179) | 2593 | 0 | (280) |
|  |  |  |  | $38182 | $0 | $(4000) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31768 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4000) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 37

------

Schedule of Investments PIMCO ABS and Short-Term Investments Portfolio (Cont.)

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.928% | Semi-Annual | 05/06/2026 | $10100 | $(11) | $63 | $52 | $1 | $0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 0.500 | Semi-Annual | 06/16/2026 | 69500 | (1301) | 772 | (529) | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Semi-Annual | 06/19/2026 | 176400 | (2985) | 2153 | (832) | 16 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/21/2026 | 70230 | 3 | 354 | 357 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 12/15/2026 | 2500 | (40) | 83 | 43 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Semi-Annual | 12/21/2026 | 105400 | 2374 | (1088) | 1286 | 0 | (3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.380 | Semi-Annual | 01/04/2027 | 14500 | (21) | (352) | (373) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.570 | Semi-Annual | 01/12/2027 | 5300 | (7) | (120) | (127) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.425 | Semi-Annual | 01/18/2027 | 10200 | (18) | (240) | (258) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.418 | Semi-Annual | 01/20/2027 | 5000 | (5) | (122) | (127) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.580 | Semi-Annual | 02/16/2027 | 10400 | (20) | (226) | (246) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.573 | Annual | 02/28/2027 | 6800 | (12) | (130) | (142) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.928 | Annual | 03/25/2027 | 11500 | (24) | (176) | (200) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.620 | Annual | 04/18/2027 | 10700 | (34) | (453) | (487) | 5 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.783 | Annual | 04/22/2027 | 8000 | (28) | (311) | (339) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.788 | Annual | 05/03/2027 | 8100 | (28) | (311) | (339) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2027 | 12600 | 501 | 210 | 711 | 0 | (3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.250 | Annual | 06/17/2027 | 17800 | (71) | (494) | (565) | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 06/21/2027 | 13600 | 517 | (159) | 358 | 0 | (3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.370 | Annual | 06/21/2027 | 12300 | (50) | (309) | (359) | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.605 | Annual | 06/28/2027 | 12100 | (61) | (234) | (295) | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.850 | Annual | 08/30/2027 | 11700 | (59) | (153) | (212) | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.050 | Annual | 09/07/2027 | 5900 | (30) | (52) | (82) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.900 | Annual | 10/04/2027 | 36450 | (265) | (323) | (588) | 12 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.638 | Annual | 05/31/2028 | 4800 | 0 | 16 | 16 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 05/31/2028 | 9500 | 0 | 27 | 27 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 05/31/2028 | 3400 | 0 | (5) | (5) | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 0.500 | Semi-Annual | 06/16/2028 | 62849 | (2404) | (2103) | (4507) | 27 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2028 | 1100 | (4) | 4 | 0 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 26150 | (3) | 371 | 368 | 0 | (12) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.265 | Semi-Annual | 09/28/2028 | 8100 | (10) | (521) | (531) | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 12/15/2028 | 35446 | 583 | (2639) | (2056) | 20 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/20/2028 | 207390 | (314) | 1223 | 909 | 131 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.379 | Semi-Annual | 12/22/2028 | 7800 | (2) | 481 | 479 | 0 | (4) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.518 | Semi-Annual | 01/20/2029 | 3000 | (5) | (196) | (201) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.630 | Semi-Annual | 01/26/2029 | 5100 | (10) | (315) | (325) | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.618 | Annual | 02/09/2029 | 68400 | (163) | (3675) | (3838) | 41 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.567 | Annual | 11/30/2029 | 497600 | 0 | (532) | (532) | 457 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 12/10/2029 | 14800 | (22) | 914 | 892 | 0 | (12) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 12/18/2029 | 11800 | 250 | 681 | 931 | 0 | (9) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 117740 | 215 | (922) | (707) | 0 | (111) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Semi-Annual | 01/15/2030 | 38000 | (327) | 3334 | 3007 | 0 | (30) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 02/12/2030 | 28600 | (363) | 2353 | 1990 | 0 | (23) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 03/10/2030 | 14100 | (13) | 992 | 979 | 0 | (11) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 78600 | 3058 | (1351) | 1707 | 0 | (74) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 06/17/2030 | 320180 | 9752 | 22231 | 31983 | 0 | (261) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 1085170 | (17257) | (4364) | (21621) | 1057 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 182090 | 2143 | 3595 | 5738 | 0 | (175) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 104640 | (1544) | 992 | (552) | 0 | (107) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.545 | Annual | 10/31/2030 | 16900 | 0 | 61 | 61 | 0 | (17) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.547 | Annual | 10/31/2030 | 39300 | 0 | 139 | 139 | 0 | (40) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 10/31/2030 | 33800 | 0 | 114 | 114 | 0 | (34) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.572 | Annual | 10/31/2030 | 33500 | 0 | 79 | 79 | 0 | (34) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.582 | Annual | 10/31/2030 | 60500 | 0 | 117 | 117 | 0 | (62) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 10/31/2030 | 42300 | 0 | 55 | 55 | 0 | (43) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.601 | Annual | 10/31/2030 | 76200 | 0 | 79 | 79 | 0 | (78) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.602 | Annual | 10/31/2030 | 76100 | 0 | 73 | 73 | 0 | (78) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.606 | Annual | 10/31/2030 | 33700 | 0 | 26 | 26 | 0 | (34) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.623 | Annual | 10/31/2030 | 33600 | 0 | 0 | 0 | 0 | (34) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.664 | Annual | 10/31/2030 | 22300 | 0 | (42) | (42) | 0 | (23) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.677 | Annual | 10/31/2030 | 17800 | 0 | (44) | (44) | 0 | (18) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.687 | Annual | 10/31/2030 | 28300 | 0 | (84) | (84) | 0 | (29) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.689 | Annual | 10/31/2030 | 47100 | 0 | (143) | (143) | 0 | (48) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 10/31/2030 | 35700 | 0 | (112) | (112) | 0 | (37) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.721 | Annual | 10/31/2030 | 22300 | 0 | (101) | (101) | 0 | (23) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.722 | Annual | 10/31/2030 | 22300 | 0 | (102) | (102) | 0 | (23) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.727 | Annual | 10/31/2030 | 22300 | 0 | (107) | (107) | 0 | (23) |

---

---

| | | |
|:---|:---|:---|
| **38** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 3.732% | Annual | 10/31/2030 | $14800 | $0 | $(74) | $(74) | $0 | $(15) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 10/31/2030 | 22300 | 0 | (116) | (116) | 0 | (23) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 | 22300 | 0 | (120) | (120) | 0 | (23) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.749 | Annual | 10/31/2030 | 22300 | 0 | (130) | (130) | 0 | (23) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Semi-Annual | 12/16/2030 | 9102 | 29 | 1093 | 1122 | 0 | (8) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 15430 | (269) | 174 | (95) | 0 | (16) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 204570 | 1606 | (508) | 1098 | 0 | (211) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 03/20/2031 | 17670 | (812) | 307 | (505) | 0 | (20) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 0.750 | Semi-Annual | 06/16/2031 | 44422 | (3235) | (3376) | (6611) | 39 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 467700 | 6337 | (7691) | (1354) | 0 | (518) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.405 | Semi-Annual | 09/07/2031 | 10100 | (44) | 1311 | 1267 | 0 | (9) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 10/05/2031 | 6100 | (14) | (736) | (750) | 6 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.535 | Semi-Annual | 10/15/2031 | 6100 | (10) | (727) | (737) | 6 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.535 | Semi-Annual | 10/22/2031 | 4000 | (9) | (474) | (483) | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.545 | Semi-Annual | 10/26/2031 | 4000 | (8) | (473) | (481) | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 33720 | 47 | (213) | (166) | 0 | (38) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.735 | Semi-Annual | 01/12/2032 | 4000 | (10) | (468) | (478) | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.655 | Semi-Annual | 01/24/2032 | 5000 | (14) | (605) | (619) | 5 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.768 | Semi-Annual | 02/02/2032 | 3800 | (11) | (435) | (446) | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.650 | Annual | 02/08/2032 | 6400 | (24) | (672) | (696) | 6 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.988 | Semi-Annual | 02/09/2032 | 1900 | 10 | 190 | 200 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.008 | Semi-Annual | 02/09/2032 | 3100 | 12 | 313 | 325 | 0 | (3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.770 | Annual | 02/14/2032 | 5700 | (20) | (563) | (583) | 6 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.730 | Annual | 02/24/2032 | 6100 | (23) | (614) | (637) | 6 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.765 | Annual | 03/16/2032 | 2100 | (10) | (205) | (215) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2032 | 88270 | 3344 | (1357) | 1987 | 0 | (100) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.817 | Annual | 04/05/2032 | 23300 | (115) | (2754) | (2869) | 24 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.872 | Annual | 04/06/2032 | 11800 | (61) | (1351) | (1412) | 12 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.694 | Annual | 04/30/2032 | 329800 | 0 | (107) | (107) | 386 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.674 | Annual | 05/31/2032 | 333400 | 0 | (584) | (584) | 391 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.678 | Annual | 05/31/2032 | 270200 | 0 | (408) | (408) | 317 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.680 | Annual | 05/31/2032 | 333700 | 0 | (482) | (482) | 392 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.705 | Annual | 05/31/2032 | 298700 | 0 | 36 | 36 | 351 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.250 | Annual | 06/15/2032 | 71100 | (5283) | (5920) | (11203) | 72 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 51180 | (2503) | (3932) | (6435) | 53 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2032 | 11890 | 153 | 210 | 363 | 0 | (14) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.680 | Annual | 07/11/2032 | 1100 | (15) | (58) | (73) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.690 | Annual | 07/11/2032 | 1100 | (15) | (57) | (72) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.050 | Annual | 09/06/2032 | 8900 | (74) | (298) | (372) | 10 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2032 | 97750 | (1707) | 1484 | (223) | 0 | (116) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2032 | 67330 | (1146) | 970 | (176) | 0 | (79) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.430 | Annual | 02/27/2033 | 2500 | (10) | (34) | (44) | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.405 | Annual | 03/01/2033 | 2600 | (11) | (39) | (50) | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.425 | Annual | 03/01/2033 | 780 | (3) | (11) | (14) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 03/06/2033 | 2600 | (9) | (58) | (67) | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.450 | Annual | 03/07/2033 | 5000 | (18) | (65) | (83) | 6 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 03/18/2033 | 92549 | (1310) | 1168 | (142) | 0 | (114) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/17/2033 | 40720 | 759 | (182) | 577 | 0 | (45) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 1530 | (9) | (76) | (85) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 14105 | 141 | 632 | 773 | 0 | (15) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 22500 | (969) | 567 | (402) | 23 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 30600 | 849 | (285) | 564 | 0 | (37) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 50910 | (1373) | 1115 | (258) | 53 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 14440 | (97) | 156 | 59 | 0 | (14) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 943940 | 47260 | 1561 | 48821 | 0 | (798) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | 8600 | (145) | 217 | 72 | 0 | (7) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.524 | Semi-Annual | 01/19/2051 | 23500 | (169) | (10641) | (10810) | 0 | (59) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 06/16/2051 | 65800 | 12519 | 20301 | 32820 | 181 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.967 | Semi-Annual | 06/23/2051 | 22900 | (173) | 9004 | 8831 | 60 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.968 | Semi-Annual | 06/23/2051 | 69000 | (526) | 27125 | 26599 | 180 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.815 | Semi-Annual | 01/24/2052 | 1000 | (8) | (414) | (422) | 0 | (3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.867 | Semi-Annual | 01/26/2052 | 1000 | (9) | (405) | (414) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 174500 | 20937 | 49920 | 70857 | 511 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.080 | Annual | 02/23/2053 | 1300 | (12) | (217) | (229) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 06/21/2053 | 44800 | 4229 | 6559 | 10788 | 146 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 12/20/2053 | 109800 | 5438 | 11114 | 16552 | 377 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166700 | (22712) | (3640) | (26352) | 0 | (611) |
|  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;52560 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102933 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155493 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5452 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4459) |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **39** |

---

------

Schedule of Investments PIMCO ABS and Short-Term Investments Portfolio (Cont.)

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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>Asset | Market Value | Variation Margin<br>Liability | 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;337 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5452 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5789 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4459) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8459) |

---

(i) Securities with an aggregate market value of $67,418 and cash of $5,381 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2026. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

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

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Obligation | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(2)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(3)</sup> | Swap Agreements,<br>at Value<sup>(3)</sup> |
| Counterparty | Reference Obligation | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(2)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Long Beach Mortgage Loan Trust 6.584% due 07/25/2033 | 6.250% | Monthly | 07/25/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | $&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 |
| GST | Structured Asset Investment Loan Trust 5.034% due 11/25/2034 | 1.950 | Monthly | 11/25/2034 | 0 | 0 | 0 | 0 | 0 |
|  |  |  |  |  |  | $0 | $0 | $0 | $0 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(2)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(3)</sup> | Swap Agreements,<br>at Value<sup>(3)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(2)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | ABX.HE.AAA.6-2 Index « | 0.110% | Monthly | 05/25/2046 | $7253 | $(2125) | $1544 | $0 | $(581) |
| DUB | ABX.HE.AA.6-2 Index « | 0.170 | Monthly | 05/25/2046 | 102 | (41) | 26 | 0 | (15) |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 36 | (1) | 1 | 0 | 0 |
| GST | CMBX.NA.AAA.11 Index | 0.500 | Monthly | 11/18/2054 | 29989 | 232 | (155) | 77 | 0 |
|  | CMBX.NA.AAA.13 Index | 0.500 | Monthly | 12/16/2072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160600 | (84) | 640 | 556 | 0 |
|  | CMBX.NA.AAA.8 Index | 0.500 | Monthly | 10/17/2057 | 21 | (1) | 1 | 0 | 0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 2107 | (96) | 96 | 0 | 0 |
| JPS | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 3819 | (72) | 77 | 5 | 0 |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 33 | (1) | 1 | 0 | 0 |
|  | CMBX.NA.AAA.8 Index | 0.500 | Monthly | 10/17/2057 | 897 | (41) | 41 | 0 | 0 |
| MYI | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | 13500 | 0 | 44 | 44 | 0 |
|  | CMBX.NA.AAA.13 Index | 0.500 | Monthly | 12/16/2072 | 11900 | 0 | 41 | 41 | 0 |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 7 | 0 | 0 | 0 | 0 |
| SAL | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 60221 | (603) | 685 | 82 | 0 |
|  | CMBX.NA.AAA.11 Index | 0.500 | Monthly | 11/18/2054 | 55079 | 197 | (57) | 140 | 0 |
|  | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | 135000 | (340) | 778 | 438 | 0 |
|  | CMBX.NA.AAA.13 Index | 0.500 | Monthly | 12/16/2072 | 75000 | 300 | (40) | 260 | 0 |
|  |  |  |  |  |  | $(2676) | $3723 | $1643 | $(596) |
|  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;(2676) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3723 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(596) |

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40 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2026:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(4)</sup> |
|  BOA | $0 | $0 | $0 | $0 | $0 | $0 | $(581) | $(581) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(581) | $583 | $2 |
|  DUB | 0 | 0 | 0 | 0 | 0 | 0 | (15) | (15) | (15) | 183 | 168 |
|  GST | 0 | 0 | 633 | 633 | 0 | 0 | 0 | 0 | 633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(367) |
|  JPS | 0 | 0 | 5 | 5 | 0 | 0 | 0 | 0 | 5 | 0 | 5 |
|  MYI | 0 | 0 | 85 | 85 | 0 | 0 | 0 | 0 | 85 | 0 | 85 |
|  SAL | 0 | 0 | 920 | 920 | 0 | 0 | 0 | 0 | 920 | (850) | 70 |
|  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;1643 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643 | $&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;(596) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(596) |  |  |  |

---

(k) Securities with an aggregate market value of $766 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2026.

<sup>(1)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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> The maximum potential amount the Portfolio 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> 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 Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $337 | $337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 5452 | 5452 |
|  | $0 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5789 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5789 |
|  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 | $1643 | $0 | $0 | $0 | $1643 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643 | $0 | $0 | $5789 | $7432 |
|  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 | $4000 | $4000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 4459 | 4459 |
|  | $0 | $0 | $0 | $0 | $8459 | $8459 |
|  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 | $596 | $0 | $0 | $0 | $596 |
|  | $0 | $596 | $0 | $0 | $8459 | $9055 |

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See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 41

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Schedule of Investments PIMCO ABS and Short-Term Investments Portfolio (Cont.) March 31, 2026

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for 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 | $(35595) | $(35595) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 14139 | 14139 |
|  | $0 | $0 | $0 | $0 | $(21456) | $(21456) |
|  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; Written Options  | $0 | $0 | $0 | $0 | $50 | $50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 8207 | 0 | 0 | 0 | 8207 |
|  | $0 | $8207 | $0 | $0 | $50 | $8257 |
|  | $0 | $8207 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21406) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13199) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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 | $25550 | $25550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 4312 | 4312 |
|  | $0 | $0 | $0 | $0 | $29862 | $29862 |
|  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 | $(2859) | $0 | $0 | $0 | $(2859) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2859) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $29862 | $27003 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2026 |
|  Investments 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 | $12605 | $0 | $12605 |
| &nbsp;&nbsp; Industrials | 0 | 1095 | 0 | 1095 |
|  U.S. Government Agencies | 0 | 5248861 | 0 | 5248861 |
|  U.S. Treasury Obligations | 0 | 86086 | 0 | 86086 |
|  Non-Agency Mortgage-Backed Securities | 0 | 1615863 | 0 | 1615863 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 11650 | 10922 | 0 | 22572 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 1271110 | 0 | 1271110 |
| &nbsp;&nbsp; CMBS Other | 0 | 198657 | 0 | 198657 |
| &nbsp;&nbsp; Credit Card Other | 0 | 59150 | 0 | 59150 |
| &nbsp;&nbsp; Home Equity Other | 0 | 1343170 | 0 | 1343170 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 6485 | 0 | 6485 |
| &nbsp;&nbsp; Manufacturing House ABS Other | 0 | 4 | 0 | 4 |
| &nbsp;&nbsp; Manufacturing House Sequential | 0 | 4342 | 0 | 4342 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 286172 | 0 | 286172 |
| &nbsp;&nbsp; Other ABS | 0 | 1580830 | 0 | 1580830 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 1477 | 0 | 0 | 1477 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 48721 | 0 | 48721 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 41848 | 0 | 41848 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13127 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11815921 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11829048 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2026 |
|  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;1606888 | $0 | $0 | $1606888 |
|  Total Investments | $1620015 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11815921 | $0 | $13435936 |
|  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 | $(111239) | $0 | $(111239) |
|  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 | 5789 | 0 | 5789 |
|  Over the counter | 0 | 1643 | 0 | 1643 |
|  | $0 | $7432 | $0 | $7432 |
|  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 | (8459) | 0 | (8459) |
|  Over the counter | 0 | 0 | (596) | (596) |
|  | $0 | $(8459) | $(596) | $(9055) |
|  Total Financial Derivative Instruments | $0 | $(1027) | $(596) | $(1623) |
|  Totals | $1620015 | $11703655 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(596) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13323074 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2026.

---

| | | |
|:---|:---|:---|
| **42** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO EM Bond and Short-Term Investments Portfolio March 31, 2026

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 92.7% | INVESTMENTS IN SECURITIES 92.7% | INVESTMENTS IN SECURITIES 92.7% |
| BRAZIL 2.7% | BRAZIL 2.7% | BRAZIL 2.7% |
| CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% | CORPORATE BONDS & NOTES 0.5% |
|  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 | 2280 | 2296 |
| SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% | SOVEREIGN ISSUES 2.2% |
|  Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds |
|  6.000% due 04/07/2026 | 200 | 200 |
|  7.125% due 05/13/2054 | 2396 | 2359 |
|  7.250% due 01/12/2056 | 8258 | 8118 |
|  |  | 10677 |
|  Total Brazil (Cost $12,874) | Total Brazil (Cost $12,874) | 12973 |
| CAYMAN ISLANDS 0.2% | CAYMAN ISLANDS 0.2% | CAYMAN ISLANDS 0.2% |
| CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% | CORPORATE BONDS & NOTES 0.2% |
|  Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. |
|  5.718% due 09/15/2026 «•  | 1000 | 1163 |
|  Total Cayman Islands (Cost $1,170) | Total Cayman Islands (Cost $1,170) | 1163 |
| CHILE 1.4% | CHILE 1.4% | CHILE 1.4% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Empresa de Transporte de Pasajeros Metro SA | Empresa de Transporte de Pasajeros Metro SA | Empresa de Transporte de Pasajeros Metro SA |
|  3.650% due 05/07/2030 | 500 | 476 |
|  4.700% due 05/07/2050 | 2000 | 1684 |
|  |  | 2160 |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
|  3.100% due 01/22/2061 | 500 | 309 |
|  4.340% due 03/07/2042 | 5000 | 4390 |
|  |  | 4699 |
|  Total Chile (Cost $7,809) | Total Chile (Cost $7,809) | 6859 |
| COLOMBIA 14.6% | COLOMBIA 14.6% | COLOMBIA 14.6% |
| CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% | CORPORATE BONDS & NOTES 0.6% |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  8.375% due 01/19/2036 | 2700 | 2740 |
| SOVEREIGN ISSUES 14.0% | SOVEREIGN ISSUES 14.0% | SOVEREIGN ISSUES 14.0% |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  3.125% due 04/15/2031 | 200 | 171 |
|  3.875% due 04/25/2027 | 12800 | 12743 |
|  5.375% due 01/21/2029 | 3900 | 3869 |
|  6.125% due 01/21/2031 | 1500 | 1477 |
|  6.500% due 01/21/2033 | 1500 | 1471 |
|  8.000% due 04/20/2033 | 8000 | 8437 |
|  8.000% due 11/14/2035 | 624 | 655 |
|  Colombia TES | Colombia TES | Colombia TES |
|  9.250% due 05/28/2042 | 1056000 | 216 |
|  11.000% due 08/22/2029 | 28613400 | 7214 |
|  11.500% due 07/25/2046 | 1149000 | 277 |
|  11.750% due 01/24/2035 | 65995700 | 16363 |
|  12.750% due 11/28/2040 | 33856300 | 8974 |
|  13.250% due 02/09/2033 | 24977600 | 6697 |
|  |  | 68564 |
|  Total Colombia (Cost $70,301) | Total Colombia (Cost $70,301) | 71304 |
| COSTA RICA 0.6% | COSTA RICA 0.6% | COSTA RICA 0.6% |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Costa Rica Government International Bonds | Costa Rica Government International Bonds | Costa Rica Government International Bonds |
|  6.001% due 01/16/2036 | 2500 | 2978 |
|  Total Costa Rica (Cost $2,954) | Total Costa Rica (Cost $2,954) | 2978 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| DOMINICAN REPUBLIC 0.5% | DOMINICAN REPUBLIC 0.5% | DOMINICAN REPUBLIC 0.5% |
| SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% | SOVEREIGN ISSUES 0.5% |
|  Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds |
|  4.875% due 09/23/2032 | 2500 | 2310 |
|  5.950% due 01/25/2027 | 200 | 201 |
|  Total Dominican Republic (Cost $2,813) | Total Dominican Republic (Cost $2,813) | 2511 |
| INDIA 0.4% | INDIA 0.4% | INDIA 0.4% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Adani 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 | 986 | 798 |
|  Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. |
|  4.000% due 08/03/2026 | 1000 | 999 |
|  Total India (Cost $1,966) | Total India (Cost $1,966) | 1797 |
| INDONESIA 2.1% | INDONESIA 2.1% | INDONESIA 2.1% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
|  Pelabuhan Indonesia Persero PT | Pelabuhan Indonesia Persero PT | Pelabuhan Indonesia Persero PT |
|  5.375% due 05/05/2045 | 200 | 181 |
| SOVEREIGN ISSUES 2.1% | SOVEREIGN ISSUES 2.1% | SOVEREIGN ISSUES 2.1% |
|  Indonesia Government International Bonds | Indonesia Government International Bonds | Indonesia Government International Bonds |
|  3.500% due 02/14/2050 | 2000 | 1386 |
|  4.750% due 07/18/2047 | 755 | 662 |
|  5.125% due 01/15/2045 | 1865 | 1743 |
|  5.250% due 01/17/2042 | 500 | 479 |
|  5.250% due 01/08/2047 | 1249 | 1171 |
|  5.950% due 01/08/2046 | 918 | 927 |
|  6.750% due 01/15/2044 | 2400 | 2638 |
|  7.750% due 01/17/2038 | 1025 | 1215 |
|  |  | 10221 |
|  Total Indonesia (Cost $12,938) | Total Indonesia (Cost $12,938) | 10402 |
| ISRAEL 2.9% | ISRAEL 2.9% | ISRAEL 2.9% |
| SOVEREIGN ISSUES 2.9% | SOVEREIGN ISSUES 2.9% | SOVEREIGN ISSUES 2.9% |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  3.875% due 07/03/2050 | 5000 | 3532 |
|  5.500% due 03/12/2034 | 7000 | 7099 |
|  State of Israel | State of Israel | State of Israel |
|  3.375% due 01/15/2050 | 5400 | 3497 |
|  Total Israel (Cost $18,461) | Total Israel (Cost $18,461) | 14128 |
| IVORY COAST 1.0% | IVORY COAST 1.0% | IVORY COAST 1.0% |
| 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 |
|  5.250% due 03/22/2030 | 2300 | 2626 |
|  5.875% due 10/17/2031 | 2000 | 2262 |
|  Total Ivory Coast (Cost $4,794) | Total Ivory Coast (Cost $4,794) | 4888 |
| KUWAIT 1.8% | KUWAIT 1.8% | KUWAIT 1.8% |
| SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% |
|  Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds |
|  4.016% due 10/09/2028 | 3000 | 2960 |
|  4.136% due 10/09/2030 | 3000 | 2939 |
|  4.652% due 10/09/2035 | 3000 | 2885 |
|  Total Kuwait (Cost $9,000) | Total Kuwait (Cost $9,000) | 8784 |
| LUXEMBOURG 5.1% | LUXEMBOURG 5.1% | LUXEMBOURG 5.1% |
|  | SHARES |  |
| COMMON STOCKS 0.8% | COMMON STOCKS 0.8% | COMMON STOCKS 0.8% |
|  Drillco Holdings Luxembourg SA «(e) | 123735 | 2846 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Foresea Holdings SA « |  | 48750 | 1121 |
|  |  |  | 3967 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| CORPORATE BONDS & NOTES 2.2% | CORPORATE BONDS & NOTES 2.2% | CORPORATE BONDS & NOTES 2.2% | CORPORATE BONDS & NOTES 2.2% |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | $— | 2149 | 2111 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  5.853% due 02/23/2036 |  | 200 | 201 |
|  6.103% due 08/23/2042 |  | 3300 | 3288 |
|  6.510% due 02/23/2042 |  | 5000 | 5184 |
|  |  |  | 10784 |
| SOVEREIGN ISSUES 2.1% | SOVEREIGN ISSUES 2.1% | SOVEREIGN ISSUES 2.1% | SOVEREIGN ISSUES 2.1% |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 |  | 10000 | 10065 |
|  Total Luxembourg (Cost $22,814) | Total Luxembourg (Cost $22,814) | Total Luxembourg (Cost $22,814) | 24816 |
| 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. |
|  3.500% due 04/21/2030 | $— | 2500 | 2411 |
|  4.550% due 04/21/2050 |  | 500 | 430 |
|  4.800% due 04/21/2060 |  | 200 | 175 |
|  Petronas Energy Canada Ltd. | Petronas Energy Canada Ltd. | Petronas Energy Canada Ltd. | Petronas Energy Canada Ltd. |
|  2.112% due 03/23/2028 |  | 500 | 479 |
|  Total Malaysia (Cost $3,760) | Total Malaysia (Cost $3,760) | Total Malaysia (Cost $3,760) | 3495 |
| MEXICO 6.6% | MEXICO 6.6% | MEXICO 6.6% | MEXICO 6.6% |
| CORPORATE BONDS & NOTES 1.3% | CORPORATE BONDS & NOTES 1.3% | CORPORATE BONDS & NOTES 1.3% | CORPORATE BONDS & NOTES 1.3% |
|  Coca-Cola Femsa SAB de CV | Coca-Cola Femsa SAB de CV | Coca-Cola Femsa SAB de CV | Coca-Cola Femsa SAB de CV |
|  1.850% due 09/01/2032 | $— | 2150 | 1795 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.700% due 02/16/2032 |  | 498 | 488 |
|  7.690% due 01/23/2050 |  | 500 | 433 |
|  10.000% due 02/07/2033 |  | 3100 | 3534 |
|  |  |  | 6250 |
| SOVEREIGN ISSUES 5.3% | SOVEREIGN ISSUES 5.3% | SOVEREIGN ISSUES 5.3% | SOVEREIGN ISSUES 5.3% |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  1.350% due 09/18/2027 |  | 300 | 337 |
|  3.500% due 09/19/2029 |  | 1500 | 1705 |
|  4.500% due 03/19/2034 |  | 1500 | 1689 |
|  5.000% due 04/27/2051 | $— | 3300 | 2587 |
|  5.125% due 03/19/2038 |  | 900 | 1006 |
|  5.375% due 03/22/2033 | $— | 2500 | 2450 |
|  5.625% due 02/09/2034 |  | 1500 | 1469 |
|  5.625% due 09/22/2035 |  | 2500 | 2422 |
|  6.000% due 05/07/2036 |  | 1200 | 1195 |
|  6.400% due 05/07/2054 |  | 2000 | 1878 |
|  6.625% due 01/29/2038 |  | 4155 | 4244 |
|  6.875% due 05/13/2037 |  | 4500 | 4725 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  4.000% due 11/30/2028 (c) |  | 1937 | 107 |
|  4.000% due 08/24/2034 (c) |  | 531 | 28 |
|  |  |  | 25842 |
|  Total Mexico (Cost $32,704) | Total Mexico (Cost $32,704) | Total Mexico (Cost $32,704) | 32092 |
| PARAGUAY 0.2% | PARAGUAY 0.2% | PARAGUAY 0.2% | PARAGUAY 0.2% |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Paraguay Government International Bonds | Paraguay Government International Bonds | Paraguay Government International Bonds | Paraguay Government International Bonds |
|  4.950% due 04/28/2031 | $— | 1000 | 999 |
|  Total Paraguay (Cost $1,091) | Total Paraguay (Cost $1,091) | Total Paraguay (Cost $1,091) | 999 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 43

------

Schedule of Investments PIMCO EM Bond and Short-Term Investments Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| PERU 13.3% | PERU 13.3% | PERU 13.3% |
| SOVEREIGN ISSUES 13.3% | SOVEREIGN ISSUES 13.3% | SOVEREIGN ISSUES 13.3% |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  6.850% due 08/12/2035 | 82300 | 24149 |
|  7.300% due 08/12/2033 | 47700 | 15019 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.875% due 08/08/2054 | 1000 | 966 |
|  6.150% due 08/12/2032 | 42570 | 12793 |
|  6.950% due 08/12/2031 | 38082 | 11869 |
|  Total Peru (Cost $61,812) | Total Peru (Cost $61,812) | 64796 |
| 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 |
|  5.125% due 09/18/2034 | 2000 | 2013 |
|  Total Poland (Cost $1,974) | Total Poland (Cost $1,974) | 2013 |
| QATAR 1.9% | QATAR 1.9% | QATAR 1.9% |
| CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% | CORPORATE BONDS & NOTES 0.1% |
|  QatarEnergy | QatarEnergy | QatarEnergy |
|  2.250% due 07/12/2031 | 700 | 617 |
| SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% | SOVEREIGN ISSUES 1.8% |
|  Qatar Government International Bonds | Qatar Government International Bonds | Qatar Government International Bonds |
|  4.400% due 04/16/2050 | 7000 | 5810 |
|  4.817% due 03/14/2049 | 1200 | 1061 |
|  5.103% due 04/23/2048 | 2000 | 1849 |
|  |  | 8720 |
|  Total Qatar (Cost $10,378) | Total Qatar (Cost $10,378) | 9337 |
| ROMANIA 4.6% | ROMANIA 4.6% | ROMANIA 4.6% |
| SOVEREIGN ISSUES 4.6% | SOVEREIGN ISSUES 4.6% | SOVEREIGN ISSUES 4.6% |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  2.000% due 01/28/2032 (f) | 3000 | 2881 |
|  2.000% due 04/14/2033 | 3000 | 2724 |
|  3.624% due 05/26/2030 (f) | 3000 | 3313 |
|  5.375% due 03/22/2031 | 3000 | 3496 |
|  5.375% due 06/07/2033 | 2000 | 2253 |
|  5.625% due 05/30/2037 | 3000 | 3267 |
|  6.125% due 10/07/2037 | 1000 | 1122 |
|  6.500% due 10/07/2045 | 1500 | 1658 |
|  7.500% due 02/10/2037 | 1500 | 1588 |
|  Total Romania (Cost $21,260) | Total Romania (Cost $21,260) | 22302 |
| SAUDI ARABIA 9.4% | SAUDI ARABIA 9.4% | SAUDI ARABIA 9.4% |
| CORPORATE BONDS & NOTES 3.1% | CORPORATE BONDS & NOTES 3.1% | CORPORATE BONDS & NOTES 3.1% |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  4.000% due 02/02/2029 | 3000 | 2941 |
|  4.375% due 02/02/2031 | 3000 | 2918 |
|  5.250% due 07/17/2034 | 3000 | 2992 |
|  5.750% due 07/17/2054 | 3000 | 2765 |
|  5.875% due 07/17/2064 | 4000 | 3647 |
|  |  | 15263 |
| SOVEREIGN ISSUES 6.3% | SOVEREIGN ISSUES 6.3% | SOVEREIGN ISSUES 6.3% |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  4.125% due 01/12/2029 | 3000 | 2962 |
|  4.750% due 01/18/2028 | 5000 | 5013 |
|  4.750% due 01/16/2030 | 5000 | 5001 |
|  4.875% due 07/18/2033 | 5000 | 4946 |
|  5.000% due 01/18/2053 | 2000 | 1695 |
|  5.125% due 01/13/2028 | 3000 | 3033 |
|  5.375% due 01/13/2031 | 500 | 511 |
|  5.750% due 01/16/2054 | 8000 | 7562 |
|  |  | 30723 |
|  Total Saudi Arabia (Cost $46,816) | Total Saudi Arabia (Cost $46,816) | 45986 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SERBIA 2.8% | SERBIA 2.8% | SERBIA 2.8% |
| SOVEREIGN ISSUES 2.8% | SOVEREIGN ISSUES 2.8% | SOVEREIGN ISSUES 2.8% |
|  Serbia International Bonds | Serbia International Bonds | Serbia International Bonds |
|  1.000% due 09/23/2028 | 3000 | 3206 |
|  1.500% due 06/26/2029 | 5400 | 5701 |
|  1.650% due 03/03/2033 | 150 | 141 |
|  2.050% due 09/23/2036 | 2500 | 2191 |
|  3.125% due 05/15/2027 | 1900 | 2174 |
|  Total Serbia (Cost $15,062) | Total Serbia (Cost $15,062) | 13413 |
| SOUTH AFRICA 12.4% | SOUTH AFRICA 12.4% | SOUTH AFRICA 12.4% |
| SOVEREIGN ISSUES 12.4% | SOVEREIGN ISSUES 12.4% | SOVEREIGN ISSUES 12.4% |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  7.000% due 02/28/2031 | 140200 | 7765 |
|  8.500% due 01/31/2037 | 519300 | 28685 |
|  8.875% due 02/28/2035 | 342700 | 19904 |
|  Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds |
|  5.750% due 09/30/2049 | 400 | 310 |
|  7.100% due 11/19/2036 | 2000 | 2045 |
|  7.950% due 11/19/2054 | 2000 | 1979 |
|  Total South Africa (Cost $56,839) | Total South Africa (Cost $56,839) | 60688 |
| TURKEY 1.0% | TURKEY 1.0% | TURKEY 1.0% |
| SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% | SOVEREIGN ISSUES 1.0% |
|  Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds |
|  7.625% due 05/15/2034 | 5000 | 5090 |
|  Total Turkey (Cost $4,927) | Total Turkey (Cost $4,927) | 5090 |
| UNITED ARAB EMIRATES 1.0% | UNITED ARAB EMIRATES 1.0% | UNITED ARAB EMIRATES 1.0% |
| CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% | CORPORATE BONDS & NOTES 0.4% |
|  Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. |
|  4.250% due 09/11/2029 | 2000 | 1971 |
| SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% | SOVEREIGN ISSUES 0.6% |
|  Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds |
|  2.700% due 09/02/2070 | 4500 | 2342 |
|  3.875% due 04/16/2050 | 793 | 596 |
|  |  | 2938 |
|  Total United Arab Emirates (Cost $7,365) | Total United Arab Emirates (Cost $7,365) | 4909 |
| UNITED STATES 4.2% | UNITED STATES 4.2% | UNITED STATES 4.2% |
| ASSET-BACKED SECURITIES 0.0% | ASSET-BACKED SECURITIES 0.0% | ASSET-BACKED SECURITIES 0.0% |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.393% due 03/25/2037 •  | 164 | 65 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.513% due 04/25/2037 •  | 193 | 51 |
|  |  | 116 |
| CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% | CORPORATE BONDS & NOTES 0.3% |
|  Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust |
|  8.200% due 04/06/2028 | 261 | 269 |
|  9.750% due 01/06/2027 | 1069 | 1093 |
|  |  | 1362 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.0% |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  4.309% due 02/25/2036 ~ | 3 | 3 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.531% due 03/25/2037 ~ | 10 | 9 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.592% due 09/25/2047 ~ | 4 | 4 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.957% due 07/25/2046 ~ | 6 | 6 |
|  6.033% due 03/25/2034 ~ | 1 | 1 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.153% due 12/25/2036 •  | 3 | 3 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  4.273% due 05/25/2037 •  | 78 | 31 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.385% due 06/25/2037 ~ | 73 | 32 |
|  4.393% due 03/25/2037 •  | 206 | 47 |
|  Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust |
|  3.848% due 04/25/2037 ~ | 13 | 11 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.634% due 06/25/2036 ~ | 2 | 2 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  3.928% due 01/20/2047 ~ | 4 | 3 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.134% due 05/25/2037 ~ | 15 | 13 |
|  3.534% due 01/25/2037 ~ | 13 | 11 |
|  3.649% due 04/25/2037 ~ | 9 | 8 |
|  4.108% due 12/25/2036 ~ | 29 | 26 |
|  4.260% due 12/25/2036 ~ | 8 | 8 |
|  4.445% due 09/25/2036 ~ | 12 | 11 |
|  |  | 229 |
| U.S. TREASURY OBLIGATIONS 3.9% | U.S. TREASURY OBLIGATIONS 3.9% | U.S. TREASURY OBLIGATIONS 3.9% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.625% due 05/15/2054 (h)(j) | 20000 | 19075 |
|  Total United States (Cost $21,695) | Total United States (Cost $21,695) | 20782 |
|  | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 0.9% | SHORT-TERM INSTRUMENTS 0.9% | SHORT-TERM INSTRUMENTS 0.9% |
| 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 |
|  3.720% (d) | 514440 | 514 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| U.S. TREASURY BILLS 0.8% | U.S. TREASURY BILLS 0.8% | U.S. TREASURY BILLS 0.8% |
|  3.662% due 04/07/2026 - 07/21/2026 (a)(b)(j) | 3843 | 3828 |
| Total Short-Term Instruments<br>(Cost $4,342) | Total Short-Term Instruments<br>(Cost $4,342) | 4342 |
| Total Investments in Securities<br>(Cost $457,919) | Total Investments in Securities<br>(Cost $457,919) | 452847 |
|  | **SHARES** |  |
| INVESTMENTS IN AFFILIATES 4.5% | INVESTMENTS IN AFFILIATES 4.5% | INVESTMENTS IN AFFILIATES 4.5% |
| SHORT-TERM INSTRUMENTS 4.5% | SHORT-TERM INSTRUMENTS 4.5% | SHORT-TERM INSTRUMENTS 4.5% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.5% |
|  PIMCO Short-Term Floating NAV Portfolio III | 2232233 | 21740 |
| Total Short-Term Instruments<br>(Cost $21,736) | Total Short-Term Instruments<br>(Cost $21,736) | 21740 |
| Total Investments in Affiliates<br>(Cost $21,736) | Total Investments in Affiliates<br>(Cost $21,736) | 21740 |
| Total Investments 97.2%<br>(Cost $479,655) | Total Investments 97.2%<br>(Cost $479,655) | 474587 |
|  Financial Derivative Instruments (g)(i) 2.9%<br> (Cost or Premiums, net $(1333)) |  | 14210 |
| Other Assets and Liabilities, net (0.1)% | Other Assets and Liabilities, net (0.1)% | (707) |
| Net Assets 100.0% | Net Assets 100.0% | 488090 |

---

44 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

#### 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.

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

(b) Zero coupon security.

(c) Principal amount of security is adjusted for inflation.

(d) Coupon represents a 7-Day Yield.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Drillco Holdings Luxembourg SA | 06/08/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2846 | 0.58% |

---

#### 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> | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BRC | 2.120% | 02/10/2026 | TBD<sup>(2)</sup> | EUR | (2164) | $(2509) |
|  | 2.150 | 02/09/2026 | TBD<sup>(2)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2042) | (2367) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4876) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 | $(4876) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4876) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4815 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4876) | $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 | $(4876) | $(4876) |
|  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;(4876) | $(4876) |
|  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;(4876) |

---

(f) Securities with an aggregate market value of $4,815 have been pledged as collateral under the terms of the above master agreements as of March 31, 2026.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended March 31, 2026 was $(1030) at a weighted average interest rate of 2.943%. 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 | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **45** |

---

------

Schedule of Investments PIMCO EM Bond and Short-Term Investments Portfolio (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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 |
|  Canada Government 10-Year Bond June Futures  | 06/2026 | 124 | $10697 | $(199) | $43 | $0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18715 | (277) | 24 | 0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 68 | 7551 | (155) | 16 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 29 | 3380 | (106) | 6 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(737) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | $&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 |
|  Euro-Bund June Futures  | 06/2026 | 13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1884) | $48 | $0 | $(14) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(689) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |

---

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(2)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(3)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(2)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(3)</sup> | Asset | Liability |
|  CDX.iTraxx Asia Ex-Japan 45 5-Year Index | 1.000% | Quarterly | 06/20/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | **Notional<br>Amount** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | **Notional<br>Amount** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Year BRL-CDI | 9.760% | Maturity | 01/04/2027 | BRL | 38500 | $0 | $(631) | $(631) | $10 | $0 |
|  Pay | 1-Year BRL-CDI | 10.145 | Maturity | 01/04/2027 |  | 32100 | 0 | (764) | (764) | 9 | 0 |
|  Pay | 1-Year BRL-CDI | 10.231 | Maturity | 01/04/2027 |  | 132400 | 0 | (3050) | (3050) | 35 | 0 |
|  Pay | 1-Year BRL-CDI | 12.198 | Maturity | 01/04/2027 |  | 30000 | 0 | (216) | (216) | 8 | 0 |
|  Pay | 1-Year BRL-CDI | 12.350 | Maturity | 01/04/2027 |  | 101000 | 0 | (612) | (612) | 27 | 0 |
|  Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 |  | 2000 | 0 | (4) | (4) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 |  | 1000 | 0 | (5) | (5) | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 13.415 | Maturity | 01/02/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441800 | 616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1549) | (933) | 512 | 0 |
|  Pay | 1-Year BRL-CDI | 13.681 | Maturity | 01/02/2031 |  | 62550 | (35) | 46 | 11 | 89 | 0 |
|  Pay | 1-Year BRL-CDI | 13.725 | Maturity | 01/02/2031 |  | 18450 | 0 | 10 | 10 | 29 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.750 | Lunar | 04/01/2030 | MXN | 60000 | 2 | (32) | (30) | 11 | 0 |
|  Receive | CAONREPO | 3.500 | Semi-Annual | 06/01/2032 | CAD | 16500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(317) | (82) | (399) | 0 | (29) |
|  |  |  |  |  |  |  | $266 | $(6889) | $(6623) | $730 | $(30) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  | $274 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6890) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6616) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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;89 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) |

---

(h) Securities with an aggregate market value of $1,968 and cash of $3,550 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2026. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

46 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

<sup>(1)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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> The maximum potential amount the Portfolio 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. 

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 04/2026 | 100291 | $73216 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118 | $0 |
|  | 04/2026 | 77551 | 46483 | 1918 | 0 |
|  | 04/2026 | 101 | 80 | 1 | 0 |
|  | 05/2026 | 9254 | 6339 | 0 | (44) |
|  BOA | 04/2026 | 21298 | 4069 | 0 | (43) |
|  | 04/2026 | 16841 | 2441 | 0 | (4) |
|  | 04/2026 | 1007088 | 6312 | 0 | (34) |
|  | 04/2026 | 1516577 | 1036 | 28 | 0 |
|  | 04/2026 | 13299 | 3596 | 14 | 0 |
|  | 04/2026 | 22793 | 17832 | 104 | 0 |
|  | 04/2026 | $4081 | 21298 | 31 | 0 |
|  | 04/2026 | 13 | 18 | 0 | 0 |
|  | 04/2026 | 860 | 5927 | 1 | 0 |
|  | 04/2026 | 791 | 14576 | 22 | 0 |
|  | 04/2026 | 11141 | 41152 | 0 | (56) |
|  | 04/2026 | 83 | 358 | 0 | (2) |
|  | 05/2026 | 117 | $27 | 0 | 0 |
|  | 05/2026 | $6312 | 1004055 | 33 | 0 |
|  | 06/2026 | 25879 | $8446 | 197 | 0 |
|  | 06/2026 | 86654 | 4834 | 29 | 0 |
|  | 06/2026 | 5623 | 1662 | 52 | 0 |
|  | 06/2026 | $4069 | 21581 | 43 | 0 |
|  | 06/2026 | 1214 | 3788 | 0 | (7) |
|  BPS | 04/2026 | 87991 | $16857 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(130) |
|  | 04/2026 | 5729 | 833 | 1 | 0 |
|  | 04/2026 | 1624602 | 17263 | 48 | 0 |
|  | 04/2026 | 7572310 | 5067 | 39 | (7) |
|  | 04/2026 | 5156 | 1385 | 0 | (4) |
|  | 04/2026 | 610915 | 18952 | 415 | (9) |
|  | 04/2026 | $7803 | 11114 | 0 | (135) |
|  | 04/2026 | 16630 | 87991 | 357 | 0 |
|  | 04/2026 | 64 | 48 | 0 | (1) |
|  | 04/2026 | 32530 | 550514327 | 2 | (101) |
|  | 04/2026 | 2276 | 7208 | 17 | 0 |
|  | 04/2026 | 35033 | 3266526 | 76 | (423) |
|  | 04/2026 | 1225 | 195300 | 6 | 0 |
|  | 04/2026 | 3464 | 5173653 | 7 | (30) |
|  | 04/2026 | 10324 | 37217 | 0 | (299) |
|  | 04/2026 | 69 | 297 | 0 | (2) |
|  | 04/2026 | 1406 | 12995 | 0 | (33) |
|  | 04/2026 | 210 | 270 | 0 | 0 |
|  | 04/2026 | 3 | 109 | 0 | 0 |
|  | 04/2026 | 15505 | 495491 | 0 | (41) |
|  | 04/2026 | 100875 | $5957 | 3 | 0 |
|  | 05/2026 | 7200 | 2276 | 0 | (17) |
|  | 05/2026 | 1300222 | 13742 | 0 | (56) |
|  | 05/2026 | 270 | 210 | 0 | 0 |
|  | 05/2026 | 298515 | 9264 | 0 | (42) |
|  | 05/2026 | $5370 | 28188 | 39 | 0 |
|  | 05/2026 | 6887 | 117224932 | 17 | 0 |
|  | 05/2026 | 1374 | 45106 | 0 | (3) |
|  | 06/2026 | 3977 | 66969825 | 0 | (39) |
|  | 06/2026 | 677 | 21712 | 0 | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **47** |

---

------

Schedule of Investments PIMCO EM Bond and Short-Term Investments Portfolio (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BRC | 04/2026 | 143 | $103 | $0 | $0 |
|  | 04/2026 | 4590556 | 100640 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1049) |
|  | 04/2026 | 741 | 23 | 0 | 0 |
|  | 04/2026 | $4092 | 14726 | 0 | (126) |
|  | 04/2026 | 5601 | 50821 | 0 | (233) |
|  | 04/2026 | 3 | 99 | 0 | 0 |
|  | 04/2026 | 119034 | 5436422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201 | 0 |
|  | 04/2026 | 3999 | 65446 | 0 | (137) |
|  | 05/2026 | 18445 | $23141 | 0 | (9) |
|  | 05/2026 | 349798 | 7511 | 0 | (38) |
|  | 05/2026 | $103 | 143 | 0 | 0 |
|  | 05/2026 | 316 | 1169759 | 0 | (1) |
|  | 05/2026 | 6850 | 317628 | 4 | 0 |
|  | 06/2026 | 439 | 401827 | 0 | (5) |
|  | 07/2026 | 1552388 | $409 | 0 | (3) |
|  | 08/2026 | 1194464 | 316 | 0 | 0 |
|  BSH | 04/2026 | 18111249 | 4738 | 0 | (188) |
|  | 04/2026 | 702 | 935 | 5 | 0 |
|  | 04/2026 | 5365115 | 33607 | 0 | (199) |
|  | 04/2026 | 65689 | 18862 | 0 | (15) |
|  | 04/2026 | $52628 | 91163 | 0 | (242) |
|  | 04/2026 | 18808 | 65689 | 69 | 0 |
|  | 04/2026 | 18725 | 67729 | 0 | (480) |
|  | 05/2026 | 91163 | $52687 | 245 | 0 |
|  | 05/2026 | $934 | 702 | 0 | (5) |
|  | 05/2026 | 33606 | 5348951 | 198 | 0 |
|  | 06/2026 | 542 | 1837 | 0 | (16) |
|  CBK | 04/2026 | 14453 | $10134 | 163 | 0 |
|  | 04/2026 | 5751 | 833 | 0 | (2) |
|  | 04/2026 | 2240556 | 586 | 0 | (24) |
|  | 04/2026 | 1465 | 1692 | 1 | (2) |
|  | 04/2026 | 10501 | 13952 | 52 | 0 |
|  | 04/2026 | 3291551 | 34963 | 202 | 0 |
|  | 04/2026 | 11395 | 1178 | 1 | 0 |
|  | 04/2026 | 80024 | 22912 | 0 | (84) |
|  | 04/2026 | 19160 | 2054 | 30 | 0 |
|  | 04/2026 | 463 | 15 | 1 | 0 |
|  | 04/2026 | 21852 | 685 | 3 | 0 |
|  | 04/2026 | $2603 | 17942 | 2 | 0 |
|  | 04/2026 | 4897 | 18128241 | 34 | 0 |
|  | 04/2026 | 378 | 327 | 0 | 0 |
|  | 04/2026 | 6638 | 4978 | 0 | (49) |
|  | 04/2026 | 89600 | 8277448 | 140 | (2059) |
|  | 04/2026 | 23110 | 80024 | 0 | (114) |
|  | 05/2026 | 3791447 | $1026 | 3 | 0 |
|  | 05/2026 | 11040 | 3184 | 20 | 0 |
|  | 06/2026 | 4157099 | 1103 | 0 | (11) |
|  | 06/2026 | 42217 | 13695 | 240 | 0 |
|  | 06/2026 | 49965 | 14376 | 79 | 0 |
|  | 06/2026 | $487 | 1810855 | 0 | (2) |
|  | 06/2026 | 1524 | 25610372 | 0 | (18) |
|  | 06/2026 | 24277 | 434126 | 0 | (192) |
|  | 07/2026 | 24226923 | $6385 | 0 | (54) |
|  | 07/2026 | 9423 | 2730 | 36 | 0 |
|  | 08/2026 | 33485011 | 8808 | 0 | (30) |
|  | 09/2026 | $433 | 1680693 | 8 | 0 |
|  | 09/2026 | 1601 | 28643 | 0 | (26) |
|  | 12/2026 | 30604 | $8734 | 59 | 0 |
|  | 01/2027 | 8316 | 2440 | 85 | 0 |
|  DUB | 04/2026 | 70003 | 10217 | 54 | 0 |
|  | 04/2026 | 38283 | 12367 | 187 | 0 |
|  | 04/2026 | 2236318 | 23614 | 46 | (49) |
|  | 04/2026 | $22181 | 32334 | 128 | 0 |
|  | 04/2026 | 4906 | 33929 | 20 | 0 |
|  | 04/2026 | 13 | 271 | 0 | 0 |
|  | 04/2026 | 31256 | 2938940 | 269 | (316) |
|  | 04/2026 | 127895 | 163373 | 0 | (826) |
|  | 04/2026 | 6085 | 198752 | 0 | (52) |
|  | 05/2026 | 32334 | $22172 | 0 | (128) |
|  | 05/2026 | 33847 | 4906 | 0 | (20) |

---

---

| | | |
|:---|:---|:---|
| **48** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2026 | 20405 | 104754 | $33 | $0 |
|  | 05/2026 | 163008 | $127895 | 819 | 0 |
|  | 06/2026 | 198347 | 6085 | 34 | 0 |
|  | 06/2026 | 322067 | 10119 | 97 | 0 |
|  | 06/2026 | $31162 | 544618 | 0 | (962) |
|  FAR | 04/2026 | 19043 | $13496 | 357 | 0 |
|  | 04/2026 | 19851 | 25721 | 895 | 0 |
|  | 04/2026 | 2851 | 3819 | 46 | 0 |
|  | 04/2026 | 6543117 | 40997 | 0 | (231) |
|  | 04/2026 | $7259 | 5396 | 0 | (117) |
|  | 04/2026 | 12217 | 1908921 | 0 | (189) |
|  | 04/2026 | 4545 | 16401 | 0 | (127) |
|  | 05/2026 | 11975 | $3784 | 0 | (30) |
|  | 05/2026 | $3819 | 2851 | 0 | (46) |
|  | 05/2026 | 40997 | 6523353 | 229 | 0 |
|  | 06/2026 | 28070 | $9134 | 188 | 0 |
|  | 06/2026 | 7460 | 2202 | 67 | 0 |
|  | 06/2026 | $12624 | 219928 | 0 | (428) |
|  | 09/2026 | 1300 | 22949 | 0 | (37) |
|  GLM | 04/2026 | 692745 | $132280 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1458) |
|  | 04/2026 | 50799 | 557 | 21 | 0 |
|  | 04/2026 | 70233 | 2157 | 25 | 0 |
|  | 04/2026 | $124420 | 692745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9318 | 0 |
|  | 04/2026 | 2330 | 15995 | 0 | (7) |
|  | 04/2026 | 800 | 13519683 | 0 | (4) |
|  | 04/2026 | 7575 | 139481 | 203 | 0 |
|  | 04/2026 | 5547 | 181440 | 0 | (40) |
|  | 04/2026 | 1 | 57 | 0 | 0 |
|  | 06/2026 | 33241450 | $1972 | 17 | 0 |
|  | 06/2026 | 30481 | 1700 | 9 | 0 |
|  | 06/2026 | 1755 | 500 | 0 | (2) |
|  | 06/2026 | 111009 | 3389 | 2 | 0 |
|  | 06/2026 | $12173 | 64775 | 168 | 0 |
|  | 06/2026 | 3417 | 57823772 | 0 | (17) |
|  | 06/2026 | 3834 | 66607 | 0 | (140) |
|  | 07/2026 | 2475 | $464 | 0 | (4) |
|  | 07/2026 | 167938 | 44 | 0 | (1) |
|  | 07/2026 | $120107 | 641742 | 1282 | 0 |
|  IND | 04/2026 | 61928 | $73124 | 1544 | 0 |
|  JPM | 04/2026 | 16181 | 11857 | 225 | 0 |
|  | 04/2026 | 11182 | 1619 | 0 | (5) |
|  | 04/2026 | 1091 | 1253 | 0 | (8) |
|  | 04/2026 | 2966007 | 1960 | 0 | (12) |
|  | 04/2026 | 12855 | 1323 | 0 | (5) |
|  | 04/2026 | 27279 | 7417 | 82 | (13) |
|  | 04/2026 | 17300 | 1851 | 23 | 0 |
|  | 04/2026 | 141346 | 112158 | 2221 | 0 |
|  | 04/2026 | $5159 | 35700 | 24 | 0 |
|  | 04/2026 | 1960 | 2966438 | 12 | 0 |
|  | 04/2026 | 2480 | 45695 | 69 | 0 |
|  | 04/2026 | 1464 | 14025 | 0 | (15) |
|  | 04/2026 | 3028 | 5172 | 0 | (56) |
|  | 04/2026 | 270 | 348 | 1 | 0 |
|  | 04/2026 | 9032 | 150826 | 0 | (131) |
|  | 04/2026 | 210433 | $12396 | 13 | (36) |
|  | 05/2026 | 35613 | 5159 | 0 | (24) |
|  | 05/2026 | 347 | 270 | 0 | (1) |
|  | 05/2026 | $38457 | 689362 | 0 | (141) |
|  | 06/2026 | 11107751 | $2939 | 0 | (35) |
|  | 06/2026 | 11670 | 3777 | 58 | 0 |
|  | 06/2026 | 95737 | 5337 | 28 | 0 |
|  | 06/2026 | $33 | 564799 | 0 | 0 |
|  | 06/2026 | 1147 | 3564 | 0 | (12) |
|  MBC | 04/2026 | 4345 | $5535 | 101 | 0 |
|  | 04/2026 | 113 | 130 | 0 | (1) |
|  | 04/2026 | 1076 | 1439 | 14 | 0 |
|  | 04/2026 | 47996807 | 2824 | 0 | (5) |
|  | 04/2026 | 3761 | 40 | 0 | 0 |
|  | 04/2026 | 2142417 | 13398 | 0 | (102) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **49** |

---

------

Schedule of Investments PIMCO EM Bond and Short-Term Investments Portfolio (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 | 5511 | $566 | $0 | $(3) |
|  | 04/2026 | 18784 | 11047 | 252 | 0 |
|  | 04/2026 | 28645 | 3073 | 47 | 0 |
|  | 04/2026 | 138073 | 4325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | 0 |
|  | 04/2026 | $5453 | 7791 | 0 | (78) |
|  | 04/2026 | 3779 | 2968 | 0 | (67) |
|  | 04/2026 | 516 | 445 | 0 | (2) |
|  | 04/2026 | 5606 | 4198 | 0 | (49) |
|  | 04/2026 | 40 | 3745 | 0 | 0 |
|  | 04/2026 | 18788 | 2940220 | 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(275) |
|  | 04/2026 | 8731 | 12854663 | 0 | (183) |
|  | 04/2026 | 1996 | 36849 | 58 | 0 |
|  | 04/2026 | 1497 | 14276 | 0 | (23) |
|  | 04/2026 | 206 | 264 | 0 | 0 |
|  | 05/2026 | 2492 | $2869 | 0 | (16) |
|  | 05/2026 | 264 | 206 | 0 | 0 |
|  | 05/2026 | $1438 | 1076 | 0 | (14) |
|  | 05/2026 | 13398 | 2135943 | 101 | 0 |
|  | 05/2026 | 126 | 1231 | 1 | 0 |
|  | 06/2026 | 12079 | $668 | 0 | (1) |
|  | 06/2026 | $2824 | 48110295 | 5 | 0 |
|  | 06/2026 | 709 | 12654 | 0 | (8) |
|  MYI | 04/2026 | 1087596 | $11454 | 0 | (31) |
|  | 04/2026 | 2267 | 641 | 30 | 0 |
|  | 04/2026 | $11454 | 1092750 | 174 | 0 |
|  | 04/2026 | 692 | 12608 | 11 | 0 |
|  | 06/2026 | 487470 | $29 | 0 | 0 |
|  | 06/2026 | $600 | 550004 | 0 | (5) |
|  NGF | 04/2026 | 152 | 1462 | 0 | (1) |
|  | 04/2026 | 34884 | 1596874 | 433 | 0 |
|  SCX | 04/2026 | 16 | $12 | 0 | 0 |
|  | 04/2026 | 58112 | 1796 | 31 | 0 |
|  | 04/2026 | $84217 | 116598 | 0 | (396) |
|  | 04/2026 | 9630 | 877165 | 0 | (367) |
|  | 04/2026 | 11028 | 1723790 | 0 | (166) |
|  | 04/2026 | 2468 | 3701704 | 0 | (6) |
|  | 04/2026 | 2444 | 8844 | 0 | (62) |
|  | 05/2026 | 116437 | $84217 | 394 | 0 |
|  | 06/2026 | 1530619 | 408 | 0 | (2) |
|  | 06/2026 | $5887 | 99252635 | 0 | (51) |
|  | 07/2026 | 5755830 | $1494 | 0 | (34) |
|  SOG | 04/2026 | 327 | 377 | 0 | (1) |
|  | 04/2026 | 14272 | 4090 | 0 | (11) |
|  | 04/2026 | 1118 | 258 | 5 | 0 |
|  | 04/2026 | $1788 | 1381 | 0 | (62) |
|  | 04/2026 | 74031 | 64152 | 119 | 0 |
|  | 04/2026 | 677 | 510 | 0 | (2) |
|  | 04/2026 | 53218 | 8280557 | 0 | (1042) |
|  | 04/2026 | 4086 | 14272 | 15 | 0 |
|  | 04/2026 | 135 | 1291 | 1 | 0 |
|  | 05/2026 | 64152 | $74147 | 0 | (116) |
|  | 05/2026 | 1289 | 135 | 0 | (1) |
|  | 05/2026 | $378 | 327 | 1 | 0 |
|  | 06/2026 | 21019 | $6873 | 173 | 0 |
|  | 06/2026 | 86988 | 25825 | 923 | 0 |
|  SSB | 04/2026 | 29406 | 20926 | 637 | 0 |
|  | 04/2026 | $62 | 9706 | 0 | (1) |
|  | 06/2026 | 10518 | $3011 | 0 | 0 |
|  UAG | 04/2026 | 13180 | 3582 | 32 | 0 |
|  | 04/2026 | $1700 | 2409 | 0 | (38) |
|  | 04/2026 | 1706 | 1339 | 0 | (31) |
|  | 04/2026 | 606 | 2247368 | 6 | 0 |
|  | 04/2026 | 16 | 332 | 0 | 0 |
|  | 04/2026 | 16426 | 59383 | 0 | (430) |
|  | 05/2026 | 717 | 2651763 | 0 | (2) |
|  | 06/2026 | 9283667 | $2449 | 0 | (37) |
|  | 06/2026 | 20251 | 6607 | 153 | 0 |
|  | 06/2026 | 14120 | 787 | 4 | 0 |
|  | 07/2026 | 2301886 | 606 | 0 | (6) |
|  | 08/2026 | 2707762 | 717 | 0 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30180 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16429) |

---

50 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | **Fixed<br>Receive Rate** | Payment<br>Frequency | Maturity<br>Date | **Implied<br>Credit Spread at<br>March 31, 2026<sup>(2)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Swap Agreements,<br>at Value<sup>(4)</sup> | Swap Agreements,<br>at Value<sup>(4)</sup> |
| Counterparty | Reference Entity | **Fixed<br>Receive Rate** | Payment<br>Frequency | Maturity<br>Date | **Implied<br>Credit Spread at<br>March 31, 2026<sup>(2)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
| BOA | Chile Government International Bonds | 1.000% | Quarterly | 12/20/2030 | 0.591% | $2000 | $46 | $(10) | $36 | $0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.728 | 400 | (18) | 19 | 1 | 0 |
| BPS | Chile Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 0.591 | 10000 | 234 | (54) | 180 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.040 | 2800 | (134) | 134 | 0 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.208 | 700 | (62) | 60 | 0 | (2) |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2028 | 0.581 | 3000 | (31) | 59 | 28 | 0 |
| BRC | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.869 | 2110 | (100) | 103 | 3 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.208 | 17000 | 15 | (68) | 0 | (53) |
|  | Indonesia Government International Bonds | 1.000 | Quarterly | 06/20/2031 | 1.025 | 11000 | 10 | (19) | 0 | (9) |
|  | Romania Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 1.548 | 10000 | (267) | 38 | 0 | (229) |
| CBK | Brazil Government International Bonds | 1.000 | Quarterly | 06/20/2035 | 2.130 | 5000 | (717) | 312 | 0 | (405) |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.869 | 2300 | (116) | 119 | 3 | 0 |
| GST | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.208 | 3500 | (312) | 301 | 0 | (11) |
|  | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 0.810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | 235 | (108) | 127 | 0 |
| JPM | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.750 | 2600 | 46 | (20) | 26 | 0 |
| MYC | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.208 | 4500 | (401) | 387 | 0 | (14) |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.728 | 800 | (35) | 37 | 2 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1607) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(723) |

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#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2026:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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> |
|  AZD | $3037 | $0 | $0 | $3037 | $(44) | $0 | $0 | $(44) | $2993 | $(2980) | $13 |
|  BOA | 554 | 0 | 37 | 591 | (146) | 0 | 0 | (146) | 445 | (420) | 25 |
|  BPS | 1027 | 0 | 208 | 1235 | (1373) | 0 | (2) | (1375) | (140) | 323 | 183 |
|  BRC | 1205 | 0 | 3 | 1208 | (1601) | 0 | (291) | (1892) | (684) | 600 | (84) |
|  BSH | 517 | 0 | 0 | 517 | (1145) | 0 | 0 | (1145) | (628) | 599 | (29) |
|  CBK | 1159 | 0 | 3 | 1162 | (2667) | 0 | (405) | (3072) | (1910) | 2468 | 558 |
|  DUB | 1687 | 0 | 0 | 1687 | (2353) | 0 | 0 | (2353) | (666) | 1094 | 428 |
|  FAR | 1782 | 0 | 0 | 1782 | (1205) | 0 | 0 | (1205) | 577 | (300) | 277 |
|  GLM | 11045 | 0 | 0 | 11045 | (1673) | 0 | 0 | (1673) | 9372 | (7500) | 1872 |
|  GST | 0 | 0 | 127 | 127 | 0 | 0 | (11) | (11) | 116 | (260) | (144) |
|  IND | 1544 | 0 | 0 | 1544 | 0 | 0 | 0 | 0 | 1544 | (2120) | (576) |
|  JPM | 2756 | 0 | 26 | 2782 | (494) | 0 | 0 | (494) | 2288 | (2310) | (22) |
|  MBC | 725 | 0 | 0 | 725 | (827) | 0 | 0 | (827) | (102) | 292 | 190 |
|  MYC | 0 | 0 | 2 | 2 | 0 | 0 | (14) | (14) | (12) | 0 | (12) |
|  MYI | 215 | 0 | 0 | 215 | (36) | 0 | 0 | (36) | 179 | 11 | 190 |
|  NGF | 433 | 0 | 0 | 433 | (1) | 0 | 0 | (1) | 432 | (260) | 172 |
|  SCX | 425 | 0 | 0 | 425 | (1084) | 0 | 0 | (1084) | (659) | 603 | (56) |
|  SOG | 1237 | 0 | 0 | 1237 | (1235) | 0 | 0 | (1235) | 2 | 279 | 281 |
|  SSB | 637 | 0 | 0 | 637 | (1) | 0 | 0 | (1) | 636 | (780) | (144) |
|  UAG | 195 | 0 | 0 | 195 | (544) | 0 | 0 | (544) | (349) | 301 | (48) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30180 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30586 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16429) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(723) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17152) |  |  |  |

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(j) Securities with an aggregate market value of $6,570 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2026.

<sup>(1)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **51** |

---

------

Schedule of Investments PIMCO EM Bond and Short-Term Investments Portfolio (Cont.)

<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 Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

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

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2026:

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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 | $0 | $0 | $89 | $89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 730 | 731 |
|  | $0 | $1 | $0 | $0 | $819 | $820 |
|  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 | $30180 | $0 | $30180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 406 | 0 | 0 | 0 | 406 |
|  | $0 | $406 | $0 | $30180 | $0 | $30586 |
|  | $0 | $407 | $0 | $30180 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819 | $31406 |
|  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 | $14 | $14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 30 | 30 |
|  | $0 | $0 | $0 | $0 | $44 | $44 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $16429 | $0 | $16429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 723 | 0 | 0 | 0 | 723 |
|  | $0 | $723 | $0 | $16429 | $0 | $17152 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16429 | $44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17196 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for 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 | $552 | $552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 15 | 0 | 0 | (54) | (39) |
|  | $0 | $15 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498 | $513 |
|  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 | $(5548) | $0 | $(5548) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (2523) | 0 | (2523) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 297 | 0 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1029 | 0 | 0 | 0 | 1029 |
|  | $0 | $1029 | $0 | $(7774) | $0 | $(6745) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7774) | $498 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6232 |

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52 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

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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** |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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 | $(891) | $(891) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1988) | (1986) |
|  | $0 | $2 | $0 | $0 | $(2879) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2877) |
|  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 | $8896 | $0 | $8896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 648 | 0 | 648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(159) | 0 | 0 | 0 | (159) |
|  | $0 | $(159) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9544 | $0 | $9385 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(157) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $9544 | $(2879) | $6508 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2026 |
|  Investments 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 |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $2296 | $0 | $2296 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 10677 | 0 | 10677 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 0 | 1163 | 1163 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2160 | 0 | 2160 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4699 | 0 | 4699 |
|  Colombia | Colombia | Colombia | Colombia | Colombia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2740 | 0 | 2740 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 68564 | 0 | 68564 |
|  Costa Rica | Costa Rica | Costa Rica | Costa Rica | Costa Rica |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2978 | 0 | 2978 |
|  Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2511 | 0 | 2511 |
|  India | India | India | India | India |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1797 | 0 | 1797 |
|  Indonesia | Indonesia | Indonesia | Indonesia | Indonesia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 181 | 0 | 181 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 10221 | 0 | 10221 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Sovereign Issues | 0 | 14128 | 0 | 14128 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4888 | 0 | 4888 |
|  Kuwait | Kuwait | Kuwait | Kuwait | Kuwait |
| &nbsp;&nbsp; Sovereign Issues | 0 | 8784 | 0 | 8784 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Common Stocks | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3967 | 3967 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 10784 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10784 |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10065 | 0 | 10065 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3495 | 0 | 3495 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 6250 | 0 | 6250 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 25842 | 0 | 25842 |
|  Paraguay | Paraguay | Paraguay | Paraguay | Paraguay |
| &nbsp;&nbsp; Sovereign Issues | 0 | 999 | 0 | 999 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Sovereign Issues | 0 | 64796 | 0 | 64796 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2013 | 0 | 2013 |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 617 | 0 | 617 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 8720 | 0 | 8720 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 22302 | 0 | 22302 |
|  Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia |
| &nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 15263 | 0 | 15263 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2026** |
| &nbsp;&nbsp; Sovereign Issues | $0 | $30723 | $0 | $30723 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 13413 | 0 | 13413 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Sovereign Issues | 0 | 60688 | 0 | 60688 |
|  Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp; Sovereign Issues | 0 | 5090 | 0 | 5090 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1971 | 0 | 1971 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2938 | 0 | 2938 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 116 | 0 | 116 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1362 | 0 | 1362 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 229 | 0 | 229 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 19075 | 0 | 19075 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 514 | 0 | 0 | 514 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 3828 | 0 | 3828 |
|  | $514 | $447203 | $5130 | $452847 |
|  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 | $21740 | $0 | $0 | $21740 |
|  Total Investments | $22254 | $447203 | $5130 | $474587 |
|  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 | 43 | 777 | 0 | 820 |
|  Over the counter | 0 | 30586 | 0 | 30586 |
|  | $43 | $31363 | $0 | $31406 |
|  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 | (14) | (30) | 0 | (44) |
|  Over the counter | 0 | (17152) | 0 | (17152) |
|  | $(14) | $(17182) | $0 | $(17196) |
|  Total Financial Derivative Instruments | $29 | $14181 | $0 | $14210 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22283 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461384 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5130 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488797 |

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See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 53

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Schedule of Investments PIMCO EM Bond and Short-Term Investments Portfolio (Cont.) March 31, 2026

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended March 31, 2026:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 03/31/2026 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2026<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 |
|  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 | $(7) | $0 | $0 | $1163 | $(7) |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Common Stocks | 4344 | 0 | 0 | 0 | 0 | (377) | 0 | 0 | 3967 | (377) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4344 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170 | $&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;(384) | $&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;5130 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(384) |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 03/31/2026 | Valuation<br>Technique | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 03/31/2026 | 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 | $1163 | Discounted Cash Flow | Discount Rate | 6.918 |  |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | 3967 | Indicative Market Quotation | Broker Quote | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.000 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5130 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | |
|:---|:---|:---|
| **54** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO High Yield and Short-Term Investments Portfolio March 31, 2026

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 94.8% | INVESTMENTS IN SECURITIES 94.8% | INVESTMENTS IN SECURITIES 94.8% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 6.7% | LOAN PARTICIPATIONS AND ASSIGNMENTS 6.7% | LOAN PARTICIPATIONS AND ASSIGNMENTS 6.7% |
|  B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
|  7.168% (TSFR1M + 3.500%) due 10/10/2029 ~ | 320 | 301 |
|  Cotiviti Corp. | Cotiviti Corp. | Cotiviti Corp. |
|  6.418% (TSFR1M + 2.750%) due 05/01/2031 ~ | 245 | 226 |
|  Envision Healthcare Corp. | Envision Healthcare Corp. | Envision Healthcare Corp. |
|  11.641% (TSFR3M + 7.875%) due 07/20/2026 «~ | 1092 | 1092 |
|  11.641% (TSFR3M + 7.875%) due 11/03/2028 «~ | 5190 | 5346 |
|  Finastra USA, Inc. | Finastra USA, Inc. | Finastra USA, Inc. |
|  7.671% (TSFR3M + 4.000%) due 09/15/2032 ~ | 325 | 306 |
|  Gray Television, Inc. | Gray Television, Inc. | Gray Television, Inc. |
|  8.918% (TSFR1M + 5.250%) due 06/04/2029 ~ | 2 | 2 |
|  Ineos U.S. Finance LLC | Ineos U.S. Finance LLC | Ineos U.S. Finance LLC |
|  6.668% (TSFR1M + 3.000%) due 02/07/2031 ~ | 15 | 13 |
|  6.918% (TSFR1M + 3.250%) due 02/18/2030 ~ | 543 | 476 |
|  McAfee LLC | McAfee LLC | McAfee LLC |
|  6.668% (TSFR1M + 3.000%) due 03/01/2029 ~ | 372 | 333 |
|  Mercury Aggregator LP | Mercury Aggregator LP | Mercury Aggregator LP |
|  TBD% due 04/03/2027 «~ | 222 | 0 |
|  Paradigm Parent LLC | Paradigm Parent LLC | Paradigm Parent LLC |
|  8.200% (TSFR3M + 4.500%) due 04/16/2032 ~ | 50 | 41 |
|  Peraton Corp. | Peraton Corp. | Peraton Corp. |
|  7.517% (TSFR3M + 3.750%) due 02/01/2028 ~ | 50 | 43 |
|  Renaissance Holding Corp. | Renaissance Holding Corp. | Renaissance Holding Corp. |
|  7.667% (TSFR3M + 4.000%) due 04/05/2030 ~ | 250 | 180 |
|  Stepstone Group Midco 2 GmbH | Stepstone Group Midco 2 GmbH | Stepstone Group Midco 2 GmbH |
|  8.199% (TSFR6M + 4.500%) due 12/19/2031 ~ | 531 | 467 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  5.918% (TSFR1M + 2.250%) due 03/22/2030 ~ | 295 | 295 |
|  6.168% (TSFR1M + 2.500%) due 02/28/2031 ~ | 493 | 493 |
|  6.168% (TSFR1M + 2.500%) due 01/19/2032 ~ | 50 | 50 |
|  6.168% (TSFR1M + 2.500%) due 08/19/2032 ~ | 100 | 100 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  8.782% (TSFR1M + 5.000%) due 06/28/2028 ~ | 349 | 329 |
|  Total Loan Participations and Assignments (Cost $10,273) | Total Loan Participations and Assignments (Cost $10,273) | 10093 |
| CORPORATE BONDS & NOTES 80.4% | CORPORATE BONDS & NOTES 80.4% | CORPORATE BONDS & NOTES 80.4% |
| BANKING & FINANCE 13.1% | BANKING & FINANCE 13.1% | BANKING & FINANCE 13.1% |
|  Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. |
|  6.750% due 07/01/2032 | 150 | 145 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
|  6.500% due 10/01/2031 | 525 | 516 |
|  7.000% due 01/15/2031 | 350 | 353 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. |
|  6.875% due 06/15/2030 | 250 | 254 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL |
|  4.625% due 06/01/2028 | 225 | 220 |
|  AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. |
|  6.375% due 02/15/2029 | 325 | 327 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Asurion LLC/Asurion Co-Issuer, Inc. | Asurion LLC/Asurion Co-Issuer, Inc. | Asurion LLC/Asurion Co-Issuer, Inc. |
|  8.000% due 12/31/2032 | 442 | 459 |
|  8.375% due 02/01/2034 | 366 | 356 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  8.000% due 05/25/2028 | 100 | 105 |
|  Black Pearl Compute LLC | Black Pearl Compute LLC | Black Pearl Compute LLC |
|  6.125% due 02/15/2031 | 100 | 102 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  8.500% due 08/14/2028 •(f)(g) | 200 | 208 |
|  Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC |
|  4.500% due 04/01/2027 | 125 | 123 |
|  Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
|  6.250% due 04/15/2028 | 500 | 471 |
|  CrossCountry Intermediate HoldCo LLC | CrossCountry Intermediate HoldCo LLC | CrossCountry Intermediate HoldCo LLC |
|  6.500% due 10/01/2030 | 100 | 95 |
|  Diversified Healthcare Trust | Diversified Healthcare Trust | Diversified Healthcare Trust |
|  4.375% due 03/01/2031 | 275 | 245 |
|  7.250% due 10/15/2030 | 175 | 177 |
|  EF Holdco/EF Cayman Holdings/Ellington Financial REIT Cayman/TRS/EF Cayman Non-MTM | EF Holdco/EF Cayman Holdings/Ellington Financial REIT Cayman/TRS/EF Cayman Non-MTM | EF Holdco/EF Cayman Holdings/Ellington Financial REIT Cayman/TRS/EF Cayman Non-MTM |
|  7.375% due 09/30/2030 | 125 | 120 |
|  Encore Capital Group, Inc. | Encore Capital Group, Inc. | Encore Capital Group, Inc. |
|  6.625% due 04/15/2031 | 100 | 100 |
|  8.500% due 05/15/2030 | 350 | 370 |
|  9.250% due 04/01/2029 | 100 | 105 |
|  Focus Financial Partners LLC | Focus Financial Partners LLC | Focus Financial Partners LLC |
|  6.750% due 09/15/2031 | 125 | 124 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  4.271% due 01/09/2027 | 25 | 25 |
|  5.918% due 03/20/2028 | 50 | 51 |
|  6.800% due 05/12/2028 | 50 | 51 |
|  Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. |
|  6.625% due 01/15/2027 | 800 | 799 |
|  Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
|  6.875% due 05/01/2031 | 550 | 515 |
|  9.250% due 02/01/2029 | 125 | 127 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  6.125% due 01/15/2031 | 200 | 188 |
|  FTAI Aviation Investors LLC | FTAI Aviation Investors LLC | FTAI Aviation Investors LLC |
|  5.500% due 05/01/2028 | 50 | 50 |
|  7.000% due 05/01/2031 | 450 | 462 |
|  Howard Hughes Corp. | Howard Hughes Corp. | Howard Hughes Corp. |
|  5.875% due 03/01/2032 | 50 | 48 |
|  HUB International Ltd. | HUB International Ltd. | HUB International Ltd. |
|  5.625% due 12/01/2029 | 25 | 24 |
|  7.250% due 06/15/2030 | 425 | 436 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  5.950% due 02/15/2028 | 200 | 190 |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
|  10.000% due 11/15/2029 | 275 | 271 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  4.198% due 06/01/2032 •  | 400 | 374 |
|  ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. |
|  7.875% due 09/30/2032 | 500 | 388 |
|  ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL |
|  9.500% due 05/30/2029 | 300 | 283 |
|  Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. |
|  5.000% due 07/15/2032 | 375 | 354 |
|  Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. |
|  4.500% due 02/15/2031 | 75 | 70 |
|  4.875% due 09/15/2027 | 175 | 175 |
|  5.250% due 03/15/2028 | 50 | 50 |
|  5.250% due 07/15/2030 | 50 | 49 |
|  5.625% due 07/15/2032 | 175 | 170 |
|  Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. |
|  4.500% due 11/15/2029 | 500 | 485 |
|  6.125% due 11/01/2032 | 150 | 148 |
|  6.750% due 05/01/2033 | 275 | 279 |
|  7.125% due 04/30/2031 | 275 | 283 |
|  Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC |
|  9.500% due 02/15/2029 | 100 | 105 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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. |
|  4.750% due 06/15/2029 | 75 | 73 |
|  7.000% due 07/15/2031 | 150 | 155 |
|  Millrose Properties, Inc. | Millrose Properties, Inc. | Millrose Properties, Inc. |
|  6.250% due 09/15/2032 | 175 | 172 |
|  6.375% due 08/01/2030 | 175 | 175 |
|  MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. |
|  8.500% due 02/15/2032 | 175 | 178 |
|  Navient Corp. | Navient Corp. | Navient Corp. |
|  5.000% due 03/15/2027 | 200 | 196 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 | 600 | 629 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  1.850% due 09/16/2026 | 50 | 49 |
|  5.625% due 09/29/2028 | 325 | 319 |
|  6.125% due 09/30/2030 | 500 | 481 |
|  6.950% due 09/15/2026 | 75 | 75 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  3.500% due 01/15/2027 | 75 | 74 |
|  5.375% due 11/15/2029 | 150 | 145 |
|  6.125% due 05/15/2030 | 925 | 905 |
|  Osaic Holdings, Inc. | Osaic Holdings, Inc. | Osaic Holdings, Inc. |
|  6.750% due 08/01/2032 | 50 | 50 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (e) | 150 | 117 |
|  Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC |
|  7.125% due 06/01/2031 | 675 | 678 |
|  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 | 225 | 216 |
|  Pebblebrook Hotel LP/PEB Finance Corp. | Pebblebrook Hotel LP/PEB Finance Corp. | Pebblebrook Hotel LP/PEB Finance Corp. |
|  6.375% due 10/15/2029 | 150 | 150 |
|  PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
|  5.750% due 09/15/2031 | 375 | 347 |
|  7.125% due 11/15/2030 | 275 | 273 |
|  7.875% due 12/15/2029 | 100 | 102 |
|  PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. |
|  8.875% due 01/31/2030 | 25 | 25 |
|  Rfna LP | Rfna LP | Rfna LP |
|  7.875% due 02/15/2030 | 75 | 72 |
|  RHP Hotel Properties LP/RHP Finance Corp. | RHP Hotel Properties LP/RHP Finance Corp. | RHP Hotel Properties LP/RHP Finance Corp. |
|  6.500% due 04/01/2032 | 350 | 357 |
|  6.500% due 06/15/2033 | 25 | 25 |
|  RLJ Lodging Trust LP | RLJ Lodging Trust LP | RLJ Lodging Trust LP |
|  3.750% due 07/01/2026 | 50 | 50 |
|  4.000% due 09/15/2029 | 175 | 164 |
|  Rocket Cos., Inc. | Rocket Cos., Inc. | Rocket Cos., Inc. |
|  6.125% due 08/01/2030 | 275 | 278 |
|  Service Properties Trust | Service Properties Trust | Service Properties Trust |
|  0.000% due 09/30/2028 (e) | 275 | 251 |
|  SLM Corp. | SLM Corp. | SLM Corp. |
|  6.500% due 01/31/2030 | 25 | 25 |
|  Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
|  4.375% due 01/15/2027 | 25 | 25 |
|  6.000% due 04/15/2030 | 75 | 75 |
|  6.500% due 07/01/2030 | 125 | 128 |
|  6.500% due 10/15/2030 | 75 | 76 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  9.250% due 11/13/2028 •(f)(g) | 100 | 107 |
|  USI, Inc. | USI, Inc. | USI, Inc. |
|  7.500% due 01/15/2032 | 226 | 229 |
|  UWM Holdings LLC | UWM Holdings LLC | UWM Holdings LLC |
|  6.250% due 03/15/2031 | 125 | 114 |
|  VFH Parent LLC/Valor Co-Issuer, Inc. | VFH Parent LLC/Valor Co-Issuer, Inc. | VFH Parent LLC/Valor Co-Issuer, Inc. |
|  7.500% due 06/15/2031 | 150 | 154 |
|  Vornado Realty LP | Vornado Realty LP | Vornado Realty LP |
|  3.400% due 06/01/2031 | 100 | 89 |
|  5.750% due 02/01/2033 | 50 | 49 |
|  Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC |
|  8.500% due 05/09/2026 ^«(c) | 130 | 0 |
|  WULF Compute LLC | WULF Compute LLC | WULF Compute LLC |
|  7.750% due 10/15/2030 | 200 | 211 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **55** |

---

------

Schedule of Investments PIMCO High Yield and Short-Term Investments Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  XHR LP | XHR LP | XHR LP |
|  6.625% due 05/15/2030 | 75 | 76 |
|  |  | 19564 |
| INDUSTRIALS 62.7% | INDUSTRIALS 62.7% | INDUSTRIALS 62.7% |
|  1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. |
|  3.500% due 02/15/2029 | 575 | 549 |
|  4.000% due 10/15/2030 | 690 | 649 |
|  1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. |
|  10.000% due 04/15/2032 | 1025 | 1050 |
|  Acadia Healthcare Co., Inc. | Acadia Healthcare Co., Inc. | Acadia Healthcare Co., Inc. |
|  5.000% due 04/15/2029 | 25 | 24 |
|  ADT Security Corp. | ADT Security Corp. | ADT Security Corp. |
|  4.125% due 08/01/2029 | 400 | 382 |
|  5.875% due 10/15/2033 | 225 | 218 |
|  Advance Auto Parts, Inc. | Advance Auto Parts, Inc. | Advance Auto Parts, Inc. |
|  3.500% due 03/15/2032 | 95 | 82 |
|  7.000% due 08/01/2030 | 195 | 198 |
|  7.375% due 08/01/2033 | 175 | 177 |
|  Advanced Drainage Systems, Inc. | Advanced Drainage Systems, Inc. | Advanced Drainage Systems, Inc. |
|  5.375% due 03/01/2034 | 50 | 49 |
|  Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. |
|  9.000% due 11/15/2030 | 47 | 35 |
|  Ahlstrom Holding 3 OYJ | Ahlstrom Holding 3 OYJ | Ahlstrom Holding 3 OYJ |
|  4.875% due 02/04/2028 | 425 | 416 |
|  Albertsons Cos., Inc. | Albertsons Cos., Inc. | Albertsons Cos., Inc. |
|  5.625% due 03/31/2032 | 300 | 296 |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC |
|  4.875% due 02/15/2030 | 325 | 318 |
|  5.750% due 03/31/2034 | 225 | 220 |
|  Albion Financing 1 SARL/Aggreko Holdings, Inc. | Albion Financing 1 SARL/Aggreko Holdings, Inc. | Albion Financing 1 SARL/Aggreko Holdings, Inc. |
|  7.000% due 05/21/2030 | 700 | 716 |
|  Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC |
|  7.875% due 02/15/2031 | 300 | 310 |
|  Allison Transmission, Inc. | Allison Transmission, Inc. | Allison Transmission, Inc. |
|  3.750% due 01/30/2031 | 225 | 210 |
|  Altice France SA | Altice France SA | Altice France SA |
|  9.500% due 11/01/2029 | 95 | 96 |
|  Alumina Pty. Ltd. | Alumina Pty. Ltd. | Alumina Pty. Ltd. |
|  6.125% due 03/15/2030 | 275 | 281 |
|  AMC Networks, Inc. | AMC Networks, Inc. | AMC Networks, Inc. |
|  10.500% due 07/15/2032 | 212 | 209 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.375% due 11/01/2028 | 47 | 47 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
|  5.500% due 04/20/2026 | 17 | 17 |
|  5.750% due 04/20/2029 | 800 | 796 |
|  American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. |
|  5.000% due 10/01/2029 | 25 | 24 |
|  6.875% due 07/01/2028 | 16 | 16 |
|  American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. |
|  3.875% due 11/15/2029 | 225 | 213 |
|  4.000% due 01/15/2028 | 275 | 270 |
|  APi Group DE, Inc. | APi Group DE, Inc. | APi Group DE, Inc. |
|  4.125% due 07/15/2029 | 275 | 262 |
|  APLD ComputeCo 2 LLC | APLD ComputeCo 2 LLC | APLD ComputeCo 2 LLC |
|  6.750% due 03/15/2031 | 175 | 174 |
|  Aramark Services, Inc. | Aramark Services, Inc. | Aramark Services, Inc. |
|  5.000% due 02/01/2028 | 250 | 249 |
|  Arcosa, Inc. | Arcosa, Inc. | Arcosa, Inc. |
|  6.875% due 08/15/2032 | 150 | 154 |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |
|  3.250% due 09/01/2028 | 100 | 95 |
|  6.250% due 01/30/2031 | 50 | 50 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp. | Ascent Resources Utica Holdings LLC/ARU Finance Corp. | Ascent Resources Utica Holdings LLC/ARU Finance Corp. |
|  6.625% due 10/15/2032 | 275 | 279 |
|  Ashton Woods USA LLC/Ashton Woods Finance Co. | Ashton Woods USA LLC/Ashton Woods Finance Co. | Ashton Woods USA LLC/Ashton Woods Finance Co. |
|  6.875% due 08/01/2033 | 100 | 97 |
|  Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. |
|  10.000% due 03/31/2029 | 175 | 132 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Avis Budget Car Rental LLC/Avis Budget Finance, Inc. | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |
|  4.750% due 04/01/2028 | 275 | 269 |
|  5.375% due 03/01/2029 | 75 | 72 |
|  5.750% due 07/15/2027 | 72 | 72 |
|  Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
|  6.125% due 03/15/2030 | 100 | 102 |
|  6.250% due 03/15/2033 | 175 | 179 |
|  B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
|  8.000% due 09/15/2028 | 225 | 222 |
|  Ball Corp. | Ball Corp. | Ball Corp. |
|  2.875% due 08/15/2030 | 75 | 68 |
|  3.125% due 09/15/2031 | 25 | 23 |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
|  8.375% due 10/01/2028 | 375 | 388 |
|  Beacon Mobility Corp. | Beacon Mobility Corp. | Beacon Mobility Corp. |
|  7.250% due 08/01/2030 | 175 | 181 |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 350 | 360 |
|  BioMarin Pharmaceutical, Inc. | BioMarin Pharmaceutical, Inc. | BioMarin Pharmaceutical, Inc. |
|  5.500% due 02/15/2034 | 25 | 25 |
|  BKV Upstream Midstream LLC | BKV Upstream Midstream LLC | BKV Upstream Midstream LLC |
|  7.500% due 10/15/2030 | 50 | 51 |
|  Block, Inc. | Block, Inc. | Block, Inc. |
|  2.750% due 06/01/2026 | 200 | 199 |
|  3.500% due 06/01/2031 | 525 | 478 |
|  5.625% due 08/15/2030 | 225 | 224 |
|  6.000% due 08/15/2033 | 175 | 172 |
|  6.500% due 05/15/2032 | 250 | 252 |
|  Bombardier, Inc. | Bombardier, Inc. | Bombardier, Inc. |
|  8.750% due 11/15/2030 | 150 | 160 |
|  Boyd Gaming Corp. | Boyd Gaming Corp. | Boyd Gaming Corp. |
|  4.750% due 12/01/2027 | 75 | 74 |
|  Brink's Co. | Brink's Co. | Brink's Co. |
|  4.625% due 10/15/2027 | 75 | 74 |
|  Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
|  4.250% due 02/01/2032 | 325 | 300 |
|  6.750% due 05/15/2035 | 175 | 175 |
|  BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. |
|  4.125% due 06/30/2028 | 125 | 122 |
|  4.125% due 04/15/2029 | 125 | 120 |
|  CACI International, Inc. | CACI International, Inc. | CACI International, Inc. |
|  6.375% due 06/15/2033 | 100 | 102 |
|  Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |
|  6.000% due 10/15/2032 | 50 | 46 |
|  6.500% due 02/15/2032 | 225 | 223 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  5.125% due 05/01/2029 | 25 | 25 |
|  5.750% due 03/15/2030 | 275 | 277 |
|  5.750% due 08/01/2032 | 500 | 500 |
|  5.875% due 06/15/2031 | 200 | 203 |
|  Carpenter Technology Corp. | Carpenter Technology Corp. | Carpenter Technology Corp. |
|  5.625% due 03/01/2034 | 125 | 124 |
|  Carvana Co. | Carvana Co. | Carvana Co. |
|  9.000% due 06/01/2030 | 200 | 208 |
|  9.000% due 06/01/2031 | 154 | 166 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. |
|  4.250% due 01/15/2034 | 50 | 43 |
|  4.500% due 05/01/2032 | 300 | 268 |
|  4.750% due 02/01/2032 | 925 | 837 |
|  5.000% due 02/01/2028 | 75 | 74 |
|  5.125% due 05/01/2027 | 31 | 31 |
|  7.000% due 02/01/2033 | 325 | 326 |
|  7.375% due 02/01/2036 | 125 | 125 |
|  Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC |
|  6.500% due 04/15/2030 | 300 | 306 |
|  Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. | Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. | Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. |
|  8.000% due 06/15/2029 | 125 | 93 |
|  Central Parent, Inc./CDK Global, Inc. | Central Parent, Inc./CDK Global, Inc. | Central Parent, Inc./CDK Global, Inc. |
|  7.250% due 06/15/2029 | 50 | 36 |
|  Cerdia Finanz GmbH | Cerdia Finanz GmbH | Cerdia Finanz GmbH |
|  9.375% due 10/03/2031 | 500 | 498 |
|  Champ Acquisition Corp. | Champ Acquisition Corp. | Champ Acquisition Corp. |
|  8.375% due 12/01/2031 | 50 | 53 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Chart Industries, Inc. | Chart Industries, Inc. | Chart Industries, Inc. |
|  9.500% due 01/01/2031 | 50 | 53 |
|  Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. |
|  4.625% due 11/15/2028 | 75 | 74 |
|  Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
|  6.000% due 10/01/2030 | 225 | 228 |
|  6.750% due 03/15/2033 | 300 | 310 |
|  CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. |
|  5.250% due 05/15/2030 | 425 | 401 |
|  6.000% due 01/15/2029 | 225 | 223 |
|  6.125% due 04/01/2030 | 100 | 87 |
|  6.875% due 04/15/2029 | 75 | 72 |
|  9.750% due 01/15/2034 | 450 | 468 |
|  10.875% due 01/15/2032 | 220 | 236 |
|  Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. |
|  4.750% due 01/15/2028 | 575 | 568 |
|  Cimpress PLC | Cimpress PLC | Cimpress PLC |
|  7.375% due 09/15/2032 | 100 | 99 |
|  Cipher Compute LLC | Cipher Compute LLC | Cipher Compute LLC |
|  7.125% due 11/15/2030 | 50 | 52 |
|  Clarios Global LP/Clarios U.S. Finance Co. | Clarios Global LP/Clarios U.S. Finance Co. | Clarios Global LP/Clarios U.S. Finance Co. |
|  6.750% due 02/15/2030 | 50 | 51 |
|  Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. |
|  7.000% due 03/15/2032 | 450 | 436 |
|  7.500% due 09/15/2031 | 115 | 115 |
|  7.625% due 01/15/2034 | 200 | 196 |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
|  6.500% due 03/31/2029 | 750 | 732 |
|  8.250% due 06/30/2032 | 400 | 380 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  6.750% due 04/15/2032 | 275 | 261 |
|  6.875% due 01/15/2030 | 475 | 462 |
|  CNX Midstream Partners LP | CNX Midstream Partners LP | CNX Midstream Partners LP |
|  4.750% due 04/15/2030 | 200 | 190 |
|  CNX Resources Corp. | CNX Resources Corp. | CNX Resources Corp. |
|  7.250% due 03/01/2032 | 75 | 77 |
|  Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. |
|  6.500% due 07/01/2032 | 375 | 327 |
|  7.000% due 06/15/2027 | 225 | 222 |
|  Coherent Corp. | Coherent Corp. | Coherent Corp. |
|  5.000% due 12/15/2029 | 425 | 417 |
|  Columbus McKinnon Corp. | Columbus McKinnon Corp. | Columbus McKinnon Corp. |
|  7.125% due 02/01/2033 | 250 | 250 |
|  Commercial Metals Co. | Commercial Metals Co. | Commercial Metals Co. |
|  5.750% due 11/15/2033 | 175 | 173 |
|  CompoSecure Holdings LLC | CompoSecure Holdings LLC | CompoSecure Holdings LLC |
|  5.625% due 02/01/2033 | 100 | 98 |
|  Comstock Resources, Inc. | Comstock Resources, Inc. | Comstock Resources, Inc. |
|  5.875% due 01/15/2030 | 50 | 48 |
|  6.750% due 03/01/2029 | 275 | 271 |
|  CoreWeave, Inc. | CoreWeave, Inc. | CoreWeave, Inc. |
|  9.000% due 02/01/2031 | 350 | 333 |
|  9.250% due 06/01/2030 | 200 | 195 |
|  CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC |
|  5.500% due 06/15/2031 | 350 | 341 |
|  Crescent Energy Finance LLC | Crescent Energy Finance LLC | Crescent Energy Finance LLC |
|  7.375% due 01/15/2033 | 225 | 225 |
|  7.625% due 04/01/2032 | 50 | 51 |
|  7.875% due 04/15/2032 | 25 | 26 |
|  8.375% due 01/15/2034 | 25 | 26 |
|  Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. |
|  3.000% due 02/15/2029 | 300 | 286 |
|  Crown Americas LLC | Crown Americas LLC | Crown Americas LLC |
|  5.875% due 06/01/2033 | 150 | 150 |
|  CVR Energy, Inc. | CVR Energy, Inc. | CVR Energy, Inc. |
|  7.500% due 02/15/2031 | 100 | 101 |
|  Cyprium Corp./Cyprium Holdings Luxembourg SARL | Cyprium Corp./Cyprium Holdings Luxembourg SARL | Cyprium Corp./Cyprium Holdings Luxembourg SARL |
|  6.125% due 04/15/2031 | 75 | 74 |
|  6.375% due 04/15/2034 | 75 | 73 |
|  Czechoslovak Group AS | Czechoslovak Group AS | Czechoslovak Group AS |
|  6.500% due 01/10/2031 | 400 | 409 |
|  Danaos Corp. | Danaos Corp. | Danaos Corp. |
|  6.875% due 10/15/2032 | 150 | 153 |

---

---

| | | |
|:---|:---|:---|
| **56** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  DaVita, Inc. | DaVita, Inc. | DaVita, Inc. |
|  6.750% due 07/15/2033 | 475 | 484 |
|  6.875% due 09/01/2032 | 100 | 103 |
|  Dcli Bidco LLC | Dcli Bidco LLC | Dcli Bidco LLC |
|  7.750% due 11/15/2029 | 100 | 101 |
|  Deluxe Corp. | Deluxe Corp. | Deluxe Corp. |
|  8.125% due 09/15/2029 | 50 | 52 |
|  Diamond Foreign Asset Co./Diamond Finance LLC | Diamond Foreign Asset Co./Diamond Finance LLC | Diamond Foreign Asset Co./Diamond Finance LLC |
|  8.500% due 10/01/2030 | 270 | 285 |
|  Diebold Nixdorf, Inc. | Diebold Nixdorf, Inc. | Diebold Nixdorf, Inc. |
|  7.750% due 03/31/2030 | 75 | 78 |
|  Directv Financing LLC | Directv Financing LLC | Directv Financing LLC |
|  8.875% due 02/01/2030 | 25 | 25 |
|  Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC |
|  3.625% due 05/15/2030 | 75 | 70 |
|  3.950% due 03/20/2028 | 150 | 147 |
|  Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. |
|  3.755% due 03/15/2027 | 100 | 99 |
|  4.054% due 03/15/2029 | 150 | 145 |
|  4.279% due 03/15/2032 | 275 | 244 |
|  5.050% due 03/15/2042 | 475 | 314 |
|  DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
|  5.750% due 12/01/2028 | 25 | 24 |
|  DISH Network Corp. | DISH Network Corp. | DISH Network Corp. |
|  11.750% due 11/15/2027 | 300 | 309 |
|  EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
|  10.750% due 11/30/2029 | 575 | 621 |
|  EchoStar Corp. (6.750% Cash or 6.750% PIK) | EchoStar Corp. (6.750% Cash or 6.750% PIK) | EchoStar Corp. (6.750% Cash or 6.750% PIK) |
|  6.750% due 11/30/2030 (b) | 250 | 253 |
|  Efesto Bidco SpA Efesto U.S. LLC | Efesto Bidco SpA Efesto U.S. LLC | Efesto Bidco SpA Efesto U.S. LLC |
|  7.500% due 02/15/2032 | 275 | 274 |
|  Ellucian Holdings, Inc. | Ellucian Holdings, Inc. | Ellucian Holdings, Inc. |
|  6.500% due 12/01/2029 | 175 | 171 |
|  Energizer Holdings, Inc. | Energizer Holdings, Inc. | Energizer Holdings, Inc. |
|  4.750% due 06/15/2028 | 25 | 25 |
|  Esab Corp. | Esab Corp. | Esab Corp. |
|  5.625% due 04/01/2031 | 125 | 126 |
|  Excelerate Energy LP | Excelerate Energy LP | Excelerate Energy LP |
|  8.000% due 05/15/2030 | 100 | 105 |
|  Fair Isaac Corp. | Fair Isaac Corp. | Fair Isaac Corp. |
|  6.250% due 09/15/2034 | 250 | 246 |
|  Fibercop SpA | Fibercop SpA | Fibercop SpA |
|  6.000% due 09/30/2034 | 25 | 24 |
|  6.375% due 11/15/2033 | 125 | 124 |
|  7.200% due 07/18/2036 | 50 | 50 |
|  First Student Bidco, Inc./First Transit Parent, Inc. | First Student Bidco, Inc./First Transit Parent, Inc. | First Student Bidco, Inc./First Transit Parent, Inc. |
|  4.000% due 07/31/2029 | 325 | 311 |
|  Flora Food Management BV | Flora Food Management BV | Flora Food Management BV |
|  7.500% due 10/31/2030 | 125 | 143 |
|  Fortescue Treasury Pty. Ltd. | Fortescue Treasury Pty. Ltd. | Fortescue Treasury Pty. Ltd. |
|  4.375% due 04/01/2031 | 70 | 66 |
|  4.500% due 09/15/2027 | 200 | 198 |
|  5.875% due 04/15/2030 | 63 | 64 |
|  Fortress Intermediate 3, Inc. | Fortress Intermediate 3, Inc. | Fortress Intermediate 3, Inc. |
|  7.500% due 06/01/2031 | 275 | 274 |
|  Froneri Lux FinCo SARL | Froneri Lux FinCo SARL | Froneri Lux FinCo SARL |
|  6.000% due 08/01/2032 | 150 | 146 |
|  Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
|  6.000% due 01/15/2030 | 350 | 352 |
|  Gap, Inc. | Gap, Inc. | Gap, Inc. |
|  3.625% due 10/01/2029 | 400 | 374 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  4.000% due 08/01/2028 | 100 | 97 |
|  4.375% due 08/15/2029 | 375 | 365 |
|  Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
|  7.375% due 10/01/2032 | 100 | 104 |
|  Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. |
|  7.125% due 07/01/2033 | 50 | 50 |
|  8.250% due 01/15/2032 | 100 | 104 |
|  Goat Holdco LLC | Goat Holdco LLC | Goat Holdco LLC |
|  6.750% due 02/01/2032 | 475 | 478 |
|  goeasy Ltd. | goeasy Ltd. | goeasy Ltd. |
|  6.875% due 02/15/2031 | 50 | 40 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.375% due 10/01/2030 | $| 150 | 124 |
|  9.250% due 12/01/2028 |  | 50 | 47 |
|  Goodyear Tire & Rubber Co. | Goodyear Tire & Rubber Co. | Goodyear Tire & Rubber Co. | Goodyear Tire & Rubber Co. |
|  5.250% due 07/15/2031 |  | 25 | 22 |
|  5.625% due 04/30/2033 |  | 25 | 22 |
|  Graham Holdings Co. | Graham Holdings Co. | Graham Holdings Co. | Graham Holdings Co. |
|  5.625% due 12/01/2033 |  | 150 | 147 |
|  Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC |
|  4.750% due 07/15/2027 |  | 25 | 25 |
|  Gray Media, Inc. | Gray Media, Inc. | Gray Media, Inc. | Gray Media, Inc. |
|  4.750% due 10/15/2030 |  | 150 | 116 |
|  5.375% due 11/15/2031 |  | 275 | 204 |
|  9.625% due 07/15/2032 |  | 150 | 150 |
|  10.500% due 07/15/2029 |  | 68 | 72 |
|  Great Canadian Gaming Corp./Raptor LLC | Great Canadian Gaming Corp./Raptor LLC | Great Canadian Gaming Corp./Raptor LLC | Great Canadian Gaming Corp./Raptor LLC |
|  8.750% due 11/15/2029 |  | 50 | 49 |
|  GSG Bidco Ltd. | GSG Bidco Ltd. | GSG Bidco Ltd. | GSG Bidco Ltd. |
|  5.375% due 06/15/2036 | EUR | 175 | 201 |
|  Gulfport Energy Operating Corp. | Gulfport Energy Operating Corp. | Gulfport Energy Operating Corp. | Gulfport Energy Operating Corp. |
|  6.750% due 09/01/2029 | $| 75 | 77 |
|  HealthEquity, Inc. | HealthEquity, Inc. | HealthEquity, Inc. | HealthEquity, Inc. |
|  4.500% due 10/01/2029 |  | 75 | 73 |
|  Hertz Corp. | Hertz Corp. | Hertz Corp. | Hertz Corp. |
|  12.625% due 07/15/2029 |  | 75 | 66 |
|  Hess Midstream Operations LP | Hess Midstream Operations LP | Hess Midstream Operations LP | Hess Midstream Operations LP |
|  5.875% due 03/01/2028 |  | 75 | 76 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  3.625% due 02/15/2032 |  | 800 | 728 |
|  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. | Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. |
|  4.875% due 07/01/2031 |  | 300 | 271 |
|  Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
|  7.375% due 07/15/2032 |  | 275 | 285 |
|  IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK) | IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK) | IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK) | IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK) |
|  6.375% due 05/15/2029 (b) |  | 50 | 50 |
|  IHO Verwaltungs GmbH (7.750% Cash or 8.500% PIK) | IHO Verwaltungs GmbH (7.750% Cash or 8.500% PIK) | IHO Verwaltungs GmbH (7.750% Cash or 8.500% PIK) | IHO Verwaltungs GmbH (7.750% Cash or 8.500% PIK) |
|  7.750% due 11/15/2030 (b) |  | 175 | 178 |
|  IHO Verwaltungs GmbH (8.000% Cash or 8.750% PIK) | IHO Verwaltungs GmbH (8.000% Cash or 8.750% PIK) | IHO Verwaltungs GmbH (8.000% Cash or 8.750% PIK) | IHO Verwaltungs GmbH (8.000% Cash or 8.750% PIK) |
|  8.000% due 11/15/2032 (b) |  | 75 | 77 |
|  Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |
|  4.750% due 05/15/2029 |  | 225 | 219 |
|  Industrial F&B Investments III, Inc. | Industrial F&B Investments III, Inc. | Industrial F&B Investments III, Inc. | Industrial F&B Investments III, Inc. |
|  7.750% due 02/11/2033 |  | 125 | 126 |
|  INEOS Finance PLC | INEOS Finance PLC | INEOS Finance PLC | INEOS Finance PLC |
|  6.750% due 05/15/2028 |  | 75 | 73 |
|  Ingevity Corp. | Ingevity Corp. | Ingevity Corp. | Ingevity Corp. |
|  3.875% due 11/01/2028 |  | 850 | 817 |
|  Installed Building Products, Inc. | Installed Building Products, Inc. | Installed Building Products, Inc. | Installed Building Products, Inc. |
|  5.625% due 02/01/2034 |  | 75 | 73 |
|  Insulet Corp. | Insulet Corp. | Insulet Corp. | Insulet Corp. |
|  6.500% due 04/01/2033 |  | 50 | 51 |
|  IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
|  6.250% due 06/01/2032 |  | 150 | 152 |
|  JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP |
|  9.875% due 09/20/2031 |  | 575 | 544 |
|  Kaiser Aluminum Corp. | Kaiser Aluminum Corp. | Kaiser Aluminum Corp. | Kaiser Aluminum Corp. |
|  4.500% due 06/01/2031 |  | 50 | 47 |
|  KBR, Inc. | KBR, Inc. | KBR, Inc. | KBR, Inc. |
|  4.750% due 09/30/2028 |  | 25 | 25 |
|  Kodiak Gas Services LLC | Kodiak Gas Services LLC | Kodiak Gas Services LLC | Kodiak Gas Services LLC |
|  5.875% due 04/01/2031 |  | 150 | 151 |
|  6.500% due 10/01/2033 |  | 50 | 51 |
|  6.750% due 10/01/2035 |  | 50 | 51 |
|  7.250% due 02/15/2029 |  | 150 | 155 |
|  Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC |
|  7.625% due 08/15/2029 |  | 75 | 77 |
|  Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. |
|  5.375% due 11/01/2033 |  | 125 | 122 |
|  LBM Acquisition LLC | LBM Acquisition LLC | LBM Acquisition LLC | LBM Acquisition LLC |
|  6.250% due 01/15/2029 |  | 475 | 348 |
|  9.500% due 06/15/2031 |  | 150 | 131 |
|  Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |
|  6.875% due 06/30/2033 |  | 225 | 229 |
|  7.000% due 03/31/2034 |  | 250 | 256 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  8.375% due 02/15/2032 | 125 | 134 |
|  11.000% due 10/15/2030 | 450 | 485 |
|  Light & Wonder International, Inc. | Light & Wonder International, Inc. | Light & Wonder International, Inc. |
|  7.500% due 09/01/2031 | 100 | 103 |
|  Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. |
|  3.875% due 06/01/2029 | 25 | 24 |
|  4.375% due 01/15/2031 | 100 | 94 |
|  4.625% due 12/15/2027 | 100 | 99 |
|  5.500% due 10/01/2030 | 175 | 172 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
|  3.750% due 01/15/2028 | 175 | 171 |
|  Lsf12 Helix Parent LLC | Lsf12 Helix Parent LLC | Lsf12 Helix Parent LLC |
|  7.125% due 02/01/2033 | 75 | 72 |
|  Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC |
|  4.125% due 06/30/2028 | 225 | 220 |
|  Masterbrand, Inc. | Masterbrand, Inc. | Masterbrand, Inc. |
|  7.000% due 07/15/2032 | 25 | 24 |
|  Matador Resources Co. | Matador Resources Co. | Matador Resources Co. |
|  6.250% due 04/15/2033 | 475 | 476 |
|  6.500% due 04/15/2032 | 100 | 101 |
|  Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC |
|  3.625% due 10/01/2031 | 150 | 134 |
|  5.000% due 12/15/2027 | 225 | 224 |
|  Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |
|  7.875% due 04/15/2030 | 250 | 250 |
|  McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. |
|  5.750% due 08/01/2028 | 125 | 124 |
|  7.375% due 09/01/2031 | 225 | 230 |
|  Merlin Entertainments Group U.S. Holdings, Inc. | Merlin Entertainments Group U.S. Holdings, Inc. | Merlin Entertainments Group U.S. Holdings, Inc. |
|  7.375% due 02/15/2031 | 125 | 104 |
|  Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. |
|  8.500% due 03/15/2033 | 325 | 317 |
|  Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. | Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. | Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. |
|  4.875% due 05/01/2029 | 175 | 170 |
|  Mineral Resources Ltd. | Mineral Resources Ltd. | Mineral Resources Ltd. |
|  7.000% due 04/01/2031 | 125 | 128 |
|  Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC | Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC | Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC |
|  6.750% due 04/01/2032 | 150 | 144 |
|  MIWD Holdco II LLC/MIWD Finance Corp. | MIWD Holdco II LLC/MIWD Finance Corp. | MIWD Holdco II LLC/MIWD Finance Corp. |
|  5.500% due 02/01/2030 | 175 | 151 |
|  Moss Creek Resources Holdings, Inc. | Moss Creek Resources Holdings, Inc. | Moss Creek Resources Holdings, Inc. |
|  8.250% due 09/01/2031 | 25 | 25 |
|  Motion Finco SARL | Motion Finco SARL | Motion Finco SARL |
|  8.375% due 02/15/2032 | 125 | 103 |
|  Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. |
|  3.750% due 02/15/2031 | 150 | 139 |
|  Nabors Industries, Inc. | Nabors Industries, Inc. | Nabors Industries, Inc. |
|  7.625% due 11/15/2032 | 575 | 589 |
|  8.875% due 08/15/2031 | 25 | 26 |
|  National Mentor Holdings, Inc. | National Mentor Holdings, Inc. | National Mentor Holdings, Inc. |
|  10.500% due 12/15/2030 | 350 | 362 |
|  NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
|  5.875% due 01/15/2031 | 25 | 24 |
|  6.750% due 02/01/2032 | 375 | 372 |
|  NCR Atleos Corp. | NCR Atleos Corp. | NCR Atleos Corp. |
|  9.500% due 04/01/2029 | 175 | 187 |
|  Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. |
|  9.290% due 04/15/2029 | 100 | 100 |
|  9.500% due 02/15/2033 | 175 | 170 |
|  10.375% due 05/15/2031 | 175 | 177 |
|  Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
|  11.750% due 04/30/2029 | 107 | 86 |
|  Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. |
|  6.500% due 09/15/2033 | 300 | 302 |
|  7.250% due 04/15/2034 (a) | 250 | 251 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.345% due 09/17/2027 | 100 | 97 |
|  4.810% due 09/17/2030 | 40 | 36 |
|  7.750% due 07/17/2032 | 100 | 101 |
|  8.125% due 07/17/2035 | 50 | 51 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **57** |

---

------

Schedule of Investments PIMCO High Yield and Short-Term Investments Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Noble Finance II LLC | Noble Finance II LLC | Noble Finance II LLC |
|  8.000% due 04/15/2030 | 550 | 567 |
|  Nordstrom, Inc. | Nordstrom, Inc. | Nordstrom, Inc. |
|  5.000% due 01/15/2044 | 200 | 134 |
|  Northriver Midstream Finance LP | Northriver Midstream Finance LP | Northriver Midstream Finance LP |
|  6.750% due 07/15/2032 | 300 | 301 |
|  NOVA Chemicals Corp. | NOVA Chemicals Corp. | NOVA Chemicals Corp. |
|  4.250% due 05/15/2029 | 150 | 146 |
|  7.000% due 12/01/2031 | 175 | 185 |
|  Novelis Corp. | Novelis Corp. | Novelis Corp. |
|  4.750% due 01/30/2030 | 125 | 118 |
|  6.875% due 01/30/2030 | 90 | 91 |
|  NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
|  6.375% due 10/01/2030 | 250 | 259 |
|  OAK-Eagle Acquireco, Inc. | OAK-Eagle Acquireco, Inc. | OAK-Eagle Acquireco, Inc. |
|  7.250% due 07/01/2033 (a) | 150 | 155 |
|  8.750% due 07/01/2034 (a) | 100 | 105 |
|  Olin Corp. | Olin Corp. | Olin Corp. |
|  6.625% due 04/01/2033 | 175 | 171 |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
|  4.250% due 10/01/2028 | 300 | 287 |
|  6.750% due 08/01/2032 | 150 | 143 |
|  OneSky Flight LLC | OneSky Flight LLC | OneSky Flight LLC |
|  8.875% due 12/15/2029 | 75 | 77 |
|  Opal Bidco SAS | Opal Bidco SAS | Opal Bidco SAS |
|  6.500% due 03/31/2032 | 250 | 250 |
|  Open Text Holdings, Inc. | Open Text Holdings, Inc. | Open Text Holdings, Inc. |
|  4.125% due 02/15/2030 | 350 | 313 |
|  4.125% due 12/01/2031 | 75 | 64 |
|  Option Care Health, Inc. | Option Care Health, Inc. | Option Care Health, Inc. |
|  4.375% due 10/31/2029 | 50 | 48 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV |
|  4.125% due 04/30/2028 | 175 | 170 |
|  6.750% due 05/15/2034 | 275 | 245 |
|  Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. | Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. | Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. |
|  8.750% due 04/17/2032 | 100 | 89 |
|  Paramount Global | Paramount Global | Paramount Global |
|  3.375% due 02/15/2028 | 25 | 24 |
|  3.700% due 06/01/2028 | 150 | 145 |
|  4.200% due 06/01/2029 | 75 | 72 |
|  4.375% due 03/15/2043 | 125 | 76 |
|  4.600% due 01/15/2045 | 250 | 149 |
|  4.850% due 07/01/2042 | 50 | 32 |
|  4.900% due 08/15/2044 | 250 | 156 |
|  4.950% due 01/15/2031 | 150 | 139 |
|  5.250% due 04/01/2044 | 50 | 32 |
|  5.850% due 09/01/2043 | 175 | 122 |
|  6.875% due 04/30/2036 | 75 | 66 |
|  7.875% due 07/30/2030 | 25 | 26 |
|  Park River Holdings, Inc. | Park River Holdings, Inc. | Park River Holdings, Inc. |
|  8.000% due 03/15/2031 | 50 | 50 |
|  Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. |
|  4.250% due 08/01/2029 | 25 | 24 |
|  5.625% due 03/01/2034 | 350 | 338 |
|  Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC |
|  5.875% due 07/01/2029 | 100 | 100 |
|  7.000% due 01/15/2032 | 500 | 518 |
|  Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
|  4.900% due 12/15/2044 | 250 | 162 |
|  Petco Health & Wellness Co., Inc. | Petco Health & Wellness Co., Inc. | Petco Health & Wellness Co., Inc. |
|  8.250% due 02/01/2031 | 75 | 75 |
|  Petroleos de Venezuela SA | Petroleos de Venezuela SA | Petroleos de Venezuela SA |
|  5.375% due 04/12/2027 ^(c) | 1250 | 418 |
|  5.500% due 04/12/2037 ^(c) | 1250 | 421 |
|  PetSmart LLC/PetSmart Finance Corp. | PetSmart LLC/PetSmart Finance Corp. | PetSmart LLC/PetSmart Finance Corp. |
|  7.500% due 09/15/2032 | 75 | 75 |
|  Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
|  4.500% due 09/15/2031 | 150 | 140 |
|  4.625% due 04/15/2030 | 175 | 168 |
|  6.250% due 10/15/2034 | 675 | 662 |
|  6.500% due 03/15/2036 | 225 | 221 |
|  Precision Drilling Corp. | Precision Drilling Corp. | Precision Drilling Corp. |
|  6.875% due 01/15/2029 | 50 | 50 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. |
|  9.375% due 09/01/2029 | 175 | 182 |
|  Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. |
|  4.375% due 04/30/2029 | 225 | 219 |
|  6.250% due 04/01/2029 | 200 | 200 |
|  PTC, Inc. | PTC, Inc. | PTC, Inc. |
|  4.000% due 02/15/2028 | 200 | 195 |
|  Qnity Electronics, Inc. | Qnity Electronics, Inc. | Qnity Electronics, Inc. |
|  5.750% due 08/15/2032 | 175 | 175 |
|  6.250% due 08/15/2033 | 25 | 25 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
|  6.375% due 03/01/2032 | 575 | 583 |
|  6.750% due 03/01/2033 | 100 | 102 |
|  QXO Building Products, Inc. | QXO Building Products, Inc. | QXO Building Products, Inc. |
|  6.750% due 04/30/2032 | 375 | 383 |
|  Rakuten Group, Inc. | Rakuten Group, Inc. | Rakuten Group, Inc. |
|  8.125% due 12/15/2029 •(f) | 50 | 50 |
|  9.750% due 04/15/2029 | 200 | 213 |
|  11.250% due 02/15/2027 | 200 | 207 |
|  Rand Parent LLC | Rand Parent LLC | Rand Parent LLC |
|  8.500% due 02/15/2030 | 100 | 103 |
|  Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |
|  6.875% due 11/15/2031 | 500 | 482 |
|  RB Global Holdings, Inc. | RB Global Holdings, Inc. | RB Global Holdings, Inc. |
|  7.750% due 03/15/2031 | 25 | 26 |
|  Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. |
|  6.625% due 02/01/2033 | 25 | 25 |
|  Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC | Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC | Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC |
|  10.000% due 01/15/2031 | 300 | 292 |
|  ROBLOX Corp. | ROBLOX Corp. | ROBLOX Corp. |
|  3.875% due 05/01/2030 | 225 | 212 |
|  Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC |
|  6.750% due 03/15/2033 | 75 | 77 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  6.875% due 07/31/2056 •  | 25 | 25 |
|  7.000% due 04/15/2055 •  | 25 | 25 |
|  7.125% due 04/15/2055 •  | 25 | 26 |
|  Roller Bearing Co. of America, Inc. | Roller Bearing Co. of America, Inc. | Roller Bearing Co. of America, Inc. |
|  4.375% due 10/15/2029 | 125 | 122 |
|  RR Donnelley & Sons Co. | RR Donnelley & Sons Co. | RR Donnelley & Sons Co. |
|  9.500% due 08/01/2029 | 50 | 51 |
|  Ryan Specialty LLC | Ryan Specialty LLC | Ryan Specialty LLC |
|  5.875% due 08/01/2032 | 125 | 124 |
|  Sabre GLBL, Inc. | Sabre GLBL, Inc. | Sabre GLBL, Inc. |
|  10.750% due 11/15/2029 | 11 | 9 |
|  10.750% due 03/15/2030 | 14 | 12 |
|  Science Applications International Corp. | Science Applications International Corp. | Science Applications International Corp. |
|  5.875% due 11/01/2033 | 225 | 220 |
|  SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. |
|  4.875% due 05/01/2028 | 125 | 124 |
|  Seadrill Finance Ltd. | Seadrill Finance Ltd. | Seadrill Finance Ltd. |
|  8.375% due 08/01/2030 | 450 | 466 |
|  Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. |
|  4.091% due 06/01/2029 | 225 | 218 |
|  Service Corp. International | Service Corp. International | Service Corp. International |
|  3.375% due 08/15/2030 | 275 | 254 |
|  Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed |
|  4.625% due 03/01/2029 | 1000 | 963 |
|  Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC |
|  3.125% due 09/01/2026 | 175 | 174 |
|  3.875% due 09/01/2031 | 725 | 659 |
|  4.125% due 07/01/2030 | 275 | 258 |
|  5.000% due 08/01/2027 | 83 | 83 |
|  5.875% due 04/15/2032 | 375 | 373 |
|  Six Flags Entertainment Corp./Canada's Wonderland Co./Millennium Operations LLC | Six Flags Entertainment Corp./Canada's Wonderland Co./Millennium Operations LLC | Six Flags Entertainment Corp./Canada's Wonderland Co./Millennium Operations LLC |
|  8.625% due 01/15/2032 | 100 | 100 |
|  SK Invictus Intermediate II SARL | SK Invictus Intermediate II SARL | SK Invictus Intermediate II SARL |
|  5.000% due 10/30/2029 | 25 | 24 |
|  SM Energy Co. | SM Energy Co. | SM Energy Co. |
|  5.000% due 10/15/2026 | 75 | 75 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.750% due 08/01/2029 | $— | 25 | $— | 25 |
|  7.000% due 08/01/2032 |  | 225 |  | 230 |
|  8.625% due 11/01/2030 |  | 25 |  | 26 |
|  8.750% due 07/01/2031 |  | 250 |  | 261 |
|  9.625% due 06/15/2033 |  | 125 |  | 138 |
|  Smyrna Ready Mix Concrete LLC | Smyrna Ready Mix Concrete LLC | Smyrna Ready Mix Concrete LLC | Smyrna Ready Mix Concrete LLC | Smyrna Ready Mix Concrete LLC |
|  6.000% due 11/01/2028 |  | 95 |  | 94 |
|  Snap, Inc. | Snap, Inc. | Snap, Inc. | Snap, Inc. | Snap, Inc. |
|  6.875% due 03/01/2033 |  | 325 |  | 307 |
|  6.875% due 03/15/2034 |  | 350 |  | 329 |
|  Specialty Building Products Holdings LLC/SBP Finance Corp. | Specialty Building Products Holdings LLC/SBP Finance Corp. | Specialty Building Products Holdings LLC/SBP Finance Corp. | Specialty Building Products Holdings LLC/SBP Finance Corp. | Specialty Building Products Holdings LLC/SBP Finance Corp. |
|  7.750% due 10/15/2029 |  | 125 |  | 109 |
|  Speedway Motorsports LLC/Speedway Funding II, Inc. | Speedway Motorsports LLC/Speedway Funding II, Inc. | Speedway Motorsports LLC/Speedway Funding II, Inc. | Speedway Motorsports LLC/Speedway Funding II, Inc. | Speedway Motorsports LLC/Speedway Funding II, Inc. |
|  4.875% due 11/01/2027 |  | 96 |  | 96 |
|  SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. |
|  6.500% due 06/01/2032 |  | 350 |  | 350 |
|  Stagwell Global LLC | Stagwell Global LLC | Stagwell Global LLC | Stagwell Global LLC | Stagwell Global LLC |
|  5.625% due 08/15/2029 |  | 550 |  | 524 |
|  Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
|  4.375% due 07/15/2030 |  | 650 |  | 613 |
|  Staples, Inc. | Staples, Inc. | Staples, Inc. | Staples, Inc. | Staples, Inc. |
|  10.750% due 09/01/2029 |  | 150 |  | 139 |
|  Station Casinos LLC | Station Casinos LLC | Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
|  4.500% due 02/15/2028 |  | 175 |  | 172 |
|  4.625% due 12/01/2031 |  | 150 |  | 140 |
|  6.625% due 03/15/2032 |  | 125 |  | 126 |
|  Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |
|  7.250% due 03/15/2032 |  | 100 |  | 104 |
|  Sunoco LP | Sunoco LP | Sunoco LP | Sunoco LP | Sunoco LP |
|  4.500% due 10/01/2029 |  | 100 |  | 97 |
|  5.625% due 03/15/2031 |  | 150 |  | 149 |
|  6.625% due 08/15/2032 |  | 75 |  | 76 |
|  7.000% due 05/01/2029 |  | 150 |  | 154 |
|  7.250% due 05/01/2032 |  | 100 |  | 104 |
|  Sunoco LP/Sunoco Finance Corp. | Sunoco LP/Sunoco Finance Corp. | Sunoco LP/Sunoco Finance Corp. | Sunoco LP/Sunoco Finance Corp. | Sunoco LP/Sunoco Finance Corp. |
|  4.500% due 05/15/2029 |  | 250 |  | 244 |
|  Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. |
|  7.250% due 04/15/2032 |  | 200 |  | 197 |
|  Synergy Infrastructure Holdings LLC | Synergy Infrastructure Holdings LLC | Synergy Infrastructure Holdings LLC | Synergy Infrastructure Holdings LLC | Synergy Infrastructure Holdings LLC |
|  7.875% due 12/01/2030 |  | 50 |  | 51 |
|  Talos Production, Inc. | Talos Production, Inc. | Talos Production, Inc. | Talos Production, Inc. | Talos Production, Inc. |
|  9.000% due 02/01/2029 |  | 75 |  | 78 |
|  Taylor Morrison Communities, Inc. | Taylor Morrison Communities, Inc. | Taylor Morrison Communities, Inc. | Taylor Morrison Communities, Inc. | Taylor Morrison Communities, Inc. |
|  5.750% due 11/15/2032 |  | 75 |  | 75 |
|  Teleflex, Inc. | Teleflex, Inc. | Teleflex, Inc. | Teleflex, Inc. | Teleflex, Inc. |
|  4.625% due 11/15/2027 |  | 100 |  | 99 |
|  Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
|  5.500% due 11/15/2032 |  | 600 |  | 595 |
|  6.000% due 11/15/2033 |  | 75 |  | 76 |
|  Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV |
|  6.000% due 12/01/2032 |  | 250 |  | 257 |
|  Teva Pharmaceutical Finance Netherlands IV BV | Teva Pharmaceutical Finance Netherlands IV BV | Teva Pharmaceutical Finance Netherlands IV BV | Teva Pharmaceutical Finance Netherlands IV BV | Teva Pharmaceutical Finance Netherlands IV BV |
|  5.750% due 12/01/2030 |  | 75 |  | 76 |
|  TGS ASA | TGS ASA | TGS ASA | TGS ASA | TGS ASA |
|  8.500% due 01/15/2030 |  | 300 |  | 314 |
|  Tidewater, Inc. | Tidewater, Inc. | Tidewater, Inc. | Tidewater, Inc. | Tidewater, Inc. |
|  9.125% due 07/15/2030 |  | 75 |  | 80 |
|  TK Elevator U.S. Newco, Inc. | TK Elevator U.S. Newco, Inc. | TK Elevator U.S. Newco, Inc. | TK Elevator U.S. Newco, Inc. | TK Elevator U.S. Newco, Inc. |
|  5.250% due 07/15/2027 |  | 200 |  | 200 |
|  TopBuild Corp. | TopBuild Corp. | TopBuild Corp. | TopBuild Corp. | TopBuild Corp. |
|  3.625% due 03/15/2029 |  | 450 |  | 429 |
|  4.125% due 02/15/2032 |  | 425 |  | 392 |
|  Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC |
|  9.500% due 05/15/2030 |  | 235 |  | 208 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  6.000% due 01/15/2033 |  | 200 |  | 200 |
|  6.250% due 01/31/2034 |  | 75 |  | 76 |
|  6.375% due 03/01/2029 |  | 100 |  | 102 |
|  6.875% due 12/15/2030 |  | 500 |  | 513 |
|  Transocean International Ltd. | Transocean International Ltd. | Transocean International Ltd. | Transocean International Ltd. | Transocean International Ltd. |
|  7.875% due 10/15/2032 |  | 250 |  | 267 |
|  8.250% due 05/15/2029 |  | 200 |  | 207 |

---

---

| | | |
|:---|:---|:---|
| **58** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  8.500% due 05/15/2031 | $— | 75 | $— | 79 |
|  8.750% due 02/15/2030 |  | 18 |  | 18 |
|  Trivium Packaging Finance BV | Trivium Packaging Finance BV | Trivium Packaging Finance BV | Trivium Packaging Finance BV | Trivium Packaging Finance BV |
|  8.250% due 07/15/2030 |  | 42 |  | 44 |
|  Twilio, Inc. | Twilio, Inc. | Twilio, Inc. | Twilio, Inc. | Twilio, Inc. |
|  3.875% due 03/15/2031 |  | 125 |  | 117 |
|  U.S. Acute Care Solutions LLC | U.S. Acute Care Solutions LLC | U.S. Acute Care Solutions LLC | U.S. Acute Care Solutions LLC | U.S. Acute Care Solutions LLC |
|  9.750% due 05/15/2029 |  | 100 |  | 97 |
|  U.S. Foods, Inc. | U.S. Foods, Inc. | U.S. Foods, Inc. | U.S. Foods, Inc. | U.S. Foods, Inc. |
|  5.750% due 04/15/2033 |  | 300 |  | 299 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. | UKG, Inc. | UKG, Inc. |
|  6.875% due 02/01/2031 |  | 425 |  | 416 |
|  Unisys Corp. | Unisys Corp. | Unisys Corp. | Unisys Corp. | Unisys Corp. |
|  10.625% due 01/15/2031 |  | 100 |  | 86 |
|  United Airlines Holdings, Inc. | United Airlines Holdings, Inc. | United Airlines Holdings, Inc. | United Airlines Holdings, Inc. | United Airlines Holdings, Inc. |
|  4.875% due 03/01/2029 |  | 250 |  | 245 |
|  5.375% due 03/01/2031 |  | 175 |  | 172 |
|  United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
|  3.750% due 01/15/2032 |  | 275 |  | 252 |
|  4.000% due 07/15/2030 |  | 266 |  | 253 |
|  5.375% due 11/15/2033 |  | 100 |  | 97 |
|  6.125% due 03/15/2034 |  | 150 |  | 152 |
|  Uniti Services LLC | Uniti Services LLC | Uniti Services LLC | Uniti Services LLC | Uniti Services LLC |
|  7.500% due 10/15/2033 |  | 225 |  | 234 |
|  Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
|  8.000% due 08/15/2028 |  | 75 |  | 76 |
|  8.500% due 07/31/2031 |  | 575 |  | 578 |
|  9.375% due 08/01/2032 |  | 200 |  | 206 |
|  USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. |
|  6.250% due 10/01/2033 |  | 50 |  | 50 |
|  Valaris Ltd. | Valaris Ltd. | Valaris Ltd. | Valaris Ltd. | Valaris Ltd. |
|  8.375% due 04/30/2030 |  | 550 |  | 570 |
|  Vallourec SACA | Vallourec SACA | Vallourec SACA | Vallourec SACA | Vallourec SACA |
|  7.500% due 04/15/2032 |  | 175 |  | 184 |
|  Valvoline, Inc. | Valvoline, Inc. | Valvoline, Inc. | Valvoline, Inc. | Valvoline, Inc. |
|  3.625% due 06/15/2031 |  | 150 |  | 136 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  3.875% due 11/01/2033 |  | 500 |  | 443 |
|  4.125% due 08/15/2031 |  | 100 |  | 93 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  9.500% due 02/01/2029 |  | 1400 |  | 1515 |
|  9.875% due 02/01/2032 |  | 125 |  | 134 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
|  6.125% due 12/15/2030 |  | 600 |  | 617 |
|  6.500% due 01/15/2034 |  | 202 |  | 211 |
|  6.500% due 06/15/2034 |  | 250 |  | 260 |
|  6.750% due 01/15/2036 |  | 206 |  | 218 |
|  7.500% due 05/01/2033 |  | 300 |  | 330 |
|  Veritiv Operating Co. | Veritiv Operating Co. | Veritiv Operating Co. | Veritiv Operating Co. | Veritiv Operating Co. |
|  10.500% due 11/30/2030 |  | 125 |  | 130 |
|  Versant Media Group, Inc. | Versant Media Group, Inc. | Versant Media Group, Inc. | Versant Media Group, Inc. | Versant Media Group, Inc. |
|  7.250% due 01/30/2031 |  | 100 |  | 102 |
|  Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. |
|  4.125% due 11/15/2028 |  | 150 |  | 148 |
|  VF Corp. | VF Corp. | VF Corp. | VF Corp. | VF Corp. |
|  2.950% due 04/23/2030 |  | 129 |  | 115 |
|  Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. |
|  5.875% due 10/15/2033 |  | 700 |  | 692 |
|  7.000% due 02/15/2029 |  | 75 |  | 75 |
|  Virgin Media Finance PLC | Virgin Media Finance PLC | Virgin Media Finance PLC | Virgin Media Finance PLC | Virgin Media Finance PLC |
|  5.000% due 07/15/2030 |  | 425 |  | 349 |
|  Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC |
|  4.500% due 08/15/2030 |  | 925 |  | 821 |
|  Viridien | Viridien | Viridien | Viridien | Viridien |
|  10.000% due 10/15/2030 |  | 25 |  | 27 |
|  VistaJet Malta Finance PLC/Vista Management Holding, Inc. | VistaJet Malta Finance PLC/Vista Management Holding, Inc. | VistaJet Malta Finance PLC/Vista Management Holding, Inc. | VistaJet Malta Finance PLC/Vista Management Holding, Inc. | VistaJet Malta Finance PLC/Vista Management Holding, Inc. |
|  6.375% due 02/01/2030 |  | 125 |  | 108 |
|  7.875% due 05/01/2027 |  | 200 |  | 198 |
|  9.500% due 06/01/2028 |  | 475 |  | 464 |
|  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 | Vmed O2 U.K. Financing I PLC |
|  7.750% due 04/15/2032 |  | 350 |  | 336 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Voyager Parent LLC | Voyager Parent LLC | Voyager Parent LLC |
|  9.250% due 07/01/2032 | 200 | 208 |
|  VZ Secured Financing BV | VZ Secured Financing BV | VZ Secured Financing BV |
|  5.000% due 01/15/2032 | 150 | 129 |
|  7.500% due 01/15/2033 | 675 | 637 |
|  Wayfair LLC | Wayfair LLC | Wayfair LLC |
|  6.750% due 11/15/2032 | 75 | 76 |
|  7.250% due 10/31/2029 | 84 | 86 |
|  7.750% due 09/15/2030 | 75 | 78 |
|  WBI Operating LLC | WBI Operating LLC | WBI Operating LLC |
|  6.250% due 10/15/2030 | 150 | 151 |
|  Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. |
|  6.750% due 10/15/2033 | 550 | 562 |
|  WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. |
|  5.250% due 04/15/2031 | 150 | 149 |
|  WEX, Inc. | WEX, Inc. | WEX, Inc. |
|  6.500% due 03/15/2033 | 75 | 74 |
|  Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. |
|  6.500% due 06/15/2033 | 25 | 24 |
|  White Cap Supply Holdings LLC | White Cap Supply Holdings LLC | White Cap Supply Holdings LLC |
|  7.375% due 11/15/2030 | 75 | 73 |
|  Wildfire Intermediate Holdings LLC | Wildfire Intermediate Holdings LLC | Wildfire Intermediate Holdings LLC |
|  7.500% due 10/15/2029 | 50 | 51 |
|  Williams Scotsman, Inc. | Williams Scotsman, Inc. | Williams Scotsman, Inc. |
|  6.625% due 06/15/2029 | 225 | 228 |
|  Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. | Windstream Services LLC/Windstream Escrow Finance Corp. |
|  8.250% due 10/01/2031 | 250 | 261 |
|  WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC |
|  5.625% due 08/15/2029 | 25 | 23 |
|  6.625% due 08/15/2032 | 300 | 293 |
|  7.000% due 08/01/2033 | 75 | 73 |
|  Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. |
|  4.375% due 08/15/2028 | 75 | 73 |
|  5.625% due 03/01/2033 | 50 | 49 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |
|  6.250% due 03/15/2033 | 25 | 25 |
|  7.125% due 02/15/2031 | 750 | 787 |
|  XPLR Infrastructure Operating Partners LP | XPLR Infrastructure Operating Partners LP | XPLR Infrastructure Operating Partners LP |
|  7.250% due 01/15/2029 | 25 | 26 |
|  Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
|  4.625% due 01/31/2032 | 800 | 764 |
|  Zayo Group Holdings, Inc. (5.750% Cash and 0.500% PIK) | Zayo Group Holdings, Inc. (5.750% Cash and 0.500% PIK) | Zayo Group Holdings, Inc. (5.750% Cash and 0.500% PIK) |
|  6.250% due 03/09/2030 (b) | 104 | 103 |
|  ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. |
|  6.750% due 04/23/2030 | 425 | 411 |
|  7.500% due 03/24/2031 | 250 | 246 |
|  Ziggo Bond Co. BV | Ziggo Bond Co. BV | Ziggo Bond Co. BV |
|  5.125% due 02/28/2030 | 25 | 21 |
|  Ziggo BV | Ziggo BV | Ziggo BV |
|  4.875% due 01/15/2030 | 450 | 421 |
|  ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. |
|  3.875% due 02/01/2029 | 300 | 250 |
|  |  | 93791 |
| UTILITIES 4.6% | UTILITIES 4.6% | UTILITIES 4.6% |
|  AES Corp. | AES Corp. | AES Corp. |
|  6.950% due 07/15/2055 •  | 175 | 163 |
|  Aethon United BR LP/Aethon United Finance Corp. | Aethon United BR LP/Aethon United Finance Corp. | Aethon United BR LP/Aethon United Finance Corp. |
|  7.500% due 10/01/2029 | 75 | 78 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
|  5.800% due 03/15/2056 •  | 150 | 148 |
|  Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
|  5.000% due 02/01/2031 | 700 | 702 |
|  ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA |
|  6.750% due 02/28/2030 | 200 | 202 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  9.125% due 03/15/2033 •(f) | 225 | 261 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 234 | 230 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. |
|  6.750% due 03/15/2034 | 175 | 174 |
|  7.875% due 05/15/2032 | 200 | 206 |
|  8.000% due 05/15/2033 | 150 | 155 |
|  8.250% due 01/15/2029 | 75 | 78 |
|  Hilcorp Energy I LP/Hilcorp Finance Co. | Hilcorp Energy I LP/Hilcorp Finance Co. | Hilcorp Energy I LP/Hilcorp Finance Co. |
|  6.000% due 04/15/2030 | 400 | 390 |
|  Lightning Power LLC | Lightning Power LLC | Lightning Power LLC |
|  7.250% due 08/15/2032 | 200 | 208 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. |
|  8.125% due 02/15/2029 | 75 | 77 |
|  8.375% due 02/15/2032 | 75 | 77 |
|  NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
|  3.375% due 02/15/2029 | 25 | 24 |
|  3.625% due 02/15/2031 | 175 | 161 |
|  5.750% due 07/15/2029 | 325 | 325 |
|  6.000% due 02/01/2033 | 75 | 75 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  7.125% due 08/15/2056 •  | 400 | 378 |
|  7.375% due 09/15/2055 •  | 100 | 96 |
|  PBF Holding Co. LLC/PBF Finance Corp. | PBF Holding Co. LLC/PBF Finance Corp. | PBF Holding Co. LLC/PBF Finance Corp. |
|  7.875% due 09/15/2030 | 200 | 206 |
|  9.875% due 03/15/2030 | 50 | 54 |
|  PG&E Corp. | PG&E Corp. | PG&E Corp. |
|  6.850% due 09/15/2056 •  | 225 | 222 |
|  7.375% due 03/15/2055 •  | 100 | 101 |
|  Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. |
|  7.000% due 09/15/2056 •  | 75 | 74 |
|  7.250% due 09/15/2056 •  | 75 | 75 |
|  Sierra Pacific Power Co. | Sierra Pacific Power Co. | Sierra Pacific Power Co. |
|  6.375% due 09/15/2056 •  | 150 | 149 |
|  Talen Energy Supply LLC | Talen Energy Supply LLC | Talen Energy Supply LLC |
|  6.250% due 02/01/2034 | 325 | 322 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |
|  6.000% due 09/01/2031 | 75 | 74 |
|  6.750% due 03/15/2034 | 75 | 75 |
|  TXNM Energy, Inc. | TXNM Energy, Inc. | TXNM Energy, Inc. |
|  7.000% due 07/31/2056 •  | 175 | 175 |
|  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 |
|  4.750% due 04/15/2028 | 300 | 299 |
|  Veon Midco BV | Veon Midco BV | Veon Midco BV |
|  3.375% due 11/25/2027 | 300 | 285 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  4.375% due 05/01/2029 | 300 | 293 |
|  7.750% due 10/15/2031 | 150 | 157 |
|  VoltaGrid LLC | VoltaGrid LLC | VoltaGrid LLC |
|  7.375% due 11/01/2030 | 75 | 77 |
|  Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. |
|  9.625% due 05/03/2029 | 25 | 26 |
|  |  | 6872 |
|  Total Corporate Bonds & Notes (Cost $121,169) | Total Corporate Bonds & Notes (Cost $121,169) | 120227 |
| U.S. TREASURY OBLIGATIONS 3.7% | U.S. TREASURY OBLIGATIONS 3.7% | U.S. TREASURY OBLIGATIONS 3.7% |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.375% due 09/15/2027 (j) | 5475 | 5440 |
|  4.250% due 08/15/2035 | 64 | 63 |
|  Total U.S. Treasury Obligations (Cost $5,533) | Total U.S. Treasury Obligations (Cost $5,533) | 5503 |
|  | **SHARES** |  |
| COMMON STOCKS 3.4% | COMMON STOCKS 3.4% | COMMON STOCKS 3.4% |
| COMMUNICATION SERVICES 0.3% | COMMUNICATION SERVICES 0.3% | COMMUNICATION SERVICES 0.3% |
|  Clear Channel Outdoor Holdings, Inc. (d) | 163228 | 387 |
| FINANCIALS 0.5% | FINANCIALS 0.5% | FINANCIALS 0.5% |
|  Hipotecaria Su Casita SA «(d) | 78886 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **59** |

---

------

Schedule of Investments PIMCO High Yield and Short-Term Investments Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Rocket Cos., Inc. Class A | 48114 | 686 |
|  |  | 686 |
| HEALTH CARE 2.3% | HEALTH CARE 2.3% | HEALTH CARE 2.3% |
|  AmSurg Corp. «(d)(i) | 78042 | 3432 |
|  BONDHOLDCO Class A «(d)(i) | 197572 | 0 |
|  BONDHOLDCO Class B «(d)(i) | 197572 | 0 |
|  BONDHOLDCO Class C «(d)(i) | 197572 | 0 |
|  BONDHOLDCO Class D «(d)(i) | 197572 | 0 |
|  BONDHOLDCO Class E «(d)(i) | 197572 | 0 |
|  BONDHOLDCO Class F «(d)(i) | 197572 | 0 |
|  BONDHOLDCO Class G «(d)(i) | 197572 | 0 |
|  BONDHOLDCO Class H «(d)(i) | 197572 | 0 |
|  BONDHOLDCO Class I «(d)(i) | 197572 | 0 |
|  BONDHOLDCO Class J «(d)(i) | 197572 | 0 |
|  |  | 3432 |
| INDUSTRIALS 0.3% | INDUSTRIALS 0.3% | INDUSTRIALS 0.3% |
|  Foresea Holdings SA « | 22653 | 521 |
|  Total Common Stocks (Cost $4,881) | Total Common Stocks (Cost $4,881) | 5026 |
| 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 «(i) | 3 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Spirit Aviation Holdings, Inc. - Exp. 03/11/2035 « | 7451 | $— | 1 |
|  Total Warrants (Cost $65) | Total Warrants (Cost $65) |  | 1 |
| PREFERRED SECURITIES 0.2% | PREFERRED SECURITIES 0.2% | PREFERRED SECURITIES 0.2% | PREFERRED SECURITIES 0.2% |
| BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% |
|  First Citizens BancShares, Inc. |  |  |  |
|  7.908% (TSFR3M + 4.234%) due 01/04/2027 ~(f) | 350000 |  | 354 |
|  Total Preferred Securities (Cost $350) | Total Preferred Securities (Cost $350) |  | 354 |
| SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% |
| MUTUAL FUNDS 0.4% | 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 | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.720% (h) | 576039 |  | 576 |
| Total Short-Term Instruments<br>(Cost $576) | Total Short-Term Instruments<br>(Cost $576) |  | 576 |
| Total Investments in Securities<br>(Cost $142,847) | Total Investments in Securities<br>(Cost $142,847) |  | 141780 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 0.4% | INVESTMENTS IN AFFILIATES 0.4% | INVESTMENTS IN AFFILIATES 0.4% | INVESTMENTS IN AFFILIATES 0.4% |
| COMMON STOCKS 0.1% | COMMON STOCKS 0.1% | COMMON STOCKS 0.1% | COMMON STOCKS 0.1% |
| AFFILIATED INVESTMENTS 0.1% | AFFILIATED INVESTMENTS 0.1% | AFFILIATED INVESTMENTS 0.1% | AFFILIATED INVESTMENTS 0.1% |
|  Xfit Brands, Inc. ^«(d) | 68040639 | $— | 195 |
| Total Common Stocks (Cost $4,074) | Total Common Stocks (Cost $4,074) |  | 195 |
| SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.3% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 42376 |  | 413 |
| Total Short-Term Instruments<br>(Cost $412) | Total Short-Term Instruments<br>(Cost $412) |  | 413 |
| Total Investments in Affiliates<br>(Cost $4,486) | Total Investments in Affiliates<br>(Cost $4,486) |  | 608 |
| Total Investments 95.2%<br>(Cost $147,333) | Total Investments 95.2%<br>(Cost $147,333) | $— | 142388 |
|  Financial Derivative<br>Instruments (k)(l) 0.1%<br> (Cost or Premiums, net $673) |  |  | 104 |
| Other Assets and Liabilities, net 4.7% | Other Assets and Liabilities, net 4.7% |  | 7141 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 149633 |

---

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

^ Security is in default.

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

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

(a) When-issued security.

(b) Payment in-kind security.

(c) Security is not accruing income as of the date of this report.

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

(e) Zero coupon security.

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

(g) Contingent convertible security.

(h) Coupon represents a 7-Day Yield.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  AmSurg Corp. | 11/02/2023 - 11/06/2023 | $3261 | $3432 | 2.29% |
|  BONDHOLDCO Class A | 03/09/2012 - 05/01/2013 | 0 | 0 | 0.00 |
|  BONDHOLDCO Class B | 03/09/2012 - 05/01/2013 | 0 | 0 | 0.00 |
|  BONDHOLDCO Class C | 03/09/2012 - 05/01/2013 | 0 | 0 | 0.00 |
|  BONDHOLDCO Class D | 03/09/2012 - 05/01/2013 | 0 | 0 | 0.00 |
|  BONDHOLDCO Class E | 03/09/2012 - 05/01/2013 | 0 | 0 | 0.00 |
|  BONDHOLDCO Class F | 03/09/2012 - 05/01/2013 | 0 | 0 | 0.00 |
|  BONDHOLDCO Class G | 03/09/2012 - 05/01/2013 | 0 | 0 | 0.00 |
|  BONDHOLDCO Class H | 03/09/2012 - 05/01/2013 | 0 | 0 | 0.00 |
|  BONDHOLDCO Class I | 03/09/2012 - 05/01/2013 | 0 | 0 | 0.00 |
|  BONDHOLDCO Class J | 03/09/2012 - 05/01/2013 | 0 | 0 | 0.00 |
|  Constellation Oil Services Holding SA - Exp. 06/10/2071 | 06/10/2022 | 0 | 0 | 0.00 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3261 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3432 | 2.29% |

---

60 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

#### 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 |
|  NOM | 3.750% | 04/02/2026 | 04/16/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(199) | $(199) |
|  | 3.760 | 02/19/2026 | 04/02/2026 | (506) | (508) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(707) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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>(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 |
|  NOM | $0 | $(707) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(707) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(210) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(707) | $&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 | $(508) | $0 | $0 | $(508) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(508) | $&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;(508) |
|  Payable for reverse repurchase agreements <sup>(3)</sup> | Payable for reverse repurchase agreements <sup>(3)</sup> | Payable for reverse repurchase agreements <sup>(3)</sup> | Payable for reverse repurchase agreements <sup>(3)</sup> | Payable for reverse repurchase agreements <sup>(3)</sup> | $(508) |

---

(j) Securities with an aggregate market value of $497 have been pledged as collateral under the terms of the above master agreements as of March 31, 2026.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended March 31, 2026 was $(1010) at a weighted average interest rate of 4.302%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<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. 

<sup>(3)</sup> Unsettled reverse repurchase agreements liability of $(199) is outstanding at period end. 

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

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 2-Year Note June Futures  | 06/2026 | 61 | $12654 | $(94) | $5 | $0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 83 | 8979 | (86) | 9 | (1) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13992 | (77) | 20 | (2) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 6 | 681 | (16) | 2 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 6 | 699 | (30) | 1 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(303) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
| SHORT FUTURES CONTRACTS |  |  |  |  |  |  |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bund June Futures  | 06/2026 | 1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145) | $4 | $0 | $(1) |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2026 | 1 | (114) | 3 | 0 | 0 |
|  |  |  |  | $7 | $0 | $(1) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(296) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 61

------

Schedule of Investments PIMCO High Yield and Short-Term Investments Portfolio (Cont.)

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>March 31, 2026<sup>(2)</sup> | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(4)</sup>** | Variation Margin | Variation Margin |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>March 31, 2026<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 |
|  Charter Communications | 5.000% | Quarterly | 12/20/2030 | 2.600% | $625 | $62 | $0 | $62 | $1 | $0 |
|  Discovery Global Holdings, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.970 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Telecom Italia spa | 1.000 | Quarterly | 12/20/2029 | 0.794 | 200 | (9) | 11 | 2 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&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-45 5-Year Index | 5.000% | Quarterly | 12/20/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5915 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  CDX.HY-46 5-Year Index | 5.000 | Quarterly | 06/20/2031 | 2450 | 107 | 15 | 122 | 12 | (1) |
|  |  |  |  |  | $553 | $(110) | $443 | $65 | $(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 | 12/18/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | $22 | $(23) | $(1) | $0 | $0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 08/31/2030 | 1704 | 6 | 11 | 17 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/18/2031 | 325 | 1 | 1 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 725 | 6 | (10) | (4) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2032 | 975 | 41 | (19) | 22 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 2380 | (10) | 3 | (7) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2036 | 175 | (2) | 0 | (2) | 0 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.916 | Annual | 11/15/2053 | 1300 | 0 | 52 | 52 | 5 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.998 | Annual | 11/15/2053 | 29 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2056 | 100 | 3 | (1) | 2 | 0 | 0 |
|  |  |  |  |  |  | $67 | $15 | $82 | $5 | $(7) |
|  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;673 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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 |  | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options |  |  | Total |
|  Total Exchange-Traded or Centrally Cleared | $&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;71 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(4) | $(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |

---

Cash of $1,940 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2026. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(3)</sup> The maximum potential amount the Portfolio 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.

62 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  BOA | 04/2026 | $477 | 415 | $3 | $0 |
|  | 05/2026 | 415 | $478 | 0 | (3) |
|  BPS | 04/2026 | 176 | 208 | 5 | 0 |
|  BRC | 04/2026 | $41 | 322 | 0 | 0 |
|  CBK | 04/2026 | 175 | $203 | 1 | 0 |
|  DUB | 04/2026 | $24 | 35 | 0 | 0 |
|  | 04/2026 | 200 | 1565 | 0 | 0 |
|  | 05/2026 | 35 | $24 | 0 | 0 |
|  FAR | 04/2026 | 13 | 10 | 0 | 0 |
|  IND | 04/2026 | 239 | 283 | 6 | 0 |
|  JPM | 04/2026 | $206 | 175 | 0 | (3) |
|  | 04/2026 | 234 | 1826 | 0 | (1) |
|  SSB | 04/2026 | 22 | $15 | 0 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2026:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(1)</sup> |
|  BOA | $3 | $0 | $0 | $3 | $(3) | $0 | $0 | $(3) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 |
|  BPS | 5 | 0 | 0 | 5 | 0 | 0 | 0 | 0 | 5 | 0 | 5 |
|  CBK | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
|  IND | 6 | 0 | 0 | 6 | 0 | 0 | 0 | 0 | 6 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
|  JPM | 0 | 0 | 0 | 0 | (4) | 0 | 0 | (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | 0 | (4) |
|  Total Over the Counter | $&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 | $&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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |  |  |  |

---

<sup>(1)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for 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 | $37 | $37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 66 | 0 | 0 | 5 | 71 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 |
|  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 |
|  | $0 | $66 | $0 | $15 | $42 | $123 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 63

------

Schedule of Investments PIMCO High Yield and Short-Term Investments Portfolio (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  | $0 | $0 | $0 | $0 | $4 | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 7 | 8 |
|  | $0 | $1 | $0 | $0 | $11 | $12 |
|  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 | $7 | $0 | $7 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for 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 | $152 | $152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 413 | 0 | 0 | (38) | 375 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413 | $0 | $0 | $114 | $527 |
|  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;(246) | $0 | $(246) |
|  | $0 | $413 | $0 | $(246) | $114 | $281 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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 | $(409) | $(409) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (96) | 0 | 0 | 88 | (8) |
|  | $0 | $(96) | $0 | $0 | $(321) | $(417) |
|  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 | $76 | $0 | $76 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(96) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $76 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(321) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(341) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2026 |
|  Investments 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 | $3655 | $6438 | $10093 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 19564 | 0 | 19564 |
| &nbsp;&nbsp; Industrials | 0 | 93791 | 0 | 93791 |
| &nbsp;&nbsp; Utilities | 0 | 6872 | 0 | 6872 |
|  U.S. Treasury Obligations | 0 | 5503 | 0 | 5503 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 387 | 0 | 0 | 387 |
| &nbsp;&nbsp; Financials | 686 | 0 | 0 | 686 |
| &nbsp;&nbsp; Health Care | 0 | 0 | 3432 | 3432 |
| &nbsp;&nbsp; Industrials | 0 | 0 | 521 | 521 |
|  Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Industrials | 0 | 0 | 1 | 1 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 354 | 0 | 354 |
|  Loan Participations and Assignments | 0 | 0 | 0 | 0 |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Mutual Funds | 576 | 0 | 0 | 576 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129739 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10392 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141780 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Affiliated Investments | 0 | 0 | 195 | 195 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2026** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $413 | $0 | $0 | $413 |
|  | $413 | $0 | $195 | $608 |
|  Total Investments | $2062 | $129739 | $10587 | $142388 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  Loan Participations and Assignments | $0 | $0 | $0 | $0 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 0 | 108 | 0 | 108 |
|  Over the counter | 0 | 15 | 0 | 15 |
|  | $0 | $123 | $0 | $123 |
|  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 | (1) | (11) | 0 | (12) |
|  Over the counter | 0 | (7) | 0 | (7) |
|  | $(1) | $(18) | $0 | $(19) |
|  Total Financial Derivative Instruments | $(1) | $105 | $0 | $104 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129844 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10587 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142492 |

---

64 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended March 31, 2026:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 03/31/2026 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2026<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 | $6347 | $427 | $(197) | $28 | $0 | $(167) | $0 | $0 | $6438 | $52 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 0 | (2) | 0 | 0 | 2 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Industrials | 410 | 0 | (499) | 0 | 0 | 89 | 0 | 0 | 0 | 0 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Energy | 38 | 0 | (17) | 0 | 17 | (38) | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Financials | 881 | 0 | (925) | 0 | (1525) | 1569 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Health Care | 4867 | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1435) | 0 | 0 | 3432 | (217) |
| &nbsp;&nbsp; Industrials | 805 | 0 | (180) | 0 | (53) | (51) | 0 | 0 | 521 | (50) |
|  Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Industrials | 267 | 0 | (125) | 0 | (29) | (112) | 0 | 0 | 1 | (111) |
|  Totals | $13615 | $427 | $(1945) | $28 | $(1590) | $(143) | $&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;10392 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(326) |
|  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; Affiliated Investments | 193 | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 195 | 2 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13808 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1945) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1590) | $(141) | $0 | $0 | $10587 | $(324) |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Ending<br>Balance<br>at 03/31/2026 | **Valuation<br>Technique** | **Unobservable<br>Inputs** |  | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | Ending<br>Balance<br>at 03/31/2026 | **Valuation<br>Technique** | **Unobservable<br>Inputs** |  | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $6438 | Comparable Companies | EBITDA Multiple | X | 16.360 |  |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 3432 | Comparable Companies | EBITDA Multiple | X | 16.360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 521 | Indicative Market Quotation | Broker Quote | $| 23.000 |  |
|  Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 1 | Indicative Market Quotation | Broker Quote | $| 0.080 |  |
|  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 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Investments | 195 | Reference Instrument/Discounted Cash Flow | Liquidity Discount/Discount Rate | %/ | 0.000/20.000 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10587 |  |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 may be due to an investment no longer held or categorized as Level 3 at period end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **65** |

---

------

Schedule of Investments PIMCO Investment Grade Credit Bond Portfolio

#### (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 101.2% | INVESTMENTS IN SECURITIES 101.2% | INVESTMENTS IN SECURITIES 101.2% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2% |
|  Castlelake LP | Castlelake LP | Castlelake LP |
|  2.950% due 05/12/2031 «~ | 4604 | 4314 |
|  Total Loan Participations and Assignments (Cost $4,601) | Total Loan Participations and Assignments (Cost $4,601) | 4314 |
| CORPORATE BONDS & NOTES 77.0% | CORPORATE BONDS & NOTES 77.0% | CORPORATE BONDS & NOTES 77.0% |
| BANKING & FINANCE 39.0% | BANKING & FINANCE 39.0% | BANKING & FINANCE 39.0% |
|  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 | 3761 | 3720 |
|  3.650% due 07/21/2027 | 2200 | 2177 |
|  4.625% due 10/15/2027 | 2600 | 2604 |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  2.850% due 01/26/2028 | 8800 | 8530 |
|  5.950% due 02/15/2029 | 2471 | 2539 |
|  6.500% due 07/18/2028 | 1200 | 1245 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  6.992% due 06/13/2029 •  | 2068 | 2155 |
|  8.000% due 11/01/2031 (h) | 3675 | 4081 |
|  8.000% due 11/01/2031 | 100 | 110 |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
|  3.375% due 02/01/2031 | 6900 | 6223 |
|  6.150% due 10/01/2034 | 3000 | 2977 |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.442% due 01/30/2036 •  | 300 | 306 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  3.625% due 04/15/2032 | 9000 | 8313 |
|  4.250% due 02/15/2028 | 962 | 957 |
|  4.900% due 02/15/2029 | 340 | 342 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  1.500% due 01/31/2028 | 1000 | 948 |
|  2.100% due 06/15/2030 | 100 | 90 |
|  2.700% due 04/15/2031 | 4000 | 3631 |
|  2.750% due 01/15/2027 | 7500 | 7406 |
|  3.550% due 07/15/2027 | 1811 | 1792 |
|  3.800% due 08/15/2029 | 525 | 513 |
|  3.950% due 03/15/2029 | 1000 | 984 |
|  4.050% due 03/15/2032 | 10100 | 9682 |
|  5.000% due 01/31/2030 | 5300 | 5366 |
|  5.200% due 02/15/2029 | 700 | 712 |
|  5.250% due 07/15/2028 | 400 | 407 |
|  Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP |
|  5.600% due 05/15/2032 | 100 | 99 |
|  Antares Holdings LP | Antares Holdings LP | Antares Holdings LP |
|  2.750% due 01/15/2027 | 5700 | 5582 |
|  3.750% due 07/15/2027 | 6700 | 6514 |
|  3.950% due 07/15/2026 | 5400 | 5382 |
|  6.350% due 10/23/2029 | 3500 | 3466 |
|  6.500% due 02/08/2029 | 2000 | 2003 |
|  ARES Finance Co. III LLC | ARES Finance Co. III LLC | ARES Finance Co. III LLC |
|  4.125% due 06/30/2051 •  | 100 | 99 |
|  ARES Management Corp. | ARES Management Corp. | ARES Management Corp. |
|  6.375% due 11/10/2028 | 8200 | 8527 |
|  ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund |
|  4.850% due 01/15/2029 | 3800 | 3681 |
|  Assured Guaranty U.S. Holdings, Inc. | Assured Guaranty U.S. Holdings, Inc. | Assured Guaranty U.S. Holdings, Inc. |
|  6.125% due 09/15/2028 | 6000 | 6214 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  3.500% due 11/01/2027 | 9876 | 9701 |
|  5.125% due 04/10/2030 | 500 | 503 |
|  5.375% due 07/15/2029 | 6900 | 7013 |
|  6.250% due 04/15/2028 | 100 | 103 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 8207 | 7931 |
|  4.950% due 01/15/2028 | 2000 | 2007 |
|  5.150% due 01/15/2030 | 1000 | 1004 |
|  5.750% due 03/01/2029 | 400 | 409 |
|  6.375% due 05/04/2028 | 400 | 412 |
|  Bain Capital Specialty Finance, Inc. | Bain Capital Specialty Finance, Inc. | Bain Capital Specialty Finance, Inc. |
|  5.950% due 03/01/2031 | 2700 | 2579 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  7.883% due 11/15/2034 •  | 1800 | 2038 |
|  Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa | Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa | Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa |
|  4.375% due 04/11/2027 | 1700 | 1700 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  4.175% due 03/24/2028 •  | 2000 | 1992 |
|  5.294% due 08/18/2027 | 2000 | 2020 |
|  5.538% due 03/14/2030 •  | 200 | 205 |
|  6.607% due 11/07/2028 (h) | 18700 | 19657 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.898% due 07/23/2031 •  | 2000 | 1782 |
|  1.922% due 10/24/2031 •  | 2000 | 1773 |
|  3.194% due 07/23/2030 •  | 205 | 197 |
|  3.419% due 12/20/2028 •  | 2905 | 2855 |
|  3.593% due 07/21/2028 •  | 347 | 343 |
|  3.824% due 01/20/2028 •  | 500 | 498 |
|  4.376% due 04/27/2028 •  | 2200 | 2199 |
|  4.675% (SOFRRATE + 1.010%) due 01/24/2031 ~ | 3900 | 3891 |
|  5.202% due 04/25/2029 •  | 400 | 406 |
|  5.872% due 09/15/2034 •  | 1150 | 1205 |
|  6.204% due 11/10/2028 •  | 681 | 700 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  2.279% due 11/24/2027 •  | 1300 | 1280 |
|  5.138% (SOFRRATE + 1.490%) due 03/12/2028 ~ | 200 | 201 |
|  5.528% (SOFRRATE + 1.880%) due 09/13/2027 ~ | 15000 | 15060 |
|  6.224% due 05/09/2034 •  | 10500 | 11029 |
|  7.385% due 11/02/2028 •  | 500 | 521 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  6.150% due 04/02/2030 | 1440 | 1465 |
|  Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC |
|  1.625% due 08/05/2028 | 7200 | 6750 |
|  2.500% due 01/10/2030 | 1200 | 1113 |
|  Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC |
|  3.125% due 06/10/2031 | 100 | 86 |
|  4.125% due 10/07/2051 | 2300 | 1524 |
|  6.250% due 04/18/2034 | 400 | 385 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  5.786% due 01/13/2033 •  | 6200 | 6411 |
|  7.375% due 09/10/2034 •(d)(e) | 8500 | 8527 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.716% due 01/18/2030 •  | 1000 | 1025 |
|  5.876% due 01/14/2031 •  | 4300 | 4431 |
|  5.936% due 05/30/2035 •  | 2491 | 2549 |
|  6.714% due 10/19/2029 •  | 400 | 418 |
|  Broadstone Net Lease LLC | Broadstone Net Lease LLC | Broadstone Net Lease LLC |
|  5.000% due 11/01/2032 | 600 | 590 |
|  Brookfield Capital Finance LLC | Brookfield Capital Finance LLC | Brookfield Capital Finance LLC |
|  6.087% due 06/14/2033 | 6000 | 6261 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
|  5.675% due 01/15/2035 | 1000 | 1009 |
|  5.968% due 03/04/2054 | 450 | 437 |
|  Camden Property Trust | Camden Property Trust | Camden Property Trust |
|  3.150% due 07/01/2029 | 700 | 672 |
|  Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP |
|  7.200% due 12/12/2028 | 2800 | 2910 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  6.312% due 06/08/2029 •  | 2500 | 2586 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  4.800% due 06/15/2030 | 232 | 233 |
|  5.500% due 04/01/2029 | 400 | 410 |
|  5.500% due 06/15/2035 | 400 | 405 |
|  CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
|  3.200% due 12/17/2030 | 1127 | 1003 |
|  4.100% due 06/15/2051 | 1000 | 664 |
|  7.500% due 05/30/2029 | 800 | 840 |
|  Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC |
|  5.900% due 02/10/2030 | 720 | 724 |
|  Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC |
|  5.500% due 06/18/2030 | 1500 | 1525 |
|  6.200% due 06/18/2035 | 3800 | 3890 |
|  Citibank NA | Citibank NA | Citibank NA |
|  5.488% due 12/04/2026 | 6000 | 6048 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  4.412% due 03/31/2031 •  | 650 | 643 |
|  CNA Financial Corp. | CNA Financial Corp. | CNA Financial Corp. |
|  5.500% due 06/15/2033 | 5600 | 5689 |
|  Constellation Global Funding | Constellation Global Funding | Constellation Global Funding |
|  4.850% due 10/22/2030 | 700 | 687 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  3.649% due 04/06/2028 •  | 800 | 793 |
|  5.447% due 03/05/2030 •  | 7971 | 8154 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  4.900% due 01/07/2028 | 2500 | 2517 |
|  CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. |
|  2.800% due 07/15/2030 | 3000 | 2714 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  5.222% due 05/27/2031 •  | 3150 | 3189 |
|  5.261% due 01/12/2037 •  | 2000 | 1957 |
|  6.316% due 10/03/2029 •  | 700 | 729 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  3.100% due 11/15/2029 | 4000 | 3778 |
|  4.900% due 09/01/2029 | 800 | 805 |
|  Danske Bank AS | Danske Bank AS | Danske Bank AS |
|  4.999% due 03/27/2032 •  | 3500 | 3510 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  3.547% due 09/18/2031 •  | 1600 | 1505 |
|  4.999% due 09/11/2030 •  | 1300 | 1306 |
|  5.706% due 02/08/2028 •  | 3500 | 3530 |
|  6.720% due 01/18/2029 •  | 6807 | 7055 |
|  7.146% due 07/13/2027 •  | 1729 | 1741 |
|  DNB Bank ASA | DNB Bank ASA | DNB Bank ASA |
|  1.535% due 05/25/2027 •  | 600 | 597 |
|  Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange |
|  4.500% due 01/18/2032 | 5200 | 4739 |
|  EPR Properties | EPR Properties | EPR Properties |
|  3.750% due 08/15/2029 | 2500 | 2396 |
|  4.500% due 06/01/2027 | 1200 | 1195 |
|  4.750% due 12/15/2026 | 8200 | 8197 |
|  4.950% due 04/15/2028 | 4700 | 4695 |
|  Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC |
|  4.600% due 11/15/2030 | 1050 | 1041 |
|  5.500% due 06/15/2034 | 3350 | 3402 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  3.200% due 11/18/2029 | 2774 | 2642 |
|  Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
|  1.800% due 03/08/2028 | 7000 | 6638 |
|  5.450% due 03/03/2028 | 200 | 203 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  2.350% due 03/15/2032 | 1600 | 1374 |
|  F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. |
|  6.500% due 06/04/2029 | 900 | 904 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  1.750% due 06/30/2026 | 100 | 99 |
|  4.975% (SOFRRATE + 1.325%) due 09/08/2028 ~ | 1300 | 1304 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  4.625% due 04/29/2030 | 4300 | 4284 |
|  6.000% due 12/07/2033 | 3600 | 3763 |
|  Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec |
|  4.296% (SOFRRATE + 0.630%) due 01/27/2027 ~ | 1600 | 1602 |
|  First American Financial Corp. | First American Financial Corp. | First American Financial Corp. |
|  2.400% due 08/15/2031 | 2268 | 1955 |
|  First Citizens BancShares, Inc. | First Citizens BancShares, Inc. | First Citizens BancShares, Inc. |
|  4.869% due 03/03/2032 •  | 2900 | 2804 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.700% due 08/10/2026 | 400 | 397 |
|  3.815% due 11/02/2027 | 6595 | 6465 |
|  4.125% due 08/17/2027 | 5790 | 5717 |
|  4.271% due 01/09/2027 | 3330 | 3316 |
|  4.542% due 08/01/2026 | 4765 | 4759 |
|  4.950% due 05/28/2027 | 1050 | 1050 |
|  5.125% due 11/05/2026 | 6616 | 6631 |
|  5.800% due 03/05/2027 | 10315 | 10374 |
|  5.800% due 03/08/2029 | 4000 | 4046 |
|  5.850% due 05/17/2027 | 1574 | 1586 |
|  6.950% due 06/10/2026 | 2950 | 2957 |

---

---

| | | |
|:---|:---|:---|
| **66** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  2.625% due 01/15/2027 | 100 | 97 |
|  6.125% due 01/15/2030 (h) | 4000 | 3810 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  2.250% due 01/06/2027 | 300 | 295 |
|  4.500% due 09/18/2030 | 3000 | 2890 |
|  5.500% due 01/08/2029 | 3000 | 3038 |
|  Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
|  4.400% due 10/15/2029 | 200 | 194 |
|  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 | 1200 | 1071 |
|  4.000% due 01/15/2030 | 4270 | 4101 |
|  4.000% due 01/15/2031 | 6200 | 5882 |
|  5.300% due 01/15/2029 | 4560 | 4613 |
|  5.625% due 03/01/2036 | 1600 | 1558 |
|  5.750% due 06/01/2028 | 1400 | 1422 |
|  6.750% due 12/01/2033 | 1300 | 1370 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  1.948% due 10/21/2027 •  | 200 | 197 |
|  3.615% due 03/15/2028 •  | 9062 | 8991 |
|  3.691% due 06/05/2028 •  | 500 | 496 |
|  4.148% due 01/21/2029 •  | 7100 | 7058 |
|  4.223% due 05/01/2029 •  | 460 | 457 |
|  5.498% (SOFRRATE + 1.850%) due 03/15/2028 ~ | 600 | 607 |
|  6.484% due 10/24/2029 •  | 14937 | 15628 |
|  Goldman Sachs Private Credit Corp. | Goldman Sachs Private Credit Corp. | Goldman Sachs Private Credit Corp. |
|  5.875% due 01/31/2031 | 2000 | 1942 |
|  Goodman U.S. Finance Four LLC | Goodman U.S. Finance Four LLC | Goodman U.S. Finance Four LLC |
|  4.500% due 10/15/2037 | 2125 | 1953 |
|  Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC |
|  3.700% due 03/15/2028 | 15600 | 15357 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  6.150% due 01/15/2031 | 3600 | 3668 |
|  6.375% due 07/01/2034 | 500 | 504 |
|  Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. |
|  2.500% due 09/01/2030 | 1500 | 1362 |
|  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 | 3100 | 2855 |
|  Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
|  2.600% due 02/01/2031 | 1000 | 885 |
|  3.050% due 02/15/2030 | 3500 | 3230 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  3.375% due 12/15/2029 | 3700 | 3517 |
|  3.500% due 09/15/2030 | 2500 | 2351 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  5.150% due 04/02/2029 | 5300 | 5152 |
|  5.950% due 04/14/2032 | 1200 | 1160 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  4.398% due 03/10/2030 •  | 3000 | 2978 |
|  5.546% due 03/04/2030 •(h) | 12000 | 12298 |
|  Indian Railway Finance Corp. Ltd. | Indian Railway Finance Corp. Ltd. | Indian Railway Finance Corp. Ltd. |
|  2.800% due 02/10/2031 | 2400 | 2195 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  5.420% due 03/23/2037 •  | 6400 | 6384 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.200% due 11/28/2033 | 7500 | 8409 |
|  8.248% due 11/21/2033 •  | 3700 | 4265 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  2.000% due 08/15/2031 | 4421 | 3786 |
|  2.300% due 11/15/2028 | 1800 | 1694 |
|  5.500% due 08/15/2033 | 1000 | 1002 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  2.182% due 06/01/2028 •  | 750 | 731 |
|  2.545% due 11/08/2032 •  | 7000 | 6225 |
|  2.580% due 04/22/2032 •  | 500 | 452 |
|  4.203% due 07/23/2029 •  | 600 | 597 |
|  4.323% due 04/26/2028 •  | 500 | 500 |
|  4.452% due 12/05/2029 •  | 120 | 120 |
|  4.565% due 06/14/2030 •  | 1500 | 1502 |
|  4.995% due 07/22/2030 •  | 5100 | 5175 |
|  5.012% due 01/23/2030 •  | 3845 | 3899 |
|  5.299% due 07/24/2029 •  | 1626 | 1657 |
|  5.581% due 04/22/2030 •  | 5000 | 5154 |
|  6.070% due 10/22/2027 •  | 300 | 303 |
|  6.087% due 10/23/2029 •  | 8300 | 8626 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  3.050% due 02/15/2030 | 7533 | 6870 |
|  6.250% due 01/15/2036 | 400 | 397 |
|  Lazard Group LLC | Lazard Group LLC | Lazard Group LLC |
|  5.625% due 08/01/2035 | 400 | 399 |
|  6.000% due 03/15/2031 | 5000 | 5196 |
|  Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC |
|  0.000% due 04/02/2032 þ | 1000 | 751 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  4.375% due 03/22/2028 | 700 | 699 |
|  4.943% due 11/04/2036 •  | 4900 | 4731 |
|  5.462% due 01/05/2028 •  | 300 | 302 |
|  5.985% due 08/07/2027 •  | 2537 | 2549 |
|  8.000% due 09/27/2029 •(d)(e)(h) | 2300 | 2416 |
|  LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |
|  2.700% due 09/15/2030 | 1500 | 1369 |
|  Marex Group PLC | Marex Group PLC | Marex Group PLC |
|  5.829% due 05/08/2028 | 4900 | 4954 |
|  Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. |
|  5.100% due 04/26/2048 •  | 600 | 596 |
|  6.100% due 06/11/2055 •  | 6100 | 6127 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  4.505% due 01/14/2032 •  | 8500 | 8380 |
|  5.574% due 01/16/2036 •  | 1000 | 1024 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  2.839% due 09/13/2026 | 1346 | 1338 |
|  2.869% due 09/13/2030 •  | 800 | 755 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  3.772% due 01/24/2029 •  | 4522 | 4463 |
|  4.431% due 01/23/2030 •  | 3000 | 2987 |
|  4.654% due 10/18/2030 •  | 500 | 500 |
|  4.708% due 03/12/2032 •  | 3800 | 3775 |
|  4.994% due 04/12/2029 •  | 3100 | 3129 |
|  5.164% due 04/20/2029 •  | 4607 | 4661 |
|  5.173% due 01/16/2030 •  | 2600 | 2637 |
|  5.230% due 01/15/2031 •  | 500 | 508 |
|  5.320% due 07/19/2035 •  | 2500 | 2509 |
|  5.449% due 07/20/2029 •  | 1822 | 1855 |
|  5.587% due 01/18/2036 •  | 2600 | 2652 |
|  5.656% due 04/18/2030 •  | 4000 | 4116 |
|  5.664% due 04/17/2036 •  | 3000 | 3074 |
|  6.296% due 10/18/2028 •  | 300 | 308 |
|  6.407% due 11/01/2029 •  | 8483 | 8855 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  4.747% (SOFRRATE + 1.080%)<br>due 01/14/2028 ~ | 400 | 402 |
|  Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA |
|  4.204% due 11/17/2028 •  | 300 | 299 |
|  4.466% due 07/06/2028 •  | 6550 | 6551 |
|  Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding |
|  5.000% due 04/01/2030 | 200 | 201 |
|  5.450% due 12/12/2028 | 400 | 409 |
|  National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. |
|  3.000% due 02/01/2031 | 2600 | 2341 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  4.302% due 03/08/2029 •  | 8800 | 8745 |
|  Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. |
|  3.900% due 11/30/2049 | 1900 | 1413 |
|  Nationwide Mutual Insurance Co. | Nationwide Mutual Insurance Co. | Nationwide Mutual Insurance Co. |
|  9.375% due 08/15/2039 | 100 | 128 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  5.076% due 01/27/2030 •  | 17600 | 17800 |
|  7.300% due 11/19/2034 •(d)(e) | 2600 | 2642 |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
|  4.407% (SOFRRATE + 0.760%)<br>due 09/29/2026 ~ | 800 | 801 |
|  Neuberger Berman Group LLC/Neuberger Berman Finance Corp. | Neuberger Berman Group LLC/Neuberger Berman Finance Corp. | Neuberger Berman Group LLC/Neuberger Berman Finance Corp. |
|  4.500% due 03/15/2027 | 884 | 882 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 | 400 | 420 |
|  Nippon Life Insurance Co. | Nippon Life Insurance Co. | Nippon Life Insurance Co. |
|  2.750% due 01/21/2051 •  | 200 | 176 |
|  6.250% due 09/13/2053 •  | 2000 | 2044 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  NLG Global Funding | NLG Global Funding | NLG Global Funding |
|  5.400% due 01/23/2030 | 2700 | 2765 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  1.653% due 07/14/2026 | 8409 | 8348 |
|  3.103% due 01/16/2030 | 1900 | 1792 |
|  Norinchukin Bank | Norinchukin Bank | Norinchukin Bank |
|  4.674% due 09/09/2030 | 300 | 298 |
|  5.356% due 03/10/2036 | 5400 | 5346 |
|  Northwestern Mutual Life Insurance Co. | Northwestern Mutual Life Insurance Co. | Northwestern Mutual Life Insurance Co. |
|  3.625% due 09/30/2059 | 2000 | 1357 |
|  Nuveen LLC | Nuveen LLC | Nuveen LLC |
|  5.550% due 01/15/2030 | 400 | 410 |
|  Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. |
|  4.750% due 01/15/2028 | 1477 | 1476 |
|  5.200% due 07/01/2030 | 290 | 291 |
|  Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II |
|  1.600% due 09/21/2028 | 4900 | 4573 |
|  4.272% (SOFRRATE + 0.620%) due 06/04/2026 ~ | 1700 | 1701 |
|  Pacific Life Insurance Co. | Pacific Life Insurance Co. | Pacific Life Insurance Co. |
|  9.250% due 06/15/2039 | 600 | 802 |
|  Pacific LifeCorp | Pacific LifeCorp | Pacific LifeCorp |
|  3.350% due 09/15/2050 | 1000 | 671 |
|  Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP |
|  6.875% due 07/15/2029 | 1600 | 1677 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  1.737% due 09/21/2030 | 4800 | 4216 |
|  1.900% due 07/06/2028 | 1800 | 1701 |
|  4.772% due 12/09/2029 (h) | 12500 | 12556 |
|  Rayonier LP | Rayonier LP | Rayonier LP |
|  2.750% due 05/17/2031 | 2973 | 2674 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
|  4.750% due 04/15/2033 (a) | 1300 | 1283 |
|  Rexford Industrial Realty LP | Rexford Industrial Realty LP | Rexford Industrial Realty LP |
|  2.125% due 12/01/2030 | 200 | 177 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  4.600% due 11/25/2030 | 2500 | 2474 |
|  5.500% due 01/11/2031 | 1400 | 1440 |
|  Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding |
|  5.050% due 01/10/2028 | 3400 | 3431 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  3.244% due 10/05/2026 | 8220 | 8174 |
|  5.353% due 09/06/2030 •  | 2400 | 2427 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  1.673% due 06/14/2027 •  | 800 | 795 |
|  4.858% due 09/11/2030 •  | 225 | 226 |
|  5.694% due 04/15/2031 •  | 5000 | 5144 |
|  SBA Tower Trust | SBA Tower Trust | SBA Tower Trust |
|  1.631% due 05/15/2051 | 15600 | 15347 |
|  SBL Holdings, Inc. | SBL Holdings, Inc. | SBL Holdings, Inc. |
|  5.900% due 09/26/2028 | 500 | 472 |
|  Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners |
|  6.500% due 03/11/2029 | 3500 | 3549 |
|  SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC |
|  5.250% due 11/26/2035 | 3700 | 3615 |
|  5.450% due 05/03/2028 | 300 | 304 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  4.529% due 06/05/2032 •  | 3800 | 3712 |
|  Stellantis Financial Services U.S. Corp. | Stellantis Financial Services U.S. Corp. | Stellantis Financial Services U.S. Corp. |
|  5.400% due 09/15/2030 | 4100 | 4028 |
|  Store Capital LLC | Store Capital LLC | Store Capital LLC |
|  2.750% due 11/18/2030 | 1000 | 901 |
|  5.400% due 04/30/2030 | 1400 | 1407 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  1.402% due 09/17/2026 | 600 | 593 |
|  2.130% due 07/08/2030 | 700 | 630 |
|  2.174% due 01/14/2027 | 600 | 590 |
|  4.843% (SOFRRATE + 1.170%) due 07/09/2029 ~ | 10000 | 10057 |
|  6.600% due 06/05/2034 •(d)(e) | 2000 | 1977 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  4.350% due 09/11/2030 | 500 | 497 |
|  5.500% due 03/09/2028 | 400 | 408 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **67** |

---

------

Schedule of Investments PIMCO Investment Grade Credit Bond Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sun Communities Operating LP | Sun Communities Operating LP | Sun Communities Operating LP |
|  2.700% due 07/15/2031 | 100 | 89 |
|  4.200% due 04/15/2032 | 1900 | 1810 |
|  Takeoff Merger Sub, Inc. | Takeoff Merger Sub, Inc. | Takeoff Merger Sub, Inc. |
|  4.500% due 03/24/2029 | 5000 | 4969 |
|  5.500% due 03/24/2036 | 2000 | 1971 |
|  Teachers Insurance & Annuity Association of America | Teachers Insurance & Annuity Association of America | Teachers Insurance & Annuity Association of America |
|  4.270% due 05/15/2047 | 3000 | 2414 |
|  Trust 2401 | Trust 2401 | Trust 2401 |
|  4.869% due 01/15/2030 (h) | 2668 | 2571 |
|  Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno |
|  4.869% due 01/15/2030 (h) | 1332 | 1279 |
|  Trustage Financial Group, Inc. | Trustage Financial Group, Inc. | Trustage Financial Group, Inc. |
|  4.625% due 04/15/2032 | 9600 | 9186 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  3.091% due 05/14/2032 •  | 1000 | 917 |
|  4.550% due 04/17/2026 | 300 | 300 |
|  4.703% due 08/05/2027 •  | 900 | 900 |
|  4.844% due 11/06/2033 •  | 200 | 197 |
|  4.875% due 02/12/2027 •(d)(e) | 1000 | 991 |
|  5.699% due 02/08/2035 •  | 3166 | 3247 |
|  5.959% due 01/12/2034 •(h) | 19600 | 20460 |
|  6.246% due 09/22/2029 •  | 300 | 312 |
|  6.301% due 09/22/2034 •  | 6100 | 6487 |
|  6.850% due 09/10/2029 •(d)(e) | 1000 | 992 |
|  9.250% due 11/13/2028 •(d)(e) | 1350 | 1440 |
|  9.250% due 11/13/2033 •(d)(e) | 4000 | 4507 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  5.459% due 06/30/2035 •  | 4600 | 4593 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 02/15/2028 | 2300 | 2303 |
|  5.125% due 11/15/2031 | 500 | 497 |
|  5.125% due 05/15/2032 | 1600 | 1577 |
|  5.625% due 04/01/2035 | 3250 | 3236 |
|  5.625% due 05/15/2052 | 1600 | 1431 |
|  5.750% due 04/01/2034 | 500 | 505 |
|  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 | 7600 | 7388 |
|  4.125% due 08/15/2030 | 500 | 479 |
|  Voya Financial, Inc. | Voya Financial, Inc. | Voya Financial, Inc. |
|  5.050% due 03/02/2036 | 2400 | 2320 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.393% due 06/02/2028 •  | 259 | 253 |
|  2.879% due 10/30/2030 •  | 1000 | 944 |
|  3.196% due 06/17/2027 •  | 500 | 499 |
|  4.808% due 07/25/2028 •  | 1105 | 1110 |
|  5.198% due 01/23/2030 •  | 1500 | 1524 |
|  5.211% due 12/03/2035 •  | 3100 | 3088 |
|  5.389% due 04/24/2034 •  | 1500 | 1523 |
|  5.574% due 07/25/2029 •  | 7276 | 7444 |
|  6.303% due 10/23/2029 •  | 5900 | 6146 |
|  Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
|  5.450% due 08/07/2026 | 300 | 301 |
|  Welltower OP LLC | Welltower OP LLC | Welltower OP LLC |
|  4.500% due 07/01/2030 | 4100 | 4103 |
|  Western-Southern Global Funding | Western-Southern Global Funding | Western-Southern Global Funding |
|  4.500% due 07/16/2028 | 500 | 500 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  4.000% due 04/15/2030 | 12000 | 11691 |
|  4.750% due 05/15/2026 | 1233 | 1233 |
|  |  | 1020754 |
| INDUSTRIALS 29.1% | INDUSTRIALS 29.1% | INDUSTRIALS 29.1% |
|  180 Medical, Inc. | 180 Medical, Inc. | 180 Medical, Inc. |
|  5.300% due 10/08/2035 | 1300 | 1278 |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  3.200% due 11/21/2029 | 2645 | 2550 |
|  Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. |
|  4.000% due 08/03/2026 | 1600 | 1599 |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.300% due 07/15/2031 | 3573 | 3422 |
|  3.750% due 06/15/2029 | 54 | 54 |
|  Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust |
|  4.800% due 02/15/2029 | 4010 | 4014 |
|  Alcon Finance Corp. | Alcon Finance Corp. | Alcon Finance Corp. |
|  2.600% due 05/27/2030 | 7700 | 7126 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Allegion PLC | Allegion PLC | Allegion PLC |
|  3.500% due 10/01/2029 | 2000 | 1927 |
|  Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. |
|  5.650% due 02/15/2056 | 6000 | 5985 |
|  Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
|  4.550% due 03/13/2033 | 2000 | 1981 |
|  5.950% due 03/13/2066 | 1900 | 1908 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  2.875% due 01/11/2036 | 81 | 73 |
|  3.000% due 04/15/2030 | 3727 | 3615 |
|  3.150% due 08/15/2033 | 3798 | 3545 |
|  3.200% due 12/15/2029 | 1561 | 1522 |
|  3.350% due 04/15/2031 | 5466 | 5290 |
|  3.375% due 11/01/2028 | 569 | 562 |
|  3.575% due 07/15/2029 | 2412 | 2380 |
|  3.600% due 03/22/2029 | 3993 | 3948 |
|  3.700% due 04/01/2028 | 329 | 328 |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  5.250% due 03/02/2030 | 6400 | 6573 |
|  5.600% due 03/02/2043 | 1900 | 1876 |
|  5.650% due 03/02/2053 (h) | 4850 | 4701 |
|  Anglo American Capital PLC | Anglo American Capital PLC | Anglo American Capital PLC |
|  5.000% due 03/21/2033 | 2800 | 2758 |
|  5.625% due 04/01/2030 | 1250 | 1290 |
|  AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
|  5.125% due 12/01/2029 | 2656 | 2672 |
|  AstraZeneca PLC | AstraZeneca PLC | AstraZeneca PLC |
|  1.375% due 08/06/2030 | 1700 | 1501 |
|  AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. |
|  5.125% due 06/15/2030 | 2000 | 2035 |
|  Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. | Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. | Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. |
|  5.000% due 06/15/2036 | 2700 | 2652 |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
|  4.375% due 12/15/2028 | 4100 | 4060 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.125% due 11/21/2026 | 11100 | 11203 |
|  6.250% due 01/21/2029 | 400 | 416 |
|  6.375% due 11/21/2030 | 2367 | 2490 |
|  6.500% due 11/21/2033 | 20000 | 21277 |
|  Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
|  4.874% due 02/08/2029 | 1200 | 1214 |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 39436 | 40577 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
|  4.875% due 07/15/2026 | 6700 | 6701 |
|  5.650% due 01/15/2034 | 200 | 205 |
|  Block, Inc. | Block, Inc. | Block, Inc. |
|  5.625% due 08/15/2030 | 3200 | 3184 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.750% due 03/21/2028 | 2900 | 2917 |
|  5.050% due 03/21/2030 | 500 | 506 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  3.250% due 02/01/2028 | 1200 | 1177 |
|  3.450% due 11/01/2028 | 400 | 391 |
|  5.805% due 05/01/2050 | 4600 | 4450 |
|  5.930% due 05/01/2060 | 13200 | 12681 |
|  6.259% due 05/01/2027 | 5800 | 5902 |
|  Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |
|  3.875% due 09/01/2028 | 5700 | 5555 |
|  Boston Scientific Corp. | Boston Scientific Corp. | Boston Scientific Corp. |
|  6.250% due 11/15/2035 | 3000 | 3313 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  2.900% due 09/15/2036 | 78 | 72 |
|  3.300% due 06/15/2034 | 70 | 67 |
|  3.350% due 12/15/2030 | 2038 | 1979 |
|  3.800% due 03/20/2033 | 950 | 928 |
|  4.125% due 03/20/2033 | 1190 | 1151 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  2.450% due 02/15/2031 | 27858 | 25307 |
|  3.419% due 04/15/2033 | 6543 | 5986 |
|  4.926% due 05/15/2037 | 12249 | 11889 |
|  5.050% due 07/12/2029 | 500 | 510 |
|  Cameron LNG LLC | Cameron LNG LLC | Cameron LNG LLC |
|  3.402% due 01/15/2038 | 100 | 87 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  5.000% due 12/15/2029 | 1200 | 1219 |
|  5.400% due 12/15/2034 | 1800 | 1822 |
|  6.250% due 03/15/2038 | 1700 | 1789 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  4.000% due 08/01/2028 | 4845 | 4733 |
|  CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. |
|  2.670% due 12/01/2026 | 2100 | 2076 |
|  3.250% due 02/15/2029 | 1010 | 962 |
|  5.100% due 03/01/2030 | 300 | 300 |
|  Cenovus Energy, Inc. | Cenovus Energy, Inc. | Cenovus Energy, Inc. |
|  5.400% due 03/20/2036 | 5900 | 5873 |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  2.450% due 07/15/2028 | 3300 | 3075 |
|  2.500% due 03/01/2031 | 2000 | 1679 |
|  2.625% due 08/01/2031 | 1600 | 1339 |
|  3.000% due 10/15/2030 | 3625 | 3179 |
|  4.625% due 12/15/2029 | 2491 | 2366 |
|  CGI, Inc. | CGI, Inc. | CGI, Inc. |
|  1.450% due 09/14/2026 | 9500 | 9364 |
|  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 | 6985 | 4786 |
|  3.900% due 06/01/2052 | 6000 | 3823 |
|  6.100% due 06/01/2029 (h) | 1000 | 1036 |
|  Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC |
|  2.742% due 12/31/2039 | 500 | 423 |
|  CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
|  4.352% due 09/01/2030 | 1100 | 1084 |
|  4.975% due 09/01/2035 | 400 | 391 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  5.000% due 08/01/2030 | 1600 | 1597 |
|  Constellation Pharmaceutical, Inc. | Constellation Pharmaceutical, Inc. | Constellation Pharmaceutical, Inc. |
|  5.550% due 07/01/2033 «(g) | 1027 | 1052 |
|  Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. |
|  1.800% due 10/01/2030 | 4400 | 3827 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  4.300% due 03/25/2028 | 1235 | 1231 |
|  4.780% due 03/25/2038 | 1100 | 1014 |
|  5.000% due 01/30/2029 | 300 | 304 |
|  5.050% due 03/25/2048 | 3800 | 3263 |
|  5.125% due 02/21/2030 | 3335 | 3383 |
|  5.450% due 09/15/2035 | 2700 | 2711 |
|  5.700% due 06/01/2034 | 1000 | 1028 |
|  5.875% due 06/01/2053 | 1100 | 1043 |
|  6.050% due 06/01/2054 | 1000 | 971 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  7.507% due 01/10/2032 | 925 | 977 |
|  DAE Funding LLC | DAE Funding LLC | DAE Funding LLC |
|  3.375% due 03/20/2028 | 400 | 386 |
|  Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC |
|  4.500% due 04/12/2031 | 3700 | 3633 |
|  5.250% due 01/13/2030 | 500 | 508 |
|  DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP |
|  3.250% due 02/15/2032 | 2600 | 2364 |
|  5.125% due 05/15/2029 | 200 | 204 |
|  Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. |
|  3.750% due 10/28/2029 | 1000 | 963 |
|  Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. |
|  5.200% due 09/15/2034 | 50 | 50 |
|  Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
|  5.550% due 04/01/2035 | 400 | 408 |
|  5.900% due 04/18/2064 | 400 | 379 |
|  6.250% due 03/15/2053 | 2600 | 2632 |
|  DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. |
|  4.125% due 06/15/2029 | 1102 | 1079 |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  4.625% due 11/02/2031 | 100 | 89 |
|  Edwards Lifesciences Corp. | Edwards Lifesciences Corp. | Edwards Lifesciences Corp. |
|  4.300% due 06/15/2028 | 970 | 969 |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
|  4.900% due 06/20/2030 | 500 | 505 |
|  5.550% due 06/20/2035 | 200 | 205 |
|  5.900% due 11/15/2026 | 100 | 101 |

---

---

| | | |
|:---|:---|:---|
| **68** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  3.750% due 05/15/2030 | 900 | 870 |
|  3.900% due 07/15/2026 | 900 | 899 |
|  4.950% due 05/15/2028 | 1400 | 1413 |
|  5.200% due 04/01/2030 | 4330 | 4428 |
|  5.250% due 07/01/2029 | 1200 | 1226 |
|  5.550% due 02/15/2028 | 1053 | 1074 |
|  5.700% due 04/01/2035 | 400 | 411 |
|  6.050% due 12/01/2026 | 5400 | 5451 |
|  6.100% due 12/01/2028 | 200 | 208 |
|  Eni SpA | Eni SpA | Eni SpA |
|  5.500% due 05/15/2034 | 4500 | 4611 |
|  Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
|  4.600% due 01/15/2031 | 4000 | 4008 |
|  5.200% due 01/15/2036 | 4100 | 4124 |
|  EQT Corp. | EQT Corp. | EQT Corp. |
|  3.900% due 10/01/2027 | 181 | 179 |
|  6.375% due 04/01/2029 | 477 | 492 |
|  Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. |
|  5.375% due 03/15/2030 | 1200 | 1211 |
|  5.700% due 01/15/2035 | 400 | 406 |
|  6.750% due 04/15/2029 | 2242 | 2244 |
|  Fedex Freight Holding Co., Inc. | Fedex Freight Holding Co., Inc. | Fedex Freight Holding Co., Inc. |
|  4.300% due 03/15/2029 | 2000 | 1976 |
|  Ferguson Finance PLC | Ferguson Finance PLC | Ferguson Finance PLC |
|  3.250% due 06/02/2030 | 1100 | 1037 |
|  Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. |
|  4.550% due 03/10/2029 | 6600 | 6571 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
|  5.150% due 08/12/2034 | 400 | 389 |
|  5.250% due 08/11/2035 | 6000 | 5838 |
|  Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC |
|  3.363% due 06/30/2031 | 9700 | 8837 |
|  Flex Ltd. | Flex Ltd. | Flex Ltd. |
|  4.875% due 06/15/2029 | 100 | 100 |
|  Fox Corp. | Fox Corp. | Fox Corp. |
|  4.709% due 01/25/2029 | 218 | 219 |
|  Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. |
|  1.875% due 12/01/2026 | 800 | 785 |
|  Gartner, Inc. | Gartner, Inc. | Gartner, Inc. |
|  3.750% due 10/01/2030 | 2500 | 2274 |
|  4.500% due 07/01/2028 | 1422 | 1398 |
|  4.950% due 03/20/2031 | 1600 | 1562 |
|  General Dynamics Corp. | General Dynamics Corp. | General Dynamics Corp. |
|  3.625% due 04/01/2030 | 500 | 486 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  5.186% due 04/01/2030 | 2400 | 2434 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  5.400% due 03/15/2033 | 3100 | 3027 |
|  Harbour Energy PLC | Harbour Energy PLC | Harbour Energy PLC |
|  6.327% due 04/01/2035 | 4200 | 4306 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  3.500% due 09/01/2030 | 16400 | 15579 |
|  5.450% due 04/01/2031 | 400 | 410 |
|  5.500% due 06/01/2033 | 6800 | 6938 |
|  5.625% due 09/01/2028 | 1734 | 1769 |
|  5.875% due 02/01/2029 | 200 | 206 |
|  Honeywell Aerospace, Inc. | Honeywell Aerospace, Inc. | Honeywell Aerospace, Inc. |
|  4.950% due 03/16/2036 | 3000 | 2978 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  5.050% due 03/30/2028 | 900 | 908 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  1.500% due 06/15/2026 | 2000 | 1988 |
|  4.750% due 04/06/2029 (a) | 6200 | 6195 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  3.500% due 07/26/2026 | 200 | 199 |
|  IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
|  6.250% due 02/01/2029 | 700 | 728 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  2.750% due 11/15/2033 | 1871 | 1662 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  5.050% due 03/15/2029 | 1000 | 1011 |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
|  8.050% due 10/15/2030 | 6500 | 7271 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  5.400% due 03/15/2035 | 5321 | 5314 |
|  Kyndryl Holdings, Inc. | Kyndryl Holdings, Inc. | Kyndryl Holdings, Inc. |
|  3.150% due 10/15/2031 | 2600 | 2169 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  3.500% due 08/18/2026 | 4250 | 4236 |
|  5.625% due 06/15/2028 | 1300 | 1317 |
|  5.900% due 06/01/2027 | 8800 | 8917 |
|  Maple Parent Holdings Corp. | Maple Parent Holdings Corp. | Maple Parent Holdings Corp. |
|  5.050% due 03/26/2031 | 4800 | 4782 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  4.500% due 10/15/2031 | 500 | 494 |
|  4.625% due 06/15/2030 | 2000 | 2001 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  5.000% due 03/01/2032 | 4500 | 4555 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  2.450% due 04/15/2028 | 4000 | 3848 |
|  McDonald's Corp. | McDonald's Corp. | McDonald's Corp. |
|  4.400% due 02/12/2031 | 1340 | 1337 |
|  Microchip Technology, Inc. | Microchip Technology, Inc. | Microchip Technology, Inc. |
|  4.900% due 03/15/2028 | 900 | 906 |
|  Motorola Solutions, Inc. | Motorola Solutions, Inc. | Motorola Solutions, Inc. |
|  4.850% due 08/15/2030 | 2100 | 2116 |
|  MPLX LP | MPLX LP | MPLX LP |
|  2.650% due 08/15/2030 | 2450 | 2259 |
|  National Football League | National Football League | National Football League |
|  5.250% due 10/05/2034 «(g) | 3700 | 3689 |
|  5.420% due 10/05/2037 «(g) | 1300 | 1296 |
|  National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. |
|  5.500% due 10/01/2026 | 300 | 301 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.345% due 09/17/2027 | 750 | 730 |
|  Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. |
|  4.100% due 05/15/2121 | 100 | 68 |
|  Northern Star Resources Ltd. | Northern Star Resources Ltd. | Northern Star Resources Ltd. |
|  6.125% due 04/11/2033 | 1000 | 1034 |
|  Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
|  4.650% due 07/15/2030 | 1000 | 1006 |
|  Novartis Capital Corp. | Novartis Capital Corp. | Novartis Capital Corp. |
|  4.900% due 03/18/2036 | 3000 | 2994 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  5.171% due 07/16/2032 | 3300 | 3325 |
|  NVR, Inc. | NVR, Inc. | NVR, Inc. |
|  3.000% due 05/15/2030 | 1380 | 1300 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
|  4.300% due 08/19/2028 | 402 | 400 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  6.450% due 09/15/2036 | 2500 | 2673 |
|  6.625% due 09/01/2030 | 818 | 880 |
|  Open Text Corp. | Open Text Corp. | Open Text Corp. |
|  6.900% due 12/01/2027 | 500 | 514 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  2.300% due 03/25/2028 | 5029 | 4792 |
|  3.250% due 11/15/2027 | 2800 | 2733 |
|  3.250% due 05/15/2030 | 1765 | 1632 |
|  3.950% due 03/25/2051 | 2000 | 1268 |
|  4.200% due 09/27/2029 | 3200 | 3102 |
|  4.650% due 05/06/2030 | 2917 | 2852 |
|  5.500% due 08/03/2035 | 400 | 382 |
|  5.700% due 02/04/2036 | 2000 | 1924 |
|  6.000% due 08/03/2055 | 2000 | 1678 |
|  6.100% due 09/26/2065 | 6100 | 5062 |
|  6.550% due 02/04/2046 | 2000 | 1867 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.700% due 02/16/2032 | 3700 | 3624 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  1.750% due 11/01/2030 | 2100 | 1860 |
|  4.375% due 04/30/2030 | 2425 | 2413 |
|  4.875% due 02/13/2029 | 3500 | 3553 |
|  5.125% due 11/17/2027 | 300 | 304 |
|  5.125% due 02/15/2030 | 1700 | 1735 |
|  5.250% due 02/13/2034 | 400 | 407 |
|  Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. |
|  4.300% due 08/09/2028 | 1100 | 1099 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  RELX Capital, Inc. | RELX Capital, Inc. | RELX Capital, Inc. |
|  4.750% due 03/27/2030 | 923 | 930 |
|  4.750% due 05/20/2032 | 800 | 798 |
|  Renesas Electronics Corp. | Renesas Electronics Corp. | Renesas Electronics Corp. |
|  2.170% due 11/25/2026 | 900 | 886 |
|  Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC |
|  5.750% due 10/15/2027 | 550 | 559 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  5.375% due 01/15/2036 | 3300 | 3243 |
|  5.500% due 04/01/2028 | 3025 | 3060 |
|  Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
|  1.750% due 09/02/2027 | 1000 | 964 |
|  4.450% due 03/25/2031 | 1700 | 1680 |
|  Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
|  4.500% due 05/15/2030 | 12900 | 12811 |
|  Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. |
|  5.200% due 03/15/2033 | 2200 | 2197 |
|  Santos Finance Ltd. | Santos Finance Ltd. | Santos Finance Ltd. |
|  3.649% due 04/29/2031 | 11430 | 10704 |
|  4.125% due 09/14/2027 | 2200 | 2183 |
|  6.875% due 09/19/2033 | 400 | 436 |
|  Schlumberger Holdings Corp. | Schlumberger Holdings Corp. | Schlumberger Holdings Corp. |
|  5.000% due 06/01/2034 | 200 | 200 |
|  Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. |
|  1.800% due 06/01/2026 | 2400 | 2389 |
|  South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC |
|  5.026% due 10/01/2029 | 900 | 906 |
|  Southern Co. | Southern Co. | Southern Co. |
|  5.500% due 03/15/2029 | 200 | 206 |
|  Spectra Energy Partners LP | Spectra Energy Partners LP | Spectra Energy Partners LP |
|  3.375% due 10/15/2026 | 3500 | 3483 |
|  Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
|  3.850% due 06/15/2026 | 200 | 200 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  3.650% due 08/15/2031 | 2247 | 2057 |
|  4.100% due 10/01/2029 | 93 | 92 |
|  Stryker Corp. | Stryker Corp. | Stryker Corp. |
|  4.250% due 09/11/2029 | 2500 | 2491 |
|  4.850% due 02/10/2030 | 2900 | 2940 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
|  5.150% due 04/01/2035 | 3300 | 3307 |
|  Sysco Corp. | Sysco Corp. | Sysco Corp. |
|  4.950% due 03/25/2036 | 3200 | 3052 |
|  5.100% due 09/23/2030 | 2600 | 2621 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.050% due 02/15/2028 | 100 | 96 |
|  2.250% due 11/15/2031 | 10000 | 8792 |
|  2.400% due 03/15/2029 | 2889 | 2727 |
|  2.700% due 03/15/2032 | 7900 | 7030 |
|  3.875% due 04/15/2030 | 9600 | 9352 |
|  4.800% due 07/15/2028 | 200 | 202 |
|  4.950% due 03/15/2028 | 3034 | 3067 |
|  Tapestry, Inc. | Tapestry, Inc. | Tapestry, Inc. |
|  5.100% due 03/11/2030 | 2700 | 2729 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  6.125% due 03/15/2033 | 6400 | 6771 |
|  TD SYNNEX Corp. | TD SYNNEX Corp. | TD SYNNEX Corp. |
|  2.375% due 08/09/2028 | 100 | 95 |
|  Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC |
|  2.900% due 03/01/2030 | 5000 | 4686 |
|  TR Finance LLC | TR Finance LLC | TR Finance LLC |
|  5.500% due 08/15/2035 | 1000 | 1006 |
|  Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
|  4.300% due 01/15/2030 | 800 | 794 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 | 2898 | 2670 |
|  2.875% due 04/07/2030 | 542 | 523 |
|  2.900% due 11/01/2029 | 2477 | 2375 |
|  3.500% due 09/01/2031 | 1165 | 1134 |
|  4.000% due 10/11/2027 | 515 | 514 |
|  4.150% due 02/25/2033 | 1162 | 1138 |
|  5.450% due 08/15/2038 | 1504 | 1537 |
|  5.800% due 07/15/2037 | 6374 | 6583 |
|  5.875% due 04/15/2029 | 6707 | 6824 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **69** |

---

------

Schedule of Investments PIMCO Investment Grade Credit Bond Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
|  3.875% due 11/15/2027 | 1700 | 1677 |
|  6.000% due 12/15/2029 | 500 | 509 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
|  2.000% due 05/15/2030 | 997 | 903 |
|  Valero Energy Corp. | Valero Energy Corp. | Valero Energy Corp. |
|  5.150% due 03/10/2036 | 3000 | 2958 |
|  Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC |
|  4.900% due 08/01/2030 | 2500 | 2503 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  4.450% due 09/11/2027 | 300 | 299 |
|  5.050% due 03/27/2028 | 1500 | 1510 |
|  5.250% due 03/22/2029 | 7065 | 7151 |
|  5.350% due 03/27/2030 | 500 | 507 |
|  5.650% due 09/12/2028 | 700 | 714 |
|  Weir Group, Inc. | Weir Group, Inc. | Weir Group, Inc. |
|  5.350% due 05/06/2030 | 1300 | 1318 |
|  Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
|  5.500% due 12/15/2035 | 6000 | 5904 |
|  Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
|  4.700% due 09/15/2028 | 7503 | 7526 |
|  Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |
|  4.625% due 06/30/2030 | 1830 | 1829 |
|  4.900% due 03/15/2029 | 909 | 920 |
|  5.300% due 09/30/2035 | 3000 | 2999 |
|  5.650% due 03/15/2033 | 1600 | 1653 |
|  WMG Acquisition Corp. | WMG Acquisition Corp. | WMG Acquisition Corp. |
|  3.750% due 12/01/2029 | 3800 | 3618 |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  3.700% due 09/15/2026 | 2500 | 2491 |
|  5.100% due 09/12/2034 | 5300 | 5219 |
|  Yara International ASA | Yara International ASA | Yara International ASA |
|  3.800% due 06/06/2026 | 3300 | 3293 |
|  |  | 763180 |
| UTILITIES 8.9% | UTILITIES 8.9% | UTILITIES 8.9% |
|  AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. |
|  5.200% due 04/15/2036 | 4200 | 4132 |
|  AES Corp. | AES Corp. | AES Corp. |
|  3.950% due 07/15/2030 | 3200 | 3061 |
|  5.450% due 06/01/2028 | 12400 | 12516 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
|  5.750% due 11/01/2027 | 200 | 204 |
|  5.800% due 03/15/2056 •  | 2700 | 2669 |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
|  4.700% due 08/15/2030 | 400 | 404 |
|  4.750% due 04/30/2033 | 1000 | 991 |
|  5.125% due 04/30/2036 | 2500 | 2471 |
|  Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
|  2.500% due 06/15/2030 | 2200 | 2011 |
|  6.150% due 05/15/2034 | 2700 | 2846 |
|  CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC |
|  4.850% due 04/01/2036 | 2300 | 2253 |
|  Cleco Power LLC | Cleco Power LLC | Cleco Power LLC |
|  5.300% due 01/15/2036 | 4500 | 4468 |
|  Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
|  4.400% due 01/15/2031 | 4100 | 4048 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  3.300% due 04/15/2041 | 2500 | 1856 |
|  DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
|  2.950% due 03/01/2030 | 500 | 471 |
|  Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
|  3.250% due 01/15/2082 •  | 1002 | 964 |
|  Edison International | Edison International | Edison International |
|  5.450% due 06/15/2029 | 3200 | 3231 |
|  5.750% due 06/15/2027 | 4000 | 4031 |
|  6.250% due 03/15/2030 | 350 | 363 |
|  6.950% due 11/15/2029 | 400 | 422 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  6.950% due 01/26/2039 | 600 | 669 |
|  Emera U.S. Finance LP | Emera U.S. Finance LP | Emera U.S. Finance LP |
|  2.639% due 06/15/2031 | 1700 | 1517 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ENEL Finance International NV | ENEL Finance International NV | ENEL Finance International NV |
|  5.125% due 06/26/2029 | 3967 | 4024 |
|  Entergy Corp. | Entergy Corp. | Entergy Corp. |
|  1.900% due 06/15/2028 | 8900 | 8444 |
|  3.750% due 06/15/2050 | 2900 | 2052 |
|  Eversource Energy | Eversource Energy | Eversource Energy |
|  5.000% due 01/01/2027 | 400 | 401 |
|  5.450% due 03/01/2028 | 300 | 305 |
|  Fells Point Funding Trust | Fells Point Funding Trust | Fells Point Funding Trust |
|  3.046% due 01/31/2027 | 3400 | 3362 |
|  FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
|  3.900% due 07/15/2027 | 1100 | 1091 |
|  4.850% due 07/15/2047 | 1100 | 940 |
|  FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC |
|  2.866% due 09/15/2028 | 6500 | 6252 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 266 | 261 |
|  Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC |
|  2.950% due 01/27/2029 | 6500 | 4908 |
|  Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
|  4.650% due 05/16/2028 | 400 | 403 |
|  IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. |
|  4.250% due 05/01/2030 | 3787 | 3651 |
|  Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. |
|  4.150% due 01/15/2029 | 300 | 298 |
|  Midwest Connector Capital Co. LLC | Midwest Connector Capital Co. LLC | Midwest Connector Capital Co. LLC |
|  4.625% due 04/01/2029 | 1200 | 1194 |
|  National Grid PLC | National Grid PLC | National Grid PLC |
|  5.602% due 06/12/2028 | 100 | 102 |
|  New York State Electric & Gas Corp. | New York State Electric & Gas Corp. | New York State Electric & Gas Corp. |
|  5.650% due 08/15/2028 | 800 | 821 |
|  Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. |
|  4.278% due 12/15/2028 | 5000 | 4973 |
|  5.112% due 01/12/2036 | 2700 | 2656 |
|  Ohio Edison Co. | Ohio Edison Co. | Ohio Edison Co. |
|  6.875% due 07/15/2036 | 1100 | 1230 |
|  Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC |
|  4.300% due 05/15/2028 | 300 | 300 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  3.400% due 09/01/2029 | 3000 | 2887 |
|  4.250% due 09/24/2027 | 3376 | 3368 |
|  5.050% due 11/01/2034 | 10200 | 9925 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  3.000% due 06/15/2028 | 2800 | 2711 |
|  3.300% due 12/01/2027 | 300 | 294 |
|  4.500% due 12/15/2041 | 1269 | 1060 |
|  5.000% due 06/04/2028 | 500 | 504 |
|  6.100% due 01/15/2029 | 400 | 414 |
|  6.750% due 01/15/2053 | 4200 | 4362 |
|  6.950% due 03/15/2034 | 18900 | 20707 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  4.150% due 02/15/2050 | 1700 | 1243 |
|  5.100% due 02/15/2029 | 300 | 304 |
|  5.300% due 02/15/2031 | 3000 | 3042 |
|  5.450% due 02/15/2034 | 5200 | 5183 |
|  5.800% due 01/15/2055 | 1174 | 1073 |
|  7.125% due 08/15/2056 •  | 3100 | 2930 |
|  7.375% due 09/15/2055 •  | 2000 | 1913 |
|  Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. |
|  5.150% due 05/15/2030 | 500 | 508 |
|  Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado |
|  5.050% due 06/15/2036 | 1700 | 1676 |
|  Public Service Co. of Oklahoma | Public Service Co. of Oklahoma | Public Service Co. of Oklahoma |
|  2.200% due 08/15/2031 | 244 | 214 |
|  Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust |
|  9.750% due 01/06/2027 | 69 | 71 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  5.400% due 04/15/2035 | 2100 | 2137 |
|  Sempra | Sempra | Sempra |
|  5.250% due 03/15/2036 | 6100 | 6016 |
|  6.375% due 04/01/2056 •  | 200 | 201 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  2.850% due 08/01/2029 | 2000 | 1887 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.900% due 12/01/2041 | 400 | 312 |
|  4.125% due 03/01/2048 | 100 | 75 |
|  4.200% due 03/01/2029 | 1000 | 989 |
|  4.650% due 10/01/2043 | 50 | 42 |
|  4.700% due 06/01/2027 | 4455 | 4460 |
|  4.875% due 02/01/2027 | 400 | 401 |
|  4.875% due 03/01/2049 | 4277 | 3579 |
|  5.650% due 10/01/2028 | 1700 | 1743 |
|  5.850% due 11/01/2027 | 12405 | 12638 |
|  6.650% due 04/01/2029 | 4500 | 4687 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  3.950% due 02/15/2050 | 1500 | 1122 |
|  Spire, Inc. | Spire, Inc. | Spire, Inc. |
|  4.600% due 09/01/2031 | 2500 | 2472 |
|  System Energy Resources, Inc. | System Energy Resources, Inc. | System Energy Resources, Inc. |
|  5.300% due 12/15/2034 | 1800 | 1796 |
|  6.000% due 04/15/2028 | 200 | 206 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  4.016% due 12/03/2029 | 2000 | 1973 |
|  4.750% due 01/15/2033 | 3000 | 2964 |
|  5.401% due 07/02/2037 | 2094 | 2087 |
|  Virginia Electric & Power Co. | Virginia Electric & Power Co. | Virginia Electric & Power Co. |
|  4.950% due 03/15/2036 | 2900 | 2828 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  5.350% due 01/31/2036 | 3600 | 3524 |
|  6.950% due 10/15/2033 | 952 | 1037 |
|  Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
|  3.400% due 06/01/2030 | 886 | 847 |
|  5.600% due 04/15/2035 | 4400 | 4474 |
|  |  | 232152 |
|  Total Corporate Bonds & Notes (Cost $2,033,975) | Total Corporate Bonds & Notes (Cost $2,033,975) | 2016086 |
| MUNICIPAL BONDS & NOTES 0.7% | MUNICIPAL BONDS & NOTES 0.7% | MUNICIPAL BONDS & NOTES 0.7% |
| CALIFORNIA 0.1% | CALIFORNIA 0.1% | CALIFORNIA 0.1% |
|  Alameda County, California Joint Powers Authority Revenue Bonds, (BABs), Series 2010 | Alameda County, California Joint Powers Authority Revenue Bonds, (BABs), Series 2010 | Alameda County, California Joint Powers Authority Revenue Bonds, (BABs), Series 2010 |
|  7.046% due 12/01/2044 | 100 | 112 |
|  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 |
|  7.618% due 08/01/2040 | 100 | 118 |
|  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 | 300 | 321 |
|  Riverside, California Electric Revenue Bonds, (BABs), Series 2010 | Riverside, California Electric Revenue Bonds, (BABs), Series 2010 | Riverside, California Electric Revenue Bonds, (BABs), Series 2010 |
|  7.605% due 10/01/2040 | 300 | 358 |
|  |  | 909 |
| GEORGIA 0.3% | GEORGIA 0.3% | GEORGIA 0.3% |
|  Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 | Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 | Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 |
|  6.655% due 04/01/2057 | 8035 | 8679 |
| ILLINOIS 0.0% | ILLINOIS 0.0% | ILLINOIS 0.0% |
|  Chicago Transit Authority, Illinois Revenue Bonds, (BABs), Series 2010 | Chicago Transit Authority, Illinois Revenue Bonds, (BABs), Series 2010 | Chicago Transit Authority, Illinois Revenue Bonds, (BABs), Series 2010 |
|  6.200% due 12/01/2040 | 604 | 638 |
| MASSACHUSETTS 0.0% | MASSACHUSETTS 0.0% | MASSACHUSETTS 0.0% |
|  Massachusetts School Building Authority Revenue Bonds, Series 2010 | Massachusetts School Building Authority Revenue Bonds, Series 2010 | Massachusetts School Building Authority Revenue Bonds, Series 2010 |
|  5.468% due 06/15/2027 | 300 | 305 |
| NEW YORK 0.0% | NEW YORK 0.0% | NEW YORK 0.0% |
|  New York State Urban Development Corp. Revenue Bonds, (BABs), Series 2009 | New York State Urban Development Corp. Revenue Bonds, (BABs), Series 2009 | New York State Urban Development Corp. Revenue Bonds, (BABs), Series 2009 |
|  5.770% due 03/15/2039 | 200 | 205 |

---

70 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| OHIO 0.3% | OHIO 0.3% | OHIO 0.3% |
|  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 |
|  8.084% due 02/15/2050 | 6210 | 7756 |
|  Total Municipal Bonds & Notes (Cost $21,517) | Total Municipal Bonds & Notes (Cost $21,517) | 18492 |
| U.S. GOVERNMENT AGENCIES 9.9% | U.S. GOVERNMENT AGENCIES 9.9% | U.S. GOVERNMENT AGENCIES 9.9% |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.500% due 08/01/2047 - 08/01/2048 | 717 | 666 |
|  4.000% due 08/01/2049 | 834 | 798 |
|  5.000% due 02/01/2056 | 4028 | 4016 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  8.500% due 08/15/2030 | 1 | 1 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  4.000% due 05/01/2056 | 30800 | 28837 |
|  5.000% due 05/01/2056 | 11600 | 11466 |
|  6.000% due 05/01/2056 | 4400 | 4469 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 06/01/2040 | 10 | 9 |
|  4.000% due 04/01/2056 - 06/01/2056 | 108140 | 101933 |
|  4.500% due 06/01/2056 | 37290 | 35933 |
|  5.000% due 04/01/2056 - 05/01/2056 | 70700 | 69659 |
|  Total U.S. Government Agencies (Cost $259,537) | Total U.S. Government Agencies (Cost $259,537) | 257787 |
| U.S. TREASURY OBLIGATIONS 5.6% | U.S. TREASURY OBLIGATIONS 5.6% | U.S. TREASURY OBLIGATIONS 5.6% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  2.250% due 05/15/2041 | 34400 | 25082 |
|  4.750% due 02/15/2056 | 20100 | 19607 |
|  4.875% due 08/15/2045 (j) | 11308 | 11273 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.875% due 03/31/2031 | 23200 | 23127 |
|  4.125% due 02/15/2036 | 36000 | 35440 |
|  4.250% due 08/15/2035 (j)(l) | 33191 | 33072 |
|  Total U.S. Treasury Obligations (Cost $148,745) | Total U.S. Treasury Obligations (Cost $148,745) | 147601 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.1% |
|  245 Park Avenue Trust | 245 Park Avenue Trust | 245 Park Avenue Trust |
|  3.508% due 06/05/2037 | 3100 | 3050 |
|  Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust |
|  4.900% due 12/15/2036 •  | 2064 | 2039 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 09/25/2063 ~ | 3324 | 2981 |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  3.904% due 04/25/2062 ~ | 689 | 660 |
|  5.187% due 07/15/2038 •  | 1000 | 888 |
|  DC Office Trust | DC Office Trust | DC Office Trust |
|  2.965% due 09/15/2045 | 10500 | 9481 |
|  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 | 2000 | 1881 |
|  4.519% due 04/15/2037 •  | 939 | 930 |
|  Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |
|  2.750% due 08/25/2059 ~ | 120 | 117 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 2938 | 2850 |
|  6.864% due 10/25/2063 þ | 1192 | 1202 |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  7.225% due 11/25/2058 þ | 513 | 518 |
|  PRPM Trust | PRPM Trust | PRPM Trust |
|  6.250% due 08/25/2068 þ | 294 | 295 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.491% due 03/19/2034 •  | 138 | 132 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  6.876% due 11/25/2068 ~ | 612 | 617 |
|  7.070% due 10/25/2068 þ | 246 | 248 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  VNDO Trust | VNDO Trust | VNDO Trust |
|  3.805% due 01/10/2035 | 200 | 200 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $28,756) | Total Non-Agency Mortgage-Backed Securities (Cost $28,756) | 28089 |
| ASSET-BACKED SECURITIES 0.8% | ASSET-BACKED SECURITIES 0.8% | ASSET-BACKED SECURITIES 0.8% |
| AUTOMOBILE SEQUENTIAL 0.0% | AUTOMOBILE SEQUENTIAL 0.0% | AUTOMOBILE SEQUENTIAL 0.0% |
|  FHF Trust | FHF Trust | FHF Trust |
|  6.570% due 06/15/2028 | 302 | 303 |
| CMBS OTHER 0.1% | CMBS OTHER 0.1% | CMBS OTHER 0.1% |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  5.410% due 03/19/2039 •  | 1000 | 1000 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.027% due 02/19/2037 •  | 1125 | 1126 |
|  |  | 2126 |
| OTHER ABS 0.7% | OTHER ABS 0.7% | OTHER ABS 0.7% |
|  37 Capital CLO 4 Ltd. | 37 Capital CLO 4 Ltd. | 37 Capital CLO 4 Ltd. |
|  4.762% due 04/15/2035 •  | 8600 | 8603 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  4.760% due 10/21/2034 •  | 1700 | 1701 |
|  Elmwood CLO 15 Ltd. | Elmwood CLO 15 Ltd. | Elmwood CLO 15 Ltd. |
|  4.819% due 04/22/2035 •  | 1200 | 1200 |
|  KKR CLO 21 Ltd. | KKR CLO 21 Ltd. | KKR CLO 21 Ltd. |
|  4.934% due 04/15/2031 •  | 193 | 193 |
|  Ocean Trails CLO XI | Ocean Trails CLO XI | Ocean Trails CLO XI |
|  4.698% due 07/20/2034 •  | 3400 | 3401 |
|  Sound Point CLO XXIII | Sound Point CLO XXIII | Sound Point CLO XXIII |
|  5.104% due 07/15/2034 •  | 2000 | 2003 |
|  Start II Ltd. | Start II Ltd. | Start II Ltd. |
|  4.089% due 03/15/2044 | 250 | 250 |
|  Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. |
|  4.848% due 04/20/2034 •  | 1800 | 1802 |
|  |  | 19153 |
|  Total Asset-Backed Securities (Cost $21,522) | Total Asset-Backed Securities (Cost $21,522) | 21582 |
| SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% | SOVEREIGN ISSUES 1.6% |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  6.125% due 01/21/2031 | 3000 | 2955 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 5200 | 5234 |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  5.375% due 03/12/2029 | 4100 | 4165 |
|  5.875% due 01/13/2056 | 3200 | 3026 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  4.750% due 03/22/2031 | 10000 | 9785 |
|  5.850% due 07/02/2032 | 1000 | 1005 |
|  Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds |
|  4.850% due 09/30/2029 | 6000 | 5888 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  5.125% due 01/13/2028 | 9600 | 9704 |
|  Total Sovereign Issues (Cost $41,901) | Total Sovereign Issues (Cost $41,901) | 41762 |
|  | **SHARES** |  |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Foresea Holdings SA « | 25822 | 594 |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
|  MNSN Holdings, Inc. «(b)(g) | 2033 | 126 |
|  Total Common Stocks (Cost $556) | Total Common Stocks (Cost $556) | 720 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| CONVERTIBLE PREFERRED SECURITIES 0.6% | CONVERTIBLE PREFERRED SECURITIES 0.6% | CONVERTIBLE PREFERRED SECURITIES 0.6% |
| BANKING & FINANCE 0.6% | BANKING & FINANCE 0.6% | BANKING & FINANCE 0.6% |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  7.500% | 13190 | 15235 |
|  Total Convertible Preferred Securities (Cost $10,405) | Total Convertible Preferred Securities (Cost $10,405) | 15235 |
| PREFERRED SECURITIES 3.6% | PREFERRED SECURITIES 3.6% | PREFERRED SECURITIES 3.6% |
| BANKING & FINANCE 3.6% | BANKING & FINANCE 3.6% | BANKING & FINANCE 3.6% |
|  AGFC Capital Trust I | AGFC Capital Trust I | AGFC Capital Trust I |
|  5.684% (US0003M + 1.750%) due 01/15/2067 ~ | 3080000 | 1929 |
|  American Express Co. | American Express Co. | American Express Co. |
|  3.550% due 09/15/2026 •(d) | 2000000 | 1978 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  8.000% due 02/01/2034 •(d)(e) | 2000000 | 2110 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.875% due 03/15/2028 •(d) | 14085000 | 14127 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  3.950% due 09/01/2026 •(d) | 3250000 | 3202 |
|  Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
|  4.000% due 12/01/2030 •(d) | 10100000 | 9355 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  6.875% due 12/31/2099 | 1300000 | 1310 |
|  6.950% due 02/15/2030 •(d) | 900000 | 907 |
|  7.200% due 05/15/2029 •(d) | 2800000 | 2839 |
|  CoBank ACB | CoBank ACB | CoBank ACB |
|  4.250% due 01/01/2027 •(d) | 4200000 | 4134 |
|  Depository Trust & Clearing Corp. | Depository Trust & Clearing Corp. | Depository Trust & Clearing Corp. |
|  3.375% due 06/20/2026 •(d) | 2000000 | 1985 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  6.125% due 11/10/2034 •(d)(h) | 1100000 | 1091 |
|  6.850% due 02/10/2030 •(d) | 4100000 | 4179 |
|  7.500% due 02/10/2029 •(d) | 2500000 | 2610 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  3.650% due 06/01/2026 •(d) | 2500000 | 2490 |
|  4.200% due 09/01/2026 (d) | 250000 | 4375 |
|  4.625% due 06/01/2026 (d) | 110000 | 2103 |
|  6.437% (TSFR3M + 2.745%) due 07/01/2026 ~(d)(h) | 11000000 | 11018 |
|  6.500% due 04/01/2030 •(d) | 2700000 | 2772 |
|  6.875% due 06/01/2029 •(d) | 3300000 | 3435 |
|  USB Capital IX | USB Capital IX | USB Capital IX |
|  4.954% due 04/30/2026 •(d) | 14250000 | 11316 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  6.850% due 09/15/2029 •(d) | 3500000 | 3627 |
|  7.625% due 09/15/2028 •(d) | 1400000 | 1474 |
|  |  | 94366 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  SVB Financial Trust | SVB Financial Trust | SVB Financial Trust |
|  0.000% due 11/07/2032 (c) | 228000 | 15 |
|  11.000% due 11/07/2032 | 2317 | 1094 |
|  |  | 1109 |
|  Total Preferred Securities<br>(Cost $107,405) | Total Preferred Securities<br>(Cost $107,405) | 95475 |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.720% (f) | 2851393 | 2851 |
| Total Short-Term Instruments<br>(Cost $2,851) | Total Short-Term Instruments<br>(Cost $2,851) | 2851 |
| Total Investments in Securities (Cost $2,681,771) | Total Investments in Securities (Cost $2,681,771) | 2649994 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 71

------

Schedule of Investments PIMCO Investment Grade Credit Bond Portfolio (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN AFFILIATES 5.8% | INVESTMENTS IN AFFILIATES 5.8% | INVESTMENTS IN AFFILIATES 5.8% | INVESTMENTS IN AFFILIATES 5.8% |
| SHORT-TERM INSTRUMENTS 5.8% | SHORT-TERM INSTRUMENTS 5.8% | SHORT-TERM INSTRUMENTS 5.8% | SHORT-TERM INSTRUMENTS 5.8% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.8% |
|  PIMCO Short-Term Floating NAV Portfolio III | 15448092 | $— | 150449 |
| Total Short-Term Instruments (Cost $150,436) | Total Short-Term Instruments (Cost $150,436) |  | 150449 |
| Total Investments in Affiliates (Cost $150,436) | Total Investments in Affiliates (Cost $150,436) |  | 150449 |
| Total Investments 107.0% (Cost $2,832,207) | Total Investments 107.0% (Cost $2,832,207) | $— | 2800443 |
|  Financial Derivative<br>Instruments (i)(k) 0.1%<br> (Cost or Premiums, net $24,071) | Financial Derivative<br>Instruments (i)(k) 0.1%<br> (Cost or Premiums, net $24,071) |  | 3042 |
| Other Assets and Liabilities, net (7.1)% | Other Assets and Liabilities, net (7.1)% |  | (186707) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 2616778 |

---

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

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

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

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

(c) Zero coupon security.

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

(e) Contingent convertible security.

(f) Coupon represents a 7-Day Yield.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Constellation Pharmaceutical, Inc. 5.550% due 07/01/2033 | 01/16/2025 | $1027 | $1052 | 0.04% |
|  MNSN Holdings, Inc. | 04/26/2022 | 40 | 126 | 0.00 |
|  National Football League 5.250% due 10/05/2034 | 06/27/2025 | 3700 | 3689 | 0.14 |
|  National Football League 5.420% due 10/05/2037 | 06/27/2025 | 1300 | 1296 | 0.05 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6067 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6163 | 0.23% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BOS | 3.250% | 03/27/2026 | 06/12/2026 | $(992) | $(993) |
|  | 3.500 | 03/27/2026 | 06/12/2026 | (950) | (950) |
|  BRC | 3.650 | 12/12/2025 | TBD<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13131) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13277) |
|  NOM | 2.500 | 12/12/2025 | TBD<sup>(2)</sup> | (1274) | (1284) |
|  TDM | 3.750 | 12/12/2025 | TBD<sup>(2)</sup> | (8226) | (8321) |
|  | 3.760 | 12/12/2025 | TBD<sup>(2)</sup> | (11999) | (12136) |
|  | 3.770 | 12/12/2025 | TBD<sup>(2)</sup> | (29849) | (30193) |
|  Total Reverse Repurchase Agreements |  |  |  |  | $(67154) |

---

72 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (0.2)% | U.S. Government Agencies (0.2)% | U.S. Government Agencies (0.2)% | U.S. Government Agencies (0.2)% | U.S. Government Agencies (0.2)% | U.S. Government Agencies (0.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.000% | 04/01/2056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | $(4984) | $(4932) |
|  Total Short Sales (0.2)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4984) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4932) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 |
|  BOS | $0 | $(1943) | $0 | $(1943) | $2127 | $184 |
|  BRC | 0 | (13277) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13920 | 643 |
|  NOM | 0 | (1284) | 0 | (1284) | 1279 | (5) |
|  TDM | 0 | (50650) | 0 | (50650) | 51910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67154) | $&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 | $(950) | $(55461) | $(56411) |
|  Preferred Securities | 0 | 0 | (993) | (9750) | (10743) |
|  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;(1943) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65211) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67154) |
|  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  | $(67154) |

---

(h) Securities with an aggregate market value of $69,191 and cash of $45 have been pledged as collateral under the terms of the above master agreements as of March 31, 2026.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended March 31, 2026 was $(104563) at a weighted average interest rate of 4.227%. 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;(i) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110.000 | 04/24/2026 | 32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | $(11) | $(12) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 113.000 | 04/24/2026 | 32 | 32 | (8) | (4) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |

---

#### 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 | 306 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73719 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  3-Month SOFR Active Contract June Futures  | 09/2027 | 306 | 73780 | 289 | 15 | 0 |
|  3-Month SOFR Active Contract March Futures  | 06/2027 | 306 | 73735 | 246 | 23 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **73** |

---

------

Schedule of Investments PIMCO Investment Grade Credit Bond Portfolio (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  3-Month SOFR Active Contract September Futures  | 12/2027 | 306 | $73849 | $347 | $15 | $0 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2026 | 204 | 42319 | 18 | 16 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 908 | 98227 | (3) | 128 | 0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 802 | 89060 | (1223) | 188 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 1877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213069 | (4814) | 557 | 0 |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2026 | 1 | 114 | (4) | 0 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 2800 | 326375 | (10395) | 613 | 0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15297) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2026<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2026<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 |
|  Citigroup, Inc. | (1.000)% | Quarterly | 12/20/2032 | 0.833% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | $204 | $(254) | $(50) | $0 | $(8) |
|  JPMorgan Chase & Co. | (1.000) | Quarterly | 12/20/2032 | 0.623 | 7500 | 161 | (330) | (169) | 0 | (5) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(584) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |

---

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2026<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2026<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 | 06/20/2026 | 0.179% | $5000 | $1022 | $(960) | $62 | $0 | $0 |
|  AES Corp. | 5.000 | Quarterly | 12/20/2028 | 0.658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 124 | (10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | 0 | 0 |
|  AES Corp. | 5.000 | Quarterly | 12/20/2029 | 0.871 | 3000 | 540 | (107) | 433 | 2 | 0 |
|  American International Group, Inc. | 1.000 | Quarterly | 12/20/2027 | 0.271 | 2500 | (15) | 47 | 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.234 | 8500 | 164 | (147) | 17 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.395 | 16800 | (91) | 315 | 224 | 6 | 0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2026 | 0.317 | 9600 | 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65) | 50 | 1 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2026 | 0.213 | 800 | (6) | 8 | 2 | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2026 | 0.255 | 17300 | (84) | 183 | 99 | 1 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2031 | 0.773 | 400 | 6 | (2) | 4 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.051 | 61400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473 | (323) | 150 | 1 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.054 | 1300 | 17 | (8) | 9 | 0 | 0 |
|  General Motors Co. | 5.000 | Quarterly | 12/20/2026 | 0.292 | 3710 | 701 | (569) | 132 | 1 | 0 |
|  Lennar Corp. | 5.000 | Quarterly | 12/20/2026 | 0.293 | 4200 | 867 | (718) | 149 | 0 | 0 |
|  Morgan Stanley | 1.000 | Quarterly | 06/20/2026 | 0.303 | 1700 | 7 | (4) | 3 | 0 | 0 |
|  NextEra Energy Capital Holdings, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.138 | 2600 | 59 | (53) | 6 | 0 | 0 |
|  Occidental Petroleum Corp. | 1.000 | Quarterly | 12/20/2030 | 0.726 | 3000 | 38 | (2) | 36 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  Oracle Corp. | 1.000 | Quarterly | 06/20/2030 | 1.622 | 1300 | 29 | (59) | (30) | 3 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3966 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2474) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1492 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(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-44 5-Year Index | 1.000% | Quarterly | 06/20/2030 | $4900 | $106 | $(17) | $89 | $9 | $0 |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512500 | 11092 | (1838) | 9254 | 1003 | 0 |
|  CDX.IG-46 5-Year Index | 1.000 | Quarterly | 06/20/2031 | 391300 | 6626 | 259 | 6885 | 740 | (4) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17824 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1596) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1752 | $&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 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250% | Annual | 06/18/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423 | $48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1471 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 66677 | (70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125) | (195) | 0 | (78) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.994 | Annual | 07/02/2034 | 11010 | (99) | (59) | (158) | 0 | (11) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.640 | Annual | 08/15/2035 | 18000 | 36 | 241 | 277 | 0 | (15) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 08/15/2035 | 17900 | (16) | 206 | 190 | 0 | (16) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/15/2035 | 30499 | 78 | 210 | 288 | 0 | (27) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.748 | Annual | 03/03/2036 | 3400 | (7) | 39 | 32 | 0 | (3) |

---

---

| | | |
|:---|:---|:---|
| **74** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 3.775% | Annual | 03/03/2036 | $3300 | $(7) | $31 | $24 | $0 | $(3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2045 | 9200 | 294 | 226 | 520 | 17 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 7080 | 315 | 486 | 801 | 25 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/17/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14900 | 295 | 54 | 349 | 58 | 0 |
|  |  |  |  |  |  | $2242 | $1357 | $3599 | $100 | $(225) |
|  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;24397 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3297) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1867 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(243) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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 | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total |  | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1867 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3462 | $(16) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(243) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(259) |

---

(j) Securities with an aggregate market value of $2,987 and cash of $107,578 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2026. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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 Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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 Portfolio 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 $13 for closed futures is outstanding at period end. 

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

#### 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-45 5-Year Index | Sell | 0.850% | 05/20/2026 | 28000 | $(33) | $(23) |
|  | Put - OTC CDX.IG-45 5-Year Index | Sell | 0.800 | 06/17/2026 | 12000 | (13) | (16) |
|  |  |  |  |  |  | $(46) | $(39) |

---

#### 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 | 3.620% | 04/20/2026 | 1600 | $(5) | $(2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.900 | 04/20/2026 | 1600 | (5) | (9) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.600 | 04/16/2026 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.900 | 04/16/2026 | 3000 | (10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **75** |

---

------

Schedule of Investments PIMCO Investment Grade Credit Bond Portfolio (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695% | 04/27/2026 | 3100 | $(11) | $(9) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.055 | 04/27/2026 | 3100 | (11) | (9) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.669 | 04/30/2026 | 5700 | (20) | (16) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.069 | 04/30/2026 | 5700 | (21) | (17) |
|  |  |  |  |  |  | $(93) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81) |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GSC | Put - OTC Uniform Mortgage-Backed Security, TBA 4.500% due 06/01/2056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94.375 | 06/04/2026 | 1900 | $(12) | $(7) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 4.500% due 06/01/2056 | 97.375 | 06/04/2026 | 1900 | (11) | (9) |
|  |  |  |  |  | $(23) | $(16) |
|  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;(136) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2026<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2026<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| JPM | Mexico Government International Bonds | 1.000% | Quarterly | 06/20/2026 | 0.329% | $200 | $(1) | $1 | $0 | $0 |
|  | Nissan Motor Acceptance Co. LLC | 1.000 | Quarterly | 12/20/2026 | 1.393 | 11400 | (145) | 117 | 0 | (28) |
| MYC | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.369 | 500 | 1 | 2 | 3 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2026:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(6)</sup> |
|  BOA | $0 | $0 | $0 | $0 | $0 | $(11) | $0 | $(11) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |
|  GLM | 0 | 0 | 0 | 0 | 0 | (70) | 0 | (70) | (70) | 0 | (70) |
|  GSC | 0 | 0 | 0 | 0 | 0 | (16) | 0 | (16) | (16) | 0 | (16) |
|  GST | 0 | 0 | 0 | 0 | 0 | (39) | 0 | (39) | (39) | 0 | (39) |
|  JPM | 0 | 0 | 0 | 0 | 0 | 0 | (28) | (28) | (28) | 152 | 124 |
|  MYC | 0 | 0 | 3 | 3 | 0 | 0 | 0 | 0 | 3 | 157 | 160 |
|  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;3 | $&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;(136) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164) |  |  |  |

---

(l) Securities with an aggregate market value of $310 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2026.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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 Portfolio 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. 

---

| | | |
|:---|:---|:---|
| **76** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

<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 Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $0 | $1595 | $1595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1767 | 0 | 0 | 100 | 1867 |
|  | $0 | $1767 | $0 | $0 | $1695 | $3462 |
|  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 | $3 | $0 | $0 | $0 | $3 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770 | $&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;1695 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3465 |
|  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; Swap Agreements  | 0 | 18 | 0 | 0 | 225 | 243 |
|  | $0 | $18 | $0 | $0 | $241 | $259 |
|  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; Written Options  | $0 | $39 | $0 | $0 | $97 | $136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 28 | 0 | 0 | 0 | 28 |
|  | $0 | $67 | $0 | $0 | $97 | $164 |
|  | $0 | $85 | $0 | $0 | $338 | $423 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for 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 | $1233 | $1233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (5769) | (5769) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 11959 | 0 | 0 | 3374 | 15333 |
|  | $0 | $11959 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1162) | $10797 |
|  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; Written Options  | $0 | $73 | $0 | $0 | $2001 | $2074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 169 | 0 | 0 | 0 | 169 |
|  | $0 | $242 | $0 | $0 | $2001 | $2243 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12201 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $839 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13040 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $4 | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (15395) | (15395) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (3085) | 0 | 0 | (661) | (3746) |
|  | $0 | $(3085) | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16052) | $(19137) |
|  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; Written Options  | $0 | $0 | $0 | $0 | $(13) | $(13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 24 | 0 | 0 | 0 | 24 |
|  | $0 | $24 | $0 | $0 | $(13) | $11 |
|  | $0 | $(3061) | $0 | $0 | $(16065) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19126) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 77

------

Schedule of Investments PIMCO Investment Grade Credit Bond Portfolio (Cont.) March 31, 2026

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2026 |
|  Investments 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4314 | $4314 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020754 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020754 |
| &nbsp;&nbsp; Industrials | 0 | 757143 | 6037 | 763180 |
| &nbsp;&nbsp; Utilities | 0 | 232152 | 0 | 232152 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 909 | 0 | 909 |
| &nbsp;&nbsp; Georgia | 0 | 8679 | 0 | 8679 |
| &nbsp;&nbsp; Illinois | 0 | 638 | 0 | 638 |
| &nbsp;&nbsp; Massachusetts | 0 | 305 | 0 | 305 |
| &nbsp;&nbsp; New York | 0 | 205 | 0 | 205 |
| &nbsp;&nbsp; Ohio | 0 | 7756 | 0 | 7756 |
|  U.S. Government Agencies | 0 | 257787 | 0 | 257787 |
|  U.S. Treasury Obligations | 0 | 147601 | 0 | 147601 |
|  Non-Agency Mortgage-Backed Securities | 0 | 28089 | 0 | 28089 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 303 | 0 | 303 |
| &nbsp;&nbsp; CMBS Other | 0 | 2126 | 0 | 2126 |
| &nbsp;&nbsp; Other ABS | 0 | 19153 | 0 | 19153 |
|  Sovereign Issues | 0 | 41762 | 0 | 41762 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Industrials | 0 | 0 | 594 | 594 |
| &nbsp;&nbsp; Real Estate | 0 | 0 | 126 | 126 |
|  Convertible Preferred Securities | Convertible Preferred Securities | Convertible Preferred Securities | Convertible Preferred Securities | Convertible Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15235 | 0 | 0 | 15235 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 6478 | 87888 | 0 | 94366 |
| &nbsp;&nbsp; Industrials | 0 | 1109 | 0 | 1109 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2026** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | $2851 | $0 | $0 | $2851 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24564 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2614359 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11071 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2649994 |
|  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 | $150449 | $0 | $0 | $150449 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175013 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2614359 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11071 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800443 |
|  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 | $(4932) | $0 | $(4932) |
|  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 | 3449 | 0 | 3449 |
|  Over the counter | 0 | 3 | 0 | 3 |
|  | $0 | $3452 | $0 | $3452 |
|  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 | (259) | 0 | (259) |
|  Over the counter | 0 | (164) | 0 | (164) |
|  | $0 | $(423) | $0 | $(423) |
|  Total Financial Derivative Instruments | $0 | $3029 | $0 | $3029 |
|  Totals | $175013 | $2612456 | $11071 | $2798540 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2026.

---

| | | |
|:---|:---|:---|
| **78** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio March 31, 2026

#### (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 128.0% | INVESTMENTS IN SECURITIES 128.0% | INVESTMENTS IN SECURITIES 128.0% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% |
|  Alfa-Bank CJSC | Alfa-Bank CJSC | Alfa-Bank CJSC |
|  5.860% (EUR003M + 2.100%) due 10/21/2026 «~(k) | 5932 | 5932 |
|  Castlelake LP | Castlelake LP | Castlelake LP |
|  2.950% due 05/12/2031 «~ | 27232 | 25517 |
|  Charter Communications Operating LLC | Charter Communications Operating LLC | Charter Communications Operating LLC |
|  5.911% (TSFR3M + 2.250%) due 12/15/2031 ~ | 13951 | 13966 |
|  Dorchester LLC | Dorchester LLC | Dorchester LLC |
|  4.610% (EUR003M + 2.300%) due 01/04/2027 «~(k) | 11200 | 12945 |
|  Nscale AS | Nscale AS | Nscale AS |
|  TBD% - 8.700% (TSFR3M + 5.000%) due 08/11/2032 «~µ | 20000 | 20000 |
|  Project Hudson II | Project Hudson II | Project Hudson II |
|  7.730% due 05/29/2026 «~ | 12500 | 12544 |
|  Total Loan Participations and Assignments (Cost $92,662) | Total Loan Participations and Assignments (Cost $92,662) | 90904 |
| CORPORATE BONDS & NOTES 72.0% | CORPORATE BONDS & NOTES 72.0% | CORPORATE BONDS & NOTES 72.0% |
| BANKING & FINANCE 26.3% | BANKING & FINANCE 26.3% | BANKING & FINANCE 26.3% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  6.875% due 09/22/2031 •(h)(i) | 1200 | 1467 |
|  Accident Fund Insurance Co. of America | Accident Fund Insurance Co. of America | Accident Fund Insurance Co. of America |
|  8.500% due 08/01/2032 | 103000 | 103115 |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  4.625% due 10/15/2027 | 16500 | 16525 |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  2.850% due 01/26/2028 | 11500 | 11147 |
|  6.500% due 07/18/2028 | 2088 | 2166 |
|  Aircastle Ltd./Aircastle Ireland DAC | Aircastle Ltd./Aircastle Ireland DAC | Aircastle Ltd./Aircastle Ireland DAC |
|  5.250% due 03/15/2030 | 1600 | 1614 |
|  Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
|  4.850% due 04/15/2049 | 900 | 755 |
|  5.500% due 10/01/2035 | 6000 | 5975 |
|  Alleghany Corp. | Alleghany Corp. | Alleghany Corp. |
|  4.900% due 09/15/2044 | 5400 | 4808 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  6.992% due 06/13/2029 •  | 3400 | 3542 |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
|  3.375% due 02/01/2031 | 30500 | 27508 |
|  6.150% due 10/01/2034 | 8800 | 8732 |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.442% due 01/30/2036 •  | 20900 | 21285 |
|  American Financial Group, Inc. | American Financial Group, Inc. | American Financial Group, Inc. |
|  4.500% due 06/15/2047 | 40300 | 32585 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  2.375% due 07/15/2031 | 700 | 617 |
|  3.375% due 07/15/2051 | 10700 | 7027 |
|  3.625% due 04/15/2032 | 18877 | 17437 |
|  4.250% due 02/15/2028 | 7483 | 7446 |
|  4.300% due 04/15/2052 | 10700 | 8182 |
|  4.950% due 06/15/2030 | 1049 | 1053 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  1.875% due 10/15/2030 | 300 | 265 |
|  2.100% due 06/15/2030 | 17600 | 15846 |
|  2.950% due 01/15/2051 (l) | 26346 | 16276 |
|  3.100% due 06/15/2050 | 14059 | 9035 |
|  3.125% due 01/15/2027 | 7300 | 7223 |
|  3.375% due 10/15/2026 | 2666 | 2651 |
|  3.600% due 01/15/2028 | 250 | 246 |
|  3.700% due 10/15/2049 | 7300 | 5252 |
|  3.800% due 08/15/2029 | 61400 | 59944 |
|  3.950% due 03/15/2029 | 25300 | 24905 |
|  4.050% due 03/15/2032 | 665 | 637 |
|  5.250% due 07/15/2028 | 821 | 835 |
|  5.450% due 02/15/2034 | 153 | 156 |
|  5.550% due 07/15/2033 | 12175 | 12517 |
|  5.650% due 03/15/2033 | 11675 | 12071 |
|  5.900% due 11/15/2033 | 20707 | 21695 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  AmFam Holdings, Inc. | AmFam Holdings, Inc. | AmFam Holdings, Inc. |
|  2.805% due 03/11/2031 | 11960 | 10510 |
|  3.833% due 03/11/2051 | 10315 | 7101 |
|  Antares Holdings LP | Antares Holdings LP | Antares Holdings LP |
|  2.750% due 01/15/2027 | 7700 | 7541 |
|  3.750% due 07/15/2027 | 18400 | 17888 |
|  3.950% due 07/15/2026 | 4100 | 4086 |
|  6.500% due 02/08/2029 | 10000 | 10017 |
|  7.950% due 08/11/2028 | 5500 | 5705 |
|  Apollo Debt Solutions BDC | Apollo Debt Solutions BDC | Apollo Debt Solutions BDC |
|  6.550% due 03/15/2032 | 7500 | 7534 |
|  6.700% due 07/29/2031 | 6150 | 6225 |
|  6.900% due 04/13/2029 | 8346 | 8543 |
|  Arch Capital Finance LLC | Arch Capital Finance LLC | Arch Capital Finance LLC |
|  5.031% due 12/15/2046 | 4100 | 3721 |
|  Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. |
|  3.635% due 06/30/2050 (l) | 23025 | 16489 |
|  ARES Finance Co. II LLC | ARES Finance Co. II LLC | ARES Finance Co. II LLC |
|  3.250% due 06/15/2030 | 6400 | 6001 |
|  ARES Finance Co. III LLC | ARES Finance Co. III LLC | ARES Finance Co. III LLC |
|  4.125% due 06/30/2051 •  | 12400 | 12218 |
|  ARES Finance Co. IV LLC | ARES Finance Co. IV LLC | ARES Finance Co. IV LLC |
|  3.650% due 02/01/2052 | 5100 | 3438 |
|  ARES Management Corp. | ARES Management Corp. | ARES Management Corp. |
|  5.600% due 10/11/2054 | 12000 | 10580 |
|  6.375% due 11/10/2028 | 34300 | 35666 |
|  ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund |
|  4.850% due 01/15/2029 | 3000 | 2906 |
|  5.150% due 01/15/2031 | 5000 | 4726 |
|  5.600% due 02/15/2030 | 4800 | 4673 |
|  6.200% due 03/21/2032 | 4670 | 4580 |
|  Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | Arthur J Gallagher & Co. |
|  3.500% due 05/20/2051 | 17500 | 11984 |
|  Assured Guaranty U.S. Holdings, Inc. | Assured Guaranty U.S. Holdings, Inc. | Assured Guaranty U.S. Holdings, Inc. |
|  3.600% due 09/15/2051 | 10300 | 6970 |
|  6.125% due 09/15/2028 | 8400 | 8699 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.322% due 11/13/2031 | 12000 | 11871 |
|  5.516% due 03/25/2027 | 11300 | 11396 |
|  5.526% due 07/11/2031 | 14600 | 14615 |
|  5.583% due 01/09/2029 | 6700 | 6764 |
|  Augustar Life Insurance Co. | Augustar Life Insurance Co. | Augustar Life Insurance Co. |
|  6.875% due 06/15/2042 | 400 | 379 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  3.500% due 11/01/2027 | 2050 | 2014 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 16946 | 16377 |
|  4.700% due 01/30/2031 | 5200 | 5098 |
|  4.950% due 10/15/2032 | 15000 | 14616 |
|  AXIS Specialty Finance LLC | AXIS Specialty Finance LLC | AXIS Specialty Finance LLC |
|  3.900% due 07/15/2029 | 4000 | 3927 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  6.033% due 03/13/2035 •  | 15000 | 15595 |
|  Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa | Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa | Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa |
|  4.375% due 04/11/2027 | 5100 | 5101 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  3.306% due 06/27/2029 | 3600 | 3470 |
|  4.875% due 10/18/2031 | 4300 | 5228 |
|  Bank Leumi Le-Israel BM | Bank Leumi Le-Israel BM | Bank Leumi Le-Israel BM |
|  7.129% due 07/18/2033 •(i) | 7500 | 7727 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  2.299% due 07/21/2032 •  | 12355 | 10910 |
|  2.687% due 04/22/2032 •  | 10000 | 9065 |
|  3.194% due 07/23/2030 •  | 30600 | 29353 |
|  3.311% due 04/22/2042 •  | 8700 | 6640 |
|  3.419% due 12/20/2028 •  | 81151 | 79749 |
|  3.593% due 07/21/2028 •  | 5700 | 5640 |
|  3.974% due 02/07/2030 •  | 14862 | 14661 |
|  4.083% due 03/20/2051 •  | 12200 | 9443 |
|  4.571% due 04/27/2033 •  | 88000 | 86499 |
|  4.675% (SOFRRATE + 1.010%) due 01/24/2031 ~ | 14000 | 13967 |
|  5.202% due 04/25/2029 •  | 4825 | 4894 |
|  5.288% due 04/25/2034 •  | 5000 | 5063 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.468% due 01/23/2035 •  | $— | 22300 | $— | 22771 |
|  5.511% due 01/24/2036 •  |  | 40812 |  | 41634 |
|  5.872% due 09/15/2034 •  |  | 2521 |  | 2641 |
|  Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC |
|  4.972% due 05/16/2029 •  |  | 24214 |  | 24365 |
|  5.746% due 08/09/2033 •  |  | 2400 |  | 2468 |
|  5.851% due 03/21/2035 •  |  | 12100 |  | 15884 |
|  6.224% due 05/09/2034 •  | $— | 12195 |  | 12809 |
|  6.692% due 09/13/2034 •  |  | 13720 |  | 14851 |
|  7.437% due 11/02/2033 •  |  | 7300 |  | 8166 |
|  8.375% due 09/15/2031 •(h)(i) |  | 2200 |  | 2979 |
|  8.875% due 09/15/2027 •(h)(i) |  | 1347 |  | 1835 |
|  9.250% due 09/15/2028 •(h)(i) |  | 23900 |  | 33334 |
|  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 | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico |
|  5.875% due 09/13/2034 •(i) | $— | 1000 |  | 983 |
|  7.625% due 02/11/2035 •(i) |  | 10000 |  | 10350 |
|  8.450% due 06/29/2038 •(i) |  | 400 |  | 430 |
|  Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. |
|  2.875% due 03/15/2032 |  | 7900 |  | 7320 |
|  3.850% due 03/15/2052 |  | 13600 |  | 10275 |
|  4.200% due 08/15/2048 |  | 13700 |  | 11174 |
|  Berkshire Hathaway, Inc. | Berkshire Hathaway, Inc. | Berkshire Hathaway, Inc. | Berkshire Hathaway, Inc. | Berkshire Hathaway, Inc. |
|  4.500% due 02/11/2043 |  | 245 |  | 223 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  6.150% due 04/02/2030 |  | 9800 |  | 9973 |
|  6.600% due 06/10/2029 |  | 3500 |  | 3613 |
|  8.000% due 05/25/2028 |  | 5600 |  | 5906 |
|  Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC |
|  2.000% due 01/30/2032 |  | 5300 |  | 4499 |
|  2.800% due 09/30/2050 |  | 10500 |  | 6236 |
|  3.200% due 01/30/2052 |  | 43000 |  | 27426 |
|  3.500% due 09/10/2049 |  | 5500 |  | 3770 |
|  4.000% due 10/02/2047 |  | 4600 |  | 3468 |
|  Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund |
|  2.750% due 09/16/2026 |  | 8300 |  | 8189 |
|  Block Financial LLC | Block Financial LLC | Block Financial LLC | Block Financial LLC | Block Financial LLC |
|  2.500% due 07/15/2028 |  | 4181 |  | 3951 |
|  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 |  | 28800 |  | 24861 |
|  4.125% due 10/07/2051 |  | 10500 |  | 6959 |
|  4.375% due 02/15/2032 |  | 11000 |  | 9807 |
|  6.250% due 04/18/2034 |  | 13000 |  | 12506 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  3.052% due 01/13/2031 •  |  | 10700 |  | 10047 |
|  3.132% due 01/20/2033 •(l) |  | 12400 |  | 11153 |
|  5.125% due 01/13/2029 •  |  | 10100 |  | 10207 |
|  5.786% due 01/13/2033 •  |  | 9400 |  | 9720 |
|  7.375% due 06/11/2030 •(h)(i) |  | 4200 |  | 5157 |
|  7.375% due 09/10/2034 •(h)(i) | $— | 12400 |  | 12439 |
|  8.500% due 08/14/2028 •(h)(i)(l) |  | 5400 |  | 5630 |
|  BPCE SA | BPCE SA | BPCE SA | BPCE SA | BPCE SA |
|  4.760% due 01/13/2032 •  |  | 16550 |  | 16328 |
|  5.716% due 01/18/2030 •  |  | 4200 |  | 4306 |
|  5.936% due 05/30/2035 •  |  | 7700 |  | 7880 |
|  6.293% due 01/14/2036 •  |  | 16450 |  | 17228 |
|  7.003% due 10/19/2034 •  |  | 15544 |  | 16995 |
|  Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP |
|  4.550% due 10/01/2029 (l) |  | 3400 |  | 3104 |
|  Brighthouse Financial, Inc. | Brighthouse Financial, Inc. | Brighthouse Financial, Inc. | Brighthouse Financial, Inc. | Brighthouse Financial, Inc. |
|  3.850% due 12/22/2051 |  | 8600 |  | 4803 |
|  Broadstone Net Lease LLC | Broadstone Net Lease LLC | Broadstone Net Lease LLC | Broadstone Net Lease LLC | Broadstone Net Lease LLC |
|  5.000% due 11/01/2032 |  | 2200 |  | 2165 |
|  Brookfield Asset Management Ltd. | Brookfield Asset Management Ltd. | Brookfield Asset Management Ltd. | Brookfield Asset Management Ltd. | Brookfield Asset Management Ltd. |
|  6.077% due 09/15/2055 |  | 3000 |  | 2967 |
|  Brookfield Capital Finance LLC | Brookfield Capital Finance LLC | Brookfield Capital Finance LLC | Brookfield Capital Finance LLC | Brookfield Capital Finance LLC |
|  6.087% due 06/14/2033 |  | 10000 |  | 10436 |
|  Brookfield Finance LLC/Brookfield Finance, Inc. | Brookfield Finance LLC/Brookfield Finance, Inc. | Brookfield Finance LLC/Brookfield Finance, Inc. | Brookfield Finance LLC/Brookfield Finance, Inc. | Brookfield Finance LLC/Brookfield Finance, Inc. |
|  3.450% due 04/15/2050 |  | 19000 |  | 12564 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
|  3.500% due 03/30/2051 |  | 14900 |  | 9962 |
|  3.625% due 02/15/2052 |  | 33900 |  | 23045 |
|  4.700% due 09/20/2047 |  | 34350 |  | 28565 |
|  5.330% due 01/15/2036 |  | 1400 |  | 1371 |
|  5.813% due 03/03/2055 |  | 6000 |  | 5689 |
|  5.968% due 03/04/2054 |  | 32700 |  | 31748 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **79** |

---

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.)

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. |
|  4.500% due 03/15/2029 | 10300 | 10256 |
|  4.950% due 03/17/2052 | 5970 | 4981 |
|  5.550% due 06/23/2035 | 2700 | 2698 |
|  Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP |
|  4.500% due 04/14/2027 | 14500 | 14460 |
|  7.200% due 12/12/2028 | 15000 | 15590 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  5.268% due 05/10/2033 •  | 3800 | 3794 |
|  Carlyle Finance LLC | Carlyle Finance LLC | Carlyle Finance LLC |
|  5.650% due 09/15/2048 | 5700 | 5366 |
|  Carlyle Finance Subsidiary LLC | Carlyle Finance Subsidiary LLC | Carlyle Finance Subsidiary LLC |
|  3.500% due 09/19/2029 | 3600 | 3471 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  5.950% due 08/15/2034 | 10000 | 10415 |
|  Chubb INA Holdings LLC | Chubb INA Holdings LLC | Chubb INA Holdings LLC |
|  2.850% due 12/15/2051 | 3800 | 2364 |
|  3.050% due 12/15/2061 | 10748 | 6461 |
|  CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
|  3.200% due 12/17/2030 | 2500 | 2226 |
|  4.100% due 06/15/2051 | 38200 | 25361 |
|  4.625% due 12/12/2031 | 10900 | 12619 |
|  7.500% due 05/30/2029 | 17800 | 18689 |
|  Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC |
|  5.150% due 02/14/2031 | 12550 | 12261 |
|  5.900% due 02/10/2030 | 22200 | 22318 |
|  Citadel LP | Citadel LP | Citadel LP |
|  6.000% due 01/23/2030 | 2200 | 2267 |
|  6.375% due 01/23/2032 | 2900 | 3007 |
|  Citibank NA | Citibank NA | Citibank NA |
|  5.570% due 04/30/2034 | 2000 | 2073 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  3.200% due 10/21/2026 | 13052 | 12982 |
|  3.668% due 07/24/2028 •  | 10000 | 9896 |
|  4.075% due 04/23/2029 •  | 44000 | 43684 |
|  5.333% due 03/27/2036 •  | 10200 | 10235 |
|  5.827% due 02/13/2035 •  | 13400 | 13580 |
|  CNA Financial Corp. | CNA Financial Corp. | CNA Financial Corp. |
|  5.125% due 02/15/2034 | 3500 | 3447 |
|  5.500% due 06/15/2033 | 7400 | 7518 |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
|  3.784% due 03/14/2032 (i)(l) | 13700 | 12877 |
|  Constellation Global Funding | Constellation Global Funding | Constellation Global Funding |
|  4.850% due 10/22/2030 | 2800 | 2748 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  3.758% due 04/06/2033 •  | 37195 | 34851 |
|  4.375% due 06/29/2027 •(h)(i) | 21400 | 24849 |
|  5.447% due 03/05/2030 •  | 6100 | 6240 |
|  COPT Defense Properties LP | COPT Defense Properties LP | COPT Defense Properties LP |
|  2.900% due 12/01/2033 | 4000 | 3386 |
|  4.500% due 10/15/2030 | 1744 | 1722 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  3.900% due 04/05/2032 | 18900 | 17738 |
|  4.350% due 04/05/2042 | 10400 | 8556 |
|  4.400% due 04/05/2052 (l) | 30500 | 23783 |
|  6.375% due 09/15/2054 •(l) | 7000 | 6883 |
|  6.875% due 12/15/2052 •  | 12500 | 12600 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  4.900% due 01/07/2028 | 3700 | 3725 |
|  CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. |
|  2.800% due 07/15/2030 | 11400 | 10313 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  4.656% due 01/12/2032 •  | 8500 | 8386 |
|  7.250% due 09/23/2028 •(h)(i) | 35700 | 43293 |
|  Credit Opportunities Partners LLC | Credit Opportunities Partners LLC | Credit Opportunities Partners LLC |
|  6.520% due 03/20/2028 «(k) | 6900 | 6843 |
|  6.740% due 03/20/2030 «(k) | 8200 | 8074 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  2.100% due 04/01/2031 | 600 | 523 |
|  2.250% due 01/15/2031 | 4253 | 3758 |
|  2.500% due 07/15/2031 | 385 | 339 |
|  3.100% due 11/15/2029 | 7334 | 6926 |
|  3.250% due 01/15/2051 | 16025 | 10268 |
|  3.800% due 02/15/2028 | 14359 | 14158 |
|  4.000% due 11/15/2049 | 39410 | 28674 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.300% due 02/15/2029 | $— | 4400 | $— | 4349 |
|  4.750% due 05/15/2047 |  | 16840 |  | 14061 |
|  5.200% due 09/01/2034 |  | 17324 |  | 17136 |
|  5.200% due 02/15/2049 |  | 18710 |  | 16385 |
|  Dai-ichi Life Insurance Co. Ltd. | Dai-ichi Life Insurance Co. Ltd. | Dai-ichi Life Insurance Co. Ltd. | Dai-ichi Life Insurance Co. Ltd. | Dai-ichi Life Insurance Co. Ltd. |
|  6.200% due 01/16/2035 •(h) |  | 8400 |  | 8453 |
|  Danske Bank AS | Danske Bank AS | Danske Bank AS | Danske Bank AS | Danske Bank AS |
|  5.427% due 03/01/2028 •  |  | 2100 |  | 2120 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  3.729% due 01/14/2032 •  |  | 16000 |  | 14874 |
|  Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP |
|  4.450% due 07/15/2028 |  | 8886 |  | 8866 |
|  DOC Dr. LLC | DOC Dr. LLC | DOC Dr. LLC | DOC Dr. LLC | DOC Dr. LLC |
|  3.950% due 01/15/2028 |  | 7500 |  | 7423 |
|  Doctors Co. An Interinsurance Exchange | 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 |  | 36000 |  | 32809 |
|  EPR Properties | EPR Properties | EPR Properties | EPR Properties | EPR Properties |
|  3.600% due 11/15/2031 |  | 2700 |  | 2452 |
|  3.750% due 08/15/2029 |  | 11360 |  | 10888 |
|  4.500% due 06/01/2027 |  | 9325 |  | 9288 |
|  4.750% due 12/15/2026 |  | 100 |  | 100 |
|  4.950% due 04/15/2028 |  | 14200 |  | 14184 |
|  Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC |
|  4.700% due 03/15/2033 |  | 2000 |  | 1946 |
|  5.500% due 06/15/2034 |  | 1000 |  | 1015 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  3.000% due 07/15/2050 |  | 17681 |  | 11016 |
|  3.900% due 04/15/2032 (l) |  | 49725 |  | 46966 |
|  Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. |
|  4.350% due 04/20/2028 |  | 2689 |  | 2683 |
|  4.572% due 02/15/2029 |  | 6032 |  | 5995 |
|  5.000% due 04/20/2048 |  | 15017 |  | 13008 |
|  6.700% due 03/28/2055 •  |  | 13000 |  | 13160 |
|  Erste Group Bank AG | Erste Group Bank AG | Erste Group Bank AG | Erste Group Bank AG | Erste Group Bank AG |
|  4.250% due 10/15/2027 •(h)(i) |  | 8000 |  | 9101 |
|  8.500% due 10/15/2028 •(h)(i) |  | 1200 |  | 1499 |
|  Essential Properties LP | Essential Properties LP | Essential Properties LP | Essential Properties LP | Essential Properties LP |
|  2.950% due 07/15/2031 | $— | 5000 |  | 4506 |
|  5.400% due 12/01/2035 |  | 2200 |  | 2167 |
|  Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
|  2.550% due 06/15/2031 |  | 6192 |  | 5560 |
|  2.650% due 09/01/2050 |  | 11800 |  | 6924 |
|  3.625% due 05/01/2027 |  | 900 |  | 892 |
|  5.375% due 04/01/2035 |  | 8000 |  | 8070 |
|  5.500% due 04/01/2034 |  | 1011 |  | 1026 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  2.350% due 03/15/2032 |  | 10000 |  | 8585 |
|  3.900% due 04/01/2029 |  | 2900 |  | 2841 |
|  4.950% due 01/15/2033 |  | 2800 |  | 2769 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  5.875% due 01/16/2030 |  | 5000 |  | 5069 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  4.625% due 04/29/2030 |  | 7200 |  | 7174 |
|  4.850% due 04/17/2028 |  | 9600 |  | 9643 |
|  5.625% due 08/16/2032 |  | 7450 |  | 7648 |
|  6.000% due 12/07/2033 |  | 15000 |  | 15679 |
|  6.100% due 03/15/2055 (l) |  | 19700 |  | 19346 |
|  6.350% due 03/22/2054 |  | 11900 |  | 12029 |
|  Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange |
|  4.747% due 11/01/2057 •  |  | 21600 |  | 18229 |
|  7.000% due 10/15/2064 •  |  | 11100 |  | 11140 |
|  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 |  | 3300 |  | 3150 |
|  5.450% due 09/30/2034 |  | 2200 |  | 2157 |
|  FMR LLC | FMR LLC | FMR LLC | FMR LLC | FMR LLC |
|  5.150% due 02/01/2043 |  | 1550 |  | 1455 |
|  6.450% due 11/15/2039 |  | 500 |  | 542 |
|  6.500% due 12/14/2040 |  | 10000 |  | 10860 |
|  Ford Holdings LLC | Ford Holdings LLC | Ford Holdings LLC | Ford Holdings LLC | Ford Holdings LLC |
|  9.300% due 03/01/2030 |  | 10500 |  | 11751 |
|  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 |
|  4.970% due 04/06/2029 (l) |  | 34800 |  | 34382 |
|  5.850% due 05/17/2027 |  | 5000 |  | 5038 |
|  5.918% due 03/20/2028 |  | 4000 |  | 4052 |
|  Franklin Resources, Inc. | Franklin Resources, Inc. | Franklin Resources, Inc. | Franklin Resources, Inc. | Franklin Resources, Inc. |
|  2.950% due 08/12/2051 |  | 2800 |  | 1736 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  3.125% due 10/12/2028 | 6200 | 5664 |
|  6.125% due 01/15/2030 (l) | 8000 | 7620 |
|  6.875% due 08/15/2029 | 1330 | 1308 |
|  7.875% due 01/15/2029 | 17000 | 17198 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  5.200% due 12/09/2031 | 4000 | 3921 |
|  5.400% due 01/13/2030 | 2700 | 2705 |
|  5.500% due 01/08/2029 | 4200 | 4253 |
|  5.900% due 01/13/2035 | 10600 | 10526 |
|  Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
|  6.750% due 03/15/2054 | 1810 | 1688 |
|  7.950% due 06/15/2033 | 10000 | 10735 |
|  7.950% due 10/15/2054 •  | 5500 | 5301 |
|  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 | 12974 | 11578 |
|  4.000% due 01/15/2030 | 13040 | 12523 |
|  4.000% due 01/15/2031 | 3100 | 2941 |
|  5.250% due 02/15/2033 | 1800 | 1766 |
|  5.300% due 01/15/2029 | 28800 | 29137 |
|  5.625% due 09/15/2034 | 19234 | 18952 |
|  5.625% due 03/01/2036 | 726 | 707 |
|  5.750% due 06/01/2028 | 1166 | 1184 |
|  5.750% due 11/01/2037 | 17300 | 16760 |
|  6.250% due 09/15/2054 | 15000 | 14567 |
|  6.750% due 12/01/2033 | 4400 | 4638 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  2.615% due 04/22/2032 •  | 4000 | 3594 |
|  3.102% due 02/24/2033 •  | 1700 | 1536 |
|  3.436% due 02/24/2043 •  | 14100 | 10619 |
|  3.691% due 06/05/2028 •  | 14644 | 14517 |
|  4.148% due 01/21/2029 •  | 23000 | 22864 |
|  4.411% due 04/23/2039 •  | 9100 | 8155 |
|  4.516% due 01/21/2032 •  | 8900 | 8767 |
|  5.016% due 10/23/2035 •  | 50000 | 49092 |
|  5.049% due 07/23/2030 •  | 6200 | 6276 |
|  5.330% due 07/23/2035 •  | 17724 | 17790 |
|  5.536% due 01/28/2036 •  | 20000 | 20338 |
|  5.734% due 01/28/2056 •  | 25900 | 25304 |
|  6.750% due 10/01/2037 | 80100 | 86455 |
|  Goldman Sachs Private Credit Corp. | Goldman Sachs Private Credit Corp. | Goldman Sachs Private Credit Corp. |
|  5.875% due 01/31/2031 | 10500 | 10195 |
|  Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC |
|  4.625% due 05/04/2032 | 21100 | 20768 |
|  Goodman U.S. Finance Four LLC | Goodman U.S. Finance Four LLC | Goodman U.S. Finance Four LLC |
|  4.500% due 10/15/2037 | 21200 | 19486 |
|  Goodman U.S. Finance Six LLC | Goodman U.S. Finance Six LLC | Goodman U.S. Finance Six LLC |
|  5.125% due 10/07/2034 | 10900 | 10862 |
|  Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC |
|  3.700% due 03/15/2028 | 21450 | 21116 |
|  Great-West Lifeco Finance Delaware LP | Great-West Lifeco Finance Delaware LP | Great-West Lifeco Finance Delaware LP |
|  4.150% due 06/03/2047 | 3200 | 2534 |
|  Guardian Life Insurance Co. of America | Guardian Life Insurance Co. of America | Guardian Life Insurance Co. of America |
|  4.850% due 01/24/2077 | 7903 | 6425 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  6.000% due 03/15/2036 | 2800 | 2719 |
|  6.375% due 07/01/2034 | 16600 | 16721 |
|  6.750% due 07/15/2035 | 15100 | 15540 |
|  Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC |
|  4.840% due 06/07/2028 «(k) | 2600 | 2603 |
|  4.980% due 06/07/2030 «(k) | 1700 | 1705 |
|  5.160% due 06/07/2032 «(k) | 4200 | 4227 |
|  Hartford Insurance Group, Inc. | Hartford Insurance Group, Inc. | Hartford Insurance Group, Inc. |
|  6.039% due 02/12/2047 •  | 3600 | 3455 |
|  Healthpeak OP LLC | Healthpeak OP LLC | Healthpeak OP LLC |
|  5.375% due 02/15/2035 | 11100 | 11140 |
|  6.750% due 02/01/2041 | 3500 | 3784 |
|  High Street Funding Trust II | High Street Funding Trust II | High Street Funding Trust II |
|  4.682% due 02/15/2048 | 8800 | 7403 |
|  Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
|  2.600% due 02/01/2031 | 2700 | 2388 |
|  4.200% due 04/15/2029 | 1915 | 1863 |
|  7.650% due 02/01/2034 | 1822 | 2023 |
|  Horizon Mutual Holdings, Inc. | Horizon Mutual Holdings, Inc. | Horizon Mutual Holdings, Inc. |
|  6.200% due 11/15/2034 | 21227 | 19900 |

---

---

| | | |
|:---|:---|:---|
| **80** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  5.500% due 04/15/2035 | 1350 | 1340 |
|  5.700% due 07/01/2034 | 25 | 25 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  5.950% due 04/14/2032 | 6800 | 6574 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.804% due 05/24/2032 •  | 46910 | 42203 |
|  4.583% due 06/19/2029 •  | 3050 | 3048 |
|  4.619% due 11/06/2031 •  | 6600 | 6510 |
|  5.133% due 11/06/2036 •  | 10000 | 9786 |
|  5.402% due 08/11/2033 •  | 500 | 508 |
|  5.450% due 03/03/2036 •  | 15900 | 15953 |
|  5.875% due 09/28/2026 •(h)(i) | 17200 | 22723 |
|  6.500% due 03/23/2028 •(h)(i)(l) | 17900 | 17895 |
|  6.500% due 09/15/2037 | 18115 | 19069 |
|  6.800% due 06/01/2038 | 4300 | 4639 |
|  7.000% due 04/07/2038 | 1900 | 2633 |
|  7.625% due 05/17/2032 | 11347 | 12611 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  3.250% due 01/15/2030 (l) | 7600 | 6151 |
|  4.650% due 04/01/2029 (l) | 4537 | 3875 |
|  5.950% due 02/15/2028 | 2400 | 2279 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  5.550% due 03/19/2035 •  | 13696 | 13917 |
|  Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. |
|  3.000% due 09/15/2060 | 9146 | 5254 |
|  4.600% due 03/15/2033 | 17886 | 17663 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  6.625% due 06/20/2033 | 15000 | 16275 |
|  7.778% due 06/20/2054 •  | 26000 | 29672 |
|  7.800% due 11/28/2053 (l) | 34100 | 39876 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  2.000% due 08/15/2031 | 3600 | 3083 |
|  2.700% due 01/15/2034 | 7800 | 6517 |
|  4.150% due 04/15/2032 | 14500 | 13621 |
|  4.950% due 01/15/2033 | 8100 | 7914 |
|  5.450% due 08/15/2030 | 4068 | 4133 |
|  5.500% due 08/15/2033 | 2200 | 2204 |
|  JAB Holdings BV | JAB Holdings BV | JAB Holdings BV |
|  2.200% due 11/23/2030 | 1571 | 1403 |
|  3.750% due 05/28/2051 | 5200 | 3548 |
|  4.500% due 04/08/2052 | 60700 | 46329 |
|  Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. |
|  6.500% due 01/20/2043 | 22200 | 21655 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  2.545% due 11/08/2032 •  | 12500 | 11116 |
|  2.739% due 10/15/2030 •  | 20175 | 19006 |
|  2.963% due 01/25/2033 •  | 31000 | 28135 |
|  3.509% due 01/23/2029 •  | 12100 | 11909 |
|  3.702% due 05/06/2030 •  | 5000 | 4878 |
|  3.897% due 01/23/2049 •  | 4720 | 3627 |
|  4.005% due 04/23/2029 •  | 12113 | 12019 |
|  4.586% due 04/26/2033 •  | 23000 | 22703 |
|  4.810% due 10/22/2036 •  | 23700 | 23021 |
|  4.946% due 10/22/2035 •  | 13500 | 13357 |
|  4.995% due 07/22/2030 •  | 7300 | 7408 |
|  5.012% due 01/23/2030 •  | 30500 | 30931 |
|  5.294% due 07/22/2035 •  | 12300 | 12456 |
|  5.336% due 01/23/2035 •  | 15000 | 15235 |
|  5.350% due 06/01/2034 •  | 33100 | 33787 |
|  5.502% due 01/24/2036 •  | 15600 | 15973 |
|  5.534% due 11/29/2045 •  | 40340 | 39648 |
|  5.572% due 04/22/2036 •  | 10000 | 10309 |
|  5.576% due 07/23/2036 •  | 11400 | 11549 |
|  5.581% due 04/22/2030 •  | 5300 | 5463 |
|  5.766% due 04/22/2035 •  | 9460 | 9857 |
|  6.087% due 10/23/2029 •  | 3356 | 3488 |
|  6.254% due 10/23/2034 •  | 11400 | 12261 |
|  JPMorgan Chase Bank NA | JPMorgan Chase Bank NA | JPMorgan Chase Bank NA |
|  5.110% due 12/08/2026 | 10000 | 10057 |
|  KBC Group NV | KBC Group NV | KBC Group NV |
|  6.250% due 09/17/2031 •(h)(i) | 600 | 705 |
|  8.000% due 09/05/2028 •(h)(i) | 2400 | 2963 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  2.650% due 11/15/2033 | 15850 | 12613 |
|  3.050% due 02/15/2030 | 1069 | 975 |
|  4.250% due 08/15/2029 (l) | 12400 | 11996 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.750% due 12/15/2028 | $— | 2000 | $— | 1986 |
|  5.875% due 10/15/2035 |  | 14200 |  | 13699 |
|  6.250% due 01/15/2036 |  | 3300 |  | 3272 |
|  KKR Financial Holdings LLC | KKR Financial Holdings LLC | KKR Financial Holdings LLC | KKR Financial Holdings LLC | KKR Financial Holdings LLC |
|  5.400% due 05/23/2033 |  | 15900 |  | 15025 |
|  KKR Group Finance Co. VII LLC | KKR Group Finance Co. VII LLC | KKR Group Finance Co. VII LLC | KKR Group Finance Co. VII LLC | KKR Group Finance Co. VII LLC |
|  3.625% due 02/25/2050 |  | 26000 |  | 17738 |
|  KKR Group Finance Co. VIII LLC | KKR Group Finance Co. VIII LLC | KKR Group Finance Co. VIII LLC | KKR Group Finance Co. VIII LLC | KKR Group Finance Co. VIII LLC |
|  3.500% due 08/25/2050 |  | 43777 |  | 29093 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |
|  5.500% due 08/01/2030 |  | 1400 |  | 1404 |
|  Lazard Group LLC | Lazard Group LLC | Lazard Group LLC | Lazard Group LLC | Lazard Group LLC |
|  4.500% due 09/19/2028 |  | 400 |  | 398 |
|  6.000% due 03/15/2031 |  | 4000 |  | 4157 |
|  Legg Mason, Inc. | Legg Mason, Inc. | Legg Mason, Inc. | Legg Mason, Inc. | Legg Mason, Inc. |
|  5.625% due 01/15/2044 (l) |  | 18493 |  | 17891 |
|  Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. |
|  3.950% due 05/15/2060 |  | 20300 |  | 13955 |
|  4.300% due 02/01/2061 |  | 14500 |  | 9080 |
|  Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC |
|  0.000% due 04/02/2032 þ |  | 10000 |  | 7513 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  4.425% due 11/04/2031 •  |  | 4800 |  | 4734 |
|  4.550% due 08/16/2028 |  | 20200 |  | 20232 |
|  4.943% due 11/04/2036 •  |  | 10000 |  | 9656 |
|  5.668% due 02/10/2047 •  |  | 10000 |  | 9733 |
|  5.679% due 01/05/2035 •(l) |  | 11629 |  | 11952 |
|  8.000% due 09/27/2029 •(h)(i)(l) |  | 750 |  | 788 |
|  8.500% due 09/27/2027 •(h)(i) |  | 4600 |  | 6284 |
|  LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. |
|  5.750% due 06/15/2035 | $— | 19800 |  | 19731 |
|  LSEG Finance PLC | LSEG Finance PLC | LSEG Finance PLC | LSEG Finance PLC | LSEG Finance PLC |
|  3.200% due 04/06/2041 |  | 2700 |  | 2026 |
|  M&G PLC | M&G PLC | M&G PLC | M&G PLC | M&G PLC |
|  5.560% due 07/20/2055 •  |  | 1900 |  | 2348 |
|  Marex Group PLC | Marex Group PLC | Marex Group PLC | Marex Group PLC | Marex Group PLC |
|  5.829% due 05/08/2028 | $— | 800 |  | 809 |
|  Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. |
|  4.200% due 03/01/2048 |  | 4000 |  | 3214 |
|  4.350% due 01/30/2047 |  | 4800 |  | 3946 |
|  4.900% due 03/15/2049 |  | 5200 |  | 4592 |
|  5.000% due 03/15/2035 |  | 9807 |  | 9770 |
|  5.350% due 11/15/2044 |  | 20000 |  | 18950 |
|  5.400% due 03/15/2055 (l) |  | 34709 |  | 32575 |
|  5.450% due 03/15/2053 |  | 9100 |  | 8604 |
|  5.700% due 09/15/2053 (l) |  | 20000 |  | 19608 |
|  Massachusetts Mutual Life Insurance Co. | Massachusetts Mutual Life Insurance Co. | Massachusetts Mutual Life Insurance Co. | Massachusetts Mutual Life Insurance Co. | Massachusetts Mutual Life Insurance Co. |
|  3.729% due 10/15/2070 |  | 11166 |  | 7007 |
|  4.900% due 04/01/2077 |  | 4800 |  | 3799 |
|  5.077% due 02/15/2069 •  |  | 27500 |  | 24475 |
|  Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. |
|  5.100% due 04/26/2048 •  |  | 7100 |  | 7049 |
|  6.100% due 06/11/2055 •  |  | 15000 |  | 15066 |
|  Mercury General Corp. | Mercury General Corp. | Mercury General Corp. | Mercury General Corp. | Mercury General Corp. |
|  4.400% due 03/15/2027 |  | 4495 |  | 4466 |
|  MetLife, Inc. | MetLife, Inc. | MetLife, Inc. | MetLife, Inc. | MetLife, Inc. |
|  6.350% due 03/15/2055 •  |  | 15100 |  | 15330 |
|  9.250% due 04/08/2068 |  | 51066 |  | 59896 |
|  10.750% due 08/01/2069 |  | 5132 |  | 6654 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  2.048% due 07/17/2030 |  | 13900 |  | 12511 |
|  2.309% due 07/20/2032 •  |  | 3000 |  | 2644 |
|  3.751% due 07/18/2039 |  | 1200 |  | 1013 |
|  4.315% due 04/19/2033 •  |  | 25000 |  | 24159 |
|  5.057% due 01/14/2037 •  |  | 10000 |  | 9829 |
|  5.133% due 07/20/2033 •  |  | 17300 |  | 17474 |
|  5.188% due 09/12/2036 •  |  | 16900 |  | 16787 |
|  5.441% due 02/22/2034 •  |  | 11600 |  | 11862 |
|  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 •  |  | 18400 |  | 16338 |
|  2.172% due 05/22/2032 •  |  | 6556 |  | 5748 |
|  2.201% due 07/10/2031 •  |  | 9800 |  | 8831 |
|  5.422% due 05/13/2036 •  |  | 10000 |  | 10125 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  0.000% due 04/02/2032 þ(k) |  | 62100 |  | 46275 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.239% due 07/21/2032 •  | $— | 28500 | $— | 24961 |
|  2.943% due 01/21/2033 •  |  | 5200 |  | 4677 |
|  3.217% due 04/22/2042 •  |  | 15200 |  | 11470 |
|  4.238% due 01/09/2030 •  |  | 6700 |  | 6634 |
|  4.356% due 10/22/2031 •  |  | 19000 |  | 18624 |
|  4.493% due 01/16/2032 •  |  | 11200 |  | 11015 |
|  4.654% due 10/18/2030 •  |  | 14800 |  | 14797 |
|  4.889% due 07/20/2033 •  |  | 2700 |  | 2684 |
|  4.892% due 10/22/2036 •  |  | 33400 |  | 32301 |
|  5.042% due 07/19/2030 •  |  | 3400 |  | 3440 |
|  5.250% due 04/21/2034 •  |  | 6500 |  | 6523 |
|  5.297% due 04/20/2037 •  |  | 16019 |  | 15989 |
|  5.320% due 07/19/2035 •  |  | 18000 |  | 18068 |
|  5.424% due 07/21/2034 •  |  | 11400 |  | 11571 |
|  5.466% due 01/18/2035 •  |  | 8373 |  | 8514 |
|  5.587% due 01/18/2036 •  |  | 15600 |  | 15910 |
|  5.656% due 04/18/2030 •  |  | 1900 |  | 1955 |
|  5.664% due 04/17/2036 •  |  | 8000 |  | 8197 |
|  5.831% due 04/19/2035 •  |  | 10000 |  | 10385 |
|  6.627% due 11/01/2034 •  |  | 8255 |  | 8986 |
|  Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding |
|  5.450% due 12/12/2028 |  | 3100 |  | 3168 |
|  Mutual of Omaha Insurance Co. | Mutual of Omaha Insurance Co. | Mutual of Omaha Insurance Co. | Mutual of Omaha Insurance Co. | Mutual of Omaha Insurance Co. |
|  6.144% due 01/16/2064 •  |  | 25000 |  | 25335 |
|  National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. |
|  3.000% due 02/01/2031 |  | 10600 |  | 9543 |
|  5.350% due 02/01/2033 |  | 900 |  | 886 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  4.302% due 03/08/2029 •  |  | 1500 |  | 1491 |
|  6.557% due 10/18/2027 •  |  | 10755 |  | 10877 |
|  Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. | Nationwide Financial Services, Inc. |
|  3.900% due 11/30/2049 |  | 10000 |  | 7439 |
|  Nationwide Mutual Insurance Co. | Nationwide Mutual Insurance Co. | Nationwide Mutual Insurance Co. | Nationwide Mutual Insurance Co. | Nationwide Mutual Insurance Co. |
|  4.350% due 04/30/2050 |  | 2250 |  | 1709 |
|  9.375% due 08/15/2039 |  | 32300 |  | 41407 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.600% due 06/28/2031 •(h)(i)(l) |  | 19400 |  | 17394 |
|  5.076% due 01/27/2030 •  |  | 42350 |  | 42830 |
|  5.778% due 03/01/2035 •  |  | 10453 |  | 10809 |
|  7.300% due 11/19/2034 •(h)(i) |  | 10000 |  | 10162 |
|  7.625% due 09/30/2035 •(h)(i)(l) |  | 11000 |  | 14420 |
|  8.125% due 11/10/2033 •(h)(i) | $— | 5000 |  | 5415 |
|  Neuberger Berman Group LLC/Neuberger Berman Finance Corp. | Neuberger Berman Group LLC/Neuberger Berman Finance Corp. | Neuberger Berman Group LLC/Neuberger Berman Finance Corp. | Neuberger Berman Group LLC/Neuberger Berman Finance Corp. | Neuberger Berman Group LLC/Neuberger Berman Finance Corp. |
|  4.500% due 03/15/2027 |  | 6200 |  | 6184 |
|  4.875% due 04/15/2045 |  | 13688 |  | 11709 |
|  New York Life Insurance Co. | New York Life Insurance Co. | New York Life Insurance Co. | New York Life Insurance Co. | New York Life Insurance Co. |
|  4.450% due 05/15/2069 |  | 16700 |  | 12713 |
|  6.750% due 11/15/2039 |  | 4260 |  | 4762 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 |  | 3300 |  | 3462 |
|  Nippon Life Insurance Co. | Nippon Life Insurance Co. | Nippon Life Insurance Co. | Nippon Life Insurance Co. | Nippon Life Insurance Co. |
|  2.750% due 01/21/2051 •  |  | 36900 |  | 32541 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  2.750% due 03/09/2028 |  | 9503 |  | 8891 |
|  NLG Global Funding | NLG Global Funding | NLG Global Funding | NLG Global Funding | NLG Global Funding |
|  5.400% due 01/23/2030 |  | 6100 |  | 6246 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.172% due 07/14/2028 |  | 11600 |  | 10993 |
|  2.608% due 07/14/2031 |  | 12400 |  | 11064 |
|  2.679% due 07/16/2030 |  | 11200 |  | 10250 |
|  2.999% due 01/22/2032 |  | 14100 |  | 12686 |
|  3.103% due 01/16/2030 |  | 2200 |  | 2075 |
|  4.936% (SOFRRATE + 1.250%) due 07/02/2027 ~ |  | 3800 |  | 3824 |
|  5.842% due 01/18/2028 |  | 12400 |  | 12674 |
|  6.181% due 01/18/2033 |  | 30000 |  | 31807 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
|  3.750% due 03/01/2029 •(h)(i) |  | 2500 |  | 2320 |
|  Norinchukin Bank | Norinchukin Bank | Norinchukin Bank | Norinchukin Bank | Norinchukin Bank |
|  5.094% due 10/16/2029 |  | 2400 |  | 2427 |
|  Northwestern Mutual Life Insurance Co. | Northwestern Mutual Life Insurance Co. | Northwestern Mutual Life Insurance Co. | Northwestern Mutual Life Insurance Co. | Northwestern Mutual Life Insurance Co. |
|  3.450% due 03/30/2051 |  | 31400 |  | 21689 |
|  3.625% due 09/30/2059 |  | 62990 |  | 42728 |
|  3.850% due 09/30/2047 |  | 10340 |  | 7913 |
|  6.063% due 03/30/2040 |  | 1 |  | 1 |
|  6.170% due 05/29/2055 |  | 7000 |  | 7197 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **81** |

---

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Old Republic International Corp. | Old Republic International Corp. | Old Republic International Corp. |
|  3.850% due 06/11/2051 | 37900 | 26744 |
|  Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. |
|  3.375% due 02/01/2031 | 500 | 463 |
|  3.625% due 10/01/2029 | 4000 | 3847 |
|  4.750% due 01/15/2028 | 7000 | 6997 |
|  Omnis Funding Trust | Omnis Funding Trust | Omnis Funding Trust |
|  6.722% due 05/15/2055 | 10000 | 10120 |
|  OneAmerica Financial Partners, Inc. | OneAmerica Financial Partners, Inc. | OneAmerica Financial Partners, Inc. |
|  4.250% due 10/15/2050 | 5400 | 4010 |
|  Ontario Teachers' Cadillac Fairview Properties Trust | Ontario Teachers' Cadillac Fairview Properties Trust | Ontario Teachers' Cadillac Fairview Properties Trust |
|  3.875% due 03/20/2027 | 3900 | 3883 |
|  Pacific Life Insurance Co. | Pacific Life Insurance Co. | Pacific Life Insurance Co. |
|  5.950% due 09/15/2055 | 25100 | 24676 |
|  9.250% due 06/15/2039 | 63816 | 85294 |
|  Pacific LifeCorp | Pacific LifeCorp | Pacific LifeCorp |
|  3.350% due 09/15/2050 | 5700 | 3827 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (e) | 17987 | 14085 |
|  Paychex, Inc. | Paychex, Inc. | Paychex, Inc. |
|  5.350% due 04/15/2032 | 3600 | 3620 |
|  5.600% due 04/15/2035 | 1225 | 1231 |
|  Penn Mutual Life Insurance Co. | Penn Mutual Life Insurance Co. | Penn Mutual Life Insurance Co. |
|  3.800% due 04/29/2061 | 40000 | 26565 |
|  7.625% due 06/15/2040 | 32535 | 37534 |
|  Pine Street Trust II | Pine Street Trust II | Pine Street Trust II |
|  5.568% due 02/15/2049 | 23800 | 21747 |
|  Pinnacol Assurance | Pinnacol Assurance | Pinnacol Assurance |
|  8.625% due 06/25/2034 «(k) | 24000 | 25483 |
|  Popular, Inc. | Popular, Inc. | Popular, Inc. |
|  7.250% due 03/13/2028 | 14700 | 15239 |
|  Progressive Corp. | Progressive Corp. | Progressive Corp. |
|  4.125% due 04/15/2047 | 1700 | 1358 |
|  Prologis Targeted U.S. Logistics Fund LP | Prologis Targeted U.S. Logistics Fund LP | Prologis Targeted U.S. Logistics Fund LP |
|  5.250% due 01/15/2035 | 3500 | 3506 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  5.432% due 01/14/2032 | 20000 | 20518 |
|  5.467% due 12/08/2028 | 2000 | 2047 |
|  Rayonier LP | Rayonier LP | Rayonier LP |
|  2.750% due 05/17/2031 | 7500 | 6745 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
|  2.700% due 02/15/2032 | 11400 | 10180 |
|  3.200% due 02/15/2031 | 6700 | 6289 |
|  3.400% due 01/15/2028 | 1265 | 1244 |
|  3.400% due 01/15/2030 | 1725 | 1655 |
|  3.950% due 08/15/2027 | 3316 | 3301 |
|  4.450% due 09/15/2026 | 2350 | 2350 |
|  Regency Centers LP | Regency Centers LP | Regency Centers LP |
|  4.125% due 03/15/2028 | 1100 | 1097 |
|  Rexford Industrial Realty LP | Rexford Industrial Realty LP | Rexford Industrial Realty LP |
|  2.125% due 12/01/2030 | 11800 | 10455 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  5.250% due 01/09/2030 | 6900 | 7022 |
|  5.500% due 01/11/2031 | 4500 | 4629 |
|  6.000% due 11/21/2028 | 3000 | 3103 |
|  Royal Bank of Scotland International Ltd. | Royal Bank of Scotland International Ltd. | Royal Bank of Scotland International Ltd. |
|  4.660% due 12/16/2028 «(k) | 30000 | 29615 |
|  Sabra Health Care LP | Sabra Health Care LP | Sabra Health Care LP |
|  3.200% due 12/01/2031 | 6304 | 5695 |
|  3.900% due 10/15/2029 | 3368 | 3271 |
|  Sammons Financial Group, Inc. | Sammons Financial Group, Inc. | Sammons Financial Group, Inc. |
|  3.350% due 04/16/2031 | 18300 | 16812 |
|  6.875% due 04/15/2034 | 8000 | 8483 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  4.400% due 07/13/2027 | 3080 | 3074 |
|  5.473% due 03/20/2029 •  | 4100 | 4158 |
|  5.741% due 03/20/2031 •  | 3200 | 3285 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  2.896% due 03/15/2032 •  | 17160 | 15571 |
|  3.823% due 11/03/2028 •  | 47925 | 47325 |
|  4.858% due 09/11/2030 •  | 5680 | 5694 |
|  5.694% due 04/15/2031 •  | 8900 | 9156 |
|  SBA Tower Trust | SBA Tower Trust | SBA Tower Trust |
|  2.328% due 07/15/2052 | 10300 | 9933 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  SBL Holdings, Inc. | SBL Holdings, Inc. | SBL Holdings, Inc. |
|  7.200% due 10/30/2034 | 2000 | 1751 |
|  Selective Insurance Group, Inc. | Selective Insurance Group, Inc. | Selective Insurance Group, Inc. |
|  5.375% due 03/01/2049 | 8800 | 7916 |
|  5.900% due 04/15/2035 | 600 | 619 |
|  Simon Property Group LP | Simon Property Group LP | Simon Property Group LP |
|  6.650% due 01/15/2054 | 350 | 384 |
|  Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners |
|  5.750% due 01/15/2030 | 11300 | 11136 |
|  SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC |
|  2.300% due 06/15/2028 | 4200 | 3999 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  6.221% due 06/15/2033 •(l) | 10500 | 10822 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  3.265% due 02/18/2036 •  | 15500 | 14102 |
|  Stifel Financial Corp. | Stifel Financial Corp. | Stifel Financial Corp. |
|  4.000% due 05/15/2030 | 5600 | 5444 |
|  Store Capital LLC | Store Capital LLC | Store Capital LLC |
|  2.750% due 11/18/2030 | 1900 | 1712 |
|  5.400% due 04/30/2030 | 5000 | 5025 |
|  Sumitomo Life Insurance Co. | Sumitomo Life Insurance Co. | Sumitomo Life Insurance Co. |
|  3.375% due 04/15/2081 •  | 16300 | 14930 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  2.130% due 07/08/2030 | 37100 | 33376 |
|  3.040% due 07/16/2029 | 7000 | 6660 |
|  5.046% due 01/15/2037 •  | 5000 | 4919 |
|  5.424% due 07/09/2031 | 34930 | 35772 |
|  5.558% due 07/09/2034 | 20100 | 20608 |
|  5.710% due 01/13/2030 | 14600 | 15134 |
|  5.808% due 09/14/2033 (l) | 6800 | 7107 |
|  Sun Communities Operating LP | Sun Communities Operating LP | Sun Communities Operating LP |
|  2.700% due 07/15/2031 | 6800 | 6085 |
|  Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB |
|  4.750% due 03/01/2031 •(h)(i)(l) | 6000 | 5574 |
|  Takeoff Merger Sub, Inc. | Takeoff Merger Sub, Inc. | Takeoff Merger Sub, Inc. |
|  4.850% due 03/24/2031 | 33900 | 33489 |
|  5.500% due 03/24/2036 | 10000 | 9856 |
|  Teachers Insurance & Annuity Association of America | Teachers Insurance & Annuity Association of America | Teachers Insurance & Annuity Association of America |
|  3.300% due 05/15/2050 | 30000 | 20039 |
|  4.270% due 05/15/2047 | 11300 | 9094 |
|  4.900% due 09/15/2044 | 18400 | 16379 |
|  6.850% due 12/16/2039 | 5129 | 5755 |
|  Tesco Property Finance 2 PLC | Tesco Property Finance 2 PLC | Tesco Property Finance 2 PLC |
|  6.052% due 10/13/2039 | 270 | 362 |
|  Thames Ssnm Unfunded Comm | Thames Ssnm Unfunded Comm | Thames Ssnm Unfunded Comm |
|  9.750% due 10/10/2027 | 606 | 770 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  8.125% due 10/31/2082 •(i) | 20000 | 20645 |
|  Transatlantic Holdings, Inc. | Transatlantic Holdings, Inc. | Transatlantic Holdings, Inc. |
|  8.000% due 11/30/2039 | 7933 | 9606 |
|  Travelers Cos., Inc. | Travelers Cos., Inc. | Travelers Cos., Inc. |
|  4.050% due 03/07/2048 | 4000 | 3155 |
|  Truist Financial Corp. | Truist Financial Corp. | Truist Financial Corp. |
|  6.123% due 10/28/2033 •  | 12000 | 12710 |
|  Trust 2401 | Trust 2401 | Trust 2401 |
|  6.390% due 01/15/2050 | 15582 | 14233 |
|  6.950% due 01/30/2044 | 19828 | 19263 |
|  7.375% due 02/13/2034 | 2066 | 2187 |
|  Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno |
|  6.390% due 01/15/2050 | 7918 | 7132 |
|  6.950% due 01/30/2044 | 5442 | 5360 |
|  7.375% due 02/13/2034 | 834 | 883 |
|  Trustage Financial Group, Inc. | Trustage Financial Group, Inc. | Trustage Financial Group, Inc. |
|  4.625% due 04/15/2032 | 54700 | 52342 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  2.746% due 02/11/2033 •  | 10900 | 9644 |
|  3.091% due 05/14/2032 •  | 57529 | 52777 |
|  3.179% due 02/11/2043 •  | 1100 | 809 |
|  3.869% due 01/12/2029 •  | 6450 | 6377 |
|  4.125% due 04/15/2026 | 34600 | 34599 |
|  4.151% due 12/23/2029 •  | 21400 | 21159 |
|  4.194% due 04/01/2031 •  | 2250 | 2202 |
|  4.214% due 04/10/2030 •  | 12000 | 11850 |
|  4.282% due 01/09/2028 | 13400 | 13355 |
|  4.550% due 04/17/2026 | 13000 | 13000 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.588% due 08/10/2032 •  | 1100 | 1081 |
|  4.875% due 02/12/2027 •(h)(i) | 7400 | 7332 |
|  4.988% due 08/05/2033 •  | 5000 | 4978 |
|  5.379% due 09/06/2045 •  | 15000 | 14172 |
|  5.617% due 09/13/2030 •  | 1200 | 1237 |
|  5.699% due 02/08/2035 •  | 11400 | 11690 |
|  5.959% due 01/12/2034 •  | 40000 | 41755 |
|  6.301% due 09/22/2034 •  | 12900 | 13719 |
|  6.600% due 08/05/2030 •(h)(i) | 15000 | 14655 |
|  6.625% due 01/08/2031 •(h)(i) | 8800 | 8573 |
|  6.850% due 09/10/2029 •(h)(i) | 8500 | 8429 |
|  7.000% due 02/10/2030 •(h)(i) | 17000 | 16850 |
|  7.000% due 01/08/2036 •(h)(i) | 3300 | 3192 |
|  7.125% due 08/10/2034 •(h)(i) | 7700 | 7574 |
|  9.250% due 11/13/2028 •(h)(i) | 19900 | 21222 |
|  9.250% due 11/13/2033 •(h)(i) | 7000 | 7886 |
|  UDR, Inc. | UDR, Inc. | UDR, Inc. |
|  3.500% due 07/01/2027 | 3323 | 3289 |
|  Unum Group | Unum Group | Unum Group |
|  4.046% due 08/15/2041 | 15000 | 12065 |
|  6.000% due 06/15/2054 | 3800 | 3602 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 04/01/2028 | 1200 | 1201 |
|  5.125% due 11/15/2031 | 3200 | 3178 |
|  5.125% due 05/15/2032 | 11100 | 10944 |
|  5.625% due 04/01/2035 | 11500 | 11452 |
|  5.625% due 05/15/2052 | 24400 | 21826 |
|  5.750% due 04/01/2034 | 2400 | 2423 |
|  6.125% due 04/01/2054 | 4000 | 3814 |
|  VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |
|  4.125% due 08/15/2030 | 5073 | 4860 |
|  Visa, Inc. | Visa, Inc. | Visa, Inc. |
|  2.000% due 08/15/2050 | 1907 | 1010 |
|  4.300% due 12/14/2045 | 1600 | 1359 |
|  Voya Financial, Inc. | Voya Financial, Inc. | Voya Financial, Inc. |
|  4.700% due 01/23/2048 •  | 6800 | 6458 |
|  5.000% due 09/20/2034 | 5200 | 5064 |
|  W.R. Berkley Corp. | W.R. Berkley Corp. | W.R. Berkley Corp. |
|  4.000% due 05/12/2050 | 4900 | 3704 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.393% due 06/02/2028 •  | 9300 | 9079 |
|  2.572% due 02/11/2031 •  | 16817 | 15559 |
|  2.879% due 10/30/2030 •  | 30900 | 29158 |
|  3.000% due 04/22/2026 | 2000 | 1997 |
|  3.584% due 05/22/2028 •  | 21300 | 21103 |
|  4.611% due 04/25/2053 •  | 64700 | 53693 |
|  4.736% (SOFRRATE + 1.070%) due 04/22/2028 ~ | 13700 | 13752 |
|  4.892% due 09/15/2036 •  | 23200 | 22581 |
|  5.211% due 12/03/2035 •  | 49449 | 49252 |
|  5.557% due 07/25/2034 •  | 63737 | 65342 |
|  Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
|  6.600% due 01/15/2038 | 10000 | 10933 |
|  Welltower OP LLC | Welltower OP LLC | Welltower OP LLC |
|  4.500% due 07/01/2030 | 11400 | 11408 |
|  5.125% due 07/01/2035 | 11700 | 11748 |
|  6.500% due 03/15/2041 | 29850 | 32811 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  6.875% due 12/15/2033 | 14477 | 15815 |
|  6.950% due 10/01/2027 | 4500 | 4650 |
|  7.375% due 03/15/2032 | 39647 | 44217 |
|  Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. |
|  3.875% due 09/15/2049 | 13550 | 9851 |
|  5.350% due 05/15/2033 | 3944 | 3988 |
|  |  | 7493881 |
| INDUSTRIALS 30.1% | INDUSTRIALS 30.1% | INDUSTRIALS 30.1% |
|  180 Medical, Inc. | 180 Medical, Inc. | 180 Medical, Inc. |
|  5.300% due 10/08/2035 | 3100 | 3047 |
|  7-Eleven, Inc. | 7-Eleven, Inc. | 7-Eleven, Inc. |
|  2.800% due 02/10/2051 | 15352 | 8993 |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.250% due 11/21/2049 | 8499 | 6904 |
|  4.300% due 05/14/2036 | 19258 | 18205 |
|  4.400% due 11/06/2042 | 39350 | 34594 |
|  4.450% due 05/14/2046 | 33985 | 29197 |

---

---

| | | |
|:---|:---|:---|
| **82** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.500% due 05/14/2035 | $— | 20877 | $— | 20199 |
|  4.700% due 05/14/2045 |  | 13300 |  | 11871 |
|  4.850% due 06/15/2044 |  | 36900 |  | 33567 |
|  5.200% due 03/15/2035 |  | 11103 |  | 11304 |
|  5.400% due 03/15/2054 |  | 4700 |  | 4491 |
|  5.500% due 03/15/2064 |  | 7800 |  | 7444 |
|  5.600% due 03/15/2055 |  | 14000 |  | 13804 |
|  Abu Dhabi Crude Oil Pipeline LLC | Abu Dhabi Crude Oil Pipeline LLC | Abu Dhabi Crude Oil Pipeline LLC | Abu Dhabi Crude Oil Pipeline LLC | Abu Dhabi Crude Oil Pipeline LLC |
|  4.600% due 11/02/2047 |  | 7900 |  | 6877 |
|  Adani Electricity Mumbai Ltd. | Adani Electricity Mumbai Ltd. | Adani Electricity Mumbai Ltd. | Adani Electricity Mumbai Ltd. | Adani Electricity Mumbai Ltd. |
|  3.949% due 02/12/2030 |  | 4185 |  | 3831 |
|  Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. |
|  5.125% due 09/11/2054 |  | 17500 |  | 15093 |
|  Advocate Health & Hospitals Corp. | Advocate Health & Hospitals Corp. | Advocate Health & Hospitals Corp. | Advocate Health & Hospitals Corp. | Advocate Health & Hospitals Corp. |
|  2.211% due 06/15/2030 |  | 11150 |  | 10185 |
|  AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC |
|  2.750% due 08/15/2051 |  | 5402 |  | 3256 |
|  3.150% due 09/15/2049 |  | 6000 |  | 3966 |
|  3.650% due 04/01/2050 |  | 2700 |  | 1966 |
|  4.250% due 09/15/2048 |  | 1474 |  | 1171 |
|  5.400% due 03/15/2053 |  | 10300 |  | 9698 |
|  Aeroporti di Roma SpA | Aeroporti di Roma SpA | Aeroporti di Roma SpA | Aeroporti di Roma SpA | Aeroporti di Roma SpA |
|  1.750% due 07/30/2031 |  | 4600 |  | 4805 |
|  Aetna, Inc. | Aetna, Inc. | Aetna, Inc. | Aetna, Inc. | Aetna, Inc. |
|  4.750% due 03/15/2044 | $— | 50 |  | 42 |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  5.250% due 10/01/2030 |  | 4047 |  | 4104 |
|  Aker BP ASA | Aker BP ASA | Aker BP ASA | Aker BP ASA | Aker BP ASA |
|  5.800% due 10/01/2054 |  | 9900 |  | 9056 |
|  Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust |
|  4.800% due 02/15/2029 (l) |  | 11264 |  | 11273 |
|  Alcon Finance Corp. | Alcon Finance Corp. | Alcon Finance Corp. | Alcon Finance Corp. | Alcon Finance Corp. |
|  3.000% due 09/23/2029 |  | 500 |  | 475 |
|  Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. |
|  1.900% due 08/15/2040 |  | 10 |  | 7 |
|  5.250% due 05/15/2055 |  | 2285 |  | 2159 |
|  5.300% due 05/15/2065 |  | 175 |  | 162 |
|  Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
|  2.500% due 06/03/2050 |  | 305 |  | 178 |
|  2.700% due 06/03/2060 |  | 1194 |  | 653 |
|  3.100% due 05/12/2051 |  | 18552 |  | 12136 |
|  3.250% due 05/12/2061 |  | 41100 |  | 25548 |
|  4.050% due 08/22/2047 |  | 800 |  | 640 |
|  4.100% due 04/13/2062 |  | 10000 |  | 7474 |
|  4.250% due 08/22/2057 |  | 19550 |  | 15265 |
|  5.550% due 11/20/2065 |  | 600 |  | 567 |
|  5.800% due 03/13/2056 |  | 1100 |  | 1100 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  2.875% due 01/11/2036 |  | 17221 |  | 15433 |
|  3.000% due 04/15/2030 |  | 402 |  | 390 |
|  3.150% due 08/15/2033 |  | 5830 |  | 5442 |
|  3.200% due 12/15/2029 |  | 5071 |  | 4945 |
|  3.350% due 04/15/2031 |  | 2970 |  | 2875 |
|  3.375% due 11/01/2028 |  | 4930 |  | 4871 |
|  3.500% due 08/15/2033 |  | 2630 |  | 2431 |
|  3.575% due 07/15/2029 |  | 5427 |  | 5355 |
|  3.600% due 03/22/2029 |  | 5334 |  | 5274 |
|  3.600% due 04/15/2031 |  | 2290 |  | 2185 |
|  3.650% due 02/15/2029 |  | 1816 |  | 1768 |
|  3.700% due 04/01/2028 |  | 4808 |  | 4792 |
|  4.900% due 11/11/2039 |  | 8100 |  | 7911 |
|  American Medical Systems Europe BV | American Medical Systems Europe BV | American Medical Systems Europe BV | American Medical Systems Europe BV | American Medical Systems Europe BV |
|  3.000% due 03/08/2031 |  | 5600 |  | 6314 |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  4.563% due 06/15/2048 | $— | 900 |  | 755 |
|  4.663% due 06/15/2051 |  | 144713 |  | 121493 |
|  4.875% due 03/01/2053 |  | 800 |  | 694 |
|  4.950% due 10/01/2041 |  | 4650 |  | 4315 |
|  5.250% due 03/02/2033 (l) |  | 25838 |  | 26525 |
|  5.600% due 03/02/2043 |  | 8692 |  | 8581 |
|  5.650% due 03/02/2053 (l) |  | 41035 |  | 39771 |
|  5.650% due 02/19/2056 |  | 12200 |  | 11835 |
|  5.750% due 03/02/2063 (l) |  | 35965 |  | 34621 |
|  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 |
|  4.750% due 09/22/2046 |  | 2400 |  | 2083 |
|  AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC |
|  3.375% due 11/01/2028 |  | 9100 |  | 8750 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |
|  4.700% due 02/01/2036 (l) | 83744 | 81598 |
|  4.900% due 02/01/2046 | 105682 | 95298 |
|  Anheuser-Busch InBev Finance, Inc. | Anheuser-Busch InBev Finance, Inc. | Anheuser-Busch InBev Finance, Inc. |
|  4.900% due 02/01/2046 | 320 | 288 |
|  Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |
|  4.950% due 01/15/2042 | 2250 | 2101 |
|  5.450% due 01/23/2039 | 3020 | 3070 |
|  5.800% due 01/23/2059 | 27101 | 27186 |
|  Apple, Inc. | Apple, Inc. | Apple, Inc. |
|  2.650% due 05/11/2050 | 240 | 147 |
|  2.800% due 02/08/2061 | 7000 | 4000 |
|  2.850% due 08/05/2061 | 7900 | 4577 |
|  2.950% due 09/11/2049 | 20210 | 13247 |
|  3.750% due 09/12/2047 | 21600 | 16720 |
|  3.850% due 08/04/2046 | 53395 | 42423 |
|  4.850% due 05/10/2053 (l) | 6550 | 6032 |
|  Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. |
|  5.400% due 03/15/2049 | 9200 | 8464 |
|  Arrow Electronics, Inc. | Arrow Electronics, Inc. | Arrow Electronics, Inc. |
|  2.950% due 02/15/2032 | 600 | 530 |
|  Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. |
|  5.800% due 04/15/2034 | 12235 | 12479 |
|  Astrazeneca Finance LLC | Astrazeneca Finance LLC | Astrazeneca Finance LLC |
|  5.000% due 02/26/2034 | 19188 | 19476 |
|  AstraZeneca PLC | AstraZeneca PLC | AstraZeneca PLC |
|  4.375% due 11/16/2045 | 1400 | 1210 |
|  Autodesk, Inc. | Autodesk, Inc. | Autodesk, Inc. |
|  5.300% due 06/15/2035 | 2900 | 2905 |
|  Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. |
|  5.150% due 05/15/2038 | 22540 | 20901 |
|  5.300% due 05/15/2048 | 20975 | 18320 |
|  Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. | Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. | Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. |
|  3.812% due 03/11/2034 | 12800 | 14633 |
|  5.850% due 06/15/2056 | 10000 | 9792 |
|  Baptist Healthcare System Obligated Group | Baptist Healthcare System Obligated Group | Baptist Healthcare System Obligated Group |
|  3.540% due 08/15/2050 | 15000 | 10781 |
|  Barrick North America Finance LLC | Barrick North America Finance LLC | Barrick North America Finance LLC |
|  5.700% due 05/30/2041 | 4768 | 4778 |
|  Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. |
|  5.650% due 12/15/2035 | 7932 | 7750 |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
|  4.200% due 07/15/2034 | 14484 | 13342 |
|  4.375% due 12/15/2028 | 5443 | 5389 |
|  4.400% due 07/15/2044 | 4000 | 3166 |
|  4.625% due 06/25/2038 | 2400 | 2144 |
|  4.875% due 06/25/2048 | 21650 | 17750 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.250% due 01/21/2029 | 400 | 416 |
|  6.375% due 11/21/2030 | 24305 | 25566 |
|  6.500% due 11/21/2033 | 26400 | 28086 |
|  6.875% due 11/21/2053 (l) | 8900 | 9385 |
|  Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
|  3.794% due 05/20/2050 | 4086 | 2957 |
|  5.110% due 02/08/2034 | 6646 | 6690 |
|  Becton Dickinson Euro Finance SARL | Becton Dickinson Euro Finance SARL | Becton Dickinson Euro Finance SARL |
|  4.029% due 06/07/2036 | 6200 | 7083 |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 250370 | 257613 |
|  Beth Israel Lahey Health, Inc. | Beth Israel Lahey Health, Inc. | Beth Israel Lahey Health, Inc. |
|  3.080% due 07/01/2051 | 14000 | 9143 |
|  Bio-Rad Laboratories, Inc. | Bio-Rad Laboratories, Inc. | Bio-Rad Laboratories, Inc. |
|  3.700% due 03/15/2032 | 5222 | 4853 |
|  Block, Inc. | Block, Inc. | Block, Inc. |
|  6.000% due 08/15/2033 | 800 | 788 |
|  BMS Ireland Capital Funding DAC | BMS Ireland Capital Funding DAC | BMS Ireland Capital Funding DAC |
|  4.581% due 11/10/2055 | 5000 | 5620 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.426% (SOFRINDX + 0.780%) due 03/19/2027 ~ | 3300 | 3308 |
|  4.500% due 08/11/2030 | 6000 | 5934 |
|  4.566% (SOFRINDX + 0.920%) due 03/21/2028 ~ | 6000 | 6019 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  3.250% due 02/01/2035 | 1755 | 1505 |
|  3.600% due 05/01/2034 | 8470 | 7585 |
|  3.625% due 02/01/2031 | 1240 | 1180 |
|  3.650% due 03/01/2047 | 1945 | 1370 |
|  3.750% due 02/01/2050 | 3150 | 2236 |
|  3.825% due 03/01/2059 | 4515 | 3043 |
|  3.950% due 08/01/2059 | 9500 | 6561 |
|  5.040% due 05/01/2027 | 8000 | 8046 |
|  5.705% due 05/01/2040 | 60100 | 60223 |
|  5.805% due 05/01/2050 | 115490 | 111718 |
|  5.930% due 05/01/2060 | 107175 | 102964 |
|  6.259% due 05/01/2027 | 3600 | 3663 |
|  6.528% due 05/01/2034 | 14500 | 15802 |
|  7.008% due 05/01/2064 | 1683 | 1862 |
|  Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |
|  5.950% due 08/04/2033 | 5400 | 5519 |
|  5.950% due 04/15/2035 | 4100 | 4136 |
|  Boston Scientific Corp. | Boston Scientific Corp. | Boston Scientific Corp. |
|  6.250% due 11/15/2035 | 36000 | 39751 |
|  7.375% due 01/15/2040 | 41000 | 48704 |
|  BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. |
|  4.893% due 09/11/2033 | 58403 | 58729 |
|  Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
|  3.550% due 03/15/2042 | 120 | 95 |
|  3.700% due 03/15/2052 | 7050 | 5087 |
|  4.250% due 10/26/2049 | 9593 | 7711 |
|  4.350% due 11/15/2047 | 2884 | 2380 |
|  5.550% due 02/22/2054 | 9950 | 9588 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  3.300% due 06/15/2034 | 16141 | 15297 |
|  3.350% due 12/15/2030 | 910 | 884 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  2.600% due 02/15/2033 | 42501 | 37173 |
|  3.137% due 11/15/2035 | 57112 | 48546 |
|  3.419% due 04/15/2033 | 22730 | 20793 |
|  3.469% due 04/15/2034 | 52013 | 46861 |
|  3.500% due 02/15/2041 | 22400 | 17881 |
|  4.150% due 11/15/2030 | 826 | 813 |
|  4.150% due 04/15/2032 | 44100 | 42688 |
|  4.300% due 11/15/2032 | 20625 | 20093 |
|  5.150% due 11/15/2031 | 100 | 103 |
|  5.200% due 04/15/2032 | 10000 | 10240 |
|  Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC |
|  4.450% due 03/15/2043 | 27000 | 23544 |
|  4.450% due 01/15/2053 | 4909 | 4046 |
|  5.200% due 04/15/2054 | 42483 | 39125 |
|  5.500% due 03/15/2055 | 11700 | 11288 |
|  Cameron LNG LLC | Cameron LNG LLC | Cameron LNG LLC |
|  3.402% due 01/15/2038 | 26700 | 23274 |
|  3.701% due 01/15/2039 | 1430 | 1213 |
|  Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. |
|  3.000% due 12/02/2041 | 12300 | 9048 |
|  4.300% due 05/15/2043 | 5000 | 4278 |
|  4.700% due 05/01/2048 | 15900 | 13808 |
|  4.950% due 08/15/2045 | 24795 | 22688 |
|  6.125% due 09/15/2115 | 51558 | 52145 |
|  CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. |
|  3.569% due 12/01/2031 | 12900 | 11797 |
|  5.550% due 08/22/2034 | 16600 | 16320 |
|  Cenovus Energy, Inc. | Cenovus Energy, Inc. | Cenovus Energy, Inc. |
|  4.650% due 03/20/2031 | 591 | 587 |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  2.450% due 07/15/2028 | 25913 | 24148 |
|  2.500% due 03/01/2031 | 3670 | 3082 |
|  3.000% due 10/15/2030 | 5000 | 4385 |
|  3.375% due 02/15/2030 | 700 | 633 |
|  4.625% due 12/15/2029 | 4563 | 4335 |
|  CF Industries, Inc. | CF Industries, Inc. | CF Industries, Inc. |
|  5.150% due 03/15/2034 | 19966 | 19851 |
|  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 | 15877 | 11145 |
|  3.500% due 03/01/2042 | 12700 | 8702 |
|  3.700% due 04/01/2051 | 7085 | 4389 |
|  3.850% due 04/01/2061 | 94400 | 55182 |
|  3.900% due 06/01/2052 | 22775 | 14513 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **83** |

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------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.400% due 12/01/2061 | $— | 65120 | $— | 41862 |
|  4.800% due 03/01/2050 |  | 36600 |  | 27079 |
|  5.050% due 03/30/2029 |  | 8 |  | 8 |
|  5.125% due 07/01/2049 |  | 39500 |  | 30353 |
|  5.250% due 04/01/2053 |  | 24971 |  | 19602 |
|  5.850% due 12/01/2035 (l) |  | 11100 |  | 10924 |
|  6.484% due 10/23/2045 |  | 19 |  | 18 |
|  6.700% due 12/01/2055 (l) |  | 7200 |  | 6886 |
|  Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC |
|  2.742% due 12/31/2039 |  | 21010 |  | 17776 |
|  3.700% due 11/15/2029 |  | 5000 |  | 4859 |
|  Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
|  5.550% due 10/30/2035 |  | 13600 |  | 13855 |
|  5.750% due 08/15/2034 |  | 17680 |  | 18226 |
|  5.950% due 06/30/2033 |  | 15791 |  | 16559 |
|  Cheniere Energy, Inc. | Cheniere Energy, Inc. | Cheniere Energy, Inc. | Cheniere Energy, Inc. | Cheniere Energy, Inc. |
|  5.650% due 04/15/2034 |  | 8496 |  | 8750 |
|  Cigna Group | Cigna Group | Cigna Group | Cigna Group | Cigna Group |
|  5.250% due 01/15/2036 |  | 6600 |  | 6611 |
|  6.000% due 01/15/2056 |  | 1143 |  | 1146 |
|  Coca-Cola Co. | Coca-Cola Co. | Coca-Cola Co. | Coca-Cola Co. | Coca-Cola Co. |
|  2.500% due 06/01/2040 |  | 3 |  | 2 |
|  2.500% due 03/15/2051 |  | 12860 |  | 7564 |
|  5.300% due 05/13/2054 |  | 1190 |  | 1141 |
|  5.400% due 05/13/2064 |  | 975 |  | 928 |
|  Colorado Interstate Gas Co. LLC | Colorado Interstate Gas Co. LLC | Colorado Interstate Gas Co. LLC | Colorado Interstate Gas Co. LLC | Colorado Interstate Gas Co. LLC |
|  6.850% due 06/15/2037 |  | 10900 |  | 12007 |
|  Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
|  2.650% due 08/15/2062 |  | 18400 |  | 9103 |
|  2.800% due 01/15/2051 |  | 250 |  | 143 |
|  2.887% due 11/01/2051 |  | 1879 |  | 1087 |
|  2.937% due 11/01/2056 |  | 125118 |  | 69366 |
|  3.200% due 07/15/2036 |  | 275 |  | 231 |
|  3.450% due 02/01/2050 |  | 20000 |  | 13128 |
|  3.969% due 11/01/2047 |  | 34422 |  | 25357 |
|  3.999% due 11/01/2049 |  | 98621 |  | 71581 |
|  4.000% due 03/01/2048 |  | 12260 |  | 9046 |
|  5.500% due 05/15/2064 |  | 169 |  | 150 |
|  5.650% due 06/01/2054 |  | 6072 |  | 5600 |
|  CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
|  3.347% due 10/01/2029 |  | 10000 |  | 9577 |
|  4.187% due 10/01/2049 |  | 2100 |  | 1626 |
|  4.975% due 09/01/2035 |  | 9300 |  | 9080 |
|  5.580% due 09/01/2045 |  | 3600 |  | 3475 |
|  5.662% due 09/01/2055 |  | 3900 |  | 3759 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  5.000% due 08/01/2030 |  | 2200 |  | 2197 |
|  5.750% due 08/01/2035 (l) |  | 10100 |  | 10130 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  4.100% due 02/15/2048 |  | 12200 |  | 9352 |
|  4.500% due 05/09/2047 |  | 8100 |  | 6607 |
|  4.750% due 05/09/2032 |  | 2661 |  | 2642 |
|  Constellation Pharmaceutical, Inc. | Constellation Pharmaceutical, Inc. | Constellation Pharmaceutical, Inc. | Constellation Pharmaceutical, Inc. | Constellation Pharmaceutical, Inc. |
|  5.550% due 07/01/2033 «(k) |  | 9431 |  | 9661 |
|  Coterra Energy, Inc. | Coterra Energy, Inc. | Coterra Energy, Inc. | Coterra Energy, Inc. | Coterra Energy, Inc. |
|  5.900% due 02/15/2055 |  | 4200 |  | 4002 |
|  Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. |
|  4.500% due 06/30/2043 |  | 21841 |  | 16682 |
|  4.700% due 12/15/2042 |  | 4070 |  | 3169 |
|  4.800% due 02/01/2035 |  | 13000 |  | 11841 |
|  5.800% due 12/15/2053 |  | 19854 |  | 16817 |
|  CSL Finance PLC | CSL Finance PLC | CSL Finance PLC | CSL Finance PLC | CSL Finance PLC |
|  4.750% due 04/27/2052 |  | 12170 |  | 10340 |
|  4.950% due 04/27/2062 |  | 9200 |  | 7851 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  3.750% due 04/01/2030 |  | 4375 |  | 4229 |
|  4.125% due 04/01/2040 |  | 4543 |  | 3795 |
|  5.050% due 03/25/2048 |  | 43400 |  | 37262 |
|  5.125% due 07/20/2045 |  | 33485 |  | 29420 |
|  5.250% due 02/21/2033 |  | 2853 |  | 2887 |
|  5.300% due 12/05/2043 |  | 7100 |  | 6481 |
|  5.450% due 09/15/2035 |  | 13510 |  | 13567 |
|  5.625% due 02/21/2053 |  | 18200 |  | 16692 |
|  5.875% due 06/01/2053 |  | 4600 |  | 4360 |
|  6.000% due 06/01/2063 |  | 2200 |  | 2089 |
|  6.050% due 06/01/2054 |  | 500 |  | 486 |
|  6.200% due 09/15/2055 |  | 12244 |  | 12138 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.250% due 09/15/2065 | $— | 32700 | $— | 31974 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  4.163% due 08/11/2036 |  | 6568 |  | 6147 |
|  5.773% due 01/10/2033 |  | 737 |  | 748 |
|  5.880% due 01/10/2028 |  | 857 |  | 860 |
|  5.926% due 01/10/2034 |  | 18119 |  | 18497 |
|  6.036% due 12/10/2028 |  | 499 |  | 504 |
|  6.943% due 01/10/2030 |  | 13244 |  | 13639 |
|  7.507% due 01/10/2032 |  | 42089 |  | 44454 |
|  8.353% due 07/10/2031 |  | 7742 |  | 8390 |
|  Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC |
|  2.375% due 12/14/2028 |  | 7000 |  | 6619 |
|  2.500% due 12/14/2031 |  | 4204 |  | 3704 |
|  4.150% due 01/12/2029 |  | 1200 |  | 1184 |
|  4.500% due 04/12/2031 |  | 10100 |  | 9918 |
|  DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP |
|  3.250% due 02/15/2032 |  | 5612 |  | 5103 |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
|  4.900% due 10/01/2026 |  | 13398 |  | 13418 |
|  5.300% due 10/01/2029 |  | 9611 |  | 9811 |
|  Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. |
|  3.750% due 10/28/2029 |  | 26563 |  | 25581 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd. | Delta Air Lines, Inc./SkyMiles IP Ltd. | Delta Air Lines, Inc./SkyMiles IP Ltd. | Delta Air Lines, Inc./SkyMiles IP Ltd. | Delta Air Lines, Inc./SkyMiles IP Ltd. |
|  4.750% due 10/20/2028 |  | 1971 |  | 1969 |
|  Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. |
|  5.750% due 09/15/2054 |  | 332 |  | 312 |
|  7.950% due 04/15/2032 |  | 5535 |  | 6374 |
|  Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
|  4.250% due 03/15/2052 |  | 7000 |  | 5423 |
|  5.550% due 04/01/2035 |  | 11155 |  | 11388 |
|  5.750% due 04/18/2054 (l) |  | 11895 |  | 11257 |
|  5.900% due 04/18/2064 |  | 2871 |  | 2719 |
|  Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. |
|  5.050% due 03/15/2042 |  | 10440 |  | 6904 |
|  5.141% due 03/15/2052 |  | 1391 |  | 847 |
|  DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. |
|  4.300% due 04/15/2032 |  | 17400 |  | 16608 |
|  5.800% due 12/15/2034 |  | 5984 |  | 6148 |
|  Eastern Energy Gas Holdings LLC | Eastern Energy Gas Holdings LLC | Eastern Energy Gas Holdings LLC | Eastern Energy Gas Holdings LLC | Eastern Energy Gas Holdings LLC |
|  5.650% due 10/15/2054 |  | 7200 |  | 6786 |
|  6.200% due 01/15/2055 |  | 5000 |  | 5082 |
|  Eastern Gas Transmission & Storage, Inc. | Eastern Gas Transmission & Storage, Inc. | Eastern Gas Transmission & Storage, Inc. | Eastern Gas Transmission & Storage, Inc. | Eastern Gas Transmission & Storage, Inc. |
|  4.600% due 12/15/2044 |  | 4115 |  | 3519 |
|  4.800% due 11/01/2043 |  | 800 |  | 702 |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  7.375% due 09/18/2043 (l) |  | 25700 |  | 23369 |
|  El Paso Natural Gas Co. LLC | El Paso Natural Gas Co. LLC | El Paso Natural Gas Co. LLC | El Paso Natural Gas Co. LLC | El Paso Natural Gas Co. LLC |
|  3.500% due 02/15/2032 |  | 9802 |  | 9035 |
|  8.375% due 06/15/2032 |  | 25670 |  | 30115 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  3.600% due 03/15/2051 |  | 1350 |  | 938 |
|  3.700% due 09/15/2049 |  | 5640 |  | 4024 |
|  4.375% due 12/01/2047 |  | 29000 |  | 23350 |
|  4.550% due 03/01/2048 |  | 7500 |  | 6205 |
|  4.550% due 05/15/2052 |  | 12100 |  | 9755 |
|  4.625% due 05/15/2042 |  | 7700 |  | 6748 |
|  5.100% due 01/15/2044 |  | 13244 |  | 12071 |
|  5.125% due 02/15/2053 |  | 2000 |  | 1758 |
|  5.200% due 02/15/2035 |  | 7700 |  | 7691 |
|  5.700% due 02/15/2055 |  | 2200 |  | 2081 |
|  5.850% due 11/01/2064 |  | 10000 |  | 9571 |
|  6.100% due 10/15/2052 |  | 1900 |  | 1908 |
|  Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. |
|  4.600% due 08/14/2034 |  | 126 |  | 125 |
|  5.050% due 08/14/2054 |  | 47815 |  | 43904 |
|  5.200% due 08/14/2064 |  | 2600 |  | 2366 |
|  Embotelladora Andina SA | Embotelladora Andina SA | Embotelladora Andina SA | Embotelladora Andina SA | Embotelladora Andina SA |
|  3.950% due 01/21/2050 (l) |  | 3600 |  | 2718 |
|  Enbridge Energy Partners LP | Enbridge Energy Partners LP | Enbridge Energy Partners LP | Enbridge Energy Partners LP | Enbridge Energy Partners LP |
|  5.500% due 09/15/2040 |  | 3000 |  | 2929 |
|  7.375% due 10/15/2045 |  | 19892 |  | 22782 |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
|  2.500% due 08/01/2033 |  | 18600 |  | 15811 |
|  3.400% due 08/01/2051 |  | 29987 |  | 20229 |
|  4.500% due 06/10/2044 |  | 10948 |  | 9170 |
|  5.625% due 04/05/2034 |  | 7283 |  | 7515 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.700% due 03/08/2033 (l) | $— | 36411 | $— | 37731 |
|  5.950% due 04/05/2054 |  | 3300 |  | 3285 |
|  6.700% due 11/15/2053 |  | 21484 |  | 23335 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  4.550% due 01/15/2031 |  | 2100 |  | 2082 |
|  4.950% due 01/15/2043 |  | 27800 |  | 24133 |
|  5.000% due 05/15/2044 |  | 44517 |  | 38797 |
|  5.000% due 05/15/2050 |  | 9876 |  | 8201 |
|  5.150% due 02/01/2043 |  | 26785 |  | 23806 |
|  5.150% due 03/15/2045 |  | 44305 |  | 38603 |
|  5.300% due 04/15/2047 |  | 22750 |  | 20151 |
|  5.350% due 01/15/2036 |  | 10300 |  | 10232 |
|  5.400% due 10/01/2047 |  | 5038 |  | 4481 |
|  5.550% due 05/15/2034 |  | 7280 |  | 7416 |
|  5.950% due 05/15/2054 |  | 13901 |  | 13047 |
|  6.000% due 06/15/2048 |  | 600 |  | 576 |
|  6.050% due 09/01/2054 |  | 1976 |  | 1883 |
|  6.125% due 12/15/2045 |  | 23548 |  | 23032 |
|  6.250% due 04/15/2049 |  | 1059 |  | 1039 |
|  6.300% due 01/15/2056 |  | 17100 |  | 16854 |
|  Eni SpA | Eni SpA | Eni SpA | Eni SpA | Eni SpA |
|  5.500% due 05/15/2034 |  | 3200 |  | 3279 |
|  5.950% due 05/15/2054 (l) |  | 17900 |  | 17822 |
|  Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC |
|  2.900% due 03/15/2051 |  | 8400 |  | 5155 |
|  3.100% due 06/15/2041 |  | 14600 |  | 10924 |
|  4.200% due 09/01/2048 |  | 7555 |  | 5983 |
|  4.750% due 09/15/2052 |  | 15800 |  | 13433 |
|  5.000% due 07/15/2044 |  | 4300 |  | 3851 |
|  5.150% due 09/15/2034 |  | 5517 |  | 5560 |
|  5.650% due 04/15/2056 |  | 5900 |  | 5672 |
|  5.700% due 03/15/2054 |  | 4500 |  | 4389 |
|  Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
|  4.200% due 01/31/2050 |  | 10062 |  | 8003 |
|  4.450% due 02/15/2043 |  | 77985 |  | 67451 |
|  4.800% due 02/01/2049 |  | 2675 |  | 2332 |
|  4.850% due 08/15/2042 |  | 11300 |  | 10296 |
|  4.850% due 03/15/2044 |  | 32362 |  | 29309 |
|  4.950% due 02/15/2035 |  | 1695 |  | 1691 |
|  5.100% due 02/15/2045 |  | 31665 |  | 29286 |
|  5.200% due 01/15/2036 |  | 18169 |  | 18275 |
|  5.550% due 02/16/2055 |  | 4950 |  | 4765 |
|  5.750% due 03/01/2035 |  | 13761 |  | 14281 |
|  6.900% (TSFR3M + 3.248%) due 08/16/2077 ~ |  | 8000 |  | 7997 |
|  Equinor ASA | Equinor ASA | Equinor ASA | Equinor ASA | Equinor ASA |
|  3.250% due 11/18/2049 |  | 5000 |  | 3445 |
|  Essent Group Ltd. | Essent Group Ltd. | Essent Group Ltd. | Essent Group Ltd. | Essent Group Ltd. |
|  6.250% due 07/01/2029 |  | 1920 |  | 1987 |
|  Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. |
|  5.700% due 01/15/2035 |  | 3575 |  | 3633 |
|  Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
|  3.250% due 02/15/2030 |  | 450 |  | 425 |
|  FactSet Research Systems, Inc. | FactSet Research Systems, Inc. | FactSet Research Systems, Inc. | FactSet Research Systems, Inc. | FactSet Research Systems, Inc. |
|  3.450% due 03/01/2032 |  | 5000 |  | 4518 |
|  FedEx Corp. | FedEx Corp. | FedEx Corp. | FedEx Corp. | FedEx Corp. |
|  5.100% due 01/15/2044 |  | 10877 |  | 9932 |
|  Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. |
|  5.000% due 10/03/2034 |  | 2800 |  | 2768 |
|  FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. |
|  4.300% due 01/15/2029 |  | 700 |  | 696 |
|  6.150% due 10/01/2038 |  | 2409 |  | 2531 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
|  4.400% due 07/01/2049 (l) |  | 10448 |  | 7905 |
|  Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC |
|  3.363% due 06/30/2031 |  | 6400 |  | 5830 |
|  4.317% due 12/30/2039 |  | 55500 |  | 46725 |
|  Flex Ltd. | Flex Ltd. | Flex Ltd. | Flex Ltd. | Flex Ltd. |
|  4.875% due 05/12/2030 |  | 15685 |  | 15670 |
|  Ford Foundation | Ford Foundation | Ford Foundation | Ford Foundation | Ford Foundation |
|  2.415% due 06/01/2050 |  | 3800 |  | 2245 |
|  Fox Corp. | Fox Corp. | Fox Corp. | Fox Corp. | Fox Corp. |
|  5.576% due 01/25/2049 (l) |  | 7452 |  | 6873 |
|  Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. |
|  5.400% due 11/14/2034 |  | 2650 |  | 2690 |
|  5.450% due 03/15/2043 |  | 1325 |  | 1255 |

---

---

| | | |
|:---|:---|:---|
| **84** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. |
|  3.000% due 12/01/2031 | 24600 | 21907 |
|  Gartner, Inc. | Gartner, Inc. | Gartner, Inc. |
|  5.600% due 11/20/2035 | 10100 | 9587 |
|  GE Capital Funding LLC | GE Capital Funding LLC | GE Capital Funding LLC |
|  4.550% due 05/15/2032 | 9751 | 9728 |
|  GE Vernova, Inc. | GE Vernova, Inc. | GE Vernova, Inc. |
|  5.500% due 02/04/2056 | 1184 | 1140 |
|  Georgetown University | Georgetown University | Georgetown University |
|  5.115% due 04/01/2053 | 3300 | 3042 |
|  Glencore Finance Canada Ltd. | Glencore Finance Canada Ltd. | Glencore Finance Canada Ltd. |
|  5.550% due 10/25/2042 | 8730 | 8365 |
|  6.900% due 11/15/2037 | 100 | 111 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  4.150% due 08/15/2049 | 4400 | 3145 |
|  5.550% due 11/15/2035 | 15000 | 14462 |
|  GNL Quintero SA | GNL Quintero SA | GNL Quintero SA |
|  4.634% due 07/31/2029 | 2060 | 2054 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  5.853% due 02/23/2036 | 4600 | 4622 |
|  6.103% due 08/23/2042 | 6000 | 5978 |
|  6.129% due 02/23/2038 | 2600 | 2636 |
|  6.510% due 02/23/2042 | 10700 | 11093 |
|  GSG Bidco Ltd. | GSG Bidco Ltd. | GSG Bidco Ltd. |
|  6.375% due 06/15/2051 | 104300 | 119730 |
|  Haleon U.S. Capital LLC | Haleon U.S. Capital LLC | Haleon U.S. Capital LLC |
|  3.625% due 03/24/2032 | 3700 | 3478 |
|  4.000% due 03/24/2052 | 3053 | 2341 |
|  Harbour Energy PLC | Harbour Energy PLC | Harbour Energy PLC |
|  6.327% due 04/01/2035 | 15000 | 15380 |
|  Hasbro, Inc. | Hasbro, Inc. | Hasbro, Inc. |
|  3.900% due 11/19/2029 | 1 | 1 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  3.500% due 07/15/2051 | 22767 | 15082 |
|  3.625% due 03/15/2032 | 17875 | 16617 |
|  4.300% due 11/15/2030 | 1200 | 1181 |
|  4.625% due 03/15/2052 | 39825 | 31817 |
|  5.250% due 06/15/2049 | 11000 | 9714 |
|  5.450% due 09/15/2034 | 4900 | 4947 |
|  5.500% due 06/01/2033 | 850 | 867 |
|  5.500% due 06/15/2047 | 26202 | 24036 |
|  5.750% due 03/01/2035 | 14400 | 14811 |
|  5.900% due 06/01/2053 | 5300 | 5050 |
|  5.950% due 09/15/2054 | 10000 | 9628 |
|  6.000% due 04/01/2054 | 10520 | 10163 |
|  6.100% due 04/01/2064 | 5200 | 5025 |
|  6.200% due 03/01/2055 | 11000 | 10907 |
|  Heathrow Funding Ltd. | Heathrow Funding Ltd. | Heathrow Funding Ltd. |
|  6.450% due 12/10/2033 | 900 | 1244 |
|  Heineken NV | Heineken NV | Heineken NV |
|  4.350% due 03/29/2047 | 7848 | 6484 |
|  Hoag Memorial Hospital Presbyterian | Hoag Memorial Hospital Presbyterian | Hoag Memorial Hospital Presbyterian |
|  3.803% due 07/15/2052 | 8800 | 6599 |
|  Home Depot, Inc. | Home Depot, Inc. | Home Depot, Inc. |
|  4.250% due 04/01/2046 | 401 | 332 |
|  Humana, Inc. | Humana, Inc. | Humana, Inc. |
|  8.150% due 06/15/2038 | 1000 | 1172 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  4.375% due 09/15/2028 | 1100 | 1093 |
|  5.050% due 03/30/2028 | 1100 | 1110 |
|  5.375% due 12/15/2031 | 1900 | 1924 |
|  5.750% due 04/23/2030 | 5850 | 6024 |
|  5.750% due 03/30/2032 | 500 | 514 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  2.000% due 06/15/2028 | 1500 | 1419 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  6.125% due 07/27/2027 | 9798 | 9999 |
|  Integris Baptist Medical Center, Inc. | Integris Baptist Medical Center, Inc. | Integris Baptist Medical Center, Inc. |
|  3.875% due 08/15/2050 | 10800 | 7862 |
|  Intel Corp. | Intel Corp. | Intel Corp. |
|  5.700% due 02/10/2053 | 990 | 912 |
|  5.900% due 02/10/2063 | 479 | 445 |
|  Intuit, Inc. | Intuit, Inc. | Intuit, Inc. |
|  5.500% due 09/15/2053 | 2000 | 1841 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
|  5.450% due 02/01/2029 | 1600 | 1632 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  2.750% due 11/15/2033 | 1799 | 1598 |
|  4.000% due 05/15/2034 | 9352 | 8879 |
|  Juniper Networks, Inc. | Juniper Networks, Inc. | Juniper Networks, Inc. |
|  5.950% due 03/15/2041 | 42478 | 41395 |
|  Kaiser Foundation Hospitals | Kaiser Foundation Hospitals | Kaiser Foundation Hospitals |
|  4.150% due 05/01/2047 | 14300 | 11659 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.500% due 04/15/2052 (l) | 42243 | 32986 |
|  5.150% due 05/15/2035 | 70 | 68 |
|  Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP |
|  4.700% due 11/01/2042 | 6209 | 5439 |
|  5.000% due 03/01/2043 | 33335 | 29909 |
|  5.400% due 09/01/2044 | 300 | 280 |
|  5.500% due 03/01/2044 | 5536 | 5235 |
|  5.625% due 09/01/2041 | 1700 | 1655 |
|  5.800% due 03/15/2035 | 10942 | 11353 |
|  6.375% due 03/01/2041 | 10715 | 11305 |
|  6.500% due 02/01/2037 | 12219 | 13243 |
|  6.500% due 09/01/2039 | 36840 | 39336 |
|  6.550% due 09/15/2040 | 30300 | 32475 |
|  6.950% due 01/15/2038 | 800 | 894 |
|  7.400% due 03/15/2031 | 5000 | 5605 |
|  7.500% due 11/15/2040 | 25567 | 29766 |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
|  5.300% due 12/01/2034 | 840 | 847 |
|  5.550% due 06/01/2045 | 2482 | 2369 |
|  7.800% due 08/01/2031 | 1100 | 1255 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  4.125% due 07/01/2027 | 1000 | 1306 |
|  4.375% due 06/01/2046 | 2917 | 2283 |
|  4.875% due 10/01/2049 | 5241 | 4289 |
|  5.000% due 06/04/2042 | 9675 | 8515 |
|  5.200% due 07/15/2045 | 333 | 291 |
|  5.500% due 06/01/2050 | 3400 | 3042 |
|  6.500% due 02/09/2040 | 44988 | 47149 |
|  7.125% due 08/01/2039 | 1043 | 1140 |
|  Kroger Co. | Kroger Co. | Kroger Co. |
|  5.650% due 09/15/2064 | 3852 | 3574 |
|  Kyndryl Holdings, Inc. | Kyndryl Holdings, Inc. | Kyndryl Holdings, Inc. |
|  3.150% due 10/15/2031 | 4600 | 3837 |
|  L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. |
|  5.500% due 08/15/2054 | 3308 | 3169 |
|  Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings |
|  4.800% due 10/01/2034 | 4900 | 4773 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  3.500% due 08/18/2026 | 35500 | 35385 |
|  3.900% due 08/08/2029 (l) | 70142 | 67628 |
|  6.200% due 08/15/2034 | 17615 | 18060 |
|  Leidos, Inc. | Leidos, Inc. | Leidos, Inc. |
|  2.300% due 02/15/2031 | 7900 | 7033 |
|  4.375% due 05/15/2030 | 2000 | 1968 |
|  Leland Stanford Junior University | Leland Stanford Junior University | Leland Stanford Junior University |
|  2.413% due 06/01/2050 | 12600 | 7529 |
|  Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
|  4.300% due 06/15/2062 | 20800 | 16228 |
|  5.200% due 02/15/2055 | 19835 | 18462 |
|  5.200% due 02/15/2064 | 7412 | 6735 |
|  5.700% due 11/15/2054 | 25898 | 25876 |
|  Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
|  3.700% due 04/15/2046 | 400 | 295 |
|  4.450% due 04/01/2062 | 283 | 214 |
|  5.800% due 09/15/2062 | 752 | 715 |
|  5.850% due 04/01/2063 | 12400 | 11880 |
|  LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC |
|  3.625% due 04/01/2051 | 260 | 168 |
|  Maple Parent Holdings Corp. | Maple Parent Holdings Corp. | Maple Parent Holdings Corp. |
|  6.625% due 03/26/2056 | 19400 | 19227 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  2.750% due 10/15/2033 | 4537 | 3926 |
|  2.850% due 04/15/2031 | 8025 | 7351 |
|  3.500% due 10/15/2032 | 16951 | 15597 |
|  4.625% due 06/15/2030 | 4364 | 4366 |
|  5.250% due 10/15/2035 | 9100 | 9057 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  5.000% due 03/01/2032 | 3100 | 3138 |
|  5.200% due 03/01/2035 | 13500 | 13633 |
|  5.650% due 05/01/2045 | 9500 | 9387 |
|  5.700% due 05/01/2055 | 18500 | 18051 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  2.950% due 04/15/2031 | 8364 | 7679 |
|  4.875% due 06/22/2028 | 5427 | 5484 |
|  Massachusetts Institute of Technology | Massachusetts Institute of Technology | Massachusetts Institute of Technology |
|  5.600% due 07/01/2111 | 1668 | 1636 |
|  McDonald's Corp. | McDonald's Corp. | McDonald's Corp. |
|  3.625% due 09/01/2049 | 10972 | 7902 |
|  4.450% due 03/01/2047 | 2346 | 1958 |
|  4.875% due 12/09/2045 | 227 | 202 |
|  Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. |
|  5.700% due 09/15/2055 | 497 | 494 |
|  Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
|  4.450% due 08/15/2052 | 1000 | 787 |
|  5.500% due 11/15/2045 | 1540 | 1458 |
|  Microsoft Corp. | Microsoft Corp. | Microsoft Corp. |
|  2.500% due 09/15/2050 | 29825 | 17733 |
|  2.675% due 06/01/2060 | 28895 | 16158 |
|  2.921% due 03/17/2052 | 17518 | 11275 |
|  Moody's Corp. | Moody's Corp. | Moody's Corp. |
|  3.100% due 11/29/2061 | 6000 | 3554 |
|  4.875% due 12/17/2048 | 9000 | 7881 |
|  5.250% due 07/15/2044 | 4144 | 3903 |
|  Motorola Solutions, Inc. | Motorola Solutions, Inc. | Motorola Solutions, Inc. |
|  5.400% due 04/15/2034 | 800 | 810 |
|  5.500% due 09/01/2044 | 5686 | 5453 |
|  MPLX LP | MPLX LP | MPLX LP |
|  4.700% due 04/15/2048 | 2800 | 2278 |
|  4.900% due 04/15/2058 | 19120 | 15547 |
|  4.950% due 03/14/2052 | 45604 | 37894 |
|  5.200% due 03/01/2047 | 5000 | 4425 |
|  5.200% due 12/01/2047 | 2100 | 1852 |
|  5.500% due 02/15/2049 | 200 | 181 |
|  5.950% due 04/01/2055 | 19200 | 18298 |
|  MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
|  3.250% due 08/15/2033 | 5000 | 4358 |
|  3.875% due 02/15/2031 | 600 | 568 |
|  National Football League | National Football League | National Football League |
|  5.250% due 10/05/2034 «(k) | 34600 | 34499 |
|  5.420% due 10/05/2037 «(k) | 12000 | 11969 |
|  5.580% due 10/05/2033 «(k) | 10000 | 10004 |
|  5.680% due 10/05/2035 «(k) | 5000 | 4973 |
|  5.890% due 10/05/2043 «(k) | 5000 | 4830 |
|  National Grid Electricity Transmission PLC | National Grid Electricity Transmission PLC | National Grid Electricity Transmission PLC |
|  2.000% due 09/16/2038 | 919 | 775 |
|  2.000% due 04/17/2040 | 3300 | 2654 |
|  Nationwide Children's Hospital, Inc. | Nationwide Children's Hospital, Inc. | Nationwide Children's Hospital, Inc. |
|  4.556% due 11/01/2052 | 2500 | 2148 |
|  NBCUniversal Media LLC | NBCUniversal Media LLC | NBCUniversal Media LLC |
|  4.450% due 01/15/2043 | 19107 | 15882 |
|  NetApp, Inc. | NetApp, Inc. | NetApp, Inc. |
|  5.500% due 03/17/2032 | 1345 | 1378 |
|  5.700% due 03/17/2035 | 1287 | 1312 |
|  Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
|  4.875% due 04/15/2028 | 1295 | 1312 |
|  5.400% due 08/15/2054 | 4005 | 3882 |
|  Newmont Corp. | Newmont Corp. | Newmont Corp. |
|  5.450% due 06/09/2044 | 14200 | 13709 |
|  Newmont Corp./Newcrest Finance Pty. Ltd. | Newmont Corp./Newcrest Finance Pty. Ltd. | Newmont Corp./Newcrest Finance Pty. Ltd. |
|  5.750% due 11/15/2041 | 3982 | 3963 |
|  Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. |
|  4.100% due 05/15/2121 | 9700 | 6565 |
|  Northern Natural Gas Co. | Northern Natural Gas Co. | Northern Natural Gas Co. |
|  3.400% due 10/16/2051 | 3500 | 2356 |
|  4.100% due 09/15/2042 | 14000 | 11264 |
|  4.300% due 01/15/2049 | 18375 | 14624 |
|  5.625% due 02/01/2054 | 1500 | 1431 |
|  Northern Star Resources Ltd. | Northern Star Resources Ltd. | Northern Star Resources Ltd. |
|  6.125% due 04/11/2033 | 7600 | 7861 |
|  Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
|  3.850% due 04/15/2045 | 9500 | 7496 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **85** |

---

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.900% due 06/01/2034 | $— | 150 | $— | 150 |
|  Northwell Healthcare, Inc. | Northwell Healthcare, Inc. | Northwell Healthcare, Inc. | Northwell Healthcare, Inc. | Northwell Healthcare, Inc. |
|  3.809% due 11/01/2049 |  | 14900 |  | 10971 |
|  Novartis Capital Corp. | Novartis Capital Corp. | Novartis Capital Corp. | Novartis Capital Corp. | Novartis Capital Corp. |
|  4.000% due 11/20/2045 |  | 497 |  | 409 |
|  4.700% due 09/18/2054 |  | 100 |  | 87 |
|  NPC Ukrenergo | NPC Ukrenergo | NPC Ukrenergo | NPC Ukrenergo | NPC Ukrenergo |
|  6.875% due 11/09/2028 |  | 800 |  | 738 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  5.171% due 07/16/2032 |  | 4800 |  | 4836 |
|  5.502% due 07/16/2035 |  | 6300 |  | 6393 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | 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 |  | 1800 |  | 1775 |
|  Ochsner LSU Health System of North Louisiana | Ochsner LSU Health System of North Louisiana | Ochsner LSU Health System of North Louisiana | Ochsner LSU Health System of North Louisiana | Ochsner LSU Health System of North Louisiana |
|  2.510% due 05/15/2031 |  | 5600 |  | 4790 |
|  ONEOK Partners LP | ONEOK Partners LP | ONEOK Partners LP | ONEOK Partners LP | ONEOK Partners LP |
|  6.125% due 02/01/2041 |  | 21327 |  | 21672 |
|  6.200% due 09/15/2043 |  | 47644 |  | 47739 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  3.600% due 04/01/2040 |  | 22300 |  | 16175 |
|  3.600% due 04/01/2050 |  | 28506 |  | 17223 |
|  3.650% due 03/25/2041 |  | 13880 |  | 9888 |
|  3.800% due 11/15/2037 |  | 8405 |  | 6679 |
|  3.850% due 04/01/2060 |  | 64412 |  | 37945 |
|  3.900% due 05/15/2035 |  | 5000 |  | 4236 |
|  3.950% due 03/25/2051 |  | 17100 |  | 10843 |
|  4.000% due 07/15/2046 |  | 2750 |  | 1854 |
|  4.000% due 11/15/2047 |  | 62830 |  | 41625 |
|  4.100% due 03/25/2061 |  | 50306 |  | 30957 |
|  4.500% due 07/08/2044 |  | 1400 |  | 1038 |
|  4.700% due 09/27/2034 |  | 96 |  | 88 |
|  4.900% due 02/06/2033 |  | 2295 |  | 2176 |
|  5.200% due 09/26/2035 (l) |  | 10000 |  | 9385 |
|  5.375% due 09/27/2054 |  | 13040 |  | 10119 |
|  5.500% due 08/03/2035 |  | 20000 |  | 19103 |
|  5.500% due 09/27/2064 |  | 10316 |  | 7908 |
|  5.550% due 02/06/2053 |  | 35400 |  | 28267 |
|  5.875% due 09/26/2045 (l) |  | 15000 |  | 12951 |
|  6.000% due 08/03/2055 |  | 24100 |  | 20224 |
|  6.100% due 09/26/2065 |  | 14300 |  | 11866 |
|  6.500% due 04/15/2038 |  | 500 |  | 502 |
|  6.550% due 02/04/2046 |  | 12500 |  | 11670 |
|  6.700% due 02/04/2056 |  | 18600 |  | 17276 |
|  6.850% due 02/04/2066 |  | 18500 |  | 17024 |
|  6.900% due 11/09/2052 |  | 8500 |  | 8032 |
|  Orlando Health Obligated Group | Orlando Health Obligated Group | Orlando Health Obligated Group | Orlando Health Obligated Group | Orlando Health Obligated Group |
|  3.327% due 10/01/2050 |  | 8500 |  | 5985 |
|  Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. |
|  6.625% due 08/15/2037 |  | 3310 |  | 3530 |
|  Paramount Global | Paramount Global | Paramount Global | Paramount Global | Paramount Global |
|  2.900% due 01/15/2027 |  | 1100 |  | 1082 |
|  6.875% due 04/30/2036 |  | 130 |  | 114 |
|  PeaceHealth Obligated Group | PeaceHealth Obligated Group | PeaceHealth Obligated Group | PeaceHealth Obligated Group | PeaceHealth Obligated Group |
|  4.787% due 11/15/2048 |  | 2200 |  | 1904 |
|  Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
|  5.150% due 06/15/2030 (l) |  | 8300 |  | 7502 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.700% due 02/16/2032 (l) |  | 1900 |  | 1861 |
|  6.750% due 09/21/2047 |  | 39095 |  | 31227 |
|  6.950% due 01/28/2060 |  | 8284 |  | 6534 |
|  Pfizer Investment Enterprises Pte. Ltd. | Pfizer Investment Enterprises Pte. Ltd. | Pfizer Investment Enterprises Pte. Ltd. | Pfizer Investment Enterprises Pte. Ltd. | Pfizer Investment Enterprises Pte. Ltd. |
|  5.110% due 05/19/2043 |  | 1165 |  | 1100 |
|  5.340% due 05/19/2063 |  | 125 |  | 114 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  3.875% due 08/21/2042 |  | 1875 |  | 1508 |
|  4.125% due 03/04/2043 |  | 2575 |  | 2130 |
|  4.250% due 11/10/2044 |  | 24400 |  | 20228 |
|  4.375% due 11/15/2041 |  | 11100 |  | 9645 |
|  4.875% due 11/15/2043 |  | 2500 |  | 2254 |
|  Phillips 66 | Phillips 66 | Phillips 66 | Phillips 66 | Phillips 66 |
|  5.875% due 05/01/2042 |  | 700 |  | 702 |
|  Phillips 66 Co. | Phillips 66 Co. | Phillips 66 Co. | Phillips 66 Co. | Phillips 66 Co. |
|  4.680% due 02/15/2045 |  | 1994 |  | 1686 |
|  Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |
|  6.875% due 05/15/2034 |  | 611 |  | 660 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Pioneer Natural Resources Co. | Pioneer Natural Resources Co. | Pioneer Natural Resources Co. |
|  1.900% due 08/15/2030 | 14227 | 12812 |
|  7.200% due 01/15/2028 | 24475 | 25606 |
|  QatarEnergy | QatarEnergy | QatarEnergy |
|  3.125% due 07/12/2041 | 200 | 146 |
|  3.300% due 07/12/2051 | 22880 | 14827 |
|  Qatarenergy LNG S3 | Qatarenergy LNG S3 | Qatarenergy LNG S3 |
|  5.838% due 09/30/2027 | 1484 | 1483 |
|  6.332% due 09/30/2027 | 719 | 719 |
|  Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC |
|  7.500% due 07/15/2038 | 5262 | 5495 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  3.800% due 03/15/2032 | 8740 | 8162 |
|  4.500% due 03/15/2042 | 1333 | 1125 |
|  4.550% due 03/15/2052 (l) | 3312 | 2618 |
|  Roper Technologies, Inc. | Roper Technologies, Inc. | Roper Technologies, Inc. |
|  4.900% due 10/15/2034 | 1750 | 1691 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  5.375% due 01/15/2036 | 14100 | 13858 |
|  Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
|  3.300% due 09/02/2040 | 8584 | 6514 |
|  3.550% due 09/02/2050 | 1000 | 675 |
|  4.450% due 03/25/2031 | 4400 | 4347 |
|  5.200% due 09/25/2035 | 347 | 343 |
|  5.400% due 09/02/2034 | 340 | 343 |
|  5.950% due 09/25/2055 | 7600 | 7399 |
|  RTX Corp. | RTX Corp. | RTX Corp. |
|  4.150% due 05/15/2045 | 1200 | 982 |
|  4.450% due 11/16/2038 | 10590 | 9789 |
|  5.375% due 02/27/2053 | 13674 | 12850 |
|  6.100% due 03/15/2034 (l) | 37200 | 40073 |
|  6.400% due 03/15/2054 | 34512 | 37240 |
|  S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. |
|  2.900% due 03/01/2032 | 460 | 420 |
|  3.250% due 12/01/2049 | 1700 | 1153 |
|  3.700% due 03/01/2052 (l) | 2701 | 1965 |
|  Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
|  4.200% due 03/15/2028 | 20182 | 20106 |
|  4.500% due 05/15/2030 | 26074 | 25893 |
|  5.000% due 03/15/2027 | 35565 | 35636 |
|  Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. |
|  2.700% due 07/15/2041 | 100 | 68 |
|  2.900% due 07/15/2051 | 1595 | 935 |
|  6.550% due 03/15/2056 | 900 | 904 |
|  Santos Finance Ltd. | Santos Finance Ltd. | Santos Finance Ltd. |
|  3.649% due 04/29/2031 | 35700 | 33434 |
|  5.750% due 11/13/2035 | 5172 | 5188 |
|  6.875% due 09/19/2033 | 25000 | 27241 |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  3.250% due 11/24/2050 | 14600 | 9104 |
|  3.500% due 11/24/2070 | 19600 | 11730 |
|  5.250% due 07/17/2034 | 3800 | 3790 |
|  5.750% due 07/17/2054 | 5200 | 4792 |
|  5.875% due 07/17/2064 | 6400 | 5835 |
|  6.000% due 02/02/2056 | 25100 | 23696 |
|  Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. |
|  4.125% due 01/15/2031 (l) | 1263 | 1186 |
|  9.625% due 12/01/2032 | 1790 | 1991 |
|  Sekisui House U.S., Inc. | Sekisui House U.S., Inc. | Sekisui House U.S., Inc. |
|  3.966% due 08/06/2061 (l) | 10300 | 6818 |
|  Sherwin-Williams Co. | Sherwin-Williams Co. | Sherwin-Williams Co. |
|  4.500% due 06/01/2047 | 1757 | 1464 |
|  Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. |
|  3.000% due 06/01/2031 | 21130 | 18850 |
|  Snam SpA | Snam SpA | Snam SpA |
|  6.500% due 05/28/2055 | 8900 | 9175 |
|  South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC |
|  6.176% due 10/01/2054 | 3900 | 3720 |
|  South Jersey Industries, Inc. | South Jersey Industries, Inc. | South Jersey Industries, Inc. |
|  5.020% due 04/15/2031 | 28000 | 24492 |
|  Southern Co. | Southern Co. | Southern Co. |
|  3.750% due 09/15/2051 •  | 13400 | 13315 |
|  4.250% due 07/01/2036 | 5100 | 4694 |
|  4.850% due 03/15/2035 | 3358 | 3268 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Southern Natural Gas Co. LLC | Southern Natural Gas Co. LLC | Southern Natural Gas Co. LLC |
|  8.000% due 03/01/2032 (l) | 8346 | 9541 |
|  Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
|  3.850% due 06/15/2026 | 2400 | 2395 |
|  4.600% due 06/15/2028 | 800 | 801 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  4.100% due 10/01/2029 | 4510 | 4431 |
|  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 03/20/2028 | 8840 | 8885 |
|  Stryker Corp. | Stryker Corp. | Stryker Corp. |
|  2.900% due 06/15/2050 | 7400 | 4695 |
|  4.625% due 09/11/2034 | 7226 | 7057 |
|  4.625% due 03/15/2046 | 6475 | 5614 |
|  5.200% due 02/10/2035 | 14350 | 14536 |
|  Suncor Energy, Inc. | Suncor Energy, Inc. | Suncor Energy, Inc. |
|  7.000% due 11/15/2028 | 17772 | 18810 |
|  Sutter Health | Sutter Health | Sutter Health |
|  3.161% due 08/15/2040 | 1950 | 1508 |
|  3.361% due 08/15/2050 | 2600 | 1804 |
|  5.164% due 08/15/2033 | 3500 | 3553 |
|  5.547% due 08/15/2053 | 2600 | 2542 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
|  5.700% due 04/01/2055 | 4256 | 4072 |
|  Sysco Corp. | Sysco Corp. | Sysco Corp. |
|  4.950% due 03/25/2036 | 10000 | 9537 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.050% due 02/15/2028 | 11280 | 10824 |
|  2.550% due 02/15/2031 (l) | 10400 | 9453 |
|  2.700% due 03/15/2032 | 7674 | 6829 |
|  3.300% due 02/15/2051 | 47092 | 30849 |
|  3.400% due 10/15/2052 | 31800 | 20848 |
|  3.500% due 04/15/2031 | 958 | 906 |
|  3.600% due 11/15/2060 | 47797 | 31055 |
|  3.750% due 04/15/2027 | 5020 | 4990 |
|  4.375% due 04/15/2040 | 18284 | 16082 |
|  4.500% due 04/15/2050 (l) | 52300 | 42260 |
|  4.950% due 11/15/2035 | 12883 | 12653 |
|  5.250% due 06/15/2055 | 11300 | 10059 |
|  5.500% due 01/15/2055 | 3600 | 3306 |
|  5.650% due 01/15/2053 (l) | 29000 | 27444 |
|  5.700% due 01/15/2056 | 26500 | 25231 |
|  5.750% due 01/15/2054 | 10000 | 9601 |
|  5.800% due 09/15/2062 | 9300 | 8925 |
|  5.875% due 11/15/2055 | 16025 | 15638 |
|  6.000% due 06/15/2054 | 8023 | 7949 |
|  Tapestry, Inc. | Tapestry, Inc. | Tapestry, Inc. |
|  5.100% due 03/11/2030 | 3885 | 3927 |
|  5.500% due 03/11/2035 | 10885 | 10909 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  5.500% due 02/15/2035 | 1390 | 1403 |
|  6.125% due 05/15/2055 | 3918 | 3840 |
|  6.250% due 07/01/2052 | 14300 | 14294 |
|  6.500% due 02/15/2053 | 3000 | 3081 |
|  TD SYNNEX Corp. | TD SYNNEX Corp. | TD SYNNEX Corp. |
|  2.375% due 08/09/2028 | 9200 | 8736 |
|  2.650% due 08/09/2031 | 2450 | 2178 |
|  Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA |
|  4.895% due 03/06/2048 | 16000 | 13246 |
|  5.213% due 03/08/2047 | 14700 | 12781 |
|  5.520% due 03/01/2049 | 1685 | 1520 |
|  7.045% due 06/20/2036 | 11697 | 12907 |
|  Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC |
|  2.900% due 03/01/2030 | 4500 | 4218 |
|  7.625% due 04/01/2037 | 320 | 377 |
|  Texas Eastern Transmission LP | Texas Eastern Transmission LP | Texas Eastern Transmission LP |
|  4.150% due 01/15/2048 | 400 | 314 |
|  Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
|  9.750% due 10/10/2027 | 2613 | 3781 |
|  Thomas Jefferson University | Thomas Jefferson University | Thomas Jefferson University |
|  3.847% due 11/01/2057 | 4754 | 3319 |
|  Time Warner Cable Enterprises LLC | Time Warner Cable Enterprises LLC | Time Warner Cable Enterprises LLC |
|  8.375% due 07/15/2033 | 18420 | 20867 |
|  Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
|  4.500% due 09/15/2042 | 18500 | 13956 |
|  5.500% due 09/01/2041 | 14300 | 12336 |

---

---

| | | |
|:---|:---|:---|
| **86** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.875% due 11/15/2040 | $— | 5200 | $— | 4717 |
|  6.550% due 05/01/2037 |  | 7306 |  | 7372 |
|  6.750% due 06/15/2039 |  | 52495 |  | 52132 |
|  7.300% due 07/01/2038 |  | 1660 |  | 1738 |
|  Topaz Solar Farms LLC | Topaz Solar Farms LLC | Topaz Solar Farms LLC | Topaz Solar Farms LLC | Topaz Solar Farms LLC |
|  4.875% due 09/30/2039 |  | 4008 |  | 3627 |
|  TotalEnergies Capital SA | TotalEnergies Capital SA | TotalEnergies Capital SA | TotalEnergies Capital SA | TotalEnergies Capital SA |
|  5.425% due 09/10/2064 |  | 10500 |  | 9771 |
|  TR Finance LLC | TR Finance LLC | TR Finance LLC | TR Finance LLC | TR Finance LLC |
|  5.650% due 11/23/2043 |  | 10791 |  | 10191 |
|  Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC |
|  3.950% due 05/15/2050 |  | 23200 |  | 17536 |
|  5.400% due 08/15/2041 |  | 21385 |  | 20632 |
|  5.750% due 03/15/2056 |  | 7300 |  | 7131 |
|  Trustees of the University of Pennsylvania | Trustees of the University of Pennsylvania | Trustees of the University of Pennsylvania | Trustees of the University of Pennsylvania | Trustees of the University of Pennsylvania |
|  4.674% due 09/01/2112 |  | 2500 |  | 2008 |
|  Trustees of Tufts College | Trustees of Tufts College | Trustees of Tufts College | Trustees of Tufts College | Trustees of Tufts College |
|  5.017% due 04/15/2112 |  | 3000 |  | 2592 |
|  TTX Co. | TTX Co. | TTX Co. | TTX Co. | TTX Co. |
|  4.600% due 02/01/2049 |  | 3700 |  | 3192 |
|  Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
|  4.800% due 09/15/2034 |  | 908 |  | 889 |
|  5.350% due 09/15/2054 |  | 900 |  | 829 |
|  UMass Memorial Health Care Obligated Group | UMass Memorial Health Care Obligated Group | UMass Memorial Health Care Obligated Group | UMass Memorial Health Care Obligated Group | UMass Memorial Health Care Obligated Group |
|  5.363% due 07/01/2052 |  | 1900 |  | 1752 |
|  Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. |
|  2.891% due 04/06/2036 |  | 161 |  | 135 |
|  3.250% due 02/05/2050 |  | 593 |  | 402 |
|  3.550% due 05/20/2061 |  | 22710 |  | 15019 |
|  3.750% due 02/05/2070 |  | 7987 |  | 5334 |
|  3.799% due 04/06/2071 |  | 12500 |  | 8440 |
|  3.950% due 08/15/2059 |  | 10 |  | 7 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 |  | 2779 |  | 2560 |
|  3.100% due 01/07/2030 |  | 18916 |  | 18437 |
|  3.100% due 04/07/2030 |  | 2549 |  | 2444 |
|  3.450% due 06/01/2029 |  | 1676 |  | 1644 |
|  3.450% due 01/07/2030 |  | 586 |  | 570 |
|  3.500% due 09/01/2031 |  | 2980 |  | 2900 |
|  3.750% due 03/03/2028 |  | 3918 |  | 3909 |
|  4.000% due 10/11/2027 |  | 7592 |  | 7585 |
|  4.150% due 02/25/2033 |  | 6664 |  | 6531 |
|  4.550% due 08/25/2031 |  | 10484 |  | 10125 |
|  5.450% due 08/15/2038 |  | 36838 |  | 37660 |
|  5.875% due 04/15/2029 |  | 15238 |  | 15503 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
|  3.050% due 05/15/2041 |  | 20011 |  | 14847 |
|  3.250% due 05/15/2051 |  | 20000 |  | 13190 |
|  3.700% due 08/15/2049 |  | 5800 |  | 4176 |
|  3.875% due 08/15/2059 |  | 700 |  | 489 |
|  4.200% due 01/15/2047 |  | 285 |  | 228 |
|  4.750% due 05/15/2052 |  | 400 |  | 337 |
|  4.950% due 05/15/2062 |  | 5000 |  | 4202 |
|  5.150% due 07/15/2034 (l) |  | 18552 |  | 18717 |
|  5.200% due 04/15/2063 |  | 77307 |  | 67556 |
|  5.300% due 06/15/2035 (l) |  | 5560 |  | 5675 |
|  5.375% due 04/15/2054 |  | 16349 |  | 15048 |
|  5.500% due 07/15/2044 |  | 20000 |  | 19314 |
|  5.625% due 07/15/2054 |  | 17700 |  | 16882 |
|  5.750% due 07/15/2064 (l) |  | 31088 |  | 29625 |
|  5.950% due 06/15/2055 |  | 703 |  | 709 |
|  UPMC | UPMC | UPMC | UPMC | UPMC |
|  5.377% due 05/15/2043 |  | 3000 |  | 2876 |
|  Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
|  3.750% due 07/08/2030 |  | 2285 |  | 2178 |
|  6.400% due 06/28/2054 |  | 3800 |  | 3852 |
|  Var Energi ASA | Var Energi ASA | Var Energi ASA | Var Energi ASA | Var Energi ASA |
|  8.000% due 11/15/2032 |  | 9800 |  | 11171 |
|  VeriSign, Inc. | VeriSign, Inc. | VeriSign, Inc. | VeriSign, Inc. | VeriSign, Inc. |
|  2.700% due 06/15/2031 |  | 15400 |  | 13798 |
|  Verisk Analytics, Inc. | Verisk Analytics, Inc. | Verisk Analytics, Inc. | Verisk Analytics, Inc. | Verisk Analytics, Inc. |
|  3.625% due 05/15/2050 |  | 11900 |  | 8340 |
|  Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC |
|  4.900% due 08/01/2030 |  | 1300 |  | 1302 |
|  5.700% due 08/01/2035 |  | 8350 |  | 8420 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  VMware LLC | VMware LLC | VMware LLC | VMware LLC |
|  1.800% due 08/15/2028 | $| 5600 | 5274 |
|  4.700% due 05/15/2030 |  | 24400 | 24557 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  4.950% due 03/25/2027 |  | 3500 | 3515 |
|  5.050% due 03/27/2028 |  | 6700 | 6745 |
|  Wabtec Transportation Netherlands BV | Wabtec Transportation Netherlands BV | Wabtec Transportation Netherlands BV | Wabtec Transportation Netherlands BV |
|  1.250% due 12/03/2027 | EUR | 2450 | 2739 |
|  Walt Disney Co. | Walt Disney Co. | Walt Disney Co. | Walt Disney Co. |
|  2.750% due 09/01/2049 | $| 3406 | 2113 |
|  3.500% due 05/13/2040 |  | 155 | 127 |
|  3.800% due 05/13/2060 |  | 8354 | 5962 |
|  4.750% due 09/15/2044 |  | 1600 | 1423 |
|  Weir Group, Inc. | Weir Group, Inc. | Weir Group, Inc. | Weir Group, Inc. |
|  5.350% due 05/06/2030 |  | 5000 | 5070 |
|  West Virginia United Health System Obligated Group | West Virginia United Health System Obligated Group | West Virginia United Health System Obligated Group | West Virginia United Health System Obligated Group |
|  3.129% due 06/01/2050 |  | 4400 | 2780 |
|  Western & Southern Life Insurance Co. | Western & Southern Life Insurance Co. | Western & Southern Life Insurance Co. | Western & Southern Life Insurance Co. |
|  3.750% due 04/28/2061 |  | 24300 | 16371 |
|  5.150% due 01/15/2049 |  | 16000 | 14207 |
|  Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
|  5.250% due 02/01/2050 |  | 493 | 416 |
|  5.300% due 03/01/2048 |  | 8531 | 7218 |
|  5.450% due 11/15/2034 |  | 1500 | 1486 |
|  5.450% due 04/01/2044 |  | 155 | 138 |
|  Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |
|  5.300% due 09/30/2035 |  | 10850 | 10845 |
|  5.300% due 08/15/2052 |  | 10250 | 9247 |
|  5.600% due 03/15/2035 |  | 8961 | 9161 |
|  5.800% due 11/15/2054 |  | 2641 | 2543 |
|  6.000% due 03/15/2055 |  | 4947 | 4907 |
|  8.750% due 03/15/2032 |  | 1710 | 2032 |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  4.500% due 03/04/2029 |  | 3809 | 3794 |
|  5.100% due 09/12/2034 |  | 15490 | 15253 |
|  5.400% due 05/19/2030 |  | 6500 | 6640 |
|  5.700% due 05/19/2032 |  | 2940 | 3049 |
|  5.700% due 09/12/2054 |  | 20800 | 19594 |
|  6.000% due 05/19/2035 |  | 14800 | 15430 |
|  Workday, Inc. | Workday, Inc. | Workday, Inc. | Workday, Inc. |
|  3.800% due 04/01/2032 (l) |  | 22784 | 21159 |
|  Yale University | Yale University | Yale University | Yale University |
|  2.402% due 04/15/2050 |  | 6900 | 4062 |
|  Yara International ASA | Yara International ASA | Yara International ASA | Yara International ASA |
|  3.148% due 06/04/2030 |  | 4800 | 4474 |
|  Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. |
|  1.164% due 11/15/2027 | EUR | 3300 | 3708 |
|  4.250% due 08/15/2035 | $| 1681 | 1560 |
|  5.200% due 09/15/2034 |  | 15053 | 15059 |
|  5.500% due 02/19/2035 |  | 11000 | 11233 |
|  Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. |
|  3.950% due 09/12/2047 |  | 9000 | 7063 |
|  4.450% due 08/20/2048 |  | 6740 | 5684 |
|  |  |  | 8575146 |
| UTILITIES 15.6% | UTILITIES 15.6% | UTILITIES 15.6% | UTILITIES 15.6% |
|  AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. |
|  3.450% due 05/15/2051 |  | 7000 | 4627 |
|  4.150% due 05/01/2049 |  | 14400 | 10944 |
|  5.700% due 05/15/2034 |  | 2900 | 2986 |
|  5.850% due 10/15/2055 |  | 100 | 97 |
|  6.650% due 02/15/2033 |  | 1000 | 1087 |
|  AES Corp. | AES Corp. | AES Corp. | AES Corp. |
|  3.950% due 07/15/2030 |  | 7000 | 6696 |
|  5.450% due 06/01/2028 |  | 2019 | 2038 |
|  Alabama Power Co. | Alabama Power Co. | Alabama Power Co. | Alabama Power Co. |
|  3.125% due 07/15/2051 |  | 1300 | 840 |
|  3.450% due 10/01/2049 |  | 3600 | 2505 |
|  3.700% due 12/01/2047 |  | 100 | 74 |
|  3.850% due 12/01/2042 |  | 2950 | 2369 |
|  3.940% due 09/01/2032 |  | 5500 | 5287 |
|  4.300% due 07/15/2048 |  | 8700 | 7053 |
|  5.200% due 06/01/2041 |  | 200 | 193 |
|  Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC | Alliant Energy Finance LLC |
|  3.600% due 03/01/2032 |  | 13500 | 12495 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ameren Illinois Co. | Ameren Illinois Co. | Ameren Illinois Co. |
|  2.900% due 06/15/2051 | 32500 | 20376 |
|  3.250% due 03/15/2050 | 2600 | 1741 |
|  3.700% due 12/01/2047 | 2200 | 1643 |
|  4.150% due 03/15/2046 | 5451 | 4427 |
|  5.625% due 03/01/2055 | 5000 | 4865 |
|  5.900% due 12/01/2052 | 6275 | 6355 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
|  3.875% due 02/15/2062 •  | 7938 | 7783 |
|  5.625% due 03/01/2033 | 1489 | 1539 |
|  American Transmission Systems, Inc. | American Transmission Systems, Inc. | American Transmission Systems, Inc. |
|  5.000% due 09/01/2044 | 13395 | 12219 |
|  American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. |
|  3.750% due 09/01/2047 | 5000 | 3724 |
|  4.300% due 12/01/2042 | 8700 | 7542 |
|  Anglian Water Services Financing PLC | Anglian Water Services Financing PLC | Anglian Water Services Financing PLC |
|  6.000% due 06/20/2039 | 2900 | 3588 |
|  Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. |
|  4.400% due 05/15/2044 | 8350 | 6854 |
|  4.450% due 06/01/2045 | 2000 | 1648 |
|  4.500% due 08/01/2032 | 3800 | 3709 |
|  5.800% due 10/01/2035 | 2176 | 2245 |
|  6.375% due 04/01/2036 | 5146 | 5513 |
|  6.700% due 08/15/2037 | 3600 | 3945 |
|  7.000% due 04/01/2038 | 5478 | 6099 |
|  Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |
|  3.500% due 12/01/2049 | 7100 | 4875 |
|  4.500% due 04/01/2042 | 6104 | 5259 |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
|  3.150% due 09/04/2036 | 2800 | 2959 |
|  3.500% due 09/15/2053 | 56938 | 37364 |
|  3.550% due 09/15/2055 | 125057 | 81394 |
|  3.650% due 06/01/2051 | 7197 | 4946 |
|  3.650% due 09/15/2059 | 277054 | 179666 |
|  3.800% due 12/01/2057 | 215680 | 145959 |
|  3.850% due 06/01/2060 | 30321 | 20421 |
|  4.300% due 12/15/2042 | 175 | 145 |
|  4.350% due 06/15/2045 | 1147 | 927 |
|  4.500% due 03/09/2048 | 100 | 81 |
|  4.750% due 05/15/2046 | 2000 | 1682 |
|  5.350% due 09/01/2040 | 4267 | 4113 |
|  5.850% due 04/30/2046 | 9900 | 9653 |
|  6.000% due 04/30/2056 | 12400 | 12141 |
|  6.050% due 08/15/2056 | 3607 | 3555 |
|  Atmos Energy Corp. | Atmos Energy Corp. | Atmos Energy Corp. |
|  2.850% due 02/15/2052 | 7836 | 4832 |
|  3.375% due 09/15/2049 | 5000 | 3448 |
|  4.125% due 03/15/2049 | 5300 | 4150 |
|  4.300% due 10/01/2048 | 6200 | 5011 |
|  Avista Corp. | Avista Corp. | Avista Corp. |
|  4.000% due 04/01/2052 | 12800 | 9611 |
|  Baltimore Gas & Electric Co. | Baltimore Gas & Electric Co. | Baltimore Gas & Electric Co. |
|  2.900% due 06/15/2050 | 1681 | 1057 |
|  3.200% due 09/15/2049 | 2400 | 1588 |
|  Basin Electric Power Cooperative | Basin Electric Power Cooperative | Basin Electric Power Cooperative |
|  5.850% due 10/15/2055 | 22200 | 21654 |
|  Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. |
|  4.250% due 10/15/2050 | 3400 | 2648 |
|  4.450% due 01/15/2049 | 24790 | 20126 |
|  4.500% due 02/01/2045 | 580 | 491 |
|  4.600% due 05/01/2053 | 11800 | 9658 |
|  6.125% due 04/01/2036 | 5200 | 5552 |
|  Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
|  4.200% due 09/15/2046 | 4284 | 3359 |
|  6.000% due 01/15/2035 | 5625 | 5842 |
|  Boston Gas Co. | Boston Gas Co. | Boston Gas Co. |
|  4.487% due 02/15/2042 | 7784 | 6600 |
|  5.843% due 01/10/2035 | 3000 | 3148 |
|  6.119% due 07/20/2053 | 21140 | 20960 |
|  Brooklyn Union Gas Co. | Brooklyn Union Gas Co. | Brooklyn Union Gas Co. |
|  4.487% due 03/04/2049 | 7500 | 5992 |
|  CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC |
|  2.900% due 07/01/2050 | 4400 | 2782 |
|  3.350% due 04/01/2051 | 19000 | 12989 |
|  3.600% due 03/01/2052 | 16270 | 11700 |
|  4.950% due 04/01/2033 | 7000 | 7039 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **87** |

---

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Cleco Power LLC | Cleco Power LLC | Cleco Power LLC |
|  6.000% due 12/01/2040 | 18175 | 18717 |
|  Cleveland Electric Illuminating Co. | Cleveland Electric Illuminating Co. | Cleveland Electric Illuminating Co. |
|  5.950% due 12/15/2036 | 7000 | 7242 |
|  CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. |
|  4.700% due 03/31/2043 | 3837 | 3257 |
|  Columbia Pipelines Operating Co. LLC | Columbia Pipelines Operating Co. LLC | Columbia Pipelines Operating Co. LLC |
|  5.695% due 10/01/2054 | 10000 | 9465 |
|  6.497% due 08/15/2043 | 4675 | 4900 |
|  6.544% due 11/15/2053 | 12300 | 12932 |
|  6.714% due 08/15/2063 | 9800 | 10591 |
|  Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. |
|  3.000% due 03/01/2050 | 8539 | 5459 |
|  3.125% due 03/15/2051 | 19200 | 12434 |
|  3.850% due 03/15/2052 | 8400 | 6211 |
|  Connecticut Light & Power Co. | Connecticut Light & Power Co. | Connecticut Light & Power Co. |
|  2.050% due 07/01/2031 | 4845 | 4283 |
|  4.000% due 04/01/2048 | 1300 | 1010 |
|  4.300% due 04/15/2044 | 13009 | 10869 |
|  Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. |
|  3.000% due 12/01/2060 | 6480 | 3778 |
|  3.600% due 06/15/2061 | 16585 | 11124 |
|  4.125% due 05/15/2049 | 18110 | 14166 |
|  4.200% due 03/15/2042 | 5000 | 4238 |
|  4.300% due 12/01/2056 | 1270 | 990 |
|  4.500% due 05/15/2058 | 29031 | 23244 |
|  5.700% due 06/15/2040 | 4900 | 4996 |
|  Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
|  5.600% due 06/15/2042 | 21664 | 21327 |
|  5.750% due 03/15/2054 | 8637 | 8384 |
|  5.800% due 03/01/2033 | 8852 | 9276 |
|  5.875% due 01/15/2066 | 2000 | 1922 |
|  6.250% due 10/01/2039 | 12875 | 13588 |
|  6.500% due 10/01/2053 | 6980 | 7414 |
|  Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. |
|  4.050% due 05/15/2048 | 8100 | 6364 |
|  4.100% due 11/15/2045 | 2150 | 1693 |
|  4.350% due 04/15/2049 | 14000 | 11450 |
|  Dayton Power & Light Co. | Dayton Power & Light Co. | Dayton Power & Light Co. |
|  3.950% due 06/15/2049 | 11000 | 8199 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  2.250% due 08/15/2031 | 8877 | 7833 |
|  4.850% due 08/15/2052 | 7800 | 6557 |
|  DTE Electric Co. | DTE Electric Co. | DTE Electric Co. |
|  3.250% due 04/01/2051 | 8400 | 5676 |
|  3.650% due 03/01/2052 | 5600 | 4067 |
|  4.300% due 07/01/2044 | 9150 | 7673 |
|  5.400% due 04/01/2053 | 10000 | 9556 |
|  Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
|  2.850% due 03/15/2032 | 3600 | 3279 |
|  3.200% due 08/15/2049 | 16000 | 10736 |
|  3.450% due 04/15/2051 | 5600 | 3884 |
|  3.550% due 03/15/2052 | 8000 | 5655 |
|  3.700% due 12/01/2047 | 15355 | 11404 |
|  3.750% due 06/01/2045 | 4468 | 3430 |
|  3.875% due 03/15/2046 | 2034 | 1577 |
|  3.950% due 03/15/2048 | 9915 | 7621 |
|  4.000% due 09/30/2042 | 3500 | 2873 |
|  4.250% due 12/15/2041 | 26500 | 22752 |
|  4.850% due 01/15/2034 | 910 | 910 |
|  5.350% due 01/15/2053 | 12014 | 11266 |
|  5.400% due 01/15/2054 | 776 | 737 |
|  Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
|  3.500% due 06/15/2051 | 6750 | 4527 |
|  3.950% due 08/15/2047 | 4670 | 3468 |
|  4.200% due 06/15/2049 | 5000 | 3812 |
|  6.100% due 09/15/2053 | 2657 | 2667 |
|  Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC |
|  4.200% due 07/15/2048 | 7600 | 6027 |
|  5.650% due 04/01/2040 | 6000 | 6123 |
|  Duke Energy Indiana LLC | Duke Energy Indiana LLC | Duke Energy Indiana LLC |
|  4.900% due 07/15/2043 | 2000 | 1828 |
|  5.400% due 04/01/2053 | 7350 | 6829 |
|  Duke Energy Ohio, Inc. | Duke Energy Ohio, Inc. | Duke Energy Ohio, Inc. |
|  5.650% due 04/01/2053 | 2000 | 1946 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC |
|  2.500% due 08/15/2050 | 25000 | 14418 |
|  3.600% due 09/15/2047 | 44900 | 32835 |
|  4.000% due 04/01/2052 | 3687 | 2794 |
|  4.100% due 03/15/2043 | 6026 | 4959 |
|  5.250% due 03/15/2033 | 9850 | 10144 |
|  5.350% due 03/15/2053 | 9300 | 8718 |
|  5.550% due 03/15/2055 | 3953 | 3822 |
|  Duquesne Light Holdings, Inc. | Duquesne Light Holdings, Inc. | Duquesne Light Holdings, Inc. |
|  2.532% due 10/01/2030 | 1401 | 1276 |
|  E.ON International Finance BV | E.ON International Finance BV | E.ON International Finance BV |
|  6.650% due 04/30/2038 | 1520 | 1664 |
|  Edison International | Edison International | Edison International |
|  6.250% due 03/15/2030 | 6400 | 6635 |
|  8.125% due 06/15/2053 •(l) | 7200 | 7335 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  4.500% due 12/04/2069 | 7600 | 5355 |
|  4.950% due 10/13/2045 | 19324 | 16756 |
|  5.000% due 09/21/2048 | 12622 | 10870 |
|  6.000% due 04/22/2064 | 33874 | 32278 |
|  6.000% due 01/22/2114 (l) | 17924 | 17079 |
|  6.375% due 01/13/2055 | 10800 | 11043 |
|  6.900% due 05/23/2053 | 8492 | 9092 |
|  Emera U.S. Finance LLC | Emera U.S. Finance LLC | Emera U.S. Finance LLC |
|  4.500% due 04/01/2029 | 11200 | 11189 |
|  5.200% due 04/01/2033 | 2300 | 2288 |
|  Enel Finance America LLC | Enel Finance America LLC | Enel Finance America LLC |
|  2.875% due 07/12/2041 | 2000 | 1408 |
|  ENEL Finance International NV | ENEL Finance International NV | ENEL Finance International NV |
|  4.750% due 05/25/2047 | 24780 | 20499 |
|  7.750% due 10/14/2052 | 7000 | 8223 |
|  Entergy Arkansas LLC | Entergy Arkansas LLC | Entergy Arkansas LLC |
|  2.650% due 06/15/2051 | 9375 | 5475 |
|  3.350% due 06/15/2052 | 7400 | 4931 |
|  4.200% due 04/01/2049 | 5800 | 4591 |
|  4.950% due 01/15/2036 | 10000 | 9813 |
|  5.750% due 06/01/2054 | 10000 | 9787 |
|  Entergy Corp. | Entergy Corp. | Entergy Corp. |
|  3.750% due 06/15/2050 (l) | 13000 | 9200 |
|  Entergy Mississippi LLC | Entergy Mississippi LLC | Entergy Mississippi LLC |
|  3.500% due 06/01/2051 | 1500 | 1037 |
|  5.000% due 09/01/2033 | 6800 | 6830 |
|  5.050% due 04/15/2036 | 8100 | 7985 |
|  Entergy Texas, Inc. | Entergy Texas, Inc. | Entergy Texas, Inc. |
|  4.500% due 03/30/2039 | 4000 | 3670 |
|  5.000% due 09/15/2052 | 11900 | 10417 |
|  5.800% due 09/01/2053 | 2200 | 2179 |
|  Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. |
|  3.450% due 04/15/2050 | 8300 | 5814 |
|  5.250% due 03/15/2035 | 3669 | 3700 |
|  5.700% due 03/15/2053 | 6500 | 6400 |
|  Evergy Metro, Inc. | Evergy Metro, Inc. | Evergy Metro, Inc. |
|  4.125% due 04/01/2049 | 15431 | 12209 |
|  4.200% due 06/15/2047 | 1200 | 960 |
|  4.200% due 03/15/2048 | 2000 | 1599 |
|  Evergy, Inc. | Evergy, Inc. | Evergy, Inc. |
|  6.650% due 06/01/2055 •  | 1000 | 1008 |
|  Eversource Energy | Eversource Energy | Eversource Energy |
|  4.450% due 12/15/2030 | 3700 | 3651 |
|  5.125% due 05/15/2033 | 3976 | 3965 |
|  Exelon Corp. | Exelon Corp. | Exelon Corp. |
|  5.600% due 03/15/2053 | 5103 | 4810 |
|  Fells Point Funding Trust | Fells Point Funding Trust | Fells Point Funding Trust |
|  3.046% due 01/31/2027 | 20000 | 19779 |
|  FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
|  3.400% due 03/01/2050 | 7500 | 4995 |
|  FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC |
|  2.866% due 09/15/2028 | 2600 | 2501 |
|  5.450% due 07/15/2044 | 10100 | 9568 |
|  Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |
|  2.875% due 12/04/2051 | 1100 | 685 |
|  3.700% due 12/01/2047 | 16800 | 12547 |
|  3.950% due 03/01/2048 | 152 | 118 |
|  4.050% due 10/01/2044 | 4200 | 3423 |
|  5.100% due 04/01/2033 | 1440 | 1470 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.600% due 06/15/2054 | $— | 100 | $— | 98 |
|  5.600% due 02/15/2066 |  | 10000 |  | 9641 |
|  5.700% due 03/15/2055 |  | 5215 |  | 5198 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 |  | 1851 |  | 1819 |
|  Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC |
|  1.500% due 02/17/2027 |  | 200 |  | 179 |
|  2.950% due 01/27/2029 | $— | 21000 |  | 15855 |
|  Georgia Power Co. | Georgia Power Co. | Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
|  3.250% due 03/15/2051 |  | 19600 |  | 13126 |
|  4.750% due 09/01/2040 |  | 1425 |  | 1339 |
|  5.125% due 05/15/2052 (l) |  | 30600 |  | 27823 |
|  5.400% due 06/01/2040 |  | 9085 |  | 9130 |
|  Idaho Power Co. | Idaho Power Co. | Idaho Power Co. | Idaho Power Co. | Idaho Power Co. |
|  4.850% due 08/15/2040 |  | 8000 |  | 7350 |
|  Indiana Michigan Power Co. | Indiana Michigan Power Co. | Indiana Michigan Power Co. | Indiana Michigan Power Co. | Indiana Michigan Power Co. |
|  3.250% due 05/01/2051 |  | 19500 |  | 12794 |
|  4.250% due 08/15/2048 |  | 5570 |  | 4440 |
|  4.550% due 03/15/2046 |  | 500 |  | 424 |
|  5.625% due 04/01/2053 |  | 12733 |  | 12306 |
|  Indianapolis Power & Light Co. | Indianapolis Power & Light Co. | Indianapolis Power & Light Co. | Indianapolis Power & Light Co. | Indianapolis Power & Light Co. |
|  5.650% due 12/01/2032 |  | 30000 |  | 31051 |
|  5.700% due 04/01/2054 |  | 3600 |  | 3503 |
|  Interstate Power & Light Co. | Interstate Power & Light Co. | Interstate Power & Light Co. | Interstate Power & Light Co. | Interstate Power & Light Co. |
|  6.250% due 07/15/2039 |  | 5000 |  | 5293 |
|  IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. |
|  4.250% due 05/01/2030 |  | 14524 |  | 14001 |
|  Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. |
|  2.750% due 03/01/2032 |  | 7645 |  | 6871 |
|  5.150% due 01/15/2036 |  | 10000 |  | 9975 |
|  6.150% due 06/01/2037 |  | 8562 |  | 9062 |
|  Kentucky Utilities Co. | Kentucky Utilities Co. | Kentucky Utilities Co. | Kentucky Utilities Co. | Kentucky Utilities Co. |
|  3.300% due 06/01/2050 |  | 4910 |  | 3315 |
|  4.375% due 10/01/2045 |  | 7100 |  | 5885 |
|  5.125% due 11/01/2040 |  | 14500 |  | 13998 |
|  KeySpan Gas East Corp. | KeySpan Gas East Corp. | KeySpan Gas East Corp. | KeySpan Gas East Corp. | KeySpan Gas East Corp. |
|  3.586% due 01/18/2052 |  | 12700 |  | 8469 |
|  Liberty Utilities Co. | Liberty Utilities Co. | Liberty Utilities Co. | Liberty Utilities Co. | Liberty Utilities Co. |
|  5.869% due 01/31/2034 |  | 10000 |  | 10381 |
|  Louisville Gas & Electric Co. | Louisville Gas & Electric Co. | Louisville Gas & Electric Co. | Louisville Gas & Electric Co. | Louisville Gas & Electric Co. |
|  4.250% due 04/01/2049 |  | 1530 |  | 1219 |
|  5.450% due 04/15/2033 |  | 15000 |  | 15520 |
|  Massachusetts Electric Co. | Massachusetts Electric Co. | Massachusetts Electric Co. | Massachusetts Electric Co. | Massachusetts Electric Co. |
|  5.867% due 02/26/2054 |  | 9100 |  | 8900 |
|  MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. |
|  2.700% due 08/01/2052 |  | 1000 |  | 604 |
|  3.150% due 04/15/2050 |  | 1200 |  | 794 |
|  3.650% due 08/01/2048 |  | 6000 |  | 4401 |
|  3.950% due 08/01/2047 |  | 8262 |  | 6379 |
|  4.250% due 07/15/2049 |  | 5300 |  | 4255 |
|  4.400% due 10/15/2044 |  | 500 |  | 424 |
|  5.300% due 02/01/2055 |  | 17000 |  | 15777 |
|  5.350% due 01/15/2034 |  | 5000 |  | 5135 |
|  5.500% due 11/15/2056 |  | 15000 |  | 14399 |
|  5.850% due 09/15/2054 |  | 20822 |  | 20920 |
|  Midwest Connector Capital Co. LLC | Midwest Connector Capital Co. LLC | Midwest Connector Capital Co. LLC | Midwest Connector Capital Co. LLC | Midwest Connector Capital Co. LLC |
|  4.625% due 04/01/2029 |  | 12200 |  | 12140 |
|  Mississippi Power Co. | Mississippi Power Co. | Mississippi Power Co. | Mississippi Power Co. | Mississippi Power Co. |
|  3.100% due 07/30/2051 |  | 18550 |  | 12043 |
|  4.250% due 03/15/2042 |  | 7400 |  | 6218 |
|  Monongahela Power Co. | Monongahela Power Co. | Monongahela Power Co. | Monongahela Power Co. | Monongahela Power Co. |
|  5.400% due 12/15/2043 |  | 9061 |  | 8505 |
|  National Grid Electricity Distribution East Midlands PLC | National Grid Electricity Distribution East Midlands PLC | National Grid Electricity Distribution East Midlands PLC | National Grid Electricity Distribution East Midlands PLC | National Grid Electricity Distribution East Midlands PLC |
|  3.949% due 09/20/2032 |  | 9700 |  | 11312 |
|  National Grid PLC | National Grid PLC | National Grid PLC | National Grid PLC | National Grid PLC |
|  5.809% due 06/12/2033 | $— | 4620 |  | 4822 |
|  Nevada Power Co. | Nevada Power Co. | Nevada Power Co. | Nevada Power Co. | Nevada Power Co. |
|  6.000% due 03/15/2054 |  | 5000 |  | 5020 |
|  New York State Electric & Gas Corp. | New York State Electric & Gas Corp. | New York State Electric & Gas Corp. | New York State Electric & Gas Corp. | New York State Electric & Gas Corp. |
|  3.300% due 09/15/2049 |  | 10200 |  | 6896 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  5.850% due 03/01/2056 |  | 5000 |  | 4884 |
|  Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. |
|  4.119% due 11/28/2042 |  | 3850 |  | 3109 |
|  5.664% due 01/17/2054 |  | 1665 |  | 1565 |

---

---

| | | |
|:---|:---|:---|
| **88** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.783% due 09/16/2052 | $— | 18550 | $— | 17877 |
|  5.996% due 07/03/2055 |  | 7800 |  | 7666 |
|  NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
|  3.950% due 03/30/2048 (l) |  | 6830 |  | 5127 |
|  4.375% due 05/15/2047 |  | 14845 |  | 11933 |
|  5.650% due 02/01/2045 |  | 6040 |  | 5854 |
|  5.800% due 02/01/2042 |  | 6723 |  | 6643 |
|  Northern States Power Co. | Northern States Power Co. | Northern States Power Co. | Northern States Power Co. | Northern States Power Co. |
|  3.200% due 04/01/2052 |  | 1400 |  | 954 |
|  4.500% due 06/01/2052 |  | 6800 |  | 5683 |
|  5.400% due 03/15/2054 |  | 6881 |  | 6549 |
|  NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. |
|  4.400% due 03/01/2044 |  | 1500 |  | 1262 |
|  4.550% due 06/01/2052 |  | 5900 |  | 4909 |
|  4.950% due 09/15/2052 |  | 9200 |  | 8151 |
|  Oglethorpe Power Corp. | Oglethorpe Power Corp. | Oglethorpe Power Corp. | Oglethorpe Power Corp. | Oglethorpe Power Corp. |
|  3.750% due 08/01/2050 |  | 10600 |  | 7541 |
|  4.500% due 04/01/2047 |  | 36100 |  | 29632 |
|  5.050% due 10/01/2048 |  | 28500 |  | 24885 |
|  5.250% due 09/01/2050 |  | 25000 |  | 22418 |
|  Ohio Edison Co. | Ohio Edison Co. | Ohio Edison Co. | Ohio Edison Co. | Ohio Edison Co. |
|  5.500% due 01/15/2033 |  | 4000 |  | 4120 |
|  6.875% due 07/15/2036 |  | 3500 |  | 3912 |
|  8.250% due 10/15/2038 |  | 1000 |  | 1262 |
|  Ohio Power Co. | Ohio Power Co. | Ohio Power Co. | Ohio Power Co. | Ohio Power Co. |
|  5.000% due 06/01/2033 |  | 3600 |  | 3583 |
|  Oklahoma Gas & Electric Co. | Oklahoma Gas & Electric Co. | Oklahoma Gas & Electric Co. | Oklahoma Gas & Electric Co. | Oklahoma Gas & Electric Co. |
|  5.850% due 06/01/2040 |  | 4000 |  | 4097 |
|  Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC |
|  2.700% due 11/15/2051 |  | 7204 |  | 4186 |
|  3.100% due 09/15/2049 |  | 6000 |  | 3922 |
|  4.100% due 11/15/2048 |  | 421 |  | 330 |
|  4.600% due 06/01/2052 |  | 8700 |  | 7142 |
|  4.950% due 09/15/2052 |  | 2644 |  | 2331 |
|  5.250% due 09/30/2040 |  | 15100 |  | 14729 |
|  5.300% due 06/01/2042 |  | 600 |  | 571 |
|  5.900% due 03/15/2056 |  | 8800 |  | 8799 |
|  7.250% due 01/15/2033 |  | 1900 |  | 2158 |
|  7.500% due 09/01/2038 |  | 2590 |  | 3058 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  4.450% due 09/01/2049 |  | 5900 |  | 4678 |
|  4.950% due 07/13/2047 |  | 4900 |  | 4183 |
|  5.050% due 11/01/2034 |  | 15000 |  | 14595 |
|  5.200% due 07/15/2048 |  | 44323 |  | 38987 |
|  5.450% due 06/01/2047 |  | 20500 |  | 18508 |
|  5.700% due 11/01/2054 |  | 22854 |  | 20868 |
|  5.850% due 11/01/2064 |  | 29294 |  | 26713 |
|  6.625% due 09/01/2053 |  | 5035 |  | 5172 |
|  Orange SA | Orange SA | Orange SA | Orange SA | Orange SA |
|  4.750% due 01/13/2033 |  | 11700 |  | 11573 |
|  5.000% due 01/13/2036 |  | 7900 |  | 7763 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.500% due 02/01/2031 |  | 22900 |  | 20529 |
|  3.250% due 06/01/2031 |  | 9400 |  | 8674 |
|  3.300% due 03/15/2027 |  | 4910 |  | 4853 |
|  3.300% due 12/01/2027 |  | 8000 |  | 7837 |
|  3.300% due 08/01/2040 |  | 11300 |  | 8458 |
|  3.500% due 08/01/2050 |  | 68788 |  | 45520 |
|  3.750% due 08/15/2042 |  | 18181 |  | 13628 |
|  3.950% due 12/01/2047 |  | 12183 |  | 8876 |
|  4.000% due 12/01/2046 |  | 22370 |  | 16395 |
|  4.200% due 06/01/2041 |  | 2000 |  | 1613 |
|  4.250% due 03/15/2046 |  | 26543 |  | 20188 |
|  4.300% due 03/15/2045 |  | 9100 |  | 7117 |
|  4.500% due 07/01/2040 |  | 22679 |  | 19364 |
|  4.500% due 12/15/2041 |  | 27149 |  | 22678 |
|  4.600% due 06/15/2043 |  | 19804 |  | 16373 |
|  4.650% due 08/01/2028 |  | 12000 |  | 12020 |
|  4.750% due 02/15/2044 |  | 15157 |  | 12678 |
|  4.950% due 07/01/2050 |  | 32577 |  | 27006 |
|  5.250% due 03/01/2052 |  | 2000 |  | 1703 |
|  5.700% due 03/01/2035 |  | 10000 |  | 10141 |
|  6.000% due 08/15/2035 |  | 16000 |  | 16539 |
|  6.100% due 10/15/2055 |  | 17500 |  | 16822 |
|  6.150% due 03/01/2055 |  | 28100 |  | 27169 |
|  6.700% due 04/01/2053 |  | 37196 |  | 38539 |
|  PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp |
|  2.700% due 09/15/2030 |  | 1200 |  | 1094 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.900% due 06/15/2052 | $— | 24856 | $— | 14171 |
|  3.300% due 03/15/2051 |  | 17431 |  | 10887 |
|  4.100% due 02/01/2042 |  | 2419 |  | 1896 |
|  4.125% due 01/15/2049 |  | 6400 |  | 4696 |
|  4.150% due 02/15/2050 |  | 10445 |  | 7635 |
|  5.300% due 02/15/2031 |  | 3800 |  | 3853 |
|  5.350% due 12/01/2053 |  | 27100 |  | 23264 |
|  5.450% due 04/15/2033 |  | 9300 |  | 9333 |
|  5.450% due 02/15/2034 |  | 11800 |  | 11761 |
|  5.500% due 05/15/2054 |  | 15008 |  | 13172 |
|  5.800% due 04/15/2036 |  | 8000 |  | 8067 |
|  5.800% due 01/15/2055 |  | 17437 |  | 15940 |
|  6.250% due 10/15/2037 |  | 14040 |  | 14545 |
|  6.350% due 07/15/2038 |  | 4000 |  | 4111 |
|  7.375% due 09/15/2055 •  |  | 6500 |  | 6216 |
|  PECO Energy Co. | PECO Energy Co. | PECO Energy Co. | PECO Energy Co. | PECO Energy Co. |
|  2.800% due 06/15/2050 |  | 6500 |  | 4027 |
|  4.150% due 10/01/2044 |  | 8900 |  | 7332 |
|  4.600% due 05/15/2052 |  | 9400 |  | 7933 |
|  4.800% due 10/15/2043 |  | 1185 |  | 1050 |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | 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 |  | 14100 |  | 9657 |
|  4.875% due 07/17/2049 |  | 11200 |  | 8986 |
|  6.250% due 01/25/2049 |  | 1200 |  | 1161 |
|  PG&E Recovery Funding LLC | PG&E Recovery Funding LLC | PG&E Recovery Funding LLC | PG&E Recovery Funding LLC | PG&E Recovery Funding LLC |
|  5.231% due 06/01/2042 |  | 5000 |  | 4925 |
|  5.256% due 01/15/2040 |  | 5000 |  | 5155 |
|  5.536% due 07/15/2049 |  | 8000 |  | 7915 |
|  Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. |
|  3.350% due 06/01/2050 |  | 9095 |  | 6170 |
|  5.050% due 05/15/2052 |  | 5000 |  | 4405 |
|  5.100% due 02/15/2035 |  | 401 |  | 400 |
|  Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. |
|  4.469% (SOFRRATE + 0.820%) due 06/10/2026 ~ |  | 8700 |  | 8707 |
|  Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. |
|  5.150% due 06/01/2042 |  | 300 |  | 269 |
|  5.700% due 09/15/2034 |  | 15750 |  | 16109 |
|  6.650% due 01/15/2037 |  | 2329 |  | 2518 |
|  6.700% due 05/15/2036 |  | 3073 |  | 3292 |
|  PPL Electric Utilities Corp. | PPL Electric Utilities Corp. | PPL Electric Utilities Corp. | PPL Electric Utilities Corp. | PPL Electric Utilities Corp. |
|  3.000% due 10/01/2049 |  | 16700 |  | 10827 |
|  5.200% due 07/15/2041 |  | 5500 |  | 5358 |
|  Progress Energy, Inc. | Progress Energy, Inc. | Progress Energy, Inc. | Progress Energy, Inc. | Progress Energy, Inc. |
|  7.750% due 03/01/2031 |  | 5000 |  | 5640 |
|  Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado |
|  3.200% due 03/01/2050 |  | 10500 |  | 6965 |
|  3.800% due 06/15/2047 |  | 5000 |  | 3757 |
|  3.950% due 03/15/2043 |  | 1500 |  | 1182 |
|  4.100% due 06/15/2048 |  | 8626 |  | 6761 |
|  4.300% due 03/15/2044 |  | 3600 |  | 3007 |
|  4.500% due 06/01/2052 |  | 4600 |  | 3758 |
|  5.250% due 04/01/2053 |  | 10000 |  | 9057 |
|  5.350% due 05/15/2034 |  | 16925 |  | 17246 |
|  5.750% due 05/15/2054 |  | 9700 |  | 9429 |
|  5.850% due 05/15/2055 |  | 18541 |  | 18392 |
|  6.250% due 09/01/2037 |  | 700 |  | 750 |
|  Public Service Co. of New Hampshire | Public Service Co. of New Hampshire | Public Service Co. of New Hampshire | Public Service Co. of New Hampshire | Public Service Co. of New Hampshire |
|  3.600% due 07/01/2049 |  | 4700 |  | 3415 |
|  Public Service Co. of Oklahoma | Public Service Co. of Oklahoma | Public Service Co. of Oklahoma | Public Service Co. of Oklahoma | Public Service Co. of Oklahoma |
|  3.150% due 08/15/2051 |  | 2300 |  | 1476 |
|  6.625% due 11/15/2037 |  | 1135 |  | 1234 |
|  Public Service Electric & Gas Co. | Public Service Electric & Gas Co. | Public Service Electric & Gas Co. | Public Service Electric & Gas Co. | Public Service Electric & Gas Co. |
|  4.850% due 08/01/2034 |  | 5902 |  | 5848 |
|  Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. |
|  4.100% due 06/15/2030 |  | 4902 |  | 4757 |
|  Puget Sound Energy, Inc. | Puget Sound Energy, Inc. | Puget Sound Energy, Inc. | Puget Sound Energy, Inc. | Puget Sound Energy, Inc. |
|  4.223% due 06/15/2048 |  | 3800 |  | 3056 |
|  5.448% due 06/01/2053 |  | 4400 |  | 4178 |
|  Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust |
|  9.750% due 01/06/2027 |  | 1678 |  | 1716 |
|  RWE Finance U.S. LLC | RWE Finance U.S. LLC | RWE Finance U.S. LLC | RWE Finance U.S. LLC | RWE Finance U.S. LLC |
|  5.125% due 09/18/2035 |  | 5000 |  | 4863 |
|  5.875% due 09/18/2055 |  | 10135 |  | 9662 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  1.700% due 10/01/2030 |  | 1928 |  | 1706 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.950% due 08/15/2051 | $— | 17824 | $— | 11203 |
|  3.320% due 04/15/2050 |  | 10305 |  | 6922 |
|  3.700% due 03/15/2052 |  | 15130 |  | 10787 |
|  3.750% due 06/01/2047 |  | 7550 |  | 5602 |
|  3.950% due 11/15/2041 |  | 1968 |  | 1607 |
|  4.100% due 06/15/2049 |  | 18761 |  | 14405 |
|  4.150% due 05/15/2048 |  | 12140 |  | 9549 |
|  4.300% due 04/01/2042 |  | 5097 |  | 4338 |
|  4.500% due 08/15/2040 |  | 2600 |  | 2341 |
|  5.200% due 03/15/2036 |  | 9264 |  | 9244 |
|  5.350% due 04/01/2053 |  | 41246 |  | 38060 |
|  5.400% due 04/15/2035 |  | 9915 |  | 10088 |
|  5.550% due 04/15/2054 |  | 4500 |  | 4268 |
|  6.000% due 06/01/2039 |  | 3357 |  | 3506 |
|  Saudi Electricity Global Sukuk Co. 2 | Saudi Electricity Global Sukuk Co. 2 | Saudi Electricity Global Sukuk Co. 2 | Saudi Electricity Global Sukuk Co. 2 | Saudi Electricity Global Sukuk Co. 2 |
|  5.060% due 04/08/2043 |  | 22700 |  | 20709 |
|  Saudi Electricity Global Sukuk Co. 3 | Saudi Electricity Global Sukuk Co. 3 | Saudi Electricity Global Sukuk Co. 3 | Saudi Electricity Global Sukuk Co. 3 | Saudi Electricity Global Sukuk Co. 3 |
|  5.500% due 04/08/2044 |  | 27700 |  | 26184 |
|  SCE Recovery Funding LLC | SCE Recovery Funding LLC | SCE Recovery Funding LLC | SCE Recovery Funding LLC | SCE Recovery Funding LLC |
|  5.112% due 12/14/2049 |  | 3000 |  | 2816 |
|  5.341% due 03/15/2047 |  | 9600 |  | 9541 |
|  Sempra | Sempra | Sempra | Sempra | Sempra |
|  3.250% due 06/15/2027 |  | 1100 |  | 1085 |
|  6.000% due 10/15/2039 |  | 15145 |  | 15498 |
|  6.375% due 04/01/2056 •  |  | 20700 |  | 20799 |
|  Shell Finance U.S., Inc. | Shell Finance U.S., Inc. | Shell Finance U.S., Inc. | Shell Finance U.S., Inc. | Shell Finance U.S., Inc. |
|  5.125% due 10/15/2041 |  | 30145 |  | 28846 |
|  Sierra Pacific Power Co. | Sierra Pacific Power Co. | Sierra Pacific Power Co. | Sierra Pacific Power Co. | Sierra Pacific Power Co. |
|  5.900% due 03/15/2054 |  | 13656 |  | 13469 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  2.750% due 02/01/2032 |  | 6800 |  | 6068 |
|  2.950% due 02/01/2051 |  | 13000 |  | 7830 |
|  3.450% due 02/01/2052 |  | 14000 |  | 9173 |
|  3.650% due 02/01/2050 |  | 12765 |  | 8765 |
|  3.650% due 06/01/2051 |  | 31200 |  | 21410 |
|  3.900% due 12/01/2041 |  | 42994 |  | 33504 |
|  3.900% due 03/15/2043 |  | 6655 |  | 5046 |
|  4.000% due 04/01/2047 |  | 106850 |  | 79478 |
|  4.050% due 03/15/2042 |  | 3834 |  | 2997 |
|  4.125% due 03/01/2048 |  | 26468 |  | 19830 |
|  4.650% due 10/01/2043 |  | 41350 |  | 34714 |
|  4.875% due 03/01/2049 |  | 17583 |  | 14712 |
|  5.150% due 06/01/2029 |  | 9890 |  | 10031 |
|  5.200% due 06/01/2034 |  | 9400 |  | 9334 |
|  5.750% due 04/01/2035 |  | 8073 |  | 8218 |
|  5.900% due 03/01/2055 |  | 413 |  | 394 |
|  6.000% due 01/15/2034 |  | 5900 |  | 6155 |
|  6.050% due 03/15/2039 |  | 12000 |  | 12225 |
|  6.200% due 09/15/2055 |  | 17400 |  | 17273 |
|  6.650% due 04/01/2029 |  | 6995 |  | 7285 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  3.750% due 09/15/2042 |  | 4900 |  | 3817 |
|  3.950% due 02/15/2050 |  | 8127 |  | 6077 |
|  4.300% due 01/15/2049 |  | 1942 |  | 1547 |
|  5.050% due 09/01/2034 |  | 17850 |  | 17961 |
|  5.125% due 11/15/2040 |  | 1300 |  | 1252 |
|  5.200% due 06/01/2033 |  | 3500 |  | 3568 |
|  5.600% due 04/01/2054 |  | 9785 |  | 9333 |
|  6.000% due 06/15/2055 |  | 7747 |  | 7760 |
|  Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. |
|  4.400% due 05/30/2047 |  | 15925 |  | 13059 |
|  5.875% due 03/15/2041 |  | 7500 |  | 7641 |
|  Southern Power Co. | Southern Power Co. | Southern Power Co. | Southern Power Co. | Southern Power Co. |
|  5.250% due 07/15/2043 |  | 1000 |  | 939 |
|  Southwest Gas Corp. | Southwest Gas Corp. | Southwest Gas Corp. | Southwest Gas Corp. | Southwest Gas Corp. |
|  4.050% due 03/15/2032 |  | 11261 |  | 10768 |
|  Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
|  2.750% due 10/01/2026 |  | 900 |  | 893 |
|  3.250% due 11/01/2051 |  | 550 |  | 352 |
|  3.850% due 02/01/2048 |  | 24272 |  | 17724 |
|  5.300% due 04/01/2033 |  | 7000 |  | 7102 |
|  6.200% due 03/15/2040 |  | 14340 |  | 14931 |
|  Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. |
|  3.150% due 05/01/2050 |  | 18050 |  | 11708 |
|  3.700% due 08/15/2047 |  | 3465 |  | 2560 |
|  3.750% due 06/15/2049 |  | 4000 |  | 2901 |
|  4.400% due 11/15/2048 |  | 1000 |  | 811 |
|  4.500% due 08/15/2041 |  | 3900 |  | 3410 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **89** |

---

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.150% due 06/01/2052 | $| 13000 | 11017 |
|  6.000% due 10/01/2036 |  | 2000 | 2060 |
|  6.000% due 06/01/2054 |  | 13170 | 13277 |
|  SW Finance I PLC | SW Finance I PLC | SW Finance I PLC | SW Finance I PLC |
|  7.000% due 04/16/2040 | GBP | 19300 | 24808 |
|  System Energy Resources, Inc. | System Energy Resources, Inc. | System Energy Resources, Inc. | System Energy Resources, Inc. |
|  5.300% due 12/15/2034 | $| 4100 | 4091 |
|  6.000% due 04/15/2028 |  | 5000 | 5140 |
|  Tampa Electric Co. | Tampa Electric Co. | Tampa Electric Co. | Tampa Electric Co. |
|  4.450% due 06/15/2049 |  | 18500 | 15090 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp. | Targa Resources Partners LP/Targa Resources Partners Finance Corp. | Targa Resources Partners LP/Targa Resources Partners Finance Corp. | Targa Resources Partners LP/Targa Resources Partners Finance Corp. |
|  4.875% due 02/01/2031 |  | 12590 | 12575 |
|  Toledo Edison Co. | Toledo Edison Co. | Toledo Edison Co. | Toledo Edison Co. |
|  2.650% due 05/01/2028 |  | 16667 | 15834 |
|  6.150% due 05/15/2037 |  | 4900 | 5285 |
|  Union Electric Co. | Union Electric Co. | Union Electric Co. | Union Electric Co. |
|  3.900% due 04/01/2052 |  | 31000 | 23348 |
|  5.125% due 03/15/2055 |  | 8300 | 7527 |
|  5.450% due 03/15/2053 |  | 15600 | 14810 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  2.875% due 11/20/2050 |  | 1127 | 684 |
|  2.987% due 10/30/2056 |  | 30121 | 17692 |
|  3.000% due 11/20/2060 |  | 500 | 288 |
|  3.400% due 03/22/2041 (l) |  | 10439 | 8020 |
|  3.550% due 03/22/2051 |  | 100 | 70 |
|  3.700% due 03/22/2061 |  | 2000 | 1334 |
|  3.850% due 11/01/2042 |  | 14860 | 11856 |
|  3.875% due 03/01/2052 (l) |  | 29380 | 21502 |
|  4.272% due 01/15/2036 |  | 970 | 898 |
|  4.862% due 08/21/2046 |  | 8470 | 7386 |
|  5.000% due 01/15/2036 |  | 16075 | 15748 |
|  5.050% due 05/09/2033 |  | 65 | 66 |
|  5.500% due 02/23/2054 |  | 1602 | 1515 |
|  5.750% due 11/30/2045 |  | 12100 | 11792 |
|  5.875% due 11/30/2055 |  | 7600 | 7398 |
|  6.000% due 11/30/2065 |  | 11505 | 11157 |
|  Virginia Electric & Power Co. | Virginia Electric & Power Co. | Virginia Electric & Power Co. | Virginia Electric & Power Co. |
|  3.800% due 09/15/2047 |  | 12700 | 9521 |
|  4.000% due 11/15/2046 |  | 10600 | 8168 |
|  4.600% due 12/01/2048 |  | 4744 | 3929 |
|  5.450% due 04/01/2053 |  | 6500 | 6092 |
|  5.600% due 09/15/2055 |  | 7875 | 7500 |
|  5.700% due 03/15/2056 |  | 10000 | 9653 |
|  6.000% due 05/15/2037 |  | 400 | 421 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  5.350% due 01/31/2036 |  | 27303 | 26726 |
|  5.700% due 12/30/2034 |  | 3000 | 3020 |
|  6.000% due 04/15/2034 |  | 4100 | 4218 |
|  6.950% due 10/15/2033 |  | 5067 | 5517 |
|  Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
|  5.750% due 06/28/2054 (l) |  | 13673 | 12929 |
|  5.875% due 06/28/2064 |  | 17754 | 16868 |
|  6.250% due 11/30/2032 |  | 2650 | 2834 |
|  7.000% due 04/04/2079 •  |  | 5700 | 5866 |
|  Wisconsin Public Service Corp. | Wisconsin Public Service Corp. | Wisconsin Public Service Corp. | Wisconsin Public Service Corp. |
|  2.850% due 12/01/2051 |  | 18029 | 11075 |
|  3.300% due 09/01/2049 |  | 3100 | 2123 |
|  3.671% due 12/01/2042 |  | 5210 | 4077 |
|  Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
|  4.600% due 06/01/2032 |  | 9171 | 9014 |
|  6.500% due 07/01/2036 |  | 6900 | 7450 |
|  |  |  | 4433511 |
|  Total Corporate Bonds & Notes (Cost $22,796,544) | Total Corporate Bonds & Notes (Cost $22,796,544) | Total Corporate Bonds & Notes (Cost $22,796,544) | 20502538 |
| MUNICIPAL BONDS & NOTES 2.1% | MUNICIPAL BONDS & NOTES 2.1% | MUNICIPAL BONDS & NOTES 2.1% | MUNICIPAL BONDS & NOTES 2.1% |
| CALIFORNIA 0.7% | CALIFORNIA 0.7% | CALIFORNIA 0.7% | CALIFORNIA 0.7% |
|  Alameda County, California Joint Powers Authority Revenue Bonds, (BABs), Series 2010 | Alameda County, California Joint Powers Authority Revenue Bonds, (BABs), Series 2010 | Alameda County, California Joint Powers Authority Revenue Bonds, (BABs), Series 2010 | Alameda County, California Joint Powers Authority Revenue Bonds, (BABs), Series 2010 |
|  7.046% due 12/01/2044 |  | 7000 | 7846 |
|  Bay Area Toll Authority, California Revenue Bonds, (BABs), Series 2009 | Bay Area Toll Authority, California Revenue Bonds, (BABs), Series 2009 | Bay Area Toll Authority, California Revenue Bonds, (BABs), Series 2009 | Bay Area Toll Authority, California Revenue Bonds, (BABs), Series 2009 |
|  6.263% due 04/01/2049 |  | 4800 | 5014 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bay Area Toll Authority, California Revenue Bonds, (BABs), Series 2010 | Bay Area Toll Authority, California Revenue Bonds, (BABs), Series 2010 | Bay Area Toll Authority, California Revenue Bonds, (BABs), Series 2010 |
|  6.907% due 10/01/2050 | 28895 | 32504 |
|  7.043% due 04/01/2050 | 11806 | 13304 |
|  California Infrastructure & Economic Development Bank Revenue Bonds, (BABs), Series 2010 | California Infrastructure & Economic Development Bank Revenue Bonds, (BABs), Series 2010 | California Infrastructure & Economic Development Bank Revenue Bonds, (BABs), Series 2010 |
|  6.486% due 05/15/2049 | 4500 | 4686 |
|  California State General Obligation Bonds, (BABs), (AGM/CR Insured), Series 2010 | California State General Obligation Bonds, (BABs), (AGM/CR Insured), Series 2010 | California State General Obligation Bonds, (BABs), (AGM/CR Insured), Series 2010 |
|  6.875% due 11/01/2026 | 2550 | 2587 |
|  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 | 4840 | 5564 |
|  7.550% due 04/01/2039 | 3607 | 4286 |
|  California State General Obligation Bonds, (BABs), Series 2010 | California State General Obligation Bonds, (BABs), Series 2010 | California State General Obligation Bonds, (BABs), Series 2010 |
|  7.625% due 03/01/2040 | 7575 | 9023 |
|  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 | 8680 | 9757 |
|  California State University Revenue Bonds, (BABs), Series 2010 | California State University Revenue Bonds, (BABs), Series 2010 | California State University Revenue Bonds, (BABs), Series 2010 |
|  6.484% due 11/01/2041 | 2000 | 2127 |
|  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 | 631 |
|  3.714% due 06/01/2041 | 14115 | 11196 |
|  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 | 13140 | 14273 |
|  7.618% due 08/01/2040 | 5200 | 6114 |
|  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 | 2000 | 2143 |
|  Newport Beach, California Certificates of Participation Bonds, (BABs), Series 2010 | Newport Beach, California Certificates of Participation Bonds, (BABs), Series 2010 | Newport Beach, California Certificates of Participation Bonds, (BABs), Series 2010 |
|  7.168% due 07/01/2040 | 875 | 973 |
|  Northern California Power Agency Revenue Bonds, (BABs), Series 2010 | Northern California Power Agency Revenue Bonds, (BABs), Series 2010 | Northern California Power Agency Revenue Bonds, (BABs), Series 2010 |
|  7.311% due 06/01/2040 | 500 | 558 |
|  Regents of the University of California Medical Center Pooled Revenue Bonds, (BABs), Series 2009 | Regents of the University of California Medical Center Pooled Revenue Bonds, (BABs), Series 2009 | Regents of the University of California Medical Center Pooled Revenue Bonds, (BABs), Series 2009 |
|  6.583% due 05/15/2049 | 4305 | 4578 |
|  Regents of the University of California Medical Center Pooled Revenue Bonds, (BABs), Series 2010 | Regents of the University of California Medical Center Pooled Revenue Bonds, (BABs), Series 2010 | Regents of the University of California Medical Center Pooled Revenue Bonds, (BABs), Series 2010 |
|  6.548% due 05/15/2048 | 25100 | 26657 |
|  San Diego County, California Water Authority Revenue Bonds, (BABs), Series 2010 | San Diego County, California Water Authority Revenue Bonds, (BABs), Series 2010 | San Diego County, California Water Authority Revenue Bonds, (BABs), Series 2010 |
|  6.138% due 05/01/2049 | 1795 | 1825 |
|  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 | 27844 | 22751 |
|  University of California Revenue Bonds, Series 2015 | University of California Revenue Bonds, Series 2015 | University of California Revenue Bonds, Series 2015 |
|  4.767% due 05/15/2115 | 7803 | 6256 |
|  |  | 194653 |
| GEORGIA 0.2% | GEORGIA 0.2% | GEORGIA 0.2% |
|  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 | 2212 | 2374 |
|  6.655% due 04/01/2057 | 40737 | 44002 |
|  |  | 46376 |
| ILLINOIS 0.1% | ILLINOIS 0.1% | ILLINOIS 0.1% |
|  Chicago Transit Authority, Illinois Revenue Bonds, (BABs), Series 2010 | Chicago Transit Authority, Illinois Revenue Bonds, (BABs), Series 2010 | Chicago Transit Authority, Illinois Revenue Bonds, (BABs), Series 2010 |
|  6.200% due 12/01/2040 | 870 | 920 |
|  Chicago Transit Authority, Illinois Revenue Bonds, Series 2008 | Chicago Transit Authority, Illinois Revenue Bonds, Series 2008 | Chicago Transit Authority, Illinois Revenue Bonds, Series 2008 |
|  6.899% due 12/01/2040 | 14433 | 16129 |
|  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 | 880 | 927 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Wheaton College, Illinois Revenue Bonds, Series 2004 | Wheaton College, Illinois Revenue Bonds, Series 2004 | Wheaton College, Illinois Revenue Bonds, Series 2004 |
|  6.090% due 10/01/2034 | 5000 | 5344 |
|  |  | 23320 |
| INDIANA 0.0% | INDIANA 0.0% | INDIANA 0.0% |
|  Indiana Finance Authority Revenue Bonds, (BABs), Series 2009 | Indiana Finance Authority Revenue Bonds, (BABs), Series 2009 | Indiana Finance Authority Revenue Bonds, (BABs), Series 2009 |
|  6.596% due 02/01/2039 | 1750 | 1926 |
| MASSACHUSETTS 0.0% | MASSACHUSETTS 0.0% | MASSACHUSETTS 0.0% |
|  Massachusetts Port Authority Revenue Bonds, Series 2011 | Massachusetts Port Authority Revenue Bonds, Series 2011 | Massachusetts Port Authority Revenue Bonds, Series 2011 |
|  6.202% due 07/01/2031 | 2360 | 2477 |
| MICHIGAN 0.1% | MICHIGAN 0.1% | MICHIGAN 0.1% |
|  Michigan State University Revenue Bonds, Series 2022 | Michigan State University Revenue Bonds, Series 2022 | Michigan State University Revenue Bonds, Series 2022 |
|  4.165% due 08/15/2122 | 16800 | 11971 |
|  University of Michigan Revenue Bonds, Series 2020 | University of Michigan Revenue Bonds, Series 2020 | University of Michigan Revenue Bonds, Series 2020 |
|  2.437% due 04/01/2040 | 15000 | 11325 |
|  2.562% due 04/01/2050 | 7000 | 4302 |
|  University of Michigan Revenue Bonds, Series 2022 | University of Michigan Revenue Bonds, Series 2022 | University of Michigan Revenue Bonds, Series 2022 |
|  4.454% due 04/01/2122 | 7400 | 5746 |
|  |  | 33344 |
| NEVADA 0.0% | NEVADA 0.0% | NEVADA 0.0% |
|  Reno, Nevada Revenue Bonds, (NPFGC Insured), Series 2005 | Reno, Nevada Revenue Bonds, (NPFGC Insured), Series 2005 | Reno, Nevada Revenue Bonds, (NPFGC Insured), Series 2005 |
|  0.000% due 06/01/2036 (e) | 6375 | 3808 |
| NEW JERSEY 0.0% | NEW JERSEY 0.0% | NEW JERSEY 0.0% |
|  New Jersey Turnpike Authority Revenue Bonds, (BABs), Series 2010 | New Jersey Turnpike Authority Revenue Bonds, (BABs), Series 2010 | New Jersey Turnpike Authority Revenue Bonds, (BABs), Series 2010 |
|  7.102% due 01/01/2041 | 920 | 1062 |
| NEW MEXICO 0.0% | NEW MEXICO 0.0% | NEW MEXICO 0.0% |
|  New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017 | New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017 | New Mexico Hospital Equipment Loan Council Revenue Bonds, Series 2017 |
|  4.406% due 08/01/2046 | 6100 | 5255 |
| NEW YORK 0.3% | NEW YORK 0.3% | NEW YORK 0.3% |
|  New York City, New York Industrial Development Agency Revenue Bonds, (AGM Insured), Series 2006 | New York City, New York Industrial Development Agency Revenue Bonds, (AGM Insured), Series 2006 | New York City, New York Industrial Development Agency Revenue Bonds, (AGM Insured), Series 2006 |
|  6.027% due 01/01/2046 | 450 | 440 |
|  New York State Dormitory Authority Revenue Bonds, (BABs), Series 2009 | New York State Dormitory Authority Revenue Bonds, (BABs), Series 2009 | New York State Dormitory Authority Revenue Bonds, (BABs), Series 2009 |
|  5.427% due 03/15/2039 | 1075 | 1079 |
|  New York State Dormitory Authority Revenue Bonds, (BABs), Series 2010 | New York State Dormitory Authority Revenue Bonds, (BABs), Series 2010 | New York State Dormitory Authority Revenue Bonds, (BABs), Series 2010 |
|  5.289% due 03/15/2033 | 402 | 407 |
|  5.389% due 03/15/2040 | 200 | 199 |
|  New York State Dormitory Authority Revenue Bonds, Series 2010 | New York State Dormitory Authority Revenue Bonds, Series 2010 | New York State Dormitory Authority Revenue Bonds, Series 2010 |
|  5.051% due 09/15/2027 | 2735 | 2765 |
|  New York State Urban Development Corp. Revenue Bonds, (BABs), Series 2009 | New York State Urban Development Corp. Revenue Bonds, (BABs), Series 2009 | New York State Urban Development Corp. Revenue Bonds, (BABs), Series 2009 |
|  5.770% due 03/15/2039 | 6290 | 6438 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2010 | Port Authority of New York & New Jersey Revenue Bonds, Series 2010 | Port Authority of New York & New Jersey Revenue Bonds, Series 2010 |
|  5.647% due 11/01/2040 | 500 | 523 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2011 | Port Authority of New York & New Jersey Revenue Bonds, Series 2011 | Port Authority of New York & New Jersey Revenue Bonds, Series 2011 |
|  4.926% due 10/01/2051 | 200 | 186 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2012 | Port Authority of New York & New Jersey Revenue Bonds, Series 2012 | Port Authority of New York & New Jersey Revenue Bonds, Series 2012 |
|  4.458% due 10/01/2062 | 84130 | 70628 |
|  Port Authority of New York & New Jersey Revenue Bonds, Series 2014 | Port Authority of New York & New Jersey Revenue Bonds, Series 2014 | Port Authority of New York & New Jersey Revenue Bonds, Series 2014 |
|  5.310% due 08/01/2046 | 2800 | 2756 |
|  |  | 85421 |

---

90 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| OHIO 0.2% | OHIO 0.2% | OHIO 0.2% |
|  American Municipal Power, Inc., Ohio Revenue Bonds, (BABs),Series 2009 | American Municipal Power, Inc., Ohio Revenue Bonds, (BABs),Series 2009 | American Municipal Power, Inc., Ohio Revenue Bonds, (BABs),Series 2009 |
|  6.449% due 02/15/2044 | 1000 | 1049 |
|  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 |
|  7.334% due 02/15/2028 | 605 | 628 |
|  7.734% due 02/15/2033 | 7325 | 8409 |
|  8.084% due 02/15/2050 | 40725 | 50866 |
|  Ohio State University Revenue Bonds, Series 2011 | Ohio State University Revenue Bonds, Series 2011 | Ohio State University Revenue Bonds, Series 2011 |
|  4.800% due 06/01/2111 | 67 | 55 |
|  |  | 61007 |
| PENNSYLVANIA 0.1% | PENNSYLVANIA 0.1% | PENNSYLVANIA 0.1% |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, (BABs), Series 2010 | Pennsylvania Economic Development Financing Authority Revenue Bonds, (BABs), Series 2010 | Pennsylvania Economic Development Financing Authority Revenue Bonds, (BABs), Series 2010 |
|  6.532% due 06/15/2039 | 11500 | 12492 |
| TEXAS 0.4% | TEXAS 0.4% | TEXAS 0.4% |
|  Dallas Convention Center Hotel Development Corp. Texas Revenue Bonds, (BABs), Series 2009 | Dallas Convention Center Hotel Development Corp. Texas Revenue Bonds, (BABs), Series 2009 | Dallas Convention Center Hotel Development Corp. Texas Revenue Bonds, (BABs), Series 2009 |
|  7.088% due 01/01/2042 | 13710 | 15222 |
|  Dallas, Texas General Obligation Bonds, Series 2005 | Dallas, Texas General Obligation Bonds, Series 2005 | Dallas, Texas General Obligation Bonds, Series 2005 |
|  0.000% due 02/15/2033 (e) | 19795 | 14403 |
|  0.000% due 02/15/2035 (e) | 8205 | 5349 |
|  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 | 20933 | 21453 |
|  5.169% due 04/01/2041 | 25300 | 25648 |
|  Texas Transportation Commission State Highway Fund Revenue Bonds, (BABs), Series 2010 | Texas Transportation Commission State Highway Fund Revenue Bonds, (BABs), Series 2010 | Texas Transportation Commission State Highway Fund Revenue Bonds, (BABs), Series 2010 |
|  5.178% due 04/01/2030 | 16000 | 16283 |
|  University of Texas System Revenue Bonds, Series 2020 | University of Texas System Revenue Bonds, Series 2020 | University of Texas System Revenue Bonds, Series 2020 |
|  2.439% due 08/15/2049 | 8700 | 5290 |
|  |  | 103648 |
| VIRGINIA 0.0% | VIRGINIA 0.0% | VIRGINIA 0.0% |
|  University of Virginia Revenue Bonds, (BABs), Series 2009 | University of Virginia Revenue Bonds, (BABs), Series 2009 | University of Virginia Revenue Bonds, (BABs), Series 2009 |
|  6.200% due 09/01/2039 | 1245 | 1354 |
| WISCONSIN 0.0% | WISCONSIN 0.0% | WISCONSIN 0.0% |
|  Milwaukee Redevelopment Authority, Wisconsin Revenue Bonds, (NPFGC Insured), Series 2003 | Milwaukee Redevelopment Authority, Wisconsin Revenue Bonds, (NPFGC Insured), Series 2003 | Milwaukee Redevelopment Authority, Wisconsin Revenue Bonds, (NPFGC Insured), Series 2003 |
|  0.000% due 04/01/2036 (e) | 1900 | 1140 |
|  0.000% due 04/01/2037 (e) | 2150 | 1216 |
|  0.000% due 04/01/2038 (e) | 2800 | 1488 |
|  0.000% due 04/01/2039 (e) | 2500 | 1247 |
|  |  | 5091 |
|  Total Municipal Bonds & Notes (Cost $612,194) | Total Municipal Bonds & Notes (Cost $612,194) | 581234 |
| U.S. GOVERNMENT AGENCIES 16.9% | U.S. GOVERNMENT AGENCIES 16.9% | U.S. GOVERNMENT AGENCIES 16.9% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  5.500% due 08/01/2054 - 01/01/2055 | 32642 | 32826 |
|  Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates | Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates | Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates |
|  4.303% due 10/25/2052 ~ | 17886 | 15355 |
|  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 |
|  4.562% due 08/15/2032 ~ | 1 | 1 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.500% due 12/01/2042 - 04/01/2049 | 5864 | 5473 |
|  4.000% due 10/01/2040 - 08/01/2049 | 526 | 503 |
|  5.500% due 10/01/2054 | 296 | 303 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.500% due 07/20/2052 - 03/20/2056 | 99690 | 91575 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.500% due 09/15/2033 | 3 | 3 |
|  8.500% due 09/15/2030 | 2 | 2 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  3.500% due 04/01/2056 | 200 | 183 |
|  4.000% due 05/01/2056 | 171300 | 160382 |
|  4.500% due 06/01/2040 - 05/01/2056 | 116600 | 112546 |
|  5.000% due 06/01/2040 - 05/01/2056 | 123400 | 121941 |
|  6.000% due 04/01/2056 - 05/01/2056 | 47800 | 48562 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 06/01/2056 | 831 | 783 |
|  4.500% due 04/01/2056 - 06/01/2056 | 2096238 | 2020524 |
|  5.000% due 04/01/2056 - 06/01/2056 | 1925449 | 1896544 |
|  6.000% due 06/01/2056 - 07/01/2056 | 300000 | 305322 |
|  Total U.S. Government Agencies (Cost $4,816,314) | Total U.S. Government Agencies (Cost $4,816,314) | 4812828 |
| U.S. TREASURY OBLIGATIONS 27.3% | U.S. TREASURY OBLIGATIONS 27.3% | U.S. TREASURY OBLIGATIONS 27.3% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.875% due 02/15/2051 | 221800 | 123203 |
|  2.000% due 02/15/2050 (n)(p) | 47900 | 27898 |
|  2.250% due 05/15/2041 (n)(p) | 100000 | 72912 |
|  2.250% due 02/15/2052 (n)(p) | 84300 | 50832 |
|  2.375% due 02/15/2042 (l)(n) | 514700 | 375269 |
|  2.500% due 02/15/2045 (l)(n) | 498818 | 349971 |
|  2.500% due 02/15/2046 (n)(p) | 185185 | 127807 |
|  2.500% due 05/15/2046 (n)(p) | 189000 | 129908 |
|  2.750% due 11/15/2042 (n) | 100000 | 76098 |
|  2.750% due 08/15/2047 (n) | 216500 | 153267 |
|  2.750% due 11/15/2047 (n) | 100512 | 70928 |
|  2.875% due 08/15/2045 (n) | 170392 | 126563 |
|  2.875% due 05/15/2049 (l)(n) | 633400 | 450506 |
|  2.875% due 05/15/2052 (n)(p) | 79743 | 55320 |
|  3.000% due 02/15/2048 (n)(p) | 17600 | 12983 |
|  3.000% due 08/15/2048 (n) | 207264 | 152169 |
|  3.000% due 02/15/2049 | 151900 | 110988 |
|  3.125% due 02/15/2043 (l)(n)(p) | 321900 | 257847 |
|  3.125% due 05/15/2048 (n)(p) | 91885 | 69176 |
|  3.250% due 05/15/2042 (n) | 156686 | 129150 |
|  3.375% due 08/15/2042 (n)(p) | 130974 | 109450 |
|  3.375% due 11/15/2048 (n)(p) | 57500 | 45077 |
|  3.750% due 08/15/2041 (l)(n)(p) | 75600 | 67449 |
|  3.875% due 02/15/2043 (n)(p) | 128300 | 114042 |
|  3.875% due 05/15/2043 (l)(n) | 176200 | 156219 |
|  4.000% due 11/15/2042 (l)(n) | 184350 | 166869 |
|  4.000% due 11/15/2052 (n)(p) | 210654 | 181039 |
|  4.250% due 02/15/2054 (n) | 189500 | 169784 |
|  4.250% due 08/15/2054 (l) | 138500 | 124076 |
|  4.375% due 05/15/2041 | 153100 | 147508 |
|  4.375% due 08/15/2043 | 191865 | 181159 |
|  4.500% due 11/15/2054 (l)(n)(p) | 502600 | 469656 |
|  4.625% due 11/15/2044 (l) | 11700 | 11324 |
|  4.625% due 11/15/2045 (l) | 253000 | 244066 |
|  4.625% due 02/15/2046 (l) | 9200 | 8870 |
|  4.625% due 05/15/2054 (n)(p) | 351800 | 335529 |
|  4.625% due 02/15/2055 (l) | 539600 | 514791 |
|  4.625% due 11/15/2055 (l) | 466916 | 446197 |
|  4.750% due 02/15/2045 (l) | 18800 | 18478 |
|  4.750% due 05/15/2055 (l) | 182890 | 178139 |
|  4.750% due 08/15/2055 (l) | 739858 | 721130 |
|  4.750% due 02/15/2056 (n) | 257000 | 250695 |
|  4.875% due 08/15/2045 (l) | 37357 | 37243 |
|  U.S. Treasury Inflation Protected Securities (g) | U.S. Treasury Inflation Protected Securities (g) | U.S. Treasury Inflation Protected Securities (g) |
|  2.375% due 02/15/2055 (l) | 10203 | 9493 |
|  2.375% due 02/15/2056 | 59912 | 55702 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.125% due 02/15/2036 (l)(n) | 52813 | 51992 |
|  U.S. Treasury STRIPS | U.S. Treasury STRIPS | U.S. Treasury STRIPS |
|  0.000% due 11/15/2041 (a) | 35800 | 16527 |
|  0.000% due 02/15/2042 (a)(n) | 17670 | 8037 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.000% due 05/15/2042 (a) | $— | 21000 | 9413 |
|  0.000% due 11/15/2042 (a) |  | 26900 | 11692 |
|  Total U.S. Treasury Obligations (Cost $8,704,039) | Total U.S. Treasury Obligations (Cost $8,704,039) | Total U.S. Treasury Obligations (Cost $8,704,039) | 7784441 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.9% |
|  1166 Avenue of the Americas Commercial Mortgage Trust II | 1166 Avenue of the Americas Commercial Mortgage Trust II | 1166 Avenue of the Americas Commercial Mortgage Trust II | 1166 Avenue of the Americas Commercial Mortgage Trust II |
|  5.690% due 10/13/2037 |  | 20220 | 17590 |
|  Bank | Bank | Bank | Bank |
|  2.283% due 09/15/2064 |  | 7400 | 6991 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
|  4.685% due 02/15/2039 •  |  | 1048 | 1048 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.453% due 02/25/2035 •  |  | 6 | 6 |
|  CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust |
|  5.187% due 07/15/2038 •  |  | 3000 | 2665 |
|  DC Commercial Mortgage Trust | DC Commercial Mortgage Trust | DC Commercial Mortgage Trust | DC Commercial Mortgage Trust |
|  6.314% due 09/12/2040 |  | 2000 | 2040 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  5.226% due 11/25/2055 ~ |  | 32900 | 32990 |
|  5.547% due 11/25/2055 «~ |  | 48600 | 49432 |
|  5.616% due 11/25/2055 « |  | 32200 | 31996 |
|  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 |  | 6910 | 6497 |
|  4.248% due 07/05/2033 |  | 6100 | 5840 |
|  4.519% due 04/15/2037 •  |  | 939 | 930 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.867% due 03/25/2028 •  |  | 2 | 2 |
|  4.883% due 01/25/2029 •  |  | 7 | 7 |
|  Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
|  3.821% due 02/15/2039 |  | 9900 | 9254 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 11/25/2059 ~ |  | 6065 | 5830 |
|  6.864% due 10/25/2063 þ |  | 4063 | 4097 |
|  One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust |
|  4.737% due 01/15/2036 •  |  | 7551 | 7294 |
|  PMT Loan Trust | PMT Loan Trust | PMT Loan Trust | PMT Loan Trust |
|  5.012% due 08/25/2056 •  |  | 524 | 526 |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  7.225% due 11/25/2058 þ |  | 667 | 673 |
|  Project Cashmere | Project Cashmere | Project Cashmere | Project Cashmere |
|  4.543% due 12/30/2057 «(b) |  | 389700 | 268873 |
|  5.713% due 12/30/2057 «(b) |  | 13000 | 8970 |
|  5.863% due 12/30/2057 «(b) |  | 9100 | 6279 |
|  6.163% due 12/30/2057 «(b) |  | 4800 | 3312 |
|  6.563% due 12/30/2057 «(b) |  | 3500 | 2415 |
|  Stripe Global Holdings, Inc. | Stripe Global Holdings, Inc. | Stripe Global Holdings, Inc. | Stripe Global Holdings, Inc. |
|  1.000% due 03/26/2029 «(k) |  | 28300 | 27868 |
|  Stripe Global Holdings, Inc. | Stripe Global Holdings, Inc. | Stripe Global Holdings, Inc. | Stripe Global Holdings, Inc. |
|  5.170% due 03/26/2031 «(k) |  | 28300 | 27652 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.749% due 09/25/2034 ~ | $— | 17 | 17 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  4.793% due 05/25/2058 •  |  | 615 | 626 |
|  VASA Trust | VASA Trust | VASA Trust | VASA Trust |
|  4.687% due 07/15/2039 •  |  | 1000 | 983 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $523,205) | Total Non-Agency Mortgage-Backed Securities (Cost $523,205) | Total Non-Agency Mortgage-Backed Securities (Cost $523,205) | 532703 |
| ASSET-BACKED SECURITIES 0.5% | ASSET-BACKED SECURITIES 0.5% | ASSET-BACKED SECURITIES 0.5% | ASSET-BACKED SECURITIES 0.5% |
| CMBS OTHER 0.3% | CMBS OTHER 0.3% | CMBS OTHER 0.3% | CMBS OTHER 0.3% |
|  Acore Issuer LLC | Acore Issuer LLC | Acore Issuer LLC | Acore Issuer LLC |
|  5.125% due 08/20/2043 •  |  | 24000 | 23985 |
|  ACRES Commercial Realty Issuer LLC | ACRES Commercial Realty Issuer LLC | ACRES Commercial Realty Issuer LLC | ACRES Commercial Realty Issuer LLC |
|  0.000% due 08/18/2044 •  |  | 4600 | 4597 |
|  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. |
|  5.137% due 11/15/2036 •  |  | 4578 | 4589 |
|  BRSP Ltd. | BRSP Ltd. | BRSP Ltd. | BRSP Ltd. |
|  5.127% due 08/19/2043 •  |  | 12100 | 12078 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **91** |

---

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.)

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  FS Rialto Issuer LLC | FS Rialto Issuer LLC | FS Rialto Issuer LLC |
|  0.000% due 01/19/2044 •  | 13100 | 13102 |
|  Greystone CRE Notes LLC | Greystone CRE Notes LLC | Greystone CRE Notes LLC |
|  5.154% due 01/15/2043 •  | 500 | 500 |
|  KREF Ltd. | KREF Ltd. | KREF Ltd. |
|  5.127% due 02/17/2039 •  | 1266 | 1267 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  5.000% due 02/18/2040 •  | 2000 | 1995 |
|  5.410% due 03/19/2039 •  | 1000 | 1000 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  4.874% due 10/16/2036 •  | 2564 | 2566 |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  5.169% due 12/18/2042 •  | 5000 | 5001 |
|  5.180% due 08/18/2043 •  | 3300 | 3304 |
|  5.501% due 09/17/2039 •  | 2091 | 2095 |
|  |  | 76079 |
| HOME EQUITY OTHER 0.0% | HOME EQUITY OTHER 0.0% | HOME EQUITY OTHER 0.0% |
|  Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust |
|  4.663% due 11/25/2034 •  | 1856 | 1927 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.648% due 03/25/2034 •  | 1507 | 1564 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.253% due 06/25/2036 •  | 3299 | 3224 |
|  |  | 6715 |
| OTHER ABS 0.2% | OTHER ABS 0.2% | OTHER ABS 0.2% |
|  AIM Aviation Finance Ltd. | AIM Aviation Finance Ltd. | AIM Aviation Finance Ltd. |
|  6.213% due 02/15/2040 þ | 3850 | 3778 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  4.858% due 10/25/2030 •  | 2993 | 2996 |
|  Castlelake Aircraft Structured Trust | Castlelake Aircraft Structured Trust | Castlelake Aircraft Structured Trust |
|  5.073% due 03/15/2051 | 14000 | 13770 |
|  Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund |
|  4.818% due 10/19/2029 •  | 179 | 179 |
|  KKR CLO 11 Ltd. | KKR CLO 11 Ltd. | KKR CLO 11 Ltd. |
|  5.114% due 01/15/2031 •  | 571 | 572 |
|  Labrador Aviation Finance Ltd. | Labrador Aviation Finance Ltd. | Labrador Aviation Finance Ltd. |
|  4.300% due 01/15/2042 | 5476 | 5619 |
|  MAST Ltd. | MAST Ltd. | MAST Ltd. |
|  5.134% due 02/15/2051 | 13917 | 13709 |
|  METAL LLC | METAL LLC | METAL LLC |
|  4.581% due 10/15/2042 | 9301 | 6510 |
|  Pikes Peak CLO 2 | Pikes Peak CLO 2 | Pikes Peak CLO 2 |
|  4.888% due 10/11/2034 •  | 3000 | 3004 |
|  Pikes Peak CLO 4 | Pikes Peak CLO 4 | Pikes Peak CLO 4 |
|  4.882% due 07/15/2034 •  | 3000 | 3004 |
|  Start II Ltd. | Start II Ltd. | Start II Ltd. |
|  4.089% due 03/15/2044 | 2001 | 2003 |
|  VB-S1 Issuer LLC | VB-S1 Issuer LLC | VB-S1 Issuer LLC |
|  3.706% due 02/15/2057 | 7100 | 6514 |
|  Venture 36 CLO Ltd. | Venture 36 CLO Ltd. | Venture 36 CLO Ltd. |
|  5.059% due 04/20/2032 •  | 2683 | 2686 |
|  Venture XIX CLO Ltd. | Venture XIX CLO Ltd. | Venture XIX CLO Ltd. |
|  5.194% due 01/15/2032 •  | 747 | 748 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  4.868% due 07/20/2032 •  | 2482 | 2481 |
|  5.009% due 10/17/2032 •  | 1309 | 1310 |
|  |  | 68883 |
|  Total Asset-Backed Securities (Cost $155,109) | Total Asset-Backed Securities (Cost $155,109) | 151677 |
| SOVEREIGN ISSUES 4.9% | SOVEREIGN ISSUES 4.9% | SOVEREIGN ISSUES 4.9% |
|  Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds |
|  2.700% due 09/02/2070 | 37100 | 19312 |
|  3.125% due 04/16/2030 | 13700 | 13043 |
|  3.125% due 09/30/2049 | 5200 | 3438 |
|  3.875% due 04/16/2050 | 12600 | 9469 |
|  Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds |
|  5.000% due 01/27/2045 | 46630 | 36717 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.875% due 04/30/2029 | 11500 | 12003 |
|  Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
|  4.000% due 01/31/2052 | 3200 | 2499 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  5.375% due 01/21/2029 | 3200 | 3174 |
|  6.125% due 01/21/2031 | 8700 | 8570 |
|  6.500% due 01/21/2033 | 5600 | 5491 |
|  Colombia TES | Colombia TES | Colombia TES |
|  9.250% due 05/28/2042 | 15335000 | 3133 |
|  11.000% due 08/22/2029 | 187697600 | 47324 |
|  11.500% due 07/25/2046 | 77000 | 19 |
|  11.750% due 01/24/2035 | 336443500 | 83416 |
|  12.750% due 11/28/2040 | 236960400 | 62806 |
|  13.250% due 02/09/2033 | 163837700 | 43927 |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  3.875% due 07/03/2050 | 18000 | 12714 |
|  4.125% due 01/17/2048 | 13300 | 10071 |
|  4.500% due 01/13/2031 | 10000 | 9801 |
|  4.500% due 04/03/2120 | 4600 | 3287 |
|  5.375% due 03/12/2029 | 5000 | 5080 |
|  5.375% due 02/19/2030 | 17400 | 17679 |
|  5.500% due 03/12/2034 | 5000 | 5071 |
|  5.750% due 03/12/2054 | 20000 | 18630 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  3.500% due 09/19/2029 | 5500 | 6253 |
|  3.771% due 05/24/2061 | 59442 | 35695 |
|  4.500% due 03/19/2034 | 4400 | 4955 |
|  4.750% due 03/22/2031 (l) | 15000 | 14678 |
|  5.125% due 03/19/2038 | 1700 | 1900 |
|  5.375% due 03/22/2033 | 4800 | 4704 |
|  5.625% due 09/22/2035 | 9600 | 9302 |
|  6.338% due 05/04/2053 | 1564 | 1458 |
|  6.400% due 05/07/2054 | 25000 | 23471 |
|  6.875% due 05/13/2037 | 8200 | 8610 |
|  7.375% due 05/13/2055 | 3100 | 3265 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  2.750% due 11/27/2031 (g) | 1230 | 61 |
|  4.000% due 11/30/2028 (g) | 40896 | 2265 |
|  4.000% due 08/24/2034 (g) | 369 | 19 |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
|  1.750% due 03/20/2034 | 13500 | 7123 |
|  2.000% due 03/08/2033 | 5900 | 3303 |
|  3.500% due 11/20/2037 | 31800 | 17741 |
|  4.750% due 02/20/2037 | 6500 | 4149 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  5.350% due 08/12/2040 | 2700 | 651 |
|  5.400% due 08/12/2034 | 21100 | 5761 |
|  7.300% due 08/12/2033 | 192055 | 60473 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.375% due 02/08/2035 | 1800 | 1799 |
|  5.400% due 08/12/2034 | 365300 | 99736 |
|  5.875% due 08/08/2054 (l) | 1400 | 1353 |
|  6.150% due 08/12/2032 | 121496 | 36512 |
|  6.900% due 08/12/2037 | 3900 | 1114 |
|  6.950% due 08/12/2031 | 88832 | 27686 |
|  Qatar Government International Bonds | Qatar Government International Bonds | Qatar Government International Bonds |
|  4.400% due 04/16/2050 | 6800 | 5644 |
|  5.103% due 04/23/2048 | 28900 | 26715 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |
|  1.500% due 08/20/2032 | 43400 | 23924 |
|  Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
|  5.500% due 04/04/2053 | 12400 | 11518 |
|  Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds |
|  4.850% due 09/30/2029 | 7300 | 7163 |
|  5.750% due 09/30/2049 | 38900 | 30126 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  1.750% due 07/13/2030 | 9100 | 9268 |
|  2.875% due 04/13/2042 | 9100 | 6596 |
|  3.750% due 02/07/2034 | 2900 | 2901 |
|  5.250% due 03/10/2030 | 12700 | 14901 |
|  5.250% due 05/30/2032 | 8700 | 9933 |
|  5.625% due 02/22/2036 | 4900 | 5441 |
|  5.625% due 05/30/2037 | 9700 | 10563 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  3.375% due 03/05/2032 | 5000 | 5605 |
|  3.450% due 02/02/2061 | 13100 | 8116 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.750% due 03/05/2037 (l) | EUR | 7100 | 7738 |
|  4.125% due 01/12/2029 | $| 30300 | 29913 |
|  4.500% due 10/26/2046 |  | 47700 | 38844 |
|  4.625% due 10/04/2047 |  | 14800 | 12207 |
|  5.000% due 04/17/2049 |  | 15000 | 12938 |
|  5.000% due 01/18/2053 |  | 25000 | 21186 |
|  5.125% due 01/13/2028 |  | 20000 | 20217 |
|  5.375% due 01/13/2031 |  | 20000 | 20450 |
|  5.750% due 01/16/2054 |  | 34400 | 32518 |
|  State of Israel | State of Israel | State of Israel | State of Israel |
|  3.800% due 05/13/2060 |  | 2100 | 1365 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
|  2.000% due 11/20/2037 | AUD | 65700 | 30649 |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  4.375% due 07/31/2054 | GBP | 153827 | 169538 |
|  Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds |
|  0.000% due 02/01/2030 þ(f) | $| 25 | 15 |
|  0.000% due 02/01/2034 þ(f) |  | 93 | 40 |
|  0.000% due 02/01/2035 þ(f) |  | 79 | 36 |
|  0.000% due 02/01/2036 þ(f) |  | 65 | 30 |
|  4.500% due 02/01/2034 þ |  | 137 | 73 |
|  4.500% due 02/01/2035 þ |  | 182 | 96 |
|  4.500% due 02/01/2036 þ |  | 137 | 71 |
|  Total Sovereign Issues (Cost $1,490,726) | Total Sovereign Issues (Cost $1,490,726) | Total Sovereign Issues (Cost $1,490,726) | 1397049 |
|  |  | **SHARES** |  |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Foresea Holdings SA « |  | 179471 | 4128 |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
|  MNSN Holdings, Inc. «(c)(k) |  | 14866 | 922 |
|  Total Common Stocks (Cost $3,878) | Total Common Stocks (Cost $3,878) | Total Common Stocks (Cost $3,878) | 5050 |
| CONVERTIBLE PREFERRED SECURITIES 0.1% | CONVERTIBLE PREFERRED SECURITIES 0.1% | CONVERTIBLE PREFERRED SECURITIES 0.1% | CONVERTIBLE PREFERRED SECURITIES 0.1% |
| BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  7.500% |  | 20200 | 23331 |
|  Total Convertible Preferred Securities (Cost $24,500) | Total Convertible Preferred Securities (Cost $24,500) | Total Convertible Preferred Securities (Cost $24,500) | 23331 |
| PREFERRED SECURITIES 1.9% | PREFERRED SECURITIES 1.9% | PREFERRED SECURITIES 1.9% | PREFERRED SECURITIES 1.9% |
| BANKING & FINANCE 1.9% | BANKING & FINANCE 1.9% | BANKING & FINANCE 1.9% | BANKING & FINANCE 1.9% |
|  American Express Co. | American Express Co. | American Express Co. | American Express Co. |
|  3.550% due 09/15/2026 •(h) |  | 6400000 | 6328 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  8.000% due 02/01/2034 •(h)(i) |  | 15000000 | 15824 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.875% due 03/15/2028 •(h) |  | 93500000 | 93776 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  3.950% due 09/01/2026 •(h) |  | 5700000 | 5616 |
|  Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
|  4.000% due 06/01/2026 •(h) |  | 11000000 | 10939 |
|  4.000% due 12/01/2030 •(h) |  | 57000000 | 52795 |
|  5.000% due 12/01/2027 •(h) |  | 8150000 | 8029 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  6.875% due 12/31/2099 |  | 27600000 | 27808 |
|  6.950% due 02/15/2030 •(h) |  | 26469000 | 26688 |

---

---

| | | |
|:---|:---|:---|
| **92** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.000% due 08/15/2034 •(h) | 17100000 | $— | 17603 |
|  CoBank ACB | CoBank ACB | CoBank ACB | CoBank ACB |
|  4.250% due 01/01/2027 •(h) | 12600000 |  | 12401 |
|  6.450% due 10/01/2027 •(h) | 15000000 |  | 15119 |
|  7.125% due 01/01/2030 •(h) | 15000000 |  | 15460 |
|  Depository Trust & Clearing Corp. | Depository Trust & Clearing Corp. | Depository Trust & Clearing Corp. | Depository Trust & Clearing Corp. |
|  3.375% due 06/20/2026 •(h) | 8500000 |  | 8438 |
|  Farm Credit Bank of Texas | Farm Credit Bank of Texas | Farm Credit Bank of Texas | Farm Credit Bank of Texas |
|  7.000% due 09/15/2030 •(h) | 5400000 |  | 5551 |
|  7.750% due 06/15/2029 •(h) | 4000000 |  | 4182 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  3.650% due 08/10/2026 •(h) | 21900000 |  | 21709 |
|  6.850% due 02/10/2030 •(h) | 15000000 |  | 15289 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  3.650% due 06/01/2026 •(h) | 26000000 |  | 25900 |
|  4.625% due 06/01/2026 (h) | 829000 |  | 15850 |
|  6.437% (TSFR3M + 2.745%) due 07/01/2026 ~(h) | 12700000 |  | 12721 |
|  6.500% due 04/01/2030 •(h) | 41000000 |  | 42098 |
|  6.875% due 06/01/2029 •(h) | 1840000 |  | 1915 |
|  MetLife Capital Trust IV | MetLife Capital Trust IV | MetLife Capital Trust IV | MetLife Capital Trust IV |
|  7.875% due 12/15/2067 | 23640000 |  | 25580 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
|  3.400% due 09/15/2026 •(h) | 2700000 |  | 2660 |
|  6.250% due 03/15/2030 •(h) | 1100000 |  | 1112 |
|  State Street Corp. | State Street Corp. | State Street Corp. | State Street Corp. |
|  6.700% due 03/15/2029 •(h) | 11900000 |  | 12127 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
|  5.300% due 04/15/2027 •(h) | 13555000 |  | 13491 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  6.850% due 09/15/2029 •(h) | 20000000 |  | 20725 |
|  |  |  | 537734 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  SVB Financial Trust | SVB Financial Trust | SVB Financial Trust | SVB Financial Trust |
|  0.000% due 11/07/2032 (e) | 516000 | $— | 34 |
|  11.000% due 11/07/2032 | 16945 |  | 8006 |
|  |  |  | 8040 |
|  Total Preferred Securities (Cost $571,522) | Total Preferred Securities (Cost $571,522) |  | 545774 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |  |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| COMMERCIAL PAPER 0.1% | COMMERCIAL PAPER 0.1% | COMMERCIAL PAPER 0.1% | COMMERCIAL PAPER 0.1% |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.300% due 04/21/2026 | 15200 |  | 15163 |
|  Edison International | Edison International | Edison International | Edison International |
|  4.380% due 04/27/2026 | 22300 |  | 22230 |
|  |  |  | 37393 |
|  | SHARES |  |  |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class, | State Street Institutional U.S. Government Money Market Fund, Premier Class, | State Street Institutional U.S. Government Money Market Fund, Premier Class, | State Street Institutional U.S. Government Money Market Fund, Premier Class, |
|  3.720% (j) | 4937680 |  | 4938 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |
|  3.620% due 04/07/2026 (d)(e)(p) | 1042 | $— | 1041 |
| Total Short-Term Instruments<br>(Cost $43,372) | Total Short-Term Instruments<br>(Cost $43,372) |  | 43372 |
| Total Investments in Securities<br>(Cost $39,834,065) | Total Investments in Securities<br>(Cost $39,834,065) |  | 36470901 |
|  | SHARES |  |  |
| 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 | 1271740 |  | 12385 |
| Total Short-Term Instruments<br>(Cost $12,384) | Total Short-Term Instruments<br>(Cost $12,384) |  | 12385 |
| Total Investments in Affiliates<br>(Cost $12,384) | Total Investments in Affiliates<br>(Cost $12,384) |  | 12385 |
| Total Investments 128.1%<br>(Cost $39,846,449) |  | $— | 36483286 |
|  Financial Derivative<br>Instruments (m)(o) 0.3%<br> (Cost or Premiums, net $616,801) | Financial Derivative<br>Instruments (m)(o) 0.3%<br> (Cost or Premiums, net $616,801) |  | 80484 |
| Other Assets and Liabilities, net (28.4)% | Other Assets and Liabilities, net (28.4)% |  | (8089386) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 28474384 |

---

#### 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) 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) 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 |
|  Alfa-Bank CJSC 5.860% due 10/21/2026 | 10/27/2025 | $5932 | $5932 | 0.02% |
|  Constellation Pharmaceutical, Inc. 5.550% due 07/01/2033 | 01/16/2025 | 9431 | 9661 | 0.03 |
|  Credit Opportunities Partners LLC 6.520% due 03/20/2028 | 02/20/2025 | 6900 | 6843 | 0.02 |
|  Credit Opportunities Partners LLC 6.740% due 03/20/2030 | 03/20/2025 | 8200 | 8074 | 0.03 |
|  Dorchester LLC 4.610% due 01/04/2027 | 12/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12945 | 0.05 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **93** |

---

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Description** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Market Value<br>as Percentage<br>of Net Assets** |
|  Hardwood Funding LLC 4.840% due 06/07/2028 | 03/11/2025 | $2600 | $2603 | 0.01% |
|  Hardwood Funding LLC 4.980% due 06/07/2030 | 03/11/2025 | 1700 | 1705 | 0.01 |
|  Hardwood Funding LLC 5.160% due 06/07/2032 | 03/11/2025 | 4200 | 4227 | 0.01 |
|  MNSN Holdings, Inc. | 04/26/2022 | 289 | 922 | 0.00 |
|  Morgan Stanley 0.000% due 04/02/2032 | 02/11/2020 - 08/23/2021 | 55835 | 46275 | 0.16 |
|  National Football League 5.250% due 10/05/2034 | 06/27/2025 | 34600 | 34499 | 0.12 |
|  National Football League 5.420% due 10/05/2037 | 06/27/2025 | 12000 | 11969 | 0.04 |
|  National Football League 5.580% due 10/05/2033 | 03/14/2024 | 10000 | 10004 | 0.04 |
|  National Football League 5.680% due 10/05/2035 | 03/14/2024 | 5000 | 4973 | 0.02 |
|  National Football League 5.890% due 10/05/2043 | 03/14/2024 | 5000 | 4830 | 0.02 |
|  Pinnacol Assurance 8.625% due 06/25/2034 | 06/23/2014 | 24000 | 25483 | 0.09 |
|  Royal Bank of Scotland International Ltd. 4.660% due 12/16/2028 | 11/18/2025 | 30000 | 29615 | 0.10 |
|  Stripe Global Holdings, Inc. 1.000% due 03/26/2029 | 02/25/2026 | 28300 | 27868 | 0.10 |
|  Stripe Global Holdings, Inc. 5.170% due 03/26/2031 | 02/25/2026 | 28300 | 27652 | 0.10 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285384 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276080 | 0.97% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | **Borrowing**<br> **Rate<sup>(1)</sup>** | **Settlement**<br> **Date** | **Maturity**<br> **Date** | **Amount<br>Borrowed<sup>(1)</sup>** | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BOS | 3.200% | 03/25/2026 | 06/12/2026 | $(2516) | $(2517) |
|  | 3.500 | 03/25/2026 | 06/12/2026 | (9167) | (9174) |
|  | 3.500 | 03/27/2026 | 06/12/2026 | (96274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96321) |
|  | 3.500 | 03/30/2026 | 06/12/2026 | (7611) | (7613) |
|  | 3.650 | 03/25/2026 | 06/12/2026 | (6448) | (6452) |
|  BPS | 3.750 | 12/12/2025 | TBD<sup>(2)</sup> | (8976) | (9079) |
|  BRC | (1.750) | 12/12/2025 | TBD<sup>(2)</sup> | (2764) | (2749) |
|  | 1.000 | 03/20/2026 | 05/01/2026 | (5437) | (5439) |
|  | 1.250 | 01/08/2026 | TBD<sup>(2)</sup> | (792) | (795) |
|  | 1.500 | 02/04/2026 | TBD<sup>(2)</sup> | (2745) | (3181) |
|  | 1.500 | 02/17/2026 | TBD<sup>(2)</sup> | (717) | (830) |
|  | 1.500 | 02/17/2026 | TBD<sup>(2)</sup> | (514) | (596) |
|  | 2.500 | 12/12/2025 | TBD<sup>(2)</sup> | $(1091) | (1100) |
|  | 2.500 | 03/13/2026 | TBD<sup>(2)</sup> | (926) | (1227) |
|  | 2.650 | 12/19/2025 | TBD<sup>(2)</sup> | (1794) | (2393) |
|  | 2.650 | 01/20/2026 | TBD<sup>(2)</sup> | (1057) | (1407) |
|  | 2.750 | 12/12/2025 | TBD<sup>(2)</sup> | $(3746) | (3778) |
|  | 3.000 | 12/12/2025 | TBD<sup>(2)</sup> | (2750) | (2775) |
|  | 3.000 | 02/04/2026 | TBD<sup>(2)</sup> | (902) | (906) |
|  | 3.000 | 03/31/2026 | 05/01/2026 | (3062) | (3062) |
|  | 3.250 | 03/20/2026 | 05/01/2026 | (9751) | (9762) |
|  | 3.450 | 12/12/2025 | TBD<sup>(2)</sup> | (9358) | (9456) |
|  | 3.550 | 12/12/2025 | TBD<sup>(2)</sup> | (17221) | (17408) |
|  | 3.650 | 12/12/2025 | TBD<sup>(2)</sup> | (91306) | (92324) |
|  DEU | 3.150 | 03/20/2026 | 05/01/2026 | (3523) | (3526) |
|  | 3.730 | 03/26/2026 | 04/02/2026 | (94718) | (94777) |
|  JML | 2.500 | 03/13/2026 | TBD<sup>(2)</sup> | (3807) | (5045) |
|  | 2.750 | 03/06/2026 | TBD<sup>(2)</sup> | (2934) | (3891) |
|  | 3.300 | 03/26/2026 | TBD<sup>(2)</sup> | $(12580) | (12586) |
|  JPS | 1.250 | 03/26/2026 | 04/01/2026 | (8924) | (8926) |
|  | 3.500 | 04/01/2026 | 04/07/2026 | (6831) | (6831) |
|  | 3.550 | 03/20/2026 | 05/01/2026 | (5495) | (5501) |
|  | 3.600 | 03/20/2026 | 05/01/2026 | (27256) | (27289) |
|  | 3.650 | 03/20/2026 | 05/01/2026 | (1869) | (1871) |
|  | 3.660 | 04/01/2026 | 04/07/2026 | (8912) | (8913) |
|  | 3.680 | 03/25/2026 | 04/01/2026 | (6264) | (6268) |
|  | 3.760 | 03/09/2026 | 04/17/2026 | (2694) | (2700) |
|  | 3.760 | 03/10/2026 | 04/21/2026 | (9034) | (9055) |
|  MEI | 2.000 | 03/25/2026 | 06/12/2026 | (7131) | (7133) |
|  MSC | 3.150 | 03/20/2026 | 05/01/2026 | (1979) | (1981) |
|  | 3.600 | 03/25/2026 | 05/01/2026 | (10909) | (10917) |
|  MYI | 1.000 | 04/01/2026 | TBD<sup>(2)</sup> | (1630) | (1630) |
|  | 2.950 | 02/03/2026 | 04/01/2026 | (1668) | (1676) |
|  | 3.600 | 12/12/2025 | TBD<sup>(2)</sup> | (606) | (613) |
|  NOM | 1.750 | 12/12/2025 | TBD<sup>(2)</sup> | (693) | (697) |
|  | 2.750 | 12/12/2025 | TBD<sup>(2)</sup> | (1035) | (1044) |

---

---

| | | |
|:---|:---|:---|
| **94** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  | 3.400% | 12/12/2025 | TBD<sup>(2)</sup> | $(4400) | $(4445) |
|  | 3.550 | 12/12/2025 | TBD<sup>(2)</sup> | (3740) | (3780) |
|  | 3.600 | 03/25/2026 | TBD<sup>(2)</sup> | (11582) | (11590) |
|  NXN | 3.750 | 04/01/2026 | 04/20/2026 | (1975753) | (1975753) |
|  | 3.770 | 03/18/2026 | 04/01/2026 | (1977642) | (1980541) |
|  | 3.770 | 03/26/2026 | 04/09/2026 | (294375) | (294560) |
|  | 3.770 | 03/27/2026 | 04/10/2026 | (243125) | (243252) |
|  RCY | 3.770 | 02/06/2026 | 04/20/2026 | (298875) | (300565) |
|  SCX | 3.650 | 01/29/2026 | TBD<sup>(2)</sup> | (1866) | (1878) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5329578) |

---

#### 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> |
|  BCY | 3.740% | 04/01/2026 | 04/08/2026 | $(9574) | $(9574) |
|  | 3.760 | 03/27/2026 | 04/08/2026 | (801) | (802) |
|  | 3.770 | 03/18/2026 | 04/16/2026 | (1628) | (1630) |
|  | 3.770 | 03/25/2026 | 04/16/2026 | (4363) | (4366) |
|  | 3.770 | 03/27/2026 | 04/16/2026 | (2913) | (2915) |
|  MSC | 3.780 | 03/25/2026 | 04/06/2026 | (1744) | (1745) |
|  TDM | 3.770 | 03/13/2026 | 04/14/2026 | (25111) | (25161) |
|  | 3.770 | 03/20/2026 | 04/14/2026 | (221) | (221) |
|  | 3.780 | 03/13/2026 | 04/22/2026 | (4418) | (4427) |
|  | 3.780 | 03/18/2026 | 04/22/2026 | (6437) | (6446) |
|  | 3.780 | 03/25/2026 | 04/22/2026 | (509) | (509) |
|  UBS | 3.760 | 02/24/2026 | 04/13/2026 | (4373) | (4390) |
|  | 3.770 | 03/18/2026 | 04/09/2026 | (370) | (371) |
|  | 3.770 | 03/18/2026 | 04/24/2026 | (2590) | (2593) |
|  | 3.770 | 03/27/2026 | 05/04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127334) | (127401) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(192551) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 |
|  BOS | $0 | $(122077) | $0 | $(122077) | $129028 | $6951 |
|  BPS | 0 | (9079) | 0 | (9079) | 9841 | 762 |
|  BRC | 0 | (159188) | 0 | (159188) | 168672 | 9484 |
|  DEU | 0 | (98303) | 0 | (98303) | 96605 | (1698) |
|  JML | 0 | (21522) | 0 | (21522) | 21454 | (68) |
|  JPS | 0 | (77354) | 0 | (77354) | 63144 | (14210) |
|  MEI | 0 | (7133) | 0 | (7133) | 7335 | 202 |
|  MSC | 0 | (12898) | 0 | (12898) | 13209 | 311 |
|  MYI | 0 | (3919) | 0 | (3919) | 2202 | (1717) |
|  NOM | 0 | (21556) | 0 | (21556) | 22692 | 1136 |
|  NXN | 0 | (4494106) | 0 | (4494106) | 2490066 | (2004040) |
|  RCY | 0 | (300565) | 0 | (300565) | 298326 | (2239) |
|  SCX | 0 | (1878) | 0 | (1878) | 1906 | 28 |
|  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 | (19287) | (19287) | 19190 | (97) |
|  MSC | 0 | 0 | (1745) | (1745) | 1750 | 5 |
|  TDM | 0 | 0 | (36764) | (36764) | 36967 | 203 |
|  UBS | 0 | 0 | (134755) | (134755) | 134828 | 73 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5329578) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(192551) |  |  |  |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 95

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.)

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Overnight and**<br> **Continuous** | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Corporate Bonds & Notes | $(1676) | $0 | $(198558) | $(178966) | $(379200) |
|  U.S. Treasury Obligations | (1962838) | (944909) | 0 | 0 | (2907747) |
|  Sovereign Issues | (32897) | 0 | 0 | (16607) | (49504) |
|  Total | $(1997411) | $(944909) | $(198558) | $(195573) | $(3336451) |
|  Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions |
|  U.S. Treasury Obligations | 0 | (65150) | (127401) | 0 | (192551) |
|  Total | $0 | $(65150) | $(127401) | $0 | $(192551) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1997411) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1010059) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(325959) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195573) | $(3529002) |
|  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> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3529002) |

---

(l) Securities with an aggregate market value of $3,515,882 and cash of $1,918 have been pledged as collateral under the terms of the above master agreements as of March 31, 2026.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended March 31, 2026 was $(2929558) at a weighted average interest rate of 4.124%. 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 $(534) of deferred price drop. 

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

<sup>(5)</sup> Unsettled reverse repurchase agreements liability of $(1993127) is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(m) 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** | **Strike<br>Price** | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - Eurex Euro-Bund 10-Year Bond April Futures | EUR | 125.500 | 04/24/2026 | 157 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 | $(64) | $(165) |
|  Call - Eurex Euro - Bund 10-Year Bond April Futures |  | 128.000 | 04/24/2026 | 157 | 157 | (55) | (20) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(185) |

---

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | **Strike<br>Price** | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | $110.000 | 04/24/2026 | 359 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359 | $(123) | $(133) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 113.000 | 04/24/2026 | 359 | 359 | (84) | (48) |
|  |  |  |  |  | $(207) | $(181) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(326) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(366) |

---

#### 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 | 4153 | $1000510 | $3602 | $363 | $0 |
|  3-Month SOFR Active Contract December Futures  | 03/2028 | 7248 | 1750301 | 12102 | 362 | 0 |
|  Australia Government 10-Year Bond June Futures  | 06/2026 | 2124 | 157908 | (519) | 1486 | 0 |
|  Euro-Bobl June Futures  | 06/2026 | 130 | 17345 | (274) | 69 | 0 |
|  Euro-Bund June Futures  | 06/2026 | 255 | 36958 | (924) | 268 | 0 |
|  Japan Government 10-Year Bond June Futures  | 06/2026 | 204 | 167501 | (1960) | 360 | (38) |
|  Long Guilt June Futures  | 06/2026 | 3041 | 353361 | (18878) | 2657 | 0 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2026 | 700 | 145212 | 154 | 55 | 0 |

---

---

| | | |
|:---|:---|:---|
| **96** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 8360 | $928352 | $(12059) | $1959 | $0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 3756 | 426365 | (9212) | 1115 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 25456 | 2967215 | (93131) | 5569 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121099) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14263 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) |
| **SHORT FUTURES CONTRACTS** |  |  |  |  |  |  |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 10194 | $(1102784) | $15319 | $0 | $(1434) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105780) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14263 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1472) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2026<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>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2026<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 |
|  Citigroup, Inc. | (1.000)% | Quarterly | 12/20/2032 | 0.833% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | $305 | $(380) | $(75) | $0 | $(12) |
|  General Motors Co. | (5.000) | Quarterly | 06/20/2030 | 1.057 | 21300 | (3584) | 309 | (3275) | 0 | (66) |
|  JPMorgan Chase & Co. | (1.000) | Quarterly | 12/20/2032 | 0.623 | 12500 | 269 | (550) | (281) | 0 | (8) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3010) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(621) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3631) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86) |

---

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2026<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>March 31, 2026<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 |
|  AES Corp. | 5.000% | Quarterly | 06/20/2027 | 0.305% | $15000 | $2072 | $(1200) | $872 | $4 | $0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.395 | 87600 | (468) | 1634 | 1166 | 29 | 0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2026 | 0.317 | 31000 | 393 | (231) | 162 | 3 | 0 |
|  British Telecommunications PLC | 1.000 | Quarterly | 12/20/2028 | 0.294 | 1600 | (4) | 39 | 35 | 0 | 0 |
|  Deutsche Bank | 1.000 | Quarterly | 12/20/2030 | 0.693 | 14200 | 249 | (21) | 228 | 3 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.051 | $5200 | 62 | (49) | 13 | 0 | 0 |
|  Glencore Finance | 5.000 | Quarterly | 06/20/2031 | 1.059 | 5000 | 1153 | (52) | 1101 | 2 | 0 |
|  Goldman Sachs Group, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.312 | $11700 | 73 | (51) | 22 | 0 | 0 |
|  Lloyds Banking Group PLC | 1.000 | Quarterly | 12/20/2030 | 0.760 | 21800 | 329 | (54) | 275 | 6 | 0 |
|  Morgan Stanley | 1.000 | Quarterly | 06/20/2026 | 0.303 | $56200 | 299 | (193) | 106 | 2 | 0 |
|  NextEra Energy Capital Holdings, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.138 | 15900 | 469 | (433) | 36 | 0 | 0 |
|  Oracle Corp. | 1.000 | Quarterly | 06/20/2030 | 1.622 | 36500 | 804 | (1652) | (848) | 72 | 0 |
|  Teck Resources Ltd. | 5.000 | Quarterly | 06/20/2026 | 0.098 | 10800 | 1877 | (1741) | 136 | 1 | 0 |
|  Tesco PLC | 1.000 | Quarterly | 06/20/2028 | 0.247 | 7700 | 82 | 67 | 149 | 2 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.240 | $10000 | 240 | (182) | 58 | 1 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.368 | 45200 | (132) | 759 | 627 | 16 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2028 | 0.423 | 9700 | (24) | 173 | 149 | 1 | 0 |
|  Volkswagen International Finance NV | 1.000 | Quarterly | 06/20/2028 | 0.426 | 13350 | 105 | 92 | 197 | 4 | 0 |
|  Williams Cos., Inc. | 1.000 | Quarterly | 12/20/2026 | 0.106 | $10900 | 78 | (4) | 74 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7657 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3099) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4558 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### 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>(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.EM-35 5-Year Index | 1.000% | Quarterly | 06/20/2026 | $276 | $(8) | $8 | $0 | $0 | $0 |
|  CDX.EM-36 5-Year Index | 1.000 | Quarterly | 12/20/2026 | 32292 | (1171) | 1257 | 86 | 12 | 0 |
|  CDX.EM-39 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 100 | (7) | 6 | (1) | 0 | (1) |
|  CDX.EM-40 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 5100 | (222) | 222 | 0 | 21 | 0 |
|  CDX.EM-41 5-Year Index | 1.000 | Quarterly | 06/20/2029 | 1600 | (61) | 56 | (5) | 7 | 0 |
|  CDX.EM-42 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 2000 | (58) | 45 | (13) | 10 | 0 |
|  CDX.EM-43 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 200 | (7) | 5 | (2) | 1 | 0 |
|  CDX.EM-44 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 1400 | (31) | 4 | (27) | 6 | 0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 25270 | 579 | (118) | 461 | 45 | 0 |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 13349276 | 292900 | (51871) | 241029 | 26138 | 0 |
|  CDX.IG-46 5-Year Index | 1.000 | Quarterly | 06/20/2031 | 9107825 | 154061 | 6184 | 160245 | 19734 | 0 |
|  CDX.iTraxx Crossover 44 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 309010 | 7473 | (2121) | 5352 | 375 | 0 |
|  CDX.iTraxx Main 45 5-Year Index | 1.000 | Quarterly | 06/20/2031 | 200000 | 3175 | 74 | 3249 | 0 | (31) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456623 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46249) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410374 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46349 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 97

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.)

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/18/2031 |  | 179700 | $(4470) | $(3191) | $(7661) | $572 | $0 |
|  Receive<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/16/2036 |  | 260940 | 10776 | 2880 | 13656 | 0 | (1042) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2027 |  | $776800 | 60943 | (17105) | 43838 | 0 | (195) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2027 |  | 400000 | 25816 | (9168) | 16648 | 0 | (95) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 |  | 593560 | (10847) | 7284 | (3563) | 0 | (558) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 |  | 2354200 | 54136 | (3021) | 51115 | 0 | (2224) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 |  | 500000 | 7081 | 2881 | 9962 | 0 | (487) |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.337 | Annual | 08/31/2030 |  | 37100 | 0 | 351 | 351 | 0 | (37) |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.369 | Annual | 08/31/2030 |  | 32800 | 0 | 270 | 270 | 0 | (33) |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.407 | Annual | 08/31/2030 |  | 14300 | 0 | 97 | 97 | 0 | (14) |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.422 | Annual | 08/31/2030 |  | 17400 | 0 | 109 | 109 | 0 | (17) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/18/2031 |  | 128900 | (170) | 874 | 704 | 0 | (135) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.694 | Annual | 04/30/2031 |  | 785750 | (502) | 1365 | 863 | 0 | (871) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.704 | Annual | 04/30/2031 |  | 344000 | 0 | 191 | 191 | 0 | (381) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.769 | Annual | 04/30/2031 |  | 218500 | 0 | (711) | (711) | 0 | (235) |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.564 | Annual | 01/31/2033 |  | 13500 | 0 | 113 | 113 | 0 | (15) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 |  | 510660 | 18869 | (16363) | 2506 | 0 | (508) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 |  | 301000 | (14925) | 16151 | 1226 | 0 | (289) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 09/17/2035 |  | 18100 | (53) | 507 | 454 | 0 | (15) |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.712 | Annual | 11/15/2035 |  | 13300 | 0 | 144 | 144 | 0 | (11) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.679 | Annual | 02/15/2036 |  | 14400 | 0 | 215 | 215 | 0 | (11) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.755 | Annual | 02/15/2036 |  | 31500 | 0 | 272 | 272 | 0 | (25) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.748 | Annual | 03/03/2036 |  | 37900 | (76) | 433 | 357 | 0 | (30) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.775 | Annual | 03/03/2036 |  | 37100 | (76) | 341 | 265 | 0 | (30) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2036 |  | 19200 | (510) | 293 | (217) | 0 | (16) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.066 | Annual | 02/15/2046 |  | 8200 | 0 | 112 | 112 | 15 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 11/15/2053 |  | 37700 | 788 | 386 | 1174 | 125 | 0 |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.998 | Annual | 11/15/2053 |  | 15200 | 0 | 402 | 402 | 54 | 0 |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.010 | Annual | 11/15/2053 |  | 7600 | 0 | 186 | 186 | 27 | 0 |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 11/15/2053 |  | 7000 | 0 | 165 | 165 | 25 | 0 |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.082 | Annual | 11/15/2053 |  | 6500 | 0 | 83 | 83 | 23 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.085 | Annual | 11/15/2053 |  | 107681 | 187 | 1216 | 1403 | 359 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.765 | Annual | 12/17/2054 |  | 71000 | 0 | 4555 | 4555 | 262 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 |  | 249200 | 4161 | 23113 | 27274 | 908 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.052 | Annual | 02/15/2056 |  | 8400 | 0 | 119 | 119 | 33 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.059 | Annual | 02/15/2056 |  | 10400 | 0 | 134 | 134 | 40 | 0 |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/17/2056 |  | 351000 | 5318 | 2912 | 8230 | 1345 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2030 |  | 940100 | 7577 | (22631) | (15054) | 4538 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 12/17/2035 |  | 256600 | (2938) | (11346) | (14284) | 2278 | 0 |
|  Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 09/16/2031 |  | 449460 | (1050) | (9516) | (10566) | 2247 | 0 |
|  Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 09/16/2036 |  | 110400 | (3055) | (961) | (4016) | 975 | 0 |
|  Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 09/16/2056 |  | 217290 | 3306 | 2169 | 5475 | 0 | (2425) |
|  |  |  |  |  |  |  | $160286 | $(23690) | $136596 | $13826 | $(9699) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $621556 | $(73659) | $547897 | $60321 | $(9817) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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>(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;14263 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60321 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74584 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(366) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1625) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9817) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11808) |

---

(n) Securities with an aggregate market value of $1,300,799 and cash of $23,182 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2026. 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 $152 and liablity of $(4) is outstanding at period end. 

<sup>(2)</sup> If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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. 

---

| | | |
|:---|:---|:---|
| **98** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

<sup>(3)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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 Portfolio 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 liability of $(153) for closed futures is outstanding at period end. 

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  BOA | 04/2026 | 13305 | $15497 | $119 | $0 |
|  | 04/2026 | $379731 | 330402 | 2164 | 0 |
|  | 04/2026 | 5186 | 18067 | 4 | 0 |
|  | 05/2026 | 330402 | $380319 | 0 | (2159) |
|  | 06/2026 | 86622 | 25468 | 677 | (6) |
|  BPS | 04/2026 | 10729 | 7635 | 232 | 0 |
|  | 04/2026 | 105697 | 124965 | 2795 | 0 |
|  | 04/2026 | 3928 | 5210 | 10 | 0 |
|  | 04/2026 | $9307 | 13248 | 0 | (167) |
|  | 06/2026 | 2188 | $1 | 0 | 0 |
|  BRC | 04/2026 | 187558 | 253670 | 5417 | 0 |
|  | 05/2026 | $1940 | 7174061 | 0 | (3) |
|  | 05/2026 | 221 | 35000 | 0 | 0 |
|  | 07/2026 | 11913716 | $3138 | 0 | (23) |
|  | 08/2026 | 7325574 | 1940 | 0 | 0 |
|  BSH | 04/2026 | $785 | 125265 | 5 | 0 |
|  | 05/2026 | 124888 | $785 | 0 | (5) |
|  | 05/2026 | 71032 | 20322 | 207 | (253) |
|  | 06/2026 | 60512 | 17712 | 393 | 0 |
|  | 07/2026 | 80585 | 23917 | 890 | 0 |
|  | 09/2026 | 37050 | 10824 | 261 | 0 |
|  CBK | 04/2026 | 21601 | 15259 | 356 | 0 |
|  | 04/2026 | 18754055 | 4917 | 0 | (188) |
|  | 04/2026 | 110860 | 128698 | 561 | 0 |
|  | 04/2026 | 4613 | 6177 | 71 | 0 |
|  | 04/2026 | 19071 | 5590 | 112 | 0 |
|  | 04/2026 | $2783 | 3929 | 0 | (72) |
|  | 04/2026 | 5017 | 18694849 | 72 | 0 |
|  | 04/2026 | 14945 | 12890 | 0 | (47) |
|  | 04/2026 | 2366 | 1760 | 0 | (37) |
|  | 05/2026 | 53290235 | $14429 | 42 | 0 |
|  | 05/2026 | 85592 | 24505 | 104 | (134) |
|  | 05/2026 | $4288 | 6257 | 27 | 0 |
|  | 05/2026 | 11 | 36 | 0 | 0 |
|  | 06/2026 | 164852858 | $43561 | 0 | (583) |
|  | 07/2026 | 42186775 | 11054 | 0 | (176) |
|  | 07/2026 | 94985 | 28255 | 1122 | 0 |
|  | 08/2026 | 83215 | 24565 | 807 | 0 |
|  | 09/2026 | 6589825 | 1700 | 0 | (28) |
|  | 09/2026 | 33897 | 9803 | 143 | 0 |
|  | 11/2026 | 14562 | 4257 | 123 | 0 |
|  | 01/2027 | 10274 | 3015 | 105 | 0 |
|  DUB | 04/2026 | $86790 | 126517 | 500 | 0 |
|  | 05/2026 | 126517 | $86757 | 0 | (501) |
|  | 06/2026 | 20613 | 6022 | 118 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **99** |

---

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 07/2026 | 53281 | $15752 | $516 | $0 |
|  FAR | 04/2026 | 25686 | 18204 | 482 | 0 |
|  | 04/2026 | 8400 | 54 | 1 | 0 |
|  | 04/2026 | $304384 | 229145 | 0 | (1087) |
|  | 04/2026 | 977 | 155967 | 6 | 0 |
|  | 05/2026 | 227987 | $302830 | 1077 | 0 |
|  | 05/2026 | 155495 | 977 | 0 | (5) |
|  | 05/2026 | $3776 | 13955309 | 0 | (8) |
|  | 06/2026 | 47660 | $13851 | 207 | 0 |
|  | 08/2026 | 14253218 | 3776 | 0 | 0 |
|  GLM | 04/2026 | 6706186 | 1780 | 0 | (38) |
|  | 05/2026 | 16263 | 4813 | 152 | 0 |
|  | 06/2026 | 228881 | 60 | 0 | (2) |
|  | 06/2026 | 10373 | 2957 | 0 | (12) |
|  | 07/2026 | 872869 | 229 | 0 | (3) |
|  IND | 04/2026 | 217975 | 257382 | 5435 | 0 |
|  JPM | 04/2026 | 935 | 172318 | 6 | 0 |
|  | 04/2026 | $16034 | 23000 | 0 | (165) |
|  | 04/2026 | 121440 | 103464 | 0 | (1851) |
|  | 05/2026 | 13405 | $9187 | 0 | (58) |
|  | 05/2026 | 114 | 20878 | 0 | 0 |
|  MBC | 04/2026 | 61973 | $43589 | 831 | 0 |
|  | 04/2026 | 51508 | 69406 | 1230 | 0 |
|  | 04/2026 | 151354 | 821 | 0 | (5) |
|  | 04/2026 | 337117 | $2121 | 1 | (4) |
|  | 04/2026 | $4616 | 6661 | 0 | (21) |
|  | 04/2026 | 9845 | 36452898 | 72 | 0 |
|  | 04/2026 | 1241 | 1081 | 8 | 0 |
|  | 04/2026 | 4190 | 3131 | 0 | (45) |
|  | 04/2026 | 435 | 69507 | 3 | 0 |
|  | 05/2026 | 821 | 151155 | 5 | 0 |
|  | 05/2026 | 69298 | $435 | 0 | (3) |
|  | 07/2026 | 37296501 | 9845 | 0 | (64) |
|  SCX | 04/2026 | 4185 | 7009 | 0 | (1) |
|  | 04/2026 | 6606 | $42 | 1 | 0 |
|  | 04/2026 | $18182 | 13571 | 0 | (219) |
|  | 06/2026 | 22297027 | $5936 | 0 | (34) |
|  SSB | 04/2026 | 53366 | 37976 | 1156 | 0 |
|  | 06/2026 | 17141 | 4962 | 55 | 0 |
|  UAG | 04/2026 | 7009 | 4189 | 6 | 0 |
|  | 04/2026 | 103814887 | $27109 | 0 | (1136) |
|  | 04/2026 | $18128 | 67401566 | 209 | 0 |
|  | 05/2026 | 4181 | 7009 | 0 | (5) |
|  | 05/2026 | $8814 | 32586570 | 0 | (17) |
|  | 06/2026 | 482208474 | $127219 | 0 | (1906) |
|  | 08/2026 | 33278722 | 8814 | 2 | (2) |
|  | 09/2026 | 8264304 | 2138 | 0 | (29) |
|  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;28898 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11102) |

---

#### 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 |
| BOA | Put - OTC iTraxx Europe 44 5-Year | Sell | 1.050% | 05/20/2026 | 37700 | $(65) | $(44) |
| GST | Put - OTC CDX.IG-45 5-Year Index | Sell | 0.850 | 05/20/2026 | 79200 | (93) | (64) |
|  | Put - OTC CDX.IG-45 5-Year Index | Sell | 0.800 | 06/17/2026 | 136400 | (150) | (186) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(308) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(294) |

---

100 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

#### 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 | 3.620% | 04/20/2026 | 18100 | $(60) | $(23) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.900 | 04/20/2026 | 18100 | (60) | (102) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.600 | 04/16/2026 | 33400 | (108) | (30) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.900 | 04/16/2026 | 33400 | (108) | (174) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695 | 04/27/2026 | 35100 | (124) | (101) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.055 | 04/27/2026 | 35100 | (124) | (98) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.669 | 04/30/2026 | 67900 | (244) | (195) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.069 | 04/30/2026 | 67900 | (244) | (205) |
| MYC Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.540 | 04/16/2026 | 13700 | (28) | (2) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.920 | 04/16/2026 | 13700 | (28) | (51) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1128) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(981) |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| GSC | Put - OTC Uniform Mortgage-Backed Security, TBA 4.500% due 06/01/2056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94.375 | 06/04/2026 | 21800 | $(143) | $(83) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 4.500% due 06/01/2056 | 97.375 | 06/04/2026 | 21800 | (126) | (105) |
|  |  |  |  |  | $(269) | $(188) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1705) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1463) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>March 31, 2026<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Implied<br>Credit Spread at<br>March 31, 2026<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Colombia Government International Bonds | 1.000% | Quarterly | 12/20/2026 | 0.869% | $1400 | $(37) | $39 | $2 | $0 |
|  | Italy Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43300 | 80 | 223 | 303 | 0 |
| BPS | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.869 | 1100 | (30) | 31 | 1 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.208 | 700 | (62) | 60 | 0 | (2) |
| BRC | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.823 | 9300 | (242) | 249 | 7 | 0 |
| CBK | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.869 | 1100 | (29) | 30 | 1 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.040 | 300 | (11) | 11 | 0 | 0 |
|  | Italy Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.075 | 13100 | 9 | 83 | 92 | 0 |
| GST | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.823 | 9400 | (245) | 252 | 7 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.040 | 12300 | (498) | 496 | 0 | (2) |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.208 | 5700 | (508) | 490 | 0 | (18) |
|  | Equinix, Inc. | 5.000 | Quarterly | 06/20/2027 | 0.478 | 8800 | 1230 | (737) | 493 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 0.669 | 5200 | (55) | 101 | 46 | 0 |
| JPM | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.040 | 200 | (8) | 8 | 0 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.329 | 9300 | (73) | 90 | 17 | 0 |
|  | Nissan Motor Acceptance Co. LLC | 1.000 | Quarterly | 12/20/2026 | 1.393 | 73600 | (936) | 754 | 0 | (182) |
| MYC | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.040 | 3400 | (192) | 192 | 0 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.208 | 4000 | (357) | 344 | 0 | (13) |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.369 | 23100 | 65 | 47 | 112 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.445 | 16700 | (56) | 173 | 117 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2028 | 0.581 | 7200 | (139) | 206 | 67 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 0.669 | 31300 | (330) | 609 | 279 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2424) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3751 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(217) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 101

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (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 |
| GST | CMBX.NA.AAA.10 Index | 0.500% | Monthly | 11/17/2059 | $1762 | $(52) | $55 | $3 | $0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 312 | (12) | 12 | 0 | 0 |
| MEI | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 1 | 0 | 0 | 0 | 0 |
| MYI | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 7540 | 0 | 10 | 10 | 0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 397 | 0 | 0 | 0 | 0 |
| SAL | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 4798 | (137) | 144 | 7 | 0 |
|  | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | 7500 | (9) | 33 | 24 | 0 |
| UAG | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 3133 | (90) | 94 | 4 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| JPM | Pay | iShares iBoxx $Investment Grade<br>Corporate Bond ETF | 2707216 | 2.500%<br>(SOFR less a<br>specified spread) | Monthly | 09/23/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295059 | $0 | $0 | $0 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2724) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4099 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1592 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(217) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2026:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(7)</sup> |
|  BOA | $2964 | $0 | $305 | $3269 | $(2165) | $(169) | $0 | $(2334) | $935 | $(1140) | $(205) |
|  BPS | 3037 | 0 | 1 | 3038 | (167) | 0 | (2) | (169) | 2869 | (3860) | (991) |
|  BRC | 5417 | 0 | 7 | 5424 | (26) | 0 | 0 | (26) | 5398 | (6110) | (712) |
|  BSH | 1756 | 0 | 0 | 1756 | (258) | 0 | 0 | (258) | 1498 | (1720) | (222) |
|  CBK | 3645 | 0 | 93 | 3738 | (1265) | 0 | 0 | (1265) | 2473 | (3183) | (710) |
|  DUB | 1134 | 0 | 0 | 1134 | (501) | 0 | 0 | (501) | 633 | (622) | 11 |
|  FAR | 1773 | 0 | 0 | 1773 | (1100) | 0 | 0 | (1100) | 673 | (730) | (57) |
|  GLM | 152 | 0 | 0 | 152 | (55) | (803) | 0 | (858) | (706) | 617 | (89) |
|  GSC | 0 | 0 | 0 | 0 | 0 | (188) | 0 | (188) | (188) | 0 | (188) |
|  GST | 0 | 0 | 549 | 549 | 0 | (250) | (20) | (270) | 279 | (160) | 119 |
|  IND | 5435 | 0 | 0 | 5435 | 0 | 0 | 0 | 0 | 5435 | (7440) | (2005) |
|  JPM | 6 | 0 | 17 | 23 | (2074) | 0 | (182) | (2256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2233) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6610) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8843) |
|  MBC | 2150 | 0 | 0 | 2150 | (142) | 0 | 0 | (142) | 2008 | (2640) | (632) |
|  MYC | 0 | 0 | 575 | 575 | 0 | (53) | (13) | (66) | 509 | (670) | (161) |
|  MYI | 0 | 0 | 10 | 10 | 0 | 0 | 0 | 0 | 10 | 0 | 10 |
|  NGF | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  SAL | 0 | 0 | 31 | 31 | 0 | 0 | 0 | 0 | 31 | 0 | 31 |
|  SCX | 1 | 0 | 0 | 1 | (254) | 0 | 0 | (254) | (253) | 323 | 70 |
|  SSB | 1211 | 0 | 0 | 1211 | 0 | 0 | 0 | 0 | 1211 | (1250) | (39) |
|  UAG | 217 | 0 | 4 | 221 | (3095) | 0 | 0 | (3095) | (2874) | 2684 | (190) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28898 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1592 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30490 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11102) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1463) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(217) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12782) |  |  |  |

---

(p) Securities with an aggregate market value of $3,624 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of March 31, 2026.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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. 

---

| | | |
|:---|:---|:---|
| **102** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

<sup>(4)</sup> The maximum potential amount the Portfolio 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 Portfolio receives payments for any positive net return on the underlying reference. The Portfolio makes payments for any negative net return on such underlying reference. Pay represents that the Portfolio receives payments for any negative net return on the underlying reference. The Portfolio 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 Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets |  |  |  |  |  |  |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $0 | $14263 | $14263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 46495 | 0 | 0 | 13826 | 60321 |
|  | $0 | $46495 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28089 | $74584 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28898 | $0 | $28898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1592 | 0 | 0 | 0 | 1592 |
|  | $0 | $1592 | $0 | $28898 | $0 | $30490 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48087 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $28898 | $28089 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105074 |
|  Financial Derivative Instruments - Liabilities |  |  |  |  |  |  |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $366 | $366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 1625 | 1625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 118 | 0 | 0 | 9699 | 9817 |
|  | $0 | $118 | $0 | $0 | $11690 | $11808 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $11102 | $0 | $11102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 294 | 0 | 0 | 1169 | 1463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 217 | 0 | 0 | 0 | 217 |
|  | $0 | $511 | $0 | $11102 | $1169 | $12782 |
|  | $0 | $629 | $0 | $11102 | $12859 | $24590 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for 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 | $15652 | $15652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 50388 | 50388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 188511 | 0 | 0 | 188307 | 376818 |
|  | $0 | $188511 | $0 | $0 | $254347 | $442858 |
|  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 | $(66047) | $0 | $(66047) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (2198) | (2198) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 874 | 0 | 0 | 24688 | 25562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4549 | (3990) | 0 | 0 | 559 |
|  | $0 | $5423 | $(3990) | $(66047) | $22490 | $(42124) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193934 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3990) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66047) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276837 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400734 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 103

------

Schedule of Investments PIMCO Long Duration Credit Bond Portfolio (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(22) | $(22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (165685) | (165685) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (22695) | 0 | 0 | (90483) | (113178) |
|  | $0 | $(22695) | $0 | $0 | $(256190) | $(278885) |
|  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 | $27559 | $0 | $27559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 1524 | 1524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | (55) | 0 | 0 | (441) | (496) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (1181) | (689) | 0 | 0 | (1870) |
|  | $0 | $(1236) | $(689) | $27559 | $1083 | $26717 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23931) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(689) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27559 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(255107) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(252168) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2026 |
|  Investments 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 | $13966 | $76938 | $90904 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 7415331 | 78550 | 7493881 |
| &nbsp;&nbsp; Industrials | 0 | 8499210 | 75936 | 8575146 |
| &nbsp;&nbsp; Utilities | 0 | 4433511 | 0 | 4433511 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 194653 | 0 | 194653 |
| &nbsp;&nbsp; Georgia | 0 | 46376 | 0 | 46376 |
| &nbsp;&nbsp; Illinois | 0 | 23320 | 0 | 23320 |
| &nbsp;&nbsp; Indiana | 0 | 1926 | 0 | 1926 |
| &nbsp;&nbsp; Massachusetts | 0 | 2477 | 0 | 2477 |
| &nbsp;&nbsp; Michigan | 0 | 33344 | 0 | 33344 |
| &nbsp;&nbsp; Nevada | 0 | 3808 | 0 | 3808 |
| &nbsp;&nbsp; New Jersey | 0 | 1062 | 0 | 1062 |
| &nbsp;&nbsp; New Mexico | 0 | 5255 | 0 | 5255 |
| &nbsp;&nbsp; New York | 0 | 85421 | 0 | 85421 |
| &nbsp;&nbsp; Ohio | 0 | 61007 | 0 | 61007 |
| &nbsp;&nbsp; Pennsylvania | 0 | 12492 | 0 | 12492 |
| &nbsp;&nbsp; Texas | 0 | 103648 | 0 | 103648 |
| &nbsp;&nbsp; Virginia | 0 | 1354 | 0 | 1354 |
| &nbsp;&nbsp; Wisconsin | 0 | 5091 | 0 | 5091 |
|  U.S. Government Agencies | 0 | 4812828 | 0 | 4812828 |
|  U.S. Treasury Obligations | 0 | 7784441 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7784441 |
|  Non-Agency Mortgage-Backed Securities | 0 | 105906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426797 | 532703 |
|  Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp; CMBS Other | 0 | 76079 | 0 | 76079 |
| &nbsp;&nbsp; Home Equity Other | 0 | 6715 | 0 | 6715 |
| &nbsp;&nbsp; Other ABS | 0 | 68883 | 0 | 68883 |
|  Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397049 | 0 | 1397049 |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp; Industrials | 0 | 0 | 4128 | 4128 |
| &nbsp;&nbsp; Real Estate | 0 | 0 | 922 | 922 |
|  Convertible Preferred Securities |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23331 | 0 | 0 | 23331 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2026** |
|  Preferred Securities |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | $15850 | $521884 | $0 | $537734 |
| &nbsp;&nbsp; Industrials | 0 | 8040 | 0 | 8040 |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Commercial Paper | 0 | 37393 | 0 | 37393 |
| &nbsp;&nbsp; Mutual Funds | 4938 | 0 | 0 | 4938 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 1041 | 0 | 1041 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44119 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35763511 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663271 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36470901 |
|  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 | $12385 | $0 | $0 | $12385 |
|  Total Investments | $56504 | $35763511 | $663271 | $36483286 |
|  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 | 4840 | 69744 | 0 | 74584 |
|  Over the counter | 0 | 30490 | 0 | 30490 |
|  | $4840 | $100234 | $0 | $105074 |
|  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 | (223) | (11432) | 0 | (11655) |
|  Over the counter | 0 | (12782) | 0 | (12782) |
|  | $(223) | $(24214) | $0 | $(24437) |
|  Total Financial Derivative Instruments | $4617 | $76020 | $0 | $80637 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61121 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35839531 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663271 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36563923 |

---

104 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended March 31, 2026:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 03/31/2026 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>03/31/2026 <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 | $57139 | $39697 | $(20158) | $4 | $675 | $(419) | $0 | $0 | $76938 | $(455) |
|  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 | 50354 | 30000 | 0 | 0 | 0 | (1804) | 0 | 0 | 78550 | (1804) |
| &nbsp;&nbsp; Industrials | 30076 | 46600 | (669) | 0 | 0 | (71) | 0 | 0 | 75936 | (70) |
|  Non-Agency Mortgage-Backed Securities | 0 | 412808 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 | 13989 | 0 | 0 | 426797 | 13989 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Industrials | 4520 | 0 | 0 | 0 | 0 | (392) | 0 | 0 | 4128 | (392) |
| &nbsp;&nbsp; Real Estate | 67 | 0 | 0 | 0 | 0 | 855 |  |  | 922 | 855 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142156 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20827) | $4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12158 | $&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;663271 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12123 |

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Category and Subcategory | Ending<br>Balance<br>at 03/31/2026 | Valuation<br>Technique | Unobservable<br>Inputs | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 03/31/2026 | 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 | $18476 | Discounted Cash Flow | Discount Rate | 4.270-5.770 | 5.288 |
|  | 25517 | Indicative Market Quotation | Broker Quote | 95.500 |  |
|  | 32945 | Recent Transaction | Purchase Price | 100.000 |  |
|  Corporate Bonds & Notes |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 78550 | Discounted Cash Flow | Discount Rate | 4.774-7.181 | 5.967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 75936 | Discounted Cash Flow | Discount Rate | 4.638-6.203 | 5.351 |
|  Non-Agency Mortgage-Backed Securities | 55520 | Discounted Cash Flow | Discount Rate | 5.434-5.700 | 5.567 |
|  | 31996 | Proxy pricing | Base Price | 99.668 |  |
|  | 339281 | Recent Transaction | Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.000-101.713 | 100.250 |
|  Common Stocks |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 4128 | Indicative Market Quotation | Broker Quote | $23.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 922 | Other Valuation Techniques<sup>(2)</sup> |  |  |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663271 |  |  |  |  |

---

<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at March 31, 2026 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 Portfolio.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **105** |

---

------

Schedule of Investments PIMCO Low Duration Portfolio

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 110.4% | INVESTMENTS IN SECURITIES 110.4% | INVESTMENTS IN SECURITIES 110.4% |
| CORPORATE BONDS & NOTES 18.4% | CORPORATE BONDS & NOTES 18.4% | CORPORATE BONDS & NOTES 18.4% |
| BANKING & FINANCE 12.1% | BANKING & FINANCE 12.1% | BANKING & FINANCE 12.1% |
|  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 | 1300 | 1286 |
|  3.875% due 01/23/2028 | 500 | 495 |
|  American Express Co. | American Express Co. | American Express Co. |
|  2.550% due 03/04/2027 | 3250 | 3203 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  4.860% due 08/27/2026 | 4400 | 4408 |
|  5.380% due 01/07/2030 | 2500 | 2506 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  4.950% due 10/15/2032 | 3000 | 2923 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  5.552% due 03/14/2028 •  | 2000 | 2017 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.734% due 07/22/2027 •  | 3000 | 2975 |
|  2.592% due 04/29/2031 •  | 7000 | 6469 |
|  4.271% due 07/23/2029 •  | 2000 | 1992 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  5.194% due 02/16/2028 | 2200 | 2229 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.972% due 05/16/2029 •  | 1800 | 1811 |
|  6.490% due 09/13/2029 •  | 4300 | 4478 |
|  Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC |
|  1.625% due 08/05/2028 | 2500 | 2344 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  1.904% due 09/30/2028 •  | 10500 | 10096 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.281% due 05/30/2029 | 1700 | 1734 |
|  Brighthouse Financial Global Funding | Brighthouse Financial Global Funding | Brighthouse Financial Global Funding |
|  5.550% due 04/09/2027 | 5000 | 5033 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
|  4.250% due 06/02/2026 | 1070 | 1069 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  7.149% due 10/29/2027 •  | 950 | 963 |
|  CNO Global Funding | CNO Global Funding | CNO Global Funding |
|  4.700% due 12/11/2030 | 2000 | 1975 |
|  5.875% due 06/04/2027 | 1000 | 1014 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  4.494% due 10/17/2029 | 1000 | 1008 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  3.850% due 04/05/2029 | 1400 | 1367 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  4.508% (SOFRRATE + 0.860%)<br>due 12/15/2028 ~ | 1200 | 1198 |
|  5.900% due 09/19/2028 | 2000 | 2062 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  7.146% due 07/13/2027 •  | 5000 | 5034 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  3.200% due 11/18/2029 | 600 | 571 |
|  Equitable America Global Funding | Equitable America Global Funding | Equitable America Global Funding |
|  4.650% due 06/09/2028 | 1600 | 1598 |
|  4.950% due 06/09/2030 | 2100 | 2100 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  4.975% (SOFRRATE + 1.325%)<br>due 09/08/2028 ~ | 3900 | 3912 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  4.850% due 04/17/2028 | 600 | 603 |
|  5.625% due 08/16/2032 | 1500 | 1540 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  1.950% due 09/15/2028 | 3600 | 3353 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  1.542% due 09/10/2027 •  | 100 | 99 |
|  2.640% due 02/24/2028 •  | 6125 | 6027 |
|  3.691% due 06/05/2028 •  | 6500 | 6444 |
|  5.498% (SOFRRATE + 1.850%)<br>due 03/15/2028 ~ | 5000 | 5060 |
|  5.727% due 04/25/2030 •  | 4600 | 4747 |
|  Guardian Life Global Funding | Guardian Life Global Funding | Guardian Life Global Funding |
|  5.737% due 10/02/2028 | 4000 | 4130 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  4.755% due 06/09/2028 •  | 3350 | 3358 |
|  5.887% due 08/14/2027 •  | 9000 | 9044 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  2.700% due 01/15/2034 | 400 | 334 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  4.598% (SOFRRATE + 0.950%)<br>due 09/12/2028 ~ | 2500 | 2499 |
|  4.600% due 10/01/2029 | 1700 | 1685 |
|  4.700% due 06/05/2028 | 3700 | 3700 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  1.578% due 04/22/2027 •  | 4800 | 4792 |
|  3.540% due 05/01/2028 •  | 4300 | 4261 |
|  4.851% due 07/25/2028 •  | 10000 | 10051 |
|  5.571% due 04/22/2028 •  | 4500 | 4556 |
|  6.087% due 10/23/2029 •  | 5000 | 5196 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  3.574% due 11/07/2028 •  | 600 | 592 |
|  5.985% due 08/07/2027 •  | 3700 | 3718 |
|  MassMutual Global Funding II | MassMutual Global Funding II | MassMutual Global Funding II |
|  4.850% due 01/17/2029 | 6300 | 6384 |
|  4.950% due 01/10/2030 | 3000 | 3035 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  4.080% due 04/19/2028 •  | 1000 | 996 |
|  5.422% due 02/22/2029 •  | 5000 | 5082 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  2.239% due 07/21/2032 •  | 4000 | 3503 |
|  3.125% due 07/27/2026 | 1000 | 997 |
|  5.164% due 04/20/2029 •  | 5400 | 5463 |
|  5.652% due 04/13/2028 •  | 8000 | 8097 |
|  Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding |
|  5.450% due 12/12/2028 | 3000 | 3066 |
|  National Securities Clearing Corp. | National Securities Clearing Corp. | National Securities Clearing Corp. |
|  4.700% due 05/20/2030 | 2700 | 2727 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  1.642% due 06/14/2027 •  | 5500 | 5467 |
|  NLG Global Funding | NLG Global Funding | NLG Global Funding |
|  5.400% due 01/23/2030 | 2500 | 2560 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.999% due 01/22/2032 | 1000 | 900 |
|  Norinchukin Bank | Norinchukin Bank | Norinchukin Bank |
|  4.674% due 09/09/2030 | 1500 | 1488 |
|  Northwestern Mutual Global Funding | Northwestern Mutual Global Funding | Northwestern Mutual Global Funding |
|  4.400% due 03/30/2029 | 7000 | 7023 |
|  4.960% due 01/13/2030 | 1500 | 1521 |
|  Northwestern University | Northwestern University | Northwestern University |
|  4.940% due 12/01/2035 | 4300 | 4314 |
|  Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II |
|  1.375% due 04/14/2026 | 1200 | 1199 |
|  4.500% due 08/28/2029 | 2500 | 2501 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
|  5.222% due 01/29/2031 •  | 2800 | 2857 |
|  Principal Life Global Funding II | Principal Life Global Funding II | Principal Life Global Funding II |
|  4.800% due 01/09/2028 | 3800 | 3825 |
|  Prologis Targeted U.S. Logistics Fund LP | Prologis Targeted U.S. Logistics Fund LP | Prologis Targeted U.S. Logistics Fund LP |
|  5.250% due 04/01/2029 | 3400 | 3466 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  4.992% due 01/12/2027 | 1800 | 1811 |
|  5.432% due 01/14/2032 | 3000 | 3078 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  5.448% due 05/24/2029 | 2000 | 2049 |
|  6.000% due 11/21/2028 | 5000 | 5172 |
|  Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding |
|  4.504% due 09/02/2027 •  | 2700 | 2712 |
|  4.950% due 06/12/2030 | 3000 | 3005 |
|  5.050% due 01/10/2028 | 1500 | 1514 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  2.490% due 01/06/2028 •  | 500 | 492 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  1.673% due 06/14/2027 •  | 1000 | 994 |
|  3.823% due 11/03/2028 •  | 300 | 296 |
|  SBA Tower Trust | SBA Tower Trust | SBA Tower Trust |
|  1.840% due 04/15/2027 | 3600 | 3514 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.716% due 09/14/2028 | 3000 | 3085 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  SURA Asset Management SA | SURA Asset Management SA | SURA Asset Management SA |
|  4.375% due 04/11/2027 | 208 | 208 |
|  Takeoff Merger Sub, Inc. | Takeoff Merger Sub, Inc. | Takeoff Merger Sub, Inc. |
|  4.400% due 03/24/2028 | 4600 | 4577 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  3.091% due 05/14/2032 •  | 3900 | 3578 |
|  4.703% due 08/05/2027 •  | 4100 | 4101 |
|  Western-Southern Global Funding | Western-Southern Global Funding | Western-Southern Global Funding |
|  4.500% due 07/16/2028 | 5600 | 5601 |
|  |  | 287917 |
| INDUSTRIALS 3.5% | INDUSTRIALS 3.5% | INDUSTRIALS 3.5% |
|  Adventist Health System | Adventist Health System | Adventist Health System |
|  2.952% due 03/01/2029 | 2500 | 2380 |
|  Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
|  4.000% due 03/13/2029 | 3300 | 3284 |
|  4.250% due 03/13/2031 | 1800 | 1787 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.375% due 11/01/2028 | 901 | 890 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.125% due 11/21/2026 | 2700 | 2725 |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 24800 | 25517 |
|  CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
|  4.352% due 09/01/2030 | 2400 | 2366 |
|  Cornell University | Cornell University | Cornell University |
|  4.169% due 06/15/2030 | 2400 | 2384 |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
|  5.900% due 11/15/2026 | 2600 | 2622 |
|  Eni SpA | Eni SpA | Eni SpA |
|  5.500% due 05/15/2034 | 5400 | 5534 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
|  4.750% due 03/15/2030 | 6250 | 6196 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  4.500% due 11/15/2028 | 1600 | 1585 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  2.750% due 11/15/2033 | 2375 | 2110 |
|  Leland Stanford Junior University | Leland Stanford Junior University | Leland Stanford Junior University |
|  4.679% due 03/01/2035 | 3400 | 3394 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  4.978% (SOFRRATE + 1.310%)<br>due 07/16/2030 ~ | 1000 | 1015 |
|  Reliance, Inc. | Reliance, Inc. | Reliance, Inc. |
|  2.150% due 08/15/2030 | 500 | 450 |
|  Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. |
|  4.500% due 03/15/2028 | 5000 | 5003 |
|  Snam SpA | Snam SpA | Snam SpA |
|  5.000% due 05/28/2030 | 1600 | 1617 |
|  Sutter Health | Sutter Health | Sutter Health |
|  2.294% due 08/15/2030 | 2800 | 2553 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 | 293 | 270 |
|  2.900% due 11/01/2029 | 1088 | 1043 |
|  4.550% due 08/25/2031 | 1041 | 1006 |
|  5.875% due 04/15/2029 | 847 | 861 |
|  Weir Group, Inc. | Weir Group, Inc. | Weir Group, Inc. |
|  5.350% due 05/06/2030 | 1100 | 1115 |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  3.700% due 03/15/2028 | 700 | 690 |
|  Yale University | Yale University | Yale University |
|  4.701% due 04/15/2032 | 5300 | 5398 |
|  |  | 83795 |
| UTILITIES 2.8% | UTILITIES 2.8% | UTILITIES 2.8% |
|  AES Corp. | AES Corp. | AES Corp. |
|  5.450% due 06/01/2028 | 2000 | 2019 |
|  Ameren Missouri Securitization Funding I LLC | Ameren Missouri Securitization Funding I LLC | Ameren Missouri Securitization Funding I LLC |
|  4.850% due 10/01/2041 | 2216 | 2213 |
|  Empire District Bondco LLC | Empire District Bondco LLC | Empire District Bondco LLC |
|  4.943% due 01/01/2035 | 5185 | 5260 |

---

---

| | | |
|:---|:---|:---|
| **106** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Entergy Arkansas LLC | Entergy Arkansas LLC | Entergy Arkansas LLC |
|  5.450% due 06/01/2034 | 3500 | 3602 |
|  National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |
|  5.100% due 05/06/2027 | 500 | 504 |
|  NBN Co. Ltd. | NBN Co. Ltd. | NBN Co. Ltd. |
|  1.450% due 05/05/2026 | 1000 | 997 |
|  NorthWestern Corp. | NorthWestern Corp. | NorthWestern Corp. |
|  5.073% due 03/21/2030 | 2000 | 2033 |
|  Ohio Edison Co. | Ohio Edison Co. | Ohio Edison Co. |
|  4.950% due 12/15/2029 | 1250 | 1264 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  4.400% due 03/01/2032 | 3000 | 2894 |
|  5.000% due 06/04/2028 | 1500 | 1513 |
|  5.450% due 06/15/2027 | 1600 | 1616 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  4.650% due 04/15/2029 | 2000 | 2001 |
|  PG&E Recovery Funding LLC | PG&E Recovery Funding LLC | PG&E Recovery Funding LLC |
|  4.838% due 06/01/2035 | 3472 | 3525 |
|  Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. |
|  5.150% due 05/15/2030 | 500 | 508 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.875% due 02/01/2027 | 3500 | 3509 |
|  5.300% due 03/01/2028 | 2100 | 2130 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  5.450% due 06/15/2035 | 3100 | 3178 |
|  Swepco Storm Recovery Funding LLC | Swepco Storm Recovery Funding LLC | Swepco Storm Recovery Funding LLC |
|  4.880% due 09/01/2041 | 3487 | 3487 |
|  System Energy Resources, Inc. | System Energy Resources, Inc. | System Energy Resources, Inc. |
|  5.300% due 12/15/2034 | 4200 | 4191 |
|  Texas Electric Market Stabilization Funding N LLC | Texas Electric Market Stabilization Funding N LLC | Texas Electric Market Stabilization Funding N LLC |
|  4.265% due 08/01/2036 | 8329 | 8284 |
|  Trans-Allegheny Interstate Line Co. | Trans-Allegheny Interstate Line Co. | Trans-Allegheny Interstate Line Co. |
|  5.000% due 01/15/2031 | 2300 | 2337 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  5.401% due 07/02/2037 | 812 | 809 |
|  Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC |
|  4.877% due 05/01/2033 | 5000 | 5057 |
|  5.088% due 05/01/2029 | 3848 | 3867 |
|  |  | 66798 |
|  Total Corporate Bonds & Notes<br>(Cost $437,276) | Total Corporate Bonds & Notes<br>(Cost $437,276) | 438510 |
| MUNICIPAL BONDS & NOTES 1.0% | MUNICIPAL BONDS & NOTES 1.0% | MUNICIPAL BONDS & NOTES 1.0% |
| CALIFORNIA 0.2% | CALIFORNIA 0.2% | CALIFORNIA 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 |
|  2.332% due 06/01/2027 | 2000 | 1956 |
|  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 | 2600 | 2527 |
|  |  | 4483 |
| FLORIDA 0.1% | FLORIDA 0.1% | FLORIDA 0.1% |
|  Miami-Dade County, Florida Revenue Notes, Series 2021 | Miami-Dade County, Florida Revenue Notes, Series 2021 | Miami-Dade County, Florida Revenue Notes, Series 2021 |
|  1.471% due 10/01/2026 | 700 | 692 |
|  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 | 2300 | 2412 |
|  |  | 3104 |
| LOUISIANA 0.1% | LOUISIANA 0.1% | LOUISIANA 0.1% |
|  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 | 2200 | 2163 |
| MASSACHUSETTS 0.0% | MASSACHUSETTS 0.0% | MASSACHUSETTS 0.0% |
|  University of Massachusetts Building Authority Revenue Bonds, (BABs), Series 2009 | University of Massachusetts Building Authority Revenue Bonds, (BABs), Series 2009 | University of Massachusetts Building Authority Revenue Bonds, (BABs), Series 2009 |
|  6.423% due 05/01/2029 | 30 | 30 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NEW YORK 0.3% | NEW YORK 0.3% | NEW YORK 0.3% |
|  New York State Urban Development Corp. Revenue Notes, Series 2019 | New York State Urban Development Corp. Revenue Notes, Series 2019 | New York State Urban Development Corp. Revenue Notes, Series 2019 |
|  3.540% due 03/15/2028 | 7000 | 6954 |
| OREGON 0.1% | OREGON 0.1% | OREGON 0.1% |
|  Oregon Department of Transportation State Revenue Notes, Series 2020 | Oregon Department of Transportation State Revenue Notes, Series 2020 | Oregon Department of Transportation State Revenue Notes, Series 2020 |
|  1.084% due 11/15/2027 | 2000 | 1915 |
| TEXAS 0.1% | TEXAS 0.1% | TEXAS 0.1% |
|  Houston Community College System, Texas General Obligation Notes, Series 2021 | Houston Community College System, Texas General Obligation Notes, Series 2021 | Houston Community College System, Texas General Obligation Notes, Series 2021 |
|  5.000% due 02/15/2029 | 1800 | 1853 |
| 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 | 300 | 274 |
|  Tobacco Settlement Finance Authority, West Virginia Revenue Notes, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Notes, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Notes, Series 2020 |
|  1.820% due 06/01/2026 | 800 | 797 |
|  2.551% due 06/01/2029 | 500 | 471 |
|  |  | 1542 |
| WISCONSIN 0.0% | WISCONSIN 0.0% | WISCONSIN 0.0% |
|  Wisconsin State Revenue Notes, Series 2021 | Wisconsin State Revenue Notes, Series 2021 | Wisconsin State Revenue Notes, Series 2021 |
|  1.486% due 05/01/2029 | 600 | 555 |
|  Total Municipal Bonds & Notes<br>(Cost $22,410) | Total Municipal Bonds & Notes<br>(Cost $22,410) | 22599 |
| U.S. GOVERNMENT AGENCIES 18.6% | U.S. GOVERNMENT AGENCIES 18.6% | U.S. GOVERNMENT AGENCIES 18.6% |
|  Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |
|  1.050% due 08/13/2026 | 4800 | 4753 |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  0.800% due 10/28/2026 | 9200 | 9043 |
|  2.500% due 12/01/2032 | 650 | 629 |
|  4.000% due 08/01/2042 - 11/01/2052 | 43178 | 40908 |
|  4.170% due 04/01/2028 | 5826 | 5817 |
|  4.500% due 02/01/2049 - 02/01/2053 | 15199 | 14756 |
|  4.840% due 04/01/2028 | 2451 | 2459 |
|  5.500% due 03/01/2054 - 11/01/2055 | 51629 | 52060 |
|  6.000% due 10/01/2054 - 04/01/2055 | 16808 | 17180 |
|  6.282% due 06/01/2037 •  | 41 | 42 |
|  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 |
|  2.937% due 07/25/2054 ~ | 3262 | 3169 |
|  4.650% due 08/25/2028 ~ | 2500 | 2526 |
|  4.850% due 09/25/2028 | 4300 | 4366 |
|  5.430% due 06/25/2031 ~ | 2600 | 2693 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  1.000% due 12/15/2040 - 05/25/2047 | 1250 | 1157 |
|  2.500% due 09/25/2048 | 1132 | 1052 |
|  3.000% due 08/15/2046 | 345 | 334 |
|  4.296% due 07/15/2041 •  | 468 | 464 |
|  4.602% due 11/25/2054 •  | 17331 | 17444 |
|  4.662% due 08/25/2054 •  | 1862 | 1874 |
|  4.712% due 08/25/2054 •  | 1030 | 1039 |
|  4.812% due 03/25/2055 - 08/25/2055 •  | 5011 | 5048 |
|  Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS |
|  4.146% due 10/15/2037 •  | 360 | 356 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  1.630% due 05/01/2027 | 5400 | 5258 |
|  2.500% due 02/01/2035 | 928 | 898 |
|  3.000% due 01/01/2035 - 06/01/2052 | 19714 | 17607 |
|  3.020% due 03/01/2028 | 2594 | 2546 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.290% due 04/01/2027 | 6006 | 5956 |
|  3.500% due 12/01/2033 | 1159 | 1141 |
|  4.000% due 08/01/2042 - 04/01/2055 | 11188 | 10652 |
|  4.250% due 04/01/2030 | 5800 | 5805 |
|  4.300% due 12/01/2032 | 11000 | 10911 |
|  4.320% due 03/01/2030 | 4598 | 4622 |
|  4.500% due 08/01/2048 - 10/01/2052 | 38123 | 36974 |
|  4.600% due 04/01/2030 | 6700 | 6785 |
|  5.500% due 04/01/2034 - 11/01/2055 | 4610 | 4704 |
|  5.786% due 07/01/2034 •  | 18 | 18 |
|  6.000% due 12/01/2053 - 11/01/2055 | 9630 | 9983 |
|  6.182% due 10/01/2037 •  | 33 | 35 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  0.750% due 11/25/2050 | 2056 | 1527 |
|  4.016% due 06/25/2037 •  | 27 | 27 |
|  4.226% due 07/25/2049 •  | 1109 | 1089 |
|  4.236% due 12/25/2046 •  | 291 | 289 |
|  4.246% due 10/25/2046 •  | 365 | 359 |
|  4.286% due 03/25/2041 •  | 679 | 676 |
|  4.296% due 01/25/2047 •  | 327 | 325 |
|  4.712% due 01/25/2055 •  | 1489 | 1496 |
|  4.812% due 03/25/2055 •  | 707 | 713 |
|  4.862% due 10/25/2053 - 07/25/2055 •  | 4554 | 4595 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  1.500% due 10/20/2045 | 1302 | 1078 |
|  4.133% due 08/20/2065 •  | 106 | 105 |
|  4.223% due 06/20/2065 •  | 62 | 62 |
|  4.243% due 02/20/2067 •  | 199 | 199 |
|  4.267% due 09/20/2065 •  | 165 | 165 |
|  4.303% due 10/20/2065 •  | 338 | 338 |
|  4.323% due 07/20/2063 •  | 51 | 51 |
|  4.353% due 06/20/2065 •  | 163 | 163 |
|  4.363% due 06/20/2065 •  | 177 | 177 |
|  4.383% due 03/20/2065 •  | 411 | 411 |
|  4.433% due 12/20/2064 - 11/20/2065 •  | 453 | 454 |
|  4.553% due 02/20/2066 •  | 2 | 2 |
|  4.663% due 04/20/2066 •  | 520 | 522 |
|  4.683% due 04/20/2066 •  | 736 | 739 |
|  4.783% due 01/20/2067 •  | 340 | 342 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  5.000% due 05/01/2056 | 55000 | 54366 |
|  Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority |
|  4.375% due 08/01/2034 | 2700 | 2715 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 06/01/2040 | 43600 | 38238 |
|  6.500% due 05/01/2056 | 18900 | 19538 |
|  Total U.S. Government Agencies<br>(Cost $443,145) | Total U.S. Government Agencies<br>(Cost $443,145) | 443825 |
| U.S. TREASURY OBLIGATIONS 35.9% | U.S. TREASURY OBLIGATIONS 35.9% | U.S. TREASURY OBLIGATIONS 35.9% |
|  U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) |
|  2.125% due 01/15/2035 | 30194 | 30714 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.500% due 09/30/2026 | 687500 | 686594 |
|  3.750% due 06/30/2027 (g) | 37300 | 37274 |
|  3.875% due 07/31/2027 | 75600 | 75638 |
|  4.000% due 11/15/2035 | 11000 | 10731 |
|  4.125% due 02/15/2036 | 15000 | 14767 |
|  Total U.S. Treasury Obligations<br>(Cost $854,152) | Total U.S. Treasury Obligations<br>(Cost $854,152) | 855718 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 5.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.7% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.7% |
|  1166 Avenue of the Americas Commercial Mortgage Trust II | 1166 Avenue of the Americas Commercial Mortgage Trust II | 1166 Avenue of the Americas Commercial Mortgage Trust II |
|  5.690% due 10/13/2037 | 1407 | 1422 |
|  1211 Avenue of the Americas Trust | 1211 Avenue of the Americas Trust | 1211 Avenue of the Americas Trust |
|  3.901% due 08/10/2035 | 7000 | 6710 |
|  Bank | Bank | Bank |
|  2.808% due 10/17/2052 | 1744 | 1704 |
|  2.978% due 11/15/2062 | 12500 | 11818 |
|  3.432% due 05/15/2062 | 1638 | 1619 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **107** |

---

------

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.623% due 04/15/2052 | 1850 | 1831 |
|  4.005% due 02/15/2052 | 7100 | 6984 |
|  4.217% due 08/15/2061 ~ | 7000 | 6947 |
|  Bank5 | Bank5 | Bank5 |
|  4.619% due 02/15/2059 | 2800 | 2789 |
|  4.745% due 11/15/2058 | 2000 | 2005 |
|  4.793% due 12/15/2058 | 6000 | 6030 |
|  BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust |
|  3.488% due 02/15/2050 | 255 | 254 |
|  5.137% due 12/15/2057 | 2200 | 2231 |
|  5.433% due 02/15/2062 | 3200 | 3288 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  3.615% due 03/15/2062 | 2553 | 2528 |
|  4.957% due 08/15/2058 | 3800 | 3827 |
|  5.176% due 04/15/2057 | 2500 | 2541 |
|  5.184% due 10/15/2058 | 2100 | 2140 |
|  5.660% due 04/15/2057 | 2800 | 2894 |
|  BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust |
|  5.057% due 10/15/2058 | 1300 | 1295 |
|  5.092% due 11/15/2057 | 3500 | 3545 |
|  5.153% due 12/15/2057 | 2000 | 2029 |
|  5.462% due 02/15/2057 | 4000 | 4070 |
|  5.566% due 11/15/2057 ~ | 1000 | 1028 |
|  5.857% due 02/15/2057 | 4100 | 4236 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
|  4.517% due 10/15/2036 •  | 387 | 387 |
|  4.708% due 12/15/2038 •  | 3260 | 3259 |
|  BX Trust | BX Trust | BX Trust |
|  4.376% due 09/15/2034 •  | 8482 | 8475 |
|  Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust |
|  3.268% due 09/15/2050 | 274 | 272 |
|  3.297% due 10/12/2050 | 1240 | 1231 |
|  COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
|  4.181% due 05/10/2051 | 665 | 664 |
|  EQUS Mortgage Trust | EQUS Mortgage Trust | EQUS Mortgage Trust |
|  4.692% due 10/15/2038 •  | 5484 | 5483 |
|  Hilton USA Trust | Hilton USA Trust | Hilton USA Trust |
|  3.719% due 11/05/2038 | 2000 | 1990 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  4.248% due 07/05/2033 | 2800 | 2681 |
|  4.860% due 07/05/2033 •  | 1072 | 1048 |
|  JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust |
|  3.242% due 10/15/2050 | 284 | 282 |
|  3.409% due 10/15/2050 | 2000 | 1968 |
|  Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
|  2.860% due 11/15/2049 | 173 | 173 |
|  MSSG Trust | MSSG Trust | MSSG Trust |
|  3.397% due 09/13/2039 | 3400 | 3252 |
|  New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust |
|  4.709% due 04/15/2032 •  | 2700 | 2674 |
|  SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust |
|  4.673% due 01/15/2039 •  | 1926 | 1925 |
|  Starwood Mortgage Trust | Starwood Mortgage Trust | Starwood Mortgage Trust |
|  4.645% due 11/15/2036 •  | 2550 | 2547 |
|  UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust |
|  3.215% due 08/15/2050 | 679 | 674 |
|  3.460% due 04/15/2052 | 1938 | 1915 |
|  3.903% due 02/15/2051 | 594 | 591 |
|  4.119% due 06/15/2051 | 795 | 791 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  3.390% due 11/15/2050 | 277 | 275 |
|  4.147% due 06/15/2051 | 254 | 253 |
|  5.439% due 11/15/2057 | 4100 | 4193 |
|  5.920% due 11/15/2057 ~ | 2700 | 2806 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $134,091) | Total Non-Agency Mortgage-Backed Securities (Cost $134,091) | 135574 |
| ASSET-BACKED SECURITIES 10.7% | ASSET-BACKED SECURITIES 10.7% | ASSET-BACKED SECURITIES 10.7% |
| AUTOMOBILE SEQUENTIAL 3.3% | AUTOMOBILE SEQUENTIAL 3.3% | AUTOMOBILE SEQUENTIAL 3.3% |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  5.250% due 04/20/2029 | 4000 | 4058 |
|  5.360% due 06/20/2030 | 7000 | 7164 |
|  5.440% due 02/22/2028 | 4000 | 4030 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.780% due 04/20/2028 | 6400 | 6481 |
|  6.020% due 02/20/2030 | 6550 | 6800 |
|  Bank of America Auto Trust | Bank of America Auto Trust | Bank of America Auto Trust |
|  5.660% due 11/15/2029 | 2000 | 2028 |
|  Capital One Prime Auto Receivables Trust | Capital One Prime Auto Receivables Trust | Capital One Prime Auto Receivables Trust |
|  5.820% due 06/15/2028 | 1927 | 1945 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  6.000% due 07/17/2028 | 2913 | 2943 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  4.040% due 11/11/2030 | 7000 | 6983 |
|  Chesapeake Funding II LLC | Chesapeake Funding II LLC | Chesapeake Funding II LLC |
|  5.520% due 05/15/2036 | 1123 | 1134 |
|  Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust | Ford Credit Auto Lease Trust |
|  5.060% due 05/15/2027 | 383 | 383 |
|  Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
|  5.280% due 02/15/2036 | 3700 | 3786 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  5.780% due 08/16/2028 | 2576 | 2598 |
|  GM Financial Revolving Receivables Trust | GM Financial Revolving Receivables Trust | GM Financial Revolving Receivables Trust |
|  5.770% due 08/11/2036 | 6000 | 6212 |
|  Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC |
|  6.150% due 03/25/2030 | 3400 | 3539 |
|  Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust |
|  4.570% due 03/21/2029 | 3567 | 3581 |
|  Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust |
|  4.530% due 04/17/2028 | 5000 | 5021 |
|  Nissan Auto Lease Trust | Nissan Auto Lease Trust | Nissan Auto Lease Trust |
|  4.910% due 04/15/2027 | 2842 | 2845 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  5.470% due 10/20/2028 | 1329 | 1335 |
|  5.470% due 12/20/2029 | 3200 | 3240 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  5.150% due 11/15/2028 | 1979 | 1988 |
|  |  | 78094 |
| CMBS OTHER 0.8% | CMBS OTHER 0.8% | CMBS OTHER 0.8% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.137% due 11/15/2036 •  | 916 | 918 |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  4.922% due 01/20/2037 •  | 1358 | 1358 |
|  5.920% due 06/17/2039 •  | 3601 | 3603 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  5.144% due 12/16/2036 •  | 897 | 898 |
|  Greystone CRE Notes LLC | Greystone CRE Notes LLC | Greystone CRE Notes LLC |
|  5.154% due 01/15/2043 •  | 2150 | 2151 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.087% due 11/15/2038 •  | 216 | 217 |
|  5.222% due 01/17/2037 •  | 393 | 393 |
|  LRECS LLC | LRECS LLC | LRECS LLC |
|  5.177% due 08/19/2043 •  | 5500 | 5490 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.027% due 02/19/2037 •  | 1874 | 1876 |
|  Starwood Ltd. | Starwood Ltd. | Starwood Ltd. |
|  4.994% due 04/18/2038 •  | 726 | 726 |
|  TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. |
|  5.328% due 02/15/2039 •  | 2089 | 2095 |
|  |  | 19725 |
| CREDIT CARD OTHER 0.4% | CREDIT CARD OTHER 0.4% | CREDIT CARD OTHER 0.4% |
|  Capital One Multi-Asset Execution Trust | Capital One Multi-Asset Execution Trust | Capital One Multi-Asset Execution Trust |
|  4.420% due 05/15/2028 | 5600 | 5602 |
|  Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC |
|  5.740% due 10/15/2029 | 3700 | 3733 |
|  |  | 9335 |
| OTHER ABS 6.2% | OTHER ABS 6.2% | OTHER ABS 6.2% |
|  Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. |
|  4.718% due 10/20/2034 •  | 2800 | 2801 |
|  Apidos CLO XI | Apidos CLO XI | Apidos CLO XI |
|  4.908% due 04/17/2034 •  | 2500 | 2503 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ARES LXII CLO Ltd. | ARES LXII CLO Ltd. | ARES LXII CLO Ltd. |
|  4.738% due 01/25/2034 •  | 3000 | 3001 |
|  Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. |
|  4.891% due 10/23/2032 •  | 2592 | 2597 |
|  Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. |
|  4.778% due 01/18/2035 •  | 2000 | 1997 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  4.819% due 04/22/2035 •  | 1500 | 1500 |
|  Bethpage Park CLO Ltd. | Bethpage Park CLO Ltd. | Bethpage Park CLO Ltd. |
|  5.064% due 01/15/2035 •  | 3700 | 3704 |
|  Birch Grove CLO Ltd. | Birch Grove CLO Ltd. | Birch Grove CLO Ltd. |
|  5.258% due 07/17/2037 •  | 4100 | 4111 |
|  Boyce Park CLO Ltd. | Boyce Park CLO Ltd. | Boyce Park CLO Ltd. |
|  4.668% due 04/21/2035 •  | 5100 | 5102 |
|  Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust |
|  4.772% due 08/16/2029 •  | 2000 | 1998 |
|  CarVal CLO III Ltd. | CarVal CLO III Ltd. | CarVal CLO III Ltd. |
|  4.658% due 07/20/2032 •  | 2617 | 2615 |
|  CBAMR Ltd. | CBAMR Ltd. | CBAMR Ltd. |
|  5.302% due 07/15/2037 •  | 6000 | 6016 |
|  DLLMT LLC | DLLMT LLC | DLLMT LLC |
|  5.340% due 03/22/2027 | 1474 | 1477 |
|  Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. |
|  4.696% due 08/20/2034 •  | 2300 | 2301 |
|  ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust |
|  4.526% due 02/27/2068 •  | 880 | 875 |
|  4.576% due 09/25/2068 •  | 1481 | 1468 |
|  4.776% due 07/25/2069 •  | 1918 | 1919 |
|  4.776% due 01/27/2070 •  | 847 | 849 |
|  4.826% due 05/25/2067 •  | 595 | 596 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  4.798% due 07/25/2034 •  | 1500 | 1502 |
|  Flatiron CLO 19 Ltd. | Flatiron CLO 19 Ltd. | Flatiron CLO 19 Ltd. |
|  4.833% due 11/16/2034 •  | 604 | 604 |
|  Harvest U.S. CLO Ltd. | Harvest U.S. CLO Ltd. | Harvest U.S. CLO Ltd. |
|  4.822% due 01/15/2037 •  | 2400 | 2398 |
|  KKR CLO 16 Ltd. | KKR CLO 16 Ltd. | KKR CLO 16 Ltd. |
|  4.808% due 10/20/2034 •  | 1800 | 1802 |
|  KKR CLO 21 Ltd. | KKR CLO 21 Ltd. | KKR CLO 21 Ltd. |
|  4.934% due 04/15/2031 •  | 193 | 193 |
|  LCM 30 Ltd. | LCM 30 Ltd. | LCM 30 Ltd. |
|  5.009% due 04/20/2031 •  | 435 | 435 |
|  Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. |
|  4.718% due 10/19/2034 •  | 2600 | 2601 |
|  Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. |
|  4.672% due 10/15/2034 •  | 5800 | 5796 |
|  Madison Park Funding XXXVI Ltd. | Madison Park Funding XXXVI Ltd. | Madison Park Funding XXXVI Ltd. |
|  4.732% due 04/15/2035 •  | 2000 | 2001 |
|  Merit DAC | Merit DAC | Merit DAC |
|  4.852% due 02/15/2040 « | 4600 | 4569 |
|  Mountain View CLO LLC | Mountain View CLO LLC | Mountain View CLO LLC |
|  4.547% due 04/14/2033 •  | 2500 | 2498 |
|  Navesink CLO 6 Ltd. | Navesink CLO 6 Ltd. | Navesink CLO 6 Ltd. |
|  0.000% due 04/15/2037 •  | 2400 | 2400 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  5.237% due 07/16/2040 •  | 623 | 624 |
|  Navient Refinance Loan Trust | Navient Refinance Loan Trust | Navient Refinance Loan Trust |
|  4.800% due 10/15/2055 | 3549 | 3534 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  4.926% due 07/26/2066 •  | 3250 | 3280 |
|  6.480% due 03/15/2072 | 472 | 483 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  4.820% due 04/20/2062 •  | 4800 | 4807 |
|  4.973% due 02/21/2061 •  | 2110 | 2121 |
|  5.022% due 05/17/2055 •  | 3172 | 3192 |
|  5.023% due 06/22/2065 •  | 3228 | 3256 |
|  Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. |
|  4.708% due 01/20/2035 •  | 4400 | 4401 |
|  OZLM XXIV Ltd. | OZLM XXIV Ltd. | OZLM XXIV Ltd. |
|  5.089% due 07/20/2032 •  | 372 | 372 |
|  Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. |
|  4.489% due 01/15/2033 •  | 3500 | 3496 |

---

---

| | | |
|:---|:---|:---|
| **108** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PK ALIFT Loan Funding 7 LP | PK ALIFT Loan Funding 7 LP | PK ALIFT Loan Funding 7 LP |
|  4.750% due 03/15/2043 | 1604 | 1598 |
|  Riserva CLO Ltd. | Riserva CLO Ltd. | Riserva CLO Ltd. |
|  4.718% due 01/18/2034 •  | 1200 | 1201 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  4.842% due 04/15/2038 •  | 1700 | 1696 |
|  Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. |
|  4.708% due 01/20/2035 •  | 5500 | 5502 |
|  SLM Private Education Loan Trust | SLM Private Education Loan Trust | SLM Private Education Loan Trust |
|  8.537% due 10/15/2041 •  | 1502 | 1577 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  3.630% due 11/15/2035 | 1423 | 1417 |
|  4.517% due 01/15/2053 •  | 1691 | 1676 |
|  5.030% due 03/15/2056 (a) | 4400 | 4405 |
|  5.122% due 02/16/2055 •  | 550 | 555 |
|  5.130% due 04/15/2054 | 2674 | 2695 |
|  THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. |
|  4.872% due 04/15/2035 •  | 3000 | 3004 |
|  Tralee CLO V Ltd. | Tralee CLO V Ltd. | Tralee CLO V Ltd. |
|  4.748% due 10/20/2034 •  | 2100 | 2097 |
|  Trimaran CAVU Ltd. | Trimaran CAVU Ltd. | Trimaran CAVU Ltd. |
|  4.667% due 10/25/2034 •  | 2400 | 2400 |
|  Unity-Peace Park CLO Ltd. | Unity-Peace Park CLO Ltd. | Unity-Peace Park CLO Ltd. |
|  4.723% due 04/20/2035 •  | 2400 | 2401 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  4.798% due 07/20/2032 •  | 2525 | 2528 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Verizon Master Trust | Verizon Master Trust | Verizon Master Trust |
|  4.170% due 08/20/2030 | 3900 | 3902 |
|  4.350% due 08/20/2032 | 2500 | 2511 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  4.728% due 04/20/2034 •  | 1200 | 1201 |
|  Whetstone Park CLO Ltd. | Whetstone Park CLO Ltd. | Whetstone Park CLO Ltd. |
|  4.738% due 01/20/2035 •  | 2300 | 2299 |
|  |  | 148460 |
|  Total Asset-Backed Securities<br>(Cost $253,574) | Total Asset-Backed Securities<br>(Cost $253,574) | 255614 |
| SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% | SOVEREIGN ISSUES 0.2% |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  6.000% due 05/13/2030 | 1100 | 1138 |
|  Province of Quebec | Province of Quebec | Province of Quebec |
|  2.500% due 04/20/2026 | 2200 | 2198 |
|  Total Sovereign Issues (Cost $3,295) | Total Sovereign Issues (Cost $3,295) | 3336 |
|  | **SHARES** |  |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
|  MNSN Holdings, Inc. «(b)(d) | 1397 | 87 |
|  Total Common Stocks (Cost $27) | Total Common Stocks (Cost $27) | 87 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  SVB Financial Trust | SVB Financial Trust | SVB Financial Trust | SVB Financial Trust |
|  11.000% due 11/07/2032 | 1593 | $— | 753 |
| Total Preferred Securities (Cost $1,522) | Total Preferred Securities (Cost $1,522) |  | 753 |
| SHORT-TERM INSTRUMENTS 19.9% | SHORT-TERM INSTRUMENTS 19.9% | SHORT-TERM INSTRUMENTS 19.9% | SHORT-TERM INSTRUMENTS 19.9% |
| REPURCHASE AGREEMENTS (e) 19.9% | REPURCHASE AGREEMENTS (e) 19.9% | REPURCHASE AGREEMENTS (e) 19.9% | REPURCHASE AGREEMENTS (e) 19.9% |
|  |  |  | 475100 |
| Total Short-Term Instruments<br>(Cost $475,100) | Total Short-Term Instruments<br>(Cost $475,100) |  | 475100 |
| Total Investments in Securities<br>(Cost $2,624,592) | Total Investments in Securities<br>(Cost $2,624,592) |  | 2631116 |
| Total Investments 110.4%<br>(Cost $2,624,592) | Total Investments 110.4%<br>(Cost $2,624,592) | $— | 2631116 |
|  Financial Derivative<br>Instruments (f) 0.0%<br> (Cost or Premiums, net $1,683) | Financial Derivative<br>Instruments (f) 0.0%<br> (Cost or Premiums, net $1,683) |  | 351 |
| Other Assets and Liabilities, net (10.4)% | Other Assets and Liabilities, net (10.4)% |  | (248012) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 2383455 |

---

#### 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.

(a) When-issued security.

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

(c) Principal amount of security is adjusted for inflation.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  MNSN Holdings, Inc. | 06/23/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | 0.00% |

---

#### 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 | 3.680% | 04/01/2026 | 04/02/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158400 | U.S. Treasury Notes 4.125% due 03/31/2029 | $(161578) | $158400 | $158400 |
|  | 3.690 | 03/31/2026 | 04/01/2026 | 63500 | U.S. Treasury Notes 1.125% due 02/15/2031 | (64849) | 63500 | 63507 |
|  | 3.690 | 03/13/2026 | 04/07/2026 | 75000 | U.S. Treasury Notes 0.375% due 09/30/2027 | (76415) | 75000 | 75146 |
|  | 3.690 | 03/23/2026 | 04/13/2026 | 60000 | U.S. Treasury Notes 1.375% due 10/31/2028 | (61465) | 60000 | 60055 |
|  | 3.710 | 03/31/2026 | 04/01/2026 | 118200 | U.S. Treasury Notes 4.125% due 03/31/2029 | (120725) | 118200 | 118212 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(485032) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475320 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 109

------

Schedule of Investments PIMCO Low Duration Portfolio (Cont.)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 |
|  BOO | $0 | $0 | $0 | $0 | $(241) | $(241) |
|  BOS | 475320 | 0 | 0 | 475320 | (485032) | (9712) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475320 | $&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

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 2-Year Note June Futures  | 06/2026 | 3213 | $666522 | $(4917) | $251 | $0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 1400 | 151452 | (2202) | 197 | 0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 424 | 47084 | (854) | 99 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7973) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 | $&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 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 153 | $(17368) | $397 | $0 | $(45) |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2026 | 84 | (9566) | 261 | 0 | (32) |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 335 | (39048) | 1309 | 0 | (73) |
|  |  |  |  | $1967 | $0 | $(150) |
|  Total Futures Contracts |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6006) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150) |

---

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(2)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(3)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(2)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(3)</sup> | Asset | Liability |
|  CDX.IG-46 5-Year Index | 1.000% | Quarterly | 06/20/2031 | $59000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | $&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/**<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 | 1-Day USD-SOFR Compounded-OIS | 3.510% | Annual | 11/30/2028 | $6100 | $0 | $17 | $17 | $0 | $(4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.515 | Annual | 11/30/2028 | 6500 | 0 | 17 | 17 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2029 | 13200 | (24) | 130 | 106 | 0 | (10) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 02/14/2030 | 14100 | 145 | (163) | (18) | 0 | (14) |
|  Receive<sup>(4)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 08/31/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67544 | 221 | 449 | 670 | 0 | (67) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.328 | Annual | 04/30/2031 | 2400 | 0 | 51 | 51 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.431 | Annual | 04/30/2031 | 3900 | 0 | 60 | 60 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 06/30/2031 | 7100 | 0 | 156 | 156 | 0 | (8) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 58723 | (58) | (113) | (171) | 0 | (69) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.012 | Annual | 02/14/2035 | 7700 | (75) | (43) | (118) | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 02/12/2055 | 4100 | 587 | 209 | 796 | 15 | 0 |
|  |  |  |  |  |  | $796 | $770 | $1566 | $15 | $(189) |
|  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;1683 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2604 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(189) |

---

110 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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;547 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(150) | $(189) | $(339) |

---

(g) Securities with an aggregate market value of $1,419 and cash of $15,813 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2026. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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> The maximum potential amount the Portfolio 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.

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for 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 | $547 | $547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 128 | 0 | 0 | 15 | 143 |
|  | $&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;562 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 |
|  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 | $150 | $150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 189 | 189 |
|  | $0 | $0 | $0 | $0 | $339 | $339 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for 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 | $4536 | $4536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 923 | 0 | 0 | (48) | 875 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923 | $&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;4488 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5411 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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 | $(9490) | $(9490) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 101 | 0 | 0 | 929 | 1030 |
|  | $0 | $101 | $0 | $0 | $(8561) | $(8460) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 111

------

Schedule of Investments PIMCO Low Duration Portfolio (Cont.) March 31, 2026

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at**<br> **03/31/2026** |
|  Investments 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 |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287917 | $0 | $287917 |
| &nbsp;&nbsp; Industrials | 0 | 83795 | 0 | 83795 |
| &nbsp;&nbsp; Utilities | 0 | 66798 | 0 | 66798 |
|  Municipal Bonds & Notes |  |  |  |  |
| &nbsp;&nbsp; California | 0 | 4483 | 0 | 4483 |
| &nbsp;&nbsp; Florida | 0 | 3104 | 0 | 3104 |
| &nbsp;&nbsp; Louisiana | 0 | 2163 | 0 | 2163 |
| &nbsp;&nbsp; Massachusetts | 0 | 30 | 0 | 30 |
| &nbsp;&nbsp; New York | 0 | 6954 | 0 | 6954 |
| &nbsp;&nbsp; Oregon | 0 | 1915 | 0 | 1915 |
| &nbsp;&nbsp; Texas | 0 | 1853 | 0 | 1853 |
| &nbsp;&nbsp; West Virginia | 0 | 1542 | 0 | 1542 |
| &nbsp;&nbsp; Wisconsin | 0 | 555 | 0 | 555 |
|  U.S. Government Agencies | 0 | 443825 | 0 | 443825 |
|  U.S. Treasury Obligations | 0 | 855718 | 0 | 855718 |
|  Non-Agency Mortgage-Backed Securities | 0 | 135574 | 0 | 135574 |
|  Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp; Automobile Sequential | 0 | 78094 | 0 | 78094 |
| &nbsp;&nbsp; CMBS Other | 0 | 19725 | 0 | 19725 |
| &nbsp;&nbsp; Credit Card Other | 0 | 9335 | 0 | 9335 |
| &nbsp;&nbsp; Other ABS | 0 | 143891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148460 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at**<br> **03/31/2026** |
|  Sovereign Issues | $0 | $3336 | $0 | $3336 |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp; Real Estate | 0 | 0 | 87 | 87 |
|  Preferred Securities |  |  |  |  |
| &nbsp;&nbsp; Industrials | 0 | 753 | 0 | 753 |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 475100 | 0 | 475100 |
|  Total Investments | $0 | $2626460 | $4656 | $2631116 |
|  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 | $690 | $0 | $690 |
|  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 | $(339) | $0 | $(339) |
|  Total Financial Derivative Instruments | $0 | $351 | $0 | $351 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2626811 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4656 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2631467 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2026.

---

| | | |
|:---|:---|:---|
| **112** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Moderate Duration Portfolio March 31, 2026

#### (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 119.0% | INVESTMENTS IN SECURITIES 119.0% | INVESTMENTS IN SECURITIES 119.0% |
| CORPORATE BONDS & NOTES 20.9% | CORPORATE BONDS & NOTES 20.9% | CORPORATE BONDS & NOTES 20.9% |
| BANKING & FINANCE 12.1% | BANKING & FINANCE 12.1% | BANKING & FINANCE 12.1% |
|  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 | 1000 | 989 |
|  4.625% due 09/10/2029 | 3650 | 3644 |
|  American National Global Funding | American National Global Funding | American National Global Funding |
|  4.625% due 12/15/2028 | 3500 | 3475 |
|  Andrew W Mellon Foundation | Andrew W Mellon Foundation | Andrew W Mellon Foundation |
|  0.947% due 08/01/2027 | 7000 | 6728 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  4.860% due 08/27/2026 | 6700 | 6711 |
|  5.380% due 01/07/2030 | 4500 | 4511 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  4.850% due 04/01/2033 | 6500 | 6230 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  5.381% due 03/13/2029 | 3000 | 3081 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  6.033% due 01/17/2035 | 2200 | 2301 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.922% due 10/24/2031 •  | 2900 | 2571 |
|  3.419% due 12/20/2028 •  | 2000 | 1965 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  4.404% due 09/08/2028 •  | 1000 | 999 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  5.790% due 07/13/2028 | 5550 | 5696 |
|  5.896% due 07/13/2026 | 3450 | 3466 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  2.667% due 03/10/2032 •  | 1400 | 1256 |
|  2.894% due 11/24/2032 •  | 8000 | 7151 |
|  7.437% due 11/02/2033 •  | 9300 | 10403 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  1.904% due 09/30/2028 •  | 5900 | 5673 |
|  2.871% due 04/19/2032 •  | 7050 | 6395 |
|  3.052% due 01/13/2031 •  | 4400 | 4131 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.936% due 05/30/2035 •  | 1200 | 1228 |
|  Brighthouse Financial Global Funding | Brighthouse Financial Global Funding | Brighthouse Financial Global Funding |
|  5.650% due 06/10/2029 | 3000 | 3023 |
|  Brookfield Asset Management Ltd. | Brookfield Asset Management Ltd. | Brookfield Asset Management Ltd. |
|  5.795% due 04/24/2035 | 5750 | 5862 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
|  4.350% due 04/15/2030 | 550 | 542 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  5.673% due 03/15/2030 •  | 5000 | 5138 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  7.624% due 10/30/2031 •  | 3100 | 3425 |
|  CNO Global Funding | CNO Global Funding | CNO Global Funding |
|  4.700% due 12/11/2030 | 3000 | 2963 |
|  Consumers Securitization Funding LLC | Consumers Securitization Funding LLC | Consumers Securitization Funding LLC |
|  5.550% due 03/01/2028 | 1320 | 1331 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  4.494% due 10/17/2029 | 4000 | 4030 |
|  5.710% due 01/21/2033 •  | 4000 | 4158 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  4.508% (SOFRRATE + 0.860%) due 12/15/2028 ~ | 1900 | 1897 |
|  5.750% due 07/02/2026 | 3000 | 3011 |
|  5.900% due 09/19/2028 | 2000 | 2062 |
|  Depository Trust Co. | Depository Trust Co. | Depository Trust Co. |
|  4.550% due 03/27/2031 | 1000 | 1002 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  7.146% due 07/13/2027 •  | 6000 | 6041 |
|  Equitable America Global Funding | Equitable America Global Funding | Equitable America Global Funding |
|  4.950% due 06/09/2030 | 5200 | 5200 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  4.650% due 09/08/2028 | 1000 | 988 |
|  5.875% due 01/16/2030 | 1800 | 1825 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  5.750% due 05/20/2035 | 6000 | 6153 |
|  First American Financial Corp. | First American Financial Corp. | First American Financial Corp. |
|  2.400% due 08/15/2031 | 2100 | 1810 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  5.400% due 01/13/2030 | 5700 | 5711 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  3.691% due 06/05/2028 •  | 7175 | 7113 |
|  Guardian Life Global Funding | Guardian Life Global Funding | Guardian Life Global Funding |
|  5.737% due 10/02/2028 | 6000 | 6195 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.848% due 06/04/2031 •  | 1550 | 1433 |
|  3.973% due 05/22/2030 •  | 5000 | 4897 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  4.696% due 04/01/2027 •  | 4000 | 4000 |
|  5.550% due 03/19/2035 •  | 2000 | 2032 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  4.598% (SOFRRATE + 0.950%) due 09/12/2028 ~ | 4000 | 3999 |
|  4.600% due 10/01/2029 | 2700 | 2677 |
|  4.700% due 06/05/2028 | 5600 | 5599 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  1.953% due 02/04/2032 •  | 13900 | 12243 |
|  2.739% due 10/15/2030 •  | 2700 | 2543 |
|  5.581% due 04/22/2030 •  | 1000 | 1031 |
|  KKR Group Finance Co. VI LLC | KKR Group Finance Co. VI LLC | KKR Group Finance Co. VI LLC |
|  3.750% due 07/01/2029 | 1600 | 1549 |
|  Lincoln Financial Global Funding | Lincoln Financial Global Funding | Lincoln Financial Global Funding |
|  4.625% due 08/18/2030 | 2000 | 1981 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  3.574% due 11/07/2028 •  | 4800 | 4736 |
|  LSEG Finance PLC | LSEG Finance PLC | LSEG Finance PLC |
|  2.000% due 04/06/2028 | 1400 | 1334 |
|  MassMutual Global Funding II | MassMutual Global Funding II | MassMutual Global Funding II |
|  4.850% due 01/17/2029 | 8400 | 8511 |
|  4.950% due 01/10/2030 | 3000 | 3034 |
|  5.150% due 05/30/2029 | 2900 | 2959 |
|  Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I |
|  1.875% due 01/11/2027 | 2500 | 2459 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  2.048% due 07/17/2030 | 6000 | 5401 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  1.979% due 09/08/2031 •  | 2000 | 1776 |
|  2.172% due 05/22/2032 •  | 15450 | 13545 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  2.239% due 07/21/2032 •  | 1100 | 963 |
|  2.475% due 01/21/2028 •  | 16100 | 15850 |
|  5.656% due 04/18/2030 •  | 2000 | 2058 |
|  Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding |
|  5.800% due 07/27/2026 | 2200 | 2210 |
|  National Securities Clearing Corp. | National Securities Clearing Corp. | National Securities Clearing Corp. |
|  4.700% due 05/20/2030 | 4000 | 4040 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  1.642% due 06/14/2027 •  | 10000 | 9940 |
|  4.800% due 04/05/2026 | 3000 | 3000 |
|  NLG Global Funding | NLG Global Funding | NLG Global Funding |
|  5.400% due 01/23/2030 | 3800 | 3891 |
|  Norinchukin Bank | Norinchukin Bank | Norinchukin Bank |
|  5.356% due 03/10/2036 | 2900 | 2871 |
|  5.359% due 09/09/2035 | 2900 | 2887 |
|  Northwestern Mutual Global Funding | Northwestern Mutual Global Funding | Northwestern Mutual Global Funding |
|  4.400% due 03/30/2029 | 7200 | 7223 |
|  4.900% due 06/12/2028 | 4000 | 4046 |
|  4.960% due 01/13/2030 | 1300 | 1318 |
|  Northwestern University | Northwestern University | Northwestern University |
|  4.940% due 12/01/2035 | 6000 | 6019 |
|  Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II |
|  4.500% due 08/28/2029 | 5150 | 5152 |
|  4.875% due 07/17/2032 | 3600 | 3615 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
|  5.222% due 01/29/2031 •  | 4400 | 4490 |
|  5.300% due 01/21/2028 •  | 1750 | 1762 |
|  Pricoa Global Funding I | Pricoa Global Funding I | Pricoa Global Funding I |
|  4.650% due 08/27/2031 | 4300 | 4277 |
|  Principal Life Global Funding II | Principal Life Global Funding II | Principal Life Global Funding II |
|  4.800% due 01/09/2028 | 5500 | 5536 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  1.618% due 04/15/2026 | 3000 | 2997 |
|  4.992% due 01/12/2027 | 1800 | 1811 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.432% due 01/14/2032 | 2000 | 2052 |
|  5.467% due 12/08/2028 | 1000 | 1024 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  2.700% due 01/18/2029 | 2500 | 2376 |
|  5.448% due 05/24/2029 | 4200 | 4304 |
|  6.000% due 11/21/2028 | 5000 | 5172 |
|  Safehold GL Holdings LLC | Safehold GL Holdings LLC | Safehold GL Holdings LLC |
|  6.100% due 04/01/2034 | 5800 | 6113 |
|  Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding |
|  4.504% due 09/02/2027 •  | 4250 | 4269 |
|  4.950% due 06/12/2030 | 5750 | 5759 |
|  5.050% due 01/10/2028 | 1500 | 1514 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  3.823% due 11/03/2028 •  | 4000 | 3950 |
|  SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC |
|  5.700% due 07/25/2033 | 3900 | 3986 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  3.040% due 07/16/2029 | 7500 | 7136 |
|  Takeoff Merger Sub, Inc. | Takeoff Merger Sub, Inc. | Takeoff Merger Sub, Inc. |
|  4.850% due 03/24/2031 | 7200 | 7113 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  2.095% due 02/11/2032 •  | 12000 | 10576 |
|  3.091% due 05/14/2032 •  | 6600 | 6055 |
|  4.703% due 08/05/2027 •  | 2000 | 2001 |
|  Voya Financial, Inc. | Voya Financial, Inc. | Voya Financial, Inc. |
|  5.050% due 03/02/2036 | 5300 | 5123 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.393% due 06/02/2028 •  | 2800 | 2733 |
|  4.478% due 04/04/2031 •  | 10000 | 9917 |
|  Western-Southern Global Funding | Western-Southern Global Funding | Western-Southern Global Funding |
|  4.700% due 12/10/2032 | 3500 | 3413 |
|  |  | 446365 |
| INDUSTRIALS 4.9% | INDUSTRIALS 4.9% | INDUSTRIALS 4.9% |
|  Adventist Health System | Adventist Health System | Adventist Health System |
|  2.952% due 03/01/2029 | 4299 | 4092 |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.750% due 06/15/2029 | 298 | 295 |
|  Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
|  4.550% due 03/13/2033 | 11000 | 10897 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  2.875% due 01/11/2036 | 1300 | 1165 |
|  3.375% due 11/01/2028 | 2861 | 2827 |
|  3.650% due 02/15/2029 | 1759 | 1713 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.500% due 11/21/2033 | 1800 | 1915 |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 38100 | 39202 |
|  Bon Secours Mercy Health, Inc. | Bon Secours Mercy Health, Inc. | Bon Secours Mercy Health, Inc. |
|  3.464% due 06/01/2030 | 12000 | 11626 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  2.900% due 09/15/2036 | 547 | 503 |
|  CHRISTUS Health | CHRISTUS Health | CHRISTUS Health |
|  4.341% due 07/01/2028 | 3000 | 2992 |
|  CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
|  2.782% due 10/01/2030 | 4700 | 4325 |
|  Cornell University | Cornell University | Cornell University |
|  4.169% due 06/15/2030 | 1800 | 1788 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  7.507% due 01/10/2032 | 736 | 777 |
|  Eastern Energy Gas Holdings LLC | Eastern Energy Gas Holdings LLC | Eastern Energy Gas Holdings LLC |
|  5.800% due 01/15/2035 | 4100 | 4254 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  2.550% due 03/15/2031 | 1000 | 903 |
|  5.200% due 02/15/2035 | 1000 | 999 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  5.200% due 04/01/2030 | 2200 | 2250 |
|  Eni SpA | Eni SpA | Eni SpA |
|  5.500% due 05/15/2034 | 8100 | 8300 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
|  4.750% due 03/15/2030 | 5000 | 4957 |
|  5.150% due 08/12/2034 | 1200 | 1166 |
|  Georgetown University | Georgetown University | Georgetown University |
|  2.247% due 04/01/2030 | 4500 | 4104 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **113** |

---

------

Schedule of Investments PIMCO Moderate Duration Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  5.200% due 11/15/2032 | 1500 | 1457 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  5.853% due 02/23/2036 | 1500 | 1507 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  2.750% due 11/15/2033 | 5757 | 5114 |
|  Leland Stanford Junior University | Leland Stanford Junior University | Leland Stanford Junior University |
|  4.679% due 03/01/2035 | 5300 | 5291 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  5.000% due 03/01/2032 | 2700 | 2733 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  4.375% due 04/30/2030 | 5100 | 5074 |
|  Providence St. Joseph Health Obligated Group | Providence St. Joseph Health Obligated Group | Providence St. Joseph Health Obligated Group |
|  5.403% due 10/01/2033 | 3000 | 3065 |
|  Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. |
|  4.650% due 03/15/2029 | 7800 | 7817 |
|  Smith & Nephew PLC | Smith & Nephew PLC | Smith & Nephew PLC |
|  5.400% due 03/20/2034 | 2000 | 2029 |
|  Sutter Health | Sutter Health | Sutter Health |
|  2.294% due 08/15/2030 | 7700 | 7021 |
|  3.695% due 08/15/2028 | 1300 | 1283 |
|  5.213% due 08/15/2032 | 2100 | 2152 |
|  5.537% due 08/15/2035 | 400 | 413 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  4.700% due 01/15/2035 | 3350 | 3241 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 | 1463 | 1347 |
|  3.100% due 01/07/2030 | 662 | 645 |
|  3.450% due 01/07/2030 | 496 | 483 |
|  4.550% due 08/25/2031 | 2941 | 2840 |
|  5.875% due 04/15/2029 | 2996 | 3048 |
|  UPMC | UPMC | UPMC |
|  5.035% due 05/15/2033 | 1300 | 1310 |
|  Weir Group, Inc. | Weir Group, Inc. | Weir Group, Inc. |
|  5.350% due 05/06/2030 | 2900 | 2940 |
|  Yale University | Yale University | Yale University |
|  4.701% due 04/15/2032 | 8100 | 8250 |
|  |  | 180110 |
| UTILITIES 3.9% | UTILITIES 3.9% | UTILITIES 3.9% |
|  Ameren Missouri Securitization Funding I LLC | Ameren Missouri Securitization Funding I LLC | Ameren Missouri Securitization Funding I LLC |
|  4.850% due 10/01/2041 | 3469 | 3464 |
|  Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. |
|  4.700% due 01/15/2030 | 1750 | 1769 |
|  4.900% due 02/15/2029 | 2000 | 2034 |
|  DTE Electric Co. | DTE Electric Co. | DTE Electric Co. |
|  5.250% due 05/15/2035 | 5500 | 5581 |
|  DTE Electric Securitization Funding II LLC | DTE Electric Securitization Funding II LLC | DTE Electric Securitization Funding II LLC |
|  5.970% due 03/01/2033 | 3679 | 3857 |
|  Empire District Bondco LLC | Empire District Bondco LLC | Empire District Bondco LLC |
|  4.943% due 01/01/2035 | 8102 | 8219 |
|  Entergy Arkansas LLC | Entergy Arkansas LLC | Entergy Arkansas LLC |
|  5.450% due 06/01/2034 | 6000 | 6175 |
|  Evergy Metro, Inc. | Evergy Metro, Inc. | Evergy Metro, Inc. |
|  5.400% due 04/01/2034 | 900 | 927 |
|  Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |
|  5.150% due 06/15/2029 | 3000 | 3078 |
|  National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |
|  5.100% due 05/06/2027 | 5000 | 5041 |
|  NBN Co. Ltd. | NBN Co. Ltd. | NBN Co. Ltd. |
|  1.450% due 05/05/2026 | 3000 | 2992 |
|  4.250% due 10/01/2029 | 1400 | 1396 |
|  New York State Electric & Gas Corp. | New York State Electric & Gas Corp. | New York State Electric & Gas Corp. |
|  5.650% due 08/15/2028 | 2000 | 2053 |
|  NorthWestern Corp. | NorthWestern Corp. | NorthWestern Corp. |
|  5.073% due 03/21/2030 | 2400 | 2439 |
|  Ohio Edison Co. | Ohio Edison Co. | Ohio Edison Co. |
|  4.950% due 12/15/2029 | 1500 | 1517 |
|  Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC |
|  4.500% due 03/15/2031 | 5600 | 5572 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  3.000% due 06/15/2028 | 2400 | 2323 |
|  3.300% due 03/15/2027 | 3000 | 2965 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.450% due 06/15/2027 | 3500 | 3535 |
|  6.100% due 01/15/2029 | 1200 | 1242 |
|  6.400% due 06/15/2033 | 1900 | 2018 |
|  6.950% due 03/15/2034 | 2700 | 2958 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  5.100% due 04/15/2031 | 2500 | 2507 |
|  5.300% due 02/15/2031 | 2200 | 2231 |
|  PG&E Recovery Funding LLC | PG&E Recovery Funding LLC | PG&E Recovery Funding LLC |
|  4.838% due 06/01/2035 | 6553 | 6653 |
|  Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado |
|  5.350% due 05/15/2034 | 5000 | 5095 |
|  Public Service Electric & Gas Co. | Public Service Electric & Gas Co. | Public Service Electric & Gas Co. |
|  4.850% due 08/01/2034 | 3700 | 3666 |
|  Puget Sound Energy, Inc. | Puget Sound Energy, Inc. | Puget Sound Energy, Inc. |
|  5.330% due 06/15/2034 | 1900 | 1943 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  1.700% due 10/01/2030 | 1285 | 1137 |
|  5.400% due 04/15/2035 | 3000 | 3052 |
|  SCE Recovery Funding LLC | SCE Recovery Funding LLC | SCE Recovery Funding LLC |
|  4.453% due 03/15/2036 | 7400 | 7332 |
|  Swepco Storm Recovery Funding LLC | Swepco Storm Recovery Funding LLC | Swepco Storm Recovery Funding LLC |
|  4.880% due 09/01/2041 | 5372 | 5373 |
|  System Energy Resources, Inc. | System Energy Resources, Inc. | System Energy Resources, Inc. |
|  5.300% due 12/15/2034 | 6000 | 5987 |
|  Texas Electric Market Stabilization Funding N LLC | Texas Electric Market Stabilization Funding N LLC | Texas Electric Market Stabilization Funding N LLC |
|  4.265% due 08/01/2036 | 8253 | 8208 |
|  4.966% due 02/01/2044 | 4600 | 4414 |
|  Trans-Allegheny Interstate Line Co. | Trans-Allegheny Interstate Line Co. | Trans-Allegheny Interstate Line Co. |
|  5.000% due 01/15/2031 | 3600 | 3659 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  5.000% due 01/15/2036 | 4500 | 4408 |
|  Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC |
|  4.877% due 05/01/2033 | 5000 | 5057 |
|  5.088% due 05/01/2029 | 2405 | 2417 |
|  |  | 144294 |
|  Total Corporate Bonds & Notes<br>(Cost $781,515) | Total Corporate Bonds & Notes<br>(Cost $781,515) | 770769 |
| MUNICIPAL BONDS & NOTES 2.3% | MUNICIPAL BONDS & NOTES 2.3% | MUNICIPAL BONDS & NOTES 2.3% |
| ALABAMA 0.1% | ALABAMA 0.1% | ALABAMA 0.1% |
|  Alabama Economic Settlement Authority Revenue Bonds, Series 2016 | Alabama Economic Settlement Authority Revenue Bonds, Series 2016 | Alabama Economic Settlement Authority Revenue Bonds, Series 2016 |
|  4.263% due 09/15/2032 | 3545 | 3516 |
| CALIFORNIA 0.7% | CALIFORNIA 0.7% | CALIFORNIA 0.7% |
|  California State University Revenue Notes, Series 2020 | California State University Revenue Notes, Series 2020 | California State University Revenue Notes, Series 2020 |
|  1.338% due 11/01/2027 | 1000 | 960 |
|  1.490% due 11/01/2028 | 5400 | 5062 |
|  1.690% due 11/01/2029 | 4400 | 4047 |
|  1.740% due 11/01/2030 | 2600 | 2334 |
|  Fresno County, California Revenue Bonds, (NPFGC Insured), Series 2004 | Fresno County, California Revenue Bonds, (NPFGC Insured), Series 2004 | Fresno County, California Revenue Bonds, (NPFGC Insured), Series 2004 |
|  0.000% due 08/15/2030 (b) | 5200 | 4310 |
|  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 |
|  2.787% due 06/01/2031 | 1000 | 910 |
|  3.037% due 06/01/2032 | 4200 | 3788 |
|  Marin County, California Revenue Bonds, (NPFGC Insured), Series 2003 | Marin County, California Revenue Bonds, (NPFGC Insured), Series 2003 | Marin County, California Revenue Bonds, (NPFGC Insured), Series 2003 |
|  5.410% due 08/01/2026 | 720 | 723 |
|  Monterey Park, California Revenue Notes, Series 2021 | Monterey Park, California Revenue Notes, Series 2021 | Monterey Park, California Revenue Notes, Series 2021 |
|  1.630% due 06/01/2028 | 250 | 237 |
|  1.893% due 06/01/2030 | 300 | 272 |
|  Riverside, California Electric Revenue Bonds, (BABs), Series 2010 | Riverside, California Electric Revenue Bonds, (BABs), Series 2010 | Riverside, California Electric Revenue Bonds, (BABs), Series 2010 |
|  7.605% due 10/01/2040 | 500 | 596 |
|  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 | 1200 | 1166 |
|  1.366% due 05/15/2027 | 3000 | 2917 |
|  |  | 27322 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| FLORIDA 0.1% | FLORIDA 0.1% | FLORIDA 0.1% |
|  Miami-Dade County, Florida Revenue Notes, Series 2021 | Miami-Dade County, Florida Revenue Notes, Series 2021 | Miami-Dade County, Florida Revenue Notes, Series 2021 |
|  1.936% due 10/01/2028 | 1000 | 951 |
|  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 | 3700 | 3880 |
|  |  | 4831 |
| KANSAS 0.1% | KANSAS 0.1% | KANSAS 0.1% |
|  Wyandotte County-Kansas City Unified Government Utility System, Kansas Revenue Notes, Series 2020 | Wyandotte County-Kansas City Unified Government Utility System, Kansas Revenue Notes, Series 2020 | Wyandotte County-Kansas City Unified Government Utility System, Kansas Revenue Notes, Series 2020 |
|  1.861% due 09/01/2028 | 2000 | 1899 |
|  1.961% due 09/01/2029 | 600 | 559 |
|  |  | 2458 |
| LOUISIANA 0.1% | LOUISIANA 0.1% | LOUISIANA 0.1% |
|  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 |
|  4.145% due 02/01/2033 | 4400 | 4380 |
| MICHIGAN 0.0% | MICHIGAN 0.0% | MICHIGAN 0.0% |
|  Michigan Finance Authority Revenue Notes, Series 2019 | Michigan Finance Authority Revenue Notes, Series 2019 | Michigan Finance Authority Revenue Notes, Series 2019 |
|  2.596% due 12/01/2026 | 1400 | 1387 |
| NEW YORK 0.5% | NEW YORK 0.5% | NEW YORK 0.5% |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2010 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2010 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2010 |
|  5.008% due 08/01/2027 | 900 | 910 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Notes, Series 2019 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Notes, Series 2019 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Notes, Series 2019 |
|  2.980% due 11/01/2027 | 7000 | 6893 |
|  New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 | New York City, New York Transitional Finance Authority Revenue Bonds, Series 2024 |
|  4.375% due 05/01/2037 | 3885 | 3743 |
|  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 |
|  1.496% due 03/15/2027 | 9400 | 9201 |
|  |  | 20747 |
| TEXAS 0.2% | TEXAS 0.2% | TEXAS 0.2% |
|  Houston Community College System, Texas General Obligation Notes, Series 2021 | Houston Community College System, Texas General Obligation Notes, Series 2021 | Houston Community College System, Texas General Obligation Notes, Series 2021 |
|  5.000% due 02/15/2029 | 2000 | 2059 |
|  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 | 4187 | 4290 |
|  Texas Transportation Commission State Highway Fund Revenue Bonds, (BABs), Series 2010 | Texas Transportation Commission State Highway Fund Revenue Bonds, (BABs), Series 2010 | Texas Transportation Commission State Highway Fund Revenue Bonds, (BABs), Series 2010 |
|  5.028% due 04/01/2026 | 575 | 575 |
|  |  | 6924 |
| UTAH 0.1% | UTAH 0.1% | UTAH 0.1% |
|  Utah Municipal Power Agency Revenue Bonds, Series 2016 | Utah Municipal Power Agency Revenue Bonds, Series 2016 | Utah Municipal Power Agency Revenue Bonds, Series 2016 |
|  3.237% due 07/01/2028 | 2000 | 1965 |
| WEST VIRGINIA 0.3% | WEST VIRGINIA 0.3% | WEST VIRGINIA 0.3% |
|  Tobacco Settlement Finance Authority, West Virginia Revenue Notes, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Notes, Series 2020 | Tobacco Settlement Finance Authority, West Virginia Revenue Notes, Series 2020 |
|  1.820% due 06/01/2026 | 3300 | 3287 |
|  2.020% due 06/01/2027 | 4400 | 4288 |
|  2.351% due 06/01/2028 | 3000 | 2870 |
|  |  | 10445 |

---

114 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| WISCONSIN 0.1% | WISCONSIN 0.1% | WISCONSIN 0.1% | WISCONSIN 0.1% | WISCONSIN 0.1% |
|  Wisconsin State Revenue Notes, Series 2020 | Wisconsin State Revenue Notes, Series 2020 | Wisconsin State Revenue Notes, Series 2020 | Wisconsin State Revenue Notes, Series 2020 | Wisconsin State Revenue Notes, Series 2020 |
|  2.299% due 05/01/2028 | $— | 2100 | $— | 2027 |
|  Total Municipal Bonds & Notes<br>(Cost $87,928) | Total Municipal Bonds & Notes<br>(Cost $87,928) | Total Municipal Bonds & Notes<br>(Cost $87,928) |  | 86002 |
| U.S. GOVERNMENT AGENCIES 44.6% | U.S. GOVERNMENT AGENCIES 44.6% | U.S. GOVERNMENT AGENCIES 44.6% | U.S. GOVERNMENT AGENCIES 44.6% | U.S. GOVERNMENT AGENCIES 44.6% |
|  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. |
|  2.500% due 04/01/2051 - 10/01/2053 |  | 32740 |  | 27634 |
|  3.000% due 10/01/2046 - 06/01/2052 |  | 94735 |  | 83650 |
|  3.500% due 06/01/2044 - 10/01/2048 |  | 763 |  | 716 |
|  4.000% due 05/01/2047 - 01/01/2055 |  | 63683 |  | 60367 |
|  4.500% due 10/01/2048 - 01/01/2053 |  | 93467 |  | 90643 |
|  5.000% due 02/01/2053 - 12/01/2053 |  | 70673 |  | 70021 |
|  5.500% due 03/01/2054 - 11/01/2055 |  | 10221 |  | 10424 |
|  6.000% due 02/01/2055 - 10/01/2055 |  | 66083 |  | 67413 |
|  6.500% due 04/01/2054 - 05/01/2055 |  | 19016 |  | 19700 |
|  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 |
|  2.937% due 07/25/2054 ~ |  | 6058 |  | 5886 |
|  4.650% due 08/25/2028 ~ |  | 4800 |  | 4850 |
|  4.850% due 09/25/2028 |  | 1400 |  | 1421 |
|  5.430% due 06/25/2031 ~ |  | 3000 |  | 3107 |
|  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 |
|  1.000% due 12/15/2040 - 05/25/2047 |  | 13142 |  | 11803 |
|  1.250% due 12/15/2044 |  | 1165 |  | 976 |
|  2.500% due 09/25/2048 |  | 2914 |  | 2708 |
|  4.087% due 09/15/2035 •  |  | 4 |  | 4 |
|  4.146% due 08/15/2040 - 10/15/2040 •  |  | 1356 |  | 1334 |
|  4.187% due 02/15/2041 •  |  | 124 |  | 122 |
|  4.236% due 07/15/2040 •  |  | 1224 |  | 1212 |
|  4.237% due 04/15/2041 •  |  | 39 |  | 38 |
|  4.257% due 11/15/2036 •  |  | 32 |  | 32 |
|  4.296% due 07/15/2041 - 03/15/2042 •  |  | 3166 |  | 3137 |
|  4.337% due 04/15/2041 •  |  | 313 |  | 312 |
|  4.602% due 11/25/2054 •  |  | 25996 |  | 26167 |
|  4.662% due 08/25/2054 •  |  | 2818 |  | 2836 |
|  4.712% due 08/25/2054 •  |  | 1521 |  | 1533 |
|  4.812% due 03/25/2055 - 08/25/2055 •  |  | 6405 |  | 6452 |
|  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 |
|  4.146% due 10/15/2037 •  |  | 1825 |  | 1804 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  1.630% due 05/01/2027 |  | 8200 |  | 7985 |
|  2.500% due 03/01/2051 - 07/01/2053 |  | 36244 |  | 30616 |
|  3.000% due 01/01/2035 - 07/01/2052 |  | 250178 |  | 220728 |
|  3.020% due 03/01/2028 |  | 1 |  | 1 |
|  3.290% due 04/01/2027 - 03/01/2028 |  | 12484 |  | 12351 |
|  3.430% due 05/01/2028 |  | 65 |  | 64 |
|  3.500% due 10/01/2034 - 07/01/2048 |  | 4780 |  | 4601 |
|  4.000% due 01/01/2046 - 04/01/2055 |  | 86475 |  | 82348 |
|  4.250% due 04/01/2030 |  | 8700 |  | 8707 |
|  4.300% due 12/01/2032 |  | 16800 |  | 16663 |
|  4.320% due 03/01/2030 |  | 7112 |  | 7149 |
|  4.500% due 08/01/2048 - 05/01/2053 |  | 61909 |  | 60075 |
|  4.600% due 04/01/2030 |  | 8700 |  | 8810 |
|  5.000% due 01/01/2028 - 07/01/2053 |  | 6413 |  | 6386 |
|  5.500% due 01/01/2027 - 12/01/2055 |  | 31013 |  | 31303 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.786% due 07/01/2034 •  | 51 | 52 |
|  6.000% due 12/01/2053 - 11/01/2055 | 14701 | 15256 |
|  6.182% due 10/01/2037 •  | 99 | 104 |
|  6.500% due 05/01/2054 - 05/01/2055 | 17286 | 17927 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  0.750% due 11/25/2050 | 12721 | 9447 |
|  4.016% due 06/25/2037 •  | 95 | 94 |
|  4.026% due 11/25/2045 •  | 273 | 269 |
|  4.076% due 12/25/2045 •  | 151 | 150 |
|  4.126% due 03/25/2035 - 03/25/2046 •  | 316 | 313 |
|  4.182% due 03/25/2036 •  | 183 | 180 |
|  4.196% due 11/25/2046 •  | 223 | 220 |
|  4.216% due 11/25/2046 - 12/25/2056 •  | 1974 | 1935 |
|  4.236% due 12/25/2046 •  | 1274 | 1263 |
|  4.246% due 07/25/2046 - 10/25/2046 •  | 1884 | 1852 |
|  4.296% due 01/25/2047 •  | 1308 | 1300 |
|  4.506% due 06/25/2040 •  | 109 | 109 |
|  4.712% due 01/25/2055 •  | 1936 | 1945 |
|  4.812% due 03/25/2055 •  | 707 | 713 |
|  4.862% due 10/25/2053 - 07/25/2055 •  | 6073 | 6129 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.000% due 04/20/2052 | 8051 | 7198 |
|  3.500% due 09/20/2045 - 09/20/2055 | 115336 | 105896 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  1.500% due 10/20/2045 | 4487 | 3715 |
|  3.000% due 01/20/2067 | 1328 | 1303 |
|  4.267% due 09/20/2065 •  | 661 | 661 |
|  4.323% due 07/20/2063 •  | 196 | 196 |
|  4.353% due 06/20/2065 •  | 1254 | 1254 |
|  4.383% due 03/20/2065 •  | 1114 | 1115 |
|  4.433% due 12/20/2064 - 06/20/2066 •  | 1421 | 1424 |
|  4.463% due 08/20/2061 •  | 1 | 1 |
|  4.513% due 09/20/2063 •  | 6 | 6 |
|  4.533% due 10/20/2063 - 09/20/2065 •  | 92 | 92 |
|  4.553% due 02/20/2066 •  | 7 | 7 |
|  4.583% due 05/20/2066 •  | 810 | 813 |
|  4.663% due 04/20/2066 •  | 1355 | 1361 |
|  4.683% due 04/20/2066 •  | 1442 | 1448 |
|  4.703% due 07/20/2065 •  | 42 | 43 |
|  4.733% due 12/20/2066 •  | 902 | 908 |
|  4.783% due 01/20/2067 •  | 1278 | 1286 |
|  4.933% due 03/20/2066 •  | 682 | 687 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  5.000% due 06/01/2040 - 05/01/2056 | 53000 | 52381 |
|  6.000% due 05/01/2056 | 51900 | 52718 |
|  Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority |
|  4.375% due 08/01/2034 | 3200 | 3217 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  2.500% due 05/01/2056 | 76600 | 64383 |
|  3.000% due 06/01/2040 | 23500 | 20610 |
|  4.000% due 04/01/2056 - 05/01/2056 | 260300 | 245478 |
|  6.500% due 05/01/2056 | 7600 | 7857 |
|  Total U.S. Government Agencies<br>(Cost $1,626,063) | Total U.S. Government Agencies<br>(Cost $1,626,063) | 1639405 |
| U.S. TREASURY OBLIGATIONS 12.4% | U.S. TREASURY OBLIGATIONS 12.4% | U.S. TREASURY OBLIGATIONS 12.4% |
|  U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) | U.S. Treasury Inflation Protected Securities (c) |
|  2.125% due 01/15/2035 | 46373 | 47171 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.000% due 07/31/2029 (f) | 57900 | 58167 |
|  4.000% due 06/30/2032 | 17600 | 17523 |
|  4.000% due 11/15/2035 | 60000 | 58533 |
|  4.125% due 07/31/2031 | 131760 | 132630 |
|  4.125% due 02/15/2036 | 32300 | 31798 |
|  4.375% due 01/31/2032 | 1100 | 1119 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.875% due 10/31/2030 (f) | 105000 | 109103 |
|  Total U.S. Treasury Obligations<br>(Cost $453,414) | Total U.S. Treasury Obligations<br>(Cost $453,414) | 456044 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 5.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 5.8% |
|  Bank | Bank | Bank |
|  1.805% due 11/15/2053 | 5560 | 5301 |
|  2.933% due 09/15/2062 | 7200 | 7024 |
|  3.183% due 08/15/2061 | 4300 | 4076 |
|  4.775% due 10/15/2057 | 2842 | 2811 |
|  5.158% due 12/25/2067 | 2079 | 2108 |
|  Bank5 | Bank5 | Bank5 |
|  4.619% due 02/15/2059 | 4400 | 4383 |
|  4.745% due 11/15/2058 | 3500 | 3509 |
|  5.270% due 12/15/2058 | 7900 | 8076 |
|  BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust |
|  4.534% due 09/15/2058 | 2000 | 1990 |
|  5.009% due 12/15/2058 | 4500 | 4491 |
|  5.433% due 02/15/2062 | 3300 | 3391 |
|  5.586% due 07/15/2058 ~ | 2400 | 2493 |
|  5.609% due 12/15/2057 | 5100 | 5263 |
|  5.720% due 02/15/2062 | 1700 | 1778 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  2.615% due 12/15/2054 | 1626 | 1533 |
|  2.888% due 08/15/2057 | 3236 | 3156 |
|  2.957% due 12/15/2062 | 4453 | 4346 |
|  3.780% due 02/15/2051 ~ | 303 | 302 |
|  4.232% due 01/15/2052 | 5700 | 5609 |
|  4.704% due 10/15/2058 | 1400 | 1402 |
|  4.767% due 01/15/2058 | 2300 | 2305 |
|  5.184% due 10/15/2058 | 2000 | 2038 |
|  5.439% due 08/15/2058 ~ | 2700 | 2774 |
|  5.660% due 04/15/2057 | 7400 | 7648 |
|  BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust |
|  5.057% due 10/15/2058 | 2400 | 2391 |
|  5.566% due 11/15/2057 ~ | 7000 | 7194 |
|  5.625% due 12/15/2057 ~ | 4500 | 4634 |
|  5.857% due 02/15/2057 | 12300 | 12708 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
|  4.517% due 10/15/2036 •  | 476 | 476 |
|  4.708% due 12/15/2038 •  | 2117 | 2116 |
|  Cantor Commercial Real Estate Lending | Cantor Commercial Real Estate Lending | Cantor Commercial Real Estate Lending |
|  2.817% due 11/15/2052 | 5891 | 5758 |
|  COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
|  2.873% due 08/15/2057 | 1203 | 1175 |
|  3.091% due 10/10/2049 | 3700 | 3675 |
|  3.510% due 09/10/2050 | 4200 | 4149 |
|  4.228% due 05/10/2051 | 3800 | 3730 |
|  CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust |
|  2.957% due 09/15/2052 | 5946 | 5841 |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  5.637% due 10/15/2037 •  | 5300 | 5241 |
|  CSWF Corp. | CSWF Corp. | CSWF Corp. |
|  4.854% due 06/15/2034 •  | 13 | 13 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.137% due 12/15/2036 •  | 6000 | 2760 |
|  JPMBB Commercial Mortgage Securities Trust | JPMBB Commercial Mortgage Securities Trust | JPMBB Commercial Mortgage Securities Trust |
|  3.639% due 11/15/2047 | 188 | 184 |
|  JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust |
|  2.982% due 11/13/2052 | 2304 | 2252 |
|  2.994% due 12/15/2049 | 42 | 42 |
|  3.144% due 06/15/2049 | 1650 | 1646 |
|  Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust | Morgan Stanley Bank of America Merrill Lynch Trust |
|  3.306% due 04/15/2048 | 286 | 282 |
|  Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
|  3.067% due 11/15/2052 | 4506 | 4398 |
|  3.587% due 12/15/2050 | 700 | 689 |
|  MSWF Commercial Mortgage Trust | MSWF Commercial Mortgage Trust | MSWF Commercial Mortgage Trust |
|  6.014% due 12/15/2056 ~ | 4000 | 4248 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  4.882% due 11/15/2038 •  | 18000 | 17972 |
|  UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust |
|  2.866% due 10/15/2052 | 4826 | 4712 |
|  2.987% due 12/15/2052 | 672 | 657 |
|  3.366% due 10/15/2050 | 474 | 472 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **115** |

---

------

Schedule of Investments PIMCO Moderate Duration Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.504% due 12/15/2050 | 1801 | 1791 |
|  3.903% due 02/15/2051 | 1385 | 1378 |
|  4.195% due 08/15/2051 | 517 | 516 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  2.651% due 02/15/2053 | 1156 | 1122 |
|  2.652% due 08/15/2049 | 1600 | 1591 |
|  3.311% due 06/15/2052 | 4750 | 4534 |
|  4.147% due 06/15/2051 | 592 | 591 |
|  5.920% due 11/15/2057 ~ | 9900 | 10289 |
|  WSTN Trust |  |  |
|  6.297% due 07/05/2037 ~ | 3000 | 3033 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $220,307) | Total Non-Agency Mortgage-Backed Securities (Cost $220,307) | 212067 |
| ASSET-BACKED SECURITIES 11.1% | ASSET-BACKED SECURITIES 11.1% | ASSET-BACKED SECURITIES 11.1% |
| AUTOMOBILE SEQUENTIAL 3.5% | AUTOMOBILE SEQUENTIAL 3.5% | AUTOMOBILE SEQUENTIAL 3.5% |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  5.250% due 04/20/2029 | 6000 | 6086 |
|  5.360% due 06/20/2030 | 11000 | 11258 |
|  5.440% due 02/22/2028 | 5000 | 5037 |
|  5.810% due 12/20/2029 | 7900 | 8151 |
|  6.020% due 02/20/2030 | 3500 | 3634 |
|  Bank of America Auto Trust | Bank of America Auto Trust | Bank of America Auto Trust |
|  5.390% due 07/16/2029 | 5250 | 5291 |
|  5.660% due 11/15/2029 | 3950 | 4006 |
|  Capital One Prime Auto Receivables Trust | Capital One Prime Auto Receivables Trust | Capital One Prime Auto Receivables Trust |
|  5.820% due 06/15/2028 | 2972 | 3000 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  6.000% due 07/17/2028 | 4661 | 4708 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  4.240% due 08/11/2031 | 11200 | 11177 |
|  Chesapeake Funding II LLC | Chesapeake Funding II LLC | Chesapeake Funding II LLC |
|  5.520% due 05/15/2036 | 1572 | 1588 |
|  Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
|  4.560% due 12/15/2028 | 1000 | 1004 |
|  5.280% due 02/15/2036 | 3800 | 3888 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  5.710% due 02/16/2029 | 5000 | 5094 |
|  5.780% due 08/16/2028 | 1096 | 1106 |
|  GM Financial Revolving Receivables Trust | GM Financial Revolving Receivables Trust | GM Financial Revolving Receivables Trust |
|  4.520% due 03/11/2037 | 6700 | 6763 |
|  4.980% due 12/11/2036 | 6300 | 6423 |
|  5.770% due 08/11/2036 | 5400 | 5591 |
|  Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC |
|  5.570% due 09/25/2029 | 8000 | 8182 |
|  6.150% due 03/25/2030 | 3400 | 3539 |
|  Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust |
|  4.510% due 11/21/2030 | 1000 | 1005 |
|  4.570% due 03/21/2029 | 4531 | 4549 |
|  Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust |
|  4.530% due 04/17/2028 | 6500 | 6528 |
|  Nissan Auto Lease Trust | Nissan Auto Lease Trust | Nissan Auto Lease Trust |
|  4.910% due 04/15/2027 | 4737 | 4742 |
|  4.970% due 09/15/2028 | 2200 | 2205 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  6.520% due 04/20/2028 | 614 | 615 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  4.940% due 01/21/2031 | 500 | 505 |
|  4.950% due 05/21/2029 | 538 | 541 |
|  Volkswagen Auto Loan Enhanced Trust | Volkswagen Auto Loan Enhanced Trust | Volkswagen Auto Loan Enhanced Trust |
|  5.020% due 06/20/2028 | 1999 | 2007 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  5.030% due 11/15/2029 | 900 | 911 |
|  5.150% due 11/15/2028 | 1079 | 1084 |
|  |  | 130218 |
| CMBS OTHER 0.7% | CMBS OTHER 0.7% | CMBS OTHER 0.7% |
|  Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. | Arbor Realty Commercial Real Estate Notes Ltd. |
|  5.137% due 11/15/2036 •  | 2716 | 2723 |
|  AREIT Ltd. | AREIT Ltd. | AREIT Ltd. |
|  5.790% due 08/17/2041 •  | 623 | 624 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  4.922% due 01/20/2037 •  | 2328 | 2328 |
|  5.920% due 06/17/2039 •  | 1646 | 1647 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  5.144% due 12/16/2036 •  | 834 | 835 |
|  GPMT Ltd. | GPMT Ltd. | GPMT Ltd. |
|  5.139% due 12/15/2036 •  | 759 | 758 |
|  Greystone CRE Notes LLC | Greystone CRE Notes LLC | Greystone CRE Notes LLC |
|  5.154% due 01/15/2043 •  | 3500 | 3501 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.087% due 11/15/2038 •  | 287 | 287 |
|  LRECS LLC | LRECS LLC | LRECS LLC |
|  5.177% due 08/19/2043 •  | 8500 | 8485 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  4.874% due 10/16/2036 •  | 462 | 462 |
|  Starwood Ltd. | Starwood Ltd. | Starwood Ltd. |
|  4.994% due 04/18/2038 •  | 1037 | 1037 |
|  TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. |
|  5.328% due 02/15/2039 •  | 2548 | 2555 |
|  |  | 25242 |
| CREDIT CARD BULLET 0.2% | CREDIT CARD BULLET 0.2% | CREDIT CARD BULLET 0.2% |
|  American Express Credit Account Master Trust | American Express Credit Account Master Trust | American Express Credit Account Master Trust |
|  4.800% due 05/15/2030 | 2000 | 2032 |
|  5.240% due 04/15/2031 | 6000 | 6191 |
|  |  | 8223 |
| CREDIT CARD OTHER 0.4% | CREDIT CARD OTHER 0.4% | CREDIT CARD OTHER 0.4% |
|  Capital One Multi-Asset Execution Trust | Capital One Multi-Asset Execution Trust | Capital One Multi-Asset Execution Trust |
|  4.420% due 05/15/2028 | 8300 | 8303 |
|  Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC |
|  5.740% due 10/15/2029 | 5000 | 5045 |
|  |  | 13348 |
| OTHER ABS 6.3% | OTHER ABS 6.3% | OTHER ABS 6.3% |
|  Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. |
|  4.718% due 10/20/2034 •  | 4200 | 4202 |
|  Anchorage Credit Funding 19 Ltd. | Anchorage Credit Funding 19 Ltd. | Anchorage Credit Funding 19 Ltd. |
|  5.036% due 10/25/2040 | 2000 | 1983 |
|  Apidos CLO XI | Apidos CLO XI | Apidos CLO XI |
|  4.908% due 04/17/2034 •  | 6800 | 6809 |
|  ARES LXII CLO Ltd. | ARES LXII CLO Ltd. | ARES LXII CLO Ltd. |
|  4.738% due 01/25/2034 •  | 4700 | 4702 |
|  Atlantic Avenue Ltd. | Atlantic Avenue Ltd. | Atlantic Avenue Ltd. |
|  5.152% due 10/15/2038 •  | 3900 | 3909 |
|  Atlas Senior Loan Fund XVII Ltd. | Atlas Senior Loan Fund XVII Ltd. | Atlas Senior Loan Fund XVII Ltd. |
|  4.728% due 10/20/2034 •  | 1000 | 1000 |
|  Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. | Atlas Senior Loan Fund XVIII Ltd. |
|  4.778% due 01/18/2035 •  | 2000 | 1997 |
|  Bethpage Park CLO Ltd. | Bethpage Park CLO Ltd. | Bethpage Park CLO Ltd. |
|  5.064% due 01/15/2035 •  | 5691 | 5698 |
|  Birch Grove CLO Ltd. | Birch Grove CLO Ltd. | Birch Grove CLO Ltd. |
|  5.258% due 07/17/2037 •  | 6200 | 6216 |
|  BlueMountain CLO XXXIV Ltd. | BlueMountain CLO XXXIV Ltd. | BlueMountain CLO XXXIV Ltd. |
|  4.818% due 04/20/2035 •  | 2400 | 2401 |
|  Boyce Park CLO Ltd. | Boyce Park CLO Ltd. | Boyce Park CLO Ltd. |
|  4.668% due 04/21/2035 •  | 8500 | 8502 |
|  Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust |
|  4.772% due 08/16/2029 •  | 3000 | 2997 |
|  CBAMR Ltd. | CBAMR Ltd. | CBAMR Ltd. |
|  5.302% due 07/15/2037 •  | 9200 | 9224 |
|  CQS U.S. CLO 5 Ltd. | CQS U.S. CLO 5 Ltd. | CQS U.S. CLO 5 Ltd. |
|  5.101% due 01/17/2039 •  | 8500 | 8479 |
|  DLLMT LLC | DLLMT LLC | DLLMT LLC |
|  5.340% due 03/22/2027 | 884 | 886 |
|  5.350% due 03/20/2031 | 5660 | 5702 |
|  Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. |
|  4.696% due 08/20/2034 •  | 3600 | 3601 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust |
|  4.526% due 02/27/2068 •  | 2533 | 2521 |
|  4.576% due 09/25/2068 •  | 3482 | 3452 |
|  4.776% due 01/27/2070 •  | 4306 | 4319 |
|  4.826% due 05/25/2067 •  | 2260 | 2265 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  4.798% due 07/25/2034 •  | 2200 | 2202 |
|  4.968% due 01/25/2035 •  | 4500 | 4503 |
|  Flatiron CLO 19 Ltd. | Flatiron CLO 19 Ltd. | Flatiron CLO 19 Ltd. |
|  4.833% due 11/16/2034 •  | 1811 | 1812 |
|  Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. |
|  5.024% due 07/15/2031 •  | 1477 | 1479 |
|  Harvest U.S. CLO Ltd. | Harvest U.S. CLO Ltd. | Harvest U.S. CLO Ltd. |
|  4.822% due 01/15/2037 •  | 3700 | 3697 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  4.661% due 01/16/2033 •  | 1632 | 1633 |
|  4.818% due 10/20/2034 •  | 4500 | 4505 |
|  Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. |
|  4.788% due 07/25/2034 •  | 3200 | 3203 |
|  KKR CLO 21 Ltd. | KKR CLO 21 Ltd. | KKR CLO 21 Ltd. |
|  4.934% due 04/15/2031 •  | 385 | 386 |
|  LCM 36 Ltd. | LCM 36 Ltd. | LCM 36 Ltd. |
|  4.742% due 01/15/2034 •  | 1000 | 1000 |
|  Merit DAC | Merit DAC | Merit DAC |
|  4.852% due 02/15/2040 « | 6500 | 6456 |
|  Navesink CLO 6 Ltd. | Navesink CLO 6 Ltd. | Navesink CLO 6 Ltd. |
|  0.000% due 04/15/2037 •(b) | 3500 | 3500 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  5.237% due 07/16/2040 •  | 927 | 929 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  4.687% due 01/15/2043 •  | 93 | 93 |
|  4.787% due 04/15/2069 •  | 1079 | 1074 |
|  Navient Refinance Loan Trust | Navient Refinance Loan Trust | Navient Refinance Loan Trust |
|  4.800% due 10/15/2055 | 5501 | 5477 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  4.576% due 07/26/2066 •  | 1751 | 1740 |
|  6.480% due 03/15/2072 | 689 | 707 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  4.610% due 02/21/2061 | 8344 | 8243 |
|  5.022% due 05/17/2055 •  | 4846 | 4877 |
|  5.023% due 06/22/2065 •  | 5022 | 5064 |
|  Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. |
|  4.718% due 07/17/2036 •  | 2800 | 2801 |
|  Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. |
|  4.727% due 10/14/2036 •  | 2800 | 2802 |
|  Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. |
|  4.788% due 07/20/2034 •  | 2000 | 2002 |
|  Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. |
|  4.708% due 01/20/2035 •  | 6700 | 6702 |
|  OFSI BSL X Ltd. | OFSI BSL X Ltd. | OFSI BSL X Ltd. |
|  4.938% due 04/20/2034 •  | 3500 | 3505 |
|  OZLM XXIV Ltd. | OZLM XXIV Ltd. | OZLM XXIV Ltd. |
|  5.089% due 07/20/2032 •  | 1075 | 1076 |
|  Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. |
|  4.480% due 10/15/2032 •  | 2600 | 2600 |
|  4.489% due 01/15/2033 •  | 2900 | 2897 |
|  PK ALIFT Loan Funding 7 LP | PK ALIFT Loan Funding 7 LP | PK ALIFT Loan Funding 7 LP |
|  4.750% due 03/15/2043 | 2547 | 2539 |
|  Riserva CLO Ltd. | Riserva CLO Ltd. | Riserva CLO Ltd. |
|  4.718% due 01/18/2034 •  | 1800 | 1801 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  4.842% due 04/15/2038 •  | 2400 | 2394 |
|  SLM Private Education Loan Trust | SLM Private Education Loan Trust | SLM Private Education Loan Trust |
|  8.537% due 10/15/2041 •  | 2153 | 2261 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  4.517% due 01/15/2053 •  | 2053 | 2036 |
|  4.643% due 09/15/2054 •  | 351 | 350 |
|  5.020% due 03/17/2053 | 2095 | 2098 |
|  5.030% due 03/15/2056 (a) | 6800 | 6808 |
|  5.130% due 04/15/2054 | 4100 | 4133 |
|  TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. |
|  4.954% due 08/16/2034 •  | 2600 | 2603 |
|  Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust |
|  5.080% due 06/21/2050 | 361 | 361 |

---

---

| | | |
|:---|:---|:---|
| **116** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. |
|  4.872% due 04/15/2035 •  | 4700 | 4706 |
|  Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. |
|  4.778% due 01/25/2034 •  | 2600 | 2602 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  4.798% due 07/20/2032 •  | 3728 | 3732 |
|  Verizon Master Trust | Verizon Master Trust | Verizon Master Trust |
|  4.350% due 08/20/2032 | 7500 | 7534 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  4.728% due 04/20/2034 •  | 3300 | 3302 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  4.732% due 10/15/2034 •  | 5172 | 5175 |
|  |  | 232265 |
|  Total Asset-Backed Securities<br>(Cost $406,880) | Total Asset-Backed Securities<br>(Cost $406,880) | 409296 |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  6.000% due 05/13/2030 | 1900 | 1965 |
| Total Sovereign Issues<br>(Cost $1,892) | Total Sovereign Issues<br>(Cost $1,892) | 1965 |

---

---

| | | |
|:---|:---|:---|
| PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 21.8% | SHORT-TERM INSTRUMENTS 21.8% | SHORT-TERM INSTRUMENTS 21.8% |
| REPURCHASE AGREEMENTS (d) 21.8% | REPURCHASE AGREEMENTS (d) 21.8% | REPURCHASE AGREEMENTS (d) 21.8% |
|  | $— | 801100 |
| Total Short-Term Instruments<br>(Cost $801,100) |  | 801100 |
| Total Investments in Securities<br>(Cost $4,379,099) |  | 4376648 |
| Total Investments 119.0%<br>(Cost $4,379,099) | $— | 4376648 |
| Financial Derivative<br>Instruments (e) 0.0%<br> (Cost or Premiums, net $2,039) |  | 1023 |
| Other Assets and Liabilities, net (19.0)% |  | (700886) |
| Net Assets 100.0% | $— | 3676785 |

---

#### 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.

(a) When-issued security.

(b) Zero coupon security.

(c) Principal amount of security is adjusted for inflation.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 3.680% | 04/01/2026 | 04/02/2026 | $282500 | U.S. Treasury Notes 3.875% due 07/31/2030 | $(288202) | $282500 | $282500 |
|  | 3.690 | 03/13/2026 | 04/07/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | U.S. Treasury Notes 0.375% due 09/30/2027 | (101886) | 100000 | 100195 |
|  | 3.690 | 03/23/2026 | 04/13/2026 | 100000 | U.S. Treasury Notes 1.375% - 2.750% due 02/15/2028 - 10/31/2028 | (102335) | 100000 | 100092 |
|  | 3.710 | 03/31/2026 | 04/01/2026 | 232300 | U.S. Treasury Notes 3.875% due 07/31/2030 | (237290) | 232300 | 232324 |
| SAL | 3.660 | 03/31/2026 | 04/01/2026 | 13300 | U.S. Treasury Bills 0.000% due 05/26/2026 | (13571) | 13300 | 13301 |
| WAN | 3.710 | 03/31/2026 | 04/01/2026 | 73000 | U.S. Treasury Notes 3.500% due 10/31/2027 | (74532) | 73000 | 73008 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(817816) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801420 |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 |  |  |  |  |  |  |
|  BOO | $0 | $0 | $0 | $0 | $(367) | $(367) |
|  BOS | 715111 | 0 | 0 | 715111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(729713) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14602) |
|  SAL | 13301 | 0 | 0 | 13301 | (13571) | (270) |
|  WAN | 73008 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73008 | (74532) | (1524) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801420 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 117

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Schedule of Investments PIMCO Moderate Duration Portfolio (Cont.)

<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;(e) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 2-Year Note June Futures  | 06/2026 | 2323 | $481895 | $(3555) | $182 | $0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 4608 | 498492 | (6902) | 648 | 0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 1963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217985 | (3874) | 460 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14331) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290 | $&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 Long-Term Bond June Futures  | 06/2026 | 129 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14690) | $444 | $0 | $(48) |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 315 | (36717) | 1231 | 0 | (69) |
|  |  |  |  | $1675 | $0 | $(117) |
|  Total Futures Contracts |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12656) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117) |

---

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(2)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(3)</sup> | Variation Margin | Variation Margin |
| **Index/Tranches** | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(2)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(3)</sup> | Asset | Liability |
|  CDX.IG-46 5-Year Index | 1.000% | Quarterly | 06/20/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.800% | Annual | 09/05/2028 | $195000 | $(2270) | $1510 | $(760) | $0 | $(102) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2029 | 15400 | (35) | 159 | 124 | 0 | (12) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 02/14/2030 | 72600 | 748 | (842) | (94) | 0 | (70) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140170 | (140) | (269) | (409) | 0 | (165) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.012 | Annual | 02/14/2035 | 39400 | (383) | (220) | (603) | 0 | (38) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 02/12/2055 | 20900 | 2991 | 1065 | 4056 | 75 | 0 |
|  |  |  |  |  |  | $911 | $1403 | $2314 | $75 | $(387) |
|  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;2039 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3634 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(387) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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;1290 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(387) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(504) |

---

118 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

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March 31, 2026

(f) Securities with an aggregate market value of $24,153 and cash of $7,911 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2026. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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> The maximum potential amount the Portfolio 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. 

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for 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 | $1290 | $1290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | 0 | 0 | 75 | 237 |
|  | $0 | $162 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527 |
|  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 | $117 | $117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 387 | 387 |
|  | $&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;0 | $504 | $504 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for 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 | $16502 | $16502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1644 | 0 | 0 | 2111 | 3755 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1644 | $&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;18613 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20257 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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 | $(20106) | $(20106) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (73) | 0 | 0 | 826 | 753 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(73) | $0 | $0 | $(19280) | $(19353) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 119

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Schedule of Investments PIMCO Moderate Duration Portfolio (Cont.) March 31, 2026

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2026 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |  |  |
|  Corporate Bonds & Notes |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $446365 | $0 | $446365 |
| &nbsp;&nbsp; Industrials | 0 | 180110 | 0 | 180110 |
| &nbsp;&nbsp; Utilities | 0 | 144294 | 0 | 144294 |
|  Municipal Bonds & Notes |  |  |  |  |
| &nbsp;&nbsp; Alabama | 0 | 3516 | 0 | 3516 |
| &nbsp;&nbsp; California | 0 | 27322 | 0 | 27322 |
| &nbsp;&nbsp; Florida | 0 | 4831 | 0 | 4831 |
| &nbsp;&nbsp; Kansas | 0 | 2458 | 0 | 2458 |
| &nbsp;&nbsp; Louisiana | 0 | 4380 | 0 | 4380 |
| &nbsp;&nbsp; Michigan | 0 | 1387 | 0 | 1387 |
| &nbsp;&nbsp; New York | 0 | 20747 | 0 | 20747 |
| &nbsp;&nbsp; Texas | 0 | 6924 | 0 | 6924 |
| &nbsp;&nbsp; Utah | 0 | 1965 | 0 | 1965 |
| &nbsp;&nbsp; West Virginia | 0 | 10445 | 0 | 10445 |
| &nbsp;&nbsp; Wisconsin | 0 | 2027 | 0 | 2027 |
|  U.S. Government Agencies | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1639405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1639405 |
|  U.S. Treasury Obligations | 0 | 456044 | 0 | 456044 |
|  Non-Agency Mortgage-Backed Securities | 0 | 212067 | 0 | 212067 |
|  Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp; Automobile Sequential | 0 | 130218 | 0 | 130218 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2026** |
| &nbsp;&nbsp; CMBS Other | $0 | $25242 | $0 | $25242 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 8223 | 0 | 8223 |
| &nbsp;&nbsp; Credit Card Other | 0 | 13348 | 0 | 13348 |
| &nbsp;&nbsp; Other ABS | 0 | 225809 | 6456 | 232265 |
|  Sovereign Issues | 0 | 1965 | 0 | 1965 |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 801100 | 0 | 801100 |
|  Total Investments | $0 | $4370192 | $6456 | $4376648 |
|  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 | $1527 | $0 | $1527 |
|  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 | $(504) | $0 | $(504) |
|  Total Financial Derivative Instruments | $0 | $1023 | $0 | $1023 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4371215 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6456 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4377671 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2026.

---

| | | |
|:---|:---|:---|
| **120** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Mortgage and Short-Term Investments Portfolio March 31, 2026

#### (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 277.2% | INVESTMENTS IN SECURITIES 277.2% | INVESTMENTS IN SECURITIES 277.2% |
| CORPORATE BONDS & NOTES 1.4% | CORPORATE BONDS & NOTES 1.4% | CORPORATE BONDS & NOTES 1.4% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  Ambac Assurance Corp. | Ambac Assurance Corp. | Ambac Assurance Corp. |
|  5.100% due 12/31/2099 (d) | 38 | 50 |
| INDUSTRIALS 1.4% | INDUSTRIALS 1.4% | INDUSTRIALS 1.4% |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 16460 | 16936 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  6.036% due 12/10/2028 | 399 | 403 |
|  |  | 17339 |
|  Total Corporate Bonds & Notes (Cost $16,908) | Total Corporate Bonds & Notes (Cost $16,908) | 17389 |
| MUNICIPAL BONDS & NOTES 0.3% | MUNICIPAL BONDS & NOTES 0.3% | MUNICIPAL BONDS & NOTES 0.3% |
| TEXAS 0.3% | TEXAS 0.3% | TEXAS 0.3% |
|  Ennis Economic Development Corp. Texas Revenue Bonds, (NPFGC Insured), Series 1999 | Ennis Economic Development Corp. Texas Revenue Bonds, (NPFGC Insured), Series 1999 | Ennis Economic Development Corp. Texas Revenue Bonds, (NPFGC Insured), Series 1999 |
|  0.000% due 08/01/2034 (c) | 6860 | 3916 |
|  Total Municipal Bonds & Notes (Cost $5,284) | Total Municipal Bonds & Notes (Cost $5,284) | 3916 |
| U.S. GOVERNMENT AGENCIES 249.8% | U.S. GOVERNMENT AGENCIES 249.8% | U.S. GOVERNMENT AGENCIES 249.8% |
|  Federal Agricultural Mortgage Corp. | Federal Agricultural Mortgage Corp. | Federal Agricultural Mortgage Corp. |
|  8.850% due 04/25/2030 «~ | 19 | 19 |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  1.500% due 12/01/2050 - 04/01/2051 | 149 | 116 |
|  2.000% due 04/01/2036 | 6271 | 5780 |
|  2.500% due 01/01/2032 - 03/01/2052 | 7689 | 6681 |
|  3.000% due 02/01/2040 - 04/01/2052 | 60963 | 54482 |
|  3.500% due 09/01/2032 - 02/01/2050 | 1621 | 1560 |
|  4.000% due 06/01/2029 - 12/01/2048 | 6016 | 5820 |
|  4.101% due 07/01/2030 •  | 36 | 35 |
|  4.500% due 03/01/2029 - 06/01/2048 | 5043 | 5002 |
|  5.000% due 05/01/2026 - 06/01/2053 | 4283 | 4313 |
|  5.000% due 10/01/2055 | 2647 | 2613 |
|  5.500% due 11/01/2030 - 05/01/2055 | 10964 | 11239 |
|  5.744% due 03/01/2033 •  | 20 | 21 |
|  5.762% due 01/01/2028 •  | 1 | 1 |
|  5.848% due 12/01/2032 •  | 4 | 4 |
|  5.869% due 09/01/2028 •  | 1 | 1 |
|  6.000% due 07/01/2027 - 04/01/2055 | 1203 | 1261 |
|  6.000% due 03/01/2033 •  | 7 | 8 |
|  6.018% due 02/01/2027 •  | 4 | 4 |
|  6.079% due 07/01/2035 •  | 61 | 63 |
|  6.080% due 12/01/2026 •  | 1 | 1 |
|  6.112% due 11/01/2029 •  | 16 | 17 |
|  6.150% due 12/01/2029 •  | 1 | 1 |
|  6.154% due 08/01/2035 •  | 3 | 3 |
|  6.206% due 11/01/2027 •  | 7 | 7 |
|  6.242% due 05/01/2032 •  | 52 | 53 |
|  6.255% due 12/01/2035 •  | 157 | 163 |
|  6.358% due 10/01/2036 •  | 22 | 23 |
|  6.375% due 10/01/2035 •  | 9 | 10 |
|  6.390% due 05/01/2032 •  | 4 | 4 |
|  6.499% due 03/01/2032 •  | 2 | 2 |
|  6.500% due 04/01/2029 - 08/01/2037 | 226 | 237 |
|  6.532% due 06/01/2028 - 07/01/2028 •  | 3 | 3 |
|  6.534% due 07/01/2030 •  | 1 | 1 |
|  6.647% due 11/01/2034 •  | 8 | 8 |
|  7.000% due 10/01/2029 - 12/01/2032 | 8 | 8 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Federal Home Loan Mortgage Corp. 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 |
|  4.660% due 01/25/2031 | $— | 6100 | $— | 6169 |
|  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 08/15/2056 - 10/15/2058 (b)(c) |  | 32507 |  | 20748 |
|  0.868% due 01/15/2035 •  |  | 3049 |  | 2820 |
|  1.494% due 05/15/2041 •  |  | 3233 |  | 3065 |
|  1.860% due 10/15/2037 ~(a) |  | 37 |  | 2 |
|  1.919% due 10/15/2037 ~(a) |  | 83 |  | 4 |
|  1.944% due 05/15/2037 ~(a) |  | 217 |  | 12 |
|  2.000% due 11/25/2050 (a) |  | 5387 |  | 722 |
|  2.024% due 03/15/2037 ~(a) |  | 92 |  | 5 |
|  2.156% due 11/15/2036 ~(a) |  | 254 |  | 14 |
|  2.179% due 05/15/2035 •  |  | 2445 |  | 2455 |
|  2.192% due 11/15/2038 ~(a) |  | 272 |  | 15 |
|  2.267% due 08/15/2041 ~(a) |  | 82 |  | 4 |
|  2.288% due 06/15/2038 ~(a) |  | 214 |  | 12 |
|  2.348% due 10/15/2041 ~(a) |  | 171 |  | 10 |
|  2.369% due 02/15/2038 ~(a) |  | 155 |  | 8 |
|  2.500% due 12/15/2027 (a) |  | 288 |  | 5 |
|  2.513% due 08/15/2036 ~(a) |  | 104 |  | 7 |
|  3.000% due 08/15/2032 |  | 2960 |  | 2844 |
|  3.000% due 02/15/2033 - 09/15/2048 (a) |  | 2143 |  | 191 |
|  3.500% due 08/15/2026 (a) |  | 17 |  | 0 |
|  4.000% due 01/15/2046 (a) |  | 2841 |  | 487 |
|  4.087% due 06/15/2048 - 12/15/2048 •  |  | 2406 |  | 2364 |
|  4.137% due 12/15/2029 •  |  | 14 |  | 14 |
|  4.146% due 08/15/2040 - 10/15/2040 •  |  | 3791 |  | 3727 |
|  4.237% due 09/15/2026 - 12/15/2031 •  |  | 4 |  | 4 |
|  4.296% due 12/15/2046 •  |  | 294 |  | 290 |
|  4.326% due 01/25/2050 •  |  | 1226 |  | 1208 |
|  4.387% due 08/15/2035 •  |  | 162 |  | 162 |
|  4.737% due 04/15/2031 •  |  | 114 |  | 115 |
|  4.787% due 06/15/2031 •  |  | 8 |  | 8 |
|  4.987% due 07/15/2027 •  |  | 12 |  | 12 |
|  6.000% due 11/15/2028 - 09/15/2032 |  | 54 |  | 56 |
|  6.250% due 12/15/2028 |  | 21 |  | 21 |
|  6.500% due 06/15/2027 - 06/15/2032 |  | 158 |  | 163 |
|  7.500% due 01/15/2030 |  | 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 |
|  2.500% due 10/15/2052 (a) |  | 37231 |  | 5629 |
|  3.381% due 12/15/2043 •  |  | 1047 |  | 954 |
|  3.500% due 01/15/2043 - 08/15/2045 (a) |  | 9578 |  | 1527 |
|  4.146% due 10/15/2037 •  |  | 407 |  | 402 |
|  4.337% due 03/15/2044 •  |  | 746 |  | 739 |
|  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 |
|  4.016% due 07/25/2031 •  |  | 16 |  | 15 |
|  4.026% due 05/25/2031 •  |  | 55 |  | 55 |
|  4.056% due 09/25/2031 •  |  | 15 |  | 15 |
|  4.562% due 08/15/2032 ~ |  | 4 |  | 4 |
|  6.500% due 10/25/2043 |  | 106 |  | 108 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  1.500% due 06/01/2051 |  | 116 |  | 90 |
|  2.000% due 11/01/2026 - 03/01/2033 |  | 1015 |  | 956 |
|  2.500% due 01/01/2033 - 04/01/2052 |  | 26743 |  | 22862 |
|  3.000% due 10/01/2026 - 05/01/2058 |  | 133982 |  | 119289 |
|  3.500% due 05/01/2035 - 01/01/2059 |  | 83987 |  | 78460 |
|  4.000% due 06/01/2026 - 06/01/2049 |  | 52410 |  | 50818 |
|  4.030% due 10/01/2031 •  |  | 10 |  | 10 |
|  4.152% due 11/01/2028 •  |  | 7 |  | 7 |
|  4.342% due 05/01/2036 •  |  | 1 |  | 1 |
|  4.359% due 05/01/2036 •  |  | 21 |  | 21 |
|  4.374% due 02/01/2028 ~ |  | 5984 |  | 5972 |
|  4.376% due 08/01/2028 •  |  | 5 |  | 5 |
|  4.415% due 11/01/2028 •  |  | 2 |  | 2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.435% due 05/01/2036 •  | $— | 1 | $— | 1 |
|  4.479% due 03/01/2035 •  |  | 23 |  | 22 |
|  4.490% due 04/01/2033 |  | 2000 |  | 2000 |
|  4.500% due 03/01/2029 - 04/01/2059 |  | 18808 |  | 18464 |
|  4.502% due 02/01/2028 - 06/01/2029 •  |  | 2 |  | 2 |
|  4.550% due 05/01/2028 |  | 200 |  | 202 |
|  4.580% due 08/01/2033 |  | 1000 |  | 1012 |
|  4.590% due 05/01/2036 •  |  | 1 |  | 1 |
|  4.630% due 07/01/2033 |  | 3440 |  | 3453 |
|  4.700% due 04/01/2033 |  | 3552 |  | 3597 |
|  4.860% due 07/01/2033 |  | 2500 |  | 2561 |
|  4.900% due 10/01/2028 |  | 706 |  | 717 |
|  4.990% due 03/01/2031 |  | 1467 |  | 1498 |
|  5.000% due 06/01/2026 - 06/01/2053 |  | 5877 |  | 5887 |
|  5.000% due 02/01/2031 •  |  | 9 |  | 9 |
|  5.114% due 08/01/2042 - 10/01/2044 •  |  | 427 |  | 428 |
|  5.300% due 09/01/2038 |  | 985 |  | 1033 |
|  5.314% due 10/01/2030 - 09/01/2040 •  |  | 23 |  | 23 |
|  5.491% due 03/01/2035 •  |  | 11 |  | 11 |
|  5.494% due 02/01/2031 •  |  | 7 |  | 7 |
|  5.500% due 11/01/2028 - 05/01/2055 |  | 8955 |  | 9101 |
|  5.510% due 09/01/2034 •  |  | 1 |  | 1 |
|  5.511% due 01/01/2035 •  |  | 5 |  | 5 |
|  5.550% due 11/01/2035 •  |  | 197 |  | 200 |
|  5.570% due 10/01/2028 |  | 856 |  | 861 |
|  5.610% due 10/01/2028 |  | 659 |  | 662 |
|  5.640% due 11/01/2035 •  |  | 51 |  | 52 |
|  5.659% due 09/01/2035 •  |  | 20 |  | 20 |
|  5.730% due 10/01/2028 |  | 1122 |  | 1165 |
|  5.750% due 12/01/2030 •  |  | 10 |  | 10 |
|  5.927% due 11/01/2035 •  |  | 3 |  | 3 |
|  5.975% due 01/01/2030 •  |  | 21 |  | 22 |
|  6.000% due 09/01/2028 - 05/01/2041 |  | 5707 |  | 5943 |
|  6.002% due 05/01/2030 •  |  | 5 |  | 5 |
|  6.004% due 02/01/2030 •  |  | 9 |  | 9 |
|  6.043% due 02/01/2034 •  |  | 5 |  | 5 |
|  6.050% due 02/01/2035 •  |  | 11 |  | 12 |
|  6.101% due 12/01/2031 - 01/01/2049 •  |  | 986 |  | 1026 |
|  6.106% due 11/01/2048 •  |  | 402 |  | 418 |
|  6.125% due 08/01/2029 •  |  | 3 |  | 3 |
|  6.140% due 12/01/2048 •  |  | 578 |  | 601 |
|  6.143% due 07/01/2035 •  |  | 7 |  | 7 |
|  6.152% due 07/01/2032 •  |  | 10 |  | 10 |
|  6.155% due 11/01/2035 •  |  | 3 |  | 4 |
|  6.159% due 09/01/2031 •  |  | 2 |  | 2 |
|  6.162% due 02/01/2036 •  |  | 7 |  | 7 |
|  6.223% due 12/01/2027 •  |  | 2 |  | 2 |
|  6.233% due 05/01/2035 •  |  | 4 |  | 4 |
|  6.260% due 06/01/2035 •  |  | 51 |  | 52 |
|  6.275% due 06/01/2032 •  |  | 6 |  | 6 |
|  6.277% due 06/01/2035 •  |  | 13 |  | 14 |
|  6.290% due 07/01/2034 - 09/01/2035 •  |  | 12 |  | 12 |
|  6.305% due 07/01/2035 •  |  | 5 |  | 5 |
|  6.375% due 08/01/2035 •  |  | 16 |  | 16 |
|  6.395% due 06/01/2029 - 04/01/2032 •  |  | 11 |  | 11 |
|  6.422% due 09/01/2035 •  |  | 27 |  | 28 |
|  6.460% due 05/01/2035 •  |  | 21 |  | 21 |
|  6.500% due 08/01/2026 - 04/01/2043 |  | 2700 |  | 2823 |
|  6.560% due 09/01/2034 •  |  | 21 |  | 22 |
|  6.650% due 05/01/2036 •  |  | 7 |  | 7 |
|  7.000% due 09/01/2032 |  | 3 |  | 3 |
|  7.500% due 10/01/2028 |  | 2 |  | 2 |
|  8.000% due 07/01/2030 - 10/01/2030 |  | 3 |  | 3 |
|  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 |
|  3.186% due 09/26/2033 •  |  | 1 |  | 1 |
|  4.013% due 07/25/2032 •  |  | 16 |  | 16 |
|  7.500% due 07/25/2041 |  | 37 |  | 38 |
|  Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS |
|  3.000% due 11/25/2043 (a) |  | 1282 |  | 169 |
|  6.500% due 04/25/2038 (a) |  | 85 |  | 19 |
|  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 |
|  0.200% due 02/25/2043 •(a) |  | 1460 |  | 8 |
|  0.506% due 10/25/2045 •  |  | 891 |  | 584 |
|  0.520% due 10/25/2042 •  |  | 410 |  | 281 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **121** |

---

------

Schedule of Investments PIMCO Mortgage and Short-Term Investments Portfolio (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.500% due 02/25/2036 (a) | $— | 32607 | $— | 1546 |
|  1.868% due 10/25/2046 ~(a) |  | 139 |  | 6 |
|  1.875% due 07/25/2044 ~(a) |  | 266 |  | 10 |
|  1.877% due 07/25/2052 ~(a) |  | 264 |  | 12 |
|  1.944% due 04/25/2046 ~(a) |  | 234 |  | 11 |
|  1.980% due 07/25/2044 ~(a) |  | 389 |  | 25 |
|  2.067% due 07/25/2045 ~(a) |  | 1246 |  | 69 |
|  2.070% due 04/25/2055 ~(a) |  | 440 |  | 21 |
|  2.072% due 03/25/2045 ~(a) |  | 602 |  | 32 |
|  2.130% due 01/25/2045 ~(a) |  | 228 |  | 12 |
|  2.173% due 08/25/2054 ~(a) |  | 527 |  | 27 |
|  2.224% due 11/25/2049 •(a) |  | 1821 |  | 231 |
|  2.291% due 08/25/2044 ~(a) |  | 226 |  | 17 |
|  2.374% due 07/25/2042 - 08/25/2042 •(a) |  | 4154 |  | 375 |
|  2.398% due 08/25/2055 ~(a) |  | 255 |  | 12 |
|  2.500% due 02/25/2051 (a) |  | 7071 |  | 1207 |
|  3.000% due 04/25/2043 - 05/25/2048 |  | 358 |  | 327 |
|  3.000% due 04/25/2046 - 12/25/2048 (a) |  | 5595 |  | 660 |
|  3.500% due 04/25/2046 (a) |  | 158 |  | 13 |
|  3.651% due 06/25/2042 •  |  | 379 |  | 321 |
|  3.842% due 12/25/2036 - 07/25/2037 •  |  | 662 |  | 651 |
|  4.000% due 06/25/2044 (a) |  | 29 |  | 1 |
|  4.176% due 06/25/2029 - 04/25/2032 •  |  | 10 |  | 10 |
|  4.186% due 04/18/2028 - 12/18/2032 •  |  | 7 |  | 7 |
|  4.226% due 06/25/2046 •  |  | 615 |  | 611 |
|  4.236% due 10/18/2030 •  |  | 4 |  | 4 |
|  4.276% due 06/25/2030 - 11/25/2059 •  |  | 9672 |  | 9545 |
|  4.476% due 10/25/2037 •  |  | 1033 |  | 1034 |
|  4.676% due 04/25/2032 •  |  | 1 |  | 1 |
|  5.000% due 11/25/2028 |  | 28 |  | 28 |
|  6.000% due 04/25/2031 |  | 53 |  | 54 |
|  6.125% due 05/25/2035 ~ |  | 24 |  | 25 |
|  6.500% due 10/25/2028 - 10/25/2031 |  | 137 |  | 142 |
|  6.850% due 12/18/2027 |  | 14 |  | 14 |
|  7.000% due 11/25/2026 - 12/20/2027 |  | 4 |  | 4 |
|  7.500% due 11/20/2026 |  | 7 |  | 7 |
|  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 |
|  4.142% due 02/25/2033 •  |  | 5 |  | 5 |
|  6.500% due 06/25/2028 |  | 5 |  | 5 |
|  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 |
|  2.243% due 01/25/2031 ~(a) |  | 6580 |  | 300 |
|  6.300% due 06/25/2031 ~ |  | 35 |  | 35 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  1.086% due 03/16/2051 ~(a) |  | 582 |  | 0 |
|  2.000% due 11/20/2051 |  | 427 |  | 353 |
|  2.500% due 03/20/2027 - 09/20/2051 |  | 32277 |  | 27840 |
|  3.000% due 12/15/2042 - 12/20/2055 |  | 108966 |  | 97552 |
|  3.500% due 11/15/2041 - 12/20/2054 |  | 65392 |  | 60847 |
|  4.000% due 09/15/2040 - 03/15/2052 |  | 18438 |  | 17775 |
|  4.376% due 01/20/2059 •  |  | 9 |  | 9 |
|  4.500% due 06/15/2035 - 01/20/2049 |  | 15558 |  | 15329 |
|  4.717% due 10/20/2058 •  |  | 1 |  | 1 |
|  5.000% due 05/15/2033 - 12/20/2048 |  | 8582 |  | 8726 |
|  5.125% due 12/20/2029 - 12/20/2032 •  |  | 241 |  | 244 |
|  5.375% (H15T1Y + 1.500%)<br>due 07/20/2026 - 09/20/2026 ~ |  | 1 |  | 1 |
|  5.375% due 07/20/2027 - 07/20/2035 •  |  | 1449 |  | 1459 |
|  5.500% due 09/15/2031 - 07/15/2041 |  | 3481 |  | 3613 |
|  5.625% (H15T1Y + 1.500%)<br>due 04/20/2026 - 06/20/2026 ~ |  | 1 |  | 1 |
|  5.625% due 01/20/2027 - 04/20/2033 •  |  | 894 |  | 899 |
|  6.000% due 09/15/2036 - 04/20/2055 |  | 1060 |  | 1089 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.125% due 01/20/2034 •  | 790 | 810 |
|  6.500% due 01/15/2028 - 07/15/2039 | 589 | 616 |
|  7.000% due 06/20/2026 - 09/20/2028 | 1 | 1 |
|  7.500% due 06/15/2027 - 10/15/2031 | 11 | 9 |
|  8.000% due 12/15/2028 - 09/15/2031 | 10 | 10 |
|  8.500% due 08/15/2027 - 01/20/2031 | 75 | 75 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  0.000% due 03/20/2035 (b)(c) | 79 | 76 |
|  0.508% due 09/20/2045 •  | 1736 | 1126 |
|  1.202% due 11/20/2045 ~(a) | 436 | 19 |
|  1.207% due 09/20/2045 ~(a) | 581 | 25 |
|  1.236% due 12/20/2045 ~(a) | 299 | 14 |
|  1.248% due 08/20/2045 ~(a) | 177 | 7 |
|  1.277% due 06/20/2043 ~(a) | 389 | 19 |
|  1.489% due 06/20/2042 ~(a) | 403 | 23 |
|  1.539% due 06/20/2042 ~(a) | 371 | 16 |
|  3.000% due 06/20/2046 (a) | 126 | 7 |
|  3.000% due 11/20/2067 | 2649 | 2596 |
|  3.500% due 08/20/2042 - 09/20/2046 (a) | 4702 | 510 |
|  4.833% due 07/20/2070 - 08/20/2070 •  | 13761 | 13963 |
|  5.033% due 10/20/2070 •  | 6452 | 6589 |
|  5.173% due 09/20/2071 •  | 24303 | 24966 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.000% due 05/01/2056 | 99165 | 81892 |
|  2.500% due 05/01/2056 | 94850 | 81564 |
|  3.000% due 04/01/2056 | 4000 | 3572 |
|  3.500% due 03/01/2056 | 21882 | 20081 |
|  4.000% due 04/01/2056 | 32650 | 30589 |
|  4.500% due 05/01/2056 | 42900 | 41399 |
|  5.000% due 05/01/2056 | 54800 | 54168 |
|  5.500% due 05/01/2056 | 33500 | 33651 |
|  6.000% due 05/01/2056 | 33000 | 33520 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  5.370% due 04/01/2028 | 210 | 211 |
|  5.490% due 05/01/2028 | 207 | 209 |
|  5.870% due 05/01/2026 - 07/01/2028 | 134 | 136 |
|  6.220% due 12/01/2028 | 35 | 35 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  1.500% due 05/01/2056 | 14400 | 11109 |
|  2.000% due 05/01/2041 | 18600 | 17116 |
|  2.500% due 04/01/2056 | 10930 | 9191 |
|  3.000% due 06/01/2040 - 05/01/2056 | 589580 | 521516 |
|  3.500% due 04/01/2041 - 05/01/2056 | 97900 | 94257 |
|  4.500% due 04/01/2041 - 05/01/2056 | 291458 | 281065 |
|  5.000% due 04/01/2041 - 05/01/2056 | 384904 | 379352 |
|  5.500% due 05/01/2056 - 06/01/2056 | 359700 | 360706 |
|  6.000% due 04/01/2056 - 07/01/2056 | 219800 | 223721 |
|  Vendee Mortgage Trust | Vendee Mortgage Trust | Vendee Mortgage Trust |
|  6.213% due 01/15/2030 ~ | 41 | 42 |
|  6.500% due 03/15/2029 | 48 | 48 |
|  Total U.S. Government Agencies (Cost $3,153,673) | Total U.S. Government Agencies (Cost $3,153,673) | 3084270 |
| U.S. TREASURY OBLIGATIONS 15.6% | U.S. TREASURY OBLIGATIONS 15.6% | U.S. TREASURY OBLIGATIONS 15.6% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.125% due 08/15/2044 | 69800 | 63345 |
|  4.750% due 08/15/2055 | 131600 | 128269 |
|  4.875% due 08/15/2045 | 743 | 741 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.250% due 08/15/2035 | 830 | 827 |
|  Total U.S. Treasury Obligations (Cost $200,506) | Total U.S. Treasury Obligations (Cost $200,506) | 193182 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 6.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 6.8% | NON-AGENCY MORTGAGE-BACKED SECURITIES 6.8% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  4.898% due 09/25/2035 ~ | 90 | 77 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.370% due 05/20/2035 •  | 174 | 167 |
|  6.253% due 10/25/2036 þ | 346 | 308 |
|  6.337% due 01/25/2037 þ | 349 | 325 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  4.309% due 02/25/2036 ~ | 54 | 50 |
|  5.800% due 07/25/2034 ~ | 1 | 1 |
|  Bank of America Mortgage Trust | Bank of America Mortgage Trust | Bank of America Mortgage Trust |
|  6.334% due 06/20/2031 ~ | 15 | 15 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.126% due 11/25/2036 ~ | 143 | 60 |
|  4.330% due 11/25/2036 ~ | 272 | 149 |
|  4.433% due 11/25/2036 ~ | 379 | 189 |
|  5.158% due 05/25/2035 ~ | 62 | 60 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.690% due 11/25/2030 ~ | 1 | 1 |
|  6.375% due 08/25/2033 ~ | 66 | 65 |
|  6.375% due 01/25/2034 ~ | 1 | 1 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  3.920% due 12/26/2046 ~ | 461 | 358 |
|  Bella Vista Mortgage Trust | Bella Vista Mortgage Trust | Bella Vista Mortgage Trust |
|  4.291% due 05/20/2045 •  | 89 | 56 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.031% due 09/25/2036 ~ | 13 | 11 |
|  6.000% due 07/25/2037 | 1493 | 621 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  3.839% due 01/25/2035 ~ | 99 | 95 |
|  3.973% due 05/25/2036 •  | 40 | 39 |
|  4.043% due 08/25/2035 •  | 54 | 53 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.253% due 05/25/2035 •  | 318 | 282 |
|  4.333% due 02/25/2035 •  | 25 | 24 |
|  4.336% due 11/25/2037 ~ | 254 | 241 |
|  4.373% due 04/25/2035 •  | 171 | 166 |
|  4.433% due 03/25/2035 •  | 25 | 24 |
|  4.453% due 02/25/2035 •  | 194 | 185 |
|  4.473% due 02/25/2035 •  | 5 | 5 |
|  4.473% due 03/25/2036 •  | 3 | 3 |
|  4.493% due 02/25/2036 •  | 15 | 6 |
|  4.592% due 09/25/2047 ~ | 196 | 178 |
|  4.742% due 09/25/2034 ~ | 94 | 90 |
|  5.625% due 07/19/2031 ~ | 2 | 2 |
|  5.678% due 06/19/2031 ~ | 2 | 2 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  5.387% due 08/25/2035 ~ | 41 | 37 |
|  5.750% due 09/25/2035 •  | 43 | 44 |
|  6.500% due 06/25/2054 ~ | 1253 | 1278 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  6.000% due 06/25/2037 | 306 | 281 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.173% due 09/25/2046 •  | 1886 | 1802 |
|  4.190% due 07/20/2046 •  | 188 | 166 |
|  4.193% due 05/25/2036 •  | 22 | 20 |
|  4.213% due 05/25/2035 •  | 245 | 239 |
|  4.233% due 05/25/2035 •  | 36 | 34 |
|  4.293% due 05/25/2035 •  | 66 | 62 |
|  4.293% due 09/25/2046 •  | 3653 | 3091 |
|  4.293% due 10/25/2046 •  | 261 | 236 |
|  4.313% due 07/25/2046 •  | 1479 | 1108 |
|  4.350% due 09/20/2046 •  | 5462 | 4975 |
|  4.353% due 12/25/2035 •  | 126 | 120 |
|  4.430% due 12/20/2035 •  | 341 | 326 |
|  4.473% due 10/25/2046 •  | 1155 | 1007 |
|  6.250% due 11/25/2036 | 520 | 376 |
|  Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization |
|  10.706% due 08/25/2037 ~ | 80 | 34 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.523% due 06/25/2033 ~ | 3 | 3 |
|  CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
|  6.079% due 04/25/2037 þ | 1697 | 461 |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  2.500% due 07/25/2056 ~ | 922 | 769 |

---

---

| | | |
|:---|:---|:---|
| **122** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.699% due 05/27/2053 ~ | $— | 4260 | $— | 3852 |
|  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 |
|  3.893% due 10/25/2036 •  |  | 5 |  | 4 |
|  FNT Mortgage-Backed Pass-Through Trust | FNT Mortgage-Backed Pass-Through Trust | FNT Mortgage-Backed Pass-Through Trust | FNT Mortgage-Backed Pass-Through Trust | FNT Mortgage-Backed Pass-Through Trust |
|  6.750% due 08/21/2031 |  | 3 |  | 3 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.193% due 12/25/2046 •  |  | 1015 |  | 1030 |
|  4.333% due 04/25/2036 •  |  | 438 |  | 401 |
|  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 |
|  6.745% due 10/25/2033 ~ |  | 4 |  | 4 |
|  GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
|  4.870% due 07/15/2031 •  |  | 2000 |  | 1549 |
|  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 |
|  3.000% due 09/25/2052 ~ |  | 13601 |  | 11811 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.061% due 04/25/2036 ~ |  | 100 |  | 59 |
|  4.313% due 08/25/2046 •  |  | 2056 |  | 438 |
|  4.394% due 06/25/2034 ~ |  | 6 |  | 5 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  2.267% due 11/19/2034 ~ |  | 14 |  | 12 |
|  4.051% due 03/19/2037 •  |  | 167 |  | 157 |
|  4.231% due 05/19/2046 •  |  | 510 |  | 143 |
|  5.370% due 08/19/2034 ~ |  | 320 |  | 300 |
|  5.498% due 08/19/2036 ~ |  | 18 |  | 17 |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  4.653% due 08/25/2029 •  |  | 40 |  | 39 |
|  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 |
|  4.393% due 11/25/2035 •  |  | 77 |  | 45 |
|  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 |
|  3.250% due 01/25/2036 ~ |  | 92 |  | 84 |
|  3.626% due 08/25/2035 ~ |  | 354 |  | 257 |
|  3.852% due 08/25/2036 ~ |  | 6277 |  | 5369 |
|  4.093% due 06/25/2037 •  |  | 285 |  | 89 |
|  4.213% due 05/25/2046 •  |  | 396 |  | 368 |
|  4.273% due 04/25/2035 •  |  | 38 |  | 32 |
|  4.273% due 07/25/2035 •  |  | 293 |  | 277 |
|  4.368% due 12/25/2034 ~ |  | 2 |  | 2 |
|  4.433% due 02/25/2035 •  |  | 52 |  | 49 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  3.000% due 04/25/2052 ~ |  | 4992 |  | 4341 |
|  3.000% due 05/25/2052 ~ |  | 5779 |  | 5030 |
|  4.693% due 12/25/2049 •  |  | 1024 |  | 1008 |
|  4.743% due 08/25/2049 •  |  | 527 |  | 519 |
|  5.381% due 10/25/2035 ~ |  | 440 |  | 418 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.433% due 11/25/2046 •  |  | 1568 |  | 1233 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.153% due 12/25/2036 •  |  | 175 |  | 173 |
|  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 |
|  4.273% due 05/25/2037 •  |  | 313 |  | 124 |
|  4.473% due 05/25/2047 •  |  | 2972 |  | 2501 |
|  MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust |
|  7.000% due 08/25/2034 |  | 58 |  | 39 |
|  MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust |
|  3.982% due 10/25/2032 ~ |  | 26 |  | 25 |
|  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 |
|  4.487% due 11/15/2031 •  |  | 38 |  | 37 |
|  4.667% due 11/15/2031 •  |  | 5 |  | 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 | Mellon Residential Funding Corp. Mortgage Pass-Through Trust | Mellon Residential Funding Corp. Mortgage Pass-Through Trust |
|  4.227% due 12/15/2030 •  |  | 47 |  | 46 |
|  4.267% due 06/15/2030 •  |  | 37 |  | 36 |
|  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 |
|  4.393% due 03/25/2037 •  |  | 824 |  | 190 |
|  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 |
|  4.678% due 04/25/2035 ~ |  | 2 |  | 2 |
|  4.745% due 01/25/2029 ~ |  | 361 |  | 307 |
|  4.860% due 10/25/2028 •  |  | 2 |  | 2 |
|  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 |
|  4.303% due 02/25/2047 •  |  | 733 |  | 264 |
|  5.053% due 07/25/2035 ~ |  | 237 |  | 192 |
|  Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust |
|  4.260% due 05/25/2042 •  |  | 1576 |  | 1447 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 3546 | 3440 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  7.000% due 02/19/2030 ~ | 77 | 77 |
|  OBX Trust | OBX Trust | OBX Trust |
|  3.000% due 01/25/2052 ~ | 2396 | 2078 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  4.193% due 02/25/2034 •  | 4 | 4 |
|  RALI Trust | RALI Trust | RALI Trust |
|  4.039% due 08/25/2035 ~ | 421 | 144 |
|  4.333% due 05/25/2046 •  | 300 | 229 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  5.398% due 09/25/2035 ~ | 565 | 350 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  3.928% due 01/20/2047 ~ | 184 | 125 |
|  4.431% due 04/19/2027 •  | 2 | 2 |
|  4.491% due 10/19/2026 •  | 3 | 3 |
|  4.550% due 10/20/2027 •  | 2 | 2 |
|  5.172% due 04/25/2056 •  | 700 | 702 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  3.859% due 01/25/2035 ~ | 48 | 48 |
|  4.348% due 11/25/2035 ~ | 119 | 111 |
|  4.443% due 08/25/2035 ~ | 4 | 3 |
|  4.528% due 06/25/2034 •  | 112 | 111 |
|  4.638% due 07/25/2035 ~ | 13 | 12 |
|  5.549% due 10/25/2037 •  | 589 | 542 |
|  5.550% due 07/25/2034 ~ | 8 | 8 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.053% due 03/25/2037 •  | 57 | 22 |
|  4.173% due 06/25/2036 •  | 32 | 32 |
|  4.213% due 05/25/2036 •  | 342 | 242 |
|  4.253% due 05/25/2045 •  | 352 | 338 |
|  4.291% due 07/19/2035 •  | 284 | 273 |
|  4.393% due 08/25/2036 •  | 1809 | 1486 |
|  4.451% due 10/19/2034 •  | 23 | 22 |
|  4.491% due 03/19/2034 •  | 116 | 111 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.451% due 09/19/2032 •  | 72 | 68 |
|  Structured Asset Mortgage Investments, Inc. | Structured Asset Mortgage Investments, Inc. | Structured Asset Mortgage Investments, Inc. |
|  6.750% due 05/02/2030 ~ | 49 | 0 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates |
|  6.132% due 06/25/2033 ~ | 1 | 1 |
|  TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust |
|  6.130% due 01/25/2037 þ | 833 | 182 |
|  6.470% due 09/25/2036 þ | 9085 | 218 |
|  6.515% due 07/25/2037 þ | 1290 | 470 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.970% due 06/25/2043 ~ | 58 | 57 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.900% due 10/25/2059 ~ | 4402 | 4237 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.649% due 04/25/2037 ~ | 406 | 371 |
|  4.260% due 12/25/2036 ~ | 382 | 354 |
|  4.313% due 11/25/2045 •  | 320 | 303 |
|  4.373% due 10/25/2045 •  | 20 | 19 |
|  4.433% due 01/25/2045 •  | 68 | 66 |
|  4.433% due 07/25/2045 •  | 12 | 12 |
|  4.453% due 01/25/2045 •  | 162 | 163 |
|  4.641% due 12/25/2035 ~ | 71 | 67 |
|  4.699% due 11/25/2046 •  | 98 | 86 |
|  4.793% due 07/25/2044 •  | 33 | 32 |
|  4.843% due 12/25/2045 •  | 672 | 603 |
|  4.859% due 02/25/2046 •  | 395 | 368 |
|  5.059% due 11/25/2042 •  | 11 | 10 |
|  5.109% due 01/25/2047 •  | 451 | 409 |
|  5.192% due 08/25/2033 ~ | 75 | 74 |
|  5.259% due 06/25/2042 •  | 53 | 50 |
|  5.259% due 08/25/2042 •  | 92 | 91 |
|  5.302% due 09/25/2033 ~ | 36 | 35 |
|  5.600% due 03/25/2034 ~ | 2 | 2 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  6.768% due 07/25/2036 þ | 2086 | 425 |
|  Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust |
|  5.979% due 11/25/2030 ~ | 4 | 4 |

---

---

| | | |
|:---|:---|:---|
|  | **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 |
|  6.414% due 07/25/2034 ~ | 4 | 5 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $98,023) | Total Non-Agency Mortgage-Backed Securities (Cost $98,023) | 84012 |
| ASSET-BACKED SECURITIES 3.1% | ASSET-BACKED SECURITIES 3.1% | ASSET-BACKED SECURITIES 3.1% |
| CMBS OTHER 0.2% | CMBS OTHER 0.2% | CMBS OTHER 0.2% |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  5.827% due 06/19/2037 •  | 1815 | 1816 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  4.874% due 10/16/2036 •  | 906 | 906 |
|  |  | 2722 |
| HOME EQUITY OTHER 1.9% | HOME EQUITY OTHER 1.9% | HOME EQUITY OTHER 1.9% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.493% due 06/25/2034 •  | 77 | 78 |
|  4.813% due 03/25/2032 •  | 84 | 86 |
|  ABFS Mortgage Loan Trust | ABFS Mortgage Loan Trust | ABFS Mortgage Loan Trust |
|  6.785% due 07/15/2033 þ | 430 | 343 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  3.913% due 10/25/2036 •  | 116 | 45 |
|  4.453% due 11/25/2035 •  | 51 | 60 |
|  4.843% due 07/25/2034 •  | 48 | 48 |
|  AFC Home Equity Loan Trust | AFC Home Equity Loan Trust | AFC Home Equity Loan Trust |
|  4.603% due 06/25/2029 •  | 111 | 83 |
|  Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust |
|  4.493% due 10/25/2031 •  | 43 | 42 |
|  AMRESCO Residential Securities Corp. Mortgage Loan Trust | AMRESCO Residential Securities Corp. Mortgage Loan Trust | AMRESCO Residential Securities Corp. Mortgage Loan Trust |
|  4.733% due 06/25/2029 •  | 132 | 139 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  4.528% due 10/25/2035 •  | 90 | 90 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  3.873% due 05/25/2037 •  | 1 | 1 |
|  4.307% due 06/15/2031 •  | 183 | 180 |
|  Bayview Financial Acquisition Trust | Bayview Financial Acquisition Trust | Bayview Financial Acquisition Trust |
|  4.313% due 05/28/2037 •  | 543 | 521 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.768% due 02/25/2034 •  | 245 | 252 |
|  5.293% due 11/25/2042 •  | 72 | 72 |
|  5.972% due 06/25/2043 ~ | 7 | 6 |
|  C-BASS Trust | C-BASS Trust | C-BASS Trust |
|  3.304% due 01/25/2037 •  | 237 | 69 |
|  Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust |
|  4.093% due 01/25/2032 •  | 27 | 27 |
|  4.643% due 01/25/2032 •  | 160 | 177 |
|  Chase Funding Trust | Chase Funding Trust | Chase Funding Trust |
|  4.393% due 07/25/2033 •  | 12 | 12 |
|  4.433% due 08/25/2032 •  | 269 | 268 |
|  Citigroup Global Markets Mortgage Securities VII, Inc. | Citigroup Global Markets Mortgage Securities VII, Inc. | Citigroup Global Markets Mortgage Securities VII, Inc. |
|  5.143% due 01/25/2032 •  | 12 | 12 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  3.853% due 07/25/2045 •  | 120 | 85 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.793% due 09/25/2032 •  | 637 | 661 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.073% due 07/25/2037 •  | 625 | 580 |
|  4.193% due 09/25/2037 •  | 340 | 319 |
|  4.693% due 10/25/2047 •  | 629 | 582 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  4.031% due 08/25/2032 •  | 62 | 61 |
|  Delta Funding Home Equity Loan Trust | Delta Funding Home Equity Loan Trust | Delta Funding Home Equity Loan Trust |
|  4.607% due 09/15/2029 •  | 6 | 5 |
|  Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust |
|  4.843% due 05/25/2037 •  | 614 | 610 |
|  4.893% due 05/25/2037 •  | 233 | 229 |
|  EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
|  4.533% due 05/25/2040 •  | 82 | 81 |
|  Encore Credit Receivables Trust | Encore Credit Receivables Trust | Encore Credit Receivables Trust |
|  4.483% due 07/25/2035 •  | 1456 | 1438 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **123** |

---

------

Schedule of Investments PIMCO Mortgage and Short-Term Investments Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust |
|  4.273% due 01/25/2034 •  | 48 | 48 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.033% due 08/25/2036 •  | 5688 | 1754 |
|  GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust |
|  3.873% due 08/25/2036 •  | 32 | 13 |
|  GMACM Home Equity Loan Trust | GMACM Home Equity Loan Trust | GMACM Home Equity Loan Trust |
|  4.273% due 01/25/2029 •  | 4 | 3 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  2.609% due 10/25/2036 •  | 7470 | 32 |
|  4.073% due 12/25/2036 •  | 820 | 438 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  4.013% due 04/25/2037 •  | 512 | 405 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  3.953% due 08/25/2036 •  | 33 | 14 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.353% due 10/25/2034 •  | 51 | 50 |
|  4.843% due 10/25/2034 •  | 24 | 21 |
|  5.218% due 03/25/2032 •  | 12 | 20 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.543% due 12/25/2034 •  | 348 | 362 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  3.913% due 10/25/2037 •  | 936 | 132 |
|  3.953% due 09/25/2037 •  | 121 | 24 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  5.750% due 04/25/2037 ~ | 434 | 205 |
|  6.000% due 02/25/2037 ~ | 607 | 340 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.053% due 03/25/2037 •  | 1282 | 841 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.073% due 01/25/2037 •  | 431 | 251 |
|  4.573% due 02/25/2035 •  | 977 | 943 |
|  Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates |
|  4.483% due 11/25/2035 •  | 139 | 135 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  6.025% due 02/25/2044 ~ | 325 | 327 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  3.723% due 08/25/2033 •  | 128 | 119 |
|  4.513% due 11/25/2034 •  | 108 | 96 |
|  4.553% due 12/25/2032 •  | 13 | 13 |
|  4.993% due 08/25/2032 •  | 183 | 175 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.738% due 09/25/2035 •  | 1134 | 1124 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.373% due 06/25/2033 •  | 32 | 31 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  SACO I Trust | SACO I Trust | SACO I Trust |
|  4.313% due 06/25/2036 •  | 14 | 14 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  3.913% due 12/25/2036 •  | 1976 | 410 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  3.913% due 11/25/2036 •  | 56 | 15 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.723% due 06/25/2035 •  | 6394 | 6246 |
|  5.068% due 12/25/2034 •  | 976 | 961 |
|  Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust |
|  4.483% due 09/25/2035 •  | 295 | 285 |
|  |  | 23109 |
| 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 |
|  4.053% due 03/25/2037 •  | 53 | 52 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.513% due 04/25/2037 •  | 193 | 51 |
|  |  | 103 |
| MANUFACTURING HOUSE ABS OTHER 0.0% | MANUFACTURING HOUSE ABS OTHER 0.0% | MANUFACTURING HOUSE ABS OTHER 0.0% |
|  UCFC Manufactured Housing Contract | UCFC Manufactured Housing Contract | UCFC Manufactured Housing Contract |
|  7.900% due 01/15/2028 ~ | 10 | 9 |
| WHOLE LOAN COLLATERAL 0.0% | WHOLE LOAN COLLATERAL 0.0% | WHOLE LOAN COLLATERAL 0.0% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.593% due 09/25/2046 •  | 386 | 365 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.593% due 02/25/2033 •  | 7 | 8 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.393% due 03/25/2036 •  | 25 | 26 |
|  |  | 399 |
| OTHER ABS 1.0% | OTHER ABS 1.0% | OTHER ABS 1.0% |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  4.880% due 10/24/2030 •  | 78 | 78 |
|  5.078% due 07/17/2037 •  | 5000 | 5007 |
|  Dryden 64 CLO Ltd. | Dryden 64 CLO Ltd. | Dryden 64 CLO Ltd. |
|  4.899% due 04/18/2031 •  | 910 | 911 |
|  Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. |
|  5.024% due 07/15/2031 •  | 1904 | 1906 |
|  KKR CLO 21 Ltd. | KKR CLO 21 Ltd. | KKR CLO 21 Ltd. |
|  4.934% due 04/15/2031 •  | 128 | 129 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  LCM 30 Ltd. | LCM 30 Ltd. | LCM 30 Ltd. | LCM 30 Ltd. |
|  5.009% due 04/20/2031 •  | 1260 | $— | 1262 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  5.153% due 12/15/2033 •  | 937 |  | 927 |
|  Venture 36 CLO Ltd. | Venture 36 CLO Ltd. | Venture 36 CLO Ltd. | Venture 36 CLO Ltd. |
|  5.059% due 04/20/2032 •  | 1643 |  | 1645 |
|  |  |  | 11865 |
|  Total Asset-Backed Securities (Cost $50,449) | Total Asset-Backed Securities (Cost $50,449) |  | 38207 |
|  | **SHARES** |  |  |
| SHORT-TERM INSTRUMENTS 0.2% | 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% | MUTUAL FUNDS 0.2% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.720% (e) | 2362465 |  | 2362 |
| Total Short-Term Instruments (Cost $2,362) | Total Short-Term Instruments (Cost $2,362) |  | 2362 |
| Total Investments in Securities (Cost $3,527,205) | Total Investments in Securities (Cost $3,527,205) |  | 3423338 |
| INVESTMENTS IN AFFILIATES 3.3% | INVESTMENTS IN AFFILIATES 3.3% | INVESTMENTS IN AFFILIATES 3.3% | INVESTMENTS IN AFFILIATES 3.3% |
| SHORT-TERM INSTRUMENTS 3.3% | SHORT-TERM INSTRUMENTS 3.3% | SHORT-TERM INSTRUMENTS 3.3% | SHORT-TERM INSTRUMENTS 3.3% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.3% |
|  PIMCO Short-Term Floating NAV Portfolio III | 4130531 |  | 40227 |
| Total Short-Term Instruments (Cost $40,223) | Total Short-Term Instruments (Cost $40,223) |  | 40227 |
| Total Investments in Affiliates (Cost $40,223) | Total Investments in Affiliates (Cost $40,223) |  | 40227 |
| Total Investments 280.5% (Cost $3,567,428) | Total Investments 280.5% (Cost $3,567,428) | $— | 3463565 |
|  Financial Derivative Instruments (f)(g) (0.0)%<br> (Cost or Premiums, net $1,803) | Financial Derivative Instruments (f)(g) (0.0)%<br> (Cost or Premiums, net $1,803) |  | (306) |
| Other Assets and Liabilities, net (180.5)% | Other Assets and Liabilities, net (180.5)% |  | (2228509) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 1234750 |

---

#### 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) Zero coupon security.

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

(e) Coupon represents a 7-Day Yield.

---

| | | |
|:---|:---|:---|
| **124** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

#### 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 (63.6)% | U.S. Government Agencies (63.6)% | U.S. Government Agencies (63.6)% | U.S. Government Agencies (63.6)% | U.S. Government Agencies (63.6)% | U.S. Government Agencies (63.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association, TBA | 3.000% | 04/01/2056 | $39000 | $(34678) | $(34823) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 04/01/2056 | 14508 | (11831) | (11689) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 05/01/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(184827) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186656) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 06/01/2056 | 264600 | (241196) | (242048) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.500 | 06/01/2056 | 299700 | (309815) | (309795) |
|  Total Short Sales (63.6)% |  |  |  | $(782347) | $(785011) |

---

**The average amount of borrowings outstanding during the period ended March 31, 2026 was $(12,898) at a weighted average interest rate of 4.240%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

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

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 11580 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252721 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17365) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606 | $&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 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 902 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100164) | $1967 | $0 | $(211) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 5169 | (586762) | 13079 | 0 | (1535) |
|  |  |  |  | $15046 | $0 | $(1746) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2319) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1750) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br> **Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| **Pay/Receive**<br> **Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500% | Annual | 06/21/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23500 | $(21) | $141 | $120 | $0 | $0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.560 | Annual | 04/10/2030 | 30900 | 154 | (363) | (209) | 30 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.560 | Annual | 05/08/2030 | 22910 | 175 | (317) | (142) | 23 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 39200 | 547 | 692 | 1239 | 0 | (38) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.118 | Annual | 10/10/2030 | 33900 | (193) | 960 | 767 | 36 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.135 | Annual | 10/10/2030 | 32200 | (134) | 889 | 755 | 34 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.145 | Annual | 10/10/2030 | 13400 | (54) | 374 | 320 | 14 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.155 | Annual | 10/10/2030 | 41400 | (208) | 1217 | 1009 | 43 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.185 | Annual | 10/10/2030 | 66000 | 323 | (2023) | (1700) | 0 | (69) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.012 | Annual | 11/08/2030 | 37700 | (266) | 947 | 681 | 40 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.180 | Annual | 11/08/2030 | 43000 | (288) | 1399 | 1111 | 45 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.192 | Annual | 11/08/2030 | 12500 | (83) | 413 | 330 | 13 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 12/22/2030 | 20500 | 829 | (766) | 63 | 0 | (21) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.705 | Annual | 01/10/2031 | 47300 | 210 | (17) | 193 | 49 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.710 | Annual | 03/12/2031 | 6900 | 145 | (174) | (29) | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.013 | Annual | 04/09/2031 | 14000 | 301 | 248 | 549 | 0 | (14) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.170 | Annual | 04/15/2031 | 13800 | 289 | 129 | 418 | 0 | (14) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 04/26/2031 | 10500 | 232 | 48 | 280 | 0 | (11) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 60000 | (459) | 293 | (166) | 0 | (68) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.480 | Annual | 02/07/2032 | 23000 | 267 | (38) | 229 | 0 | (26) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.840 | Annual | 07/15/2032 | 26700 | 0 | 3185 | 3185 | 0 | (28) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.998 | Annual | 09/16/2032 | 11000 | 99 | 396 | 495 | 0 | (12) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.275 | Annual | 10/06/2032 | 16400 | 0 | 449 | 449 | 0 | (19) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.368 | Annual | 11/28/2032 | 5300 | 40 | 72 | 112 | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.453 | Annual | 03/08/2033 | 14600 | 54 | 185 | 239 | 0 | (17) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.260 | Annual | 06/08/2033 | 8800 | 94 | 228 | 322 | 0 | (10) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 5 | 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;33500 | (125) | 309 | 184 | 0 | (40) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 26800 | 1129 | 275 | 1404 | 0 | (26) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 73100 | (1251) | 1850 | 599 | 0 | (63) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1806 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11001 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12807 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(489) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 125

------

Schedule of Investments PIMCO Mortgage and Short-Term Investments Portfolio (Cont.)

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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;1606 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1933 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1750) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(489) | $(2239) |

---

Cash of $19,727 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2026. 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

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Obligation | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(2)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(3)</sup> | Swap Agreements,<br>at Value<sup>(3)</sup> |
| Counterparty | Reference Obligation | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(2)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | Structured Asset Investment Loan Trust 5.034% due 11/25/2034 | 1.950% | Monthly | 11/25/2034 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $(3) | $3 | $0 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&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 |

---

<sup>(1)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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> The maximum potential amount the Portfolio 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. 

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for 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 | $1606 | $1606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 327 | 327 |
|  | $&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;1933 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1933 |
|  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 | $1750 | $1750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 489 | 489 |
|  | $&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;2239 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2239 |

---

126 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for 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 | $4064 | $4064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 5602 | 5602 |
|  | $0 | $0 | $0 | $0 | $9666 | $9666 |
|  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; Purchased Options  | $0 | $0 | $0 | $0 | $(271) | $(271) |
|  | $0 | $0 | $0 | $0 | $9395 | $9395 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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 | $(11613) | $(11613) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (2106) | (2106) |
|  | $0 | $0 | $0 | $0 | $(13719) | $(13719) |
|  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; Purchased Options  | $0 | $0 | $0 | $0 | $152 | $152 |
|  | $&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;(13567) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13567) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2026 |
|  Investments 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 | $50 | $0 | $50 |
| &nbsp;&nbsp; Industrials | 0 | 17339 | 0 | 17339 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Texas | 0 | 3916 | 0 | 3916 |
|  U.S. Government Agencies | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3084251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3084270 |
|  U.S. Treasury Obligations | 0 | 193182 | 0 | 193182 |
|  Non-Agency Mortgage-Backed Securities | 0 | 84012 | 0 | 84012 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; CMBS Other | 0 | 2722 | 0 | 2722 |
| &nbsp;&nbsp; Home Equity Other | 0 | 23109 | 0 | 23109 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 103 | 0 | 103 |
| &nbsp;&nbsp; Manufacturing House ABS Other | 0 | 9 | 0 | 9 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 399 | 0 | 399 |
| &nbsp;&nbsp; Other ABS | 0 | 11865 | 0 | 11865 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 2362 | 0 | 0 | 2362 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2362 | $3420957 | $19 | $3423338 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2026 |
|  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 | $40227 | $0 | $0 | $40227 |
|  Total Investments | $42589 | $3420957 | $19 | $3463565 |
|  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 | $(785011) | $0 | $(785011) |
|  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 | $1933 | $0 | $1933 |
|  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 | $(2239) | $0 | $(2239) |
|  Total Financial Derivative Instruments | $0 | $(306) | $0 | $(306) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42589 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2635640 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2678248 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **127** |

---

------

Schedule of Investments PIMCO Municipal Portfolio

#### (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 89.7% | INVESTMENTS IN SECURITIES 89.7% | INVESTMENTS IN SECURITIES 89.7% |
| MUNICIPAL BONDS & NOTES 89.5% | MUNICIPAL BONDS & NOTES 89.5% | MUNICIPAL BONDS & NOTES 89.5% |
| ARIZONA 1.9% | ARIZONA 1.9% | ARIZONA 1.9% |
|  Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2023 | Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2023 | Salt River Project Agricultural Improvement & Power District, Arizona Revenue Bonds, Series 2023 |
|  5.000% due 01/01/2050 | 2000 | 2064 |
| ARKANSAS 1.3% | ARKANSAS 1.3% | ARKANSAS 1.3% |
|  County of Pulaski Hospital, Arkansas Revenue Bonds, Series 2023 | County of Pulaski Hospital, Arkansas Revenue Bonds, Series 2023 | County of Pulaski Hospital, Arkansas Revenue Bonds, Series 2023 |
|  4.250% due 03/01/2048 | 1500 | 1407 |
| CALIFORNIA 7.7% | CALIFORNIA 7.7% | CALIFORNIA 7.7% |
|  California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 | California Community Choice Financing Authority Revenue Bonds, Series 2023 |
|  5.000% due 02/01/2054 | 500 | 528 |
|  California Statewide Communities Development Authority Revenue Bonds, Series 2018 | California Statewide Communities Development Authority Revenue Bonds, Series 2018 | California Statewide Communities Development Authority Revenue Bonds, Series 2018 |
|  5.000% due 12/01/2053 | 445 | 445 |
|  Inland Empire Tobacco Securitization Corp. California Revenue Bonds, Series 2019 | Inland Empire Tobacco Securitization Corp. California Revenue Bonds, Series 2019 | Inland Empire Tobacco Securitization Corp. California Revenue Bonds, Series 2019 |
|  3.678% due 06/01/2038 | 700 | 681 |
|  Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023 | Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023 | Irvine Facilities Financing Authority, California Special Tax Bonds, (BAM Insured), Series 2023 |
|  4.000% due 09/01/2058 | 1250 | 1110 |
|  Long Beach Bond Finance Authority, California Revenue Bonds, Series 2007 | Long Beach Bond Finance Authority, California Revenue Bonds, Series 2007 | Long Beach Bond Finance Authority, California Revenue Bonds, Series 2007 |
|  5.500% due 11/15/2027 | 1000 | 1037 |
|  San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 | San Diego County, California Regional Airport Authority Revenue Bonds, Series 2023 |
|  5.250% due 07/01/2058 | 2300 | 2351 |
|  San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2025 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2025 | San Francisco, California City & County Airport Comm-San Francisco International Airport Revenue Bonds, Series 2025 |
|  5.500% due 05/01/2055 | 1000 | 1057 |
|  South San Francisco Unified School, California General Obligation Bonds, Series 2023 | South San Francisco Unified School, California General Obligation Bonds, Series 2023 | South San Francisco Unified School, California General Obligation Bonds, Series 2023 |
|  4.000% due 09/01/2048 | 1000 | 966 |
|  |  | 8175 |
| COLORADO 6.2% | COLORADO 6.2% | COLORADO 6.2% |
|  Board of Governors of Colorado State University System Revenue Bonds, Series 2017 | Board of Governors of Colorado State University System Revenue Bonds, Series 2017 | Board of Governors of Colorado State University System Revenue Bonds, Series 2017 |
|  4.000% due 03/01/2045 | 3000 | 2820 |
|  Colorado School of Mines Revenue Bonds, Series 2024 | Colorado School of Mines Revenue Bonds, Series 2024 | Colorado School of Mines Revenue Bonds, Series 2024 |
|  5.000% due 12/01/2054 | 1000 | 1022 |
|  Colorado Springs, Colorado Utilities System Revenue Bonds, Series 2025 | Colorado Springs, Colorado Utilities System Revenue Bonds, Series 2025 | Colorado Springs, Colorado Utilities System Revenue Bonds, Series 2025 |
|  5.250% due 11/15/2055 | 1700 | 1785 |
|  Denver, Colorado Airport System City & County Revenue Bonds, Series 2018 | Denver, Colorado Airport System City & County Revenue Bonds, Series 2018 | Denver, Colorado Airport System City & County Revenue Bonds, Series 2018 |
|  4.000% due 12/01/2043 | 1000 | 928 |
|  |  | 6555 |
| CONNECTICUT 2.6% | CONNECTICUT 2.6% | CONNECTICUT 2.6% |
|  Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2017 | Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2017 | Connecticut State Health & Educational Facilities Authority Revenue Bonds, Series 2017 |
|  4.000% due 07/01/2047 | 3000 | 2733 |
| DISTRICT OF COLUMBIA 0.5% | DISTRICT OF COLUMBIA 0.5% | DISTRICT OF COLUMBIA 0.5% |
|  District of Columbia General Obligation Bonds, Series 2024 | District of Columbia General Obligation Bonds, Series 2024 | District of Columbia General Obligation Bonds, Series 2024 |
|  5.000% due 08/01/2049 | 500 | 520 |
| FLORIDA 1.4% | FLORIDA 1.4% | FLORIDA 1.4% |
|  Miami-Dade County, Florida Transit System Revenue Bonds, Series 2018 | Miami-Dade County, Florida Transit System Revenue Bonds, Series 2018 | Miami-Dade County, Florida Transit System Revenue Bonds, Series 2018 |
|  4.000% due 07/01/2044 | 1500 | 1463 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| GEORGIA 1.1% | GEORGIA 1.1% | GEORGIA 1.1% |
|  DeKalb County, Georgia Water & Sewerage Revenue Bonds, Series 2025 | DeKalb County, Georgia Water & Sewerage Revenue Bonds, Series 2025 | DeKalb County, Georgia Water & Sewerage Revenue Bonds, Series 2025 |
|  5.000% due 10/01/2055 | 200 | 206 |
|  Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 | Municipal Electric Authority of Georgia Revenue Bonds, Series 2019 |
|  5.000% due 01/01/2059 | 1000 | 998 |
|  |  | 1204 |
| ILLINOIS 3.7% | ILLINOIS 3.7% | ILLINOIS 3.7% |
|  Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 | Chicago O'Hare International Airport, Illinois Revenue Bonds, Series 2022 |
|  5.000% due 01/01/2055 | 1000 | 991 |
|  Illinois State General Obligation Bonds, Series 2024 | Illinois State General Obligation Bonds, Series 2024 | Illinois State General Obligation Bonds, Series 2024 |
|  5.000% due 05/01/2037 | 1000 | 1075 |
|  Illinois State Toll Highway Authority Revenue Bonds, Series 2020 | Illinois State Toll Highway Authority Revenue Bonds, Series 2020 | Illinois State Toll Highway Authority Revenue Bonds, Series 2020 |
|  5.000% due 01/01/2045 | 1000 | 1035 |
|  Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2018 | Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2018 | Sales Tax Securitization Corp. Illinois Revenue Bonds, Series 2018 |
|  4.000% due 01/01/2048 | 1000 | 862 |
|  |  | 3963 |
| INDIANA 0.8% | INDIANA 0.8% | INDIANA 0.8% |
|  Indiana Finance Authority Revenue Bonds, Series 2019 | Indiana Finance Authority Revenue Bonds, Series 2019 | Indiana Finance Authority Revenue Bonds, Series 2019 |
|  4.000% due 12/01/2049 | 1000 | 884 |
| KENTUCKY 1.0% | KENTUCKY 1.0% | KENTUCKY 1.0% |
|  University of Kentucky Revenue Bonds, Series 2025 | University of Kentucky Revenue Bonds, Series 2025 | University of Kentucky Revenue Bonds, Series 2025 |
|  5.250% due 04/01/2050 | 1000 | 1042 |
| LOUISIANA 0.7% | LOUISIANA 0.7% | LOUISIANA 0.7% |
|  Louisiana Stadium and Exposition District Revenue Bonds, Series 2023 | Louisiana Stadium and Exposition District Revenue Bonds, Series 2023 | Louisiana Stadium and Exposition District Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2040 | 685 | 731 |
| MARYLAND 1.6% | MARYLAND 1.6% | MARYLAND 1.6% |
|  Maryland Department of Transportation State Revenue Bonds, Series 2021 | Maryland Department of Transportation State Revenue Bonds, Series 2021 | Maryland Department of Transportation State Revenue Bonds, Series 2021 |
|  5.000% due 08/01/2034 | 1600 | 1714 |
| MASSACHUSETTS 1.2% | MASSACHUSETTS 1.2% | MASSACHUSETTS 1.2% |
|  Commonwealth of Massachusetts General Obligation Bonds, Series 2025 | Commonwealth of Massachusetts General Obligation Bonds, Series 2025 | Commonwealth of Massachusetts General Obligation Bonds, Series 2025 |
|  5.000% due 08/01/2048 | 300 | 314 |
|  Massachusetts Development Finance Agency Revenue Bonds, Series 2018 | Massachusetts Development Finance Agency Revenue Bonds, Series 2018 | Massachusetts Development Finance Agency Revenue Bonds, Series 2018 |
|  5.000% due 07/01/2048 | 1000 | 999 |
|  |  | 1313 |
| MICHIGAN 1.2% | MICHIGAN 1.2% | MICHIGAN 1.2% |
|  Great Lakes Water Authority Sewage Disposal System, Michigan Revenue Bonds, Series 2023 | Great Lakes Water Authority Sewage Disposal System, Michigan Revenue Bonds, Series 2023 | Great Lakes Water Authority Sewage Disposal System, Michigan Revenue Bonds, Series 2023 |
|  5.250% due 07/01/2053 | 1250 | 1290 |
| MINNESOTA 2.4% | MINNESOTA 2.4% | MINNESOTA 2.4% |
|  St Cloud, Minnesota Revenue Bonds, Series 2019 | St Cloud, Minnesota Revenue Bonds, Series 2019 | St Cloud, Minnesota Revenue Bonds, Series 2019 |
|  5.000% due 05/01/2048 | 2500 | 2522 |
| NEVADA 2.4% | NEVADA 2.4% | NEVADA 2.4% |
|  Las Vegas Convention & Visitors Authority, Nevada Revenue Bonds, Series 2023 | Las Vegas Convention & Visitors Authority, Nevada Revenue Bonds, Series 2023 | Las Vegas Convention & Visitors Authority, Nevada Revenue Bonds, Series 2023 |
|  5.000% due 07/01/2049 | 1000 | 1024 |
|  Reno, Nevada Revenue Bonds, (NPFGC Insured), Series 2005 | Reno, Nevada Revenue Bonds, (NPFGC Insured), Series 2005 | Reno, Nevada Revenue Bonds, (NPFGC Insured), Series 2005 |
|  0.000% due 06/01/2034 (a) | 980 | 658 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.000% due 06/01/2036 (a) | 1520 | 910 |
|  |  | 2592 |
| NEW JERSEY 3.8% | NEW JERSEY 3.8% | NEW JERSEY 3.8% |
|  Middlesex County Improvement Authority, New Jersey Revenue Bonds, Series 2023 | Middlesex County Improvement Authority, New Jersey Revenue Bonds, Series 2023 | Middlesex County Improvement Authority, New Jersey Revenue Bonds, Series 2023 |
|  5.000% due 08/15/2053 | 1000 | 1032 |
|  New Jersey Economic Development Authority Revenue Bonds, Series 2021 | New Jersey Economic Development Authority Revenue Bonds, Series 2021 | New Jersey Economic Development Authority Revenue Bonds, Series 2021 |
|  4.000% due 06/15/2040 | 1000 | 983 |
|  New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2020 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2020 | New Jersey Transportation Trust Fund Authority Revenue Bonds, Series 2020 |
|  4.000% due 06/15/2039 | 1000 | 998 |
|  New Jersey Turnpike Authority Revenue Bonds, Series 2024 | New Jersey Turnpike Authority Revenue Bonds, Series 2024 | New Jersey Turnpike Authority Revenue Bonds, Series 2024 |
|  5.250% due 01/01/2054 | 1000 | 1043 |
|  |  | 4056 |
| NEW YORK 11.6% | NEW YORK 11.6% | NEW YORK 11.6% |
|  New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 | New York City, New York Municipal Water Finance Authority Revenue Bonds, Series 2023 |
|  5.250% due 06/15/2048 | 300 | 316 |
|  5.250% due 06/15/2053 | 400 | 416 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2018 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2018 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2018 |
|  5.000% due 08/01/2042 | 3100 | 3198 |
|  New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2026 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2026 | New York City, New York Transitional Finance Authority Future Tax Secured Revenue Bonds, Series 2026 |
|  5.000% due 11/01/2047 | 1000 | 1042 |
|  New York State Dormitory Authority Revenue Bonds, Series 2018 | New York State Dormitory Authority Revenue Bonds, Series 2018 | New York State Dormitory Authority Revenue Bonds, Series 2018 |
|  5.000% due 10/01/2048 | 500 | 542 |
|  New York State Dormitory Authority Revenue Bonds, Series 2023 | New York State Dormitory Authority Revenue Bonds, Series 2023 | New York State Dormitory Authority Revenue Bonds, Series 2023 |
|  5.000% due 03/15/2042 | 2000 | 2144 |
|  New York State Dormitory Authority Revenue Bonds, Series 2024 | New York State Dormitory Authority Revenue Bonds, Series 2024 | New York State Dormitory Authority Revenue Bonds, Series 2024 |
|  5.000% due 03/15/2046 | 1000 | 1047 |
|  New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 | New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 | New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 |
|  4.200% due 11/01/2054 (c) | 695 | 631 |
|  New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 | New York State Urban Development Corp. Revenue Bonds, Series 2023 |
|  5.000% due 03/15/2063 | 1000 | 1014 |
|  New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 | New York Transportation Development Corp. Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 06/30/2049 | 1000 | 995 |
|  Town of Hempstead, New York General Obligation Bonds, Series 2024 | Town of Hempstead, New York General Obligation Bonds, Series 2024 | Town of Hempstead, New York General Obligation Bonds, Series 2024 |
|  4.000% due 05/01/2047 | 1000 | 965 |
|  |  | 12310 |
| OHIO 0.4% | OHIO 0.4% | OHIO 0.4% |
|  Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 | Columbus Regional Airport Authority, Ohio Revenue Bonds, Series 2025 |
|  5.000% due 01/01/2036 | 400 | 435 |
| OREGON 1.0% | OREGON 1.0% | OREGON 1.0% |
|  Washington & Multnomah Counties School District No 48J Beaverton, Oregon General Obligation Bonds, Series 2022 | Washington & Multnomah Counties School District No 48J Beaverton, Oregon General Obligation Bonds, Series 2022 | Washington & Multnomah Counties School District No 48J Beaverton, Oregon General Obligation Bonds, Series 2022 |
|  5.000% due 06/15/2052 | 1000 | 1022 |
| PENNSYLVANIA 9.6% | PENNSYLVANIA 9.6% | PENNSYLVANIA 9.6% |
|  Geisinger Authority, Pennsylvania Revenue Bonds, Series 2017 | Geisinger Authority, Pennsylvania Revenue Bonds, Series 2017 | Geisinger Authority, Pennsylvania Revenue Bonds, Series 2017 |
|  4.000% due 02/15/2039 | 2500 | 2451 |
|  Monroeville Finance Authority, Pennsylvania Revenue Bonds, Series 2022 | Monroeville Finance Authority, Pennsylvania Revenue Bonds, Series 2022 | Monroeville Finance Authority, Pennsylvania Revenue Bonds, Series 2022 |
|  4.000% due 02/15/2037 | 1000 | 997 |

---

---

| | | |
|:---|:---|:---|
| **128** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, (AGM Insured), Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, (AGM Insured), Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, (AGM Insured), Series 2022 |
|  5.000% due 12/31/2057 | 1575 | 1574 |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 | Pennsylvania Economic Development Financing Authority Revenue Bonds, Series 2022 |
|  5.250% due 06/30/2053 | 1000 | 1000 |
|  Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019 | Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019 | Pennsylvania Higher Educational Facilities Authority Revenue Bonds, Series 2019 |
|  4.000% due 08/15/2049 | 1000 | 879 |
|  Pennsylvania Turnpike Commission Revenue Bonds, Series 2018 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2018 | Pennsylvania Turnpike Commission Revenue Bonds, Series 2018 |
|  5.000% due 12/01/2043 | 3250 | 3348 |
|  |  | 10249 |
| RHODE ISLAND 1.0% | RHODE ISLAND 1.0% | RHODE ISLAND 1.0% |
|  Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 | Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 | Rhode Island Health & Educational Building Corp. Revenue Bonds, Series 2024 |
|  5.000% due 05/15/2043 | 1000 | 1021 |
| TENNESSEE 1.0% | TENNESSEE 1.0% | TENNESSEE 1.0% |
|  Metropolitan Government of Nashville & Davidson County, Tennessee Water & Sewer Revenue Bonds, (BABs), Series 2010 | Metropolitan Government of Nashville & Davidson County, Tennessee Water & Sewer Revenue Bonds, (BABs), Series 2010 | Metropolitan Government of Nashville & Davidson County, Tennessee Water & Sewer Revenue Bonds, (BABs), Series 2010 |
|  6.568% due 07/01/2037 | 1000 | 1089 |
| TEXAS 15.3% | TEXAS 15.3% | TEXAS 15.3% |
|  Athens Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Athens Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Athens Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 02/15/2055 | 745 | 761 |
|  Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Denton Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  5.000% due 08/15/2053 | 1000 | 1019 |
|  Grand Parkway Transportation Corp. Texas Revenue Bonds, (AGM/CR Insured), Series 2020 | Grand Parkway Transportation Corp. Texas Revenue Bonds, (AGM/CR Insured), Series 2020 | Grand Parkway Transportation Corp. Texas Revenue Bonds, (AGM/CR Insured), Series 2020 |
|  4.000% due 10/01/2049 | 1880 | 1705 |
|  Houston, Texas Airport System Revenue Bonds, (AGM Insured), Series 2023 | Houston, Texas Airport System Revenue Bonds, (AGM Insured), Series 2023 | Houston, Texas Airport System Revenue Bonds, (AGM Insured), Series 2023 |
|  5.000% due 07/01/2038 | 150 | 160 |
|  Houston, Texas General Obligation Bonds, Series 2024 | Houston, Texas General Obligation Bonds, Series 2024 | Houston, Texas General Obligation Bonds, Series 2024 |
|  5.250% due 03/01/2049 | 1000 | 1051 |
|  Medina Valley Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Medina Valley Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Medina Valley Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  4.500% due 02/15/2047 | 1000 | 995 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2017 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2017 | New Hope Cultural Education Facilities Finance Corp. Texas Revenue Bonds, Series 2017 |
|  4.000% due 08/15/2040 | 1550 | 1487 |
|  Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 | Northside Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2025 |
|  5.000% due 08/15/2050 | 1500 | 1551 |
|  Odem-Edroy Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Odem-Edroy Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 | Odem-Edroy Independent School District, Texas General Obligation Bonds, (PSF Insured), Series 2023 |
|  5.000% due 08/15/2048 | 1115 | 1148 |
|  SA Energy Acquisition Public Facility Corp. Texas Revenue Bonds, Series 2007 | SA Energy Acquisition Public Facility Corp. Texas Revenue Bonds, Series 2007 | SA Energy Acquisition Public Facility Corp. Texas Revenue Bonds, Series 2007 |
|  5.500% due 08/01/2027 | 2000 | 2054 |
|  San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2023 | San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2023 | San Antonio, Texas Electric & Gas Systems Revenue Bonds, Series 2023 |
|  5.500% due 02/01/2050 | 1000 | 1062 |
|  Texas State University System Revenue Bonds, Series 2024 | Texas State University System Revenue Bonds, Series 2024 | Texas State University System Revenue Bonds, Series 2024 |
|  5.000% due 03/15/2042 | 900 | 970 |
|  Texas Transportation Commission Revenue Bonds,<br>Series 2019 | Texas Transportation Commission Revenue Bonds,<br>Series 2019 | Texas Transportation Commission Revenue Bonds,<br>Series 2019 |
|  5.000% due 08/01/2057 | 1000 | 1002 |
|  Texas Water Development Board Revenue Bonds,<br>Series 2023 | Texas Water Development Board Revenue Bonds,<br>Series 2023 | Texas Water Development Board Revenue Bonds,<br>Series 2023 |
|  4.875% due 10/15/2048 | 800 | 815 |
|  5.000% due 10/15/2058 | 500 | 511 |
|  |  | 16291 |
| UTAH 3.7% | UTAH 3.7% | UTAH 3.7% |
|  Salt Lake City, Utah Airport Revenue Bonds, Series 2023 | Salt Lake City, Utah Airport Revenue Bonds, Series 2023 | Salt Lake City, Utah Airport Revenue Bonds, Series 2023 |
|  5.250% due 07/01/2037 | 1200 | 1316 |
|  5.250% due 07/01/2043 | 1500 | 1596 |
|  5.250% due 07/01/2048 | 1000 | 1034 |
|  |  | 3946 |
| VIRGINIA 3.0% | VIRGINIA 3.0% | VIRGINIA 3.0% |
|  Hampton Roads Transportation Accountability Commission, Virginia Revenue Bonds, Series 2022 | Hampton Roads Transportation Accountability Commission, Virginia Revenue Bonds, Series 2022 | Hampton Roads Transportation Accountability Commission, Virginia Revenue Bonds, Series 2022 |
|  4.000% due 07/01/2057 | 2500 | 2145 |
|  Henrico County, Virginia Economic Development Authority Revenue Bonds, Series 2025 | Henrico County, Virginia Economic Development Authority Revenue Bonds, Series 2025 | Henrico County, Virginia Economic Development Authority Revenue Bonds, Series 2025 |
|  5.000% due 11/01/2048 | 1000 | 1009 |
|  |  | 3154 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| WASHINGTON 0.9% | WASHINGTON 0.9% | WASHINGTON 0.9% | WASHINGTON 0.9% |
|  Port of Seattle, Washington Revenue Bonds, Series 2021 | Port of Seattle, Washington Revenue Bonds, Series 2021 | Port of Seattle, Washington Revenue Bonds, Series 2021 | Port of Seattle, Washington Revenue Bonds, Series 2021 |
|  4.000% due 08/01/2041 | 1000 | $— | 964 |
| WISCONSIN 0.5% | WISCONSIN 0.5% | WISCONSIN 0.5% | WISCONSIN 0.5% |
|  Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 | Wisconsin Health & Educational Facilities Authority Revenue Bonds, Series 2016 |
|  4.000% due 11/15/2046 | 550 |  | 502 |
|  Total Municipal Bonds & Notes<br>(Cost $97,155) | Total Municipal Bonds & Notes<br>(Cost $97,155) |  | 95211 |
|  | SHARES |  |  |
| SHORT-TERM INSTRUMENTS 0.2% | 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% | MUTUAL FUNDS 0.2% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class 3.720% (b) | 190524 |  | 191 |
| Total Short-Term Instruments<br>(Cost $191) | Total Short-Term Instruments<br>(Cost $191) |  | 191 |
| Total Investments in Securities<br>(Cost $97,346) | Total Investments in Securities<br>(Cost $97,346) |  | 95402 |
| INVESTMENTS IN AFFILIATES 5.4% | 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% | 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% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.4% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 592263 |  | 5768 |
| Total Short-Term Instruments<br>(Cost $5,768) | Total Short-Term Instruments<br>(Cost $5,768) |  | 5768 |
| Total Investments in Affiliates<br>(Cost $5,768) | Total Investments in Affiliates<br>(Cost $5,768) |  | 5768 |
| Total Investments 95.1%<br>(Cost $103,114) | Total Investments 95.1%<br>(Cost $103,114) | $— | 101170 |
| Other Assets and Liabilities, net 4.9% | Other Assets and Liabilities, net 4.9% |  | 5212 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 106382 |

---

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

(a) Zero coupon security.

(b) Coupon represents a 7-Day Yield.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  New York State Housing Finance Agency Revenue Bonds, (FHA Insured), Series 2020 | 4.200% | 11/01/2054 | 11/18/2021 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631 | 0.59% |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 129

------

Schedule of Investments PIMCO Municipal Portfolio (Cont.) March 31, 2026

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2026 |
|  Investments 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; Arizona | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $2064 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $2064 |
| &nbsp;&nbsp; Arkansas | 0 | 1407 | 0 | 1407 |
| &nbsp;&nbsp; California | 0 | 8175 | 0 | 8175 |
| &nbsp;&nbsp; Colorado | 0 | 6555 | 0 | 6555 |
| &nbsp;&nbsp; Connecticut | 0 | 2733 | 0 | 2733 |
| &nbsp;&nbsp; District of Columbia | 0 | 520 | 0 | 520 |
| &nbsp;&nbsp; Florida | 0 | 1463 | 0 | 1463 |
| &nbsp;&nbsp; Georgia | 0 | 1204 | 0 | 1204 |
| &nbsp;&nbsp; Illinois | 0 | 3963 | 0 | 3963 |
| &nbsp;&nbsp; Indiana | 0 | 884 | 0 | 884 |
| &nbsp;&nbsp; Kentucky | 0 | 1042 | 0 | 1042 |
| &nbsp;&nbsp; Louisiana | 0 | 731 | 0 | 731 |
| &nbsp;&nbsp; Maryland | 0 | 1714 | 0 | 1714 |
| &nbsp;&nbsp; Massachusetts | 0 | 1313 | 0 | 1313 |
| &nbsp;&nbsp; Michigan | 0 | 1290 | 0 | 1290 |
| &nbsp;&nbsp; Minnesota | 0 | 2522 | 0 | 2522 |
| &nbsp;&nbsp; Nevada | 0 | 2592 | 0 | 2592 |
| &nbsp;&nbsp; New Jersey | 0 | 4056 | 0 | 4056 |
| &nbsp;&nbsp; New York | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12310 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12310 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2026** |
| &nbsp;&nbsp; Ohio | $0 | $435 | $0 | $435 |
| &nbsp;&nbsp; Oregon | 0 | 1022 | 0 | 1022 |
| &nbsp;&nbsp; Pennsylvania | 0 | 10249 | 0 | 10249 |
| &nbsp;&nbsp; Rhode Island | 0 | 1021 | 0 | 1021 |
| &nbsp;&nbsp; Tennessee | 0 | 1089 | 0 | 1089 |
| &nbsp;&nbsp; Texas | 0 | 16291 | 0 | 16291 |
| &nbsp;&nbsp; Utah | 0 | 3946 | 0 | 3946 |
| &nbsp;&nbsp; Virginia | 0 | 3154 | 0 | 3154 |
| &nbsp;&nbsp; Washington | 0 | 964 | 0 | 964 |
| &nbsp;&nbsp; Wisconsin | 0 | 502 | 0 | 502 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 191 | 0 | 0 | 191 |
|  | $191 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95211 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $95402 |
|  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 | $5768 | $0 | $0 | $5768 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5959 | $95211 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101170 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2026.

---

| | | |
|:---|:---|:---|
| **130** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Real Return Portfolio March 31, 2026

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 178.5% | INVESTMENTS IN SECURITIES 178.5% | INVESTMENTS IN SECURITIES 178.5% | INVESTMENTS IN SECURITIES 178.5% | INVESTMENTS IN SECURITIES 178.5% |
| U.S. TREASURY OBLIGATIONS 178.4% | U.S. TREASURY OBLIGATIONS 178.4% | U.S. TREASURY OBLIGATIONS 178.4% | U.S. TREASURY OBLIGATIONS 178.4% | U.S. TREASURY OBLIGATIONS 178.4% |
|  U.S. Treasury Inflation Protected Securities (a) | U.S. Treasury Inflation Protected Securities (a) | U.S. Treasury Inflation Protected Securities (a) | U.S. Treasury Inflation Protected Securities (a) | U.S. Treasury Inflation Protected Securities (a) |
|  0.125% due 02/15/2051 | $— | 7532 | $— | 4011 |
|  0.125% due 02/15/2052 |  | 7827 |  | 4068 |
|  0.250% due 02/15/2050 |  | 8829 |  | 5004 |
|  0.625% due 02/15/2043 |  | 9619 |  | 7094 |
|  0.750% due 02/15/2042 |  | 12118 |  | 9346 |
|  0.750% due 02/15/2045 |  | 15385 |  | 11065 |
|  0.875% due 02/15/2047 |  | 11896 |  | 8447 |
|  1.000% due 02/15/2046 |  | 10527 |  | 7817 |
|  1.000% due 02/15/2048 |  | 10761 |  | 7738 |
|  1.000% due 02/15/2049 |  | 6850 |  | 4854 |
|  1.375% due 02/15/2044 |  | 15963 |  | 13203 |
|  1.500% due 02/15/2053 |  | 9300 |  | 7136 |
|  1.750% due 01/15/2028 |  | 9390 |  | 9528 |
|  2.125% due 02/15/2040 (c) |  | 2257 |  | 2211 |
|  2.125% due 02/15/2041 |  | 6430 |  | 6228 |
|  2.125% due 02/15/2054 |  | 11020 |  | 9727 |
|  2.375% due 01/15/2027 |  | 11127 |  | 11323 |
|  2.375% due 02/15/2055 (c) |  | 8245 |  | 7671 |
|  2.375% due 02/15/2056 |  | 5018 |  | 4665 |
|  3.625% due 04/15/2028 |  | 5550 |  | 5837 |
|  3.875% due 04/15/2029 |  | 3575 |  | 3858 |
|  0.125% due 10/15/2026 |  | 8188 |  | 8259 |
|  0.125% due 04/15/2027 (c) |  | 27528 |  | 27375 |
|  0.125% due 01/15/2030 |  | 21880 |  | 20948 |
|  0.125% due 07/15/2030 |  | 19026 |  | 18117 |
|  0.125% due 01/15/2031 (c) |  | 19164 |  | 18023 |
|  0.125% due 07/15/2031 (c) |  | 34776 |  | 32503 |
|  0.125% due 01/15/2032 |  | 25505 |  | 23481 |
|  0.250% due 07/15/2029 |  | 17927 |  | 17440 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.375% due 01/15/2027 | 24503 | 24553 |
|  0.375% due 07/15/2027 | 22601 | 22601 |
|  0.500% due 01/15/2028 | 24127 | 23947 |
|  0.625% due 07/15/2032 (c) | 35818 | 33806 |
|  0.750% due 07/15/2028 | 24228 | 24163 |
|  0.875% due 01/15/2029 | 24600 | 24426 |
|  1.125% due 10/15/2030 (c) | 26844 | 26612 |
|  1.125% due 01/15/2033 (c) | 30679 | 29558 |
|  1.250% due 04/15/2028 (c) | 26672 | 26784 |
|  1.375% due 07/15/2033 (c) | 27841 | 27225 |
|  1.625% due 10/15/2027 (c) | 29642 | 30112 |
|  1.625% due 10/15/2029 | 19431 | 19745 |
|  1.625% due 04/15/2030 (c) | 31262 | 31585 |
|  1.750% due 01/15/2034 (c) | 36712 | 36571 |
|  1.875% due 07/15/2034 (c) | 29538 | 29695 |
|  1.875% due 07/15/2035 (c) | 31296 | 31153 |
|  1.875% due 01/15/2036 (c) | 17116 | 16915 |
|  2.125% due 04/15/2029 (c) | 32279 | 33148 |
|  2.125% due 01/15/2035 (c) | 32461 | 33019 |
|  2.375% due 10/15/2028 (c) | 26757 | 27709 |
|  Total U.S. Treasury Obligations<br>(Cost $881,476) | Total U.S. Treasury Obligations<br>(Cost $881,476) | 870304 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.0% |
|  Chevy Chase Funding LLC<br>Mortgage-Backed Certificates | Chevy Chase Funding LLC<br>Mortgage-Backed Certificates | Chevy Chase Funding LLC<br>Mortgage-Backed Certificates |
|  4.073% due 01/25/2035 •  | 19 | 19 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.213% due 07/25/2030 •  | 112 | 105 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $128) | Total Non-Agency Mortgage-Backed Securities (Cost $128) | 124 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | 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% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.720% (b) | 586055 | $— | 586 |
| Total Short-Term Instruments<br>(Cost $586) | Total Short-Term Instruments<br>(Cost $586) |  | 586 |
| Total Investments in Securities<br>(Cost $882,190) | Total Investments in Securities<br>(Cost $882,190) |  | 871014 |
| INVESTMENTS IN AFFILIATES 0.4% | INVESTMENTS IN AFFILIATES 0.4% | INVESTMENTS IN AFFILIATES 0.4% | INVESTMENTS IN AFFILIATES 0.4% |
| SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.4% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 205153 |  | 1998 |
| Total Short-Term Instruments<br>(Cost $1,998) |  |  | 1998 |
| Total Investments in Affiliates<br>(Cost $1,998) |  |  | 1998 |
| Total Investments 178.9%<br>(Cost $884,188) | Total Investments 178.9%<br>(Cost $884,188) | $— | 873012 |
|  Financial Derivative<br>Instruments (d)(e) 0.0%<br> (Cost or Premiums, net $0) |  |  | 27 |
| Other Assets and Liabilities, net (78.9)% | Other Assets and Liabilities, net (78.9)% |  | (385140) |
| Net Assets 100.0% |  | $— | 487899 |

---

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

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

(a) Principal amount of security is adjusted for inflation.

(b) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BOM | 3.770% | 03/06/2026 | 04/06/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188054) | $(188566) |
|  BOO | 3.740 | 04/01/2026 | 04/08/2026 | (31525) | (31525) |
|  BSN | 3.770 | 03/06/2026 | 04/06/2026 | (71596) | (71791) |
|  CTR | 3.750 | 04/01/2026 | 04/02/2026 | (69830) | (69830) |
|  | 3.790 | 03/31/2026 | 04/01/2026 | (100644) | (100644) |
|  DEU | 3.670 | 03/25/2026 | 04/01/2026 | (9789) | (9796) |
|  | 3.760 | 03/18/2026 | 04/08/2026 | (18126) | (18153) |
|  | 3.760 | 03/25/2026 | 04/01/2026 | (598) | (598) |
|  | 3.760 | 03/30/2026 | 04/06/2026 | (100) | (100) |
|  | 3.760 | 03/31/2026 | 04/07/2026 | (100) | (100) |
|  | 3.770 | 03/04/2026 | 04/08/2026 | (701) | (703) |
|  | 3.770 | 03/24/2026 | 04/07/2026 | (1420) | (1421) |
|  | 3.780 | 03/26/2026 | 04/02/2026 | (299) | (299) |
|  JPS | 3.760 | 04/01/2026 | 04/07/2026 | (9826) | (9826) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(503352) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 131

------

Schedule of Investments PIMCO Real Return Portfolio (Cont.)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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>(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 |
|  BOM | $0 | $(188566) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188566) | $187652 | $(914) |
|  BOO | 0 | (31525) | 0 | (31525) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31525) |
|  BSN | 0 | (71791) | 0 | (71791) | 71640 | (151) |
|  CTR | 0 | (170474) | 0 | (170474) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101530 | (68944) |
|  DEU | 0 | (31170) | 0 | (31170) | 30795 | (375) |
|  JPS | 0 | (9826) | 0 | (9826) | 0 | (9826) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(503352) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight<br>and 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 | $(10394) | $0 | $0 | $0 | $(10394) |
|  U.S. Treasury Obligations | (100644) | (281133) | 0 | 0 | (381777) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111038) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(281133) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(392171) |
|  Payable for reverse repurchase agreements<sup>(3)</sup> | Payable for reverse repurchase agreements<sup>(3)</sup> | Payable for reverse repurchase agreements<sup>(3)</sup> | Payable for reverse repurchase agreements<sup>(3)</sup> | Payable for reverse repurchase agreements<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(392171) |

---

(c) Securities with an aggregate market value of $391,617 have been pledged as collateral under the terms of the above master agreements as of March 31, 2026.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended March 31, 2026 was $(375067) at a weighted average interest rate of 4.164%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<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. 

<sup>(3)</sup> Unsettled reverse repurchase agreements liability of $(111181) is outstanding at period end. 

&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 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 150 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16227 | $(227) | $21 | $0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 72 | 8173 | (146) | 21 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(373) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | $&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 2-Year Note June Futures  | 06/2026 | 37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7675) | $54 | $0 | $(3) |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 61 | (7110) | 238 | 0 | (13) |
|  |  |  |  | $292 | $0 | $(16) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |

---

132 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | CPURNSA | 3.300% | Maturity | 06/04/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | $0 | $(1) | $(1) | $0 | $(6) |
|  Pay | CPURNSA | 3.434 | Maturity | 08/27/2026 | 4700 | 0 | (12) | (12) | 5 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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;42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) |

---

Cash of $904 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2026. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

&nbsp;&nbsp;&nbsp;&nbsp;(e) 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 |
|  IND | 04/2026 | 90 | $106 | $2 | $0 |
|  SOG | 04/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | 90 | 0 | 0 |
|  | 05/2026 | 90 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | 0 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&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 March 31, 2026:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(1)</sup> |
|  IND | $2 | $0 | $0 | $2 | $0 | $0 | $0 | $0 | $2 | $0 | $2 |

---

<sup>(1)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **133** |

---

------

Schedule of Investments PIMCO Real Return Portfolio (Cont.)

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for 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 | $42 | $42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 5 | 5 |
|  | $0 | $0 | $0 | $0 | $47 | $47 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $2 | $0 | $2 |
|  | $0 | $0 | $0 | $2 | $47 | $49 |
|  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 | $16 | $16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 6 | 6 |
|  | $&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;22 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for 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 | $473 | $473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 0 | 0 | 0 | (22) | (22) |
|  | $0 | $0 | $0 | $0 | $451 | $451 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $0 | $0 | $0 | $(4) | $0 | $(4) |
|  | $0 | $0 | $0 | $(4) | $451 | $447 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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 | $(309) | $(309) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 0 | 0 | 0 | 74 | 74 |
|  | $0 | $0 | $0 | $0 | $(235) | $(235) |
|  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 | $2 | $0 | $2 |
|  | $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;(235) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(233) |

---

134 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at**<br> **03/31/2026** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  U.S. Treasury Obligations | $0 | $870304 | $0 | $870304 |
|  Non-Agency Mortgage-Backed Securities | 0 | 124 | 0 | 124 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 586 | 0 | 0 | 586 |
|  | $586 | $870428 | $0 | $871014 |
|  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 | $1998 | $0 | $0 | $1998 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2584 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870428 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873012 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at**<br> **03/31/2026** |
|  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 | $47 | $0 | $47 |
|  Over the counter | 0 | 2 | 0 | 2 |
|  | $0 | $49 | $0 | $49 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | $0 | $(22) | $0 | $(22) |
|  Total Financial Derivative Instruments | $0 | $27 | $0 | $27 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2584 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870455 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873039 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **135** |

---

------

Schedule of Investments PIMCO Sector Fund Series - AM

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 178.9% | INVESTMENTS IN SECURITIES 178.9% | INVESTMENTS IN SECURITIES 178.9% |
| U.S. GOVERNMENT AGENCIES 166.7% | U.S. GOVERNMENT AGENCIES 166.7% | U.S. GOVERNMENT AGENCIES 166.7% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  5.000% due 11/01/2053 | 3906 | 3871 |
|  5.500% due 04/01/2054 - 07/01/2054 | 2106 | 2126 |
|  6.000% due 05/01/2054 - 04/01/2055 | 3696 | 3841 |
|  6.500% due 09/01/2053 - 08/01/2055 | 534 | 562 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  3.000% due 10/25/2049 (a) | 2562 | 339 |
|  4.612% due 08/25/2054 •  | 678 | 683 |
|  Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS |
|  2.500% due 04/25/2052 (a) | 3220 | 496 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  4.000% due 04/01/2043 - 08/01/2051 | 1466 | 1408 |
|  4.300% due 12/01/2029 - 12/01/2032 | 1401 | 1395 |
|  4.740% due 04/01/2030 | 245 | 246 |
|  4.880% due 06/01/2028 | 500 | 508 |
|  5.140% due 02/01/2035 | 500 | 519 |
|  6.000% due 09/01/2054 - 04/01/2055 | 2505 | 2568 |
|  6.500% due 11/01/2053 - 07/01/2054 | 181 | 190 |
|  7.000% due 03/01/2045 | 409 | 430 |
|  Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS | Federal National Mortgage Association Interest STRIPS |
|  2.000% due 04/25/2052 (a) | 914 | 116 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  3.000% due 10/25/2051 (a) | 1847 | 332 |
|  4.326% due 09/25/2041 •  | 1129 | 1124 |
|  4.500% due 05/25/2049 (a) | 476 | 92 |
|  4.912% due 05/25/2054 •  | 3234 | 3253 |
|  5.012% due 01/25/2055 •  | 2504 | 2524 |
|  5.112% due 06/25/2054 •  | 1935 | 1953 |
|  5.362% due 05/25/2055 •  | 460 | 465 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.000% due 01/20/2056 - 02/20/2056 | 998 | 892 |
|  4.500% due 07/15/2049 - 07/20/2054 | 693 | 672 |
|  5.000% due 03/20/2053 | 2730 | 2727 |
|  5.500% due 03/20/2036 - 05/20/2036 | 1919 | 1951 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.391% due 01/20/2068 •  | 311 | 312 |
|  4.393% due 03/20/2070 •  | 329 | 329 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.573% due 08/20/2072 •  | 2549 | 2573 |
|  4.723% due 08/20/2053 •  | 1450 | 1457 |
|  5.173% due 07/20/2071 •  | 874 | 897 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.000% due 05/01/2056 | 500 | 413 |
|  2.500% due 04/01/2056 | 3000 | 2581 |
|  3.500% due 04/01/2056 | 6865 | 6298 |
|  4.000% due 04/01/2056 - 05/01/2056 | 2000 | 1873 |
|  5.000% due 06/01/2040 | 1400 | 1382 |
|  6.500% due 05/01/2056 | 2000 | 2073 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  2.000% due 04/01/2041 - 05/01/2056 | 9300 | 7627 |
|  2.500% due 04/01/2041 - 05/01/2056 | 4200 | 3582 |
|  3.000% due 06/01/2040 - 04/01/2056 | 10800 | 9477 |
|  3.500% due 04/01/2041 - 06/01/2056 | 2400 | 2267 |
|  4.500% due 04/01/2056 - 05/01/2056 | 3700 | 3571 |
|  5.000% due 04/01/2056 - 05/01/2056 | 2600 | 2562 |
|  5.500% due 05/01/2041 | 500 | 509 |
|  6.000% due 06/01/2056 | 3800 | 3868 |
|  6.500% due 06/01/2056 | 1900 | 1964 |
|  Total U.S. Government Agencies<br>(Cost $90,528) | Total U.S. Government Agencies<br>(Cost $90,528) | 90898 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 11.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 11.3% | NON-AGENCY MORTGAGE-BACKED SECURITIES 11.3% |
|  ACRA Trust | ACRA Trust | ACRA Trust |
|  5.608% due 10/25/2064 þ | 1472 | 1477 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  5.012% due 07/25/2054 •  | 1510 | 1518 |
|  MFA Trust | MFA Trust | MFA Trust |
|  4.250% due 02/25/2066 ~ | 1653 | 1577 |
|  NYMT Loan Trust | NYMT Loan Trust | NYMT Loan Trust |
|  5.379% due 06/25/2069 ~ | 1581 | 1586 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $6,129) | Total Non-Agency Mortgage-Backed Securities (Cost $6,129) | 6158 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 0.9% | SHORT-TERM INSTRUMENTS 0.9% | SHORT-TERM INSTRUMENTS 0.9% | SHORT-TERM INSTRUMENTS 0.9% |
| MUTUAL FUNDS 0.4% | 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 | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.720% (d) | 195838 | $— | 196 |
|  | PRINCIPAL<br>AMOUNT<br>(000s) |  |  |
| U.S. TREASURY BILLS 0.5% | U.S. TREASURY BILLS 0.5% | U.S. TREASURY BILLS 0.5% | U.S. TREASURY BILLS 0.5% |
|  3.683% due 06/30/2026 (b)(c) | 273 |  | 271 |
| Total Short-Term Instruments (Cost $466) | Total Short-Term Instruments (Cost $466) |  | 467 |
| Total Investments in Securities (Cost $97,123) | Total Investments in Securities (Cost $97,123) |  | 97523 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 11.1% | INVESTMENTS IN AFFILIATES 11.1% | INVESTMENTS IN AFFILIATES 11.1% | INVESTMENTS IN AFFILIATES 11.1% |
| SHORT-TERM INSTRUMENTS 11.1% | SHORT-TERM INSTRUMENTS 11.1% | SHORT-TERM INSTRUMENTS 11.1% | SHORT-TERM INSTRUMENTS 11.1% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 11.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 11.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 11.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 11.1% |
|  PIMCO Short-Term Floating NAV Portfolio III | 622596 |  | 6063 |
| Total Short-Term Instruments<br> (Cost $6,063) | Total Short-Term Instruments<br> (Cost $6,063) |  | 6063 |
| Total Investments in Affiliates<br> (Cost $6,063) | Total Investments in Affiliates<br> (Cost $6,063) |  | 6063 |
| Total Investments 190.0%<br> (Cost $103,186) | Total Investments 190.0%<br> (Cost $103,186) | $— | 103586 |
|  Financial Derivative<br>Instruments (e)(f) 1.4%<br> (Cost or Premiums, net $998) |  |  | 781 |
| Other Assets and Liabilities, net (91.4)% | Other Assets and Liabilities, net (91.4)% |  | (49846) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 54521 |

---

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

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

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

(b) Zero coupon security.

(c) Coupon represents a yield to maturity.

(d) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (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;&nbsp;&nbsp; Government National Mortgage Association, TBA | 3.000% | 04/01/2056 | 1000 | $(889) | $(893) |
| &nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association, TBA | 4.500 | 05/01/2056 | 100 | (97) | (97) |
| &nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association, TBA | 5.500 | 05/01/2056 | 1000 | (1007) | (1005) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000 | 05/01/2056 | 1500 | (1402) | (1414) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000 | 06/11/2056 | 400 | (381) | (377) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.000 | 04/01/2056 | 1300 | (1279) | (1282) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 05/01/2056 | 400 | (404) | (401) |
|  Total Short Sales (10.0)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5459) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5469) |

---

136 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

**The average amount of borrowings outstanding during the period ended March 31, 2026 was $(3,475) at a weighted average interest rate of 4.469%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

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

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3029 | $(38) | $4 | $0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 6 | 681 | (16) | 2 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&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 10-Year Note June Futures  | 06/2026 | 73 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8106) | $159 | $0 | $(17) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750% | Annual | 12/18/2029 | $3500 | $10 | $(17) | $(7) | $1 | $(2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/18/2031 | 1800 | 7 | 3 | 10 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.410 | Annual | 10/16/2032 | 1000 | (5) | 24 | 19 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2032 | 900 | (20) | 18 | (2) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 03/18/2033 | 200 | (4) | 4 | 0 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 4100 | 36 | (55) | (19) | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 600 | 39 | (13) | 26 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 900 | 30 | 17 | 47 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 1600 | (13) | 27 | 14 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2036 | 400 | (12) | 8 | (4) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/17/2036 | 100 | (1) | 0 | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 200 | (2) | 24 | 22 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2056 | 1200 | 51 | (21) | 30 | 4 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) |

---

#### Cash of $507 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **137** |

---

------

Schedule of Investments PIMCO Sector Fund Series - AM (Cont.)

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

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.480% | 07/14/2026 | 1200 | $10 | $8 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.095 | 04/06/2026 | 500 | 1 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.265 | 05/01/2035 | 200 | 18 | 14 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.265 | 05/01/2035 | 200 | 18 | 18 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.470 | 06/04/2035 | 100 | 9 | 8 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.470 | 06/04/2035 | 100 | 9 | 9 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.400 | 06/25/2035 | 1000 | 89 | 75 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.400 | 06/25/2035 | 500 | 45 | 44 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.640 | 07/23/2035 | 600 | 54 | 50 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.640 | 07/23/2035 | 300 | 27 | 25 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.427 | 08/06/2035 | 200 | 17 | 15 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.427 | 08/06/2035 | 200 | 17 | 17 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.623 | 08/20/2035 | 4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | 367 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.693 | 08/27/2035 | 200 | 17 | 17 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.693 | 08/27/2035 | 200 | 17 | 16 |
| BPS Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.947 | 04/06/2026 | 800 | 1 | 1 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.123 | 06/04/2026 | 300 | 2 | 2 |
| BRC Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.900 | 05/29/2026 | 100 | 1 | 1 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.055 | 04/07/2026 | 300 | 1 | 0 |
| FAR Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 5.000 | 04/03/2026 | 3900 | 13 | 0 |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.310 | 04/24/2035 | 200 | 18 | 14 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.310 | 04/24/2035 | 200 | 18 | 18 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.430 | 05/16/2035 | 200 | 18 | 15 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.430 | 05/16/2035 | 200 | 18 | 17 |
| JPM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.285 | 05/07/2035 | 200 | 18 | 14 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.285 | 05/07/2035 | 200 | 18 | 18 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.693 | 08/27/2035 | 200 | 17 | 17 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.693 | 08/27/2035 | 200 | 17 | 16 |
| MYC Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.750 | 12/07/2026 | 700 | 2 | 3 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 08/07/2035 | 200 | 18 | 16 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 08/07/2035 | 200 | 18 | 17 |
|  |  |  |  |  |  | $936 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852 |

---

#### 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 4.500% due 05/01/2056 | $96.590 | 05/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | $2 | $8 |
| JPM | Put - OTC Uniform Mortgage-Backed Security, TBA 4.500% due 06/01/2056 | 95.469 | 06/04/2026 | 500 | 2 | 3 |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 4.500% due 06/01/2056 | 98.469 | 06/04/2026 | 500 | 2 | 1 |
| SAL | Put - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 05/01/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.094 | 05/06/2026 | 500 | 0 | 1 |
|  |  |  |  |  | $6 | $13 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 |

---

#### 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 Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.780% | 07/14/2026 | 1300 | $(10) | $(14) |
| BPS Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.967 | 05/06/2026 | 500 | (1) | (3) |
| BRC Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.088 | 05/06/2026 | 200 | 0 | (1) |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.450 | 06/05/2026 | 400 | (2) | (1) |
|  |  |  |  |  |  | $(13) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) |

---

138 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA | Call - OTC Uniform Mortgage-Backed Security, TBA 6.000% due 05/01/2056 | $102.313 | 05/06/2026 | 1000 | $(2) | $0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 6.000% due 05/01/2056 | 102.313 | 05/06/2026 | 1000 | (2) | (5) |
| GSC | Put - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 04/01/2056 | 94.094 | 04/06/2026 | 500 | (2) | (1) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 04/01/2056 | 94.273 | 04/06/2026 | 1000 | (3) | (3) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 04/01/2056 | 94.641 | 04/06/2026 | 1000 | (2) | (2) |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 4.500% due 06/01/2056 | 94.375 | 06/04/2026 | 500 | (3) | (2) |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 4.500% due 06/01/2056 | 95.207 | 06/04/2026 | 1000 | (5) | (6) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 4.500% due 06/01/2056 | 97.375 | 06/04/2026 | 500 | (3) | (2) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 4.500% due 06/01/2056 | 98.207 | 06/04/2026 | 1000 | (4) | (3) |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 6.000% due 06/01/2056 | 101.375 | 06/04/2026 | 500 | (1) | (1) |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 6.000% due 06/01/2056 | 102.172 | 06/04/2026 | 500 | (1) | (3) |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 6.500% due 04/01/2056 | 103.531 | 04/06/2026 | 3500 | (5) | (3) |
| SAL | Call - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 04/01/2056 | 94.313 | 04/06/2026 | 500 | (1) | (1) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 04/01/2056 | 94.813 | 04/06/2026 | 500 | (1) | (1) |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 5.000% due 04/01/2056 | 96.859 | 04/06/2026 | 500 | (1) | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 04/01/2056 | 101.113 | 04/06/2026 | 1500 | (5) | (10) |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 6.000% due 04/01/2056 | 102.234 | 04/06/2026 | 3000 | (5) | (10) |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 6.000% due 06/01/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.977 | 06/04/2026 | 500 | (1) | (2) |
|  |  |  |  |  | $(47) | $(55) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2026:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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>(2)</sup> |
|  BOA | $0 | $683 | $0 | $683 | $0 | $(19) | $0 | $(19) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664 |
|  BPS | 0 | 3 | 0 | 3 | 0 | (3) | 0 | (3) | 0 | 0 | 0 |
|  BRC | 0 | 1 | 0 | 1 | 0 | (1) | 0 | (1) | 0 | 0 | 0 |
|  GLM | 0 | 64 | 0 | 64 | 0 | 0 | 0 | 0 | 64 | 0 | 64 |
|  GSC | 0 | 8 | 0 | 8 | 0 | (26) | 0 | (26) | (18) | 0 | (18) |
|  JPM | 0 | 69 | 0 | 69 | 0 | 0 | 0 | 0 | 69 | 0 | 69 |
|  MYC | 0 | 36 | 0 | 36 | 0 | (1) | 0 | (1) | 35 | 0 | 35 |
|  SAL | 0 | 1 | 0 | 1 | 0 | (24) | 0 | (24) | (23) | 0 | (23) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74) |  |  |  |

---

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<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 OTC derivatives can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for 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 | $6 | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 11 | 11 |
|  | $0 | $0 | $0 | $0 | $17 | $17 |
|  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; Purchased Options  | $0 | $0 | $0 | $0 | $865 | $865 |
|  | $&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;882 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 139

------

Schedule of Investments PIMCO Sector Fund Series - AM (Cont.) March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $17 | $17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 10 | 10 |
|  | $0 | $0 | $0 | $0 | $27 | $27 |
|  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; Written Options  | $0 | $0 | $0 | $0 | $74 | $74 |
|  | $&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;101 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 |

---

The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the year ended March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for 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 | $(201) | $(201) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (7) | (7) |
|  | $0 | $0 | $0 | $0 | $(208) | $(208) |
|  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; Purchased Options  | $0 | $0 | $0 | $0 | $(119) | $(119) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 113 | 113 |
|  | $0 | $0 | $0 | $0 | $(6) | $(6) |
|  | $0 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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 | $204 | $204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 74 | 74 |
|  | $0 | $0 | $0 | $0 | $278 | $278 |
|  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; Purchased Options  | $0 | $0 | $0 | $0 | $(65) | $(65) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | (28) | (28) |
|  | $0 | $0 | $0 | $0 | $(93) | $(93) |
|  | $&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 | $185 | $185 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2026 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  U.S. Government Agencies | $0 | $90898 | $0 | $90898 |
|  Non-Agency Mortgage-Backed Securities | 0 | 6158 | 0 | 6158 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 196 | 0 | 0 | 196 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 271 | 0 | 271 |
|  | $196 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97327 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $97523 |
|  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 | $6063 | $0 | $0 | $6063 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6259 | $97327 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103586 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2026 |
|  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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5469) | $0 | $(5469) |
|  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 | 17 | 0 | 17 |
|  Over the counter | 0 | 865 | 0 | 865 |
|  | $0 | $882 | $0 | $882 |
|  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 | (27) | 0 | (27) |
|  Over the counter | 0 | (74) | 0 | (74) |
|  | $0 | $(101) | $0 | $(101) |
|  Total Financial Derivative Instruments | $0 | $781 | $0 | $781 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6259 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92639 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98898 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2026.

---

| | | |
|:---|:---|:---|
| **140** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Sector Fund Series - H March 31, 2026

#### (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 81.7% | INVESTMENTS IN SECURITIES 81.7% | INVESTMENTS IN SECURITIES 81.7% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 4.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 4.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 4.0% |
|  Alkermes, Inc. | Alkermes, Inc. | Alkermes, Inc. |
|  6.418% (TSFR1M + 2.750%) due 08/12/2031 ~ | 100 | 101 |
|  Altice France SA | Altice France SA | Altice France SA |
|  10.547% (TSFR3M + 6.875%) due 05/31/2031 ~ | 25 | 25 |
|  American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. |
|  6.912% (TSFR3M + 3.250%) due 02/03/2033 ~ | 223 | 222 |
|  Aspire Bakeries Holdings LLC | Aspire Bakeries Holdings LLC | Aspire Bakeries Holdings LLC |
|  6.668% (TSFR1M + 3.000%) due 12/23/2030 «~ | 99 | 99 |
|  Asurion LLC | Asurion LLC | Asurion LLC |
|  TBD% due 02/23/2033 | 225 | 218 |
|  Citco Funding LLC | Citco Funding LLC | Citco Funding LLC |
|  5.667% (TSFR3M + 2.000%) due 01/30/2033 ~ | 100 | 99 |
|  Clearwater Analytics LLC | Clearwater Analytics LLC | Clearwater Analytics LLC |
|  5.675% (TSFR1M + 2.000%) due 04/21/2032 ~ | 100 | 100 |
|  Clover Holdings 2 LLC | Clover Holdings 2 LLC | Clover Holdings 2 LLC |
|  TBD% - 3.500% due 12/10/2029 ~µ | 20 | 19 |
|  7.676% (TSFR1M + 4.000%) due 12/09/2031 ~ | 199 | 191 |
|  Columbus McKinnon Corp. | Columbus McKinnon Corp. | Columbus McKinnon Corp. |
|  7.200% (TSFR3M + 3.500%) due 02/03/2033 ~ | 111 | 110 |
|  Cotiviti Corp. | Cotiviti Corp. | Cotiviti Corp. |
|  6.418% (TSFR1M + 2.750%) due 05/01/2031 ~ | 74 | 68 |
|  6.418% (TSFR1M + 2.750%) due 03/26/2032 ~ | 50 | 46 |
|  Cyberswift U.S. Finco LLC | Cyberswift U.S. Finco LLC | Cyberswift U.S. Finco LLC |
|  7.646% (TSFR3M + 4.000%) due 10/08/2032 ~ | 100 | 99 |
|  Finastra USA, Inc. | Finastra USA, Inc. | Finastra USA, Inc. |
|  7.671% (TSFR3M + 4.000%) due 09/15/2032 ~ | 300 | 282 |
|  Fortress Intermediate 3, Inc. | Fortress Intermediate 3, Inc. | Fortress Intermediate 3, Inc. |
|  6.669% (TSFR1M + 3.000%) due 06/27/2031 «~ | 99 | 98 |
|  Froneri Lux Finco SARL | Froneri Lux Finco SARL | Froneri Lux Finco SARL |
|  5.877% (TSFR6M + 2.250%) due 09/30/2032 ~ | 100 | 98 |
|  Gen Digital, Inc. | Gen Digital, Inc. | Gen Digital, Inc. |
|  5.418% (TSFR1M + 1.750%) due 09/12/2029 ~ | 224 | 222 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  6.166% (TSFR3M + 2.500%) due 03/03/2032 ~ | 124 | 124 |
|  Ineos U.S. Finance LLC | Ineos U.S. Finance LLC | Ineos U.S. Finance LLC |
|  6.918% (TSFR1M + 3.250%) due 02/18/2030 ~ | 149 | 131 |
|  Jane Street Group LLC | Jane Street Group LLC | Jane Street Group LLC |
|  5.673% (TSFR3M + 2.000%) due 12/15/2031 ~ | 100 | 98 |
|  Kaseya, Inc. | Kaseya, Inc. | Kaseya, Inc. |
|  6.918% (TSFR1M + 3.250%) due 03/22/2032 ~ | 74 | 70 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  7.152% (TSFR3M + 3.500%) due 05/19/2031 ~ | 49 | 49 |
|  Modena Buyer LLC | Modena Buyer LLC | Modena Buyer LLC |
|  7.917% (TSFR3M + 4.250%) due 07/01/2031 ~ | 25 | 22 |
|  Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. |
|  8.760% (TSFR3M + 5.000%) due 02/03/2033 ~ | 100 | 96 |
|  Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
|  9.419% - 9.442% (TSFR3M + 5.750%) due 04/30/2029 «~ | 4 | 3 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Paradigm Parent LLC | Paradigm Parent LLC | Paradigm Parent LLC |
|  8.200% (TSFR3M + 4.500%) due 04/16/2032 ~ | 100 | 83 |
|  Petco Health & Wellness Co., Inc. | Petco Health & Wellness Co., Inc. | Petco Health & Wellness Co., Inc. |
|  7.950% (TSFR3M + 4.250%) due 02/03/2031 ~ | 100 | 98 |
|  QualityTech LP | QualityTech LP | QualityTech LP |
|  7.173% (TSFR1M + 3.500%) due 10/30/2031 «~ | 99 | 99 |
|  QuidelOrtho Corp. | QuidelOrtho Corp. | QuidelOrtho Corp. |
|  7.668% (TSFR1M + 4.000%) due 08/20/2032 ~ | 150 | 150 |
|  Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC |
|  7.518% (TSFR1M + 3.750%) due 10/16/2028 ~ | 223 | 191 |
|  Spirit Airlines, Inc. | Spirit Airlines, Inc. | Spirit Airlines, Inc. |
|  TBD% due 07/14/2026 «~ | 36 | 19 |
|  TBD% (TSFR1M + 8.000%) due 07/14/2026 ~ | 3 | 3 |
|  TBD% due 07/14/2026 ~ | 4 | 4 |
|  Stepstone Group Midco 2 GmbH | Stepstone Group Midco 2 GmbH | Stepstone Group Midco 2 GmbH |
|  8.199% (TSFR6M + 4.500%) due 12/19/2031 ~ | 99 | 87 |
|  Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |
|  5.917% (TSFR3M + 2.250%) due 04/09/2032 ~ | 100 | 100 |
|  TK Elevator Midco GmbH | TK Elevator Midco GmbH | TK Elevator Midco GmbH |
|  6.377% (TSFR6M + 2.750%) due 04/30/2030 ~ | 50 | 50 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  6.168% (TSFR1M + 2.500%) due 02/28/2031 ~ | 199 | 200 |
|  6.168% (TSFR1M + 2.500%) due 08/19/2032 ~ | 75 | 75 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  1.500% - 9.675% (TSFR1M + 6.000%) due 09/25/2030 «~ | 113 | 115 |
|  8.782% (TSFR1M + 5.000%) due 06/28/2028 ~ | 98 | 93 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. |
|  6.167% (TSFR3M + 2.500%) due 02/10/2031 ~ | 49 | 47 |
|  Varsity Brands, Inc. | Varsity Brands, Inc. | Varsity Brands, Inc. |
|  6.450% (TSFR3M + 2.750%) due 08/26/2031 ~ | 100 | 99 |
|  VEON Amsterdam BV | VEON Amsterdam BV | VEON Amsterdam BV |
|  7.902% (TSFR3M + 4.250%) due 03/25/2027 «~ | 75 | 75 |
|  Veritiv Corp. | Veritiv Corp. | Veritiv Corp. |
|  7.700% (TSFR3M + 4.000%) due 12/02/2030 ~ | 99 | 97 |
|  VistaJet Malta Finance PLC | VistaJet Malta Finance PLC | VistaJet Malta Finance PLC |
|  7.406% - 7.411% (TSFR3M + 3.750%) due 04/01/2031 ~ | 74 | 74 |
|  Total Loan Participations and Assignments (Cost $4,538) | Total Loan Participations and Assignments (Cost $4,538) | 4449 |
| CORPORATE BONDS & NOTES 74.4% | CORPORATE BONDS & NOTES 74.4% | CORPORATE BONDS & NOTES 74.4% |
| BANKING & FINANCE 13.5% | BANKING & FINANCE 13.5% | BANKING & FINANCE 13.5% |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
|  6.500% due 10/01/2031 | 25 | 25 |
|  7.000% due 01/15/2031 | 350 | 353 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. |
|  6.875% due 06/15/2030 | 325 | 330 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL |
|  4.625% due 06/01/2028 | 100 | 98 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  5.543% due 01/17/2031 •  | 50 | 50 |
|  8.000% due 11/01/2031 | 50 | 56 |
|  AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. |
|  6.375% due 02/15/2029 | 250 | 252 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund |
|  5.150% due 01/15/2031 | 150 | 142 |
|  Asurion LLC/Asurion Co-Issuer, Inc. | Asurion LLC/Asurion Co-Issuer, Inc. | Asurion LLC/Asurion Co-Issuer, Inc. |
|  8.375% due 02/01/2034 | 225 | 219 |
|  Black Pearl Compute LLC | Black Pearl Compute LLC | Black Pearl Compute LLC |
|  6.125% due 02/15/2031 | 150 | 153 |
|  Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP |
|  8.875% due 04/12/2029 | 125 | 127 |
|  Bread Financial Holdings, Inc. | Bread Financial Holdings, Inc. | Bread Financial Holdings, Inc. |
|  6.750% due 05/15/2031 | 125 | 124 |
|  Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC |
|  4.500% due 04/01/2027 | 50 | 49 |
|  Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
|  6.875% due 04/15/2030 | 350 | 309 |
|  7.500% due 07/15/2033 | 100 | 83 |
|  CrossCountry Intermediate HoldCo LLC | CrossCountry Intermediate HoldCo LLC | CrossCountry Intermediate HoldCo LLC |
|  6.500% due 10/01/2030 | 125 | 119 |
|  Cushman & Wakefield U.S. Borrower LLC | Cushman & Wakefield U.S. Borrower LLC | Cushman & Wakefield U.S. Borrower LLC |
|  6.750% due 05/15/2028 | 75 | 75 |
|  Diversified Healthcare Trust | Diversified Healthcare Trust | Diversified Healthcare Trust |
|  4.375% due 03/01/2031 | 100 | 89 |
|  7.250% due 10/15/2030 | 125 | 126 |
|  EF Holdco/EF Cayman Holdings/Ellington Financial REIT Cayman/TRS/EF Cayman Non-MTM | EF Holdco/EF Cayman Holdings/Ellington Financial REIT Cayman/TRS/EF Cayman Non-MTM | EF Holdco/EF Cayman Holdings/Ellington Financial REIT Cayman/TRS/EF Cayman Non-MTM |
|  7.375% due 09/30/2030 | 175 | 169 |
|  Encore Capital Group, Inc. | Encore Capital Group, Inc. | Encore Capital Group, Inc. |
|  6.625% due 04/15/2031 | 300 | 299 |
|  8.500% due 05/15/2030 | 375 | 397 |
|  9.250% due 04/01/2029 | 25 | 26 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  3.815% due 11/02/2027 | 200 | 196 |
|  5.918% due 03/20/2028 | 200 | 203 |
|  Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
|  6.875% due 05/01/2031 | 100 | 94 |
|  8.375% due 04/01/2032 | 50 | 49 |
|  9.250% due 02/01/2029 | 450 | 456 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  3.125% due 10/12/2028 | 275 | 251 |
|  6.125% due 01/15/2031 | 100 | 94 |
|  FTAI Aviation Investors LLC | FTAI Aviation Investors LLC | FTAI Aviation Investors LLC |
|  5.500% due 05/01/2028 | 75 | 75 |
|  7.000% due 05/01/2031 | 100 | 103 |
|  GSG Bidco Ltd. | GSG Bidco Ltd. | GSG Bidco Ltd. |
|  4.700% due 06/15/2031 | 125 | 143 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  6.000% due 03/15/2036 | 100 | 97 |
|  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 | 22 | 22 |
|  HUB International Ltd. | HUB International Ltd. | HUB International Ltd. |
|  7.250% due 06/15/2030 | 450 | 461 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  3.950% due 11/01/2027 | 125 | 118 |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
|  5.250% due 05/15/2027 | 75 | 74 |
|  9.000% due 06/15/2030 | 25 | 23 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  4.198% due 06/01/2032 •  | 75 | 70 |
|  ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. |
|  7.875% due 09/30/2032 | 475 | 368 |
|  ION Platform Finance U.S., Inc./ION Platform<br>Finance SARL | ION Platform Finance U.S., Inc./ION Platform<br>Finance SARL | ION Platform Finance U.S., Inc./ION Platform<br>Finance SARL |
|  9.500% due 05/30/2029 | 150 | 141 |
|  Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. |
|  4.500% due 02/15/2031 | 375 | 352 |
|  Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. |
|  6.125% due 11/01/2032 | 75 | 74 |
|  6.750% due 05/01/2033 | 525 | 533 |
|  7.125% due 04/30/2031 | 150 | 154 |
|  Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC |
|  8.250% due 05/15/2030 | 125 | 130 |
|  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. |
|  4.750% due 06/15/2029 | 50 | 48 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **141** |

---

------

Schedule of Investments PIMCO Sector Fund Series - H (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.500% due 08/01/2030 | 350 | 351 |
|  Midcap Financial Issuer Trust | Midcap Financial Issuer Trust | Midcap Financial Issuer Trust |
|  6.500% due 05/01/2028 | 50 | 49 |
|  Millrose Properties, Inc. | Millrose Properties, Inc. | Millrose Properties, Inc. |
|  6.250% due 09/15/2032 | 100 | 98 |
|  Navient Corp. | Navient Corp. | Navient Corp. |
|  5.000% due 03/15/2027 | 125 | 122 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 | 75 | 79 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  5.625% due 09/29/2028 | 200 | 196 |
|  7.050% due 09/15/2028 | 475 | 483 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  3.500% due 01/15/2027 | 350 | 344 |
|  6.125% due 05/15/2030 | 50 | 49 |
|  6.625% due 01/15/2028 | 400 | 403 |
|  6.625% due 05/15/2029 | 425 | 426 |
|  6.750% due 09/15/2033 | 100 | 96 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (d) | 75 | 59 |
|  Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC |
|  7.125% due 06/01/2031 | 150 | 151 |
|  Pebblebrook Hotel LP/PEB Finance Corp. | Pebblebrook Hotel LP/PEB Finance Corp. | Pebblebrook Hotel LP/PEB Finance Corp. |
|  6.375% due 10/15/2029 | 125 | 125 |
|  PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
|  4.250% due 02/15/2029 | 125 | 119 |
|  7.125% due 11/15/2030 | 50 | 50 |
|  7.875% due 12/15/2029 | 300 | 307 |
|  Rfna LP | Rfna LP | Rfna LP |
|  7.875% due 02/15/2030 | 100 | 96 |
|  Rocket Cos., Inc. | Rocket Cos., Inc. | Rocket Cos., Inc. |
|  6.125% due 08/01/2030 | 475 | 480 |
|  7.125% due 02/01/2032 | 125 | 129 |
|  Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. |
|  2.875% due 10/15/2026 | 125 | 124 |
|  SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. |
|  3.125% due 02/01/2029 | 150 | 142 |
|  3.875% due 02/15/2027 | 200 | 198 |
|  Service Properties Trust | Service Properties Trust | Service Properties Trust |
|  0.000% due 09/30/2028 (d) | 300 | 273 |
|  5.500% due 12/15/2027 | 50 | 50 |
|  SLM Corp. | SLM Corp. | SLM Corp. |
|  3.125% due 11/02/2026 | 125 | 124 |
|  6.500% due 01/31/2030 | 175 | 172 |
|  Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
|  5.250% due 10/15/2028 | 250 | 247 |
|  5.750% due 01/15/2031 | 150 | 148 |
|  6.000% due 04/15/2030 | 50 | 50 |
|  6.500% due 10/15/2030 | 25 | 25 |
|  7.250% due 04/01/2029 | 50 | 52 |
|  Stonex Escrow Issuer LLC | Stonex Escrow Issuer LLC | Stonex Escrow Issuer LLC |
|  6.875% due 07/15/2032 | 75 | 76 |
|  Sunrise FinCo I BV | Sunrise FinCo I BV | Sunrise FinCo I BV |
|  4.875% due 07/15/2031 | 25 | 24 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  5.459% due 06/30/2035 •  | 100 | 100 |
|  UWM Holdings LLC | UWM Holdings LLC | UWM Holdings LLC |
|  6.250% due 03/15/2031 | 200 | 182 |
|  VFH Parent LLC/Valor Co-Issuer, Inc. | VFH Parent LLC/Valor Co-Issuer, Inc. | VFH Parent LLC/Valor Co-Issuer, Inc. |
|  7.500% due 06/15/2031 | 300 | 308 |
|  Vornado Realty LP | Vornado Realty LP | Vornado Realty LP |
|  3.400% due 06/01/2031 | 475 | 423 |
|  WULF Compute LLC | WULF Compute LLC | WULF Compute LLC |
|  7.750% due 10/15/2030 | 150 | 159 |
|  |  | 15088 |
| INDUSTRIALS 58.8% | INDUSTRIALS 58.8% | INDUSTRIALS 58.8% |
|  1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. |
|  3.500% due 02/15/2029 | 125 | 119 |
|  4.000% due 10/15/2030 | 875 | 823 |
|  1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. |
|  10.000% due 04/15/2032 | 400 | 410 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ADT Security Corp. | ADT Security Corp. | ADT Security Corp. |
|  4.125% due 08/01/2029 | 200 | 191 |
|  Advance Auto Parts, Inc. | Advance Auto Parts, Inc. | Advance Auto Parts, Inc. |
|  7.000% due 08/01/2030 | 100 | 101 |
|  7.375% due 08/01/2033 | 475 | 481 |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC |
|  3.500% due 03/15/2029 | 175 | 167 |
|  Albion Financing 1 SARL/Aggreko Holdings, Inc. | Albion Financing 1 SARL/Aggreko Holdings, Inc. | Albion Financing 1 SARL/Aggreko Holdings, Inc. |
|  7.000% due 05/21/2030 | 950 | 972 |
|  Allison Transmission, Inc. | Allison Transmission, Inc. | Allison Transmission, Inc. |
|  4.750% due 10/01/2027 | 75 | 75 |
|  Allwyn Entertainment Financing U.K. PLC | Allwyn Entertainment Financing U.K. PLC | Allwyn Entertainment Financing U.K. PLC |
|  4.625% due 08/15/2031 | 150 | 167 |
|  7.875% due 04/30/2029 | 100 | 102 |
|  Altice France SA | Altice France SA | Altice France SA |
|  9.500% due 11/01/2029 | 322 | 325 |
|  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 | 250 | 249 |
|  American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. |
|  3.875% due 11/15/2029 | 150 | 142 |
|  4.000% due 01/15/2028 | 200 | 196 |
|  ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG |
|  12.250% due 03/30/2029 | 225 | 240 |
|  APLD ComputeCo 2 LLC | APLD ComputeCo 2 LLC | APLD ComputeCo 2 LLC |
|  6.750% due 03/15/2031 | 150 | 149 |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |
|  3.250% due 09/01/2028 | 250 | 238 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp. | Ascent Resources Utica Holdings LLC/ARU Finance Corp. | Ascent Resources Utica Holdings LLC/ARU Finance Corp. |
|  6.625% due 10/15/2032 | 50 | 51 |
|  Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. |
|  10.000% due 03/31/2029 | 100 | 75 |
|  Avantor Funding, Inc. | Avantor Funding, Inc. | Avantor Funding, Inc. |
|  4.625% due 07/15/2028 | 75 | 73 |
|  Avis Budget Car Rental LLC/Avis Budget Finance, Inc. | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |
|  4.750% due 04/01/2028 | 50 | 49 |
|  Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
|  6.125% due 03/15/2030 | 350 | 357 |
|  6.250% due 03/15/2033 | 50 | 51 |
|  B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
|  8.000% due 09/15/2028 | 200 | 197 |
|  Ball Corp. | Ball Corp. | Ball Corp. |
|  2.875% due 08/15/2030 | 475 | 433 |
|  Bath & Body Works, Inc. | Bath & Body Works, Inc. | Bath & Body Works, Inc. |
|  6.875% due 11/01/2035 | 100 | 98 |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
|  8.375% due 10/01/2028 | 100 | 103 |
|  Beacon Mobility Corp. | Beacon Mobility Corp. | Beacon Mobility Corp. |
|  7.250% due 08/01/2030 | 350 | 362 |
|  Belron U.K. Finance PLC | Belron U.K. Finance PLC | Belron U.K. Finance PLC |
|  5.750% due 10/15/2029 | 75 | 76 |
|  BKV Upstream Midstream LLC | BKV Upstream Midstream LLC | BKV Upstream Midstream LLC |
|  7.500% due 10/15/2030 | 50 | 51 |
|  Block, Inc. | Block, Inc. | Block, Inc. |
|  3.500% due 06/01/2031 | 75 | 68 |
|  5.625% due 08/15/2030 | 800 | 796 |
|  6.500% due 05/15/2032 | 200 | 202 |
|  Brightstar Lottery PLC | Brightstar Lottery PLC | Brightstar Lottery PLC |
|  5.250% due 01/15/2029 | 275 | 273 |
|  Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
|  5.000% due 03/01/2030 | 200 | 195 |
|  6.750% due 05/15/2035 | 375 | 375 |
|  BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. |
|  4.125% due 04/15/2029 | 250 | 241 |
|  Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |
|  4.625% due 10/15/2029 | 100 | 96 |
|  6.500% due 02/15/2032 | 175 | 173 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  5.125% due 05/01/2029 | 300 | 298 |
|  5.750% due 08/01/2032 | 550 | 551 |
|  7.000% due 08/15/2029 | 225 | 234 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Carpenter Technology Corp. | Carpenter Technology Corp. | Carpenter Technology Corp. |
|  5.625% due 03/01/2034 | 75 | 74 |
|  Carvana Co. | Carvana Co. | Carvana Co. |
|  9.000% due 06/01/2030 | 100 | 104 |
|  9.000% due 06/01/2031 | 100 | 108 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. |
|  4.250% due 01/15/2034 | 100 | 86 |
|  4.500% due 08/15/2030 | 975 | 912 |
|  5.375% due 06/01/2029 | 1050 | 1036 |
|  Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC |
|  6.500% due 04/15/2030 | 175 | 179 |
|  Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. | Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. | Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. |
|  8.000% due 06/15/2029 | 100 | 74 |
|  Cerdia Finanz GmbH | Cerdia Finanz GmbH | Cerdia Finanz GmbH |
|  9.375% due 10/03/2031 | 300 | 299 |
|  Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH |
|  6.750% due 02/15/2032 | 100 | 113 |
|  7.125% due 06/15/2031 | 100 | 116 |
|  Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. |
|  4.625% due 11/15/2028 | 100 | 98 |
|  Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
|  6.000% due 10/01/2030 | 200 | 203 |
|  6.750% due 03/15/2033 | 175 | 181 |
|  CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. |
|  5.250% due 05/15/2030 | 175 | 165 |
|  9.750% due 01/15/2034 | 400 | 416 |
|  Cipher Compute LLC | Cipher Compute LLC | Cipher Compute LLC |
|  7.125% due 11/15/2030 | 100 | 104 |
|  Cirsa Finance International SARL | Cirsa Finance International SARL | Cirsa Finance International SARL |
|  5.150% (EUR003M + 3.000%) due 10/15/2032 ~ | 100 | 115 |
|  CITGO Petroleum Corp. | CITGO Petroleum Corp. | CITGO Petroleum Corp. |
|  8.375% due 01/15/2029 | 50 | 52 |
|  Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. |
|  7.000% due 03/15/2032 | 325 | 315 |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
|  6.500% due 03/31/2029 | 125 | 122 |
|  6.625% due 08/15/2033 | 250 | 222 |
|  8.250% due 06/30/2032 | 200 | 190 |
|  9.000% due 09/30/2029 | 200 | 193 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  6.625% due 04/15/2029 | 75 | 74 |
|  6.750% due 04/15/2032 | 50 | 47 |
|  6.875% due 01/15/2030 | 50 | 49 |
|  8.750% due 04/15/2030 | 475 | 444 |
|  Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. |
|  6.500% due 07/01/2032 | 175 | 153 |
|  7.000% due 06/15/2027 | 50 | 49 |
|  Coherent Corp. | Coherent Corp. | Coherent Corp. |
|  5.000% due 12/15/2029 | 150 | 147 |
|  Columbus McKinnon Corp. | Columbus McKinnon Corp. | Columbus McKinnon Corp. |
|  7.125% due 02/01/2033 | 225 | 225 |
|  Commercial Metals Co. | Commercial Metals Co. | Commercial Metals Co. |
|  5.750% due 11/15/2033 | 100 | 99 |
|  CompoSecure Holdings LLC | CompoSecure Holdings LLC | CompoSecure Holdings LLC |
|  5.625% due 02/01/2033 | 150 | 147 |
|  Comstock Resources, Inc. | Comstock Resources, Inc. | Comstock Resources, Inc. |
|  5.875% due 01/15/2030 | 200 | 194 |
|  CoreWeave, Inc. | CoreWeave, Inc. | CoreWeave, Inc. |
|  9.000% due 02/01/2031 | 75 | 71 |
|  9.250% due 06/01/2030 | 250 | 243 |
|  CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC |
|  5.500% due 06/15/2031 | 300 | 293 |
|  Crescent Energy Finance LLC | Crescent Energy Finance LLC | Crescent Energy Finance LLC |
|  7.625% due 04/01/2032 | 200 | 203 |
|  7.875% due 04/15/2032 | 45 | 46 |
|  Crocs, Inc. | Crocs, Inc. | Crocs, Inc. |
|  4.125% due 08/15/2031 | 25 | 23 |
|  4.250% due 03/15/2029 | 25 | 24 |
|  Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. |
|  3.000% due 02/15/2029 | 325 | 309 |

---

---

| | | |
|:---|:---|:---|
| **142** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Crown Americas LLC | Crown Americas LLC | Crown Americas LLC |
|  5.875% due 06/01/2033 | 125 | 125 |
|  Cyprium Corp./Cyprium Holdings Luxembourg SARL | Cyprium Corp./Cyprium Holdings Luxembourg SARL | Cyprium Corp./Cyprium Holdings Luxembourg SARL |
|  6.125% due 04/15/2031 | 175 | 173 |
|  DaVita, Inc. | DaVita, Inc. | DaVita, Inc. |
|  4.625% due 06/01/2030 | 125 | 120 |
|  6.875% due 09/01/2032 | 50 | 51 |
|  Dcli Bidco LLC | Dcli Bidco LLC | Dcli Bidco LLC |
|  7.750% due 11/15/2029 | 50 | 51 |
|  Deluxe Corp. | Deluxe Corp. | Deluxe Corp. |
|  8.125% due 09/15/2029 | 25 | 26 |
|  Diamond Foreign Asset Co./Diamond Finance LLC | Diamond Foreign Asset Co./Diamond Finance LLC | Diamond Foreign Asset Co./Diamond Finance LLC |
|  8.500% due 10/01/2030 | 270 | 285 |
|  Directv Financing LLC/Directv Financing Co-Obligor, Inc. | Directv Financing LLC/Directv Financing Co-Obligor, Inc. | Directv Financing LLC/Directv Financing Co-Obligor, Inc. |
|  10.000% due 02/15/2031 | 200 | 204 |
|  Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. |
|  4.279% due 03/15/2032 | 700 | 620 |
|  5.050% due 03/15/2042 | 275 | 182 |
|  DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
|  5.250% due 12/01/2026 | 300 | 298 |
|  Dream Finders Homes, Inc. | Dream Finders Homes, Inc. | Dream Finders Homes, Inc. |
|  6.875% due 09/15/2030 | 100 | 96 |
|  EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
|  10.750% due 11/30/2029 | 440 | 476 |
|  Efesto Bidco SpA Efesto U.S. LLC | Efesto Bidco SpA Efesto U.S. LLC | Efesto Bidco SpA Efesto U.S. LLC |
|  7.500% due 02/15/2032 | 300 | 299 |
|  Ellucian Holdings, Inc. | Ellucian Holdings, Inc. | Ellucian Holdings, Inc. |
|  6.500% due 12/01/2029 | 225 | 220 |
|  Esab Corp. | Esab Corp. | Esab Corp. |
|  6.250% due 04/15/2029 | 50 | 51 |
|  EW Scripps Co. | EW Scripps Co. | EW Scripps Co. |
|  9.875% due 08/15/2030 | 200 | 194 |
|  Excelerate Energy LP | Excelerate Energy LP | Excelerate Energy LP |
|  8.000% due 05/15/2030 | 100 | 105 |
|  First Student Bidco, Inc./First Transit Parent, Inc. | First Student Bidco, Inc./First Transit Parent, Inc. | First Student Bidco, Inc./First Transit Parent, Inc. |
|  4.000% due 07/31/2029 | 200 | 192 |
|  Flora Food Management BV | Flora Food Management BV | Flora Food Management BV |
|  7.500% due 10/31/2030 | 250 | 286 |
|  Fortescue Treasury Pty. Ltd. | Fortescue Treasury Pty. Ltd. | Fortescue Treasury Pty. Ltd. |
|  4.500% due 09/15/2027 | 200 | 198 |
|  Fortress Intermediate 3, Inc. | Fortress Intermediate 3, Inc. | Fortress Intermediate 3, Inc. |
|  7.500% due 06/01/2031 | 200 | 199 |
|  Froneri Lux FinCo SARL | Froneri Lux FinCo SARL | Froneri Lux FinCo SARL |
|  4.750% due 08/01/2032 | 225 | 247 |
|  Gap, Inc. | Gap, Inc. | Gap, Inc. |
|  3.875% due 10/01/2031 | 100 | 91 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  4.375% due 08/15/2029 | 125 | 122 |
|  Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
|  7.375% due 10/01/2032 | 250 | 260 |
|  Go Daddy Operating Co. LLC/GD Finance Co., Inc. | Go Daddy Operating Co. LLC/GD Finance Co., Inc. | Go Daddy Operating Co. LLC/GD Finance Co., Inc. |
|  3.500% due 03/01/2029 | 100 | 93 |
|  Goat Holdco LLC | Goat Holdco LLC | Goat Holdco LLC |
|  6.750% due 02/01/2032 | 50 | 50 |
|  goeasy Ltd. | goeasy Ltd. | goeasy Ltd. |
|  7.375% due 10/01/2030 | 225 | 187 |
|  Gray Media, Inc. | Gray Media, Inc. | Gray Media, Inc. |
|  7.250% due 08/15/2033 | 200 | 202 |
|  9.625% due 07/15/2032 | 100 | 100 |
|  Grifols SA | Grifols SA | Grifols SA |
|  4.750% due 10/15/2028 | 200 | 196 |
|  HealthEquity, Inc. | HealthEquity, Inc. | HealthEquity, Inc. |
|  4.500% due 10/01/2029 | 200 | 194 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  3.625% due 02/15/2032 | 175 | 159 |
|  4.000% due 05/01/2031 | 400 | 376 |
|  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. |
|  6.625% due 01/15/2032 | 150 | 148 |
|  Hologic, Inc. | Hologic, Inc. | Hologic, Inc. |
|  3.250% due 02/15/2029 | 250 | 250 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
|  6.625% due 01/15/2034 | 575 | 578 |
|  7.375% due 07/15/2032 | 50 | 52 |
|  Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |
|  4.750% due 05/15/2029 | 150 | 146 |
|  INEOS Finance PLC | INEOS Finance PLC | INEOS Finance PLC |
|  7.250% due 03/31/2031 | 100 | 106 |
|  Ingevity Corp. | Ingevity Corp. | Ingevity Corp. |
|  3.875% due 11/01/2028 | 375 | 360 |
|  Installed Building Products, Inc. | Installed Building Products, Inc. | Installed Building Products, Inc. |
|  5.625% due 02/01/2034 | 100 | 98 |
|  Intralot Capital Luxembourg SA | Intralot Capital Luxembourg SA | Intralot Capital Luxembourg SA |
|  6.750% due 10/15/2031 | 300 | 332 |
|  IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
|  6.250% due 06/01/2032 | 375 | 381 |
|  Jazz Securities DAC | Jazz Securities DAC | Jazz Securities DAC |
|  4.375% due 01/15/2029 | 25 | 24 |
|  JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP |
|  9.875% due 09/20/2031 | 275 | 260 |
|  KBR, Inc. | KBR, Inc. | KBR, Inc. |
|  4.750% due 09/30/2028 | 75 | 74 |
|  Kinetik Holdings LP | Kinetik Holdings LP | Kinetik Holdings LP |
|  6.625% due 12/15/2028 | 150 | 153 |
|  Kodiak Gas Services LLC | Kodiak Gas Services LLC | Kodiak Gas Services LLC |
|  5.875% due 04/01/2031 | 200 | 201 |
|  Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. |
|  3.625% due 01/15/2031 | 100 | 93 |
|  4.000% due 02/15/2030 | 50 | 48 |
|  LBM Acquisition LLC | LBM Acquisition LLC | LBM Acquisition LLC |
|  6.250% due 01/15/2029 | 100 | 73 |
|  Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |
|  6.875% due 06/30/2033 | 300 | 306 |
|  7.000% due 03/31/2034 | 50 | 51 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  11.000% due 10/15/2030 | 125 | 135 |
|  Lindblad Expeditions LLC | Lindblad Expeditions LLC | Lindblad Expeditions LLC |
|  7.000% due 09/15/2030 | 15 | 15 |
|  Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. |
|  5.500% due 10/01/2030 | 200 | 196 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
|  4.750% due 10/15/2027 | 450 | 448 |
|  Lsf12 Helix Parent LLC | Lsf12 Helix Parent LLC | Lsf12 Helix Parent LLC |
|  7.125% due 02/01/2033 | 100 | 96 |
|  Manuchar Group SARL | Manuchar Group SARL | Manuchar Group SARL |
|  7.150% due 07/07/2032 •  | 100 | 109 |
|  Matador Resources Co. | Matador Resources Co. | Matador Resources Co. |
|  6.250% due 04/15/2033 | 50 | 50 |
|  6.500% due 04/15/2032 | 125 | 126 |
|  Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC |
|  4.625% due 06/01/2028 | 225 | 220 |
|  Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |
|  7.875% due 04/15/2030 | 100 | 100 |
|  Maxam Prill SARL | Maxam Prill SARL | Maxam Prill SARL |
|  7.750% due 07/15/2030 | 200 | 204 |
|  McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. |
|  7.375% due 09/01/2031 | 50 | 51 |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
|  5.250% due 10/01/2029 | 100 | 99 |
|  Merlin Entertainments Group U.S. Holdings, Inc. | Merlin Entertainments Group U.S. Holdings, Inc. | Merlin Entertainments Group U.S. Holdings, Inc. |
|  7.375% due 02/15/2031 | 225 | 188 |
|  MGM China Holdings Ltd. | MGM China Holdings Ltd. | MGM China Holdings Ltd. |
|  4.750% due 02/01/2027 | 75 | 74 |
|  Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. |
|  8.500% due 03/15/2033 | 275 | 268 |
|  Mineral Resources Ltd. | Mineral Resources Ltd. | Mineral Resources Ltd. |
|  7.000% due 04/01/2031 | 100 | 102 |
|  9.250% due 10/01/2028 | 25 | 26 |
|  Miter Brands Acquisition Holdco, Inc./MIWD<br>Borrower LLC | Miter Brands Acquisition Holdco, Inc./MIWD<br>Borrower LLC | Miter Brands Acquisition Holdco, Inc./MIWD<br>Borrower LLC |
|  6.750% due 04/01/2032 | 25 | 24 |
|  Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. |
|  3.875% due 11/15/2030 | 225 | 201 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Moss Creek Resources Holdings, Inc. | Moss Creek Resources Holdings, Inc. | Moss Creek Resources Holdings, Inc. |
|  8.250% due 09/01/2031 | 38 | 38 |
|  Motion Finco SARL | Motion Finco SARL | Motion Finco SARL |
|  8.375% due 02/15/2032 | 50 | 41 |
|  Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. |
|  3.750% due 02/15/2031 | 350 | 325 |
|  Nabors Industries, Inc. | Nabors Industries, Inc. | Nabors Industries, Inc. |
|  7.625% due 11/15/2032 | 350 | 359 |
|  National Mentor Holdings, Inc. | National Mentor Holdings, Inc. | National Mentor Holdings, Inc. |
|  10.500% due 12/15/2030 | 275 | 284 |
|  NCR Atleos Corp. | NCR Atleos Corp. | NCR Atleos Corp. |
|  9.500% due 04/01/2029 | 25 | 27 |
|  NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. |
|  5.250% due 10/01/2030 | 125 | 118 |
|  Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. |
|  9.500% due 02/15/2033 | 175 | 170 |
|  10.375% due 05/15/2031 | 100 | 101 |
|  Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
|  9.419% due 04/30/2029 | 82 | 67 |
|  Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. |
|  6.500% due 09/15/2033 | 300 | 302 |
|  7.250% due 04/15/2034 (a) | 175 | 176 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.345% due 09/17/2027 | 100 | 97 |
|  8.125% due 07/17/2035 | 200 | 206 |
|  Noble Finance II LLC | Noble Finance II LLC | Noble Finance II LLC |
|  8.000% due 04/15/2030 | 350 | 361 |
|  Nordstrom, Inc. | Nordstrom, Inc. | Nordstrom, Inc. |
|  5.000% due 01/15/2044 | 200 | 134 |
|  Northriver Midstream Finance LP | Northriver Midstream Finance LP | Northriver Midstream Finance LP |
|  6.750% due 07/15/2032 | 375 | 376 |
|  Novelis Corp. | Novelis Corp. | Novelis Corp. |
|  3.875% due 08/15/2031 | 375 | 334 |
|  OAK-Eagle Acquireco, Inc. | OAK-Eagle Acquireco, Inc. | OAK-Eagle Acquireco, Inc. |
|  7.250% due 07/01/2033 (a) | 125 | 130 |
|  8.750% due 07/01/2034 (a) | 200 | 210 |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
|  4.250% due 10/01/2028 | 150 | 143 |
|  6.125% due 02/15/2033 | 100 | 112 |
|  6.750% due 08/01/2032 | 200 | 191 |
|  7.250% due 06/15/2031 | 75 | 73 |
|  ON Semiconductor Corp. | ON Semiconductor Corp. | ON Semiconductor Corp. |
|  3.875% due 09/01/2028 | 75 | 72 |
|  Opal Bidco SAS | Opal Bidco SAS | Opal Bidco SAS |
|  6.500% due 03/31/2032 | 50 | 50 |
|  Open Text Corp. | Open Text Corp. | Open Text Corp. |
|  3.875% due 02/15/2028 | 100 | 96 |
|  3.875% due 12/01/2029 | 175 | 157 |
|  Option Care Health, Inc. | Option Care Health, Inc. | Option Care Health, Inc. |
|  4.375% due 10/31/2029 | 150 | 145 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV |
|  4.125% due 04/30/2028 | 175 | 170 |
|  7.875% due 05/15/2034 | 75 | 62 |
|  Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. | Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. | Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. |
|  8.750% due 04/17/2032 | 100 | 89 |
|  Paramount Global | Paramount Global | Paramount Global |
|  4.200% due 06/01/2029 | 125 | 119 |
|  4.375% due 03/15/2043 | 225 | 136 |
|  4.600% due 01/15/2045 | 300 | 179 |
|  4.900% due 08/15/2044 | 100 | 62 |
|  5.850% due 09/01/2043 | 600 | 417 |
|  Park River Holdings, Inc. | Park River Holdings, Inc. | Park River Holdings, Inc. |
|  8.000% due 03/15/2031 | 100 | 100 |
|  Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. |
|  4.250% due 08/01/2029 | 350 | 336 |
|  5.625% due 03/01/2034 | 250 | 241 |
|  Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC |
|  6.250% due 02/01/2033 | 375 | 382 |
|  PetSmart LLC/PetSmart Finance Corp. | PetSmart LLC/PetSmart Finance Corp. | PetSmart LLC/PetSmart Finance Corp. |
|  7.500% due 09/15/2032 | 300 | 302 |
|  Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |
|  3.500% due 03/01/2032 | 250 | 227 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **143** |

---

------

Schedule of Investments PIMCO Sector Fund Series - H (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
|  4.500% due 09/15/2031 | 225 | 209 |
|  4.625% due 04/15/2030 | 425 | 408 |
|  6.250% due 10/15/2034 | 150 | 147 |
|  Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. |
|  9.375% due 09/01/2029 | 100 | 104 |
|  Prime Security Services Borrower LLC/Prime Finance, Inc. | Prime Security Services Borrower LLC/Prime Finance, Inc. | Prime Security Services Borrower LLC/Prime Finance, Inc. |
|  3.375% due 08/31/2027 | 450 | 438 |
|  5.750% due 04/15/2026 | 8 | 8 |
|  Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. |
|  4.375% due 04/30/2029 | 775 | 754 |
|  Qnity Electronics, Inc. | Qnity Electronics, Inc. | Qnity Electronics, Inc. |
|  5.750% due 08/15/2032 | 275 | 276 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
|  6.375% due 03/01/2032 | 750 | 761 |
|  6.750% due 03/01/2033 | 375 | 381 |
|  QXO Building Products, Inc. | QXO Building Products, Inc. | QXO Building Products, Inc. |
|  6.750% due 04/30/2032 | 425 | 434 |
|  Rakuten Group, Inc. | Rakuten Group, Inc. | Rakuten Group, Inc. |
|  9.750% due 04/15/2029 | 350 | 373 |
|  Range Resources Corp. | Range Resources Corp. | Range Resources Corp. |
|  4.750% due 02/15/2030 | 100 | 98 |
|  Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |
|  6.875% due 11/15/2031 | 425 | 410 |
|  RB Global Holdings, Inc. | RB Global Holdings, Inc. | RB Global Holdings, Inc. |
|  6.750% due 03/15/2028 | 50 | 51 |
|  Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC | Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC | Rivian Holdings LLC/Rivian LLC/Rivian Automotive LLC |
|  10.000% due 01/15/2031 | 170 | 165 |
|  ROBLOX Corp. | ROBLOX Corp. | ROBLOX Corp. |
|  3.875% due 05/01/2030 | 75 | 71 |
|  Ryan Specialty LLC | Ryan Specialty LLC | Ryan Specialty LLC |
|  5.875% due 08/01/2032 | 125 | 124 |
|  Seadrill Finance Ltd. | Seadrill Finance Ltd. | Seadrill Finance Ltd. |
|  8.375% due 08/01/2030 | 275 | 285 |
|  Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. |
|  4.091% due 06/01/2029 | 325 | 315 |
|  4.125% due 01/15/2031 | 75 | 70 |
|  5.750% due 12/01/2034 | 75 | 75 |
|  Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed |
|  4.625% due 03/01/2029 | 425 | 409 |
|  Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC |
|  4.000% due 07/15/2028 | 775 | 749 |
|  4.125% due 07/01/2030 | 25 | 23 |
|  SM Energy Co. | SM Energy Co. | SM Energy Co. |
|  6.750% due 08/01/2029 | 50 | 51 |
|  7.000% due 08/01/2032 | 75 | 77 |
|  8.750% due 07/01/2031 | 225 | 235 |
|  Snap, Inc. | Snap, Inc. | Snap, Inc. |
|  6.875% due 03/01/2033 | 75 | 71 |
|  6.875% due 03/15/2034 | 375 | 353 |
|  Sotera Health Holdings LLC | Sotera Health Holdings LLC | Sotera Health Holdings LLC |
|  7.375% due 06/01/2031 | 25 | 26 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  4.100% due 10/01/2029 | 47 | 46 |
|  Stagwell Global LLC | Stagwell Global LLC | Stagwell Global LLC |
|  5.625% due 08/15/2029 | 275 | 262 |
|  Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
|  4.750% due 01/15/2028 | 475 | 470 |
|  Staples, Inc. | Staples, Inc. | Staples, Inc. |
|  10.750% due 09/01/2029 | 75 | 69 |
|  Star Parent, Inc. | Star Parent, Inc. | Star Parent, Inc. |
|  9.000% due 10/01/2030 | 150 | 156 |
|  Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
|  4.500% due 02/15/2028 | 125 | 123 |
|  4.625% due 12/01/2031 | 275 | 257 |
|  Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |
|  7.250% due 03/15/2032 | 225 | 235 |
|  Sunoco LP | Sunoco LP | Sunoco LP |
|  5.625% due 03/15/2031 | 300 | 299 |
|  6.625% due 08/15/2032 | 50 | 51 |
|  7.000% due 05/01/2029 | 75 | 77 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  SV RNO Property Owner 1 LLC | SV RNO Property Owner 1 LLC | SV RNO Property Owner 1 LLC |
|  5.875% due 03/01/2031 | 375 | 371 |
|  Taylor Morrison Communities, Inc. | Taylor Morrison Communities, Inc. | Taylor Morrison Communities, Inc. |
|  5.750% due 11/15/2032 | 100 | 100 |
|  Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
|  4.625% due 06/15/2028 | 250 | 248 |
|  5.125% due 11/01/2027 | 100 | 100 |
|  5.500% due 11/15/2032 | 200 | 198 |
|  6.125% due 10/01/2028 | 275 | 276 |
|  TGS ASA | TGS ASA | TGS ASA |
|  8.500% due 01/15/2030 | 50 | 52 |
|  Tidewater, Inc. | Tidewater, Inc. | Tidewater, Inc. |
|  9.125% due 07/15/2030 | 100 | 107 |
|  TopBuild Corp. | TopBuild Corp. | TopBuild Corp. |
|  4.125% due 02/15/2032 | 375 | 346 |
|  Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC |
|  9.500% due 05/15/2030 | 225 | 199 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  4.625% due 01/15/2029 | 75 | 74 |
|  6.375% due 03/01/2029 | 1125 | 1147 |
|  6.750% due 01/31/2034 | 250 | 253 |
|  Transocean International Ltd. | Transocean International Ltd. | Transocean International Ltd. |
|  7.875% due 10/15/2032 | 300 | 321 |
|  8.750% due 02/15/2030 | 53 | 55 |
|  Travel & Leisure Co. | Travel & Leisure Co. | Travel & Leisure Co. |
|  4.500% due 12/01/2029 | 300 | 287 |
|  Trivium Packaging Finance BV | Trivium Packaging Finance BV | Trivium Packaging Finance BV |
|  8.250% due 07/15/2030 | 279 | 292 |
|  Twilio, Inc. | Twilio, Inc. | Twilio, Inc. |
|  3.875% due 03/15/2031 | 125 | 117 |
|  U.S. Acute Care Solutions LLC | U.S. Acute Care Solutions LLC | U.S. Acute Care Solutions LLC |
|  9.750% due 05/15/2029 | 25 | 24 |
|  U.S. Foods, Inc. | U.S. Foods, Inc. | U.S. Foods, Inc. |
|  4.750% due 02/15/2029 | 150 | 148 |
|  5.750% due 04/15/2033 | 225 | 224 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. |
|  6.875% due 02/01/2031 | 400 | 391 |
|  United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
|  4.625% due 04/15/2029 | 125 | 123 |
|  United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
|  3.750% due 01/15/2032 | 475 | 436 |
|  3.875% due 02/15/2031 | 125 | 118 |
|  Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
|  4.500% due 05/01/2029 | 50 | 47 |
|  8.500% due 07/31/2031 | 50 | 50 |
|  9.375% due 08/01/2032 | 700 | 722 |
|  USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. | USA Compression Partners LP/USA Compression Finance Corp. |
|  7.125% due 03/15/2029 | 125 | 128 |
|  Valaris Ltd. | Valaris Ltd. | Valaris Ltd. |
|  8.375% due 04/30/2030 | 300 | 311 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  3.875% due 08/15/2029 | 225 | 214 |
|  4.125% due 08/15/2031 | 250 | 232 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  7.000% due 01/15/2030 | 50 | 51 |
|  9.500% due 02/01/2029 | 500 | 541 |
|  9.875% due 02/01/2032 | 750 | 806 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
|  6.125% due 12/15/2030 | 100 | 103 |
|  6.500% due 01/15/2034 | 100 | 104 |
|  6.750% due 01/15/2036 | 100 | 106 |
|  7.500% due 05/01/2033 | 50 | 55 |
|  7.750% due 05/01/2035 | 275 | 308 |
|  Versant Media Group, Inc. | Versant Media Group, Inc. | Versant Media Group, Inc. |
|  7.250% due 01/30/2031 | 175 | 179 |
|  Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. |
|  4.125% due 11/15/2028 | 100 | 99 |
|  Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. |
|  9.125% due 07/15/2031 | 175 | 185 |
|  Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC |
|  4.500% due 08/15/2030 | 875 | 777 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  VistaJet Malta Finance PLC/Vista Management Holding, Inc. | VistaJet Malta Finance PLC/Vista Management Holding, Inc. | VistaJet Malta Finance PLC/Vista Management Holding, Inc. |
|  6.375% due 02/01/2030 | 375 | 324 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
|  4.750% due 07/15/2031 | 400 | 345 |
|  6.750% due 01/15/2033 | 200 | 179 |
|  VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. |
|  5.000% due 02/15/2028 | 425 | 423 |
|  Voyager Parent LLC | Voyager Parent LLC | Voyager Parent LLC |
|  9.250% due 07/01/2032 | 150 | 156 |
|  VZ Secured Financing BV | VZ Secured Financing BV | VZ Secured Financing BV |
|  5.000% due 01/15/2032 | 250 | 215 |
|  7.500% due 01/15/2033 | 525 | 495 |
|  Wayfair LLC | Wayfair LLC | Wayfair LLC |
|  6.750% due 11/15/2032 | 175 | 176 |
|  WBI Operating LLC | WBI Operating LLC | WBI Operating LLC |
|  6.250% due 10/15/2030 | 125 | 126 |
|  Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. |
|  6.750% due 10/15/2033 | 300 | 307 |
|  Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. |
|  6.125% due 06/15/2030 | 25 | 24 |
|  Windstream Services LLC/Windstream Escrow<br>Finance Corp. | Windstream Services LLC/Windstream Escrow<br>Finance Corp. | Windstream Services LLC/Windstream Escrow<br>Finance Corp. |
|  8.250% due 10/01/2031 | 225 | 235 |
|  WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC |
|  6.625% due 08/15/2032 | 225 | 219 |
|  7.000% due 08/01/2033 | 100 | 97 |
|  Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. |
|  4.375% due 08/15/2028 | 100 | 98 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |
|  6.250% due 03/15/2033 | 25 | 25 |
|  7.125% due 02/15/2031 | 375 | 393 |
|  Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
|  3.625% due 03/15/2031 | 225 | 208 |
|  4.750% due 01/15/2030 | 100 | 98 |
|  Zayo Group Holdings, Inc. (5.750% Cash and 0.500% PIK) | Zayo Group Holdings, Inc. (5.750% Cash and 0.500% PIK) | Zayo Group Holdings, Inc. (5.750% Cash and 0.500% PIK) |
|  6.250% due 03/09/2030 (b) | 87 | 87 |
|  ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. |
|  6.875% due 04/14/2028 | 325 | 330 |
|  7.500% due 03/24/2031 | 150 | 147 |
|  Ziggo BV | Ziggo BV | Ziggo BV |
|  4.875% due 01/15/2030 | 100 | 93 |
|  ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. |
|  3.875% due 02/01/2029 | 175 | 146 |
|  |  | 65820 |
| UTILITIES 2.1% | UTILITIES 2.1% | UTILITIES 2.1% |
|  Altice Holdings 1 SARL | Altice Holdings 1 SARL | Altice Holdings 1 SARL |
|  0.010% due 12/31/2099 « | 0 | 1 |
|  Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC |
|  3.750% due 02/15/2031 | 175 | 162 |
|  Edison International | Edison International | Edison International |
|  8.125% due 06/15/2053 •  | 75 | 76 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  9.125% due 03/15/2033 •(e) | 75 | 87 |
|  Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. |
|  6.750% due 03/15/2034 | 200 | 199 |
|  7.875% due 05/15/2032 | 100 | 103 |
|  8.250% due 01/15/2029 | 150 | 155 |
|  Hilcorp Energy I LP/Hilcorp Finance Co. | Hilcorp Energy I LP/Hilcorp Finance Co. | Hilcorp Energy I LP/Hilcorp Finance Co. |
|  6.000% due 02/01/2031 | 225 | 219 |
|  6.875% due 05/15/2034 | 50 | 49 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. | NGL Energy Operating LLC/NGL Energy Finance Corp. |
|  8.375% due 02/15/2032 | 75 | 77 |
|  NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
|  5.750% due 07/15/2029 | 450 | 450 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  7.125% due 08/15/2056 •  | 200 | 189 |
|  PBF Holding Co. LLC/PBF Finance Corp. | PBF Holding Co. LLC/PBF Finance Corp. | PBF Holding Co. LLC/PBF Finance Corp. |
|  6.000% due 02/15/2028 | 125 | 125 |

---

---

| | | |
|:---|:---|:---|
| **144** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Tallgrass Energy Partners LP/Tallgrass Energy<br>Finance Corp. | Tallgrass Energy Partners LP/Tallgrass Energy<br>Finance Corp. | Tallgrass Energy Partners LP/Tallgrass Energy<br>Finance Corp. |
|  6.000% due 09/01/2031 | 25 | 25 |
|  6.750% due 03/15/2034 | 25 | 25 |
|  TerraForm Power Operating LLC | TerraForm Power Operating LLC | TerraForm Power Operating LLC |
|  5.000% due 01/31/2028 | 175 | 173 |
|  TXNM Energy, Inc. | TXNM Energy, Inc. | TXNM Energy, Inc. |
|  7.000% due 07/31/2056 •  | 125 | 125 |
|  Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
|  5.125% due 06/04/2081 •  | 175 | 136 |
|  Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. |
|  9.625% due 05/03/2029 | 50 | 52 |
|  |  | 2428 |
|  Total Corporate Bonds & Notes (Cost $84,266) | Total Corporate Bonds & Notes (Cost $84,266) | 83336 |
| U.S. TREASURY OBLIGATIONS 3.1% | U.S. TREASURY OBLIGATIONS 3.1% | U.S. TREASURY OBLIGATIONS 3.1% |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.250% due 06/30/2027 | 2450 | 2434 |
|  4.000% due 02/15/2034 | 1025 | 1011 |
|  Total U.S. Treasury Obligations (Cost $3,424) | Total U.S. Treasury Obligations (Cost $3,424) | 3445 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Spirit Aviation Holdings, Inc. (c) | 1490 | $— | 0 |
|  Total Common Stocks (Cost $22) | Total Common Stocks (Cost $22) |  | 0 |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Spirit Aviation Holdings, Inc. - Exp. 03/11/2035 « | 1693 |  | 0 |
|  Total Warrants (Cost $21) | Total Warrants (Cost $21) |  | 0 |
| SHORT-TERM INSTRUMENTS 0.2% | 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% | MUTUAL FUNDS 0.2% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.720% (f) | 234768 |  | 235 |
| Total Short-Term Instruments<br> (Cost $235) | Total Short-Term Instruments<br> (Cost $235) |  | 235 |
| Total Investments in Securities<br> (Cost $92,506) | Total Investments in Securities<br> (Cost $92,506) |  | 91465 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 16.0% | INVESTMENTS IN AFFILIATES 16.0% | INVESTMENTS IN AFFILIATES 16.0% | INVESTMENTS IN AFFILIATES 16.0% |
| SHORT-TERM INSTRUMENTS 16.0% | SHORT-TERM INSTRUMENTS 16.0% | SHORT-TERM INSTRUMENTS 16.0% | SHORT-TERM INSTRUMENTS 16.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 16.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 16.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 16.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 16.0% |
|  PIMCO Short-Term Floating NAV Portfolio III | 1836139 | $— | 17882 |
| Total Short-Term Instruments<br>(Cost $17,881) | Total Short-Term Instruments<br>(Cost $17,881) |  | 17882 |
| Total Investments in Affiliates<br>(Cost $17,881) | Total Investments in Affiliates<br>(Cost $17,881) |  | 17882 |
| Total Investments 97.7%<br>(Cost $110,387) | Total Investments 97.7%<br>(Cost $110,387) | $— | 109347 |
|  Financial Derivative<br>Instruments (g)(h) 0.2%<br> (Cost or Premiums, net $865) | Financial Derivative<br>Instruments (g)(h) 0.2%<br> (Cost or Premiums, net $865) |  | 194 |
| Other Assets and Liabilities, net 2.1% | Other Assets and Liabilities, net 2.1% |  | 2432 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 111973 |

---

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

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

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

(a) When-issued security.

(b) Payment in-kind security.

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

(d) Zero coupon security.

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

(f) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
**The average amount of borrowings outstanding during the period ended March 31, 2025 was $(123) at a weighted average interest rate of 4.422%. 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

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Long Guilt June Futures  | 06/2026 | 7 | $813 | $(47) | $6 | $0 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2026 | 30 | 6223 | (44) | 3 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14388 | (166) | 16 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 29 | 3292 | (34) | 6 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 12 | 1399 | (37) | 3 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(328) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 145

------

Schedule of Investments PIMCO Sector Fund Series - H (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-Bobl June Futures  | 06/2026 | 1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133) | $2 | $0 | $(1) |
|  Euro-Bund June Futures  | 06/2026 | 1 | (145) | 4 | 0 | (1) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 8 | (888) | 17 | 0 | (2) |
|  |  |  |  | $23 | $0 | $(4) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(305) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |

---

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2026<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2026<sup>(2)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  Bombardier, Inc. | 5.000% | Quarterly | 12/20/2028 | 0.719% | $125 | $12 | $2 | $14 | $0 | $0 |
|  Calpine Corp. | 5.000 | Quarterly | 12/20/2028 | 0.329 | 100 | 11 | 1 | 12 | 0 | 0 |
|  Carnival Corp. | 1.000 | Quarterly | 12/20/2028 | 0.837 | 175 | (14) | 15 | 1 | 0 | 0 |
|  Charter Communications | 5.000 | Quarterly | 12/20/2030 | 2.600 | 200 | 22 | (2) | 20 | 1 | 0 |
|  Discovery Global Holdings, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.970 | 100 | (1) | 1 | 0 | 0 | 0 |
|  ZF Europe Finance BV | 5.000 | Quarterly | 06/20/2030 | 3.449 | 25 | 1 | 1 | 2 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&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-43 5-Year Index | 5.000% | Quarterly | 12/20/2029 | $297 | $21 | $(3) | $18 | $2 | $0 |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 99 | 2 | 4 | 6 | 1 | 0 |
|  CDX.HY-45 5-Year Index | 5.000 | Quarterly | 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9380 | 704 | (195) | 509 | 84 | 0 |
|  CDX.HY-46 5-Year Index | 5.000 | Quarterly | 06/20/2031 | 2600 | 102 | 27 | 129 | 24 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250% | Annual | 06/18/2030 | $1600 | $14 | $18 | $32 | $0 | $(2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2032 | 500 | (13) | 12 | (1) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2036 | 400 | (7) | 3 | (4) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2055 | 800 | 10 | 43 | 53 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2056 | 1100 | (4) | 29 | 25 | 4 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 12/17/2035 | 900 | (6) | (44) | (50) | 8 | 0 |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 09/16/2031 | 700 | 11 | 5 | 16 | 0 | (3) |
|  |  |  |  |  |  | $5 | $66 | $71 | $15 | $(6) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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;34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(4) | $(6) | $(10) |

---

146 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

**Cash of $1,792 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2026. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.** 

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

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

&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 |
|  BOA | 04/2026 | $1942 | 1690 | $11 | $0 |
|  | 05/2026 | 1690 | $1945 | 0 | (11) |
|  CBK | 04/2026 | 1815 | 2143 | 45 | 0 |
|  JPM | 04/2026 | $147 | 125 | 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;56 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2026:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(1)</sup> |
|  BOA | $11 | $0 | $0 | $11 | $(11) | $0 | $0 | $(11) | $0 | $0 | $0 |
|  CBK | 45 | 0 | 0 | 45 | 0 | 0 | 0 | 0 | 45 | 0 | 45 |
|  JPM | 0 | 0 | 0 | 0 | (2) | 0 | 0 | (2) | (2) | 0 | (2) |
|  Total Over the Counter | $56 | $0 | $0 | $56 | $(13) | $0 | $0 | $(13) |  |  |  |

---

<sup>(1)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for 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 | $34 | $34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 112 | 0 | 0 | 15 | 127 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | $&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;49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 147

------

Schedule of Investments PIMCO Sector Fund Series - H (Cont.) March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for 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 | $56 | $0 | $56 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 |
|  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 | $4 | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 6 | 6 |
|  | $0 | $0 | $0 | $0 | $10 | $10 |
|  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;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $13 | $10 | $23 |
| The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2026: | The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2026: | The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2026: | The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2026: | The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2026: | The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2026: | The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2026: |
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for 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 | $186 | $186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 335 | 0 | 0 | (51) | 284 |
|  | $0 | $335 | $0 | $0 | $135 | $470 |
|  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 | $30 | $0 | $30 |
|  | $0 | $335 | $0 | $30 | $135 | $500 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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 | $(372) | $(372) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (114) | 0 | 0 | 82 | (32) |
|  | $0 | $(114) | $0 | $0 | $(290) | $(404) |
|  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 | $47 | $0 | $47 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(290) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(357) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>03/31/2026** |
|  Investments 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 | $3941 | $508 | $4449 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 15088 | 0 | 15088 |
| &nbsp;&nbsp; Industrials | 0 | 65820 | 0 | 65820 |
| &nbsp;&nbsp; Utilities | 0 | 2427 | 1 | 2428 |
|  U.S. Treasury Obligations | 0 | 3445 | 0 | 3445 |
|  Loan Participations and Assignments | 0 | 0 | 0 | 0 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 235 | 0 | 0 | 235 |
|  | $235 | $90721 | $509 | $91465 |
|  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 | $17882 | $0 | $0 | $17882 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18117 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90721 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109347 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2026 |
|  Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities | Short Sales, at Value - Liabilities |
|  Loan Participations and Assignments | $0 | $0 | $0 | $0 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | 6 | 155 | 0 | 161 |
|  Over the counter | 0 | 56 | 0 | 56 |
|  | $6 | $211 | $0 | $217 |
|  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) | (8) | 0 | (10) |
|  Over the counter | 0 | (13) | 0 | (13) |
|  | $(2) | $(21) | $0 | $(23) |
|  Total Financial Derivative Instruments | $4 | $190 | $0 | $194 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18121 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90911 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109541 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2026.

---

| | | |
|:---|:---|:---|
| **148** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Sector Fund Series - I March 31, 2026

#### (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 118.4% | INVESTMENTS IN SECURITIES 118.4% | INVESTMENTS IN SECURITIES 118.4% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% |
|  Project Flash | Project Flash | Project Flash |
|  0.563% - 5.933% (TSFR3M + 2.250%) due 04/30/2030 «~µ | 5494 | 5494 |
|  0.563% - 5.933% (TSFR1M + 2.250%) due 04/30/2030 «~µ | 2745 | 2745 |
|  Total Loan Participations and Assignments (Cost $8,238) | Total Loan Participations and Assignments (Cost $8,238) | 8239 |
| CORPORATE BONDS & NOTES 76.1% | CORPORATE BONDS & NOTES 76.1% | CORPORATE BONDS & NOTES 76.1% |
| BANKING & FINANCE 33.2% | BANKING & FINANCE 33.2% | BANKING & FINANCE 33.2% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  4.831% due 02/26/2036 | 4900 | 4744 |
|  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 | 200 | 193 |
|  6.100% due 01/15/2027 | 1500 | 1517 |
|  6.450% due 04/15/2027 | 1000 | 1019 |
|  AIA Group Ltd. | AIA Group Ltd. | AIA Group Ltd. |
|  5.625% due 10/25/2027 | 200 | 204 |
|  Aircastle Ltd./Aircastle Ireland DAC | Aircastle Ltd./Aircastle Ireland DAC | Aircastle Ltd./Aircastle Ireland DAC |
|  5.750% due 10/01/2031 | 350 | 358 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  5.548% due 07/31/2033 •  | 1800 | 1769 |
|  6.184% due 07/26/2035 •  | 7655 | 7682 |
|  6.646% due 01/17/2040 •  | 2600 | 2511 |
|  8.000% due 11/01/2031 | 300 | 333 |
|  American Express Co. | American Express Co. | American Express Co. |
|  4.660% (SOFRINDX + 1.000%) due 02/16/2028 ~ | 2900 | 2909 |
|  5.085% due 01/30/2031 •  | 1200 | 1221 |
|  5.645% due 04/23/2027 •  | 600 | 601 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  1.500% due 01/31/2028 | 3000 | 2843 |
|  1.875% due 10/15/2030 | 1200 | 1060 |
|  2.100% due 06/15/2030 | 2950 | 2656 |
|  3.600% due 01/15/2028 | 1650 | 1626 |
|  5.000% due 01/31/2030 | 2725 | 2759 |
|  5.200% due 02/15/2029 | 1100 | 1119 |
|  Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP |
|  5.409% due 09/12/2034 | 2200 | 2096 |
|  Antares Holdings LP | Antares Holdings LP | Antares Holdings LP |
|  6.350% due 10/23/2029 | 1250 | 1238 |
|  6.500% due 02/08/2029 | 3650 | 3656 |
|  7.950% due 08/11/2028 | 2700 | 2800 |
|  ARES Capital Corp. | ARES Capital Corp. | ARES Capital Corp. |
|  7.000% due 01/15/2027 | 1100 | 1115 |
|  ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund |
|  4.850% due 01/15/2029 | 2900 | 2809 |
|  5.150% due 01/15/2031 | 2300 | 2174 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  5.125% due 04/10/2030 | 4300 | 4324 |
|  5.375% due 07/15/2029 | 3000 | 3049 |
|  6.250% due 04/15/2028 | 300 | 309 |
|  6.750% due 10/25/2028 | 1800 | 1885 |
|  Avilease Capital Ltd. | Avilease Capital Ltd. | Avilease Capital Ltd. |
|  4.750% due 11/12/2030 | 3200 | 3117 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  4.850% due 04/01/2033 | 4500 | 4313 |
|  4.950% due 01/15/2028 | 1700 | 1706 |
|  4.950% due 10/15/2032 | 4100 | 3995 |
|  5.375% due 05/30/2030 | 1800 | 1820 |
|  5.750% due 03/01/2029 | 750 | 767 |
|  6.375% due 05/04/2028 | 2575 | 2651 |
|  Bain Capital Specialty Finance, Inc. | Bain Capital Specialty Finance, Inc. | Bain Capital Specialty Finance, Inc. |
|  5.950% due 03/15/2030 | 4000 | 3875 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  4.150% due 03/03/2029 | 1200 | 1186 |
|  5.127% due 03/03/2036 | 3600 | 3503 |
|  5.381% due 03/13/2029 | 1400 | 1438 |
|  7.883% due 11/15/2034 •  | 2000 | 2265 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Banco Internacional del Peru SAA Interbank | Banco Internacional del Peru SAA Interbank | Banco Internacional del Peru SAA Interbank |
|  4.800% due 07/15/2031 | 2400 | 2365 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  4.175% due 03/24/2028 •  | 8600 | 8564 |
|  5.028% (SOFRRATE + 1.380%) due 03/14/2028 ~ | 1600 | 1610 |
|  5.127% due 11/06/2035 | 2200 | 2146 |
|  5.294% due 08/18/2027 | 800 | 808 |
|  Bank Hapoalim BM | Bank Hapoalim BM | Bank Hapoalim BM |
|  4.722% due 07/14/2029 | 5000 | 4942 |
|  5.252% due 01/14/2033 | 3300 | 3262 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.922% due 10/24/2031 •  | 1800 | 1596 |
|  2.592% due 04/29/2031 •  | 2600 | 2403 |
|  3.419% due 12/20/2028 •  | 2565 | 2521 |
|  3.559% due 04/23/2027 •  | 580 | 580 |
|  3.593% due 07/21/2028 •  | 4200 | 4156 |
|  3.824% due 01/20/2028 •  | 1300 | 1294 |
|  4.456% due 02/06/2032 •  | 5700 | 5630 |
|  5.202% due 04/25/2029 •  | 12549 | 12729 |
|  5.288% due 04/25/2034 •  | 13100 | 13264 |
|  5.468% due 01/23/2035 •  | 3450 | 3523 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  4.813% due 02/02/2034 •  | 4100 | 4043 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  5.194% due 02/16/2028 | 1800 | 1824 |
|  5.538% due 01/22/2030 | 2200 | 2263 |
|  5.790% due 07/13/2028 | 4000 | 4105 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  4.476% due 11/11/2029 •  | 1500 | 1492 |
|  4.521% due 02/24/2032 •  | 4300 | 4209 |
|  5.207% due 02/24/2037 •  | 3700 | 3582 |
|  5.785% due 02/25/2036 •  | 3000 | 3035 |
|  6.496% due 09/13/2027 •  | 1900 | 1915 |
|  7.385% due 11/02/2028 •  | 1300 | 1354 |
|  7.437% due 11/02/2033 •  | 3000 | 3356 |
|  9.625% due 12/15/2029 •(f)(g) | 1500 | 1637 |
|  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 •(g) | 3100 | 3208 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  6.150% due 04/02/2030 | 5700 | 5801 |
|  6.600% due 06/10/2029 | 1700 | 1755 |
|  8.000% due 05/25/2028 | 1718 | 1812 |
|  Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund |
|  6.000% due 01/29/2032 | 3400 | 3299 |
|  Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC |
|  6.250% due 04/18/2034 | 185 | 178 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  4.916% due 01/15/2034 •  | 1200 | 1174 |
|  5.283% due 11/19/2030 •  | 5200 | 5281 |
|  5.786% due 01/13/2033 •  | 1100 | 1137 |
|  5.906% due 11/19/2035 •  | 5200 | 5275 |
|  8.000% due 08/22/2031 •(f)(g) | 1200 | 1251 |
|  BPCE SA | BPCE SA | BPCE SA |
|  5.389% due 05/28/2031 •  | 4000 | 4056 |
|  5.417% due 01/13/2037 •  | 2200 | 2146 |
|  5.876% due 01/14/2031 •  | 2000 | 2061 |
|  6.293% due 01/14/2036 •  | 3300 | 3456 |
|  6.612% due 10/19/2027 •  | 800 | 809 |
|  6.915% due 01/14/2046 •  | 1750 | 1791 |
|  Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP |
|  3.950% due 11/15/2027 | 2500 | 2400 |
|  Brookfield Asset Management Ltd. | Brookfield Asset Management Ltd. | Brookfield Asset Management Ltd. |
|  5.795% due 04/24/2035 | 400 | 408 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  6.037% due 06/15/2035 •  | 200 | 208 |
|  6.684% due 09/13/2027 •  | 3500 | 3533 |
|  Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP |
|  7.200% due 12/12/2028 | 2400 | 2494 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  4.722% due 01/30/2032 •  | 4800 | 4729 |
|  6.183% due 01/30/2036 •  | 6100 | 6208 |
|  6.377% due 06/08/2034 •  | 200 | 211 |
|  7.964% due 11/02/2034 •  | 500 | 574 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Carlyle Group, Inc. | Carlyle Group, Inc. | Carlyle Group, Inc. |
|  5.050% due 09/19/2035 | 4500 | 4346 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  4.900% due 01/15/2033 | 1900 | 1874 |
|  CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
|  4.625% due 12/12/2031 | 2700 | 3126 |
|  7.500% due 05/30/2029 | 1150 | 1207 |
|  Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC |
|  5.900% due 02/10/2030 | 14080 | 14155 |
|  Citadel LP | Citadel LP | Citadel LP |
|  6.375% due 01/23/2032 | 689 | 715 |
|  Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC |
|  5.750% due 03/27/2036 | 4250 | 4196 |
|  6.200% due 06/18/2035 | 2450 | 2508 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  3.785% due 03/17/2033 •  | 1200 | 1126 |
|  4.412% due 03/31/2031 •  | 4900 | 4845 |
|  4.503% due 09/11/2031 •  | 7800 | 7713 |
|  Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. |
|  5.718% due 07/23/2032 •  | 6000 | 6169 |
|  5.841% due 01/23/2030 •  | 1700 | 1751 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  6.375% due 09/15/2054 •  | 500 | 492 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  4.508% (SOFRRATE + 0.860%) due 12/15/2028 ~ | 2100 | 2097 |
|  Corp. Inmobiliaria Vesta SAB de CV | Corp. Inmobiliaria Vesta SAB de CV | Corp. Inmobiliaria Vesta SAB de CV |
|  5.500% due 01/30/2033 | 3100 | 3003 |
|  CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. |
|  2.800% due 07/15/2030 | 1400 | 1267 |
|  Cousins Properties LP | Cousins Properties LP | Cousins Properties LP |
|  4.875% due 03/01/2033 | 4700 | 4527 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  9.700% due 03/05/2045 | 3000 | 917 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  4.656% due 01/12/2032 •  | 3050 | 3009 |
|  5.222% due 05/27/2031 •  | 600 | 607 |
|  5.862% due 01/09/2036 •  | 6900 | 7111 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  1.050% due 07/15/2026 | 500 | 495 |
|  4.900% due 09/01/2029 | 1400 | 1408 |
|  5.600% due 06/01/2029 | 880 | 901 |
|  Dai-ichi Life Insurance Co. Ltd. | Dai-ichi Life Insurance Co. Ltd. | Dai-ichi Life Insurance Co. Ltd. |
|  6.200% due 01/16/2035 •(f) | 5700 | 5736 |
|  Danske Bank AS | Danske Bank AS | Danske Bank AS |
|  4.420% due 09/12/2031 •  | 1700 | 1670 |
|  4.999% due 03/27/2032 •  | 4300 | 4313 |
|  5.705% due 03/01/2030 •  | 700 | 720 |
|  DaVinciRe Holdings Ltd. | DaVinciRe Holdings Ltd. | DaVinciRe Holdings Ltd. |
|  5.950% due 04/15/2035 | 2600 | 2595 |
|  Deloitte LLP | Deloitte LLP | Deloitte LLP |
|  5.590% due 01/30/2035 «(i) | 2800 | 2788 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  4.469% due 12/10/2031 •  | 1800 | 1770 |
|  4.725% due 02/06/2032 •  | 2200 | 2167 |
|  5.706% due 02/08/2028 •  | 1100 | 1109 |
|  6.720% due 01/18/2029 •  | 4130 | 4280 |
|  6.819% due 11/20/2029 •  | 1900 | 1995 |
|  EPR Properties | EPR Properties | EPR Properties |
|  3.600% due 11/15/2031 | 2000 | 1816 |
|  3.750% due 08/15/2029 | 4400 | 4217 |
|  4.500% due 06/01/2027 | 200 | 199 |
|  4.950% due 04/15/2028 | 1400 | 1398 |
|  Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC |
|  3.250% due 03/15/2031 | 3700 | 4143 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  1.450% due 05/15/2026 | 1900 | 1894 |
|  3.000% due 07/15/2050 | 300 | 187 |
|  Essential Properties LP | Essential Properties LP | Essential Properties LP |
|  2.950% due 07/15/2031 | 3600 | 3244 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  5.700% due 04/01/2028 | 400 | 409 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **149** |

---

------

Schedule of Investments PIMCO Sector Fund Series - I (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec |
|  4.296% (SOFRRATE + 0.630%) due 01/27/2027 ~ | 1700 | 1702 |
|  4.565% due 08/26/2030 | 2400 | 2391 |
|  FIBRA Prologis | FIBRA Prologis | FIBRA Prologis |
|  5.500% due 11/26/2035 | 1400 | 1354 |
|  5.625% due 01/14/2038 | 3600 | 3433 |
|  Fifth Third Bancorp | Fifth Third Bancorp | Fifth Third Bancorp |
|  5.141% due 01/29/2037 •  | 7000 | 6822 |
|  First Citizens BancShares, Inc. | First Citizens BancShares, Inc. | First Citizens BancShares, Inc. |
|  5.231% due 03/12/2031 •  | 2100 | 2085 |
|  First Industrial LP | First Industrial LP | First Industrial LP |
|  5.250% due 01/15/2031 | 1300 | 1314 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.900% due 02/16/2028 | 1000 | 959 |
|  2.900% due 02/10/2029 | 5182 | 4848 |
|  3.815% due 11/02/2027 | 3400 | 3333 |
|  4.125% due 08/17/2027 | 2005 | 1980 |
|  4.271% due 01/09/2027 | 400 | 398 |
|  4.950% due 05/28/2027 | 534 | 534 |
|  5.125% due 11/05/2026 | 1600 | 1604 |
|  5.303% due 09/06/2029 | 4225 | 4204 |
|  5.420% due 04/09/2031 | 4000 | 3929 |
|  5.800% due 03/05/2027 | 400 | 402 |
|  5.800% due 03/08/2029 | 800 | 809 |
|  5.850% due 05/17/2027 | 1198 | 1207 |
|  5.875% due 11/07/2029 | 6000 | 6077 |
|  5.918% due 03/20/2028 | 200 | 203 |
|  6.800% due 05/12/2028 | 585 | 603 |
|  6.950% due 06/10/2026 | 400 | 401 |
|  7.122% due 11/07/2033 | 800 | 841 |
|  7.200% due 06/10/2030 | 300 | 316 |
|  7.350% due 11/04/2027 | 1900 | 1962 |
|  FS KKR Capital Corp. |  |  |
|  6.125% due 01/15/2031 | 5200 | 4882 |
|  FWD Group Holdings Ltd. | FWD Group Holdings Ltd. | FWD Group Holdings Ltd. |
|  5.252% due 09/22/2030 | 2700 | 2691 |
|  5.836% due 09/22/2035 | 2500 | 2484 |
|  GA Global Funding Trust |  |  |
|  5.900% due 01/13/2035 | 2400 | 2383 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  2.700% due 08/20/2027 | 200 | 195 |
|  5.000% due 07/15/2027 | 1800 | 1810 |
|  5.050% due 04/04/2028 | 5000 | 5044 |
|  Global Atlantic Fin Co. |  |  |
|  6.750% due 03/15/2054 | 1300 | 1212 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  4.000% due 01/15/2030 | 3050 | 2929 |
|  4.000% due 01/15/2031 | 1900 | 1802 |
|  5.300% due 01/15/2029 | 2700 | 2732 |
|  5.625% due 09/15/2034 | 9150 | 9016 |
|  5.750% due 06/01/2028 | 3100 | 3149 |
|  Goldman Sachs Bank USA |  |  |
|  4.406% (SOFRRATE + 0.750%) due 05/21/2027 ~ | 3100 | 3101 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  1.948% due 10/21/2027 •  | 1400 | 1381 |
|  2.615% due 04/22/2032 •  | 3791 | 3406 |
|  4.148% due 01/21/2029 •  | 3800 | 3778 |
|  4.369% due 10/21/2031 •  | 4200 | 4119 |
|  4.516% due 01/21/2032 •  | 8100 | 7979 |
|  4.939% due 10/21/2036 •  | 2000 | 1938 |
|  5.049% due 07/23/2030 •  | 1700 | 1721 |
|  5.330% due 07/23/2035 •  | 2400 | 2409 |
|  5.536% due 01/28/2036 •  | 2000 | 2034 |
|  5.541% due 01/21/2047 •  | 3500 | 3338 |
|  5.727% due 04/25/2030 •  | 2300 | 2373 |
|  7.250% due 04/10/2028 | 200 | 275 |
|  Goldman Sachs Private Credit Corp. | Goldman Sachs Private Credit Corp. | Goldman Sachs Private Credit Corp. |
|  5.050% due 02/23/2028 | 2500 | 2463 |
|  5.875% due 01/31/2031 | 3400 | 3301 |
|  Golub Capital Private Credit Fund | Golub Capital Private Credit Fund | Golub Capital Private Credit Fund |
|  0.000% due 08/15/2028 | 3000 | 2960 |
|  Goodman U.S. Finance Six LLC |  |  |
|  5.125% due 10/07/2034 | 4600 | 4584 |
|  Grand River Funding Trust I |  |  |
|  6.311% due 02/15/2036 | 5000 | 5048 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Grand River Funding Trust II |  |  |
|  7.280% due 02/15/2056 | 3400 | 3560 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  6.375% due 07/01/2034 | 2000 | 2015 |
|  Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
|  3.050% due 02/15/2030 | 200 | 185 |
|  7.650% due 02/01/2034 | 700 | 777 |
|  Horizon Mutual Holdings, Inc. |  |  |
|  6.200% due 11/15/2034 | 2000 | 1875 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  3.500% due 09/15/2030 | 1500 | 1411 |
|  5.700% due 06/15/2032 | 3900 | 3993 |
|  5.700% due 07/01/2034 | 1950 | 1971 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  4.900% due 09/11/2028 | 1100 | 1072 |
|  5.300% due 06/05/2027 | 3400 | 3384 |
|  5.450% due 01/14/2028 | 1800 | 1787 |
|  5.450% due 11/15/2030 | 3700 | 3542 |
|  6.750% due 01/30/2029 | 1500 | 1521 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.206% due 08/17/2029 •  | 1980 | 1875 |
|  4.398% due 03/10/2030 •  | 3500 | 3475 |
|  5.130% due 11/19/2028 •  | 2000 | 2015 |
|  5.130% due 03/03/2031 •  | 500 | 506 |
|  5.133% due 11/06/2036 •  | 900 | 881 |
|  5.230% (SOFRRATE + 1.570%) due 05/13/2031 ~ | 4500 | 4538 |
|  5.286% due 11/19/2030 •  | 4300 | 4379 |
|  6.750% due 03/24/2031 •(f)(g) | 5300 | 5245 |
|  7.390% due 11/03/2028 •  | 6000 | 6256 |
|  ING Bank Australia Ltd. |  |  |
|  4.837% due 03/22/2027 | 1100 | 757 |
|  ING Groep NV |  |  |
|  5.420% due 03/23/2037 •  | 7000 | 6982 |
|  Intesa Sanpaolo SpA |  |  |
|  7.200% due 11/28/2033 | 1300 | 1458 |
|  Israel Discount Bank Ltd. |  |  |
|  5.375% due 01/26/2028 | 1600 | 1605 |
|  JAB Holdings BV |  |  |
|  4.375% due 04/25/2034 | 1100 | 1276 |
|  Janus Henderson U.S. Holdings, Inc. | Janus Henderson U.S. Holdings, Inc. | Janus Henderson U.S. Holdings, Inc. |
|  5.450% due 09/10/2034 | 1300 | 1297 |
|  Jefferies Financial Group, Inc. |  |  |
|  5.500% due 02/15/2036 | 5100 | 4898 |
|  John Deere Capital Corp. |  |  |
|  4.153% (SOFRRATE + 0.500%) due 03/06/2028 ~ | 1100 | 1102 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  2.182% due 06/01/2028 •  | 800 | 780 |
|  3.782% due 02/01/2028 •  | 2000 | 1990 |
|  4.005% due 04/23/2029 •  | 1400 | 1389 |
|  4.203% due 07/23/2029 •  | 918 | 913 |
|  4.493% due 03/24/2031 •  | 900 | 895 |
|  4.565% due 06/14/2030 •  | 1350 | 1352 |
|  4.810% due 10/22/2036 •  | 3100 | 3011 |
|  4.851% due 07/25/2028 •  | 4000 | 4020 |
|  4.898% due 01/22/2037 •  | 8100 | 7929 |
|  4.979% due 07/22/2028 •  | 1000 | 1007 |
|  5.040% due 01/23/2028 •  | 3687 | 3706 |
|  5.294% due 07/22/2035 •  | 600 | 608 |
|  5.299% due 07/24/2029 •  | 1200 | 1223 |
|  5.350% due 06/01/2034 •  | 4100 | 4185 |
|  5.581% due 04/22/2030 •  | 3300 | 3402 |
|  5.766% due 04/22/2035 •  | 3140 | 3272 |
|  6.087% due 10/23/2029 •  | 7400 | 7690 |
|  6.254% due 10/23/2034 •  | 3600 | 3872 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  2.500% due 11/15/2032 | 1400 | 1141 |
|  2.650% due 11/15/2033 | 5550 | 4416 |
|  4.250% due 08/15/2029 | 200 | 193 |
|  6.250% due 01/15/2036 | 2900 | 2876 |
|  Lazard Group LLC |  |  |
|  6.000% due 03/15/2031 | 4000 | 4157 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  4.716% (SOFRINDX + 1.060%) due 11/26/2028 ~ | 5000 | 5022 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.668% due 02/10/2047 •  | $— | 3800 | $— | 3699 |
|  5.871% due 03/06/2029 •  |  | 1620 |  | 1660 |
|  6.068% due 06/13/2036 •  |  | 3000 |  | 3051 |
|  Lseg U.S. Fin Corp. |  |  |  |  |
|  5.250% due 03/23/2036 |  | 4700 |  | 4656 |
|  Main Street Capital Corp. |  |  |  |  |
|  5.400% due 08/15/2028 |  | 3300 |  | 3281 |
|  Marex Group PLC | Marex Group PLC | Marex Group PLC | Marex Group PLC | Marex Group PLC |
|  5.829% due 05/08/2028 |  | 3601 |  | 3641 |
|  6.404% due 11/04/2029 |  | 3132 |  | 3227 |
|  MassMutual Global Funding II |  |  |  |  |
|  5.050% due 08/26/2035 |  | 3000 |  | 2950 |
|  Mitsubishi HC Capital, Inc. |  |  |  |  |
|  5.080% due 09/15/2027 |  | 200 |  | 202 |
|  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. |
|  4.527% due 09/12/2031 •  |  | 1800 |  | 1784 |
|  5.197% due 01/16/2031 •  |  | 1600 |  | 1627 |
|  5.426% due 04/17/2035 •  |  | 2000 |  | 2036 |
|  5.574% due 01/16/2036 •  |  | 7400 |  | 7576 |
|  5.615% due 04/24/2036 •  |  | 6000 |  | 6143 |
|  Mizrahi Tefahot Bank Ltd. |  |  |  |  |
|  5.049% due 01/28/2031 |  | 5200 |  | 5142 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  4.711% due 07/08/2031 •  |  | 2500 |  | 2497 |
|  5.382% due 07/10/2030 •  |  | 1100 |  | 1125 |
|  5.739% due 05/27/2031 •  |  | 300 |  | 311 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  3.772% due 01/24/2029 •  |  | 300 |  | 296 |
|  4.431% due 01/23/2030 •  |  | 2400 |  | 2390 |
|  4.493% due 01/16/2032 •  |  | 4200 |  | 4131 |
|  5.042% due 07/19/2030 •  |  | 2649 |  | 2680 |
|  5.073% due 01/30/2037 •  |  | 8250 |  | 8086 |
|  5.250% due 04/21/2034 •  |  | 2300 |  | 2308 |
|  5.424% due 07/21/2034 •(j) |  | 5600 |  | 5684 |
|  5.449% due 07/20/2029 •  |  | 5600 |  | 5701 |
|  5.656% due 04/18/2030 •  |  | 1000 |  | 1029 |
|  6.407% due 11/01/2029 •  |  | 1000 |  | 1044 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  4.747% (SOFRRATE + 1.080%) due 01/14/2028 ~ |  | 1600 |  | 1607 |
|  4.952% due 01/14/2028 •  |  | 1900 |  | 1908 |
|  4.968% due 07/14/2028 •  |  | 1850 |  | 1861 |
|  5.016% due 01/12/2029 •  |  | 4800 |  | 4852 |
|  5.504% due 05/26/2028 •  |  | 1200 |  | 1214 |
|  Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA |
|  4.204% due 11/17/2028 •  |  | 4750 |  | 4735 |
|  4.466% due 07/06/2028 •  |  | 5450 |  | 5451 |
|  4.734% due 07/18/2031 •  |  | 2600 |  | 2592 |
|  MSD Investment Corp. |  |  |  |  |
|  6.250% due 05/31/2030 |  | 3300 |  | 3228 |
|  Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding |
|  4.546% due 01/13/2031 |  | 2600 |  | 2571 |
|  5.350% due 04/09/2027 |  | 1900 |  | 1917 |
|  National Health Investors, Inc. |  |  |  |  |
|  5.350% due 02/01/2033 |  | 1700 |  | 1674 |
|  National Securities Clearing Corp. | National Securities Clearing Corp. | National Securities Clearing Corp. | National Securities Clearing Corp. | National Securities Clearing Corp. |
|  4.700% due 05/20/2030 |  | 700 |  | 707 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  5.537% due 07/14/2036 •  |  | 1400 |  | 1405 |
|  6.557% due 10/18/2027 •  |  | 2100 |  | 2124 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  3.073% due 05/22/2028 •  |  | 1400 |  | 1378 |
|  4.892% due 05/18/2029 •  |  | 2613 |  | 2632 |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
|  4.174% due 11/06/2028 |  | 4000 |  | 3973 |
|  4.654% due 03/27/2029 |  | 1400 |  | 1404 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  5.300% due 09/13/2027 |  | 2800 |  | 2783 |
|  5.698% (SOFRINDX + 2.050%) due 09/13/2027 ~ |  | 1800 |  | 1786 |
|  6.950% due 09/15/2026 |  | 1500 |  | 1508 |
|  NLG Global Funding |  |  |  |  |
|  5.400% due 01/23/2030 |  | 2000 |  | 2048 |
|  Nordea Bank Abp |  |  |  |  |
|  6.300% due 09/25/2031 •(f)(g)(j) |  | 1300 |  | 1294 |

---

---

| | | |
|:---|:---|:---|
| **150** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Norinchukin Bank | Norinchukin Bank | Norinchukin Bank |
|  5.094% due 10/16/2029 | 2200 | 2225 |
|  5.359% due 09/09/2035 (j) | 6800 | 6770 |
|  Nuveen Churchill Direct Lending Corp. | Nuveen Churchill Direct Lending Corp. | Nuveen Churchill Direct Lending Corp. |
|  6.650% due 03/15/2030 | 800 | 795 |
|  Nuveen LLC |  |  |
|  5.550% due 01/15/2030 | 2000 | 2052 |
|  Oaktree Specialty Lending Corp. |  |  |
|  6.340% due 02/27/2030 | 2600 | 2535 |
|  Pacific Life Global Funding II |  |  |
|  4.500% due 08/28/2029 | 4500 | 4502 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (c) | 1200 | 940 |
|  Paychex, Inc. | Paychex, Inc. | Paychex, Inc. |
|  5.350% due 04/15/2032 | 1100 | 1106 |
|  5.600% due 04/15/2035 (j) | 1000 | 1005 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
|  6.615% due 10/20/2027 •  | 1400 | 1416 |
|  Popular, Inc. |  |  |
|  7.250% due 03/13/2028 | 400 | 415 |
|  Prologis LP |  |  |
|  4.200% due 02/15/2033 | 2400 | 1720 |
|  Realty Income Corp. |  |  |
|  5.000% due 10/15/2029 | 1400 | 1839 |
|  RGA Global Funding |  |  |
|  5.500% due 01/11/2031 | 2000 | 2057 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.305% due 11/03/2031 •  | 1200 | 1180 |
|  4.970% due 05/02/2031 •  | 2000 | 2022 |
|  Sabra Health Care LP |  |  |
|  3.200% due 12/01/2031 | 4000 | 3614 |
|  Safehold GL Holdings LLC |  |  |
|  5.650% due 01/15/2035 | 4800 | 4868 |
|  Sammons Financial Group, Inc. |  |  |
|  6.875% due 04/15/2034 | 2500 | 2651 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  2.469% due 01/11/2028 •  | 1100 | 1082 |
|  5.136% due 09/22/2036 •  | 5000 | 4830 |
|  SBL Holdings, Inc. | SBL Holdings, Inc. | SBL Holdings, Inc. |
|  5.900% due 09/26/2028 | 3300 | 3116 |
|  7.200% due 10/30/2034 | 5300 | 4640 |
|  Simon Property Group LP |  |  |
|  2.650% due 02/01/2032 | 600 | 535 |
|  Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners |
|  5.750% due 01/15/2030 | 4500 | 4435 |
|  6.500% due 03/11/2029 | 3000 | 3042 |
|  SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC |
|  5.250% due 11/26/2035 | 3200 | 3126 |
|  5.700% due 07/25/2033 | 1300 | 1329 |
|  Standard Chartered PLC |  |  |
|  6.750% due 02/08/2028 •  | 4200 | 4275 |
|  Stellantis Financial Services U.S. Corp. | Stellantis Financial Services U.S. Corp. | Stellantis Financial Services U.S. Corp. |
|  5.400% due 09/15/2030 | 7100 | 6975 |
|  Store Capital LLC |  |  |
|  5.400% due 04/30/2030 | 2000 | 2010 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  3.040% due 07/16/2029 | 3000 | 2854 |
|  5.240% due 04/15/2030 | 300 | 307 |
|  5.570% due 01/15/2047 •  | 8100 | 7846 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  4.450% due 09/10/2027 | 1100 | 1103 |
|  4.500% due 03/13/2028 | 2000 | 2007 |
|  4.500% due 09/10/2029 | 2900 | 2903 |
|  4.850% due 09/10/2034 | 200 | 197 |
|  5.200% due 03/07/2027 | 700 | 706 |
|  Sumitomo Mitsui Trust Group, Inc. | Sumitomo Mitsui Trust Group, Inc. | Sumitomo Mitsui Trust Group, Inc. |
|  5.416% due 09/11/2036 •  | 1900 | 1871 |
|  Swiss RE Subordinated Finance PLC | Swiss RE Subordinated Finance PLC | Swiss RE Subordinated Finance PLC |
|  5.698% due 04/05/2035 •  | 1200 | 1216 |
|  Synchrony Bank |  |  |
|  5.625% due 08/23/2027 | 2550 | 2579 |
|  Synchrony Financial |  |  |
|  3.950% due 12/01/2027 | 2300 | 2273 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Takeoff Merger Sub, Inc. | Takeoff Merger Sub, Inc. | Takeoff Merger Sub, Inc. | Takeoff Merger Sub, Inc. |
|  4.400% due 03/24/2028 | $| 2100 | 2089 |
|  4.850% due 03/24/2031 |  | 6300 | 6224 |
|  5.500% due 03/24/2036 |  | 3500 | 3450 |
|  Thames Ssnm Unfunded Comm | Thames Ssnm Unfunded Comm | Thames Ssnm Unfunded Comm | Thames Ssnm Unfunded Comm |
|  9.750% due 10/10/2027 | GBP | 51 | 65 |
|  Toronto-Dominion Bank |  |  |  |
|  4.701% due 06/05/2026 | $| 300 | 300 |
|  Toyota Motor Credit Corp. |  |  |  |
|  4.296% (SOFRRATE + 0.650%) due 03/19/2027 ~ |  | 400 | 401 |
|  Trust 2401 | Trust 2401 | Trust 2401 | Trust 2401 |
|  7.375% due 02/13/2034 |  | 1068 | 1131 |
|  7.700% due 01/23/2032 |  | 3536 | 3786 |
|  Trust Fibra Uno |  |  |  |
|  7.375% due 02/13/2034 |  | 432 | 457 |
|  U.S. Bancorp |  |  |  |
|  6.787% due 10/26/2027 •  |  | 1150 | 1165 |
|  UBS AG | UBS AG | UBS AG | UBS AG |
|  1.250% due 08/07/2026 |  | 400 | 396 |
|  4.632% due 02/16/2032 •  |  | 2500 | 2492 |
|  4.864% due 01/10/2028 •  |  | 1400 | 1406 |
|  UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
|  3.869% due 01/12/2029 •  |  | 800 | 791 |
|  4.151% due 12/23/2029 •  |  | 900 | 890 |
|  4.214% due 04/10/2030 •  |  | 2900 | 2864 |
|  4.398% due 09/23/2031 •  |  | 3000 | 2946 |
|  4.703% due 08/05/2027 •  |  | 400 | 400 |
|  5.010% due 03/23/2037 •  |  | 3000 | 2902 |
|  5.199% due 08/10/2037 •  |  | 1500 | 1466 |
|  5.617% due 09/13/2030 •  |  | 2900 | 2990 |
|  6.625% due 01/08/2031 •(f)(g) |  | 4000 | 3897 |
|  6.850% due 09/10/2029 •(f)(g) |  | 3500 | 3471 |
|  7.000% due 01/08/2036 •(f)(g) |  | 2100 | 2031 |
|  VB DPR Finance Co. |  |  |  |
|  6.833% due 03/15/2035 «(i) |  | 6300 | 6368 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 02/15/2028 |  | 800 | 801 |
|  5.125% due 11/15/2031 |  | 1400 | 1391 |
|  5.125% due 05/15/2032 |  | 2600 | 2563 |
|  5.625% due 04/01/2035 |  | 4900 | 4879 |
|  5.625% due 05/15/2052 |  | 2100 | 1878 |
|  5.750% due 04/01/2034 |  | 2000 | 2019 |
|  VICI Properties LP/VICI Note Co., Inc. | 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 |  | 2985 | 2902 |
|  Vornado Realty LP |  |  |  |
|  2.150% due 06/01/2026 |  | 100 | 99 |
|  Voya Financial, Inc. |  |  |  |
|  5.050% due 03/02/2036 |  | 2700 | 2610 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.393% due 06/02/2028 •  |  | 9018 | 8804 |
|  2.879% due 10/30/2030 •  |  | 2500 | 2359 |
|  3.196% due 06/17/2027 •  |  | 2250 | 2244 |
|  4.736% (SOFRRATE + 1.070%) due 04/22/2028 ~ |  | 300 | 301 |
|  4.808% due 07/25/2028 •  |  | 1500 | 1507 |
|  5.198% due 01/23/2030 •  |  | 1149 | 1167 |
|  5.211% due 12/03/2035 •  |  | 3000 | 2988 |
|  5.499% due 01/23/2035 •  |  | 900 | 916 |
|  5.557% due 07/25/2034 •  |  | 5700 | 5844 |
|  5.574% due 07/25/2029 •  |  | 8222 | 8412 |
|  5.707% due 04/22/2028 •  |  | 2800 | 2837 |
|  6.303% due 10/23/2029 •  |  | 3363 | 3503 |
|  6.491% due 10/23/2034 •  |  | 1100 | 1191 |
|  Wells Fargo Bank NA |  |  |  |
|  5.254% due 12/11/2026 |  | 1900 | 1914 |
|  Welltower OP LLC |  |  |  |
|  5.125% due 07/01/2035 |  | 2200 | 2209 |
|  Weyerhaeuser Co. |  |  |  |
|  4.000% due 04/15/2030 |  | 900 | 877 |
|  |  |  | 1057999 |
| INDUSTRIALS 31.9% | INDUSTRIALS 31.9% | INDUSTRIALS 31.9% | INDUSTRIALS 31.9% |
|  180 Medical, Inc. |  |  |  |
|  5.300% due 10/08/2035 |  | 1000 | 983 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Abbott Laboratories |  |  |
|  5.500% due 03/15/2056 | 600 | 589 |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  3.200% due 11/21/2029 | 1500 | 1446 |
|  4.800% due 03/15/2029 | 2600 | 2642 |
|  4.875% due 03/15/2030 | 1000 | 1020 |
|  AEP Transmission Co. LLC |  |  |
|  5.150% due 04/01/2034 | 3200 | 3226 |
|  Air Canada Pass-Through Trust |  |  |
|  5.250% due 10/01/2030 | 675 | 684 |
|  Airbnb, Inc. |  |  |
|  4.400% due 03/16/2029 | 6000 | 5993 |
|  Aker BP ASA |  |  |
|  5.125% due 10/01/2034 | 3100 | 3035 |
|  Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust |
|  4.800% due 02/15/2029 | 284 | 285 |
|  Alibaba Group Holding Ltd. | Alibaba Group Holding Ltd. | Alibaba Group Holding Ltd. |
|  2.700% due 02/09/2041 | 600 | 441 |
|  5.625% due 11/26/2054 | 3000 | 2988 |
|  Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. |
|  4.700% due 11/15/2035 | 3000 | 2965 |
|  4.800% due 02/15/2036 | 5000 | 4981 |
|  Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
|  4.500% due 08/06/2030 | 1400 | 1394 |
|  5.625% due 02/06/2035 | 2600 | 2664 |
|  Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
|  3.700% due 03/16/2035 | 1300 | 1488 |
|  4.050% due 03/16/2039 | 5200 | 5914 |
|  4.350% due 03/20/2033 | 5000 | 4911 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.200% due 12/15/2029 | 409 | 399 |
|  3.575% due 07/15/2029 | 744 | 734 |
|  3.600% due 03/22/2029 | 158 | 156 |
|  4.900% due 11/11/2039 | 3600 | 3516 |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  2.450% due 02/21/2030 | 6100 | 5666 |
|  4.850% due 02/19/2036 | 4200 | 4128 |
|  5.150% due 03/02/2028 | 400 | 406 |
|  5.750% due 03/02/2063 | 1500 | 1444 |
|  Amphenol Corp. |  |  |
|  4.125% due 11/15/2030 | 800 | 788 |
|  Amrize Finance U.S. LLC | Amrize Finance U.S. LLC | Amrize Finance U.S. LLC |
|  4.700% due 04/07/2028 | 2100 | 2114 |
|  4.950% due 04/07/2030 | 2000 | 2023 |
|  Anglo American Capital PLC |  |  |
|  5.750% due 04/05/2034 | 5400 | 5560 |
|  APA Corp. |  |  |
|  6.750% due 02/15/2055 | 2000 | 2006 |
|  AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
|  5.125% due 12/01/2029 | 2600 | 2616 |
|  5.375% due 12/01/2031 | 900 | 909 |
|  AS Mileage Plan IP Ltd. |  |  |
|  5.021% due 10/20/2029 | 4000 | 3961 |
|  Ashtead Capital, Inc. |  |  |
|  5.800% due 04/15/2034 | 7500 | 7649 |
|  AstraZeneca PLC |  |  |
|  6.450% due 09/15/2037 | 700 | 783 |
|  Atlassian Corp. |  |  |
|  5.250% due 05/15/2029 | 2400 | 2415 |
|  Aurizon Network Pty. Ltd. |  |  |
|  3.125% due 06/01/2026 | 700 | 810 |
|  AutoZone, Inc. |  |  |
|  4.000% due 04/15/2030 | 740 | 723 |
|  Bacardi Ltd./Bacardi-Martini BV | Bacardi Ltd./Bacardi-Martini BV | Bacardi Ltd./Bacardi-Martini BV |
|  5.250% due 01/15/2029 | 2000 | 2021 |
|  5.400% due 06/15/2033 | 200 | 198 |
|  Bacardi-Martini BV |  |  |
|  6.000% due 02/01/2035 | 4000 | 4054 |
|  BAE Systems PLC |  |  |
|  5.125% due 03/26/2029 | 3470 | 3542 |
|  Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. | Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. | Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. |
|  3.226% due 03/11/2030 | 1700 | 1947 |
|  4.050% due 03/11/2029 | 2100 | 2090 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **151** |

---

------

Schedule of Investments PIMCO Sector Fund Series - I (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.650% due 06/15/2033 | $— | 2100 | $— | 2068 |
|  5.000% due 06/15/2036 |  | 2200 |  | 2161 |
|  5.850% due 06/15/2056 |  | 1800 |  | 1763 |
|  BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
|  5.625% due 08/15/2035 |  | 2100 |  | 2161 |
|  6.343% due 08/02/2030 |  | 1100 |  | 1175 |
|  Baxter International, Inc. |  |  |  |  |
|  5.650% due 12/15/2035 |  | 4600 |  | 4495 |
|  Bayer U.S. Finance LLC |  |  |  |  |
|  6.500% due 11/21/2033 |  | 8600 |  | 9149 |
|  Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
|  1.957% due 02/11/2031 |  | 1300 |  | 1147 |
|  4.874% due 02/08/2029 |  | 801 |  | 810 |
|  Beignet Investor LLC |  |  |  |  |
|  6.581% due 05/30/2049 |  | 23076 |  | 23744 |
|  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 |
|  4.300% due 03/17/2028 |  | 3000 |  | 2998 |
|  4.400% due 03/19/2029 |  | 5000 |  | 4992 |
|  4.750% due 03/21/2028 |  | 3500 |  | 3520 |
|  5.000% due 03/19/2033 |  | 500 |  | 494 |
|  Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
|  2.250% due 06/15/2026 |  | 300 |  | 299 |
|  2.700% due 02/01/2027 |  | 1200 |  | 1183 |
|  2.950% due 02/01/2030 |  | 600 |  | 565 |
|  3.200% due 03/01/2029 |  | 1400 |  | 1351 |
|  3.250% due 02/01/2028 |  | 100 |  | 98 |
|  3.950% due 08/01/2059 |  | 1900 |  | 1312 |
|  5.150% due 05/01/2030 |  | 2200 |  | 2238 |
|  5.705% due 05/01/2040 |  | 3800 |  | 3808 |
|  5.930% due 05/01/2060 |  | 500 |  | 480 |
|  6.298% due 05/01/2029 |  | 3000 |  | 3150 |
|  6.388% due 05/01/2031 |  | 2500 |  | 2667 |
|  7.008% due 05/01/2064 |  | 998 |  | 1104 |
|  Booz Allen Hamilton, Inc. |  |  |  |  |
|  3.875% due 09/01/2028 |  | 2500 |  | 2436 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  1.950% due 02/15/2028 |  | 300 |  | 288 |
|  2.600% due 02/15/2033 |  | 2000 |  | 1749 |
|  3.187% due 11/15/2036 |  | 2000 |  | 1672 |
|  4.150% due 04/15/2032 |  | 500 |  | 484 |
|  4.200% due 10/15/2030 |  | 825 |  | 816 |
|  4.350% due 02/15/2030 |  | 3100 |  | 3090 |
|  4.600% due 01/15/2033 |  | 4400 |  | 4335 |
|  4.926% due 05/15/2037 |  | 1600 |  | 1553 |
|  5.050% due 07/12/2029 |  | 930 |  | 949 |
|  5.050% due 04/15/2030 |  | 3200 |  | 3262 |
|  Cameron LNG LLC |  |  |  |  |
|  2.902% due 07/15/2031 |  | 2000 |  | 1832 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  5.000% due 12/15/2029 |  | 4200 |  | 4267 |
|  6.450% due 06/30/2033 |  | 1000 |  | 1076 |
|  Canadian Pacific Railway Co. |  |  |  |  |
|  6.125% due 09/15/2115 |  | 500 |  | 506 |
|  Carnival Corp. |  |  |  |  |
|  4.000% due 08/01/2028 |  | 2200 |  | 2149 |
|  CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. |
|  3.250% due 02/15/2029 |  | 1100 |  | 1048 |
|  3.276% due 12/01/2028 |  | 2300 |  | 2211 |
|  3.569% due 12/01/2031 |  | 700 |  | 640 |
|  5.550% due 08/22/2034 |  | 500 |  | 492 |
|  Cenovus Energy, Inc. |  |  |  |  |
|  5.400% due 03/20/2036 |  | 7300 |  | 7266 |
|  Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
|  2.450% due 07/15/2028 |  | 6915 |  | 6444 |
|  2.500% due 03/01/2031 |  | 3400 |  | 2855 |
|  3.000% due 10/15/2030 |  | 1700 |  | 1491 |
|  3.375% due 02/15/2030 |  | 4083 |  | 3691 |
|  4.625% due 12/15/2029 |  | 1667 |  | 1584 |
|  CF Industries, Inc. |  |  |  |  |
|  5.300% due 11/26/2035 |  | 5000 |  | 4982 |
|  CGI, Inc. | CGI, Inc. | CGI, Inc. | CGI, Inc. | CGI, Inc. |
|  1.450% due 09/14/2026 |  | 900 |  | 887 |
|  4.950% due 03/14/2030 |  | 5900 |  | 5932 |
|  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 |
|  3.850% due 04/01/2061 |  | 1400 |  | 818 |
|  3.950% due 06/30/2062 |  | 1300 |  | 764 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.400% due 12/01/2061 | $— | 6000 | $— | 3857 |
|  5.500% due 04/01/2063 |  | 1300 |  | 1007 |
|  5.850% due 12/01/2035 (j) |  | 5900 |  | 5806 |
|  6.100% due 06/01/2029 (j) |  | 1000 |  | 1036 |
|  6.550% due 06/01/2034 |  | 500 |  | 519 |
|  6.650% due 02/01/2034 |  | 3000 |  | 3131 |
|  Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC |
|  3.700% due 11/15/2029 |  | 1100 |  | 1069 |
|  Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
|  3.250% due 01/31/2032 (j) |  | 1200 |  | 1094 |
|  5.950% due 06/30/2033 |  | 50 |  | 52 |
|  Cheniere Energy, Inc. |  |  |  |  |
|  5.200% due 07/30/2036 |  | 8700 |  | 8615 |
|  Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP | Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP | Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP | Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP | Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP |
|  4.750% due 05/15/2030 |  | 6500 |  | 6514 |
|  Choice Hotels International, Inc. |  |  |  |  |
|  3.700% due 12/01/2029 |  | 850 |  | 815 |
|  CIMIC Finance USA Pty. Ltd. |  |  |  |  |
|  7.000% due 03/25/2034 |  | 2000 |  | 2133 |
|  CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
|  4.975% due 09/01/2035 |  | 4900 |  | 4784 |
|  6.073% due 11/01/2027 |  | 100 |  | 103 |
|  Constellation Pharmaceutical, Inc. | Constellation Pharmaceutical, Inc. | Constellation Pharmaceutical, Inc. | Constellation Pharmaceutical, Inc. | Constellation Pharmaceutical, Inc. |
|  5.550% due 07/01/2033 «(i) |  | 3361 |  | 3444 |
|  Cornell University |  |  |  |  |
|  4.169% due 06/15/2030 |  | 2100 |  | 2086 |
|  Coterra Energy, Inc. | Coterra Energy, Inc. | Coterra Energy, Inc. | Coterra Energy, Inc. | Coterra Energy, Inc. |
|  5.400% due 02/15/2035 |  | 2500 |  | 2509 |
|  5.600% due 03/15/2034 |  | 700 |  | 717 |
|  Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC | Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC | Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC | Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC | Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC |
|  5.600% due 01/15/2031 |  | 5000 |  | 4843 |
|  Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. |
|  5.450% due 09/01/2034 |  | 3600 |  | 3457 |
|  5.700% due 06/15/2033 |  | 200 |  | 198 |
|  5.800% due 12/15/2053 |  | 2600 |  | 2202 |
|  CRH SMW Finance DAC |  |  |  |  |
|  5.125% due 01/09/2030 |  | 1000 |  | 1018 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  5.125% due 02/21/2030 |  | 5000 |  | 5072 |
|  5.450% due 09/15/2035 |  | 5000 |  | 5021 |
|  5.700% due 06/01/2034 |  | 2200 |  | 2262 |
|  5.875% due 06/01/2053 |  | 600 |  | 569 |
|  6.000% due 06/01/2044 |  | 2300 |  | 2266 |
|  6.000% due 06/01/2063 |  | 1700 |  | 1614 |
|  Czechoslovak Group AS |  |  |  |  |
|  5.250% due 01/10/2031 |  | 2000 |  | 2372 |
|  Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC |
|  4.150% due 01/12/2029 | $— | 3400 |  | 3354 |
|  5.000% due 10/12/2032 |  | 3000 |  | 2976 |
|  5.400% due 09/20/2028 |  | 1700 |  | 1734 |
|  Darden Restaurants, Inc. |  |  |  |  |
|  4.550% due 10/15/2029 |  | 3700 |  | 3694 |
|  Delta Air Lines, Inc./SkyMiles IP Ltd. | Delta Air Lines, Inc./SkyMiles IP Ltd. | Delta Air Lines, Inc./SkyMiles IP Ltd. | Delta Air Lines, Inc./SkyMiles IP Ltd. | Delta Air Lines, Inc./SkyMiles IP Ltd. |
|  4.750% due 10/20/2028 |  | 917 |  | 916 |
|  Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. |
|  5.200% due 09/15/2034 |  | 237 |  | 238 |
|  5.750% due 09/15/2054 |  | 1300 |  | 1223 |
|  Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
|  5.400% due 04/18/2034 |  | 1100 |  | 1117 |
|  5.550% due 04/01/2035 |  | 5600 |  | 5717 |
|  5.900% due 04/18/2064 |  | 3000 |  | 2841 |
|  Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. |
|  3.755% due 03/15/2027 |  | 253 |  | 250 |
|  4.279% due 03/15/2032 (j) |  | 5255 |  | 4657 |
|  DT Midstream, Inc. |  |  |  |  |
|  5.800% due 12/15/2034 |  | 2700 |  | 2774 |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  8.375% due 01/19/2036 |  | 1100 |  | 1116 |
|  8.875% due 01/13/2033 |  | 500 |  | 527 |
|  Elevance Health, Inc. |  |  |  |  |
|  5.200% due 02/15/2035 |  | 1800 |  | 1798 |
|  EMD Finance LLC |  |  |  |  |
|  4.375% due 10/15/2030 |  | 5950 |  | 5881 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
|  5.625% due 04/05/2034 | 6500 | 6707 |
|  5.900% due 11/15/2026 | 1000 | 1009 |
|  7.375% due 03/15/2055 •  | 2400 | 2523 |
|  7.625% due 01/15/2083 •  | 100 | 108 |
|  8.250% due 01/15/2084 •  | 600 | 635 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  3.900% due 07/15/2026 | 1100 | 1099 |
|  5.350% due 01/15/2036 | 4300 | 4272 |
|  5.350% due 05/15/2045 | 1000 | 895 |
|  5.400% due 10/01/2047 | 200 | 178 |
|  5.550% due 05/15/2034 | 2900 | 2954 |
|  5.700% due 04/01/2035 | 6500 | 6678 |
|  5.950% due 05/15/2054 | 1000 | 939 |
|  6.000% due 06/15/2048 | 375 | 360 |
|  6.050% due 12/01/2026 | 800 | 808 |
|  7.500% due 07/01/2038 | 4000 | 4599 |
|  Eni SpA | Eni SpA | Eni SpA |
|  5.500% due 05/15/2034 | 3500 | 3587 |
|  5.750% due 05/19/2035 | 1800 | 1868 |
|  5.950% due 05/15/2054 | 4000 | 3983 |
|  Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC |
|  4.000% due 03/15/2033 | 1200 | 1140 |
|  4.900% due 04/15/2036 | 4900 | 4782 |
|  5.800% due 03/15/2055 | 1700 | 1668 |
|  Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
|  4.950% due 02/15/2035 | 2700 | 2693 |
|  5.200% due 01/15/2036 | 3900 | 3923 |
|  Essent Group Ltd. |  |  |
|  6.250% due 07/01/2029 | 192 | 199 |
|  Essential Utilities, Inc. |  |  |
|  5.250% due 08/15/2035 | 3900 | 3897 |
|  Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. |
|  4.750% due 02/01/2032 | 3000 | 2924 |
|  5.700% due 01/15/2035 | 1300 | 1321 |
|  Fedex Freight Holding Co., Inc. |  |  |
|  4.950% due 03/15/2033 | 5700 | 5561 |
|  Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. |
|  4.550% due 03/10/2029 | 2300 | 2290 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
|  4.200% due 10/01/2028 | 1800 | 1780 |
|  4.550% due 02/15/2031 | 1200 | 1176 |
|  Flex Intermediate Holdco LLC |  |  |
|  3.363% due 06/30/2031 | 2300 | 2095 |
|  Flex Ltd. |  |  |
|  5.250% due 01/15/2032 | 2300 | 2310 |
|  Florida Gas Transmission Co. LLC |  |  |
|  5.750% due 07/15/2035 | 3800 | 3901 |
|  Flutter Treasury DAC | Flutter Treasury DAC | Flutter Treasury DAC |
|  5.000% due 04/29/2029 | 1000 | 1169 |
|  6.375% due 04/29/2029 | 300 | 306 |
|  Foundry JV Holdco LLC | Foundry JV Holdco LLC | Foundry JV Holdco LLC |
|  5.875% due 01/25/2034 | 3000 | 3040 |
|  5.900% due 01/25/2030 | 500 | 518 |
|  Fox Corp. |  |  |
|  4.709% due 01/25/2029 | 200 | 201 |
|  Freeport-McMoRan, Inc. |  |  |
|  5.450% due 03/15/2043 | 200 | 189 |
|  Gartner, Inc. |  |  |
|  4.950% due 03/20/2031 | 3800 | 3709 |
|  GE Vernova, Inc. |  |  |
|  4.875% due 02/04/2036 | 3000 | 2974 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  5.371% due 04/04/2029 | 1450 | 1481 |
|  5.400% due 05/08/2028 | 500 | 508 |
|  5.508% due 04/01/2036 (b) | 5200 | 5214 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  5.200% due 11/15/2032 | 2000 | 1943 |
|  5.400% due 03/15/2033 | 8000 | 7812 |
|  5.550% due 11/15/2035 | 1800 | 1735 |
|  Grupo Nutresa SA |  |  |
|  8.000% due 05/12/2030 | 7550 | 8005 |
|  Gulfstream Natural Gas System LLC | Gulfstream Natural Gas System LLC | Gulfstream Natural Gas System LLC |
|  5.600% due 07/23/2035 | 4900 | 4969 |

---

---

| | | |
|:---|:---|:---|
| **152** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Haleon U.S. Capital LLC |  |  |
|  3.375% due 03/24/2029 | 1300 | 1265 |
|  Harbour Energy PLC |  |  |
|  6.327% due 04/01/2035 | 2300 | 2358 |
|  Hasbro, Inc. |  |  |
|  6.050% due 05/14/2034 | 2000 | 2086 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  3.500% due 09/01/2030 | 200 | 190 |
|  4.125% due 06/15/2029 | 2600 | 2565 |
|  4.375% due 03/15/2042 | 700 | 589 |
|  5.200% due 06/01/2028 | 2000 | 2030 |
|  5.250% due 03/01/2030 | 1000 | 1021 |
|  5.250% due 06/15/2049 | 400 | 353 |
|  5.450% due 09/15/2034 | 8200 | 8280 |
|  5.500% due 03/01/2032 | 1200 | 1231 |
|  5.625% due 09/01/2028 | 1221 | 1246 |
|  5.750% due 03/01/2035 | 2100 | 2160 |
|  Hexcel Corp. |  |  |
|  5.875% due 02/26/2035 | 600 | 616 |
|  HF Sinclair Corp. |  |  |
|  5.750% due 01/15/2031 | 1100 | 1124 |
|  Huntington Ingalls Industries, Inc. |  |  |
|  5.353% due 01/15/2030 | 2100 | 2141 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  5.050% due 03/30/2028 | 2800 | 2824 |
|  5.400% due 12/15/2035 | 3800 | 3724 |
|  5.750% due 03/30/2032 | 3200 | 3289 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  4.637% (SOFRRATE + 0.990%) due 03/25/2027 ~ | 2600 | 2606 |
|  4.750% due 04/06/2029 (b) | 2500 | 2498 |
|  4.850% due 03/25/2027 | 3000 | 3011 |
|  5.150% due 03/27/2030 | 2300 | 2325 |
|  5.680% due 06/26/2028 | 300 | 306 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  3.500% due 07/26/2026 | 540 | 538 |
|  6.125% due 07/27/2027 | 200 | 204 |
|  Japan Tobacco, Inc. | Japan Tobacco, Inc. | Japan Tobacco, Inc. |
|  5.250% due 06/15/2030 | 1900 | 1949 |
|  5.850% due 06/15/2035 | 3300 | 3464 |
|  JDE Peet's NV | JDE Peet's NV | JDE Peet's NV |
|  1.375% due 01/15/2027 | 2100 | 2048 |
|  2.250% due 09/24/2031 | 4700 | 4089 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  2.750% due 11/15/2033 | 622 | 553 |
|  4.000% due 05/15/2034 | 135 | 128 |
|  JT International Financial Services BV | JT International Financial Services BV | JT International Financial Services BV |
|  3.875% due 09/28/2028 | 2600 | 2564 |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
|  5.000% due 02/01/2029 | 1900 | 1929 |
|  5.400% due 02/01/2034 | 1900 | 1944 |
|  5.550% due 06/01/2045 | 2600 | 2482 |
|  5.850% due 06/01/2035 | 710 | 744 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  5.200% due 03/15/2032 | 1900 | 1920 |
|  5.400% due 03/15/2035 | 1700 | 1698 |
|  6.875% due 01/26/2039 | 200 | 216 |
|  L3Harris Technologies, Inc. |  |  |
|  5.050% due 06/01/2029 | 2000 | 2035 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  5.625% due 06/15/2028 | 1000 | 1013 |
|  6.200% due 08/15/2034 | 4400 | 4511 |
|  Leland Stanford Junior University |  |  |
|  4.679% due 03/01/2035 | 5500 | 5491 |
|  Lenovo Group Ltd. |  |  |
|  5.831% due 01/27/2028 | 400 | 409 |
|  LKQ Corp. |  |  |
|  5.750% due 06/15/2028 | 1000 | 1018 |
|  LYB International Finance III LLC |  |  |
|  6.150% due 05/15/2035 | 4500 | 4634 |
|  Maple Parent Holdings Corp. | Maple Parent Holdings Corp. | Maple Parent Holdings Corp. |
|  4.750% due 03/26/2029 | 4200 | 4200 |
|  5.700% due 03/26/2036 | 5000 | 4970 |
|  Marathon Petroleum Corp. |  |  |
|  5.700% due 03/01/2035 | 2800 | 2876 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  4.500% due 10/15/2031 | 3400 | 3362 |
|  4.800% due 03/15/2030 | 1500 | 1514 |
|  5.250% due 10/15/2035 | 3100 | 3085 |
|  5.350% due 03/15/2035 | 5400 | 5437 |
|  5.450% due 09/15/2026 | 600 | 602 |
|  5.550% due 10/15/2028 | 300 | 308 |
|  Mars, Inc. |  |  |
|  4.800% due 03/01/2030 | 3500 | 3538 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  1.650% due 04/15/2026 | 100 | 100 |
|  2.450% due 04/15/2028 | 1100 | 1058 |
|  McDonald's Corp. |  |  |
|  6.300% due 10/15/2037 | 700 | 768 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
|  4.125% due 03/10/2028 | 5500 | 5477 |
|  4.800% due 08/01/2029 | 1500 | 1514 |
|  4.900% due 11/15/2027 | 2100 | 2121 |
|  Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
|  4.200% due 11/15/2030 | 2500 | 2476 |
|  4.600% due 11/15/2032 | 4600 | 4556 |
|  Microchip Technology, Inc. |  |  |
|  5.050% due 02/15/2030 | 700 | 706 |
|  Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. |
|  5.650% due 11/01/2032 | 2200 | 2323 |
|  5.800% due 01/15/2035 | 3800 | 4047 |
|  5.875% due 09/15/2033 | 1100 | 1177 |
|  6.050% due 11/01/2035 | 7100 | 7664 |
|  Mondelez International, Inc. |  |  |
|  4.625% due 07/03/2031 | 3400 | 2516 |
|  Motorola Solutions, Inc. | Motorola Solutions, Inc. | Motorola Solutions, Inc. |
|  4.600% due 05/23/2029 | 200 | 200 |
|  5.400% due 04/15/2034 | 400 | 405 |
|  MPLX LP | MPLX LP | MPLX LP |
|  4.000% due 03/15/2028 | 315 | 313 |
|  4.500% due 04/15/2038 | 800 | 719 |
|  4.950% due 09/01/2032 | 200 | 199 |
|  5.400% due 04/01/2035 | 2100 | 2099 |
|  5.400% due 09/15/2035 | 4000 | 3984 |
|  5.500% due 06/01/2034 | 3000 | 3032 |
|  MSCI, Inc. |  |  |
|  3.625% due 09/01/2030 | 2000 | 1891 |
|  National Football League |  |  |
|  5.480% due 10/05/2028 «(i) | 4000 | 4041 |
|  National Fuel Gas Co. |  |  |
|  5.950% due 03/15/2035 | 2400 | 2484 |
|  Nestle Capital Corp. |  |  |
|  4.500% due 03/18/2033 | 4000 | 3964 |
|  NetApp, Inc. |  |  |
|  5.700% due 03/17/2035 | 1612 | 1643 |
|  Novartis Capital Corp. |  |  |
|  3.700% due 09/21/2042 | 500 | 408 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
|  2.650% due 02/15/2032 | 2700 | 2383 |
|  4.300% due 06/18/2029 | 300 | 297 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  5.550% due 10/01/2034 (j) | 7300 | 7429 |
|  6.050% due 10/01/2054 | 1000 | 973 |
|  6.200% due 03/15/2040 | 2800 | 2862 |
|  6.625% due 09/01/2030 | 4267 | 4591 |
|  7.500% due 05/01/2031 | 500 | 557 |
|  8.875% due 07/15/2030 | 2400 | 2733 |
|  Open Text Corp. |  |  |
|  6.900% due 12/01/2027 | 200 | 205 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  4.200% due 09/27/2029 | 8995 | 8720 |
|  4.450% due 09/26/2030 | 1000 | 964 |
|  4.650% due 05/06/2030 | 3310 | 3236 |
|  4.700% due 09/27/2034 | 2000 | 1826 |
|  4.800% due 08/03/2028 | 2500 | 2501 |
|  4.950% due 02/04/2031 | 2000 | 1958 |
|  5.200% due 09/26/2035 (j) | 5000 | 4693 |
|  5.350% due 05/04/2033 | 1700 | 1656 |
|  5.500% due 09/27/2064 | 1650 | 1265 |
|  5.700% due 02/04/2036 | 5000 | 4810 |
|  6.100% due 09/26/2065 | 1200 | 996 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.150% due 11/09/2029 | $— | 500 | $— | 516 |
|  6.550% due 02/04/2046 |  | 2000 |  | 1867 |
|  6.700% due 02/04/2056 |  | 2400 |  | 2229 |
|  ORLEN SA |  |  |  |  |
|  6.000% due 01/30/2035 |  | 4000 |  | 4083 |
|  Ovintiv, Inc. |  |  |  |  |
|  6.250% due 07/15/2033 |  | 4400 |  | 4645 |
|  Paramount Global | Paramount Global | Paramount Global | Paramount Global | Paramount Global |
|  2.900% due 01/15/2027 |  | 600 |  | 590 |
|  3.375% due 02/15/2028 |  | 300 |  | 291 |
|  3.700% due 06/01/2028 |  | 1275 |  | 1234 |
|  4.950% due 01/15/2031 |  | 800 |  | 741 |
|  6.875% due 04/30/2036 |  | 800 |  | 702 |
|  7.875% due 07/30/2030 |  | 200 |  | 209 |
|  Penske Truck Leasing Co. LP/PTL Finance Corp. |  |  |  |  |
|  5.350% due 01/12/2027 |  | 1500 |  | 1508 |
|  Petroleos Mexicanos |  |  |  |  |
|  6.700% due 02/16/2032 |  | 400 |  | 392 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  1.750% due 11/01/2030 |  | 700 |  | 620 |
|  2.100% due 05/01/2030 |  | 183 |  | 167 |
|  4.250% due 10/29/2032 |  | 3100 |  | 3004 |
|  4.375% due 04/30/2030 |  | 1100 |  | 1094 |
|  5.250% due 09/07/2028 |  | 1800 |  | 1846 |
|  5.250% due 02/13/2034 |  | 6000 |  | 6112 |
|  Plains All American Pipeline LP |  |  |  |  |
|  5.950% due 06/15/2035 |  | 2600 |  | 2686 |
|  POSCO |  |  |  |  |
|  4.875% due 01/23/2027 |  | 500 |  | 501 |
|  Providence St. Joseph Health Obligated Group | Providence St. Joseph Health Obligated Group | Providence St. Joseph Health Obligated Group | Providence St. Joseph Health Obligated Group | Providence St. Joseph Health Obligated Group |
|  2.532% due 10/01/2029 |  | 300 |  | 280 |
|  Quanta Services, Inc. |  |  |  |  |
|  4.300% due 08/09/2028 |  | 4100 |  | 4095 |
|  Repsol E&P Capital Markets U.S. LLC | Repsol E&P Capital Markets U.S. LLC | Repsol E&P Capital Markets U.S. LLC | Repsol E&P Capital Markets U.S. LLC | Repsol E&P Capital Markets U.S. LLC |
|  5.204% due 09/16/2030 |  | 4400 |  | 4439 |
|  Rolls-Royce PLC |  |  |  |  |
|  5.750% due 10/15/2027 |  | 1000 |  | 1016 |
|  Royal Caribbean Cruises Ltd. |  |  |  |  |
|  5.375% due 01/15/2036 |  | 7800 |  | 7666 |
|  Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
|  5.150% due 09/02/2029 |  | 400 |  | 407 |
|  5.200% due 09/25/2035 |  | 4800 |  | 4739 |
|  RTX Corp. | RTX Corp. | RTX Corp. | RTX Corp. | RTX Corp. |
|  5.750% due 01/15/2029 |  | 2200 |  | 2283 |
|  6.100% due 03/15/2034 |  | 2000 |  | 2154 |
|  S&P Global, Inc. |  |  |  |  |
|  4.250% due 01/15/2031 |  | 4100 |  | 4049 |
|  Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
|  4.200% due 03/15/2028 |  | 1200 |  | 1195 |
|  4.500% due 05/15/2030 |  | 800 |  | 794 |
|  Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. |
|  4.500% due 03/15/2028 |  | 1800 |  | 1801 |
|  6.550% due 03/15/2056 |  | 2900 |  | 2912 |
|  Santos Finance Ltd. | Santos Finance Ltd. | Santos Finance Ltd. | Santos Finance Ltd. | Santos Finance Ltd. |
|  3.649% due 04/29/2031 |  | 3048 |  | 2855 |
|  6.875% due 09/19/2033 |  | 4200 |  | 4577 |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  5.000% due 02/02/2036 |  | 1700 |  | 1636 |
|  6.000% due 02/02/2056 |  | 4400 |  | 4154 |
|  SK Hynix, Inc. |  |  |  |  |
|  6.375% due 01/17/2028 |  | 400 |  | 413 |
|  Skyworks Solutions, Inc. |  |  |  |  |
|  1.800% due 06/01/2026 |  | 2200 |  | 2190 |
|  Snam SpA | Snam SpA | Snam SpA | Snam SpA | Snam SpA |
|  5.000% due 05/28/2030 |  | 1600 |  | 1617 |
|  5.750% due 05/28/2035 |  | 6900 |  | 7040 |
|  South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC |
|  5.026% due 10/01/2029 |  | 1600 |  | 1611 |
|  5.584% due 10/01/2034 |  | 1300 |  | 1292 |
|  Southern Co. |  |  |  |  |
|  3.750% due 09/15/2051 •  |  | 2200 |  | 2186 |
|  Spectra Energy Partners LP |  |  |  |  |
|  3.375% due 10/15/2026 |  | 400 |  | 398 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **153** |

---

------

Schedule of Investments PIMCO Sector Fund Series - I (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Spirit AeroSystems, Inc. |  |  |
|  4.600% due 06/15/2028 | 3400 | 3403 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  3.375% due 08/15/2031 | 403 | 378 |
|  4.100% due 10/01/2029 | 187 | 183 |
|  Stryker Corp. | Stryker Corp. | Stryker Corp. |
|  1.950% due 06/15/2030 | 1750 | 1580 |
|  4.100% due 04/01/2043 | 500 | 417 |
|  Sutter Health |  |  |
|  5.164% due 08/15/2033 | 200 | 203 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
|  4.650% due 04/01/2028 | 1400 | 1406 |
|  4.850% due 04/01/2030 | 1025 | 1033 |
|  Sysco Corp. | Sysco Corp. | Sysco Corp. |
|  4.400% due 07/25/2031 | 1700 | 1649 |
|  5.100% due 09/23/2030 | 1211 | 1221 |
|  5.950% due 04/01/2030 | 2350 | 2441 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.400% due 03/15/2029 | 700 | 661 |
|  2.550% due 02/15/2031 | 3000 | 2727 |
|  2.875% due 02/15/2031 | 500 | 461 |
|  3.600% due 11/15/2060 | 1000 | 650 |
|  3.875% due 04/15/2030 | 2000 | 1948 |
|  4.200% due 10/01/2029 | 5661 | 5627 |
|  4.850% due 01/15/2029 | 2103 | 2128 |
|  4.950% due 11/15/2035 | 2100 | 2063 |
|  5.125% due 05/15/2032 | 1100 | 1116 |
|  5.750% due 01/15/2034 | 4500 | 4695 |
|  Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
|  5.400% due 06/12/2029 | 1000 | 1022 |
|  Tapestry, Inc. |  |  |
|  5.500% due 03/11/2035 | 10100 | 10122 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  4.200% due 02/01/2033 | 600 | 568 |
|  6.150% due 03/01/2029 | 1100 | 1146 |
|  TD SYNNEX Corp. | TD SYNNEX Corp. | TD SYNNEX Corp. |
|  2.375% due 08/09/2028 | 1000 | 950 |
|  5.300% due 10/10/2035 | 1500 | 1454 |
|  6.100% due 04/12/2034 | 4000 | 4128 |
|  Tennessee Gas Pipeline Co. LLC |  |  |
|  7.625% due 04/01/2037 | 600 | 707 |
|  Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
|  9.750% due 10/10/2027 | 220 | 318 |
|  Thermo Fisher Scientific, Inc. |  |  |
|  4.902% due 02/12/2036 | 2600 | 2583 |
|  Time Warner Cable Enterprises LLC | Time Warner Cable Enterprises LLC | Time Warner Cable Enterprises LLC |
|  8.375% due 07/15/2033 | 3900 | 4418 |
|  Time Warner Cable LLC |  |  |
|  5.500% due 09/01/2041 | 6028 | 5200 |
|  TransCanada PipeLines Ltd. |  |  |
|  4.625% due 03/01/2034 | 600 | 581 |
|  Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC |
|  5.100% due 03/15/2036 | 3300 | 3272 |
|  Trustees of Princeton University |  |  |
|  4.647% due 07/01/2030 | 1600 | 1620 |
|  TSMC Arizona Corp. |  |  |
|  1.750% due 10/25/2026 | 300 | 296 |
|  Tyson Foods, Inc. |  |  |
|  5.700% due 03/15/2034 | 1400 | 1450 |
|  Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
|  4.150% due 01/15/2031 | 1000 | 978 |
|  4.800% due 09/15/2034 | 2800 | 2743 |
|  5.350% due 09/15/2054 | 1000 | 921 |
|  UCB SA |  |  |
|  4.250% due 03/20/2030 | 1100 | 1292 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 | 658 | 606 |
|  3.500% due 09/01/2031 | 559 | 544 |
|  5.450% due 08/15/2038 | 9022 | 9223 |
|  5.875% due 04/15/2029 | 814 | 828 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
|  4.500% due 04/15/2033 | 1500 | 1465 |
|  4.950% due 05/15/2062 | 400 | 336 |
|  5.150% due 07/15/2034 | 3600 | 3632 |
|  5.200% due 04/15/2063 | 700 | 612 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  UPMC |  |  |  |
|  5.035% due 05/15/2033 | $| 200 | 202 |
|  Var Energi ASA | Var Energi ASA | Var Energi ASA | Var Energi ASA |
|  5.875% due 05/22/2030 |  | 1000 | 1033 |
|  7.500% due 01/15/2028 |  | 2500 | 2617 |
|  8.000% due 11/15/2032 |  | 3326 | 3791 |
|  Veralto Corp. |  |  |  |
|  5.500% due 09/18/2026 |  | 3250 | 3264 |
|  VeriSign, Inc. |  |  |  |
|  2.700% due 06/15/2031 |  | 300 | 269 |
|  VF Corp. |  |  |  |
|  0.625% due 02/25/2032 | EUR | 1100 | 993 |
|  Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC |
|  4.900% due 08/01/2030 | $| 1000 | 1001 |
|  5.700% due 08/01/2035 |  | 2100 | 2118 |
|  VMware LLC | VMware LLC | VMware LLC | VMware LLC |
|  2.200% due 08/15/2031 |  | 2250 | 1976 |
|  4.700% due 05/15/2030 |  | 2147 | 2161 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  4.450% due 09/11/2027 |  | 3000 | 2992 |
|  4.550% due 09/11/2028 |  | 3100 | 3093 |
|  4.750% due 11/13/2028 |  | 1600 | 1600 |
|  4.850% due 08/15/2027 |  | 750 | 752 |
|  4.900% due 08/14/2026 |  | 600 | 601 |
|  4.950% due 03/25/2027 |  | 1250 | 1255 |
|  5.050% due 03/27/2028 |  | 1650 | 1661 |
|  5.250% due 03/22/2029 |  | 1900 | 1923 |
|  5.350% due 03/27/2030 |  | 1800 | 1826 |
|  5.650% due 09/12/2028 |  | 400 | 408 |
|  5.700% due 09/12/2026 |  | 400 | 402 |
|  Volkswagen International Finance NV | Volkswagen International Finance NV | Volkswagen International Finance NV | Volkswagen International Finance NV |
|  7.875% due 09/06/2032 •(f) | EUR | 3000 | 3847 |
|  Weir Group, Inc. |  |  |  |
|  5.350% due 05/06/2030 | $| 3300 | 3346 |
|  Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
|  5.500% due 12/15/2035 |  | 5000 | 4920 |
|  6.350% due 01/15/2029 |  | 2200 | 2291 |
|  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 |  | 100 | 100 |
|  Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |
|  5.150% due 03/15/2034 |  | 2000 | 2003 |
|  5.300% due 09/30/2035 |  | 3100 | 3099 |
|  8.750% due 03/15/2032 |  | 200 | 238 |
|  Woodside Finance Ltd. |  |  |  |
|  5.400% due 05/19/2030 |  | 3300 | 3371 |
|  Workday, Inc. |  |  |  |
|  3.800% due 04/01/2032 |  | 300 | 279 |
|  |  |  | 1013565 |
| UTILITIES 11.0% | UTILITIES 11.0% | UTILITIES 11.0% | UTILITIES 11.0% |
|  AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. |
|  3.800% due 10/01/2047 |  | 300 | 216 |
|  5.400% due 06/01/2033 |  | 100 | 101 |
|  5.700% due 05/15/2034 |  | 2500 | 2574 |
|  AES Corp. | AES Corp. | AES Corp. | AES Corp. |
|  3.950% due 07/15/2030 |  | 4900 | 4687 |
|  5.450% due 06/01/2028 |  | 700 | 707 |
|  5.800% due 03/15/2032 |  | 5100 | 5131 |
|  Ameren Corp. |  |  |  |
|  5.700% due 12/01/2026 |  | 800 | 806 |
|  Ameren Missouri Securitization Funding I LLC | Ameren Missouri Securitization Funding I LLC | Ameren Missouri Securitization Funding I LLC | Ameren Missouri Securitization Funding I LLC |
|  4.850% due 10/01/2041 |  | 2890 | 2886 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
|  6.050% due 03/15/2056 •  |  | 2100 | 2082 |
|  American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. |
|  5.200% due 04/01/2036 (b) |  | 5000 | 5013 |
|  Appalachian Power Co. |  |  |  |
|  5.650% due 04/01/2034 |  | 1100 | 1132 |
|  Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |
|  5.500% due 09/01/2035 |  | 1000 | 1008 |
|  5.700% due 08/15/2034 |  | 200 | 207 |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
|  1.650% due 02/01/2028 |  | 4900 | 4671 |
|  3.650% due 09/15/2059 |  | 1800 | 1167 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.800% due 12/01/2057 | $— | 100 | $— | 68 |
|  4.500% due 03/12/2036 (i) |  | 5000 |  | 3544 |
|  4.750% due 04/30/2033 | $— | 1800 |  | 1784 |
|  5.125% due 04/30/2036 |  | 7400 |  | 7314 |
|  5.375% due 08/15/2035 |  | 2000 |  | 2027 |
|  6.000% due 04/30/2056 |  | 4300 |  | 4210 |
|  Black Hills Corp. |  |  |  |  |
|  6.150% due 05/15/2034 |  | 600 |  | 632 |
|  BP Capital Markets PLC |  |  |  |  |
|  6.125% due 03/18/2035 •(f) |  | 3300 |  | 3330 |
|  Brooklyn Union Gas Co. |  |  |  |  |
|  6.388% due 09/15/2033 |  | 4600 |  | 4904 |
|  Capital Power U.S. Holdings, Inc. | Capital Power U.S. Holdings, Inc. | Capital Power U.S. Holdings, Inc. | Capital Power U.S. Holdings, Inc. | Capital Power U.S. Holdings, Inc. |
|  6.189% due 06/01/2035 |  | 5400 |  | 5540 |
|  CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC |
|  4.850% due 04/01/2036 |  | 3000 |  | 2939 |
|  Chile Electricity Lux MPC II SARL | Chile Electricity Lux MPC II SARL | Chile Electricity Lux MPC II SARL | Chile Electricity Lux MPC II SARL | Chile Electricity Lux MPC II SARL |
|  5.580% due 10/20/2035 |  | 4888 |  | 4916 |
|  Cleco Power LLC |  |  |  |  |
|  5.300% due 01/15/2036 |  | 5500 |  | 5461 |
|  Colbun SA |  |  |  |  |
|  5.375% due 09/11/2035 |  | 3100 |  | 3036 |
|  Columbia Pipelines Holding Co. LLC | Columbia Pipelines Holding Co. LLC | Columbia Pipelines Holding Co. LLC | Columbia Pipelines Holding Co. LLC | Columbia Pipelines Holding Co. LLC |
|  5.097% due 10/01/2031 |  | 1200 |  | 1207 |
|  Columbia Pipelines Operating Co. LLC | 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 |  | 100 |  | 105 |
|  Comision Federal de Electricidad | Comision Federal de Electricidad | Comision Federal de Electricidad | Comision Federal de Electricidad | Comision Federal de Electricidad |
|  6.045% due 01/28/2034 |  | 5000 |  | 4852 |
|  Connecticut Light & Power Co. |  |  |  |  |
|  4.950% due 01/15/2030 |  | 2000 |  | 2036 |
|  Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
|  6.125% due 01/15/2034 |  | 1600 |  | 1708 |
|  Dominion Energy South Carolina, Inc. | Dominion Energy South Carolina, Inc. | Dominion Energy South Carolina, Inc. | Dominion Energy South Carolina, Inc. | Dominion Energy South Carolina, Inc. |
|  5.300% due 01/15/2035 |  | 4000 |  | 4091 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  5.450% due 03/15/2035 |  | 2100 |  | 2117 |
|  7.000% due 06/01/2054 •  |  | 2300 |  | 2434 |
|  DTE Electric Co. |  |  |  |  |
|  4.850% due 03/01/2036 |  | 4900 |  | 4810 |
|  Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
|  2.450% due 02/01/2030 |  | 1000 |  | 930 |
|  3.550% due 03/15/2052 |  | 600 |  | 424 |
|  6.100% due 06/01/2037 |  | 100 |  | 106 |
|  Duke Energy Florida LLC |  |  |  |  |
|  4.850% due 12/01/2035 |  | 3000 |  | 2946 |
|  Duke Energy Progress LLC |  |  |  |  |
|  5.050% due 03/15/2035 |  | 3000 |  | 3008 |
|  Edison International | Edison International | Edison International | Edison International | Edison International |
|  4.125% due 03/15/2028 |  | 5000 |  | 4917 |
|  5.250% due 03/15/2032 |  | 1900 |  | 1882 |
|  5.450% due 06/15/2029 |  | 1500 |  | 1515 |
|  6.250% due 03/15/2030 |  | 3550 |  | 3681 |
|  7.875% due 06/15/2054 •  |  | 1300 |  | 1333 |
|  Electricite de France SA |  |  |  |  |
|  6.375% due 01/13/2055 |  | 2530 |  | 2587 |
|  ENEL Finance International NV | ENEL Finance International NV | ENEL Finance International NV | ENEL Finance International NV | ENEL Finance International NV |
|  3.625% due 05/25/2027 |  | 325 |  | 322 |
|  4.125% due 09/30/2028 |  | 1100 |  | 1091 |
|  5.125% due 06/26/2029 |  | 3400 |  | 3449 |
|  7.500% due 10/14/2032 |  | 700 |  | 789 |
|  7.750% due 10/14/2052 |  | 950 |  | 1116 |
|  Entergy Texas, Inc. |  |  |  |  |
|  5.250% due 04/15/2035 |  | 1480 |  | 1495 |
|  Evergy Metro, Inc. |  |  |  |  |
|  5.125% due 08/15/2035 |  | 3500 |  | 3487 |
|  Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy |
|  4.450% due 12/15/2030 |  | 4100 |  | 4046 |
|  5.000% due 01/01/2027 |  | 400 |  | 401 |
|  5.450% due 03/01/2028 |  | 600 |  | 610 |
|  Florida Power & Light Co. |  |  |  |  |
|  5.100% due 04/01/2033 |  | 500 |  | 510 |
|  IPALCO Enterprises, Inc. |  |  |  |  |
|  4.250% due 05/01/2030 |  | 2100 |  | 2024 |

---

---

| | | |
|:---|:---|:---|
| **154** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Israel Electric Corp. Ltd. |  |  |
|  3.750% due 02/22/2032 | 1900 | 1756 |
|  Massachusetts Electric Co. |  |  |
|  1.729% due 11/24/2030 | 400 | 349 |
|  MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. |
|  4.250% due 07/15/2049 | 1050 | 843 |
|  5.300% due 02/01/2055 | 600 | 557 |
|  5.350% due 01/15/2034 | 1000 | 1027 |
|  Narragansett Electric Co. |  |  |
|  5.350% due 05/01/2034 | 1300 | 1322 |
|  National Grid PLC | National Grid PLC | National Grid PLC |
|  5.418% due 01/11/2034 | 2000 | 2039 |
|  5.602% due 06/12/2028 | 400 | 410 |
|  NBN Co. Ltd. | NBN Co. Ltd. | NBN Co. Ltd. |
|  2.625% due 05/05/2031 | 500 | 457 |
|  4.250% due 10/01/2029 | 1900 | 1895 |
|  5.750% due 10/06/2028 | 1300 | 1344 |
|  New York State Electric & Gas Corp. | New York State Electric & Gas Corp. | New York State Electric & Gas Corp. |
|  5.050% due 08/15/2035 | 2700 | 2672 |
|  Niagara Energy SAC |  |  |
|  5.746% due 10/03/2034 | 2900 | 2894 |
|  Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. |
|  2.759% due 01/10/2032 | 600 | 537 |
|  5.290% due 01/17/2034 | 500 | 500 |
|  NorthWestern Corp. |  |  |
|  5.073% due 03/21/2030 | 3000 | 3049 |
|  NSTAR Electric Co. |  |  |
|  4.850% due 03/01/2030 | 2300 | 2332 |
|  NYSEG Storm Funding LLC |  |  |
|  4.713% due 05/01/2029 | 3013 | 3034 |
|  Oglethorpe Power Corp. <br>|  |  |
|  5.800% due 06/01/2054 | 2200 | 2121 |
|  Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC |
|  4.500% due 03/15/2031 | 6700 | 6666 |
|  5.350% due 04/01/2035 | 2000 | 2045 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  4.400% due 10/15/2029 | 2000 | 1988 |
|  4.950% due 10/15/2032 | 3900 | 3870 |
|  5.050% due 11/01/2034 | 6000 | 5838 |
|  5.375% due 06/01/2029 | 50 | 51 |
|  5.850% due 11/01/2064 | 1600 | 1459 |
|  6.050% due 09/01/2033 | 2400 | 2517 |
|  6.625% due 09/01/2053 | 3500 | 3595 |
|  Orange SA |  |  |
|  4.750% due 01/13/2033 | 5500 | 5441 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  3.300% due 12/01/2027 | 800 | 784 |
|  4.000% due 12/01/2046 | 1100 | 806 |
|  5.050% due 10/15/2032 | 7700 | 7653 |
|  5.200% due 05/01/2036 | 5800 | 5655 |
|  5.700% due 03/01/2035 | 2000 | 2028 |
|  5.800% due 05/15/2034 | 1400 | 1435 |
|  6.000% due 08/15/2035 | 6500 | 6719 |
|  6.100% due 01/15/2029 | 3865 | 4001 |
|  6.150% due 01/15/2033 | 400 | 419 |
|  6.400% due 06/15/2033 | 400 | 425 |
|  6.750% due 01/15/2053 | 1400 | 1454 |
|  6.950% due 03/15/2034 | 1500 | 1643 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  2.700% due 09/15/2030 | 100 | 91 |
|  4.250% due 03/15/2029 | 2100 | 2077 |
|  4.650% due 04/15/2029 | 1800 | 1801 |
|  5.450% due 04/15/2033 | 5700 | 5720 |
|  5.800% due 04/15/2036 | 2600 | 2622 |
|  5.800% due 01/15/2055 | 1900 | 1737 |
|  7.125% due 08/15/2056 •  | 6500 | 6142 |
|  Piedmont Natural Gas Co., Inc. |  |  |
|  5.100% due 02/15/2035 | 2500 | 2496 |
|  Pinnacle West Capital Corp. |  |  |
|  4.469% (SOFRRATE + 0.820%) due 06/10/2026 ~ | 500 | 500 |
|  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 | 2900 | 2892 |
|  5.600% due 01/15/2036 | 3000 | 3011 |
|  5.700% due 09/15/2034 | 3300 | 3375 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Public Service Co. of Colorado |  |  |
|  5.350% due 05/15/2034 | 3400 | 3465 |
|  Puget Energy, Inc. |  |  |
|  5.725% due 03/15/2035 | 5700 | 5748 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  5.400% due 04/15/2035 | 5100 | 5189 |
|  6.000% due 06/01/2026 | 3000 | 3009 |
|  Sempra | Sempra | Sempra |
|  6.000% due 10/15/2039 | 3700 | 3786 |
|  6.875% due 10/01/2054 •  | 1000 | 1011 |
|  Sierra Pacific Power Co. | Sierra Pacific Power Co. | Sierra Pacific Power Co. |
|  5.900% due 03/15/2054 | 700 | 690 |
|  6.200% due 12/15/2055 •  | 900 | 876 |
|  6.375% due 09/15/2056 •  | 3500 | 3472 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  2.750% due 02/01/2032 | 300 | 268 |
|  2.850% due 08/01/2029 | 1750 | 1651 |
|  2.950% due 02/01/2051 | 300 | 181 |
|  4.650% due 10/01/2043 | 350 | 294 |
|  4.800% due 03/15/2033 | 5000 | 4913 |
|  4.900% due 06/01/2026 | 300 | 300 |
|  5.450% due 03/01/2035 | 1000 | 1004 |
|  5.650% due 10/01/2028 | 2100 | 2153 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  2.550% due 02/01/2030 | 1900 | 1780 |
|  2.600% due 06/15/2026 | 200 | 199 |
|  5.200% due 06/01/2033 | 400 | 408 |
|  Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. |
|  3.950% due 10/01/2046 | 500 | 383 |
|  Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
|  5.200% due 04/01/2036 | 2200 | 2164 |
|  Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. |
|  4.400% due 11/15/2048 | 460 | 373 |
|  Swepco Storm Recovery Funding LLC | Swepco Storm Recovery Funding LLC | Swepco Storm Recovery Funding LLC |
|  4.880% due 09/01/2041 | 2828 | 2828 |
|  System Energy Resources, Inc. |  |  |
|  5.300% due 12/15/2034 | 4100 | 4091 |
|  Trans-Allegheny Interstate Line Co. | Trans-Allegheny Interstate Line Co. | Trans-Allegheny Interstate Line Co. |
|  5.000% due 01/15/2031 | 1000 | 1016 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  3.000% due 11/20/2060 | 400 | 230 |
|  4.780% due 02/15/2035 | 302 | 292 |
|  5.000% due 01/15/2036 | 3400 | 3331 |
|  5.401% due 07/02/2037 | 2514 | 2506 |
|  Virginia Electric & Power Co. | Virginia Electric & Power Co. | Virginia Electric & Power Co. |
|  4.900% due 09/15/2035 | 3000 | 2937 |
|  5.050% due 08/15/2034 | 200 | 200 |
|  Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC |
|  4.877% due 05/01/2033 | 1800 | 1820 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  4.600% due 10/15/2030 | 1800 | 1765 |
|  6.000% due 04/15/2034 | 900 | 926 |
|  6.950% due 10/15/2033 | 2700 | 2940 |
|  WEC Energy Group, Inc. |  |  |
|  5.600% due 09/12/2026 | 376 | 378 |
|  Wisconsin Electric Power Co. |  |  |
|  4.150% due 10/15/2030 | 1200 | 1184 |
|  Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
|  5.500% due 03/15/2034 | 300 | 305 |
|  5.600% due 04/15/2035 | 5000 | 5084 |
|  |  | 351366 |
|  Total Corporate Bonds & Notes<br>(Cost $2,413,917) | Total Corporate Bonds & Notes<br>(Cost $2,413,917) | 2422930 |
| MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% |
| ARIZONA 0.2% | ARIZONA 0.2% | ARIZONA 0.2% |
|  Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2024 | Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2024 | Maricopa County, Arizona Industrial Development Authority Revenue Notes, Series 2024 |
|  7.375% due 10/01/2029 | 4500 | 4746 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| LOUISIANA 0.0% | LOUISIANA 0.0% | LOUISIANA 0.0% |
|  Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2023 | Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2023 | Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2023 |
|  5.048% due 12/01/2034 | 400 | 410 |
| TEXAS 0.0% | TEXAS 0.0% | TEXAS 0.0% |
|  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 | 335 | 343 |
|  Total Municipal Bonds & Notes<br>(Cost $5,235) | Total Municipal Bonds & Notes<br>(Cost $5,235) | 5499 |
| U.S. GOVERNMENT AGENCIES 12.5% | U.S. GOVERNMENT AGENCIES 12.5% | U.S. GOVERNMENT AGENCIES 12.5% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  5.500% due<br>02/01/2053 - 05/01/2053 | 616 | 622 |
|  6.000% due<br>04/01/2053 - 02/01/2055 | 2597 | 2675 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.532% due 12/25/2055 •  | 4385 | 4385 |
|  4.862% due 02/25/2055 •  | 768 | 775 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  5.500% due<br>11/01/2052 - 06/01/2053 | 2407 | 2427 |
|  6.000% due<br>03/01/2053 - 08/01/2054 | 4174 | 4320 |
|  6.500% due 10/01/2053 | 1120 | 1161 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due<br>04/01/2056 - 06/01/2056 | 120390 | 113425 |
|  4.500% due 06/01/2056 | 82000 | 79015 |
|  5.000% due<br>04/01/2056 - 05/01/2056 | 129560 | 127661 |
|  6.000% due<br>05/01/2056 - 07/01/2056 | 60300 | 61373 |
|  Total U.S. Government Agencies (Cost $398,053) | Total U.S. Government Agencies (Cost $398,053) | 397839 |
| U.S. TREASURY OBLIGATIONS 18.3% | U.S. TREASURY OBLIGATIONS 18.3% | U.S. TREASURY OBLIGATIONS 18.3% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  3.000% due 02/15/2048 | 7300 | 5385 |
|  3.000% due 08/15/2048 | 17000 | 12481 |
|  3.125% due 05/15/2048 | 8500 | 6399 |
|  3.750% due 08/15/2041 | 68600 | 61204 |
|  4.125% due 08/15/2044 (j) | 136510 | 123886 |
|  4.250% due 08/15/2054 | 57600 | 51602 |
|  4.375% due 08/15/2043 | 13330 | 12586 |
|  4.500% due 11/15/2054 | 12700 | 11868 |
|  4.625% due 11/15/2044 (j) | 10800 | 10453 |
|  4.625% due 02/15/2055 (j) | 41100 | 39210 |
|  4.625% due 11/15/2055 | 29200 | 27904 |
|  4.750% due 11/15/2043 (j) | 5100 | 5040 |
|  4.750% due 11/15/2053 (j) | 1234 | 1200 |
|  4.750% due 08/15/2055 (j) | 36100 | 35186 |
|  4.875% due 08/15/2045 (j) | 3104 | 3095 |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  1.250% due 04/15/2028 (l) | 1952 | 1960 |
|  1.750% due 01/15/2034 (l) | 19784 | 19708 |
|  1.875% due 07/15/2034 | 415 | 417 |
|  2.125% due 04/15/2029 (l) | 34697 | 35631 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.500% due 02/28/2031 (j) | 43000 | 42169 |
|  3.625% due 12/31/2030 (j) | 4200 | 4143 |
|  4.125% due 05/31/2032 (j)(l) | 14100 | 14139 |
|  4.250% due 08/15/2035 (j) | 52912 | 52722 |
|  U.S. Treasury STRIPS | U.S. Treasury STRIPS | U.S. Treasury STRIPS |
|  0.000% due 02/15/2042 (a) | 3900 | 1774 |
|  0.000% due 05/15/2042 (a) | 6100 | 2734 |
|  Total U.S. Treasury Obligations (Cost $601,264) | Total U.S. Treasury Obligations (Cost $601,264) | 582896 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 155

------

Schedule of Investments PIMCO Sector Fund Series - I (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.1% |
|  ATLX Trust |  |  |
|  3.850% due 04/25/2063 þ | 887 | 862 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 08/25/2064 ~ | 6033 | 5366 |
|  Cross Mortgage Trust |  |  |
|  5.549% due 12/25/2069 ~ | 771 | 774 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  5.726% due 01/25/2060 þ | 409 | 411 |
|  JP Morgan Seasoned Mortgage Trust | JP Morgan Seasoned Mortgage Trust | JP Morgan Seasoned Mortgage Trust |
|  4.337% due 01/25/2063 ~ | 873 | 839 |
|  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 | 838 | 815 |
|  OBX Trust | OBX Trust | OBX Trust |
|  5.110% due 08/25/2062 þ | 667 | 665 |
|  5.597% due 11/25/2064 þ | 15527 | 15611 |
|  Pretium Mortgage Credit Partners LLC | Pretium Mortgage Credit Partners LLC | Pretium Mortgage Credit Partners LLC |
|  4.000% due 08/25/2064 þ | 907 | 881 |
|  4.000% due 07/25/2069 þ | 896 | 872 |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  3.750% due 04/25/2055 þ | 910 | 887 |
|  4.000% due 11/25/2054 þ | 855 | 836 |
|  PRPM Trust | PRPM Trust | PRPM Trust |
|  5.674% due 12/26/2069 þ | 735 | 738 |
|  5.802% due 11/25/2069 þ | 708 | 712 |
|  Santander Mortgage Asset Receivable Trust | Santander Mortgage Asset Receivable Trust | Santander Mortgage Asset Receivable Trust |
|  5.545% due 01/25/2065 þ | 801 | 804 |
|  Towd Point Mortgage Trust |  |  |
|  4.612% due 10/25/2064 ~ | 2351 | 2332 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $33,314) |  | 33405 |
| ASSET-BACKED SECURITIES 6.3% | ASSET-BACKED SECURITIES 6.3% | ASSET-BACKED SECURITIES 6.3% |
| AUTOMOBILE SEQUENTIAL 0.2% | AUTOMOBILE SEQUENTIAL 0.2% | AUTOMOBILE SEQUENTIAL 0.2% |
|  BMW Vehicle Lease Trust | BMW Vehicle Lease Trust | BMW Vehicle Lease Trust |
|  4.430% due 06/26/2028 | 2000 | 2007 |
|  4.980% due 03/25/2027 | 213 | 213 |
|  Chase Auto Owner Trust |  |  |
|  5.680% due 01/25/2029 | 1402 | 1414 |
|  CPS Auto Receivables Trust |  |  |
|  4.910% due 06/15/2028 | 63 | 63 |
|  Ford Auto Securitization Trust |  |  |
|  5.053% due 07/15/2028 | 286 | 208 |
|  Ford Credit Auto Lease Trust |  |  |
|  4.720% due 06/15/2028 | 1000 | 1005 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.470% due 02/16/2028 | 136 | 136 |
|  Lendbuzz Securitization Trust |  |  |
|  5.100% due 10/15/2030 | 322 | 323 |
|  |  | 5369 |
| CMBS OTHER 0.4% | CMBS OTHER 0.4% | CMBS OTHER 0.4% |
|  ACREC LLC |  |  |
|  5.130% due 01/18/2043 •  | 4900 | 4898 |
|  ACRES Commercial Realty Issuer LLC | ACRES Commercial Realty Issuer LLC | ACRES Commercial Realty Issuer LLC |
|  0.000% due 08/18/2044 •  | 3500 | 3498 |
|  AREIT Ltd. |  |  |
|  5.790% due 08/17/2041 •  | 386 | 386 |
|  PFP Ltd. |  |  |
|  5.180% due 08/18/2043 •  | 4600 | 4605 |
|  |  | 13387 |
| HOME EQUITY OTHER 0.0% | HOME EQUITY OTHER 0.0% | HOME EQUITY OTHER 0.0% |
|  Towd Point Mortgage Trust |  |  |
|  5.725% due 11/25/2064 þ | 985 | 990 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| OTHER ABS 5.7% | OTHER ABS 5.7% | OTHER ABS 5.7% | OTHER ABS 5.7% | OTHER ABS 5.7% |
|  37 Capital CLO 4 Ltd. |  |  |  |  |
|  4.762% due 04/15/2035 •  | $— | 1000 | $— | 1000 |
|  522 Funding CLO Ltd. |  |  |  |  |
|  4.871% due 10/23/2034 •  |  | 500 |  | 501 |
|  AGL CLO 14 Ltd. |  |  |  |  |
|  4.800% due 12/02/2034 •  |  | 1200 |  | 1201 |
|  AMMC CLO 24 Ltd. |  |  |  |  |
|  4.868% due 01/20/2035 •  |  | 1000 |  | 1000 |
|  AMMC CLO 27 Ltd. |  |  |  |  |
|  4.748% due 01/20/2037 •  |  | 1500 |  | 1500 |
|  Anchorage Capital CLO 20 Ltd. |  |  |  |  |
|  4.768% due 01/20/2035 •  |  | 1000 |  | 1000 |
|  Anchorage Capital CLO 21 Ltd. |  |  |  |  |
|  4.718% due 10/20/2034 •  |  | 1100 |  | 1100 |
|  Anchorage Credit Funding 9 Ltd. |  |  |  |  |
|  3.793% due 10/25/2037 |  | 777 |  | 766 |
|  Apex Credit CLO Ltd. |  |  |  |  |
|  5.468% due 04/20/2036 •  |  | 1950 |  | 1953 |
|  Apidos CLO XI |  |  |  |  |
|  4.908% due 04/17/2034 •  |  | 1350 |  | 1352 |
|  ARES European CLO XIV DAC |  |  |  |  |
|  3.063% due 10/21/2034 •  |  | 374 |  | 433 |
|  ARES LXII CLO Ltd. |  |  |  |  |
|  4.738% due 01/25/2034 •  | $— | 2200 |  | 2201 |
|  ARES LXV CLO Ltd. |  |  |  |  |
|  4.788% due 07/25/2034 •  |  | 1000 |  | 1000 |
|  ARES XLIV CLO Ltd. |  |  |  |  |
|  4.802% due 04/15/2034 •  |  | 2400 |  | 2403 |
|  ARES XXVII CLO Ltd. |  |  |  |  |
|  4.821% due 10/28/2034 •  |  | 1600 |  | 1602 |
|  Atlantic Avenue Ltd. |  |  |  |  |
|  4.928% due 01/20/2035 •  |  | 1550 |  | 1551 |
|  Atlas Senior Loan Fund XVI Ltd. |  |  |  |  |
|  4.768% due 01/20/2034 •  |  | 1400 |  | 1401 |
|  Atlas Senior Loan Fund XVII Ltd. |  |  |  |  |
|  4.728% due 10/20/2034 •  |  | 1000 |  | 1000 |
|  Atlas Senior Loan Fund XVIII Ltd. |  |  |  |  |
|  4.778% due 01/18/2035 •  |  | 1200 |  | 1199 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  4.661% due 04/23/2035 •  |  | 2100 |  | 2101 |
|  4.700% due 10/21/2034 •  |  | 1000 |  | 1000 |
|  4.728% due 07/24/2034 •  |  | 1000 |  | 1001 |
|  4.760% due 10/21/2034 •  |  | 1000 |  | 1001 |
|  4.819% due 04/22/2035 •  |  | 2000 |  | 2000 |
|  4.821% due 10/23/2034 •  |  | 1000 |  | 1001 |
|  4.830% due 07/17/2035 •  |  | 1200 |  | 1200 |
|  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. |
|  4.818% due 04/20/2035 •  |  | 1300 |  | 1300 |
|  BlueMountain CLO XXXIV Ltd. |  |  |  |  |
|  4.818% due 04/20/2035 •  |  | 2100 |  | 2101 |
|  Boyce Park CLO Ltd. |  |  |  |  |
|  4.668% due 04/21/2035 •  |  | 4600 |  | 4601 |
|  Canyon Capital CLO Ltd. |  |  |  |  |
|  4.682% due 10/15/2034 •  |  | 1000 |  | 999 |
|  Canyon CLO Ltd. | Canyon CLO Ltd. | Canyon CLO Ltd. | Canyon CLO Ltd. | Canyon CLO Ltd. |
|  4.752% due 07/15/2034 •  |  | 1000 |  | 1001 |
|  4.772% due 10/15/2034 •  |  | 800 |  | 800 |
|  Capital Four U.S. CLO I Ltd. |  |  |  |  |
|  4.805% due 01/18/2035 •  |  | 2900 |  | 2896 |
|  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. |
|  4.758% due 07/20/2034 •  |  | 3600 |  | 3602 |
|  Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. |
|  4.748% due 01/25/2035 •  |  | 600 |  | 599 |
|  4.778% due 10/20/2034 •  |  | 500 |  | 500 |
|  CarVal CLO III Ltd. |  |  |  |  |
|  4.658% due 07/20/2032 •  |  | 844 |  | 844 |
|  Cedar Funding VI CLO Ltd. |  |  |  |  |
|  4.758% due 04/20/2034 •  |  | 1400 |  | 1401 |
|  CQS U.S. CLO Ltd. |  |  |  |  |
|  4.868% due 01/20/2035 •  |  | 1000 |  | 1000 |
|  Crown Point CLO 7 Ltd. |  |  |  |  |
|  4.898% due 10/20/2031 •  |  | 651 |  | 651 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Diamond Infrastructure Funding LLC | Diamond Infrastructure Funding LLC | Diamond Infrastructure Funding LLC | Diamond Infrastructure Funding LLC | Diamond Infrastructure Funding LLC |
|  1.760% due 04/15/2049 | $— | 1000 | $— | 978 |
|  Dryden 86 CLO Ltd. |  |  |  |  |
|  4.798% due 07/17/2034 •  |  | 500 |  | 501 |
|  Dryden 95 CLO Ltd. |  |  |  |  |
|  4.696% due 08/20/2034 •  |  | 1900 |  | 1900 |
|  Elevation CLO Ltd. |  |  |  |  |
|  4.798% due 07/25/2034 •  |  | 1000 |  | 1001 |
|  Elmwood CLO 15 Ltd. |  |  |  |  |
|  4.819% due 04/22/2035 •  |  | 600 |  | 600 |
|  Flatiron CLO 19 Ltd. |  |  |  |  |
|  4.833% due 11/16/2034 •  |  | 604 |  | 604 |
|  Fortress Credit BSL VII Ltd. |  |  |  |  |
|  4.761% due 07/23/2032 •  |  | 198 |  | 199 |
|  Fortress Credit BSL X Ltd. |  |  |  |  |
|  4.768% due 04/20/2033 •  |  | 569 |  | 569 |
|  Galaxy XXII CLO Ltd. |  |  |  |  |
|  4.683% due 04/16/2034 •  |  | 700 |  | 700 |
|  Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. |
|  4.778% due 04/20/2035 •  |  | 1700 |  | 1701 |
|  Greywolf CLO IV Ltd. |  |  |  |  |
|  4.908% due 04/17/2034 •  |  | 1200 |  | 1202 |
|  Grosvenor Place CLO DAC |  |  |  |  |
|  3.256% due 01/15/2039 •  |  | 1900 |  | 2197 |
|  Guggenheim CLO Ltd. |  |  |  |  |
|  4.822% due 01/15/2035 •  | $— | 1500 |  | 1501 |
|  Hayfin Emerald CLO V DAC |  |  |  |  |
|  3.194% due 11/17/2037 •  |  | 2100 |  | 2428 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  4.661% due 01/16/2033 •  | $— | 326 |  | 327 |
|  4.818% due 10/20/2034 •  |  | 1200 |  | 1201 |
|  Indigo Credit Management II DAC | Indigo Credit Management II DAC | Indigo Credit Management II DAC | Indigo Credit Management II DAC | Indigo Credit Management II DAC |
|  3.216% due 07/15/2038 •  |  | 2200 |  | 2542 |
|  Invesco CLO Ltd. |  |  |  |  |
|  4.818% due 07/20/2035 •  | $— | 1500 |  | 1501 |
|  Jamestown CLO XVI Ltd. |  |  |  |  |
|  4.788% due 07/25/2034 •  |  | 1100 |  | 1101 |
|  KKR CLO 16 Ltd. |  |  |  |  |
|  4.808% due 10/20/2034 •  |  | 5700 |  | 5706 |
|  KKR CLO 27 Ltd. |  |  |  |  |
|  4.782% due 01/15/2035 •  |  | 1100 |  | 1100 |
|  KKR CLO 33 Ltd. |  |  |  |  |
|  4.748% due 07/20/2034 •  |  | 600 |  | 601 |
|  KKR CLO 36 Ltd. |  |  |  |  |
|  4.822% due 10/15/2034 •  |  | 2020 |  | 2022 |
|  KKR CLO 42 Ltd. |  |  |  |  |
|  4.818% due 07/20/2034 •  |  | 1800 |  | 1802 |
|  LCM 34 Ltd. |  |  |  |  |
|  4.848% due 10/20/2034 •  |  | 250 |  | 250 |
|  LCM 35 Ltd. |  |  |  |  |
|  4.752% due 10/15/2034 •  |  | 1000 |  | 998 |
|  LCM 36 Ltd. |  |  |  |  |
|  4.742% due 01/15/2034 •  |  | 1000 |  | 1000 |
|  LCM 39 Ltd. |  |  |  |  |
|  4.703% due 10/15/2034 •  |  | 1000 |  | 1000 |
|  Madison Park Funding XLIX Ltd. |  |  |  |  |
|  4.718% due 10/19/2034 •  |  | 1200 |  | 1201 |
|  Madison Park Funding XLVI Ltd. |  |  |  |  |
|  4.672% due 10/15/2034 •  |  | 2100 |  | 2099 |
|  Marble Point CLO XXII Ltd. |  |  |  |  |
|  4.888% due 07/25/2034 •  |  | 1600 |  | 1599 |
|  Marble Point CLO XXIV Ltd. |  |  |  |  |
|  4.753% due 04/20/2035 •  |  | 3700 |  | 3701 |
|  Mountain View CLO LLC |  |  |  |  |
|  4.547% due 04/14/2033 •  |  | 1000 |  | 999 |
|  Mountain View CLO XIV Ltd. |  |  |  |  |
|  6.813% due 10/15/2034 •  |  | 1100 |  | 1101 |
|  Navesink CLO 2 Ltd. |  |  |  |  |
|  4.862% due 01/15/2036 •  |  | 1900 |  | 1900 |
|  Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. | Neuberger Berman Loan Advisers CLO 43 Ltd. |
|  4.718% due 07/17/2036 •  |  | 1000 |  | 1001 |

---

---

| | | |
|:---|:---|:---|
| **156** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. | Neuberger Berman Loan Advisers CLO 45 Ltd. |
|  4.727% due 10/14/2036 •  | $— | 1100 | $— | 1101 |
|  Northwoods Capital 25 Ltd. |  |  |  |  |
|  4.788% due 07/20/2034 •  |  | 1500 |  | 1501 |
|  Ocean Trails CLO XI |  |  |  |  |
|  4.698% due 07/20/2034 •  |  | 1300 |  | 1300 |
|  Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. |
|  4.708% due 01/20/2035 •  |  | 1700 |  | 1701 |
|  OFSI BSL X Ltd. |  |  |  |  |
|  4.938% due 04/20/2034 •  |  | 1000 |  | 1001 |
|  Oportun Funding Trust |  |  |  |  |
|  4.960% due 08/16/2032 |  | 64 |  | 64 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  4.961% due 10/15/2032 |  | 302 |  | 302 |
|  5.156% due 07/15/2032 |  | 336 |  | 337 |
|  Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. |
|  4.480% due 08/08/2032 •  |  | 2900 |  | 2899 |
|  4.480% due 10/15/2032 •  |  | 1000 |  | 1000 |
|  4.489% due 01/15/2033 •  |  | 3400 |  | 3396 |
|  Post CLO Ltd. | Post CLO Ltd. | Post CLO Ltd. | Post CLO Ltd. | Post CLO Ltd. |
|  4.752% due 10/15/2034 •  |  | 2000 |  | 2002 |
|  4.762% due 04/20/2035 •  |  | 2900 |  | 2901 |
|  PPM CLO 3 Ltd. |  |  |  |  |
|  4.788% due 07/17/2034 •  |  | 1700 |  | 1702 |
|  PPM CLO 5 Ltd. |  |  |  |  |
|  4.848% due 10/18/2034 •  |  | 1600 |  | 1602 |
|  Riserva CLO Ltd. |  |  |  |  |
|  4.718% due 01/18/2034 •  |  | 2000 |  | 2001 |
|  Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. |
|  4.798% due 07/20/2034 •  |  | 500 |  | 501 |
|  4.868% due 07/20/2035 •  |  | 1300 |  | 1301 |
|  Romark CLO - IV Ltd. |  |  |  |  |
|  4.790% due 07/10/2034 •  |  | 1300 |  | 1301 |
|  Romark CLO V Ltd. |  |  |  |  |
|  4.862% due 01/15/2035 •  |  | 1600 |  | 1599 |
|  Shackleton CLO Ltd. |  |  |  |  |
|  4.868% due 07/20/2034 •  |  | 1200 |  | 1202 |
|  Silver Rock CLO II Ltd. |  |  |  |  |
|  4.708% due 01/20/2035 •  |  | 1000 |  | 1000 |
|  Symphony CLO 52 Ltd. |  |  |  |  |
|  4.815% due 01/20/2036 •  |  | 2800 |  | 2800 |
|  Symphony CLO XXIV Ltd. |  |  |  |  |
|  4.801% due 10/23/2035 •  |  | 900 |  | 899 |
|  Symphony CLO XXIX Ltd. |  |  |  |  |
|  4.822% due 10/15/2035 •  |  | 1400 |  | 1398 |
|  Symphony CLO XXV Ltd. |  |  |  |  |
|  4.718% due 04/19/2034 •  |  | 1900 |  | 1901 |
|  Symphony CLO XXXII Ltd. |  |  |  |  |
|  4.821% due 10/23/2035 |  | 1700 |  | 1700 |
|  Tesla Sustainable Energy Trust |  |  |  |  |
|  5.080% due 06/21/2050 |  | 361 |  | 361 |
|  Thayer Park CLO Ltd. |  |  |  |  |
|  4.668% due 04/20/2034 •  |  | 800 |  | 800 |
|  THL Credit Wind River CLO Ltd. |  |  |  |  |
|  4.872% due 04/15/2035 •  |  | 2600 |  | 2603 |
|  Tikehau CLO IX DAC |  |  |  |  |
|  3.246% due 01/20/2037 •  |  | 2000 |  | 2311 |
|  Tralee CLO V Ltd. |  |  |  |  |
|  4.748% due 10/20/2034 •  | $— | 1000 |  | 998 |
|  Trimaran CAVU Ltd. |  |  |  |  |
|  4.667% due 10/25/2034 •  |  | 2700 |  | 2699 |
|  Trinitas CLO VI Ltd. |  |  |  |  |
|  4.778% due 01/25/2034 •  |  | 1500 |  | 1501 |
|  Trinitas CLO VII Ltd. |  |  |  |  |
|  4.728% due 01/25/2035 •  |  | 1000 |  | 1000 |
|  Trinitas CLO XIX Ltd. |  |  |  |  |
|  4.778% due 10/20/2033 •  |  | 869 |  | 869 |
|  Trinitas CLO XVII Ltd. |  |  |  |  |
|  4.818% due 10/20/2034 •  |  | 2200 |  | 2203 |
|  Trinitas CLO XX Ltd. |  |  |  |  |
|  4.708% due 07/20/2035 •  |  | 1000 |  | 1000 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Trysail CLO Ltd. |  |  |
|  4.907% due 10/20/2033 •  | 2000 | 2003 |
|  Unity-Peace Park CLO Ltd. <br>|  |  |
|  4.723% due 04/20/2035 •  | 4700 | 4701 |
|  Venture 44 CLO Ltd. <br>|  |  |
|  4.808% due 10/20/2034 •  | 1000 | 1001 |
|  Vibrant CLO XII Ltd. <br>|  |  |
|  4.818% due 04/20/2034 •  | 1400 | 1402 |
|  Voya CLO Ltd. <br>|  |  |
|  4.728% due 04/20/2034 •  | 2500 | 2502 |
|  Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. |
|  4.822% due 07/15/2034 •  | 1000 | 1001 |
|  4.848% due 04/20/2034 •  | 800 | 801 |
|  Whetstone Park CLO Ltd. <br>|  |  |
|  4.738% due 01/20/2035 •  | 2700 | 2699 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  4.732% due 10/15/2034 •  | 995 | 995 |
|  4.778% due 07/20/2034 •  | 1600 | 1601 |
|  |  | 182058 |
|  Total Asset-Backed Securities<br>(Cost $200,986) | Total Asset-Backed Securities<br>(Cost $200,986) | 201804 |
| SOVEREIGN ISSUES 2.4% | SOVEREIGN ISSUES 2.4% | SOVEREIGN ISSUES 2.4% |
|  Bank Gospodarstwa Krajowego  | Bank Gospodarstwa Krajowego  | Bank Gospodarstwa Krajowego  |
|  5.750% due 07/09/2034 | 1500 | 1550 |
|  Canada Government Bonds <br>|  |  |
|  3.000% due 06/01/2034 | 2500 | 1752 |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.750% due 05/05/2026 | 300 | 300 |
|  5.875% due 04/30/2029 | 3000 | 3131 |
|  Chile Government International Bonds <br>|  |  |
|  3.750% due 01/14/2032 | 3000 | 3445 |
|  CPPIB Capital, Inc. <br>|  |  |
|  4.750% due 01/15/2031 | 1800 | 1222 |
|  Indonesia Government International Bonds <br>|  |  |
|  4.100% due 03/04/2034 | 7000 | 7801 |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  4.500% due 01/13/2031 | 2000 | 1960 |
|  5.375% due 03/12/2029 | 3200 | 3251 |
|  5.375% due 02/19/2030 | 7700 | 7823 |
|  5.625% due 02/19/2035 | 600 | 611 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  4.490% due 05/25/2032 | 500 | 576 |
|  5.625% due 02/09/2034 | 5200 | 5092 |
|  5.850% due 07/02/2032 | 2200 | 2211 |
|  6.000% due 05/13/2030 | 2600 | 2689 |
|  6.000% due 05/07/2036 | 1400 | 1394 |
|  6.400% due 05/07/2054 | 1200 | 1127 |
|  6.625% due 01/29/2038 | 2100 | 2145 |
|  Mexico Udibonos <br>|  |  |
|  4.000% due 08/24/2034 (e) | 9 | 1 |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
|  2.000% due 03/08/2033 | 6100 | 3415 |
|  3.500% due 11/20/2037 | 7400 | 4129 |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  5.227% due 02/23/2034 | 2700 | 2606 |
|  5.662% due 02/23/2038 | 3300 | 3174 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.375% due 02/08/2035 | 1800 | 1799 |
|  6.900% due 08/12/2037 | 2500 | 714 |
|  Province of British Columbia  | Province of British Columbia  | Province of British Columbia  |
|  4.750% due 06/12/2034 | 500 | 509 |
|  Republic of Poland Government International Bonds  | Republic of Poland Government International Bonds  | Republic of Poland Government International Bonds  |
|  5.125% due 09/18/2034 | 2300 | 2315 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  4.125% due 01/12/2029 | 2800 | 2764 |
|  5.125% due 01/13/2028 | 1100 | 1112 |
|  South Australian Government Financing Authority  | South Australian Government Financing Authority  | South Australian Government Financing Authority  |
|  4.750% due 05/24/2035 | 2000 | 1302 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Treasury Corp. of Victoria  | Treasury Corp. of Victoria  | Treasury Corp. of Victoria  |
|  2.000% due 11/20/2037 | 10200 | 4758 |
|  Total Sovereign Issues<br>(Cost $76,650) | Total Sovereign Issues<br>(Cost $76,650) | 76678 |
|  | **SHARES** |  |
| PREFERRED SECURITIES 1.2% | PREFERRED SECURITIES 1.2% | PREFERRED SECURITIES 1.2% |
| BANKING & FINANCE 1.2% | BANKING & FINANCE 1.2% | BANKING & FINANCE 1.2% |
|  Bank of America Corp. <br>|  |  |
|  6.625% due 05/01/2030 •(f) | 6300000 | 6460 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  6.750% due 02/15/2030 •(f) | 1500000 | 1500 |
|  6.875% due 12/31/2099 | 800000 | 806 |
|  6.950% due 02/15/2030 •(f) | 5400000 | 5445 |
|  7.000% due 08/15/2034 •(f) | 900000 | 926 |
|  7.125% due 08/15/2029 •(f) | 3200000 | 3234 |
|  CoBank ACB | CoBank ACB | CoBank ACB |
|  7.125% due 01/01/2030 •(f) | 3900000 | 4019 |
|  7.250% due 07/01/2029 •(f) | 1800000 | 1841 |
|  Farm Credit Bank of Texas  | Farm Credit Bank of Texas  | Farm Credit Bank of Texas  |
|  7.000% due 09/15/2030 •(f) | 6200000 | 6373 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  6.125% due 11/10/2034 •(f)(j) | 700000 | 694 |
|  7.500% due 05/10/2029 •(f) | 2300000 | 2396 |
|  JPMorgan Chase & Co. <br>|  |  |
|  6.500% due 04/01/2030 •(f) | 4100000 | 4210 |
|  Total Preferred Securities<br>(Cost $37,100) | Total Preferred Securities<br>(Cost $37,100) | 37904 |
| 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% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.720% (h) | 303092 | 303 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |
|  3.614% due 04/07/2026 (c)(d) | 5 | 5 |
| Total Short-Term Instruments<br>(Cost $308) | Total Short-Term Instruments<br>(Cost $308) | 308 |
| Total Investments in Securities<br>(Cost $3,775,065) | Total Investments in Securities<br>(Cost $3,775,065) | 3767502 |
|  | **SHARES** |  |
| INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 47723 | 465 |
| Total Short-Term Instruments<br>(Cost $465) | Total Short-Term Instruments<br>(Cost $465) | 465 |
| Total Investments in Affiliates<br>(Cost $465) | Total Investments in Affiliates<br>(Cost $465) | 465 |
| Total Investments 118.4%<br>(Cost $3,775,530) | Total Investments 118.4%<br>(Cost $3,775,530) | 3767967 |
|  Financial Derivative<br>Instruments (k)(m) 0.2%<br> (Cost or Premiums, net $30,355) | Financial Derivative<br>Instruments (k)(m) 0.2%<br> (Cost or Premiums, net $30,355) | 6408 |
| Other Assets and Liabilities, net (18.6)% | Other Assets and Liabilities, net (18.6)% | (592062) |
| Net Assets 100.0% | Net Assets 100.0% | 3182313 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **157** |

---

------

Schedule of Investments PIMCO Sector Fund Series - I (Cont.)

#### 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) Zero coupon security.

(d) Coupon represents a yield to maturity.

(e) Principal amount of security is adjusted for inflation.

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

(g) Contingent convertible security.

(h) Coupon represents a 7-Day Yield.

&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 |
|  AT&T, Inc. | 4.500% | 03/12/2036 | 03/05/2026 | $3650 | $3544 | 0.11% |
|  Constellation Pharmaceutical, Inc. | 5.550 | 07/01/2033 | 01/16/2025 | 3361 | 3444 | 0.11 |
|  Deloitte LLP | 5.590 | 01/30/2035 | 10/30/2024 | 2800 | 2788 | 0.09 |
|  National Football League | 5.480 | 10/05/2028 | 03/14/2024 | 4000 | 4041 | 0.12 |
|  VB DPR Finance Co. | 6.833 | 03/15/2035 | 01/31/2025 | 6300 | 6368 | 0.20 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20111 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20185 | 0.63% |

---

#### 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 | 3.450% | 04/01/2026 | 04/02/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42301) | $(42301) |
|  | 3.540 | 03/31/2026 | 04/01/2026 | (42194) | (42194) |
|  BOS | 3.250 | 03/27/2026 | 06/12/2026 | (631) | (631) |
|  | 3.500 | 03/25/2026 | 06/12/2026 | (4584) | (4587) |
|  | 3.500 | 03/27/2026 | 06/12/2026 | (1995) | (1996) |
|  | 3.750 | 03/30/2026 | 04/06/2026 | (22344) | (22349) |
|  | 3.770 | 03/31/2026 | 04/07/2026 | (3412) | (3412) |
|  BRC | 2.500 | 01/26/2026 | TBD<sup>(2)</sup> | (1966) | (1975) |
|  | 3.000 | 02/04/2026 | TBD<sup>(2)</sup> | (4838) | (4861) |
|  | 3.200 | 03/20/2026 | 05/01/2026 | (6897) | (6904) |
|  | 3.650 | 12/12/2025 | TBD<sup>(2)</sup> | (5059) | (5115) |
|  BSN | 3.770 | 03/06/2026 | 04/06/2026 | (27439) | (27513) |
|  MSC | 3.500 | 03/20/2026 | 05/01/2026 | (971) | (972) |
|  | 3.790 | 03/24/2026 | 04/07/2026 | (3530) | (3534) |
|  | 3.830 | 03/31/2026 | 04/01/2026 | (3754) | (3754) |
|  MYI | 1.400 | 04/01/2026 | TBD<sup>(2)</sup> | (645) | (645) |
|  | 2.750 | 12/12/2025 | 12/11/2027 | (669) | (675) |
|  | 3.490 | 03/30/2026 | 04/10/2026 | (1554) | (1554) |
|  STR | 3.730 | 04/01/2026 | 04/02/2026 | (55579) | (55579) |
|  | 3.760 | 03/31/2026 | 04/01/2026 | (51981) | (51981) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(282532) |

---

158 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

#### 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> |
|  BCY | 3.740% | 04/01/2026 | 04/08/2026 | $(7227) | $(7227) |
|  TDM | 3.770 | 03/10/2026 | 04/14/2026 | (10737) | (10762) |
|  | 3.770 | 03/23/2026 | 04/13/2026 | (2488) | (2490) |
|  | 3.780 | 03/11/2026 | 04/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18148) | (18188) |
|  | 3.780 | 03/18/2026 | 04/08/2026 | (4064) | (4070) |
|  | 3.780 | 03/30/2026 | 04/06/2026 | (6038) | (6039) |
|  | 3.790 | 03/25/2026 | 04/08/2026 | (3647) | (3650) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52426) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 |  |  |  |  |  |  |
|  BOO | $0 | $(84495) | $0 | $(84495) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84337 | $(158) |
|  BOS | 0 | (32975) | 0 | (32975) | 33299 | 324 |
|  BRC | 0 | (18855) | 0 | (18855) | 20791 | 1936 |
|  BSN | 0 | (27513) | 0 | (27513) | 27547 | 34 |
|  MSC | 0 | (8260) | 0 | (8260) | 8255 | (5) |
|  MYI | 0 | (2874) | 0 | (2874) | 2597 | (277) |
|  STR | 0 | (107560) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107560) | 52740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54820) |
|  Master Securities Forward Transaction Agreement |  |  |  |  |  |  |
|  BCY | 0 | 0 | (7227) | (7227) | 7169 | (58) |
|  TDM | 0 | 0 | (45199) | (45199) | 45113 | (86) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(282532) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52426) |  |  |  |

---

#### 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 |  |  |  |
|  Corporate Bonds & Notes | $0 | $0 | $(6904) | $(6836) | $(13740) |
|  Preferred Securities | (3754) | (5088) | (972) | (675) | (10489) |
|  U.S. Treasury Obligations | (94175) | (53274) | (7214) | (5115) | (159778) |
|  Total | $(97929) | $(58362) | $(15090) | $(12626) | $(184007) |
|  Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions |  |  |  |
|  U.S. Treasury Obligations | 0 | (52426) | 0 | 0 | (52426) |
|  Total | $0 | $(52426) | $0 | $0 | $(52426) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97929) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110788) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15090) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12626) | $(236433) |
|  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> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(236433) |

---

(j) Securities with an aggregate market value of $281,514 and cash of $335 have been pledged as collateral under the terms of the above master agreements as of March 31, 2026.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended March 31, 2026 was $(401994) at a weighted average interest rate of 4.270%. 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 $(72) of deferred price drop. 

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

<sup>(5)</sup> Unsettled reverse repurchase agreements liability of $(98525) is outstanding at period end. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **159** |

---

------

Schedule of Investments PIMCO Sector Fund Series - I (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;(k) 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 | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | **Notional**<br> **Amount** | Premiums<br>(Received) | Market<br>Value |
|  Put - Eurex Euro-Bund 10-Year Bond April Futures | EUR | 125.500 | 04/24/2026 | 19 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | $(7) | $(20) |
|  Call - Eurex Euro- Bund 10-Year Bond April Futures |  | 128.000 | 04/24/2026 | 19 | 19 | (7) | (3) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) |

---

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | **Notional**<br> **Amount** | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | $110.000 | 04/24/2026 | 40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | $(14) | $(15) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 113.000 | 04/24/2026 | 40 | 40 | (9) | (5) |
|  |  |  |  |  | $(23) | $(20) |
|  Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) |

---

#### 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-Bobl June Futures  | 06/2026 | 14 | $1868 | $(29) | $8 | $0 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2026 | 990 | 205371 | (809) | 77 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 2582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279320 | (2209) | 363 | 0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 413 | 45862 | (347) | 97 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 146 | 16573 | (370) | 43 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 340 | 39631 | (1314) | 75 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5078) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663 | $&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 |
|  Australia Government 10-Year Bond June Futures  | 06/2026 | 205 | $(15241) | $66 | $0 | $(143) |
|  Euro-Bund June Futures  | 06/2026 | 127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18406) | 492 | 0 | (134) |
|  Euro-Schatz June Futures  | 06/2026 | 40 | (4889) | 43 | 0 | (6) |
|  |  |  |  | $601 | $0 | $(283) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4477) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(283) |

---

#### 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>March 31, 2026<sup>(3)</sup> | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2026<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 | 12/20/2028 | 0.658% | $1300 | $161 | $(13) | $148 | $0 | $0 |
|  AES Corp. | 5.000 | Quarterly | 06/20/2030 | 0.965 | 4200 | 722 | (60) | 662 | 6 | 0 |
|  American International Group, Inc. | 1.000 | Quarterly | 12/20/2027 | 0.271 | 200 | (1) | 4 | 3 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 12/20/2027 | 0.368 | 6600 | 74 | (2) | 72 | 1 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.395 | 2800 | (7) | 44 | 37 | 1 | 0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2026 | 0.317 | 1200 | 14 | (8) | 6 | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2031 | 0.773 | 1300 | 20 | (6) | 14 | 1 | 0 |
|  Ford Motor Co. | 5.000 | Quarterly | 12/20/2028 | 1.166 | 2000 | 223 | (23) | 200 | 1 | 0 |
|  General Motors Co. | 5.000 | Quarterly | 06/20/2028 | 0.565 | 2100 | 299 | (96) | 203 | 2 | 0 |
|  Goldman Sachs Group, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.312 | 6900 | 43 | (30) | 13 | 0 | 0 |
|  Morgan Stanley | 1.000 | Quarterly | 06/20/2026 | 0.303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11300 | 62 | (41) | 21 | 1 | 0 |
|  Occidental Petroleum Corp. | 1.000 | Quarterly | 12/20/2030 | 0.726 | 4100 | 52 | (2) | 50 | 0 | (2) |
|  Oracle Corp. | 1.000 | Quarterly | 06/20/2030 | 1.622 | 2600 | 58 | (118) | (60) | 5 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(351) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

160 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

#### 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-44 5-Year Index | 1.000% | Quarterly | 06/20/2030 | $6800 | $80 | $44 | $124 | $12 | $0 |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 753400 | 16522 | (2919) | 13603 | 1475 | 0 |
|  CDX.IG-46 5-Year Index | 1.000 | Quarterly | 06/20/2031 | 479600 | 8115 | 323 | 8438 | 1039 | 0 |
|  CDX.iTraxx Crossover 44 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 11950 | 304 | (97) | 207 | 15 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25021 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2649) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22372 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2541 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | Notional<br>Amount | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750% | Annual | 12/18/2029 | $43800 | $(815) | $552 | $(263) | $0 | $(41) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 3500 | (7) | (27) | (34) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 66450 | 982 | 343 | 1325 | 0 | (65) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 54616 | (54) | (105) | (159) | 0 | (64) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 64220 | (287) | 549 | 262 | 0 | (62) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 2100 | (7) | (3) | (10) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 2200 | (8) | (6) | (14) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 2500 | (7) | (23) | (30) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 4300 | (13) | (24) | (37) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 2200 | (6) | (5) | (11) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.748 | Annual | 03/03/2036 | 4300 | (9) | 50 | 41 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.775 | Annual | 03/03/2036 | 4200 | (9) | 39 | 30 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 9900 | 404 | 716 | 1120 | 35 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/17/2056 | 19000 | 376 | 69 | 445 | 74 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 09/16/2031 | 1800 | 2 | (44) | (42) | 9 | 0 |
|  Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 | 2300 | 5 | 4 | 9 | 0 | (4) |
|  |  |  |  |  |  | $547 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085 | $2632 | $118 | $(259) |
|  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;27288 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(915) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26373 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2677 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(261) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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;788 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2677 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3465 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(283) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(261) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(587) |

---

(l) Securities with an aggregate market value of $51,055 and cash of $9,674 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2026. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> Future styled option variation margin of $18 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 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 $125 for closed futures is outstanding at period end. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **161** |

---

------

Schedule of Investments PIMCO Sector Fund Series - I (Cont.)

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 04/2026 | 18733 | $13675 | $209 | $0 |
|  | 05/2026 | 23612 | 16173 | 0 | (112) |
|  BOA | 04/2026 | 1698 | 1978 | 15 | 0 |
|  | 04/2026 | 138406 | 1474 | 12 | 0 |
|  | 04/2026 | $55036 | 47887 | 314 | 0 |
|  | 04/2026 | 1474 | 138653 | 1 | 0 |
|  | 05/2026 | 47887 | $55122 | 0 | (313) |
|  BRC | 04/2026 | 28 | 20 | 0 | 0 |
|  | 04/2026 | 6357 | 7291 | 0 | (57) |
|  | 05/2026 | $20 | 28 | 0 | 0 |
|  BSH | 04/2026 | 625782 | $3920 | 0 | (23) |
|  | 04/2026 | $3237 | 2432 | 0 | (19) |
|  | 05/2026 | 2432 | $3237 | 18 | 0 |
|  | 05/2026 | $3920 | 623896 | 23 | 0 |
|  CBK | 04/2026 | 1229 | $871 | 23 | 0 |
|  | 04/2026 | 39832 | 46937 | 897 | 0 |
|  | 04/2026 | 1120786 | 11986 | 150 | 0 |
|  | 04/2026 | $29695 | 2736847 | 26 | (727) |
|  | 05/2026 | 0 | 13 | 0 | 0 |
|  | 06/2026 | 1301 | $371 | 0 | (1) |
|  CIB | 04/2026 | 3767 | 2778 | 70 | 0 |
|  FAR | 04/2026 | 4417 | 3130 | 83 | 0 |
|  | 04/2026 | 2432 | 3287 | 68 | 0 |
|  | 04/2026 | 779156 | 4882 | 0 | (28) |
|  | 04/2026 | 94 | 55 | 1 | 0 |
|  | 04/2026 | $3888 | 607443 | 0 | (60) |
|  | 04/2026 | 56 | 94 | 0 | (2) |
|  | 05/2026 | 23575 | $3426 | 0 | (5) |
|  | 05/2026 | $4882 | 776802 | 27 | 0 |
|  | 05/2026 | 55 | 94 | 0 | (1) |
|  JPM | 04/2026 | 5700 | $4017 | 85 | 0 |
|  | 04/2026 | 48576 | 7070 | 17 | 0 |
|  | 04/2026 | 250949 | 2669 | 19 | 0 |
|  | 04/2026 | $3599 | 24901 | 17 | 0 |
|  | 04/2026 | 2669 | 251379 | 6 | 0 |
|  | 04/2026 | 9129 | 163467 | 0 | (19) |
|  | 05/2026 | 24840 | $3599 | 0 | (17) |
|  | 05/2026 | $43 | 6865 | 0 | 0 |
|  MBC | 04/2026 | 1026 | $11 | 0 | 0 |
|  | 04/2026 | 347235 | 2172 | 0 | (16) |
|  | 04/2026 | $11 | 1021 | 0 | 0 |
|  | 04/2026 | 4314 | 670827 | 0 | (87) |
|  | 05/2026 | 2172 | 346187 | 15 | 0 |
|  MYI | 04/2026 | 296617 | $3124 | 0 | (9) |
|  | 04/2026 | $3124 | 298023 | 47 | 0 |
|  SCX | 04/2026 | 16271 | 22527 | 0 | (77) |
|  | 04/2026 | 2114 | 191534 | 0 | (91) |
|  | 04/2026 | 3062 | 477730 | 0 | (52) |
|  | 05/2026 | 22496 | $16271 | 76 | 0 |
|  SSB | 04/2026 | 12266 | 8729 | 266 | 0 |
|  | 04/2026 | $20 | 3089 | 0 | 0 |
|  UAG | 04/2026 | 47 | 813 | 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;2485 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1718) |

---

#### 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 USD versus KRW | KRW | 1400.000 | 07/09/2026 | 5079 | $52 | $15 |
|  | Put - OTC USD versus KRW |  | 1400.000 | 07/13/2026 | 8692 | 59 | 28 |
| MBC | Put - OTC USD versus KRW |  | 1400.000 | 07/10/2026 | 5276 | 42 | 16 |
|  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;153 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |

---

162 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

#### 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 |
|  BOA | Put - OTC iTraxx Europe 44 5-Year | Sell | 1.050% | 05/20/2026 | 4300 | $(7) | $(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 | Put - OTC USD versus KRW | KRW | 1350.000 | 07/09/2026 | 5079 | $(18) | $(4) |
|  | Put - OTC USD versus KRW |  | 1350.000 | 07/13/2026 | 8692 | (19) | (8) |
| MBC | Put - OTC USD versus KRW |  | 1350.000 | 07/10/2026 | 5276 | (14) | (4) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |

---

#### 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 | 3.620% | 04/20/2026 | 2000 | $(6) | $(3) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.900 | 04/20/2026 | 2000 | (7) | (11) |
| MYC Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.540 | 04/16/2026 | 1500 | (3) | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.920 | 04/16/2026 | 1500 | (3) | (6) |
|  |  |  |  |  |  | $(19) | $(20) |
|  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;(77) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) |

---

#### 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 |
| JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2029 | EUR | 15351 | $3028 | $(283) | $2745 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(283) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2745 | $&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 March 31, 2026:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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> |
|  AZD | $209 | $0 | $0 | $209 | $(112) | $0 | $0 | $(112) | $97 | $0 | $97 |
|  BOA | 342 | 43 | 0 | 385 | (313) | (31) | 0 | (344) | 41 | 0 | 41 |
|  BRC | 0 | 0 | 0 | 0 | (57) | 0 | 0 | (57) | (57) | 0 | (57) |
|  BSH | 41 | 0 | 0 | 41 | (42) | 0 | 0 | (42) | (1) | 0 | (1) |
|  CBK | 1096 | 0 | 0 | 1096 | (728) | 0 | 0 | (728) | 368 | (410) | (42) |
|  CIB | 70 | 0 | 0 | 70 | 0 | 0 | 0 | 0 | 70 | 0 | 70 |
|  FAR | 179 | 0 | 0 | 179 | (96) | 0 | 0 | (96) | 83 | 0 | 83 |
|  JPM | 144 | 0 | 2745 | 2889 | (36) | 0 | 0 | (36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2780) | 73 |
|  MBC | 15 | 16 | 0 | 31 | (103) | (4) | 0 | (107) | (76) | 0 | (76) |
|  MYC | 0 | 0 | 0 | 0 | 0 | (6) | 0 | (6) | (6) | 0 | (6) |
|  MYI | 47 | 0 | 0 | 47 | (9) | 0 | 0 | (9) | 38 | 0 | 38 |
|  SCX | 76 | 0 | 0 | 76 | (220) | 0 | 0 | (220) | (144) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144) |
|  SSB | 266 | 0 | 0 | 266 | 0 | 0 | 0 | 0 | 266 | (280) | (14) |
|  UAG | 0 | 0 | 0 | 0 | (2) | 0 | 0 | (2) | (2) | 0 | (2) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2485 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2745 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5289 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1718) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1759) |  |  |  |

---

<sup>(1)</sup> Notional Amount represents the number of contracts. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **163** |

---

------

Schedule of Investments PIMCO Sector Fund Series - I (Cont.)

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

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for 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 | $788 | $788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2559 | 0 | 0 | 118 | 2677 |
|  | $0 | $2559 | $0 | $0 | $906 | $3465 |
|  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 | $2485 | $0 | $2485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 59 | 0 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2745 | 0 | 0 | 0 | 2745 |
|  | $0 | $2745 | $0 | $2544 | $0 | $5289 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5304 | $0 | $2544 | $906 | $8754 |
|  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 | $43 | $43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 283 | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 0 | 259 | 261 |
|  | $0 | $2 | $0 | $0 | $585 | $587 |
|  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 | $1718 | $0 | $1718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 5 | 0 | 16 | 20 | 41 |
|  | $0 | $5 | $0 | $1734 | $20 | $1759 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2346 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for 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 | $1744 | $1744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 1009 | 1009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 9081 | 0 | 0 | 767 | 9848 |
|  | $0 | $9081 | $0 | $0 | $3520 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12601 |
|  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 | $(7439) | $0 | $(7439) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (109) | 0 | (109) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 41 | 0 | 48 | 1833 | 1922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 817 | 0 | 0 | 0 | 817 |
|  | $0 | $858 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7500) | $1833 | $(4809) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9939 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(7500) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5353 | $7792 |

---

164 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(3) | $(3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (4038) | (4038) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (752) | 0 | 0 | 1214 | 462 |
|  | $0 | $(752) | $0 | $0 | $(2827) | $(3579) |
|  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 | $2789 | $0 | $2789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (94) | 0 | (94) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 2 | 0 | 35 | (30) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (280) | 0 | 0 | 0 | (280) |
|  | $0 | $(278) | $0 | $2730 | $(30) | $2422 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1030) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2730 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2857) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1157) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Level 1 | Level 2 | Level 3 | **Fair<br>Value at**<br> **03/31/2026** |
|  Investments 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 | $8239 | $8239 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 1048843 | 9156 | 1057999 |
| &nbsp;&nbsp; Industrials | 0 | 1006080 | 7485 | 1013565 |
| &nbsp;&nbsp; Utilities | 0 | 351366 | 0 | 351366 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Arizona | 0 | 4746 | 0 | 4746 |
| &nbsp;&nbsp; Louisiana | 0 | 410 | 0 | 410 |
| &nbsp;&nbsp; Texas | 0 | 343 | 0 | 343 |
|  U.S. Government Agencies | 0 | 397839 | 0 | 397839 |
|  U.S. Treasury Obligations | 0 | 582896 | 0 | 582896 |
|  Non-Agency Mortgage-Backed Securities | 0 | 33405 | 0 | 33405 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 5369 | 0 | 5369 |
| &nbsp;&nbsp; CMBS Other | 0 | 13387 | 0 | 13387 |
| &nbsp;&nbsp; Home Equity Other | 0 | 990 | 0 | 990 |
| &nbsp;&nbsp; Other ABS | 0 | 182058 | 0 | 182058 |
|  Sovereign Issues | 0 | 76678 | 0 | 76678 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 37904 | 0 | 37904 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 303 | 0 | 0 | 303 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 5 | 0 | 5 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3742319 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24880 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3767502 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Level 1 | Level 2 | Level 3 | **Fair<br>Value at**<br> **03/31/2026** |
|  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 | $465 | $0 | $0 | $465 |
|  Total Investments | $768 | $3742319 | $24880 | $3767967 |
|  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 | 8 | 3332 | 0 | 3340 |
|  Over the counter | 0 | 5289 | 0 | 5289 |
|  | $8 | $8621 | $0 | $8629 |
|  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 | (306) | (281) | 0 | (587) |
|  Over the counter | 0 | (1759) | 0 | (1759) |
|  | $(306) | $(2040) | $0 | $(2346) |
|  Total Financial Derivative Instruments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(298) | $6581 | $0 | $6283 |
|  Totals | $470 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3748900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24880 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3774250 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **165** |

---

------

Schedule of Investments PIMCO Short-Term Portfolio

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 142.8% | INVESTMENTS IN SECURITIES 142.8% | INVESTMENTS IN SECURITIES 142.8% | INVESTMENTS IN SECURITIES 142.8% | INVESTMENTS IN SECURITIES 142.8% |
| CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% | CORPORATE BONDS & NOTES 0.0% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  Lehman Brothers Holdings, Inc. | Lehman Brothers Holdings, Inc. | Lehman Brothers Holdings, Inc. | Lehman Brothers Holdings, Inc. | Lehman Brothers Holdings, Inc. |
|  1.000% due 09/27/2027 ^(b) | $— | 2000 | $— | 1 |
|  Total Corporate Bonds & Notes (Cost $1,030) |  |  |  | 1 |
| U.S. GOVERNMENT AGENCIES 63.1% | U.S. GOVERNMENT AGENCIES 63.1% | U.S. GOVERNMENT AGENCIES 63.1% | U.S. GOVERNMENT AGENCIES 63.1% | U.S. GOVERNMENT AGENCIES 63.1% |
|  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. |
|  3.000% due 02/01/2048 - 05/01/2052 |  | 2460 |  | 2197 |
|  4.000% due 08/01/2042 - 12/01/2042 |  | 177 |  | 172 |
|  4.121% due 01/01/2030 •  |  | 8 |  | 8 |
|  5.536% due 03/01/2035 •  |  | 5 |  | 5 |
|  5.590% due 09/01/2030 •  |  | 21 |  | 22 |
|  5.645% due 04/01/2030 •  |  | 4 |  | 4 |
|  5.655% due 09/01/2037 •  |  | 173 |  | 173 |
|  5.835% due 02/01/2035 •  |  | 25 |  | 26 |
|  5.856% due 02/01/2037 •  |  | 2 |  | 2 |
|  5.870% due 02/01/2036 •  |  | 1 |  | 1 |
|  5.875% due 12/01/2032 •  |  | 2 |  | 2 |
|  5.935% due 01/01/2036 •  |  | 5 |  | 5 |
|  5.952% due 12/01/2035 •  |  | 6 |  | 6 |
|  5.955% due 12/01/2036 •  |  | 11 |  | 11 |
|  5.975% due 08/01/2033 •  |  | 1 |  | 1 |
|  5.995% due 02/01/2036 •  |  | 2 |  | 2 |
|  6.000% due 05/01/2035 |  | 6 |  | 6 |
|  6.035% due 11/01/2036 •  |  | 1 |  | 1 |
|  6.118% due 11/01/2033 •  |  | 7 |  | 7 |
|  6.119% due 01/01/2037 •  |  | 1 |  | 1 |
|  6.125% due 11/01/2033 •  |  | 23 |  | 23 |
|  6.131% due 01/01/2035 •  |  | 1 |  | 1 |
|  6.154% due 08/01/2035 •  |  | 1 |  | 1 |
|  6.200% due 07/01/2033 •  |  | 3 |  | 3 |
|  6.218% due 03/01/2036 •  |  | 47 |  | 49 |
|  6.250% due 07/01/2033 - 09/01/2035 •  |  | 7 |  | 7 |
|  6.266% due 01/01/2030 •  |  | 18 |  | 18 |
|  6.301% due 09/01/2034 •  |  | 25 |  | 26 |
|  6.310% due 01/01/2034 •  |  | 45 |  | 46 |
|  6.331% due 04/01/2032 •  |  | 25 |  | 25 |
|  6.343% due 03/01/2036 •  |  | 1 |  | 2 |
|  6.386% due 04/01/2036 •  |  | 73 |  | 74 |
|  6.415% due 08/01/2035 •  |  | 70 |  | 72 |
|  6.416% due 12/01/2034 •  |  | 1 |  | 1 |
|  6.439% due 01/01/2036 •  |  | 1 |  | 1 |
|  6.475% due 04/01/2034 •  |  | 18 |  | 18 |
|  6.481% due 08/01/2035 •  |  | 7 |  | 7 |
|  6.493% due 09/01/2035 •  |  | 15 |  | 16 |
|  6.499% due 03/01/2032 •  |  | 10 |  | 10 |
|  6.500% due 04/01/2032 - 09/01/2034 •  |  | 8 |  | 8 |
|  6.521% due 09/01/2035 •  |  | 1 |  | 1 |
|  6.534% due 06/01/2035 •  |  | 2 |  | 2 |
|  6.542% due 07/01/2035 •  |  | 5 |  | 5 |
|  6.665% due 11/01/2034 •  |  | 94 |  | 97 |
|  6.709% due 07/01/2037 •  |  | 40 |  | 41 |
|  6.761% due 05/01/2035 •  |  | 14 |  | 14 |
|  6.797% due 07/01/2035 •  |  | 1 |  | 1 |
|  6.837% due 03/01/2035 •  |  | 8 |  | 9 |
|  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 |
|  4.087% due 03/15/2036 •  |  | 1 |  | 1 |
|  4.137% due 02/15/2029 - 03/15/2029 •  |  | 8 |  | 8 |
|  4.187% due 07/15/2026 - 01/15/2033 •  |  | 18 |  | 18 |
|  4.237% due 09/15/2026 - 08/15/2029 •  |  | 1 |  | 1 |
|  4.287% due 10/15/2026 - 01/15/2032 •  |  | 1 |  | 0 |
|  4.337% due 08/15/2029 - 03/15/2032 •  |  | 10 |  | 10 |
|  4.387% due 06/15/2029 - 12/15/2031 •  |  | 11 |  | 11 |
|  4.500% due 04/15/2032 |  | 64 |  | 64 |
|  5.500% due 10/15/2032 |  | 2 |  | 2 |
|  7.000% due 07/15/2027 |  | 1 |  | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Federal Home Loan Mortgage Corp. 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 |
|  4.053% due 08/25/2031 •  | $— | 82 | $— | 82 |
|  4.056% due 09/25/2031 •  |  | 33 |  | 33 |
|  4.126% due 06/25/2029 •  |  | 35 |  | 34 |
|  4.176% due 05/25/2043 •  |  | 552 |  | 525 |
|  5.059% due 10/25/2044 - 02/25/2045 •  |  | 236 |  | 223 |
|  5.259% due 07/25/2044 •  |  | 782 |  | 763 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.000% due 08/01/2028 - 05/01/2052 |  | 361 |  | 323 |
|  3.500% due 11/01/2044 - 02/01/2050 |  | 1924 |  | 1791 |
|  4.000% due 07/01/2042 - 02/01/2043 |  | 144 |  | 141 |
|  4.060% due 03/01/2030 |  | 404 |  | 403 |
|  4.121% due 08/01/2032 •  |  | 2 |  | 2 |
|  4.342% due 05/01/2036 •  |  | 9 |  | 9 |
|  4.359% due 05/01/2036 •  |  | 8 |  | 8 |
|  4.590% due 05/01/2036 •  |  | 3 |  | 3 |
|  4.766% due 08/01/2026 |  | 360 |  | 360 |
|  5.039% due 06/01/2032 •  |  | 2 |  | 2 |
|  5.064% due 11/01/2027 - 01/01/2038 •  |  | 1 |  | 0 |
|  5.089% due 11/01/2040 •  |  | 1 |  | 1 |
|  5.114% due 07/01/2042 - 07/01/2044 •  |  | 88 |  | 88 |
|  5.164% due 09/01/2041 •  |  | 5 |  | 5 |
|  5.250% due 02/01/2034 •  |  | 26 |  | 26 |
|  5.465% due 03/01/2033 •  |  | 19 |  | 19 |
|  5.480% due 05/01/2032 •  |  | 2 |  | 2 |
|  5.518% due 03/01/2034 •  |  | 156 |  | 158 |
|  5.532% due 09/01/2033 •  |  | 8 |  | 8 |
|  5.552% due 02/01/2035 •  |  | 2 |  | 2 |
|  5.563% due 05/01/2034 •  |  | 2 |  | 2 |
|  5.620% due 02/01/2035 •  |  | 57 |  | 58 |
|  5.623% due 06/01/2035 •  |  | 12 |  | 12 |
|  5.624% due 10/01/2034 - 02/01/2035 •  |  | 34 |  | 35 |
|  5.625% due 11/01/2036 •  |  | 107 |  | 108 |
|  5.639% due 01/01/2035 •  |  | 1 |  | 1 |
|  5.640% due 11/01/2035 •  |  | 10 |  | 10 |
|  5.647% due 11/01/2035 •  |  | 8 |  | 8 |
|  5.650% due 01/01/2034 •  |  | 1 |  | 1 |
|  5.665% due 12/01/2032 •  |  | 2 |  | 2 |
|  5.676% due 02/01/2037 •  |  | 3 |  | 3 |
|  5.690% due 04/01/2033 •  |  | 3 |  | 4 |
|  5.717% due 01/01/2033 •  |  | 1 |  | 1 |
|  5.740% due 01/01/2035 •  |  | 3 |  | 3 |
|  5.741% due 07/01/2034 •  |  | 30 |  | 30 |
|  5.751% due 11/01/2035 •  |  | 2 |  | 2 |
|  5.753% due 03/01/2033 - 07/01/2035 •  |  | 3 |  | 3 |
|  5.754% due 12/01/2034 •  |  | 3 |  | 3 |
|  5.767% due 05/01/2035 •  |  | 24 |  | 25 |
|  5.779% due 07/01/2035 •  |  | 1 |  | 1 |
|  5.780% due 03/01/2034 •  |  | 8 |  | 8 |
|  5.797% due 07/01/2034 - 05/01/2037 •  |  | 154 |  | 158 |
|  5.800% due 01/01/2036 •  |  | 27 |  | 28 |
|  5.835% due 01/01/2033 - 02/01/2035 •  |  | 7 |  | 7 |
|  5.838% due 02/01/2034 •  |  | 6 |  | 6 |
|  5.841% due 09/01/2033 •  |  | 11 |  | 11 |
|  5.851% due 02/01/2034 •  |  | 20 |  | 21 |
|  5.868% due 01/01/2035 •  |  | 10 |  | 10 |
|  5.886% due 09/01/2034 •  |  | 14 |  | 14 |
|  5.895% due 07/01/2033 •  |  | 22 |  | 23 |
|  5.899% due 01/01/2037 •  |  | 1 |  | 1 |
|  5.900% due 05/01/2030 •  |  | 8 |  | 8 |
|  5.914% due 03/01/2035 •  |  | 26 |  | 27 |
|  5.937% due 12/01/2034 •  |  | 18 |  | 19 |
|  5.945% due 04/01/2028 •  |  | 3 |  | 3 |
|  5.975% due 11/01/2034 •  |  | 20 |  | 20 |
|  5.980% due 12/01/2035 •  |  | 128 |  | 132 |
|  5.990% due 01/01/2035 •  |  | 7 |  | 7 |
|  6.000% due 11/01/2026 - 02/01/2036 •  |  | 19 |  | 20 |
|  6.030% due 10/01/2033 •  |  | 1 |  | 1 |
|  6.034% due 03/01/2030 •  |  | 9 |  | 9 |
|  6.038% due 04/01/2033 - 04/01/2037 •  |  | 10 |  | 10 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.040% due 10/01/2032 •  | $— | 5 | $— | 5 |
|  6.042% due 04/01/2040 •  |  | 44 |  | 45 |
|  6.075% due 11/01/2047 •  |  | 100 |  | 104 |
|  6.078% due 10/01/2035 •  |  | 49 |  | 49 |
|  6.081% due 12/01/2036 •  |  | 1 |  | 1 |
|  6.085% due 03/01/2033 •  |  | 7 |  | 7 |
|  6.103% due 11/01/2032 •  |  | 1 |  | 1 |
|  6.105% due 04/01/2033 - 02/01/2035 •  |  | 59 |  | 60 |
|  6.115% due 11/01/2033 •  |  | 25 |  | 25 |
|  6.122% due 12/01/2036 •  |  | 22 |  | 23 |
|  6.125% due 09/01/2033 - 10/01/2034 •  |  | 26 |  | 27 |
|  6.129% due 12/01/2035 •  |  | 2 |  | 2 |
|  6.133% due 12/01/2030 •  |  | 1 |  | 1 |
|  6.137% due 01/01/2036 •  |  | 1 |  | 1 |
|  6.187% due 11/01/2031 •  |  | 3 |  | 3 |
|  6.195% due 04/01/2034 - 07/01/2037 •  |  | 22 |  | 23 |
|  6.200% due 05/01/2033 •  |  | 1 |  | 1 |
|  6.209% due 07/01/2033 •  |  | 1 |  | 1 |
|  6.211% due 11/01/2034 •  |  | 5 |  | 5 |
|  6.223% due 07/01/2035 •  |  | 7 |  | 7 |
|  6.232% due 11/01/2034 •  |  | 2 |  | 2 |
|  6.250% due 01/01/2033 •  |  | 1 |  | 1 |
|  6.252% due 06/01/2035 •  |  | 5 |  | 5 |
|  6.270% due 02/01/2034 •  |  | 7 |  | 7 |
|  6.277% due 11/01/2033 •  |  | 12 |  | 12 |
|  6.292% due 04/01/2034 •  |  | 3 |  | 4 |
|  6.345% due 06/01/2034 •  |  | 38 |  | 40 |
|  6.365% due 09/01/2035 •  |  | 8 |  | 9 |
|  6.375% due 05/01/2032 - 05/01/2033 •  |  | 36 |  | 37 |
|  6.391% due 09/01/2037 •  |  | 114 |  | 116 |
|  6.392% due 11/01/2033 •  |  | 21 |  | 21 |
|  6.395% due 07/01/2029 •  |  | 1 |  | 1 |
|  6.410% due 06/01/2037 •  |  | 5 |  | 5 |
|  6.425% due 03/01/2035 •  |  | 1 |  | 1 |
|  6.445% due 11/01/2033 •  |  | 71 |  | 73 |
|  6.460% due 04/01/2035 •  |  | 4 |  | 4 |
|  6.468% due 11/01/2033 •  |  | 10 |  | 11 |
|  6.472% due 08/01/2035 •  |  | 8 |  | 8 |
|  6.500% due 06/01/2034 •  |  | 1 |  | 1 |
|  6.505% due 10/01/2033 •  |  | 17 |  | 18 |
|  6.515% due 07/01/2035 •  |  | 0 |  | 1 |
|  6.518% due 09/01/2035 •  |  | 47 |  | 48 |
|  6.557% due 11/01/2034 •  |  | 1 |  | 2 |
|  6.621% due 05/01/2036 •  |  | 11 |  | 11 |
|  6.664% due 10/01/2035 •  |  | 5 |  | 5 |
|  6.675% due 04/01/2035 •  |  | 1 |  | 2 |
|  6.705% due 06/01/2036 •  |  | 5 |  | 6 |
|  6.750% due 03/01/2034 •  |  | 33 |  | 34 |
|  6.815% due 08/01/2037 •  |  | 251 |  | 260 |
|  7.000% due 10/01/2033 - 03/01/2045 |  | 500 |  | 525 |
|  7.221% due 09/01/2035 •  |  | 32 |  | 34 |
|  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 |  | 3 |  | 3 |
|  6.500% due 01/25/2044 |  | 103 |  | 105 |
|  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 |
|  3.842% due 12/25/2036 •  |  | 25 |  | 24 |
|  3.902% due 03/25/2034 •  |  | 4 |  | 5 |
|  4.076% due 01/25/2034 •  |  | 4 |  | 4 |
|  4.176% due 06/25/2029 - 12/25/2033 •  |  | 10 |  | 10 |
|  4.186% due 05/18/2032 •  |  | 2 |  | 2 |
|  4.216% due 05/25/2036 •  |  | 4 |  | 4 |
|  4.226% due 10/25/2030 •  |  | 7 |  | 7 |
|  4.236% due 10/18/2030 •  |  | 8 |  | 8 |
|  4.237% due 09/17/2027 •  |  | 1 |  | 1 |
|  4.276% due 08/25/2031 - 01/25/2033 •  |  | 6 |  | 6 |
|  4.286% due 11/18/2030 •  |  | 3 |  | 3 |
|  4.326% due 12/25/2030 •  |  | 5 |  | 5 |
|  4.426% due 11/25/2031 •  |  | 8 |  | 9 |
|  4.476% due 04/25/2032 •  |  | 5 |  | 5 |
|  4.776% due 04/25/2032 •  |  | 4 |  | 4 |
|  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 |
|  4.668% due 12/25/2042 ~ |  | 44 |  | 43 |
|  6.250% due 05/25/2042 |  | 9 |  | 10 |
|  7.500% due 05/25/2042 |  | 9 |  | 10 |

---

---

| | | |
|:---|:---|:---|
| **166** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |  |
|  4.126% due 05/25/2042 •  | 7 | 7 |
|  4.132% due 09/25/2042 •  | 69 | 69 |
|  4.834% due 08/25/2042 ~ | 5 | 5 |
|  6.000% due 08/25/2044 | 8 | 8 |
|  7.000% due 02/25/2044 | 2 | 2 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.500% due 05/20/2052 - 09/20/2055 | 4777 | 4403 |
|  5.125% due 10/20/2029 - 12/20/2045 •  | 129 | 130 |
|  5.375% due 09/20/2029 - 09/20/2045 •  | 195 | 197 |
|  5.625% due 01/20/2027 - 04/20/2033 •  | 20 | 21 |
|  6.500% due 01/20/2055 - 02/20/2055 | 163 | 170 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.383% due 05/20/2069 •  | 499 | 499 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.500% due 05/01/2056 | 600 | 516 |
|  3.000% due 04/01/2056 | 2900 | 2589 |
|  3.500% due 04/01/2056 | 100 | 92 |
|  4.000% due 04/01/2056 | 200 | 187 |
|  4.500% due 04/01/2056 | 13500 | 13044 |
|  5.000% due 06/01/2040 | 500 | 494 |
|  5.500% due 05/01/2056 | 300 | 301 |
|  6.000% due 05/01/2056 | 1700 | 1727 |
|  6.500% due 05/01/2056 | 900 | 933 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |  |
|  2.500% due 04/01/2041 - 05/01/2056 | 800 | 683 |
|  3.000% due 06/01/2040 - 04/01/2041 | 20100 | 18652 |
|  4.000% due 04/01/2056 - 06/01/2056 | 12600 | 11888 |
|  4.500% due 04/01/2056 - 06/01/2056 | 690 | 666 |
|  5.000% due 04/01/2056 - 05/01/2056 | 14310 | 14099 |
|  5.500% due 05/01/2056 | 12200 | 12240 |
|  6.000% due 06/01/2056 | 22000 | 22393 |
|  6.500% due 05/01/2056 | 14000 | 14473 |
|  Total U.S. Government Agencies (Cost $132,584) | Total U.S. Government Agencies (Cost $132,584) | 131663 |
| U.S. TREASURY OBLIGATIONS 4.1% | U.S. TREASURY OBLIGATIONS 4.1% | U.S. TREASURY OBLIGATIONS 4.1% |
|  U.S. Treasury Bonds |  |  |
|  3.125% due 02/15/2043 | 4730 | 3789 |
|  4.000% due 11/15/2042 | 3100 | 2806 |
|  4.000% due 11/15/2052 | 2300 | 1976 |
|  Total U.S. Treasury Obligations (Cost $10,958) | Total U.S. Treasury Obligations (Cost $10,958) | 8571 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 28.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 28.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 28.9% |
|  Adjustable Rate Mortgage Trust |  |  |
|  4.530% due 03/25/2035 ~ | 9 | 9 |
|  4.757% due 11/25/2035 ~ | 66 | 46 |
|  Arbor Multifamily Mortgage Securities Trust | Arbor Multifamily Mortgage Securities Trust | Arbor Multifamily Mortgage Securities Trust |
|  2.756% due 05/15/2053 | 1200 | 1120 |
|  ATLX Trust |  |  |
|  3.850% due 04/25/2063 þ | 887 | 862 |
|  Banc of America Funding Trust |  |  |
|  5.243% due 05/25/2035 ~ | 2585 | 2490 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.118% due 11/25/2033 ~ | 14 | 13 |
|  5.761% due 09/25/2033 ~ | 42 | 40 |
|  6.246% due 02/25/2034 ~ | 15 | 15 |
|  6.358% due 01/25/2034 ~ | 6 | 6 |
|  6.603% due 10/25/2035 ~ | 6 | 6 |
|  6.870% due 06/25/2034 ~ | 10 | 9 |
|  Bank5 |  |  |
|  4.619% due 02/15/2059 | 520 | 518 |
|  5.104% due 02/15/2059 | 520 | 528 |
|  BCAP LLC Trust |  |  |
|  6.500% due 02/26/2036 ~ | 375 | 153 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bear Stearns ALT-A Trust |  |  |
|  4.113% due 02/25/2034 •  | 87 | 83 |
|  4.133% due 08/25/2036 •  | 3 | 3 |
|  4.433% due 11/25/2036 ~ | 212 | 106 |
|  Bear Stearns ARM Trust |  |  |
|  3.801% due 07/25/2034 ~ | 8 | 8 |
|  4.553% due 02/25/2034 ~ | 101 | 96 |
|  4.849% due 02/25/2034 ~ | 19 | 18 |
|  4.875% due 01/25/2035 ~ | 15 | 15 |
|  5.125% due 01/25/2035 ~ | 14 | 12 |
|  5.714% due 01/25/2034 ~ | 35 | 33 |
|  6.000% due 04/25/2033 ~ | 10 | 11 |
|  6.185% due 01/25/2034 ~ | 114 | 111 |
|  6.833% due 10/25/2033 ~ | 2 | 2 |
|  Benchmark Mortgage Trust |  |  |
|  4.377% due 05/15/2053 | 778 | 777 |
|  6.228% due 05/15/2056 ~ | 1000 | 1043 |
|  CD Mortgage Trust |  |  |
|  3.431% due 08/15/2050 | 400 | 394 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 09/25/2064 ~ | 872 | 776 |
|  4.912% due 09/25/2055 •  | 372 | 373 |
|  Chase Mortgage Finance Trust |  |  |
|  4.337% due 12/25/2035 ~ | 20 | 17 |
|  4.658% due 12/25/2035 ~ | 16 | 15 |
|  6.447% due 02/25/2037 ~ | 53 | 53 |
|  CHL Mortgage Pass-Through Trust |  |  |
|  4.143% due 08/25/2035 •  | 60 | 10 |
|  4.787% due 11/25/2034 ~ | 500 | 483 |
|  5.355% due 06/20/2035 ~ | 28 | 27 |
|  5.500% due 11/25/2035 | 67 | 30 |
|  5.988% due 12/25/2033 ~ | 17 | 17 |
|  6.148% due 02/20/2036 •  | 15 | 14 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.593% due 08/25/2035 •  | 23 | 23 |
|  5.750% due 09/25/2035 •  | 18 | 19 |
|  6.040% due 11/25/2035 •  | 17 | 17 |
|  6.247% due 03/25/2034 ~ | 12 | 12 |
|  6.490% due 05/25/2035 •  | 3 | 3 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  3.390% due 08/25/2035 ~ | 620 | 596 |
|  4.193% due 06/25/2037 •  | 579 | 543 |
|  4.615% due 10/25/2035 ~ | 7 | 6 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.461% due 11/25/2032 ~ | 3 | 3 |
|  CSAIL Commercial Mortgage Trust |  |  |
|  3.329% due 06/15/2052 | 200 | 193 |
|  CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates |
|  5.062% due 01/25/2034 ~ | 66 | 64 |
|  5.855% due 07/25/2033 ~ | 177 | 174 |
|  6.261% due 10/25/2033 ~ | 7 | 6 |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  3.904% due 04/25/2062 ~ | 826 | 791 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  4.898% due 08/25/2034 ~ | 28 | 28 |
|  5.186% due 07/25/2035 ~ | 58 | 29 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  4.063% due 02/25/2035 •  | 20 | 19 |
|  4.333% due 02/25/2035 •  | 45 | 43 |
|  GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust |
|  3.723% due 11/19/2035 ~ | 20 | 18 |
|  GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust | GS Mortgage Securities Corp. Trust |
|  3.104% due 05/10/2034 | 2100 | 1571 |
|  GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust |
|  1.750% due 12/25/2060 ~ | 1750 | 1647 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  3.900% due 09/25/2061 þ | 2117 | 2069 |
|  4.899% due 05/25/2056 þ | 764 | 758 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  3.823% due 08/25/2034 ~ | 10 | 10 |
|  4.111% due 05/25/2035 ~ | 31 | 23 |
|  4.143% due 01/25/2034 •  | 14 | 14 |
|  4.394% due 06/25/2034 ~ | 3 | 3 |
|  4.860% due 09/25/2035 ~ | 1162 | 1121 |
|  4.865% due 06/25/2034 ~ | 9 | 9 |
|  5.270% 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)** |
|  6.000% due 03/25/2032 | $— | 2 | $— | 2 |
|  6.290% due 09/25/2034 ~ |  | 772 |  | 784 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.171% due 02/19/2046 •  |  | 258 |  | 243 |
|  4.231% due 05/19/2035 •  |  | 16 |  | 15 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  4.433% due 08/25/2035 •  |  | 327 |  | 313 |
|  IndyMac ARM Trust | IndyMac ARM Trust | IndyMac ARM Trust | IndyMac ARM Trust | IndyMac ARM Trust |
|  5.653% due 01/25/2032 ~ |  | 1 |  | 1 |
|  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 |
|  4.173% due 09/25/2046 •  |  | 192 |  | 180 |
|  4.573% due 05/25/2034 •  |  | 13 |  | 12 |
|  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 |
|  5.500% due 11/25/2036 ~ |  | 19 |  | 8 |
|  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 |
|  5.137% due 12/15/2036 •  |  | 500 |  | 230 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.968% due 07/25/2035 ~ |  | 83 |  | 80 |
|  5.198% due 11/25/2035 ~ |  | 54 |  | 44 |
|  5.381% due 10/25/2035 ~ |  | 110 |  | 104 |
|  5.681% due 11/25/2033 ~ |  | 2 |  | 2 |
|  5.818% due 07/25/2035 ~ |  | 56 |  | 56 |
|  5.846% due 09/25/2034 ~ |  | 1 |  | 1 |
|  6.307% due 11/25/2033 ~ |  | 2 |  | 2 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  5.750% due 07/25/2061 þ |  | 2150 |  | 2152 |
|  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 |
|  3.537% due 02/25/2034 ~ |  | 120 |  | 109 |
|  4.348% due 01/25/2034 ~ |  | 3 |  | 3 |
|  4.718% due 08/25/2034 ~ |  | 156 |  | 155 |
|  5.066% due 12/25/2033 ~ |  | 10 |  | 9 |
|  5.598% due 11/21/2034 ~ |  | 16 |  | 16 |
|  5.610% due 01/25/2036 ~ |  | 10 |  | 10 |
|  6.226% due 07/25/2034 ~ |  | 55 |  | 54 |
|  6.500% due 09/25/2033 ~ |  | 75 |  | 75 |
|  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 |
|  3.185% due 02/25/2034 ~ |  | 18 |  | 16 |
|  4.413% due 08/25/2028 •  |  | 72 |  | 66 |
|  4.453% due 06/25/2028 •  |  | 14 |  | 13 |
|  4.678% due 04/25/2035 ~ |  | 98 |  | 90 |
|  4.867% due 03/25/2028 •  |  | 12 |  | 11 |
|  5.135% due 02/25/2035 ~ |  | 29 |  | 28 |
|  6.053% due 09/25/2033 ~ |  | 3 |  | 3 |
|  MFA Trust | MFA Trust | MFA Trust | MFA Trust | MFA Trust |
|  1.014% due 01/26/2065 ~ |  | 246 |  | 237 |
|  1.324% due 01/26/2065 ~ |  | 88 |  | 85 |
|  1.632% due 01/26/2065 ~ |  | 88 |  | 85 |
|  2.479% due 03/25/2065 ~ |  | 73 |  | 71 |
|  4.250% due 02/25/2066 ~ |  | 826 |  | 789 |
|  Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |
|  2.750% due 08/25/2059 ~ |  | 275 |  | 268 |
|  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 |
|  2.428% due 04/05/2042 ~ |  | 1800 |  | 1596 |
|  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 |
|  4.113% due 01/25/2035 •  |  | 328 |  | 315 |
|  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 |
|  4.000% due 01/25/2064 þ |  | 996 |  | 963 |
|  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 ~ |  | 1418 |  | 1376 |
|  2.750% due 11/25/2059 ~ |  | 1883 |  | 1810 |
|  3.500% due 10/25/2059 ~ |  | 57 |  | 54 |
|  NLT Trust |  |  |  |  |
|  3.200% due 10/25/2062 ~ |  | 761 |  | 703 |
|  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 |
|  4.155% due 10/25/2035 ~ |  | 10 |  | 9 |
|  OBX Trust |  |  |  |  |
|  1.072% due 02/25/2066 ~ |  | 2087 |  | 1858 |
|  Pretium Mortgage Credit Partners LLC | Pretium Mortgage Credit Partners LLC | Pretium Mortgage Credit Partners LLC | Pretium Mortgage Credit Partners LLC | Pretium Mortgage Credit Partners LLC |
|  4.000% due 03/25/2065 þ |  | 859 |  | 832 |
|  4.150% due 01/25/2070 þ |  | 1041 |  | 1010 |
|  Prime Mortgage Trust |  |  |  |  |
|  4.193% due 02/25/2034 •  |  | 6 |  | 6 |
|  6.000% due 02/25/2034 |  | 2 |  | 2 |
|  PRPM LLC |  |  |  |  |
|  4.000% due 06/25/2053 þ |  | 1241 |  | 1229 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **167** |

---

------

Schedule of Investments PIMCO Short-Term Portfolio (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.000% due 07/25/2054 þ | $— | 622 | $— | 613 |
|  4.000% due 08/25/2054 þ |  | 594 |  | 584 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  8.500% due 12/25/2031 |  | 283 |  | 125 |
|  RFMSI Trust |  |  |  |  |
|  5.941% due 02/25/2036 ~ |  | 52 |  | 48 |
|  6.500% due 03/25/2032 |  | 3 |  | 3 |
|  Sequoia Mortgage Trust |  |  |  |  |
|  4.523% due 03/20/2035 •  |  | 29 |  | 28 |
|  4.550% due 04/20/2033 •  |  | 5 |  | 5 |
|  4.590% due 10/20/2027 •  |  | 6 |  | 5 |
|  4.644% due 07/20/2034 ~ |  | 8 |  | 8 |
|  4.674% due 04/25/2056 ~ |  | 1040 |  | 1016 |
|  Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust |
|  1.027% due 11/25/2055 ~ |  | 79 |  | 76 |
|  1.439% due 11/25/2055 ~ |  | 39 |  | 38 |
|  1.486% due 04/25/2065 ~ |  | 53 |  | 53 |
|  1.593% due 11/25/2055 ~ |  | 39 |  | 38 |
|  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 |
|  4.033% due 03/25/2035 •  |  | 33 |  | 28 |
|  4.093% due 09/25/2034 •  |  | 60 |  | 57 |
|  4.749% due 09/25/2034 ~ |  | 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 | Structured Asset Mortgage Investments II Trust |
|  4.471% due 05/19/2035 •  |  | 52 |  | 50 |
|  4.491% due 02/19/2035 •  |  | 924 |  | 888 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.471% due 11/19/2033 •  |  | 7 |  | 7 |
|  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 |
|  3.292% due 09/25/2033 ~ |  | 13 |  | 12 |
|  5.252% due 11/25/2033 ~ |  | 5 |  | 5 |
|  6.132% due 06/25/2033 ~ |  | 105 |  | 104 |
|  6.169% due 03/25/2033 ~ |  | 53 |  | 53 |
|  Towd Point Mortgage Trust |  |  |  |  |
|  2.750% due 06/25/2057 ~ |  | 141 |  | 139 |
|  3.750% due 03/25/2058 ~ |  | 775 |  | 753 |
|  4.103% due 01/25/2066 ~ |  | 978 |  | 966 |
|  4.612% due 10/25/2064 ~ |  | 1332 |  | 1322 |
|  4.793% due 05/25/2058 •  |  | 2224 |  | 2265 |
|  4.793% due 10/25/2059 •  |  | 71 |  | 71 |
|  Verus Securitization Trust |  |  |  |  |
|  4.832% due 10/25/2067 ~ |  | 2058 |  | 2041 |
|  5.799% due 07/25/2069 þ |  | 605 |  | 609 |
|  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 |
|  4.333% due 12/25/2045 •  |  | 873 |  | 813 |
|  4.373% due 10/25/2045 •  |  | 736 |  | 718 |
|  4.373% due 12/25/2045 •  |  | 555 |  | 556 |
|  4.477% due 09/25/2035 ~ |  | 123 |  | 117 |
|  4.483% due 10/25/2035 ~ |  | 267 |  | 248 |
|  4.593% due 01/25/2045 •  |  | 338 |  | 331 |
|  4.859% due 08/25/2046 •  |  | 18 |  | 17 |
|  4.907% due 08/25/2046 •  |  | 953 |  | 840 |
|  5.059% due 11/25/2042 •  |  | 33 |  | 32 |
|  5.192% due 08/25/2033 ~ |  | 134 |  | 130 |
|  5.259% due 08/25/2042 •  |  | 2 |  | 2 |
|  5.359% due 09/25/2046 •  |  | 2202 |  | 2098 |
|  5.664% due 10/25/2033 ~ |  | 46 |  | 44 |
|  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 | Washington Mutual MSC Mortgage Pass-Through Certificates Trust |
|  4.582% due 06/25/2033 ~ |  | 5 |  | 5 |
|  5.975% due 02/25/2033 ~ |  | 1 |  | 1 |
|  5.979% due 11/25/2030 ~ |  | 4 |  | 4 |
|  7.000% due 03/25/2034 |  | 11 |  | 11 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  2.725% due 02/15/2053 |  | 600 |  | 561 |
|  4.023% due 03/15/2052 |  | 300 |  | 296 |
|  5.266% due 10/15/2042 •  |  | 900 |  | 899 |
|  5.315% due 07/15/2037 •  |  | 900 |  | 899 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.458% due 08/25/2035 ~ |  | 2 |  | 2 |
|  Worldwide Plaza Trust |  |  |  |  |
|  3.526% due 11/10/2036 |  | 1000 |  | 799 |
|  WSTN Trust |  |  |  |  |
|  6.297% due 07/05/2037 ~ |  | 500 |  | 505 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $62,369) | Total Non-Agency Mortgage-Backed Securities (Cost $62,369) | Total Non-Agency Mortgage-Backed Securities (Cost $62,369) |  | 60281 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| ASSET-BACKED SECURITIES 45.6% | ASSET-BACKED SECURITIES 45.6% | ASSET-BACKED SECURITIES 45.6% | ASSET-BACKED SECURITIES 45.6% | ASSET-BACKED SECURITIES 45.6% |
| AUTOMOBILE ABS OTHER 0.5% | AUTOMOBILE ABS OTHER 0.5% | AUTOMOBILE ABS OTHER 0.5% | AUTOMOBILE ABS OTHER 0.5% | AUTOMOBILE ABS OTHER 0.5% |
|  CarMax Select Receivables Trust |  |  |  |  |
|  4.402% due 09/15/2027 •  | $— | 2 | $— | 2 |
|  First Investors Auto Owner Trust |  |  |  |  |
|  4.310% due 07/16/2029 (a) |  | 1050 |  | 1050 |
|  |  |  |  | 1052 |
| AUTOMOBILE SEQUENTIAL 15.6% | AUTOMOBILE SEQUENTIAL 15.6% | AUTOMOBILE SEQUENTIAL 15.6% | AUTOMOBILE SEQUENTIAL 15.6% | AUTOMOBILE SEQUENTIAL 15.6% |
|  ARI Fleet Lease Trust |  |  |  |  |
|  3.960% due 11/15/2034 |  | 100 |  | 100 |
|  Bank of America Auto Trust |  |  |  |  |
|  5.390% due 07/16/2029 |  | 1000 |  | 1008 |
|  Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust |
|  4.720% due 09/15/2028 |  | 563 |  | 564 |
|  4.840% due 01/18/2028 |  | 246 |  | 247 |
|  CarMax Auto Owner Trust |  |  |  |  |
|  4.420% due 08/15/2028 |  | 715 |  | 716 |
|  CarMax Select Receivables Trust |  |  |  |  |
|  3.911% due 03/15/2027 |  | 431 |  | 431 |
|  4.030% due 12/17/2029 |  | 525 |  | 525 |
|  4.120% due 03/15/2030 |  | 500 |  | 499 |
|  4.166% due 10/15/2026 |  | 50 |  | 50 |
|  5.400% due 11/15/2028 |  | 100 |  | 101 |
|  5.780% due 09/15/2027 |  | 2 |  | 2 |
|  Carvana Auto Receivables Trust |  |  |  |  |
|  4.070% due 02/12/2029 |  | 757 |  | 756 |
|  4.100% due 06/11/2029 |  | 1040 |  | 1039 |
|  Citizens Auto Receivables Trust |  |  |  |  |
|  5.780% due 10/15/2030 |  | 1040 |  | 1052 |
|  Drive Auto Receivables Trust |  |  |  |  |
|  4.140% due 09/15/2032 |  | 100 |  | 100 |
|  4.290% due 10/16/2028 |  | 137 |  | 137 |
|  4.870% due 08/15/2028 |  | 408 |  | 409 |
|  Enterprise Fleet Financing LLC |  |  |  |  |
|  3.849% due 02/22/2027 |  | 264 |  | 264 |
|  4.000% due 10/20/2028 |  | 500 |  | 499 |
|  4.500% due 04/20/2028 |  | 900 |  | 902 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  4.530% due 03/15/2028 |  | 515 |  | 515 |
|  FCCU Auto Receivables Trust |  |  |  |  |
|  3.980% due 10/15/2029 |  | 525 |  | 524 |
|  FHF Issuer Trust |  |  |  |  |
|  4.940% due 11/15/2030 |  | 437 |  | 436 |
|  Flagship Credit Auto Trust |  |  |  |  |
|  4.880% due 11/15/2028 |  | 148 |  | 148 |
|  Ford Credit Auto Owner Trust |  |  |  |  |
|  4.020% due 01/15/2029 |  | 1040 |  | 1040 |
|  4.560% due 12/15/2028 |  | 1100 |  | 1104 |
|  GLS Auto Select Receivables Trust |  |  |  |  |
|  5.590% due 10/15/2029 |  | 231 |  | 233 |
|  Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust | Honda Auto Receivables Owner Trust |
|  4.330% due 05/15/2029 |  | 800 |  | 802 |
|  4.560% due 03/15/2027 |  | 44 |  | 44 |
|  LAD Auto Receivables Trust |  |  |  |  |
|  3.750% due 05/15/2029 |  | 1050 |  | 1047 |
|  4.300% due 07/17/2028 |  | 567 |  | 567 |
|  4.600% due 12/15/2027 |  | 85 |  | 85 |
|  M&T Bank Auto Receivables Trust |  |  |  |  |
|  4.630% due 05/15/2028 |  | 372 |  | 372 |
|  Mercedes-Benz Auto Lease Trust |  |  |  |  |
|  4.570% due 04/17/2028 |  | 1424 |  | 1427 |
|  Nissan Auto Lease Trust |  |  |  |  |
|  3.900% due 05/15/2028 |  | 1050 |  | 1048 |
|  Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust |
|  4.340% due 03/15/2029 |  | 800 |  | 802 |
|  4.450% due 11/15/2029 |  | 1000 |  | 1001 |
|  4.500% due 02/15/2028 |  | 1173 |  | 1175 |
|  4.510% due 06/15/2027 |  | 109 |  | 109 |
|  Octane Receivables Trust |  |  |  |  |
|  4.940% due 05/20/2030 |  | 439 |  | 440 |
|  Porsche Innovative Lease Owner Trust | Porsche Innovative Lease Owner Trust | Porsche Innovative Lease Owner Trust | Porsche Innovative Lease Owner Trust | Porsche Innovative Lease Owner Trust |
|  4.600% due 12/20/2027 |  | 385 |  | 386 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  4.040% due 03/15/2029 | 1050 | 1050 |
|  4.620% due 11/15/2028 | 483 | 484 |
|  SCCU Auto Receivables Trust |  |  |
|  4.570% due 01/15/2031 | 900 | 903 |
|  5.110% due 06/15/2029 | 888 | 892 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  3.910% due 08/20/2029 | 1050 | 1048 |
|  4.520% due 11/20/2028 | 481 | 481 |
|  4.550% due 06/20/2030 | 800 | 803 |
|  Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust | Stellantis Financial Underwritten Enhanced Lease Trust |
|  4.310% due 05/22/2028 | 1080 | 1082 |
|  Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
|  5.430% due 04/17/2028 | 600 | 606 |
|  Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust |
|  4.060% due 08/21/2028 | 1040 | 1040 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  3.840% due 01/16/2029 | 520 | 519 |
|  4.660% due 09/15/2028 | 744 | 745 |
|  World Omni Select Auto Trust | World Omni Select Auto Trust | World Omni Select Auto Trust |
|  4.140% due 05/15/2030 | 94 | 94 |
|  |  | 32453 |
| CMBS OTHER 3.9% | CMBS OTHER 3.9% | CMBS OTHER 3.9% |
|  Acore Issuer LLC | Acore Issuer LLC | Acore Issuer LLC |
|  5.125% due 08/20/2043 •  | 1800 | 1799 |
|  BDS LLC | BDS LLC | BDS LLC |
|  4.959% due 10/17/2042 •  | 850 | 847 |
|  BRSP Ltd. | BRSP Ltd. | BRSP Ltd. |
|  5.127% due 08/19/2043 •  | 1450 | 1447 |
|  FS Rialto Issuer LLC | FS Rialto Issuer LLC | FS Rialto Issuer LLC |
|  0.000% due 01/19/2044 •  | 1300 | 1300 |
|  GS REFT Issuer Ltd. | GS REFT Issuer Ltd. | GS REFT Issuer Ltd. |
|  5.170% due 04/19/2043 •  | 1040 | 1043 |
|  LRECS LLC | LRECS LLC | LRECS LLC |
|  5.177% due 08/19/2043 •  | 900 | 899 |
|  Starwood LLC | Starwood LLC | Starwood LLC |
|  5.127% due 11/19/2042 •  | 900 | 900 |
|  |  | 8235 |
| HOME EQUITY OTHER 3.8% | HOME EQUITY OTHER 3.8% | HOME EQUITY OTHER 3.8% |
|  Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust |
|  4.663% due 01/25/2035 •  | 246 | 242 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.793% due 11/25/2042 •  | 45 | 45 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.213% due 08/25/2034 •  | 1028 | 1011 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.333% due 12/25/2034 •  | 2540 | 2493 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  6.780% due 05/25/2035 þ | 259 | 240 |
|  EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust |
|  4.912% due 09/25/2033 •  | 21 | 21 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.393% due 11/25/2032 •  | 8 | 8 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  3.893% due 10/25/2036 •  | 5 | 2 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.353% due 10/25/2034 •  | 602 | 590 |
|  4.493% due 03/25/2032 •  | 16 | 16 |
|  4.648% due 07/25/2034 •  | 797 | 805 |
|  Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust |
|  5.143% due 02/25/2033 •  | 28 | 30 |
|  Nationstar NIM Ltd. | Nationstar NIM Ltd. | Nationstar NIM Ltd. |
|  8.000% due 06/25/2037 | 24 | 0 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.533% due 02/25/2034 •  | 1120 | 1127 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.846% due 08/25/2044 þ | 119 | 119 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  4.493% due 08/25/2032 •  | 10 | 9 |
|  4.893% due 09/25/2037 •  | 3090 | 1217 |

---

---

| | | |
|:---|:---|:---|
| **168** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust |
|  4.918% due 04/25/2036 •  | 21 | 21 |
|  |  | 7996 |
| HOME EQUITY SEQUENTIAL 0.1% | HOME EQUITY SEQUENTIAL 0.1% | HOME EQUITY SEQUENTIAL 0.1% |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  6.372% due 05/25/2033 ~ | 174 | 173 |
| WHOLE LOAN COLLATERAL 0.1% | WHOLE LOAN COLLATERAL 0.1% | WHOLE LOAN COLLATERAL 0.1% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.972% due 10/25/2036 ~ | 347 | 170 |
| OTHER ABS 21.6% | OTHER ABS 21.6% | OTHER ABS 21.6% |
|  Affirm Master Trust |  |  |
|  4.990% due 02/15/2033 | 800 | 805 |
|  Anchorage Credit Funding 10 Ltd. |  |  |
|  3.619% due 04/25/2038 | 793 | 775 |
|  Anchorage Credit Funding 4 Ltd. |  |  |
|  2.723% due 04/27/2039 | 1000 | 955 |
|  Anchorage Credit Funding 9 Ltd. |  |  |
|  3.793% due 10/25/2037 | 699 | 690 |
|  ARES XLIV CLO Ltd. |  |  |
|  4.802% due 04/15/2034 •  | 900 | 901 |
|  ARES XXVII CLO Ltd. |  |  |
|  4.821% due 10/28/2034 •  | 800 | 801 |
|  Atlantic Avenue Ltd. |  |  |
|  5.152% due 10/15/2038 •  | 900 | 902 |
|  Atlas Senior Loan Fund XVII Ltd. |  |  |
|  4.728% due 10/20/2034 •  | 1000 | 1000 |
|  Bain Capital Credit CLO Ltd. |  |  |
|  4.661% due 04/23/2035 •  | 850 | 850 |
|  Boyce Park CLO Ltd. |  |  |
|  4.668% due 04/21/2035 •  | 1050 | 1050 |
|  Bryant Park Funding Ltd. |  |  |
|  5.292% due 04/15/2037 •  | 1000 | 1003 |
|  Centerbridge Credit Funding 1 Ltd. |  |  |
|  3.164% due 07/25/2039 | 1000 | 969 |
|  College Avenue Student Loans LLC |  |  |
|  1.600% due 07/25/2051 | 454 | 419 |
|  3.280% due 12/28/2048 | 722 | 693 |
|  4.130% due 12/26/2047 | 361 | 355 |
|  4.893% due 07/25/2051 •  | 260 | 259 |
|  4.993% due 12/26/2047 •  | 262 | 263 |
|  Commonbond Student Loan Trust |  |  |
|  1.980% due 08/25/2050 | 327 | 294 |
|  Fortress Credit BSL X Ltd. |  |  |
|  4.768% due 04/20/2033 •  | 640 | 640 |
|  GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust |
|  5.250% due 10/27/2059 | 42 | 42 |
|  5.880% due 06/25/2059 | 28 | 28 |
|  Guggenheim CLO Ltd. |  |  |
|  4.822% due 01/15/2035 •  | 850 | 850 |
|  KKR CLO 38 Ltd. |  |  |
|  4.829% due 01/15/2038 •  | 1000 | 999 |
|  LCM 31 Ltd. |  |  |
|  4.948% due 07/20/2034 •  | 1000 | 1001 |
|  LCM 36 Ltd. |  |  |
|  4.742% due 01/15/2034 •  | 1000 | 1000 |
|  LCM 39 Ltd. |  |  |
|  4.703% due 10/15/2034 •  | 1050 | 1050 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Lendmark Funding Trust |  |  |  |  |
|  5.530% due 06/21/2032 | $— | 1000 | $— | 1008 |
|  Madison Park Funding XLIX Ltd. |  |  |  |  |
|  4.718% due 10/19/2034 •  |  | 450 |  | 450 |
|  Madison Park Funding XLVI Ltd. |  |  |  |  |
|  4.672% due 10/15/2034 •  |  | 1700 |  | 1699 |
|  Marble Point CLO XXIV Ltd. |  |  |  |  |
|  4.753% due 04/20/2035 •  |  | 1000 |  | 1000 |
|  Navesink CLO 6 Ltd. |  |  |  |  |
|  0.000% due 04/15/2037 •  |  | 1050 |  | 1050 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  4.687% due 11/15/2068 •  |  | 59 |  | 59 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  1.170% due 09/16/2069 |  | 335 |  | 315 |
|  3.010% due 12/15/2059 |  | 559 |  | 545 |
|  3.130% due 02/15/2068 |  | 79 |  | 78 |
|  Navient Student Loan Trust |  |  |  |  |
|  4.000% due 12/15/2059 |  | 24 |  | 24 |
|  Nelnet Student Loan Trust |  |  |  |  |
|  1.420% due 04/20/2062 |  | 951 |  | 901 |
|  4.610% due 02/21/2061 |  | 1007 |  | 995 |
|  5.023% due 06/22/2065 •  |  | 807 |  | 814 |
|  Pagaya AI Debt Grantor Trust |  |  |  |  |
|  5.183% due 06/15/2032 |  | 210 |  | 211 |
|  Pagaya AI Debt Selection Trust |  |  |  |  |
|  6.117% due 12/15/2031 |  | 113 |  | 113 |
|  Pagaya AI Debt Trust |  |  |  |  |
|  5.373% due 01/17/2033 |  | 680 |  | 683 |
|  Post CLO Ltd. |  |  |  |  |
|  4.752% due 10/15/2034 •  |  | 900 |  | 901 |
|  Romark CLO - IV Ltd. |  |  |  |  |
|  4.790% due 07/10/2034 •  |  | 900 |  | 901 |
|  Sandstone Peak Ltd. |  |  |  |  |
|  4.842% due 04/15/2038 •  |  | 1050 |  | 1048 |
|  Sculptor CLO XXVII Ltd. |  |  |  |  |
|  4.809% due 04/20/2037 •  |  | 1000 |  | 999 |
|  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 |
|  4.206% due 12/15/2039 •  |  | 114 |  | 112 |
|  4.226% due 06/15/2039 •  |  | 1636 |  | 1597 |
|  4.266% due 06/15/2039 •  |  | 620 |  | 608 |
|  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 |
|  1.290% due 07/15/2053 |  | 525 |  | 502 |
|  1.600% due 09/15/2054 |  | 405 |  | 383 |
|  2.230% due 09/15/2037 |  | 144 |  | 140 |
|  2.840% due 06/15/2037 |  | 121 |  | 119 |
|  3.940% due 02/16/2055 |  | 642 |  | 622 |
|  5.030% due 03/15/2056 (a) |  | 1040 |  | 1041 |
|  5.122% due 02/16/2055 •  |  | 733 |  | 741 |
|  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 |
|  4.800% due 02/27/2034 |  | 273 |  | 274 |
|  4.820% due 06/25/2034 |  | 184 |  | 185 |
|  Sycamore Tree CLO Ltd. | Sycamore Tree CLO Ltd. | Sycamore Tree CLO Ltd. | Sycamore Tree CLO Ltd. | Sycamore Tree CLO Ltd. |
|  0.000% due 01/20/2037 •  |  | 1050 |  | 1049 |
|  TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. | TCW CLO AMR Ltd. |
|  4.954% due 08/16/2034 •  |  | 200 |  | 200 |
|  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 |  | 578 |  | 578 |
|  Trimaran CAVU Ltd. |  |  |  |  |
|  4.667% due 10/25/2034 •  |  | 1000 |  | 1000 |
|  Upstart Pass-Through Trust |  |  |  |  |
|  7.900% due 10/20/2028 |  | 29 |  | 30 |
|  VB-S1 Issuer LLC |  |  |  |  |
|  4.693% due 03/15/2056 |  | 1000 |  | 984 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Venture 44 CLO Ltd. |  |  |
|  4.808% due 10/20/2034 •  | 1000 | 1001 |
|  Verdelite Static CLO Ltd. |  |  |
|  4.798% due 07/20/2032 •  | 601 | 602 |
|  Wind River CLO Ltd. |  |  |
|  4.732% due 10/15/2034 •  | 845 | 846 |
|  |  | 45002 |
|  Total Asset-Backed Securities (Cost $97,175) | Total Asset-Backed Securities (Cost $97,175) | 95081 |
|  | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 1.1% | SHORT-TERM INSTRUMENTS 1.1% | SHORT-TERM INSTRUMENTS 1.1% |
| MUTUAL FUNDS 0.3% | MUTUAL FUNDS 0.3% | MUTUAL FUNDS 0.3% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.720% (c) | 612429 | 612 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| SHORT-TERM NOTES 0.8% | SHORT-TERM NOTES 0.8% | SHORT-TERM NOTES 0.8% |
|  ARI Fleet Lease Trust |  |  |
|  3.812% due 01/15/2027 | $151 | 151 |
|  FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust |
|  3.893% due 02/16/2027 | 264 | 264 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  3.874% due 01/15/2027 | 397 | 397 |
|  3.893% due 01/15/2027 | 767 | 767 |
|  |  | 1579 |
| Total Short-Term Instruments<br>(Cost $2,191) | Total Short-Term Instruments<br>(Cost $2,191) | 2191 |
| Total Investments in Securities<br>(Cost $306,307) | Total Investments in Securities<br>(Cost $306,307) | 297788 |
|  | **SHARES** |  |
| INVESTMENTS IN AFFILIATES 11.8% | INVESTMENTS IN AFFILIATES 11.8% | INVESTMENTS IN AFFILIATES 11.8% |
| SHORT-TERM INSTRUMENTS 11.8% | SHORT-TERM INSTRUMENTS 11.8% | SHORT-TERM INSTRUMENTS 11.8% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 11.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 11.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 11.8% |
|  PIMCO Short-Term Floating NAV Portfolio III | 2526232 | 24603 |
| Total Short-Term Instruments<br> (Cost $24,598) | Total Short-Term Instruments<br> (Cost $24,598) | 24603 |
| Total Investments in Affiliates<br> (Cost $24,598) | Total Investments in Affiliates<br> (Cost $24,598) | 24603 |
| Total Investments 154.6%<br> (Cost $330,905) | Total Investments 154.6%<br> (Cost $330,905) | 322391 |
|  Financial Derivative<br>Instruments (d)(e) (0.1)%<br> (Cost or Premiums, net $916) | Financial Derivative<br>Instruments (d)(e) (0.1)%<br> (Cost or Premiums, net $916) | (112) |
| Other Assets and Liabilities, net (54.5)% | Other Assets and Liabilities, net (54.5)% | (113774) |
| Net Assets 100.0% | Net Assets 100.0% | 208505 |

---

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

^ Security is in default.

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **169** |

---

------

Schedule of Investments PIMCO Short-Term Portfolio (Cont.)

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) When-issued security.

(b) Security is not accruing income as of the date of this report.

(c) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (3.5)% | U.S. Government Agencies (3.5)% | U.S. Government Agencies (3.5)% | U.S. Government Agencies (3.5)% | U.S. Government Agencies (3.5)% | U.S. Government Agencies (3.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 05/01/2056 | $6700 | $(5367) | $(5395) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 06/01/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150 | (1960) | (1967) |
|  Total Short Sales (3.5)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7327) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7362) |

---

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

#### FUTURES CONTRACTS:

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month SOFR Active Contract March Futures  | 06/2026 | 6 | $(1445) | $1 | $0 | $0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 268 | (28992) | 421 | 0 | (38) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 105 | (11660) | 229 | 0 | (24) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24179) | 552 | 0 | (63) |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2026 | 31 | (3530) | 104 | 0 | (12) |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 72 | (8393) | 281 | 0 | (16) |
|  Total Futures Contracts |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.928% | Semi-Annual | 05/06/2026 | $900 | $40 | $(35) | $5 | $0 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Semi-Annual | 06/19/2026 | 25300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(451) | 332 | (119) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 12/15/2026 | 200 | 10 | (7) | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 | 11400 | 26 | (29) | (3) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Semi-Annual | 12/21/2026 | 10600 | 121 | 8 | 129 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.500 | Semi-Annual | 06/16/2028 | 38245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943 | 1799 | 2742 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 4200 | (4) | (55) | (59) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.265 | Semi-Annual | 09/28/2028 | 600 | (51) | 12 | (39) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 12/15/2028 | 2948 | 39 | (210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(171) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/20/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11900 | 227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175) | 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.379 | Semi-Annual | 12/22/2028 | 600 | 51 | (14) | 37 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.518 | Semi-Annual | 01/20/2029 | 200 | (16) | 3 | (13) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.630 | Semi-Annual | 01/26/2029 | 400 | (31) | 5 | (26) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.618 | Annual | 02/09/2029 | 7100 | (10) | (388) | (398) | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.888 | Annual | 03/22/2029 | 600 | (34) | 5 | (29) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.185 | Annual | 04/21/2029 | 500 | (23) | (7) | (30) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2029 | 920 | (90) | (4) | (94) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2029 | 580 | (38) | (5) | (43) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.050 | Annual | 09/08/2029 | 400 | (4) | (5) | (9) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.100 | Annual | 09/09/2029 | 400 | (3) | (5) | (8) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.567 | Annual | 11/30/2029 | 17700 | 0 | (19) | (19) | 16 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.572 | Annual | 11/30/2029 | 10700 | 0 | (9) | (9) | 10 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 12/10/2029 | 1900 | 139 | (24) | 115 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 12/18/2029 | 1400 | 136 | (26) | 110 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Semi-Annual | 01/15/2030 | 6300 | 544 | (45) | 499 | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 02/12/2030 | 3800 | (41) | 305 | 264 | 0 | (3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 02/22/2030 | 300 | 3 | (4) | (1) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.340 | Annual | 02/23/2030 | 200 | 1 | (3) | (2) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 03/02/2030 | 100 | 1 | (1) | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 03/10/2030 | 1800 | 137 | (12) | 125 | 0 | (1) |

---

---

| | | |
|:---|:---|:---|
| **170** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 1-Day USD-SOFR Compounded-OIS | 3.000% | Annual | 03/19/2030 | $1510 | $57 | $(24) | $33 | $0 | $(1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 06/17/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2455 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 9910 | (158) | (39) | (197) | 10 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.545 | Annual | 10/31/2030 | 1300 | (20) | 25 | 5 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.547 | Annual | 10/31/2030 | 3100 | (49) | 60 | 11 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 10/31/2030 | 2600 | (41) | 50 | 9 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.572 | Annual | 10/31/2030 | 2600 | (44) | 50 | 6 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.582 | Annual | 10/31/2030 | 4700 | (83) | 92 | 9 | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 10/31/2030 | 3300 | (61) | 65 | 4 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.601 | Annual | 10/31/2030 | 5900 | (110) | 116 | 6 | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.602 | Annual | 10/31/2030 | 5900 | (111) | 117 | 6 | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.606 | Annual | 10/31/2030 | 2600 | (49) | 51 | 2 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.623 | Annual | 10/31/2030 | 2600 | (52) | 52 | 0 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.664 | Annual | 10/31/2030 | 1700 | (38) | 35 | (3) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.677 | Annual | 10/31/2030 | 1400 | (32) | 29 | (3) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.687 | Annual | 10/31/2030 | 2200 | (52) | 45 | (7) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.689 | Annual | 10/31/2030 | 3700 | (87) | 76 | (11) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 10/31/2030 | 2800 | (66) | 57 | (9) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.721 | Annual | 10/31/2030 | 1700 | (43) | 35 | (8) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.722 | Annual | 10/31/2030 | 1700 | (43) | 35 | (8) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.727 | Annual | 10/31/2030 | 1700 | (44) | 36 | (8) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.732 | Annual | 10/31/2030 | 1100 | (28) | 22 | (6) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 10/31/2030 | 1700 | (44) | 35 | (9) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 | 1700 | (45) | 36 | (9) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.749 | Annual | 10/31/2030 | 1700 | (46) | 36 | (10) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Semi-Annual | 12/16/2030 | 706 | 100 | (13) | 87 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 160 | (3) | 2 | (1) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 0.750 | Semi-Annual | 06/16/2031 | 500 | (84) | 10 | (74) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | (167) | (14) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31700 | 91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | 94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.405 | Semi-Annual | 09/07/2031 | 800 | 106 | (6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 10/05/2031 | 500 | (64) | 3 | (61) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.535 | Semi-Annual | 10/15/2031 | 500 | (63) | 3 | (60) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.535 | Semi-Annual | 10/22/2031 | 300 | (38) | 2 | (36) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.545 | Semi-Annual | 10/26/2031 | 300 | (38) | 2 | (36) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.735 | Semi-Annual | 01/12/2032 | 300 | (35) | (1) | (36) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.655 | Semi-Annual | 01/24/2032 | 400 | (49) | (1) | (50) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.768 | Semi-Annual | 02/02/2032 | 300 | (35) | 0 | (35) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.650 | Annual | 02/08/2032 | 400 | (43) | (1) | (44) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.988 | Semi-Annual | 02/09/2032 | 200 | 21 | 0 | 21 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.008 | Semi-Annual | 02/09/2032 | 300 | 30 | 1 | 31 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.770 | Annual | 02/14/2032 | 400 | (39) | (2) | (41) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.730 | Annual | 02/24/2032 | 400 | (41) | (1) | (42) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.765 | Annual | 03/16/2032 | 100 | (10) | 0 | (10) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2032 | 1780 | 66 | (26) | 40 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.817 | Annual | 04/05/2032 | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156) | (41) | (197) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.872 | Annual | 04/06/2032 | 800 | (75) | (21) | (96) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.694 | Annual | 04/30/2032 | 6300 | 0 | (2) | (2) | 7 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.674 | Annual | 05/31/2032 | 5700 | 0 | (10) | (10) | 7 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.678 | Annual | 05/31/2032 | 4700 | 0 | (7) | (7) | 6 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.680 | Annual | 05/31/2032 | 7800 | 0 | (11) | (11) | 9 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.705 | Annual | 05/31/2032 | 7000 | 0 | 1 | 1 | 8 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.250 | Annual | 06/15/2032 | 3430 | (475) | (66) | (541) | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 2640 | (276) | (56) | (332) | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2032 | 260 | 3 | 5 | 8 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.680 | Annual | 07/11/2032 | 400 | (17) | (10) | (27) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.690 | Annual | 07/11/2032 | 400 | (16) | (10) | (26) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.050 | Annual | 09/06/2032 | 600 | (10) | (15) | (25) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2032 | 10 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2032 | 550 | (8) | 7 | (1) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.400 | Annual | 02/23/2033 | 200 | 2 | (6) | (4) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.430 | Annual | 02/27/2033 | 10 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.370 | Annual | 03/01/2033 | 200 | 1 | (5) | (4) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.450 | Annual | 03/07/2033 | 300 | 3 | (8) | (5) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 03/18/2033 | 15338 | (55) | 26 | (29) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/17/2033 | 470 | 9 | (2) | 7 | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 305 | (7) | (10) | (17) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 1860 | 27 | (61) | (34) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 2430 | 86 | (98) | (12) | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 110 | 4 | (4) | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 22100 | 1106 | 37 | 1143 | 0 | (19) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **171** |

---

------

Schedule of Investments PIMCO Short-Term Portfolio (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/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.524% | Semi-Annual | 01/19/2051 | $3100 | $(21) | $(1405) | $(1426) | $0 | $(8) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.815 | Semi-Annual | 01/24/2052 | 100 | (32) | (10) | (42) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.867 | Semi-Annual | 01/26/2052 | 100 | (31) | (10) | (41) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13600 | 1457 | 4062 | 5519 | 40 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.080 | Annual | 02/23/2053 | 100 | (5) | (13) | (18) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 12/20/2053 | 400 | 6 | 54 | 60 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 | 10200 | (1390) | (222) | (1612) | 0 | (37) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6257 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7319 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(205) |

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#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(205) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(358) |

---

Cash of $3,592 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2026. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

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

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(2)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(3)</sup> | Swap Agreements,<br>at Value<sup>(3)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(2)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | CMBX.NA.AAA.6 Index | 0.500% | Monthly | 05/11/2063 | $16 | $0 | $0 | $0 | $0 |
| GST | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10722 | (111) | 126 | 15 | 0 |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 1 | 0 | 0 | 0 | 0 |
|  | CMBX.NA.AAA.8 Index | 0.500 | Monthly | 10/17/2057 | 40 | (2) | 2 | 0 | 0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 2 | 0 | 0 | 0 | 0 |
| MYI | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 3 | 0 | 0 | 0 | 0 |
| SAL | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 3035 | (25) | 29 | 4 | 0 |
|  | CMBX.NA.AAA.11 Index | 0.500 | Monthly | 11/18/2054 | 2399 | 11 | (5) | 6 | 0 |
|  | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | 9200 | (19) | 49 | 30 | 0 |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 6 | 0 | 0 | 0 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2026:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(4)</sup> |
|  GST | $0 | $0 | $15 | $15 | $0 | $0 | $0 | $0 | $&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;15 |
|  SAL | 0 | 0 | 40 | 40 | 0 | 0 | 0 | 0 | 40 | 0 | 40 |
|  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;55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | $&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 |  |  |  |

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<sup>(1)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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| | | |
|:---|:---|:---|
| **172** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

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------

March 31, 2026

<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> 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 Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $0 | $0 | $0 | $0 | $191 | $191 |
|  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 | $55 | $0 | $0 | $0 | $55 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | $0 | $0 | $191 | $246 |
|  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 | $153 | $153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 205 | 205 |
|  | $&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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for 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 | $(849) | $(849) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2610 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $0 | $1761 | $1761 |
|  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; Written Options  | $0 | $0 | $0 | $0 | $1 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 135 | 0 | 0 | 0 | 135 |
|  | $0 | $135 | $0 | $0 | $1 | $136 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $1762 | $1897 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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 | $1495 | $1495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2114) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2114) |
|  | $0 | $0 | $0 | $0 | $(619) | $(619) |
|  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 | $48 | $0 | $0 | $0 | $48 |
|  | $0 | $48 | $0 | $0 | $(619) | $(571) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **173** |

---

------

Schedule of Investments PIMCO Short-Term Portfolio (Cont.) March 31, 2026

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2026 |
|  Investments 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 | $1 | $0 | $1 |
|  U.S. Government Agencies | 0 | 131663 | 0 | 131663 |
|  U.S. Treasury Obligations | 0 | 8571 | 0 | 8571 |
|  Non-Agency Mortgage-Backed Securities | 0 | 60281 | 0 | 60281 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 1050 | 2 | 0 | 1052 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 32453 | 0 | 32453 |
| &nbsp;&nbsp; CMBS Other | 0 | 8235 | 0 | 8235 |
| &nbsp;&nbsp; Home Equity Other | 0 | 7996 | 0 | 7996 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 173 | 0 | 173 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 170 | 0 | 170 |
| &nbsp;&nbsp; Other ABS | 0 | 45002 | 0 | 45002 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 612 | 0 | 0 | 612 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 1579 | 0 | 1579 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296126 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297788 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2026 |
|  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 | $24603 | $0 | $0 | $24603 |
|  Total Investments | $26265 | $296126 | $0 | $322391 |
|  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 | $(7362) | $0 | $(7362) |
|  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 | 191 | 0 | 191 |
|  Over the counter | 0 | 55 | 0 | 55 |
|  | $0 | $246 | $0 | $246 |
|  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 | $(358) | $0 | $(358) |
|  Total Financial Derivative Instruments | $0 | $(112) | $0 | $(112) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26265 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288652 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314917 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2026.

---

| | | |
|:---|:---|:---|
| **174** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Short-Term Floating NAV Portfolio II March 31, 2026

#### (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 120.5% | INVESTMENTS IN SECURITIES 120.5% | INVESTMENTS IN SECURITIES 120.5% |
| CORPORATE BONDS & NOTES 13.8% | CORPORATE BONDS & NOTES 13.8% | CORPORATE BONDS & NOTES 13.8% |
| BANKING & FINANCE 10.6% | BANKING & FINANCE 10.6% | BANKING & FINANCE 10.6% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  1.542% due 06/16/2027 •  | 5300 | 5265 |
|  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 | 24814 | 24545 |
|  6.450% due 04/15/2027 | 9300 | 9477 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  1.875% due 08/15/2026 | 1262 | 1249 |
|  3.750% due 06/01/2026 | 971 | 970 |
|  American Express Co. | American Express Co. | American Express Co. |
|  4.312% (SOFRINDX + 0.650%) due 11/04/2026 ~ | 9500 | 9517 |
|  4.635% (SOFRINDX + 0.970%) due 07/28/2027 ~ | 3000 | 3004 |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
|  4.269% due 12/11/2026 •  | 3494 | 3489 |
|  4.273% due 10/06/2026 •  | 11200 | 11201 |
|  4.308% due 11/19/2027 •  | 26700 | 26600 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  1.450% due 09/15/2026 | 1450 | 1431 |
|  2.750% due 01/15/2027 | 11900 | 11752 |
|  3.125% due 01/15/2027 | 3000 | 2968 |
|  3.375% due 10/15/2026 | 1600 | 1591 |
|  ANZ New Zealand International Ltd. | ANZ New Zealand International Ltd. | ANZ New Zealand International Ltd. |
|  1.250% due 06/22/2026 | 2300 | 2285 |
|  Asian Development Bank | Asian Development Bank | Asian Development Bank |
|  4.649% (SOFRINDX + 1.000%) due 06/16/2026 ~ | 10300 | 10324 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  1.608% due 06/29/2026 | 5000 | 4963 |
|  4.341% due 08/10/2026 •  | 47500 | 47523 |
|  4.417% due 07/16/2026 •  | 3200 | 3202 |
|  4.511% (SOFRINDX + 0.850%) due 05/08/2026 ~ | 1000 | 1001 |
|  4.684% (SOFRINDX + 1.030%) due 08/27/2026 ~ | 11900 | 11922 |
|  4.950% due 01/07/2027 | 11600 | 11635 |
|  5.339% due 01/15/2027 | 14700 | 14793 |
|  5.516% due 03/25/2027 | 14800 | 14925 |
|  5.620% due 05/08/2026 | 13221 | 13233 |
|  Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. |
|  4.400% due 05/19/2026 (e) | 4000 | 4001 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  3.500% due 04/19/2026 | 2000 | 1999 |
|  3.559% due 04/23/2027 •  | 8500 | 8496 |
|  4.997% (SOFRRATE + 1.350%) due 09/15/2027 ~ | 6300 | 6324 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
|  1.250% due 09/15/2026 | 2500 | 2467 |
|  4.809% (SOFRINDX + 1.160%) due 12/11/2026 ~ | 510 | 512 |
|  4.981% (SOFRINDX + 1.330%) due 06/05/2026 ~ | 5800 | 5812 |
|  5.300% due 06/05/2026 | 900 | 902 |
|  Bank of New York Mellon | Bank of New York Mellon | Bank of New York Mellon |
|  4.377% (SOFRINDX + 0.710%) due 04/20/2027 ~ | 4882 | 4883 |
|  Bank of New Zealand | Bank of New Zealand | Bank of New Zealand |
|  2.285% due 01/27/2027 | 1000 | 986 |
|  4.476% (SOFRRATE + 0.810%) due 01/27/2027 ~ | 5600 | 5617 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  1.604% due 10/04/2026 | 900 | 888 |
|  4.796% (SOFRRATE + 1.130%) due 01/23/2027 ~ | 225 | 226 |
|  5.068% (SOFRINDX + 1.400%) due 07/13/2026 ~ | 1300 | 1304 |
|  5.896% due 07/13/2026 | 4000 | 4019 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  5.829% due 05/09/2027 •  | 22600 | 22625 |
|  Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. |
|  4.600% due 12/23/2026 | 1300 | 1304 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  1.250% due 06/22/2026 | 700 | 695 |
|  4.587% (SOFRRATE + 0.940%) due 06/28/2027 ~ | 1700 | 1709 |
|  4.899% (SOFRRATE + 1.220%) due 10/02/2026 ~ | 700 | 702 |
|  5.615% due 07/17/2026 | 500 | 502 |
|  Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. |
|  4.350% due 05/15/2026 | 3500 | 3501 |
|  Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
|  2.450% due 03/03/2027 | 8873 | 8738 |
|  4.180% (SOFRINDX + 0.520%) due 05/13/2026 ~ | 5500 | 5500 |
|  Citibank NA | Citibank NA | Citibank NA |
|  4.368% (SOFRRATE + 0.708%) due 08/06/2026 ~ | 8200 | 8209 |
|  4.876% due 11/19/2027 •  | 14000 | 14047 |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
|  4.114% (SOFRRATE + 0.460%) due 11/27/2026 ~ | 14400 | 14421 |
|  4.168% (SOFRRATE + 0.520%) due 06/15/2026 ~ | 3800 | 3802 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  4.578% (SOFRINDX + 0.900%) due 10/05/2026 ~ | 450 | 451 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  5.350% due 06/24/2026 | 1200 | 1203 |
|  5.750% due 07/02/2026 | 5200 | 5219 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  4.519% (SOFRRATE + 0.870%) due 03/11/2027 ~ | 2000 | 2005 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  1.050% due 07/15/2026 | 23400 | 23178 |
|  3.700% due 06/15/2026 | 660 | 659 |
|  4.000% due 03/01/2027 | 600 | 598 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  2.311% due 11/16/2027 •  | 1275 | 1258 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  2.900% due 11/18/2026 | 3400 | 3370 |
|  Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
|  1.300% due 07/12/2026 | 800 | 794 |
|  European Bank for Reconstruction & Development | European Bank for Reconstruction & Development | European Bank for Reconstruction & Development |
|  3.858% (SOFRINDX + 0.190%) due 04/14/2026 ~ | 30000 | 30000 |
|  Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec |
|  4.296% (SOFRRATE + 0.630%) due 01/27/2027 ~ | 1700 | 1702 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  6.950% due 06/10/2026 | 8700 | 8721 |
|  GATX Corp. | GATX Corp. | GATX Corp. |
|  3.250% due 09/15/2026 | 1900 | 1889 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  4.000% due 10/06/2026 | 7200 | 7184 |
|  Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA |
|  4.406% (SOFRRATE + 0.750%) due 05/21/2027 ~ | 26008 | 26014 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  1.542% due 09/10/2027 •  | 9200 | 9081 |
|  1.948% due 10/21/2027 •  | 33500 | 33046 |
|  2.640% due 02/24/2028 •  | 31543 | 31039 |
|  4.469% (SOFRRATE + 0.820%) due 09/10/2027 ~ | 1600 | 1601 |
|  4.587% (SOFRRATE + 0.920%) due 10/21/2027 ~ | 4513 | 4523 |
|  5.683% (US0003M + 1.750%) due 10/28/2027 ~ | 2114 | 2130 |
|  5.950% due 01/15/2027 | 1625 | 1645 |
|  HSBC USA, Inc. | HSBC USA, Inc. | HSBC USA, Inc. |
|  4.612% (SOFRRATE + 0.960%) due 03/04/2027 ~ | 5400 | 5421 |
|  International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development |
|  3.918% (SOFRINDX + 0.270%) due 06/15/2027 ~ | 7500 | 7513 |
|  4.039% due 01/12/2027 •  | 8500 | 8512 |
|  4.059% (SOFRINDX + 0.280%) due 02/23/2027 ~ | 2300 | 2303 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  3.050% due 04/29/2026 | 3490 | 3486 |
|  4.900% due 01/13/2027 | 1000 | 1004 |
|  5.600% due 04/10/2026 | 4000 | 4001 |
|  John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. |
|  4.085% (SOFRRATE + 0.400%) due 01/05/2027 ~ | 1720 | 1719 |
|  4.441% due 06/08/2026 •  | 910 | 911 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  1.470% due 09/22/2027 •  | 2618 | 2582 |
|  1.578% due 04/22/2027 •  | 61390 | 61292 |
|  2.947% due 02/24/2028 •  | 11300 | 11159 |
|  3.300% due 04/01/2026 | 1900 | 1900 |
|  3.782% due 02/01/2028 •  | 30200 | 30054 |
|  4.551% (SOFRRATE + 0.885%) due 04/22/2027 ~ | 1700 | 1701 |
|  JPMorgan Chase Bank NA | JPMorgan Chase Bank NA | JPMorgan Chase Bank NA |
|  4.285% due 04/29/2026 •  | 900 | 900 |
|  Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau |
|  4.666% (SOFRINDX + 1.000%) due 10/30/2026 ~ | 7400 | 7437 |
|  Landeskreditbank Baden-Wuerttemberg Foerderbank | Landeskreditbank Baden-Wuerttemberg Foerderbank | Landeskreditbank Baden-Wuerttemberg Foerderbank |
|  4.661% (SOFRINDX + 1.000%) due 02/11/2027 ~ | 1800 | 1811 |
|  4.662% (SOFRINDX + 1.000%) due 05/08/2026 ~ | 17000 | 17014 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  3.750% due 01/11/2027 | 6417 | 6392 |
|  Macquarie Bank Ltd. | Macquarie Bank Ltd. | Macquarie Bank Ltd. |
|  4.849% (SOFRRATE + 1.200%) due 12/07/2026 ~ | 600 | 603 |
|  MassMutual Global Funding II | MassMutual Global Funding II | MassMutual Global Funding II |
|  4.648% (SOFRRATE + 0.980%) due 07/10/2026 ~ | 300 | 301 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  3.677% due 02/22/2027 | 500 | 498 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  1.512% due 07/20/2027 •  | 10500 | 10405 |
|  1.593% due 05/04/2027 •  | 12425 | 12391 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  4.352% (SOFRRATE + 0.685%) due 10/15/2027 ~ | 12000 | 11991 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  4.000% due 09/14/2026 | 400 | 399 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.800% due 04/05/2026 | 15750 | 15749 |
|  New York Life Global Funding | New York Life Global Funding | New York Life Global Funding |
|  4.130% (SOFRRATE + 0.480%) due 06/09/2026 ~ | 3835 | 3836 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  1.653% due 07/14/2026 | 5800 | 5758 |
|  2.329% due 01/22/2027 | 33500 | 32946 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
|  1.500% due 09/30/2026 | 1000 | 987 |
|  Northwestern Mutual Global Funding | Northwestern Mutual Global Funding | Northwestern Mutual Global Funding |
|  4.700% due 04/06/2026 | 4500 | 4500 |
|  Principal Life Global Funding II | Principal Life Global Funding II | Principal Life Global Funding II |
|  5.000% due 01/16/2027 | 5400 | 5430 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  4.166% (SOFRRATE + 0.500%) due 07/22/2026 ~ | 21500 | 21506 |
|  4.368% due 04/10/2026 •  | 30575 | 30579 |
|  4.992% due 01/12/2027 | 288 | 290 |
|  5.209% due 04/14/2026 | 3800 | 3802 |
|  Regency Centers LP | Regency Centers LP | Regency Centers LP |
|  3.600% due 02/01/2027 | 2100 | 2089 |
|  Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. |
|  3.950% due 09/15/2026 | 1700 | 1699 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  1.200% due 04/27/2026 | 588 | 587 |
|  2.050% due 01/21/2027 | 5100 | 5020 |
|  4.124% (SOFRINDX + 0.460%) due 08/03/2026 ~ | 1000 | 1001 |
|  4.236% (SOFRINDX + 0.570%) due 04/27/2026 ~ | 4834 | 4835 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **175** |

---

------

Schedule of Investments PIMCO Short-Term Floating NAV Portfolio II (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.254% (SOFRINDX + 0.590%) due 11/02/2026 ~ | 9429 | 9435 |
|  4.387% (SOFRINDX + 0.720%) due 10/18/2027 ~ | 2200 | 2200 |
|  4.456% (SOFRINDX + 0.790%) due 07/23/2027 ~ | 6200 | 6206 |
|  4.510% due 10/18/2027 •  | 10100 | 10108 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  3.244% due 10/05/2026 | 27900 | 27744 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  4.000% due 01/12/2027 | 3100 | 3094 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  4.050% due 04/12/2026 | 1600 | 1599 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  1.402% due 09/17/2026 | 22186 | 21921 |
|  2.174% due 01/14/2027 | 3911 | 3849 |
|  2.632% due 07/14/2026 | 5700 | 5674 |
|  4.969% (SOFRRATE + 1.300%) due 07/13/2026 ~ | 500 | 501 |
|  Swedbank AB | Swedbank AB | Swedbank AB |
|  5.028% due 06/15/2026 •  | 3000 | 3005 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  1.200% due 06/03/2026 | 3600 | 3583 |
|  4.239% (SOFRRATE + 0.590%) due 09/10/2026 ~ | 1900 | 1902 |
|  4.568% due 12/17/2026 | 3793 | 3803 |
|  4.747% (SOFRRATE + 1.080%) due 07/17/2026 ~ | 6300 | 6314 |
|  5.264% due 12/11/2026 | 3100 | 3121 |
|  5.532% due 07/17/2026 | 20405 | 20493 |
|  Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
|  4.060% due 06/09/2027 •  | 7000 | 7000 |
|  4.118% (SOFRINDX + 0.450%) due 04/10/2026 ~ | 24765 | 24766 |
|  UBS AG | UBS AG | UBS AG |
|  4.160% (SOFRRATE + 0.500%) due 05/17/2027 ~ | 4000 | 3998 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  1.494% due 08/10/2027 •  | 1400 | 1385 |
|  4.125% due 04/15/2026 | 6400 | 6400 |
|  6.327% due 12/22/2027 •  | 1400 | 1419 |
|  Voya Financial, Inc. | Voya Financial, Inc. | Voya Financial, Inc. |
|  3.650% due 06/15/2026 | 700 | 699 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.000% due 04/22/2026 | 3400 | 3396 |
|  Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
|  4.719% (SOFRRATE + 1.070%) due 12/11/2026 ~ | 7252 | 7272 |
|  4.721% (SOFRRATE + 1.060%) due 08/07/2026 ~ | 875 | 877 |
|  Westpac Banking Corp. | Westpac Banking Corp. | Westpac Banking Corp. |
|  4.087% (SOFRRATE + 0.420%) due 04/16/2026 ~ | 1100 | 1100 |
|  5.200% due 04/16/2026 | 5931 | 5933 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  4.750% due 05/15/2026 | 3350 | 3351 |
|  |  | 1136828 |
| INDUSTRIALS 2.5% | INDUSTRIALS 2.5% | INDUSTRIALS 2.5% |
|  BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
|  3.215% due 09/06/2026 | 1500 | 1492 |
|  4.700% due 04/02/2027 | 700 | 702 |
|  BHP Billiton Finance USA Ltd. | BHP Billiton Finance USA Ltd. | BHP Billiton Finance USA Ltd. |
|  5.250% due 09/08/2026 | 6700 | 6727 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  2.800% due 04/11/2026 | 4000 | 3998 |
|  4.229% (SOFRINDX + 0.550%) due 04/02/2026 ~ | 3800 | 3800 |
|  4.460% (SOFRINDX + 0.800%) due 08/13/2026 ~ | 2450 | 2453 |
|  5.050% due 04/02/2026 | 100 | 100 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  2.250% due 06/15/2026 | 4900 | 4877 |
|  3.100% due 05/01/2026 | 8970 | 8958 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Campbell's Co. | Campbell's Co. | Campbell's Co. |
|  5.200% due 03/19/2027 | 10900 | 10962 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  5.300% due 10/01/2026 | 2400 | 2411 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  3.700% due 12/06/2026 | 3200 | 3187 |
|  Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. |
|  3.350% due 09/15/2026 | 4800 | 4779 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  2.875% due 06/01/2026 | 2300 | 2294 |
|  3.000% due 08/15/2026 | 3700 | 3678 |
|  Danone SA | Danone SA | Danone SA |
|  2.947% due 11/02/2026 | 10700 | 10630 |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
|  4.900% due 10/01/2026 | 1300 | 1302 |
|  Deutsche Telekom International Finance BV | Deutsche Telekom International Finance BV | Deutsche Telekom International Finance BV |
|  3.600% due 01/19/2027 | 19000 | 18900 |
|  Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
|  3.250% due 12/01/2026 | 2500 | 2484 |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
|  5.900% due 11/15/2026 | 4600 | 4639 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  6.050% due 12/01/2026 | 2310 | 2332 |
|  General Electric Co. | General Electric Co. | General Electric Co. |
|  4.305% (US0003M + 0.380%) due 05/05/2026 ~ | 1500 | 1500 |
|  General Mills, Inc. | General Mills, Inc. | General Mills, Inc. |
|  4.700% due 01/30/2027 | 5800 | 5809 |
|  GlaxoSmithKline Capital PLC | GlaxoSmithKline Capital PLC | GlaxoSmithKline Capital PLC |
|  4.148% (SOFRRATE + 0.500%) due 03/12/2027 ~ | 800 | 801 |
|  Haleon U.S. Capital LLC | Haleon U.S. Capital LLC | Haleon U.S. Capital LLC |
|  3.375% due 03/24/2027 | 18900 | 18722 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.500% due 02/15/2027 | 14106 | 14108 |
|  5.375% due 09/01/2026 | 14300 | 14311 |
|  Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |
|  4.450% due 09/25/2026 | 6900 | 6907 |
|  L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. |
|  5.400% due 01/15/2027 | 3400 | 3428 |
|  Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
|  2.500% due 04/15/2026 | 3232 | 3230 |
|  4.800% due 04/01/2026 | 300 | 300 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  5.450% due 09/15/2026 | 3100 | 3112 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  1.650% due 04/15/2026 | 2755 | 2752 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
|  4.296% (SOFRRATE + 0.630%) due 07/31/2026 ~ | 20660 | 20678 |
|  Molson Coors Beverage Co. | Molson Coors Beverage Co. | Molson Coors Beverage Co. |
|  3.000% due 07/15/2026 | 2231 | 2223 |
|  Mondelez International Holdings Netherlands BV | Mondelez International Holdings Netherlands BV | Mondelez International Holdings Netherlands BV |
|  1.250% due 09/24/2026 | 300 | 296 |
|  National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. |
|  5.500% due 10/01/2026 | 700 | 703 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  1.162% due 04/03/2026 | 4495 | 4494 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  2.650% due 07/15/2026 | 9300 | 9250 |
|  Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. |
|  1.700% due 06/15/2026 | 100 | 99 |
|  5.350% due 01/12/2027 | 6067 | 6101 |
|  5.750% due 05/24/2026 | 312 | 312 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  3.200% due 03/15/2027 | 2800 | 2766 |
|  Starbucks Corp. | Starbucks Corp. | Starbucks Corp. |
|  2.000% due 03/12/2027 | 434 | 425 |
|  2.450% due 06/15/2026 | 700 | 697 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.625% due 04/15/2026 | 6000 | 5996 |
|  3.750% due 04/15/2027 | 3343 | 3323 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  TSMC Global Ltd. | TSMC Global Ltd. | TSMC Global Ltd. |
|  1.250% due 04/23/2026 | 3100 | 3094 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
|  4.167% (SOFRRATE + 0.500%) due 07/15/2026 ~ | 4700 | 4703 |
|  VMware LLC | VMware LLC | VMware LLC |
|  1.400% due 08/15/2026 | 2200 | 2177 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  3.200% due 09/26/2026 | 510 | 507 |
|  4.900% due 08/14/2026 | 9700 | 9716 |
|  5.700% due 09/12/2026 | 17200 | 17293 |
|  Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
|  3.450% due 11/15/2026 | 1200 | 1193 |
|  |  | 271731 |
| UTILITIES 0.7% | UTILITIES 0.7% | UTILITIES 0.7% |
|  Ameren Corp. | Ameren Corp. | Ameren Corp. |
|  5.700% due 12/01/2026 | 10600 | 10678 |
|  CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. |
|  1.450% due 06/01/2026 | 750 | 746 |
|  Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
|  3.928% (SOFRINDX + 0.280%) due 09/15/2026 ~ | 6700 | 6690 |
|  Monongahela Power Co. | Monongahela Power Co. | Monongahela Power Co. |
|  3.550% due 05/15/2027 | 2000 | 1981 |
|  National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |
|  3.994% (SOFRRATE + 0.330%) due 10/30/2026 ~ | 4446 | 4448 |
|  4.235% (SOFRRATE + 0.580%) due 11/22/2026 ~ | 3600 | 3604 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  1.875% due 01/15/2027 | 1182 | 1160 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  4.850% due 07/15/2026 | 3600 | 3601 |
|  Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. |
|  4.469% (SOFRRATE + 0.820%) due 06/10/2026 ~ | 12100 | 12109 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  6.000% due 06/01/2026 | 2400 | 2407 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.875% due 02/01/2027 | 3200 | 3209 |
|  TELUS Corp. | TELUS Corp. | TELUS Corp. |
|  2.800% due 02/16/2027 | 3900 | 3848 |
|  Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
|  1.750% due 03/15/2027 | 13345 | 13014 |
|  3.350% due 12/01/2026 | 7000 | 6959 |
|  |  | 74454 |
|  Total Corporate Bonds & Notes<br>(Cost $1,483,994) | Total Corporate Bonds & Notes<br>(Cost $1,483,994) | 1483013 |
| U.S. GOVERNMENT AGENCIES 1.6% | U.S. GOVERNMENT AGENCIES 1.6% | U.S. GOVERNMENT AGENCIES 1.6% |
|  Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |
|  3.810% due 10/05/2027 •  | 114000 | 114008 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  2.120% due 09/01/2026 | 27000 | 26739 |
|  2.400% due 08/01/2026 | 33900 | 33650 |
|  3.305% due 11/01/2026 ~ | 1087 | 1082 |
|  Total U.S. Government Agencies (Cost $175,552) | Total U.S. Government Agencies (Cost $175,552) | 175479 |
| U.S. TREASURY OBLIGATIONS 0.8% | U.S. TREASURY OBLIGATIONS 0.8% | U.S. TREASURY OBLIGATIONS 0.8% |
|  U.S. Treasury Floating Rate Notes | U.S. Treasury Floating Rate Notes | U.S. Treasury Floating Rate Notes |
|  3.751% due 01/31/2027 •  | 70700 | 70730 |
|  3.835% due 07/31/2026 •  | 18200 | 18209 |
|  Total U.S. Treasury Obligations (Cost $88,855) | Total U.S. Treasury Obligations (Cost $88,855) | 88939 |

---

176 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% |
| AUTOMOBILE SEQUENTIAL 0.1% | AUTOMOBILE SEQUENTIAL 0.1% | AUTOMOBILE SEQUENTIAL 0.1% |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  4.082% due 12/10/2026 | 294 | 294 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  4.103% due 10/20/2026 | 6521 | 6524 |
|  Total Asset-Backed Securities (Cost $6,815) | Total Asset-Backed Securities (Cost $6,815) | 6818 |
| SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% | SOVEREIGN ISSUES 1.4% |
|  BNG Bank NV | BNG Bank NV | BNG Bank NV |
|  4.664% (SOFRINDX + 1.000%) due 08/05/2026 ~ | 8200 | 8223 |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.750% due 05/05/2026 | 500 | 501 |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  4.166% (SOFRRATE + 0.500%) due 07/27/2026 ~ | 13900 | 13919 |
|  Export Development Canada | Export Development Canada | Export Development Canada |
|  3.864% (FEDL01 + 0.224%) due 08/13/2026 ~ | 50000 | 49998 |
|  Kommunalbanken AS | Kommunalbanken AS | Kommunalbanken AS |
|  4.648% (SOFRINDX + 1.000%) due 06/17/2026 ~ | 10050 | 10068 |
|  Kommunekredit | Kommunekredit | Kommunekredit |
|  4.666% (SOFRRATE + 1.000%) due 07/27/2026 ~ | 4900 | 4914 |
|  Korea Gas Corp. | Korea Gas Corp. | Korea Gas Corp. |
|  2.250% due 07/18/2026 | 13500 | 13421 |
|  Korea National Oil Corp. | Korea National Oil Corp. | Korea National Oil Corp. |
|  1.250% due 04/07/2026 | 1200 | 1199 |
|  Svensk Exportkredit AB | Svensk Exportkredit AB | Svensk Exportkredit AB |
|  4.664% (SOFRRATE + 1.000%) due 05/05/2027 ~ | 42600 | 42955 |
|  Total Sovereign Issues (Cost $145,175) | Total Sovereign Issues (Cost $145,175) | 145198 |
| SHORT-TERM INSTRUMENTS 102.8% | SHORT-TERM INSTRUMENTS 102.8% | SHORT-TERM INSTRUMENTS 102.8% |
| CERTIFICATES OF DEPOSIT 0.4% | CERTIFICATES OF DEPOSIT 0.4% | CERTIFICATES OF DEPOSIT 0.4% |
|  Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC |
|  4.050% (SOFRRATE + 0.400%) due 11/13/2026 | 12900 | 12904 |
|  Credit Agricole Corporate & Investment Bank SA | Credit Agricole Corporate & Investment Bank SA | Credit Agricole Corporate & Investment Bank SA |
|  3.850% due 10/14/2026 | 8500 | 8497 |
|  KEB Hana Bank | KEB Hana Bank | KEB Hana Bank |
|  3.870% due 10/14/2026 | 6000 | 5993 |
|  Mizuho Bank Ltd. | Mizuho Bank Ltd. | Mizuho Bank Ltd. |
|  3.880% (SOFRRATE + 0.230%) due 04/16/2026 | 8100 | 8101 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait |
|  4.030% (SOFRRATE + 0.380%) due 05/26/2026 | 6000 | 6000 |
|  Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. |
|  3.910% (SOFRRATE + 0.230%) due 04/07/2026 | 3500 | 3500 |
|  |  | 44995 |
| COMMERCIAL PAPER 4.4% | COMMERCIAL PAPER 4.4% | COMMERCIAL PAPER 4.4% |
|  AES Corp. | AES Corp. | AES Corp. |
|  4.400% due 05/05/2026 (a) | 37700 | 37542 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  4.350% due 04/14/2026 | 9900 | 9884 |
|  4.400% due 04/14/2026 | 14200 | 14177 |
|  4.400% due 04/16/2026 | 12500 | 12477 |
|  AMETEK, Inc. | AMETEK, Inc. | AMETEK, Inc. |
|  4.150% due 04/20/2026 | 19800 | 19756 |
|  4.170% due 04/27/2026 | 2600 | 2592 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  4.100% due 04/08/2026 | 27600 | 27576 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.180% due 04/16/2026 | 14400 | 14373 |
|  4.200% due 04/14/2026 | 23400 | 23362 |
|  4.200% due 04/16/2026 | 13700 | 13674 |
|  4.300% due 04/21/2026 | 20000 | 19951 |
|  Eversource Energy | Eversource Energy | Eversource Energy |
|  4.050% due 04/09/2026 | 7300 | 7293 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  4.180% due 04/22/2026 | 4100 | 4090 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  4.130% due 04/30/2026 | 26100 | 26013 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  4.230% due 04/07/2026 | 4000 | 3997 |
|  4.250% due 04/06/2026 | 5200 | 5196 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.150% due 04/16/2026 | 16700 | 16669 |
|  4.150% due 04/17/2026 | 8900 | 8882 |
|  4.200% due 05/18/2026 | 16700 | 16602 |
|  4.350% due 05/01/2026 | 11700 | 11656 |
|  4.380% due 05/01/2026 | 3000 | 2989 |
|  Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
|  4.120% due 04/08/2026 | 15600 | 15584 |
|  4.200% due 04/02/2026 | 22500 | 22494 |
|  JTI Financial Services North America LLC | JTI Financial Services North America LLC | JTI Financial Services North America LLC |
|  4.070% due 05/26/2026 | 7900 | 7854 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.250% due 04/17/2026 (a) | 8300 | 8283 |
|  4.300% due 04/13/2026 | 700 | 699 |
|  4.350% due 04/20/2026 | 5300 | 5288 |
|  4.350% due 04/30/2026 | 3200 | 3188 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Leidos, Inc. | Leidos, Inc. | Leidos, Inc. |
|  4.180% due 04/28/2026 | 8100 | 8074 |
|  Phillips 66 | Phillips 66 | Phillips 66 |
|  4.080% due 04/07/2026 | 12000 | 11991 |
|  4.350% due 05/01/2026 | 8400 | 8371 |
|  4.370% due 05/01/2026 | 400 | 399 |
|  4.400% due 05/29/2026 | 20500 | 20363 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  4.200% due 04/09/2026 | 15100 | 15085 |
|  S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. |
|  4.000% due 04/06/2026 | 15600 | 15590 |
|  4.100% due 04/01/2026 | 12600 | 12599 |
|  TELUS Corp. | TELUS Corp. | TELUS Corp. |
|  4.100% due 07/02/2026 | 11700 | 11571 |
|  4.250% due 05/27/2026 | 7300 | 7251 |
|  |  | 473435 |
| REPURCHASE AGREEMENTS (f) 97.8% | REPURCHASE AGREEMENTS (f) 97.8% | REPURCHASE AGREEMENTS (f) 97.8% |
|  |  | 10528000 |
| SHORT-TERM NOTES 0.1% | SHORT-TERM NOTES 0.1% | SHORT-TERM NOTES 0.1% |
|  ARI Fleet Lease Trust | ARI Fleet Lease Trust | ARI Fleet Lease Trust |
|  3.812% due 01/15/2027 | 4685 | 4684 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  4.551% due 07/20/2026 | 275 | 275 |
|  Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes |
|  3.549% due 04/01/2026 (c)(d) | 2454 | 2454 |
|  3.679% due 09/09/2026 (c)(d) | 1700 | 1672 |
|  |  | 9085 |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  3.697% due 05/07/2026 - 06/25/2026 (b)(c) | 5800 | 5760 |
| Total Short-Term Instruments<br> (Cost $11,061,315) | Total Short-Term Instruments<br> (Cost $11,061,315) | 11061275 |
| Total Investments in Securities<br>(Cost $12,961,706) | Total Investments in Securities<br>(Cost $12,961,706) | 12960722 |
| Total Investments 120.5%<br> (Cost $12,961,706) | Total Investments 120.5%<br> (Cost $12,961,706) | 12960722 |
| Other Assets and Liabilities, net (20.5)% | Other Assets and Liabilities, net (20.5)% | (2200686) |
| Net Assets 100.0% | Net Assets 100.0% | 10760036 |

---

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

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

(a) When-issued security.

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

(c) Zero coupon security.

(d) Coupon represents a yield to maturity.

(e) Contingent convertible security.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **177** |

---

------

Schedule of Investments PIMCO Short-Term Floating NAV Portfolio II (Cont.)

#### 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 | 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> |
| BCY | 3.710% | 04/01/2026 | 04/02/2026 |  | $1200000 | U.S. Treasury Notes 3.625% - 3.875% due 10/31/2030 - 08/15/2033 | $(1224680) | $1200000 | $1200000 |
|  | 3.740 | 03/31/2026 | 04/01/2026 |  | 1300000 | U.S. Treasury Notes 3.625% - 4.125% due 10/31/2030 - 08/15/2033 | (1327831) | 1300000 | 1300135 |
| BOS | 3.680 | 03/12/2026 | 04/08/2026 |  | 400000 | U.S. Treasury Notes 3.625% due 10/31/2030 | (406562) | 400000 | 400818 |
|  | 3.680 | 04/01/2026 | 04/09/2026 |  | 725000 | U.S. Treasury Notes 1.125% - 2.625% due 07/31/2029 - 02/15/2031 | (739349) | 725000 | 725000 |
|  | 3.680 | 03/18/2026 | 04/13/2026 |  | 100000 | U.S. Treasury Notes 1.750% due 01/31/2029 | (101757) | 100000 | 100143 |
|  | 3.690 | 03/10/2026 | 04/06/2026 |  | 2500000 | U.S. Treasury Notes 0.625% - 3.625% due 09/30/2027 - 05/15/2030 | (2533644) | 2500000 | 2505638 |
|  | 3.690 | 03/11/2026 | 04/06/2026 |  | 1300000 | U.S. Treasury Notes 4.625% due 04/30/2031 | (1316326) | 1300000 | 1302798 |
|  | 3.690 | 03/13/2026 | 04/09/2026 |  | 800000 | U.S. Treasury Notes 1.625% - 4.250% due 02/15/2028 - 02/28/2030 | (816589) | 800000 | 801558 |
|  | 3.690 | 03/13/2026 | 04/15/2026 |  | 100000 | U.S. Treasury Notes 0.625% due 05/15/2030 | (101998) | 100000 | 100195 |
|  | 3.690 | 03/23/2026 | 04/20/2026 |  | 200000 | U.S. Treasury Notes 4.125% due 10/31/2031 | (205051) | 200000 | 200185 |
|  | 3.710 | 03/31/2026 | 04/01/2026 |  | 961400 | U.S. Treasury Notes 4.125% - 4.250% due 02/28/2029 - 03/31/2031 | (982457) | 961400 | 961499 |
| BPS | 3.730 | 03/31/2026 | 04/01/2026 |  | 13400 | Ginnie Mae 5.000% due 01/20/2056 | (13887) | 13400 | 13401 |
| CTR | 3.690 | 04/01/2026 | 04/02/2026 |  | 150000 | U.S. Treasury Notes 4.375% due 11/30/2028 | (153149) | 150000 | 150000 |
| DEU | 3.620 | 03/31/2026 | 04/01/2026 |  | 210700 | U.S. Treasury Bonds 2.875% - 4.625% due 11/15/2044 - 05/15/2052 | (214421) | 210700 | 210721 |
|  | 3.720 | 03/31/2026 | 04/02/2026 |  | 263900 | U.S. Treasury Bonds 2.000% - 4.750% due 05/15/2040 - 05/15/2055 | (269859) | 263900 | 263927 |
| FICC STR | 3.660 | 03/31/2026 | 04/01/2026 |  | 57900 | U.S. Treasury Bonds 1.375% - 4.625% due 08/15/2050 - 05/15/2054 | (25071) | 57900 | 57906 |
|  |  |  |  |  |  | U.S. Treasury Inflation Protected Securities 2.375% due 02/15/2056 | (31233) |  |  |
|  |  |  |  |  |  | U.S. Treasury Notes 4.250% due 02/28/2031 | (2754) |  |  |
| SAL | 3.720 | 03/31/2026 | 04/01/2026 |  | 245700 | U.S. Treasury Bills 0.000% due 04/28/2026 | (250723) | 245700 | 245725 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10717341) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10528000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10539649 |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 |
|  BCY | $2500135 | $0 | $0 | $2500135 | $(2552511) | $(52376) |
|  BOO | 0 | 0 | 0 | 0 | (46073) | (46073) |
|  BOS | 7097834 | 0 | 0 | 7097834 | (7203732) | (105898) |
|  BPS | 13401 | 0 | 0 | 13401 | (13887) | (486) |
|  CTR | 150000 | 0 | 0 | 150000 | (153149) | (3149) |
|  DEU | 474648 | 0 | 0 | 474648 | (484281) | (9633) |
|  FICC STR | 57906 | 0 | 0 | 57906 | (59058) | (1152) |
|  SAL | 245725 | 0 | 0 | 245725 | (250723) | (4998) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10539649 | $&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. 

---

| | | |
|:---|:---|:---|
| **178** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2026 |
|  Investments 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136828 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136828 |
| &nbsp;&nbsp; Industrials | 0 | 271731 | 0 | 271731 |
| &nbsp;&nbsp; Utilities | 0 | 74454 | 0 | 74454 |
|  U.S. Government Agencies | 0 | 175479 | 0 | 175479 |
|  U.S. Treasury Obligations | 0 | 88939 | 0 | 88939 |
|  Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp; Automobile Sequential | 0 | 6818 | 0 | 6818 |
|  Sovereign Issues | 0 | 145198 | 0 | 145198 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2026** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Certificates of Deposit | $0 | $44995 | $0 | $44995 |
| &nbsp;&nbsp; Commercial Paper | 7293 | 466142 | 0 | 473435 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 10528000 | 0 | 10528000 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 9085 | 0 | 9085 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 5760 | 0 | 5760 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7293 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12953429 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12960722 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **179** |

---

------

Schedule of Investments PIMCO U.S. Government and Short-Term Investments Portfolio

#### (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 90.1% | INVESTMENTS IN SECURITIES 90.1% | INVESTMENTS IN SECURITIES 90.1% |
| CORPORATE BONDS & NOTES 1.5% | CORPORATE BONDS & NOTES 1.5% | CORPORATE BONDS & NOTES 1.5% |
| INDUSTRIALS 1.5% |  |  |
|  Beignet Investor LLC |  |  |
|  6.581% due 05/30/2049 | 17580 | 18089 |
|  Total Corporate Bonds & Notes<br>(Cost $17,580) | Total Corporate Bonds & Notes<br>(Cost $17,580) | 18089 |
| U.S. GOVERNMENT AGENCIES 0.4% | U.S. GOVERNMENT AGENCIES 0.4% | U.S. GOVERNMENT AGENCIES 0.4% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  5.500% due 11/01/2038 - 10/01/2039 | 31 | 32 |
|  6.051% due 02/01/2035 •  | 111 | 113 |
|  6.207% due 01/01/2032 •  | 1 | 1 |
|  6.208% due 05/01/2032 •  | 3 | 3 |
|  6.481% due 07/01/2029 •  | 1 | 1 |
|  6.504% due 06/01/2035 •  | 286 | 296 |
|  Federal Home Loan Mortgage Corp. Coupon STRIPS | Federal Home Loan Mortgage Corp. Coupon STRIPS | Federal Home Loan Mortgage Corp. Coupon STRIPS |
|  0.000% due 01/15/2032 (a) | 563 | 439 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.287% due 06/15/2030 - 12/15/2032 •  | 12 | 12 |
|  4.337% due 06/15/2031 •  | 4 | 4 |
|  4.500% due 06/15/2035 - 09/15/2035 | 236 | 235 |
|  5.000% due 01/15/2034 | 714 | 725 |
|  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 |
|  4.016% due 07/25/2031 •  | 127 | 126 |
|  5.059% due 10/25/2044 - 02/25/2045 •  | 627 | 588 |
|  5.259% due 07/25/2044 •  | 287 | 280 |
|  6.500% due 10/25/2043 | 245 | 249 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  4.000% due 05/01/2030 - 12/01/2041 | 734 | 709 |
|  4.500% due 04/01/2028 - 11/01/2029 | 37 | 37 |
|  5.113% due 06/01/2043 •  | 111 | 113 |
|  5.114% due 02/01/2041 - 10/01/2044 •  | 537 | 544 |
|  5.491% due 03/01/2035 •  | 94 | 96 |
|  5.625% due 12/01/2032 •  | 1 | 1 |
|  5.640% due 11/01/2035 •  | 43 | 44 |
|  5.647% due 11/01/2035 •  | 38 | 38 |
|  5.895% due 12/01/2029 •  | 2 | 3 |
|  6.155% due 01/01/2036 •  | 35 | 36 |
|  6.246% due 10/01/2032 • | 2 | 2 |
|  Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust |
|  4.013% due 07/25/2032 • | 29 | 29 |
|  4.402% due 03/25/2032 • | 99 | 96 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  3.842% due 12/25/2036 • | 72 | 71 |
|  3.902% due 03/25/2034 • | 18 | 18 |
|  3.912% due 03/25/2036 • | 36 | 36 |
|  4.676% due 04/25/2032 • | 3 | 3 |
|  Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
|  3.896% due 06/25/2033 • | 47 | 46 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  4.126% due 05/25/2042 • | 52 | 51 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  5.625% due 04/20/2027 - 04/20/2032 • | 100 | 100 |
|  Total U.S. Government Agencies (Cost $5,243) | Total U.S. Government Agencies (Cost $5,243) | 5177 |
| U.S. TREASURY OBLIGATIONS 84.0% | U.S. TREASURY OBLIGATIONS 84.0% | U.S. TREASURY OBLIGATIONS 84.0% |
|  U.S. Treasury Bonds |  |  |
|  1.375% due 11/15/2040 (d) | 37030 | 23865 |
|  1.375% due 08/15/2050 | 150550 | 73649 |
|  1.625% due 11/15/2050 | 214700 | 112063 |
|  1.750% due 08/15/2041 | 12400 | 8294 |
|  1.875% due 02/15/2041 | 110500 | 76593 |
|  2.250% due 08/15/2049 | 50320 | 31310 |
|  2.250% due 02/15/2052 | 600 | 362 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.750% due 11/15/2042 | 83400 | 63465 |
|  2.875% due 05/15/2043 (d) | 10960 | 8421 |
|  2.875% due 05/15/2049 | 56970 | 40520 |
|  3.000% due 05/15/2042 | 51000 | 40665 |
|  3.000% due 11/15/2044 | 213100 | 163238 |
|  3.000% due 08/15/2048 (d) | 8300 | 6094 |
|  3.000% due 02/15/2049 | 38140 | 27868 |
|  3.125% due 02/15/2043 | 41250 | 33042 |
|  3.625% due 08/15/2043 | 53000 | 45280 |
|  3.625% due 02/15/2044 | 32300 | 27447 |
|  4.000% due 11/15/2042 | 38100 | 34487 |
|  4.125% due 08/15/2044 (d) | 7500 | 6806 |
|  4.375% due 02/15/2038 | 78530 | 78418 |
|  4.375% due 08/15/2043 (d) | 23300 | 22000 |
|  4.500% due 05/15/2038 | 31463 | 31703 |
|  4.875% due 08/15/2045 | 600 | 598 |
|  U.S. Treasury Notes |  |  |
|  2.875% due 05/15/2028 (d) | 9680 | 9498 |
|  3.875% due 03/31/2027 | 46600 | 46666 |
|  3.875% due 05/31/2027 (d) | 44100 | 44132 |
|  4.250% due 08/15/2035 | 1100 | 1096 |
|  Total U.S. Treasury Obligations<br>(Cost $1,428,124) |  | 1057580 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 2.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 2.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 2.9% |
|  Bear Stearns ALT-A Trust |  |  |
|  4.113% due 02/25/2034 •  | 310 | 295 |
|  4.330% due 11/25/2036 ~ | 4910 | 2691 |
|  4.433% due 11/25/2036 ~ | 10449 | 5209 |
|  Bear Stearns ARM Trust |  |  |
|  6.000% due 04/25/2033 ~ | 10 | 10 |
|  6.125% due 04/25/2033 ~ | 5 | 5 |
|  6.183% due 11/25/2034 ~ | 113 | 109 |
|  6.185% due 01/25/2034 ~ | 65 | 63 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.043% due 08/25/2035 •  | 69 | 68 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  3.598% due 04/25/2035 ~ | 160 | 107 |
|  4.096% due 09/20/2036 ~ | 1411 | 1270 |
|  4.253% due 05/25/2035 •  | 360 | 320 |
|  4.373% due 04/25/2035 •  | 6 | 6 |
|  4.453% due 02/25/2035 •  | 223 | 212 |
|  4.473% due 02/25/2035 •  | 134 | 127 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  6.490% due 05/25/2035 •  | 17 | 17 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  3.970% due 02/20/2047 •  | 1966 | 1608 |
|  4.113% due 02/25/2047 •  | 178 | 165 |
|  4.153% due 05/25/2047 •  | 1138 | 1064 |
|  4.193% due 05/25/2036 •  | 22 | 20 |
|  4.210% due 03/20/2046 •  | 1460 | 1387 |
|  4.213% due 05/25/2035 •  | 178 | 174 |
|  4.353% due 12/25/2035 •  | 126 | 120 |
|  4.859% due 02/25/2036 •  | 118 | 110 |
|  5.500% due 03/25/2036 | 805 | 323 |
|  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 |
|  DSLA Mortgage Loan Trust |  |  |
|  4.311% due 08/19/2045 •  | 144 | 130 |
|  GreenPoint MTA Trust |  |  |
|  4.233% due 06/25/2045 •  | 111 | 100 |
|  GSR Mortgage Loan Trust |  |  |
|  4.061% due 04/25/2036 ~ | 1384 | 813 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.051% due 03/19/2037 •  | 527 | 494 |
|  4.231% due 05/19/2035 •  | 456 | 444 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.433% due 02/25/2035 •  | 520 | 493 |
|  JP Morgan Mortgage Trust |  |  |
|  4.968% due 07/25/2035 ~ | 111 | 107 |
|  4.985% due 02/25/2036 ~ | 233 | 159 |
|  5.990% due 07/25/2064 ~ | 718 | 723 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  5.572% due 05/25/2034 ~ | 40 | 39 |

---

---

| | | |
|:---|:---|:---|
|  | **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 |
|  5.549% due 12/25/2032 •  | 10 | 10 |
|  RALI Trust |  |  |
|  4.093% due 08/25/2035 •  | 381 | 261 |
|  5.219% due 09/25/2045 •  | 123 | 107 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  8.500% due 10/25/2031 | 104 | 94 |
|  RFMSI Trust |  |  |
|  6.500% due 03/25/2032 | 5 | 5 |
|  Sequoia Mortgage Trust |  |  |
|  4.490% due 07/20/2033 •  | 133 | 134 |
|  4.491% due 10/19/2026 •  | 50 | 50 |
|  4.495% due 07/20/2033 •  | 94 | 91 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  5.259% due 01/25/2035 •  | 140 | 130 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.233% due 05/25/2036 •  | 5621 | 4718 |
|  4.371% due 07/19/2034 •  | 12 | 12 |
|  4.491% due 03/19/2034 •  | 48 | 46 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.697% due 05/25/2046 •  | 188 | 158 |
|  3.829% due 12/25/2046 •  | 625 | 563 |
|  3.871% due 12/25/2046 •  | 375 | 349 |
|  4.313% due 11/25/2045 •  | 382 | 362 |
|  4.333% due 12/25/2045 •  | 119 | 121 |
|  4.589% due 01/25/2047 •  | 274 | 266 |
|  4.839% due 06/25/2046 •  | 896 | 852 |
|  4.859% due 02/25/2046 •  | 690 | 642 |
|  4.907% due 07/25/2046 •  | 2118 | 1967 |
|  4.907% due 08/25/2046 •  | 6092 | 5371 |
|  5.059% due 11/25/2042 •  | 73 | 71 |
|  5.359% due 09/25/2046 •  | 807 | 769 |
|  5.359% due 10/25/2046 •  | 296 | 285 |
|  5.600% due 03/25/2034 ~ | 19 | 20 |
|  Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust |
|  4.999% due 05/25/2033 ~ | 29 | 30 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $48,177) | Total Non-Agency Mortgage-Backed Securities (Cost $48,177) | 36467 |
| ASSET-BACKED SECURITIES 1.2% | ASSET-BACKED SECURITIES 1.2% | ASSET-BACKED SECURITIES 1.2% |
| HOME EQUITY OTHER 0.2% | HOME EQUITY OTHER 0.2% | HOME EQUITY OTHER 0.2% |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  3.873% due 05/25/2037 •  | 16 | 11 |
|  4.307% due 06/15/2031 •  | 268 | 263 |
|  C-BASS Trust |  |  |
|  3.304% due 01/25/2037 •  | 793 | 230 |
|  Citigroup Global Markets Mortgage Securities VII, Inc. | Citigroup Global Markets Mortgage Securities VII, Inc. | Citigroup Global Markets Mortgage Securities VII, Inc. |
|  5.143% due 01/25/2032 •  | 5 | 5 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  4.413% due 01/25/2032 •  | 16 | 16 |
|  GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust |
|  3.873% due 08/25/2036 •  | 37 | 16 |
|  GSAMP Trust |  |  |
|  3.933% due 12/25/2036 •  | 352 | 174 |
|  3.973% due 11/25/2035 •  | 130 | 9 |
|  Home Equity Asset Trust |  |  |
|  4.713% due 02/25/2033 •  | 1 | 1 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  3.893% due 10/25/2036 •  | 85 | 29 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  3.953% due 08/25/2036 •  | 24 | 11 |
|  Lehman ABS Mortgage Loan Trust | Lehman ABS Mortgage Loan Trust | Lehman ABS Mortgage Loan Trust |
|  3.883% due 06/25/2037 •  | 314 | 209 |
|  Long Beach Mortgage Loan Trust |  |  |
|  4.353% due 10/25/2034 •  | 1267 | 1241 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  3.893% due 11/25/2036 •  | 70 | 20 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.033% due 02/25/2037 •  | 244 | 68 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  3.853% due 05/25/2037 •  | 115 | 105 |

---

---

| | | |
|:---|:---|:---|
| **180** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 |
|  3.843% due 11/25/2036 •  | $— | 28 | $— | 9 |
|  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 |
|  4.153% due 05/25/2036 •  |  | 84 |  | 84 |
|  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 |
|  4.493% due 08/25/2032 •  |  | 2 |  | 2 |
|  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 |
|  3.913% due 12/25/2036 •  |  | 1373 |  | 285 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  3.873% due 06/25/2037 •  |  | 167 |  | 113 |
|  3.913% due 11/25/2036 •  |  | 425 |  | 112 |
|  |  |  |  | 3013 |
| WHOLE LOAN COLLATERAL 0.0% |  |  |  |  |
|  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 |
|  3.953% due 11/25/2036 •  |  | 428 |  | 112 |
| OTHER ABS 1.0% |  |  |  |  |
|  Apex Credit CLO Ltd. |  |  |  |  |
|  5.468% due 04/20/2036 •  |  | 1300 |  | 1302 |
|  BlueMountain CLO Ltd. |  |  |  |  |
|  4.858% due 10/25/2030 •  |  | 328 |  | 328 |
|  Capital Four U.S. CLO II Ltd. |  |  |  |  |
|  5.568% due 01/20/2037 •  |  | 2200 |  | 2207 |
|  Diameter Capital CLO 6 Ltd. |  |  |  |  |
|  5.282% due 04/15/2037 •  |  | 2400 |  | 2407 |
|  Dryden 37 Senior Loan Fund | Dryden 37 Senior Loan Fund | Dryden 37 Senior Loan Fund | Dryden 37 Senior Loan Fund | Dryden 37 Senior Loan Fund |
|  5.034% due 01/15/2031 •  |  | 453 |  | 454 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund |
|  4.818% due 10/19/2029 •  | 29 | 29 |
|  KKR CLO 21 Ltd. |  |  |
|  4.934% due 04/15/2031 •  | 128 | 129 |
|  Romark WM-R Ltd. |  |  |
|  4.959% due 04/20/2031 •  | 18 | 18 |
|  Sound Point CLO XXIII |  |  |
|  5.104% due 07/15/2034 •  | 1000 | 1001 |
|  Sound Point CLO XXVII Ltd. | Sound Point CLO XXVII Ltd. | Sound Point CLO XXVII Ltd. |
|  5.110% due 10/25/2034 •  | 3000 | 3004 |
|  Venture 35 CLO Ltd. |  |  |
|  5.131% due 10/22/2031 •  | 908 | 909 |
|  Venture XIX CLO Ltd. |  |  |
|  5.194% due 01/15/2032 •  | 498 | 499 |
|  |  | 12287 |
|  Total Asset-Backed Securities (Cost $18,501) |  | 15412 |
|  | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.720% (b) | 583708 | 584 |
| Total Short-Term Instruments (Cost $584) |  | 584 |
| Total Investments in Securities<br> (Cost $1,518,209) | Total Investments in Securities<br> (Cost $1,518,209) | 1133309 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 5.6% | 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% | 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% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.6% |
|  PIMCO Short-Term Floating NAV Portfolio III | 7241813 | $— | 70528 |
| Total Short-Term Instruments<br> (Cost $70,531) | Total Short-Term Instruments<br> (Cost $70,531) |  | 70528 |
| Total Investments in Affiliates<br> (Cost $70,531) | Total Investments in Affiliates<br> (Cost $70,531) |  | 70528 |
| Total Investments 95.7% (Cost $1,588,740) |  | $— | 1203837 |
|  Financial Derivative<br>Instruments (c)(f) 0.2%<br> (Cost or Premiums, net $19,991) | Financial Derivative<br>Instruments (c)(f) 0.2%<br> (Cost or Premiums, net $19,991) |  | 2425 |
| Other Assets and Liabilities, net 4.1% | Other Assets and Liabilities, net 4.1% |  | 52275 |
| Net Assets 100.0% |  | $— | 1258537 |

---

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

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

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

(b) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (0.2)% | U.S. Government Agencies (0.2)% | U.S. Government Agencies (0.2)% | U.S. Government Agencies (0.2)% | U.S. Government Agencies (0.2)% | U.S. Government Agencies (0.2)% |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500% | 06/01/2056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | $(2885) | $(2891) |
|  Total Short Sales (0.2)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2885) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2891) |

---

The average amount of borrowings outstanding during the period ended March 31, 2026 was $(14,991) at a weighted average interest rate of 4.411%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 June Futures  | 06/2026 | 6071 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656759 | $(9094) | $854 | $0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 8042 | 893039 | (14979) | 1764 | (1) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 6198 | 703570 | (15442) | 1840 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 952 | 110968 | (1015) | 195 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40530) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4653 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 181

------

Schedule of Investments PIMCO U.S. Government and Short-Term Investments Portfolio (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 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2026 | 5425 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1125391) | $8075 | $0 | $(424) |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2026 | 2486 | (283093) | 8942 | 0 | (932) |
|  |  |  |  | $17017 | $0 | $(1356) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23513) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4653 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1357) |

---

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed Receive Rate** | &nbsp;&nbsp;&nbsp;&nbsp;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 Receive Rate** | &nbsp;&nbsp;&nbsp;&nbsp;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.IG-44 5-Year Index | 1.000% | Quarterly | 06/20/2030 | $600 | $13 | $(2) | $11 | $1 | $0 |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 60510 | 1340 | (247) | 1093 | 118 | 0 |
|  CDX.IG-46 5-Year Index | 1.000 | Quarterly | 06/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39000 | 660 | 26 | 686 | 85 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(223) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.300% | Annual | 02/28/2029 | $118000 | $(155) | $1105 | $950 | $0 | $(88) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.857 | Annual | 03/31/2030 | 140300 | 192 | 796 | 988 | 139 | 0 |
|  Receive<sup>(4)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 08/31/2030 | 802307 | 2620 | 5338 | 7958 | 0 | (795) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.328 | Annual | 04/30/2031 | 11500 | 0 | 246 | 246 | 0 | (12) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 06/30/2031 | 38900 | 3 | 851 | 854 | 0 | (43) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.150 | Annual | 05/15/2034 | 394400 | 0 | 20649 | 20649 | 0 | (750) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 31000 | (223) | 369 | 146 | 0 | (35) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | 173100 | 1974 | (3543) | (1569) | 161 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.606 | Semi-Annual | 12/21/2047 | 40000 | (13) | 10405 | 10392 | 89 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 12/21/2052 | 53000 | 10095 | 10962 | 21057 | 152 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.010 | Annual | 11/15/2053 | 149200 | 2084 | 841 | 2925 | 0 | (95) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.075 | Annual | 11/15/2053 | 55442 | 412 | 312 | 724 | 196 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 14000 | 342 | 1264 | 1606 | 48 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 64200 | 647 | 6212 | 6859 | 0 | (42) |
|  |  |  |  |  |  | $17978 | $55807 | $73785 | $785 | $(1860) |
|  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;19991 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55584 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75575 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1860) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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;4653 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5642 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1357) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1860) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3217) |

---

(d) Securities with an aggregate market value of $69,190 and cash of $1,800 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2026. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

<sup>(1)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio 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> The maximum potential amount the Portfolio 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.

---

| | | |
|:---|:---|:---|
| **182** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for 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 | $4653 | $4653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 204 | 0 | 0 | 785 | 989 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | $&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;5438 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5642 |
|  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 | $1357 | $1357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1860 | 1860 |
|  | $0 | $0 | $0 | $0 | $3217 | $3217 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the year ended March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for 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 | $53513 | $53513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1102 | 0 | 0 | 6394 | 7496 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102 | $0 | $0 | $59907 | $61009 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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 | $(45837) | $(45837) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (73) | 0 | 0 | 10763 | 10690 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(73) | $&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;(35074) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35147) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2026 |
|  Investments 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; Industrials | $0 | $18089 | $0 | $18089 |
|  U.S. Government Agencies | 0 | 5177 | 0 | 5177 |
|  U.S. Treasury Obligations | 0 | 1057580 | 0 | 1057580 |
|  Non-Agency Mortgage-Backed Securities | 0 | 36467 | 0 | 36467 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Home Equity Other | 0 | 3013 | 0 | 3013 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 112 | 0 | 112 |
| &nbsp;&nbsp; Other ABS | 0 | 12287 | 0 | 12287 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 584 | 0 | 0 | 584 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132725 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133309 |
|  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 | $70528 | $0 | $0 | $70528 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71112 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132725 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203837 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2026 |
|  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 | $(2891) | $0 | $(2891) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5642 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5642 |
|  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 | $(3217) | $0 | $(3217) |
|  Total Financial Derivative Instruments | $0 | $2425 | $0 | $2425 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71112 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132259 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203371 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **183** |

---

------

Consolidated Schedule of Investments PIMCO International Portfolio

#### (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 62.2% | INVESTMENTS IN SECURITIES 62.2% | INVESTMENTS IN SECURITIES 62.2% |
| AUSTRALIA 4.4% | AUSTRALIA 4.4% | AUSTRALIA 4.4% |
| SOVEREIGN ISSUES 4.4% | SOVEREIGN ISSUES 4.4% | SOVEREIGN ISSUES 4.4% |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
|  1.750% due 03/20/2034 | 17400 | 9181 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |
|  1.500% due 08/20/2032 | 14000 | 7717 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
|  2.000% due 11/20/2037 | 14400 | 6717 |
|  Total Australia (Cost $23,536) | Total Australia (Cost $23,536) | 23615 |
| JAPAN 14.5% | JAPAN 14.5% | JAPAN 14.5% |
| SOVEREIGN ISSUES 14.5% | SOVEREIGN ISSUES 14.5% | SOVEREIGN ISSUES 14.5% |
|  Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds |
|  2.200% due 03/20/2064 | 1630000 | 7119 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  2.300% due 12/20/2054 | 2800000 | 13392 |
|  2.400% due 03/20/2055 | 610000 | 2982 |
|  2.800% due 06/20/2055 | 1700000 | 9078 |
|  3.200% due 09/20/2055 | 2660000 | 15405 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  2.000% due 12/20/2044 | 3460000 | 18113 |
|  2.400% due 03/20/2045 | 2100000 | 11693 |
|  2.700% due 09/20/2045 | 150000 | 870 |
|  Total Japan (Cost $97,083) | Total Japan (Cost $97,083) | 78652 |
| SUPRANATIONAL 6.8% | SUPRANATIONAL 6.8% | SUPRANATIONAL 6.8% |
| CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% | CORPORATE BONDS & NOTES 0.8% |
|  European Investment Bank | European Investment Bank | European Investment Bank |
|  2.250% due 12/14/2029 | 3900 | 4417 |
| SOVEREIGN ISSUES 6.0% | SOVEREIGN ISSUES 6.0% | SOVEREIGN ISSUES 6.0% |
|  European Union | European Union | European Union |
|  2.875% due 10/05/2029 | 28300 | 32709 |
|  Total Supranational (Cost $34,693) | Total Supranational (Cost $34,693) | 37126 |
| UNITED KINGDOM 8.7% | UNITED KINGDOM 8.7% | UNITED KINGDOM 8.7% |
| SOVEREIGN ISSUES 8.7% | SOVEREIGN ISSUES 8.7% | SOVEREIGN ISSUES 8.7% |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  0.500% due 10/22/2061 | 2900 | 909 |
|  4.375% due 07/31/2054 | 42200 | 46510 |
|  Total United Kingdom (Cost $52,872) | Total United Kingdom (Cost $52,872) | 47419 |
| UNITED STATES 2.1% | UNITED STATES 2.1% | UNITED STATES 2.1% |
| ASSET-BACKED SECURITIES 0.6% | ASSET-BACKED SECURITIES 0.6% | ASSET-BACKED SECURITIES 0.6% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.493% due 06/25/2034 •  | 167 | 168 |
|  Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust |
|  4.493% due 10/25/2031 •  | 54 | 54 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  3.973% due 07/25/2036 •  | 1149 | 309 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  3.873% due 05/25/2037 •  | 32 | 23 |
|  C-BASS Trust | C-BASS Trust | C-BASS Trust |
|  3.304% due 01/25/2037 •  | 237 | 69 |
|  3.913% due 11/25/2036 •  | 27 | 12 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  4.413% due 01/25/2032 •  | 25 | 25 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.393% due 11/25/2032 •  | 1 | 1 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  3.893% due 10/25/2036 •  | 20 | 7 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.353% due 10/25/2034 •  | 23 | 22 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  3.953% due 09/25/2037 •  | 21 | 4 |

---

---

| | | |
|:---|:---|:---|
|  | **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 |
|  3.853% due 05/25/2037 •  | 32 | 29 |
|  3.893% due 11/25/2036 •  | 5011 | 2517 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  3.913% due 11/25/2036 •  | 212 | 56 |
|  Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust |
|  3.913% due 10/25/2036 •  | 21 | 7 |
|  |  | 3303 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.4% |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.544% due 08/25/2036 ~ | 17 | 10 |
|  5.042% due 01/25/2036 ~ | 207 | 199 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.253% due 05/25/2035 •  | 57 | 50 |
|  4.373% due 03/25/2035 •  | 226 | 211 |
|  4.393% due 03/25/2035 •  | 26 | 12 |
|  4.433% due 03/25/2035 •  | 1232 | 1148 |
|  4.453% due 02/25/2035 •  | 4 | 4 |
|  4.553% due 09/25/2034 •  | 2 | 2 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  5.387% due 08/25/2035 ~ | 4 | 4 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  3.970% due 02/20/2047 •  | 2246 | 1837 |
|  4.113% due 02/25/2047 •  | 46 | 43 |
|  4.210% due 03/20/2046 •  | 184 | 175 |
|  4.313% due 12/25/2035 •  | 18 | 17 |
|  4.353% due 12/25/2035 •  | 126 | 120 |
|  4.353% due 02/25/2037 •  | 54 | 46 |
|  4.393% due 08/25/2035 •  | 129 | 121 |
|  4.393% due 12/25/2035 •  | 539 | 417 |
|  4.493% due 09/25/2035 •  | 431 | 404 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  6.500% due 04/25/2033 | 1 | 2 |
|  Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust |
|  3.893% due 10/25/2036 •  | 1 | 1 |
|  DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust |
|  4.211% due 03/19/2045 •  | 83 | 80 |
|  4.311% due 08/19/2045 •  | 65 | 59 |
|  4.451% due 09/19/2045 •  | 914 | 480 |
|  GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust |
|  4.253% due 06/25/2045 •  | 546 | 437 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.271% due 06/19/2035 •  | 55 | 55 |
|  4.271% due 01/19/2036 •  | 5 | 5 |
|  4.271% due 03/19/2036 •  | 579 | 546 |
|  4.291% due 01/19/2036 •  | 1098 | 702 |
|  4.411% due 11/19/2035 •  | 53 | 33 |
|  4.451% due 09/19/2035 •  | 7 | 4 |
|  4.470% due 06/20/2035 •  | 25 | 24 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  4.155% due 10/25/2035 ~ | 7 | 6 |
|  RALI Trust | RALI Trust | RALI Trust |
|  4.213% due 04/25/2046 •  | 117 | 29 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.490% due 07/20/2033 •  | 115 | 116 |
|  4.491% due 10/19/2026 •  | 1 | 1 |
|  4.816% due 10/20/2034 •  | 89 | 80 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  4.333% due 03/25/2044 •  | 14 | 14 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.829% due 12/25/2046 •  | 47 | 42 |
|  4.030% due 02/27/2034 •  | 1 | 1 |
|  4.373% due 10/25/2045 •  | 5 | 5 |
|  4.413% due 01/25/2045 •  | 2 | 2 |
|  4.433% due 01/25/2045 •  | 4 | 4 |
|  4.433% due 07/25/2045 •  | 4 | 4 |
|  5.059% due 11/25/2042 •  | 1 | 1 |
|  5.259% due 08/25/2042 •  | 2 | 2 |
|  5.359% due 10/25/2046 •  | 14 | 13 |
|  5.359% due 11/25/2046 •  | 197 | 165 |
|  |  | 7733 |
| U.S. GOVERNMENT AGENCIES 0.1% | U.S. GOVERNMENT AGENCIES 0.1% | U.S. GOVERNMENT AGENCIES 0.1% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  6.358% due 10/01/2036 •  | 7 | 7 |

---

---

| | | |
|:---|:---|:---|
|  | **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 |
|  6.500% due 07/15/2028 | 18 | 18 |
|  Federal Home Loan Mortgage Corp. Securities REMICS Trust | Federal Home Loan Mortgage Corp. Securities REMICS Trust | Federal Home Loan Mortgage Corp. Securities REMICS Trust |
|  3.943% due 09/25/2035 •  | 410 | 402 |
|  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 |
|  4.056% due 09/25/2031 •  | 3 | 3 |
|  5.059% due 10/25/2044 - 02/25/2045 •  | 30 | 29 |
|  5.259% due 07/25/2044 •  | 6 | 6 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  5.754% due 12/01/2034 •  | 1 | 1 |
|  6.232% due 11/01/2034 •  | 4 | 4 |
|  Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
|  6.000% due 07/25/2044 | 6 | 6 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  4.132% due 09/25/2042 •  | 11 | 11 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  5.625% due 04/20/2030 - 06/20/2030 •  | 62 | 62 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  6.000% due 08/20/2034 | 109 | 109 |
|  |  | 658 |
|  Total United States (Cost $17,216) | Total United States (Cost $17,216) | 11694 |
|  | **SHARES** |  |
| SHORT-TERM INSTRUMENTS 25.7% | SHORT-TERM INSTRUMENTS 25.7% | SHORT-TERM INSTRUMENTS 25.7% |
| 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 |
|  3.720% (c) | 542064 | 542 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| REPURCHASE AGREEMENTS (d) 24.6% | REPURCHASE AGREEMENTS (d) 24.6% | REPURCHASE AGREEMENTS (d) 24.6% |
|  |  | 133200 |
| U.S. TREASURY BILLS 1.0% | U.S. TREASURY BILLS 1.0% |  |
|  3.685% due 04/07/2026 - 07/21/2026 (a)(b)(f) | 5639 | 5611 |
| Total Short-Term Instruments<br>(Cost $139,353) | Total Short-Term Instruments<br>(Cost $139,353) | 139353 |
| Total Investments in Securities<br>(Cost $364,753) | Total Investments in Securities<br>(Cost $364,753) | 337859 |
|  | **SHARES** |  |
| INVESTMENTS IN AFFILIATES 31.9% | INVESTMENTS IN AFFILIATES 31.9% | INVESTMENTS IN AFFILIATES 31.9% |
| SHORT-TERM INSTRUMENTS 31.9% | SHORT-TERM INSTRUMENTS 31.9% | SHORT-TERM INSTRUMENTS 31.9% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 31.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 31.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 31.9% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 17734025 | 172712 |
| Total Short-Term Instruments<br>(Cost $172,572) | Total Short-Term Instruments<br>(Cost $172,572) | 172712 |
| Total Investments in Affiliates<br>(Cost $172,572) | Total Investments in Affiliates<br>(Cost $172,572) | 172712 |
| Total Investments 94.1%<br>(Cost $537,325) | Total Investments 94.1%<br>(Cost $537,325) | 510571 |
|  Financial Derivative<br>Instruments (e)(g) 1.6%<br> (Cost or Premiums, net $(7717)) | Financial Derivative<br>Instruments (e)(g) 1.6%<br> (Cost or Premiums, net $(7717)) | 8302 |
| Other Assets and Liabilities, net 4.3% | Other Assets and Liabilities, net 4.3% | 23449 |
| Net Assets 100.0% |  | 542322 |

---

184 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

#### 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.

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

(b) Zero coupon security.

(c) Coupon represents a 7-Day Yield.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 3.680% | 04/01/2026 | 04/02/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29000 | U.S. Treasury Notes 4.125% due 03/31/2029 | $(29582) | $29000 | $29000 |
|  | 3.710 | 03/31/2026 | 04/01/2026 | 78600 | U.S. Treasury Notes 4.125% due 03/31/2029 | (80279) | 78600 | 78608 |
|  |  |  |  |  | U.S. Treasury Notes 4.125% due 03/31/2029 | (22674) | 22200 | 22202 |
| JPS | 3.700 | 03/31/2026 | 04/01/2026 | 3400 | U.S. Treasury Notes 4.000% due 02/28/2030 | (3477) | 3400 | 3401 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136012) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133211 |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 |  |  |  |  |  |  |
|  BOS | $129810 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129810 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132535) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2725) |
|  JPS | 3401 | 0 | 0 | 3401 | (3477) | (76) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133211 | $&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;(e) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month SONIA March Futures  | 06/2027 | 327 | $103487 | $45 | $135 | $0 |
|  Australia Government 10-Year Bond June Futures  | 06/2026 | 556 | 41336 | (152) | 389 | 0 |
|  Canada Government 10-Year Bond June Futures  | 06/2026 | 403 | 34767 | (597) | 139 | 0 |
|  Euro-Bobl June Futures  | 06/2026 | 21 | 2802 | (44) | 11 | 0 |
|  Long Guilt June Futures  | 06/2026 | 1076 | 125030 | (5276) | 940 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6024) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614 | $&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 |
|  Euro-Bund June Futures  | 06/2026 | 658 | $(95365) | $2549 | $0 | $(692) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3475) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(692) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 185

------

Consolidated Schedule of Investments PIMCO International Portfolio (Cont.)

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/ Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/ Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/18/2028 | GBP | 46070 | $(88) | $(800) | $(888) | $96 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/18/2036 |  | 22150 | (1161) | 101 | (1060) | 94 | 0 |
|  Receive<sup>(1)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/16/2036 |  | 78400 | 3216 | 887 | 4103 | 0 | (313) |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 03/18/2056 |  | 4020 | 16 | 249 | 265 | 0 | (20) |
|  Receive<sup>(1)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/16/2056 |  | 8500 | 416 | 170 | 586 | 0 | (39) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 03/18/2031 | JPY | 520000 | 28 | 49 | 77 | 0 | (6) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2032 |  | 16820000 | (2824) | 6005 | 3181 | 0 | (253) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.500 | Annual | 03/18/2036 |  | 180000 | 32 | 35 | 67 | 0 | (4) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 2.500 | Annual | 03/18/2056 |  | 130000 | (72) | (16) | (88) | 0 | 0 |
|  Pay<sup>(1)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 2.750 | Annual | 06/17/2056 |  | 1610000 | (663) | 32 | (631) | 39 | 0 |
|  Pay<sup>(1)</sup> | 3-Month AUD-BBR-BBSW | 5.000 | Semi-Annual | 09/16/2036 | AUD | 24300 | (213) | 94 | (119) | 241 | 0 |
|  Pay | 3-Month NZD-BBR | 3.750 | Semi-Annual | 06/15/2027 | NZD | 132500 | (999) | 2377 | 1378 | 56 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 3.750 | Semi-Annual | 03/19/2030 | AUD | 31900 | (9) | (901) | (910) | 152 | 0 |
|  Receive | 6-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 06/18/2030 |  | 1900 | (14) | 57 | 43 | 0 | (9) |
|  Pay | 6-Month AUD-BBR-BBSW | 3.750 | Semi-Annual | 03/18/2031 |  | 100 | (3) | 0 | (3) | 1 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 |  | 50600 | (941) | (123) | (1064) | 379 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/20/2034 |  | 25400 | (412) | (170) | (582) | 200 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/18/2034 |  | 81700 | 477 | (2492) | (2015) | 674 | 0 |
|  Receive | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 |  | 4100 | (65) | 172 | 107 | 0 | (36) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/17/2035 |  | 1900 | 27 | (81) | (54) | 17 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/18/2036 |  | 56700 | (1661) | (841) | (2502) | 525 | 0 |
|  Pay | 6-Month CLP-CHILIBOR | 4.000 | Semi-Annual | 09/17/2030 |  | 1700 | 10 | (52) | (42) | 9 | 0 |
|  Pay<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/16/2028 | EUR | 135900 | (34) | (1998) | (2032) | 282 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.063 | Annual | 10/05/2029 |  | 32200 | 0 | 630 | 630 | 0 | (103) |
|  Receive | 6-Month EUR-EURIBOR | 2.280 | Annual | 03/04/2030 |  | 4200 | (6) | 104 | 98 | 0 | (15) |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 |  | 5900 | (12) | 41 | 29 | 0 | (23) |
|  Receive | 6-Month EUR-EURIBOR | 2.350 | Annual | 04/29/2030 |  | 5300 | (10) | 53 | 43 | 0 | (20) |
|  Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 09/16/2031 |  | 10600 | 147 | 102 | 249 | 0 | (53) |
|  Pay | 6-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 |  | 3300 | (9) | (176) | (185) | 24 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 |  | 4000 | (10) | (205) | (215) | 31 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 |  | 4100 | (11) | (195) | (206) | 32 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 |  | 3900 | (11) | (138) | (149) | 31 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.510 | Annual | 04/09/2035 |  | 4000 | (14) | 139 | 125 | 0 | (33) |
|  Receive | 6-Month EUR-EURIBOR | 2.530 | Annual | 04/23/2035 |  | 5000 | (20) | 168 | 148 | 0 | (40) |
|  Receive | 6-Month EUR-EURIBOR | 2.450 | Annual | 05/05/2035 |  | 3900 | (13) | 163 | 150 | 0 | (31) |
|  Pay<sup>(1)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 09/16/2036 |  | 147210 | (1131) | (4225) | (5356) | 1300 | 0 |
|  Receive<sup>(1)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 09/16/2056 |  | 55770 | 1028 | 377 | 1405 | 0 | (622) |
|  Pay | CAONREPO | 3.000 | Semi-Annual | 06/18/2030 | CAD | 1500 | 26 | (18) | 8 | 2 | 0 |
|  Receive | CAONREPO | 2.750 | Semi-Annual | 09/17/2030 |  | 1500 | 1 | 4 | 5 | 0 | (2) |
|  Receive | CAONREPO | 2.500 | Semi-Annual | 12/17/2030 |  | 100 | 1 | 0 | 1 | 0 | 0 |
|  Pay | CAONREPO | 2.750 | Semi-Annual | 03/18/2031 |  | 1600 | 12 | (20) | (8) | 2 | 0 |
|  Pay<sup>(1)</sup> | CAONREPO | 2.750 | Semi-Annual | 06/17/2031 |  | 45800 | (484) | 194 | (290) | 69 | 0 |
|  Receive | CAONREPO | 3.500 | Semi-Annual | 06/01/2032 |  | 82700 | (666) | (1335) | (2001) | 0 | (148) |
|  Receive | CAONREPO | 2.850 | Semi-Annual | 06/01/2033 |  | 15600 | 130 | (13) | 117 | 0 | (28) |
|  Receive | CAONREPO | 2.900 | Semi-Annual | 06/01/2033 |  | 11100 | (44) | 100 | 56 | 0 | (20) |
|  Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2033 |  | 15700 | (13) | 17 | 4 | 0 | (29) |
|  Receive | CAONREPO | 3.750 | Semi-Annual | 12/20/2033 |  | 10900 | (664) | 271 | (393) | 0 | (21) |
|  Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 |  | 41100 | 67 | 93 | 160 | 0 | (78) |
|  Pay | CAONREPO | 3.250 | Semi-Annual | 06/18/2035 |  | 2500 | 54 | (38) | 16 | 5 | 0 |
|  Receive | CAONREPO | 3.000 | Semi-Annual | 09/17/2035 |  | 800 | 6 | 3 | 9 | 0 | (2) |
|  Receive | CAONREPO | 2.750 | Semi-Annual | 12/17/2035 |  | 2600 | 73 | (5) | 68 | 0 | (5) |
|  Pay | CAONREPO | 3.000 | Semi-Annual | 03/18/2036 |  | 87500 | (1208) | 67 | (1141) | 183 | 0 |
|  Pay<sup>(1)</sup> | CAONREPO | 3.250 | Semi-Annual | 06/17/2036 |  | 1800 | 1 | (1) | 0 | 0 | (1) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $(7717) | $(1089) | $(8806) | $4444 | $(1954) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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;1614 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4444 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6058 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(692) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1954) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2646) |

---

186 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

(f) Securities with an aggregate market value of $321 and cash of $18,623 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2026.

<sup>(1)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&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 | 04/2026 | 6391 | $4666 | $71 | $0 |
|  BOA | 04/2026 | 11182 | 72 | 1 | 0 |
|  | 04/2026 | $661 | 492 | 0 | (10) |
|  | 04/2026 | 39687 | 6331989 | 211 | 0 |
|  | 05/2026 | 6312919 | $39687 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(210) |
|  BPS | 04/2026 | 3612 | 2570 | 78 | 0 |
|  | 04/2026 | 927 | 1229 | 2 | 0 |
|  | 04/2026 | $2367 | 3384 | 0 | (32) |
|  | 04/2026 | 540 | 402 | 0 | (8) |
|  | 04/2026 | 523 | 82900 | 0 | 0 |
|  BRC | 05/2026 | 223723 | $1405 | 0 | (9) |
|  BSH | 04/2026 | 140979 | 883 | 0 | (5) |
|  | 04/2026 | $67702 | 50858 | 0 | (387) |
|  | 05/2026 | 50858 | $67699 | 387 | 0 |
|  | 05/2026 | $883 | 140554 | 5 | 0 |
|  CBK | 04/2026 | 30174 | $21102 | 283 | 0 |
|  | 04/2026 | 3126 | 3645 | 32 | 0 |
|  | 04/2026 | 2404 | 3209 | 27 | 0 |
|  | 04/2026 | $2265 | 3180 | 0 | (71) |
|  | 04/2026 | 11 | 72 | 0 | 0 |
|  | 04/2026 | 724 | 540 | 0 | (9) |
|  | 05/2026 | 1188 | 1733 | 8 | 0 |
|  | 05/2026 | 599 | 453 | 1 | 0 |
|  DUB | 04/2026 | 33203 | 48400 | 191 | 0 |
|  | 05/2026 | 48400 | $33190 | 0 | (191) |
|  FAR | 04/2026 | 7249 | 5138 | 136 | 0 |
|  | 04/2026 | 48563 | 65627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1349 | 0 |
|  | 04/2026 | 6434755 | 41160 | 621 | (6) |
|  | 04/2026 | 3646 | 2130 | 35 | 0 |
|  | 04/2026 | $18159 | 2897333 | 101 | (4) |
|  | 04/2026 | 2013 | 3368 | 0 | (78) |
|  | 05/2026 | 2845227 | $17881 | 0 | (100) |
|  | 05/2026 | $1100 | 175002 | 6 | 0 |
|  | 05/2026 | 2132 | 3646 | 0 | (35) |
|  GLM | 06/2026 | 4259 | $244 | 8 | 0 |
|  IND | 04/2026 | 42927 | 50688 | 1070 | 0 |
|  | 04/2026 | $166 | 278 | 0 | (6) |
|  JPM | 04/2026 | 762 | $561 | 14 | 0 |
|  | 04/2026 | 37 | 5 | 0 | 0 |
|  | 05/2026 | 4028 | 2761 | 0 | (18) |
|  | 05/2026 | $5 | 37 | 0 | 0 |
|  MBC | 04/2026 | 6387 | $4436 | 29 | 0 |
|  | 04/2026 | 1206 | 879 | 12 | 0 |
|  | 04/2026 | 784 | 1050 | 12 | 0 |
|  | 04/2026 | 2871239 | 18449 | 361 | (4) |
|  | 04/2026 | $2903 | 4149 | 0 | (41) |
|  | 04/2026 | 518 | 386 | 0 | (7) |
|  | 04/2026 | 39531 | 6312139 | 257 | (15) |
|  | 05/2026 | 860 | $1138 | 0 | 0 |
|  | 05/2026 | 6062737 | 38060 | 0 | (256) |
|  | 05/2026 | $1408 | 224091 | 9 | 0 |
|  SCX | 04/2026 | 2788738 | $17877 | 305 | 0 |
|  | 04/2026 | $5822 | 8060 | 0 | (27) |
|  | 04/2026 | 960 | 151599 | 0 | (5) |
|  | 05/2026 | 8049 | $5822 | 27 | 0 |
|  | 05/2026 | $8038 | 1279500 | 48 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **187** |

---

------

Consolidated Schedule of Investments PIMCO International Portfolio (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  SOG | 04/2026 | 3834029 | $24641 | $483 | $0 |
|  | 04/2026 | $53146 | 46053 | 85 | 0 |
|  | 04/2026 | 1212 | 188631 | 0 | (24) |
|  | 05/2026 | 46053 | $53229 | 0 | (83) |
|  SSB | 04/2026 | 11691 | 8319 | 253 | 0 |
|  | 04/2026 | 106436 | 683 | 13 | 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;6531 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1641) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2026:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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>(1)</sup> |
|  AZD | $71 | $0 | $0 | $71 | $0 | $0 | $0 | $0 | $71 | $0 | $71 |
|  BOA | 212 | 0 | 0 | 212 | (220) | 0 | 0 | (220) | (8) | 0 | (8) |
|  BPS | 80 | 0 | 0 | 80 | (40) | 0 | 0 | (40) | 40 | 0 | 40 |
|  BRC | 0 | 0 | 0 | 0 | (9) | 0 | 0 | (9) | (9) | 0 | (9) |
|  BSH | 392 | 0 | 0 | 392 | (392) | 0 | 0 | (392) | 0 | 0 | 0 |
|  CBK | 351 | 0 | 0 | 351 | (80) | 0 | 0 | (80) | 271 | (300) | (29) |
|  DUB | 191 | 0 | 0 | 191 | (191) | 0 | 0 | (191) | 0 | 0 | 0 |
|  FAR | 2248 | 0 | 0 | 2248 | (223) | 0 | 0 | (223) | 2025 | (2540) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(515) |
|  GLM | 8 | 0 | 0 | 8 | 0 | 0 | 0 | 0 | 8 | 0 | 8 |
|  IND | 1070 | 0 | 0 | 1070 | (6) | 0 | 0 | (6) | 1064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1220) | (156) |
|  JPM | 14 | 0 | 0 | 14 | (18) | 0 | 0 | (18) | (4) | 0 | (4) |
|  MBC | 680 | 0 | 0 | 680 | (323) | 0 | 0 | (323) | 357 | (230) | 127 |
|  SCX | 380 | 0 | 0 | 380 | (32) | 0 | 0 | (32) | 348 | (450) | (102) |
|  SOG | 568 | 0 | 0 | 568 | (107) | 0 | 0 | (107) | 461 | (550) | (89) |
|  SSB | 266 | 0 | 0 | 266 | 0 | 0 | 0 | 0 | 266 | (260) | 6 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6531 | $&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;6531 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1641) | $&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;(1641) |  |  |  |

---

<sup>(1)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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

Fair Values of Financial Derivative Instruments on the Consolidated Statements of Assets and Liabilities as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for 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 | $1614 | $1614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 4444 | 4444 |
|  | $0 | $0 | $0 | $0 | $6058 | $6058 |
|  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 | $6531 | $0 | $6531 |
|  | $0 | $0 | $0 | $6531 | $6058 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12589 |
|  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 | $692 | $692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1954 | 1954 |
|  | $0 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2646 | $2646 |
|  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 | $&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;1641 | $0 | $1641 |
|  | $&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;1641 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2646 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4287 |

---

188 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the year ended March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest Rate<br>Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $45 | $45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (1200) | (1200) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 14206 | 14206 |
|  | $0 | $0 | $0 | $0 | $13051 | $13051 |
|  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 | $(6742) | $0 | $(6742) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 278 | 278 |
|  | $0 | $0 | $0 | $(6742) | $278 | $(6464) |
|  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6742) | $13329 | $6587 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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 | $(6838) | $(6838) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (2927) | (2927) |
|  | $0 | $0 | $0 | $0 | $(9765) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9765) |
|  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 | $9973 | $0 | $9973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | (105) | (105) |
|  | $0 | $0 | $0 | $9973 | $(105) | $9868 |
|  | $&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 | $9973 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9870) | $103 |

---

#### FAIR VALUE MEASUREMENTS
**The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Portfolio's assets and liabilities**:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value<br>at 03/31/2026 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp; Sovereign Issues | $0 | $23615 | $0 | $23615 |
|  Japan | Japan | Japan | Japan | Japan |
| &nbsp;&nbsp; Sovereign Issues | 0 | 78652 | 0 | 78652 |
|  Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 4417 | 0 | 4417 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 32709 | 0 | 32709 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Sovereign Issues | 0 | 47419 | 0 | 47419 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 3303 | 0 | 3303 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 7733 | 0 | 7733 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 658 | 0 | 658 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 542 | 0 | 0 | 542 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 133200 | 0 | 133200 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 5611 | 0 | 5611 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337317 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337859 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value<br>at 03/31/2026 |
|  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 | $172712 | $0 | $0 | $172712 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173254 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337317 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510571 |
|  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 | 1614 | 4444 | 0 | 6058 |
|  Over the counter | 0 | 6531 | 0 | 6531 |
|  | $1614 | $10975 | $0 | $12589 |
|  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 | $(692) | $(1954) | $0 | $(2646) |
|  Over the counter | 0 | (1641) | 0 | (1641) |
|  | $(692) | $(3595) | $0 | $(4287) |
|  Total Financial Derivative Instruments | $922 | $7380 | $0 | $8302 |
|  Totals | $174176 | $344697 | $0 | $518873 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **189** |

---

------

Consolidated Schedule of Investments PIMCO Short Asset Portfolio

#### (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 103.6% | INVESTMENTS IN SECURITIES 103.6% | INVESTMENTS IN SECURITIES 103.6% |
| CORPORATE BONDS & NOTES 52.4% | CORPORATE BONDS & NOTES 52.4% | CORPORATE BONDS & NOTES 52.4% |
| BANKING & FINANCE 33.8% | BANKING & FINANCE 33.8% | BANKING & FINANCE 33.8% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  4.653% (SOFRINDX + 1.000%)<br>due 12/03/2028 ~ | 30925 | 31054 |
|  5.427% due 09/18/2027 •  | 8700 | 8746 |
|  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 | 42114 | 41657 |
|  6.100% due 01/15/2027 | 21425 | 21663 |
|  6.450% due 04/15/2027 | 400 | 408 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  1.875% due 08/15/2026 | 24799 | 24549 |
|  2.200% due 01/15/2027 | 9494 | 9320 |
|  3.750% due 06/01/2026 | 5468 | 5460 |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  4.250% due 06/15/2026 | 98 | 98 |
|  American Express Co. | American Express Co. | American Express Co. |
|  4.312% (SOFRINDX + 0.650%)<br>due 11/04/2026 ~ | 1300 | 1302 |
|  4.416% (SOFRRATE + 0.750%)<br>due 04/23/2027 ~ | 1250 | 1250 |
|  4.635% (SOFRINDX + 0.970%)<br>due 07/28/2027 ~ | 5636 | 5643 |
|  5.389% due 07/28/2027 •  | 9867 | 9894 |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
|  4.379% due 03/08/2027 •  | 2700 | 2701 |
|  4.390% due 08/13/2027 •  | 21700 | 21684 |
|  4.417% due 01/15/2027 •  | 20500 | 20520 |
|  4.538% (SOFRRATE + 0.870%)<br>due 07/09/2027 ~ | 37100 | 37130 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  1.450% due 09/15/2026 | 920 | 908 |
|  1.600% due 04/15/2026 | 2242 | 2240 |
|  2.750% due 01/15/2027 | 4171 | 4119 |
|  3.125% due 01/15/2027 | 34200 | 33837 |
|  3.375% due 10/15/2026 | 6302 | 6266 |
|  3.650% due 03/15/2027 | 9300 | 9235 |
|  Aozora Bank Ltd. | Aozora Bank Ltd. | Aozora Bank Ltd. |
|  5.900% due 09/08/2026 | 1000 | 1006 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  1.608% due 06/29/2026 | 901 | 894 |
|  4.417% due 07/16/2026 •  | 42000 | 42026 |
|  4.500% (SOFRINDX + 0.830%)<br>due 01/07/2027 ~ | 9800 | 9800 |
|  4.511% (SOFRINDX + 0.850%)<br>due 05/08/2026 ~ | 3152 | 3153 |
|  4.647% due 09/18/2028 •  | 13600 | 13535 |
|  4.684% (SOFRINDX + 1.030%)<br>due 08/27/2026 ~ | 22040 | 22080 |
|  4.857% (SOFRINDX + 1.210%)<br> due 03/25/2027 ~ | 199 | 199 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  1.950% due 09/20/2026 | 18190 | 17976 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 1493 | 1443 |
|  3.250% due 02/15/2027 | 6900 | 6824 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  1.722% due 09/14/2027 •  | 11746 | 11597 |
|  4.250% due 04/11/2027 | 2600 | 2598 |
|  5.028% (SOFRRATE + 1.380%) due 03/14/2028 ~ | 1400 | 1409 |
|  5.294% due 08/18/2027 | 10277 | 10378 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  1.734% due 07/22/2027 •  | 43566 | 43204 |
|  3.559% due 04/23/2027 •  | 16377 | 16369 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
|  4.396% (SOFRINDX + 0.750%)<br>due 09/22/2028 ~ | 9854 | 9856 |
|  4.529% (SOFRINDX + 0.880%)<br>due 09/10/2027 ~ | 15549 | 15563 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  4.657% (SOFRRATE + 0.990%)<br>due 10/16/2028 ~ | 19300 | 19373 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.730% (SOFRINDX + 1.070%)<br>due 02/16/2028 ~ | $— | 5800 | $— | 5822 |
|  4.796% (SOFRRATE + 1.130%)<br>due 01/23/2027 ~ |  | 3700 |  | 3718 |
|  5.058% (BBSW3M + 1.070%)<br>due 05/24/2027 ~ |  | 2000 |  | 1384 |
|  5.068% (SOFRINDX + 1.400%)<br>due 07/13/2026 ~ | $— | 6500 |  | 6519 |
|  5.896% due 07/13/2026 |  | 7700 |  | 7736 |
|  Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC |
|  2.279% due 11/24/2027 •  |  | 12856 |  | 12663 |
|  4.337% due 01/10/2028 |  | 146 |  | 145 |
|  4.586% (SOFRRATE + 0.930%)<br>due 05/24/2030 ~ |  | 12000 |  | 11973 |
|  5.138% (SOFRRATE + 1.490%)<br>due 03/12/2028 ~ |  | 2070 |  | 2085 |
|  5.528% (SOFRRATE + 1.880%)<br>due 09/13/2027 ~ |  | 6000 |  | 6024 |
|  5.829% due 05/09/2027 •  |  | 19200 |  | 19221 |
|  7.385% due 11/02/2028 •  |  | 10000 |  | 10418 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  2.591% due 01/20/2028 •  |  | 10900 |  | 10734 |
|  BPCE SA | BPCE SA | BPCE SA | BPCE SA | BPCE SA |
|  2.045% due 10/19/2027 •  |  | 11786 |  | 11623 |
|  6.612% due 10/19/2027 •  |  | 13402 |  | 13552 |
|  Brighthouse Financial Global Funding | Brighthouse Financial Global Funding | Brighthouse Financial Global Funding | Brighthouse Financial Global Funding | Brighthouse Financial Global Funding |
|  1.550% due 05/24/2026 |  | 3000 |  | 2987 |
|  5.550% due 04/09/2027 |  | 3382 |  | 3405 |
|  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 |
|  4.388% (SOFRRATE + 0.720%)<br>due 01/13/2028 ~ |  | 5000 |  | 5003 |
|  4.449% (SOFRRATE + 0.800%)<br>due 09/08/2028 ~ |  | 21600 |  | 21608 |
|  4.529% (BBSW3M + 0.800%)<br>due 04/21/2026 ~ |  | 24490 |  | 16897 |
|  4.587% (SOFRRATE + 0.940%)<br>due 06/28/2027 ~ | $— | 4000 |  | 4021 |
|  4.876% due 01/14/2030 |  | 20000 |  | 20515 |
|  4.899% (SOFRRATE + 1.220%)<br>due 10/02/2026 ~ |  | 1000 |  | 1003 |
|  Citadel LP | Citadel LP | Citadel LP | Citadel LP | Citadel LP |
|  4.875% due 01/15/2027 |  | 1075 |  | 1074 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  1.462% due 06/09/2027 •  |  | 32034 |  | 31850 |
|  3.070% due 02/24/2028 •  |  | 4200 |  | 4150 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  1.980% due 12/15/2027 •  |  | 4100 |  | 4034 |
|  4.273% (SOFRINDX + 0.620%)<br>due 08/28/2026 ~ |  | 4700 |  | 4705 |
|  4.361% (SOFRINDX + 0.710%)<br>due 03/05/2027 ~ |  | 4075 |  | 4087 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  4.947% due 09/25/2026 •  |  | 208 |  | 209 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  2.015% due 01/11/2027 |  | 2350 |  | 2311 |
|  4.519% (SOFRRATE + 0.870%)<br>due 03/11/2027 ~ |  | 2220 |  | 2226 |
|  4.968% (SOFRRATE + 1.290%)<br>due 07/05/2026 ~ |  | 1000 |  | 1002 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  1.050% due 07/15/2026 |  | 16668 |  | 16510 |
|  2.900% due 03/15/2027 |  | 4858 |  | 4787 |
|  4.000% due 03/01/2027 |  | 1610 |  | 1603 |
|  DBS Group Holdings Ltd. | DBS Group Holdings Ltd. | DBS Group Holdings Ltd. | DBS Group Holdings Ltd. | DBS Group Holdings Ltd. |
|  4.246% (SOFRRATE + 0.600%)<br>due 03/21/2028 ~ |  | 20400 |  | 20434 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  2.311% due 11/16/2027 •  |  | 22700 |  | 22393 |
|  2.552% due 01/07/2028 •  |  | 31751 |  | 31261 |
|  5.706% due 02/08/2028 •  |  | 13380 |  | 13494 |
|  7.146% due 07/13/2027 •  |  | 7915 |  | 7969 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  1.450% due 05/15/2026 |  | 3453 |  | 3443 |
|  Equitable America Global Funding | Equitable America Global Funding | Equitable America Global Funding | Equitable America Global Funding | Equitable America Global Funding |
|  4.358% (SOFRRATE + 0.710%)<br>due 09/15/2027 ~ |  | 14200 |  | 14227 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
|  4.600% due 04/01/2027 | 9500 | 9513 |
|  4.875% due 11/19/2027 | 6100 | 6139 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  1.750% due 06/30/2026 | 13392 | 13295 |
|  5.875% due 06/10/2027 | 6300 | 6376 |
|  5.875% due 01/16/2030 | 2600 | 2636 |
|  Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec |
|  4.296% (SOFRRATE + 0.630%) due 01/27/2027 ~ | 25000 | 25029 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.700% due 08/10/2026 | 9037 | 8971 |
|  4.125% due 08/17/2027 | 600 | 592 |
|  4.271% due 01/09/2027 | 29624 | 29495 |
|  4.542% due 08/01/2026 | 4371 | 4365 |
|  4.950% due 05/28/2027 | 1000 | 1000 |
|  5.112% (SOFRRATE + 1.450%)<br>due 11/05/2026 ~ | 6950 | 6960 |
|  5.125% due 11/05/2026 | 13803 | 13834 |
|  5.800% due 03/05/2027 | 18933 | 19042 |
|  5.850% due 05/17/2027 | 200 | 202 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  4.400% due 09/23/2027 | 22703 | 22566 |
|  GATX Corp. | GATX Corp. | GATX Corp. |
|  5.400% due 03/15/2027 | 2600 | 2620 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  2.350% due 02/26/2027 | 13000 | 12754 |
|  4.350% due 01/17/2027 | 9267 | 9256 |
|  4.694% (SOFRRATE + 1.040%)<br>due 02/26/2027 ~ | 9000 | 8999 |
|  4.717% (SOFRINDX + 1.050%)<br>due 07/15/2027 ~ | 10900 | 10913 |
|  5.000% due 07/15/2027 | 9223 | 9273 |
|  5.400% due 04/06/2026 | 13050 | 13051 |
|  Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA |
|  4.406% (SOFRRATE + 0.750%)<br>due 05/21/2027 ~ | 6015 | 6016 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  1.542% due 09/10/2027 •  | 5136 | 5070 |
|  1.948% due 10/21/2027 •  | 11020 | 10871 |
|  2.640% due 02/24/2028 •  | 11200 | 11021 |
|  4.377% (SOFRRATE + 0.710%)<br>due 01/21/2029 ~ | 3400 | 3397 |
|  4.469% (SOFRRATE + 0.820%)<br>due 09/10/2027 ~ | 18453 | 18460 |
|  4.587% (SOFRRATE + 0.920%)<br>due 10/21/2027 ~ | 1000 | 1002 |
|  4.776% (SOFRRATE + 1.120%)<br>due 02/24/2028 ~ | 9000 | 9039 |
|  4.956% (SOFRRATE + 1.290%)<br>due 04/23/2028 ~ | 992 | 998 |
|  5.498% (SOFRRATE + 1.850%)<br>due 03/15/2028 ~ | 3305 | 3345 |
|  5.683% (US0003M + 1.750%)<br>due 10/28/2027 ~ | 6550 | 6599 |
|  Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC |
|  4.360% due 06/08/2029 «(a)(e) | 4600 | 4578 |
|  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 | 4840 | 4823 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.013% due 09/22/2028 •  | 13771 | 13278 |
|  4.041% due 03/13/2028 •  | 11500 | 11449 |
|  5.230% (SOFRRATE + 1.570%)<br>due 08/14/2027 ~ | 5700 | 5716 |
|  5.887% due 08/14/2027 •  | 5309 | 5335 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  3.950% due 03/29/2027 | 17902 | 17852 |
|  4.017% due 03/28/2028 •  | 6900 | 6869 |
|  4.696% due 04/01/2027 •  | 9000 | 9000 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  3.875% due 07/14/2027 | 3348 | 3325 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  4.539% due 06/09/2027 •  | 566 | 567 |
|  4.598% (SOFRRATE + 0.950%)<br>due 09/12/2028 ~ | 9900 | 9897 |
|  4.900% due 01/13/2027 | 11165 | 11208 |
|  5.600% due 04/10/2026 | 7000 | 7002 |

---

---

| | | |
|:---|:---|:---|
| **190** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  1.470% due 09/22/2027 •  | 400 | 395 |
|  1.578% due 04/22/2027 •  | 12913 | 12892 |
|  3.782% due 02/01/2028 •  | 4300 | 4279 |
|  4.586% (SOFRRATE + 0.920%)<br>due 04/22/2028 ~ | 36822 | 36943 |
|  4.866% (SOFRRATE + 1.200%)<br>due 01/23/2028 ~ | 4590 | 4610 |
|  5.040% due 01/23/2028 •  | 19060 | 19159 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  1.627% due 05/11/2027 •  | 3292 | 3281 |
|  3.750% due 03/18/2028 •  | 21600 | 21460 |
|  4.716% (SOFRINDX + 1.060%)<br>due 11/26/2028 ~ | 20900 | 20994 |
|  5.265% (SOFRINDX + 1.580%)<br>due 01/05/2028 ~ | 6600 | 6652 |
|  5.985% due 08/07/2027 •  | 4400 | 4421 |
|  Lseg U.S. Fin Corp. | Lseg U.S. Fin Corp. | Lseg U.S. Fin Corp. |
|  4.875% due 03/28/2027 | 277 | 278 |
|  Met Tower Global Funding | Met Tower Global Funding | Met Tower Global Funding |
|  1.250% due 09/14/2026 | 1500 | 1480 |
|  Mirae Asset Securities Co. Ltd. | Mirae Asset Securities Co. Ltd. | Mirae Asset Securities Co. Ltd. |
|  6.875% due 07/26/2026 | 3616 | 3642 |
|  Mizuho Bank Ltd. | Mizuho Bank Ltd. | Mizuho Bank Ltd. |
|  5.024% (BBSW3M + 0.850%)<br>due 09/14/2026 ~ | 2200 | 1521 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  4.740% (SOFRRATE + 1.080%)<br>due 05/13/2031 ~ | 7500 | 7527 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  1.512% due 07/20/2027 •  | 2195 | 2175 |
|  1.593% due 05/04/2027 •  | 7872 | 7850 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  4.352% (SOFRRATE + 0.685%)<br>due 10/15/2027 ~ | 46850 | 46816 |
|  5.016% due 01/12/2029 •  | 7000 | 7076 |
|  Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA |
|  4.439% (SOFRRATE + 0.770%)<br>due 07/06/2028 ~ | 2700 | 2697 |
|  MUFG Bank Ltd. | MUFG Bank Ltd. | MUFG Bank Ltd. |
|  5.018% (BBSW3M + 0.730%)<br>due 09/20/2027 ~ | 39200 | 27142 |
|  National Bank of Canada | National Bank of Canada | National Bank of Canada |
|  4.437% due 01/20/2029 •  | 39500 | 39550 |
|  4.709% (SOFRINDX + 1.030%)<br>due 07/02/2027 ~ | 250 | 250 |
|  4.950% due 02/01/2028 •  | 15300 | 15364 |
|  5.600% due 07/02/2027 •  | 400 | 401 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  4.950% (SOFRRATE + 1.290%)<br>due 02/16/2028 ~ | 5150 | 5171 |
|  6.557% due 10/18/2027 •  | 5785 | 5851 |
|  NatWest Markets PLC | NatWest Markets PLC | NatWest Markets PLC |
|  4.407% (SOFRRATE + 0.760%)<br>due 09/29/2026 ~ | 6087 | 6096 |
|  5.416% due 05/17/2027 | 5914 | 5989 |
|  Neuberger Berman Group LLC/Neuberger Berman Finance Corp. | Neuberger Berman Group LLC/Neuberger Berman Finance Corp. | Neuberger Berman Group LLC/Neuberger Berman Finance Corp. |
|  4.500% due 03/15/2027 | 2000 | 1995 |
|  New York Life Global Funding | New York Life Global Funding | New York Life Global Funding |
|  4.072% (SOFRRATE + 0.410%)<br>due 02/05/2027 ~ | 10000 | 9998 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  1.850% due 09/16/2026 | 26510 | 26069 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  1.653% due 07/14/2026 | 7515 | 7461 |
|  2.329% due 01/22/2027 | 26263 | 25829 |
|  4.936% (SOFRRATE + 1.250%)<br>due 07/02/2027 ~ | 650 | 654 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
|  4.348% (SOFRRATE + 0.700%)<br>due 03/17/2028 ~ | 250 | 251 |
|  4.386% (SOFRRATE + 0.740%)<br>due 03/19/2027 ~ | 10600 | 10627 |
|  Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. | Oversea-Chinese Banking Corp. Ltd. |
|  4.746% (BBSW3M + 0.780%)<br>due 05/18/2026 ~ | 19000 | 13113 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II |
|  4.266% (SOFRRATE + 0.600%)<br>due 01/27/2028 ~ | 29000 | 29002 |
|  4.272% (SOFRRATE + 0.620%)<br>due 06/04/2026 ~ | 1600 | 1601 |
|  PNC Bank NA | PNC Bank NA | PNC Bank NA |
|  4.397% (SOFRRATE + 0.730%)<br>due 07/21/2028 ~ | 10700 | 10719 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  2.000% due 11/30/2026 | 4000 | 3939 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  4.124% (SOFRINDX + 0.460%)<br>due 08/03/2026 ~ | 9500 | 9505 |
|  4.254% (SOFRINDX + 0.590%)<br>due 11/02/2026 ~ | 600 | 600 |
|  4.377% (SOFRINDX + 0.710%)<br>due 01/21/2027 ~ | 7775 | 7804 |
|  4.387% (SOFRINDX + 0.720%)<br>due 10/18/2027 ~ | 16900 | 16903 |
|  4.456% (SOFRINDX + 0.790%)<br>due 07/23/2027 ~ | 16225 | 16241 |
|  4.467% (SOFRINDX + 0.820%)<br>due 03/27/2028 ~ | 18457 | 18479 |
|  4.496% (SOFRINDX + 0.830%)<br>due 01/24/2029 ~ | 7895 | 7911 |
|  4.527% (SOFRINDX + 0.860%)<br>due 10/18/2028 ~ | 2292 | 2294 |
|  5.069% due 07/23/2027 •  | 3500 | 3507 |
|  Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding |
|  4.504% due 09/02/2027 •  | 12200 | 12255 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  2.490% due 01/06/2028 •  | 11719 | 11522 |
|  3.244% due 10/05/2026 | 6600 | 6563 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  1.673% due 06/14/2027 •  | 11721 | 11649 |
|  4.858% due 09/11/2030 •  | 5000 | 5012 |
|  SBA Tower Trust | SBA Tower Trust | SBA Tower Trust |
|  1.840% due 04/15/2027 | 4500 | 4392 |
|  Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB | Skandinaviska Enskilda Banken AB |
|  4.541% (SOFRRATE + 0.890%)<br>due 03/05/2027 ~ | 18866 | 18942 |
|  4.713% (SOFRRATE + 1.060%)<br>due 09/03/2030 ~ | 11800 | 11813 |
|  SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC | SMBC Aviation Capital Finance DAC |
|  1.900% due 10/15/2026 | 2800 | 2761 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  1.792% due 06/09/2027 •  | 17026 | 16938 |
|  4.000% due 01/12/2027 | 10000 | 9980 |
|  5.250% due 02/19/2027 | 1900 | 1912 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  5.603% (SOFRRATE + 1.930%)<br>due 07/06/2027 ~ | 1100 | 1104 |
|  5.691% (SOFRRATE + 2.030%)<br>due 02/08/2028 ~ | 7060 | 7140 |
|  6.187% due 07/06/2027 •  | 2000 | 2008 |
|  State Street Corp. | State Street Corp. | State Street Corp. |
|  4.507% (SOFRRATE + 0.845%)<br>due 08/03/2026 ~ | 880 | 880 |
|  4.616% (SOFRRATE + 0.950%)<br>due 04/24/2028 ~ | 400 | 401 |
|  Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. |
|  4.863% (BBSW3M + 1.050%)<br>due 07/28/2026 ~ | 5000 | 3457 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  4.548% (SOFRRATE + 0.880%)<br>due 01/14/2027 ~ | 20400 | 20455 |
|  4.969% (SOFRRATE + 1.300%)<br>due 07/13/2026 ~ | 5160 | 5171 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  4.798% (SOFRRATE + 1.150%)<br>due 09/14/2026 ~ | 15650 | 15690 |
|  5.650% due 09/14/2026 | 4892 | 4922 |
|  Swedbank AB | Swedbank AB | Swedbank AB |
|  5.337% due 09/20/2027 | 34955 | 35453 |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial |
|  3.700% due 08/04/2026 | 2790 | 2782 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
|  4.060% due 06/09/2027 •  | $| 25000 | 24999 |
|  4.550% (SOFRINDX + 0.890%) due 05/18/2026 ~ |  | 3375 | 3377 |
|  UBS AG | UBS AG | UBS AG | UBS AG |
|  5.256% (BBSW3M + 1.300%) due 05/12/2026 ~ | AUD | 23800 | 16435 |
|  UBS Group AG | UBS Group AG | UBS Group AG | UBS Group AG |
|  1.494% due 08/10/2027 •  | $| 1000 | 989 |
|  4.125% due 04/15/2026 |  | 18352 | 18352 |
|  4.703% due 08/05/2027 •  |  | 12774 | 12778 |
|  6.327% due 12/22/2027 •  |  | 13790 | 13975 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  1.982% due 06/03/2027 •  |  | 1600 | 1593 |
|  United Overseas Bank Ltd. | United Overseas Bank Ltd. | United Overseas Bank Ltd. | United Overseas Bank Ltd. |
|  4.266% (SOFRINDX + 0.580%) due 04/02/2028 ~ |  | 21200 | 21273 |
|  VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |
|  3.750% due 02/15/2027 |  | 2815 | 2794 |
|  4.250% due 12/01/2026 |  | 27003 | 26934 |
|  4.500% due 09/01/2026 |  | 1700 | 1698 |
|  5.750% due 02/01/2027 |  | 4294 | 4319 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.196% due 06/17/2027 •  |  | 23600 | 23534 |
|  4.446% (SOFRRATE + 0.780%) due 01/24/2028 ~ |  | 8000 | 7999 |
|  4.736% (SOFRRATE + 1.070%) due 04/22/2028 ~ |  | 5911 | 5933 |
|  4.900% due 01/24/2028 •  |  | 7400 | 7428 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  4.750% due 05/15/2026 |  | 8067 | 8070 |
|  WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
|  4.250% due 10/01/2026 |  | 900 | 900 |
|  |  |  | 2326436 |
| INDUSTRIALS 15.1% | INDUSTRIALS 15.1% | INDUSTRIALS 15.1% | INDUSTRIALS 15.1% |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.131% (SOFRINDX + 0.480%) due 03/03/2028 ~ |  | 7200 | 7209 |
|  Alcon Finance Corp. | Alcon Finance Corp. | Alcon Finance Corp. | Alcon Finance Corp. |
|  2.750% due 09/23/2026 |  | 23503 | 23317 |
|  Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. | Algonquin Power & Utilities Corp. |
|  5.365% due 06/15/2026 þ |  | 22825 | 22845 |
|  AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. |
|  3.125% due 04/21/2026 |  | 581 | 581 |
|  BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. | BAT Capital Corp. |
|  4.700% due 04/02/2027 |  | 6697 | 6713 |
|  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 |  | 1500 | 1485 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
|  4.875% due 07/15/2026 |  | 28670 | 28673 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.370% (SOFRRATE + 0.710%) due 08/11/2027 ~ |  | 49600 | 49610 |
|  4.426% (SOFRINDX + 0.780%) due 03/19/2027 ~ |  | 3800 | 3810 |
|  4.436% (SOFRRATE + 0.790%) due 03/17/2028 ~ |  | 500 | 500 |
|  4.566% (SOFRINDX + 0.920%) due 03/21/2028 ~ |  | 11900 | 11938 |
|  4.580% (SOFRINDX + 0.920%) due 08/13/2027 ~ |  | 500 | 501 |
|  Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
|  2.250% due 06/15/2026 |  | 983 | 978 |
|  2.700% due 02/01/2027 |  | 4800 | 4734 |
|  3.100% due 05/01/2026 |  | 489 | 488 |
|  Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. |
|  2.000% due 04/21/2026 |  | 5104 | 5097 |
|  Campbell's Co. | Campbell's Co. | Campbell's Co. | Campbell's Co. |
|  5.200% due 03/19/2027 |  | 18213 | 18316 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  5.000% due 12/15/2029 |  | 3900 | 3962 |
|  Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC |
|  5.125% due 06/30/2027 |  | 22692 | 22815 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **191** |

---

------

Consolidated Schedule of Investments PIMCO Short Asset Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Coca-Cola Europacific Partners PLC | Coca-Cola Europacific Partners PLC | Coca-Cola Europacific Partners PLC |
|  1.500% due 01/15/2027 | 600 | 587 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  4.850% due 11/01/2028 | 1000 | 1001 |
|  Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. |
|  3.350% due 09/15/2026 | 18314 | 18232 |
|  Cox Enterprises, Inc. | Cox Enterprises, Inc. | Cox Enterprises, Inc. |
|  7.375% due 07/15/2027 | 2000 | 2060 |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
|  4.900% due 10/01/2026 | 9582 | 9596 |
|  Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
|  5.200% due 04/18/2027 | 6580 | 6633 |
|  DR Horton, Inc. | DR Horton, Inc. | DR Horton, Inc. |
|  1.300% due 10/15/2026 | 6000 | 5913 |
|  Element Fleet Management Corp. | Element Fleet Management Corp. | Element Fleet Management Corp. |
|  5.643% due 03/13/2027 | 519 | 523 |
|  6.271% due 06/26/2026 | 137 | 137 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  4.750% due 02/15/2030 | 5200 | 5237 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  3.900% due 07/15/2026 | 8152 | 8144 |
|  4.200% due 04/15/2027 | 5173 | 5163 |
|  4.400% due 03/15/2027 | 1696 | 1696 |
|  6.050% due 12/01/2026 | 9416 | 9504 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
|  4.550% due 02/15/2031 | 11700 | 11462 |
|  5.150% due 03/15/2027 | 5644 | 5673 |
|  Fox Corp. | Fox Corp. | Fox Corp. |
|  4.709% due 01/25/2029 | 10000 | 10027 |
|  Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. | Fresenius Medical Care U.S. Finance III, Inc. |
|  1.875% due 12/01/2026 | 6560 | 6434 |
|  Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. |
|  1.200% due 10/01/2027 | 2000 | 1917 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  4.000% due 03/27/2027 | 2247 | 2237 |
|  4.396% (SOFRINDX + 0.750%)<br>due 10/01/2026 ~ | 5100 | 5109 |
|  4.739% (SOFRINDX + 1.060%)<br>due 04/04/2027 ~ | 3161 | 3174 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  2.150% due 01/15/2027 | 36421 | 35768 |
|  Haleon U.S. Capital LLC | Haleon U.S. Capital LLC | Haleon U.S. Capital LLC |
|  3.375% due 03/24/2027 | 2800 | 2774 |
|  Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. |
|  3.050% due 02/14/2027 | 1110 | 1094 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  3.125% due 03/15/2027 | 4683 | 4624 |
|  4.500% due 02/15/2027 | 481 | 481 |
|  4.524% (SOFRRATE + 0.870%)<br>due 03/01/2028 ~ | 3000 | 3005 |
|  5.250% due 06/15/2026 | 5237 | 5240 |
|  5.375% due 09/01/2026 | 7330 | 7336 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  5.750% due 01/30/2027 | 1423 | 1436 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  1.500% due 06/15/2026 | 1000 | 994 |
|  1.650% due 09/17/2026 | 2105 | 2078 |
|  3.500% due 11/02/2026 | 2471 | 2457 |
|  4.590% (SOFRRATE + 0.920%)<br>due 01/07/2028 ~ | 5490 | 5461 |
|  4.637% (SOFRRATE + 0.990%)<br>due 03/25/2027 ~ | 9500 | 9521 |
|  4.677% (SOFRRATE + 1.030%)<br>due 09/24/2027 ~ | 2250 | 2256 |
|  4.686% (SOFRRATE + 1.040%)<br>due 03/19/2027 ~ | 6820 | 6843 |
|  4.687% (SOFRRATE + 1.040%)<br>due 06/24/2027 ~ | 300 | 301 |
|  4.717% due 09/18/2028 •  | 1025 | 1026 |
|  4.766% (SOFRRATE + 1.120%)<br>due 06/23/2027 ~ | 10400 | 10437 |
|  4.850% due 03/25/2027 | 5500 | 5520 |
|  5.169% (SOFRRATE + 1.500%)<br>due 01/08/2027 ~ | 11690 | 11771 |
|  5.250% due 01/08/2027 | 5513 | 5545 |
|  5.300% due 03/19/2027 | 4700 | 4737 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Hyundai Capital Services, Inc. | Hyundai Capital Services, Inc. | Hyundai Capital Services, Inc. |
|  2.500% due 01/24/2027 | 3395 | 3340 |
|  5.125% due 02/05/2027 | 5000 | 5026 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  3.500% due 07/26/2026 | 1300 | 1296 |
|  4.500% due 06/30/2028 | 6000 | 6005 |
|  Intel Corp. | Intel Corp. | Intel Corp. |
|  2.600% due 05/19/2026 | 6422 | 6406 |
|  Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
|  1.700% due 04/15/2026 | 1190 | 1189 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  2.550% due 09/15/2026 | 9079 | 8997 |
|  4.240% (SOFRRATE + 0.580%)<br>due 11/15/2026 ~ | 13820 | 13798 |
|  4.528% (SOFRINDX + 0.880%)<br>due 03/15/2027 ~ | 888 | 889 |
|  5.100% due 03/15/2027 | 7881 | 7914 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  3.000% due 06/01/2026 | 4339 | 4329 |
|  Kyndryl Holdings, Inc. | Kyndryl Holdings, Inc. | Kyndryl Holdings, Inc. |
|  2.050% due 10/15/2026 | 1515 | 1491 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  3.500% due 08/18/2026 | 10617 | 10582 |
|  Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
|  2.500% due 04/15/2026 | 2200 | 2198 |
|  Marathon Petroleum Corp. | Marathon Petroleum Corp. | Marathon Petroleum Corp. |
|  5.125% due 12/15/2026 | 22354 | 22431 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  3.125% due 06/15/2026 | 851 | 849 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
|  4.296% (SOFRRATE + 0.630%)<br>due 07/31/2026 ~ | 17575 | 17590 |
|  4.426% (SOFRRATE + 0.780%)<br>due 04/01/2027 ~ | 3500 | 3506 |
|  Mitsubishi Corp. | Mitsubishi Corp. | Mitsubishi Corp. |
|  4.355% (SOFRRATE + 0.700%)<br>due 09/09/2028 ~ | 6700 | 6702 |
|  Molson Coors Beverage Co. | Molson Coors Beverage Co. | Molson Coors Beverage Co. |
|  3.000% due 07/15/2026 | 14658 | 14603 |
|  MPLX LP | MPLX LP | MPLX LP |
|  4.125% due 03/01/2027 | 9698 | 9676 |
|  National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. |
|  5.500% due 10/01/2026 | 12950 | 13009 |
|  Northwest Pipeline LLC | Northwest Pipeline LLC | Northwest Pipeline LLC |
|  4.000% due 04/01/2027 | 700 | 698 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  1.162% due 04/03/2026 | 16000 | 15997 |
|  4.567% due 07/16/2027 | 4700 | 4712 |
|  4.748% (SOFRRATE + 1.080%)<br> due 07/16/2028 ~ | 7635 | 7696 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
|  3.875% due 06/18/2026 | 12800 | 12784 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  3.000% due 02/15/2027 | 800 | 791 |
|  Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. |
|  1.700% due 06/15/2026 | 5029 | 5001 |
|  3.400% due 11/15/2026 | 570 | 566 |
|  4.200% due 04/01/2027 | 1360 | 1357 |
|  5.350% due 01/12/2027 | 9360 | 9411 |
|  5.750% due 05/24/2026 | 10353 | 10361 |
|  QatarEnergy | QatarEnergy | QatarEnergy |
|  1.375% due 09/12/2026 | 3900 | 3848 |
|  Renesas Electronics Corp. | Renesas Electronics Corp. | Renesas Electronics Corp. |
|  2.170% due 11/25/2026 | 500 | 492 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  3.200% due 03/15/2027 | 22111 | 21843 |
|  Roper Technologies, Inc. | Roper Technologies, Inc. | Roper Technologies, Inc. |
|  3.800% due 12/15/2026 | 7952 | 7922 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  5.375% due 07/15/2027 | 13800 | 13854 |
|  5.500% due 04/01/2028 | 27260 | 27577 |
|  7.500% due 10/15/2027 | 2000 | 2086 |
|  Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
|  5.000% due 03/15/2027 | 11680 | 11703 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  SK Hynix, Inc. | SK Hynix, Inc. | SK Hynix, Inc. | SK Hynix, Inc. |
|  5.500% due 01/16/2027 | $| 13290 | 13423 |
|  Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. |
|  1.800% due 06/01/2026 |  | 955 | 951 |
|  Smith & Nephew PLC | Smith & Nephew PLC | Smith & Nephew PLC | Smith & Nephew PLC |
|  5.150% due 03/20/2027 |  | 1297 | 1304 |
|  Smithfield Foods, Inc. | Smithfield Foods, Inc. | Smithfield Foods, Inc. | Smithfield Foods, Inc. |
|  4.250% due 02/01/2027 |  | 5446 | 5421 |
|  Southwest Airlines Co. | Southwest Airlines Co. | Southwest Airlines Co. | Southwest Airlines Co. |
|  3.000% due 11/15/2026 |  | 7600 | 7535 |
|  Spectra Energy Partners LP | Spectra Energy Partners LP | Spectra Energy Partners LP | Spectra Energy Partners LP |
|  3.375% due 10/15/2026 |  | 14561 | 14491 |
|  Starbucks Corp. | Starbucks Corp. | Starbucks Corp. | Starbucks Corp. |
|  2.000% due 03/12/2027 |  | 2011 | 1968 |
|  Sydney Airport Finance Co. Pty. Ltd. | Sydney Airport Finance Co. Pty. Ltd. | Sydney Airport Finance Co. Pty. Ltd. | Sydney Airport Finance Co. Pty. Ltd. |
|  3.625% due 04/28/2026 |  | 31100 | 31075 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
|  4.650% due 04/01/2028 |  | 13000 | 13052 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.625% due 04/15/2026 |  | 28200 | 28180 |
|  Teledyne Technologies, Inc. | Teledyne Technologies, Inc. | Teledyne Technologies, Inc. | Teledyne Technologies, Inc. |
|  1.600% due 04/01/2026 |  | 3459 | 3459 |
|  Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA |
|  4.103% due 03/08/2027 |  | 28868 | 28754 |
|  Textron, Inc. | Textron, Inc. | Textron, Inc. | Textron, Inc. |
|  3.650% due 03/15/2027 |  | 5580 | 5541 |
|  Toll Brothers Finance Corp. | Toll Brothers Finance Corp. | Toll Brothers Finance Corp. | Toll Brothers Finance Corp. |
|  4.875% due 03/15/2027 |  | 300 | 301 |
|  Toyota Finance Australia Ltd. | Toyota Finance Australia Ltd. | Toyota Finance Australia Ltd. | Toyota Finance Australia Ltd. |
|  4.747% (BBSW3M + 1.000%) due 04/06/2026 ~ | AUD | 2050 | 1414 |
|  TR Finance LLC | TR Finance LLC | TR Finance LLC | TR Finance LLC |
|  3.350% due 05/15/2026 | $| 5795 | 5786 |
|  Transurban Finance Co. Pty. Ltd. | Transurban Finance Co. Pty. Ltd. | Transurban Finance Co. Pty. Ltd. | Transurban Finance Co. Pty. Ltd. |
|  3.375% due 03/22/2027 |  | 600 | 595 |
|  Valero Energy Corp. | Valero Energy Corp. | Valero Energy Corp. | Valero Energy Corp. |
|  3.400% due 09/15/2026 |  | 4373 | 4355 |
|  Veralto Corp. | Veralto Corp. | Veralto Corp. | Veralto Corp. |
|  5.500% due 09/18/2026 |  | 2437 | 2447 |
|  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 |  | 2160 | 2147 |
|  4.707% (SOFRRATE + 1.060%) due 03/25/2027 ~ |  | 5150 | 5161 |
|  4.720% (SOFRRATE + 1.060%) due 08/14/2026 ~ |  | 3215 | 3224 |
|  4.900% due 08/14/2026 |  | 5583 | 5592 |
|  4.950% due 03/25/2027 |  | 7500 | 7532 |
|  5.300% due 03/22/2027 |  | 9253 | 9332 |
|  5.700% due 09/12/2026 |  | 25216 | 25352 |
|  Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
|  3.450% due 11/15/2026 |  | 3505 | 3486 |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  3.700% due 09/15/2026 |  | 22797 | 22717 |
|  |  |  | 1039856 |
| UTILITIES 3.5% | UTILITIES 3.5% | UTILITIES 3.5% | UTILITIES 3.5% |
|  Black Hills Corp. | Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
|  3.150% due 01/15/2027 |  | 10294 | 10214 |
|  CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. |
|  1.450% due 06/01/2026 |  | 4500 | 4478 |
|  Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp. | Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp. | Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp. | Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp. |
|  4.150% due 08/15/2026 |  | 3395 | 3390 |
|  Columbia Pipelines Holding Co. LLC | Columbia Pipelines Holding Co. LLC | Columbia Pipelines Holding Co. LLC | Columbia Pipelines Holding Co. LLC |
|  6.055% due 08/15/2026 |  | 1454 | 1461 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  2.850% due 08/15/2026 |  | 6800 | 6764 |
|  DTE Energy Co. | DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
|  2.850% due 10/01/2026 |  | 2866 | 2845 |
|  Emera U.S. Finance LP | Emera U.S. Finance LP | Emera U.S. Finance LP | Emera U.S. Finance LP |
|  3.550% due 06/15/2026 |  | 2200 | 2195 |
|  ENEL Finance International NV | ENEL Finance International NV | ENEL Finance International NV | ENEL Finance International NV |
|  1.625% due 07/12/2026 |  | 18150 | 18014 |
|  3.625% due 05/25/2027 |  | 5400 | 5355 |

---

---

| | | |
|:---|:---|:---|
| **192** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Entergy Corp. | Entergy Corp. | Entergy Corp. |
|  2.950% due 09/01/2026 | 416 | 414 |
|  Eversource Energy | Eversource Energy | Eversource Energy |
|  1.400% due 08/15/2026 | 2000 | 1978 |
|  2.900% due 03/01/2027 | 24011 | 23707 |
|  4.750% due 05/15/2026 | 5200 | 5203 |
|  Exelon Corp. | Exelon Corp. | Exelon Corp. |
|  3.400% due 04/15/2026 | 1485 | 1484 |
|  Fells Point Funding Trust | Fells Point Funding Trust | Fells Point Funding Trust |
|  3.046% due 01/31/2027 | 26900 | 26602 |
|  Fortis, Inc. | Fortis, Inc. | Fortis, Inc. |
|  3.055% due 10/04/2026 | 10400 | 10329 |
|  Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. | Israel Electric Corp. Ltd. |
|  7.750% due 12/15/2027 | 600 | 627 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  4.250% due 09/24/2027 | 8300 | 8281 |
|  5.550% due 11/01/2026 | 986 | 992 |
|  Pinnacle West Capital Corp. | Pinnacle West Capital Corp. | Pinnacle West Capital Corp. |
|  4.469% (SOFRRATE + 0.820%) due 06/10/2026 ~ | 4388 | 4391 |
|  Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. |
|  4.500% due 12/15/2026 | 11377 | 11384 |
|  PPL Capital Funding, Inc. | PPL Capital Funding, Inc. | PPL Capital Funding, Inc. |
|  3.100% due 05/15/2026 | 1500 | 1498 |
|  Rochester Gas & Electric Corp. | Rochester Gas & Electric Corp. | Rochester Gas & Electric Corp. |
|  3.100% due 06/01/2027 | 3700 | 3647 |
|  SA Global Sukuk Ltd. | SA Global Sukuk Ltd. | SA Global Sukuk Ltd. |
|  1.602% due 06/17/2026 | 3500 | 3484 |
|  Sempra | Sempra | Sempra |
|  5.400% due 08/01/2026 | 3810 | 3816 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.400% due 09/06/2026 | 19191 | 19189 |
|  4.700% due 06/01/2027 | 900 | 901 |
|  4.875% due 02/01/2027 | 15600 | 15641 |
|  4.900% due 06/01/2026 | 13757 | 13740 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  2.600% due 06/15/2026 | 1195 | 1191 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  3.700% due 01/30/2027 | 7768 | 7707 |
|  5.050% due 12/30/2026 | 16933 | 16993 |
|  WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. |
|  5.600% due 09/12/2026 | 1954 | 1964 |
|  Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
|  1.750% due 03/15/2027 | 4100 | 3998 |
|  3.350% due 12/01/2026 | 600 | 596 |
|  |  | 244473 |
|  Total Corporate Bonds & Notes (<br>Cost $3,606,660) | Total Corporate Bonds & Notes (<br>Cost $3,606,660) | 3610765 |
| U.S. GOVERNMENT AGENCIES 16.3% | U.S. GOVERNMENT AGENCIES 16.3% | U.S. GOVERNMENT AGENCIES 16.3% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  2.500% due 12/01/2032 | 10400 | 10059 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  1.000% due 02/25/2042 - 09/15/2044 | 33800 | 29805 |
|  1.500% due 03/15/2041 - 12/15/2042 | 2825 | 2487 |
|  2.500% due 10/25/2048 | 1613 | 1477 |
|  2.750% due 03/15/2045 | 822 | 819 |
|  3.000% due 09/15/2032 | 650 | 647 |
|  4.116% due 05/15/2038 •  | 1467 | 1423 |
|  4.126% due 05/15/2041 •  | 1278 | 1261 |
|  4.136% due 06/15/2040 •  | 1314 | 1282 |
|  4.146% due 12/15/2036 - 09/15/2044 •  | 50018 | 49262 |
|  4.187% due 06/15/2035 - 12/15/2046 •  | 7519 | 7429 |
|  4.196% due 01/15/2037 - 01/15/2040 •  | 2922 | 2887 |
|  4.217% due 06/15/2036 •  | 521 | 518 |
|  4.236% due 11/15/2042 •  | 734 | 728 |
|  4.237% due 09/15/2048 - 08/15/2049 •  | 3159 | 3099 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.246% due 12/15/2037 - 05/15/2038 •  | $— | 1567 | $— | 1535 |
|  4.562% due 09/25/2055 - 11/25/2055 •  |  | 7787 |  | 7827 |
|  4.581% due 12/15/2050 •  |  | 8130 |  | 8093 |
|  4.602% due 11/25/2054 •(f) |  | 61452 |  | 61855 |
|  4.612% due 10/25/2054 - 09/25/2055 •  |  | 65179 |  | 65653 |
|  4.662% due 10/25/2052 - 06/25/2055 •  |  | 51548 |  | 52133 |
|  4.662% due 08/25/2055 •(f) |  | 18494 |  | 18664 |
|  4.672% due 03/25/2055 ~•(f) |  | 50800 |  | 50542 |
|  4.762% due 08/25/2054 - 07/25/2055 •  |  | 27935 |  | 28108 |
|  4.812% due 01/25/2055 - 08/25/2055 •  |  | 34412 |  | 34675 |
|  4.862% due 12/25/2054 - 08/25/2055 •  |  | 23608 |  | 23834 |
|  5.112% due 06/25/2055 •  |  | 17431 |  | 17613 |
|  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 |
|  4.146% due 02/15/2038 •  |  | 20123 |  | 19887 |
|  4.812% due 05/25/2054 •  |  | 15651 |  | 15765 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  2.500% due 02/01/2035 |  | 7799 |  | 7541 |
|  4.720% due 10/01/2028 |  | 1000 |  | 1012 |
|  5.810% due 06/01/2031 |  | 5600 |  | 5694 |
|  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 |
|  1.250% due 05/25/2043 |  | 3583 |  | 3301 |
|  1.375% due 12/25/2027 |  | 1539 |  | 1516 |
|  1.500% due 07/25/2032 |  | 810 |  | 802 |
|  1.750% due 06/25/2027 |  | 1000 |  | 988 |
|  2.750% due 02/25/2044 |  | 29 |  | 29 |
|  3.000% due 06/25/2033 - 02/25/2044 |  | 189 |  | 188 |
|  3.500% due 06/25/2048 |  | 3448 |  | 3321 |
|  4.076% due 01/25/2048 •  |  | 1136 |  | 1121 |
|  4.096% due 03/25/2048 - 06/25/2048 •  |  | 5250 |  | 5188 |
|  4.116% due 01/25/2045 •  |  | 1577 |  | 1539 |
|  4.132% due 12/25/2048 •  |  | 6809 |  | 6725 |
|  4.146% due 10/25/2044 - 05/25/2058 •  |  | 25814 |  | 25529 |
|  4.176% due 09/25/2043 - 07/25/2050 •  |  | 11285 |  | 11045 |
|  4.196% due 07/25/2044 - 09/25/2049 •  |  | 8723 |  | 8633 |
|  4.216% due 11/25/2046 •  |  | 1037 |  | 1016 |
|  4.226% due 07/25/2049 - 08/25/2049 •  |  | 16675 |  | 16375 |
|  4.236% due 12/25/2046 •  |  | 801 |  | 794 |
|  4.246% due 07/25/2046 •  |  | 8960 |  | 8905 |
|  4.276% due 12/25/2049 - 01/25/2050 •  |  | 6066 |  | 5978 |
|  4.481% due 01/25/2051 •  |  | 4538 |  | 4557 |
|  4.562% due 09/25/2054 •(f) |  | 64219 |  | 64480 |
|  4.562% due 08/25/2055 •  |  | 6132 |  | 6166 |
|  4.572% due 03/25/2055 •  |  | 8548 |  | 8595 |
|  4.612% due 01/25/2055 - 03/25/2055 •  |  | 8805 |  | 8867 |
|  4.662% due 05/25/2055 •  |  | 7024 |  | 7079 |
|  4.672% due 03/25/2055 ~•  |  | 6800 |  | 6781 |
|  4.673% due 07/25/2055 ~•  |  | 12700 |  | 12663 |
|  4.712% due 05/25/2055 - 09/25/2055 •  |  | 6636 |  | 6702 |
|  4.750% due 04/25/2056 ~•(f) |  | 50700 |  | 50456 |
|  4.762% due 12/25/2054 - 11/25/2055 •  |  | 23781 |  | 23914 |
|  4.772% due 04/25/2056 •  |  | 15000 |  | 14992 |
|  4.812% due 01/25/2055 - 03/25/2055 •  |  | 34552 |  | 34823 |
|  4.822% due 03/25/2055 •  |  | 14377 |  | 14499 |
|  4.842% due 08/25/2055 •  |  | 16672 |  | 16821 |
|  4.862% due 12/25/2053 - 11/25/2055 •  |  | 8130 |  | 8202 |
|  4.912% due 11/25/2053 - 09/25/2055 •  |  | 30056 |  | 30330 |
|  4.962% due 08/25/2054 •  |  | 11896 |  | 11974 |
|  5.062% due 12/25/2054 •  |  | 1021 |  | 1029 |
|  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 |
|  2.469% due 08/25/2029 |  | 4135 |  | 3932 |

---

---

| | | |
|:---|:---|:---|
|  | **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 |
|  2.500% due 01/20/2049 - 10/20/2049 | 2776 | 2472 |
|  4.000% due 07/20/2049 •  | 945 | 876 |
|  4.090% due 03/20/2037 •  | 710 | 701 |
|  4.100% due 04/20/2037 •  | 436 | 433 |
|  4.182% due 02/20/2043 •  | 11982 | 11883 |
|  4.240% due 04/20/2049 •  | 4144 | 4077 |
|  4.253% due 06/20/2067 •  | 79 | 79 |
|  4.283% due 04/20/2061 •  | 100 | 100 |
|  4.373% due 08/20/2075 •  | 17716 | 17714 |
|  4.483% due 04/20/2070 •  | 10601 | 10611 |
|  4.523% due 04/20/2054 •  | 867 | 868 |
|  4.533% due 08/20/2067 •  | 506 | 508 |
|  4.573% due 06/20/2055 - 07/20/2074 •  | 48367 | 48826 |
|  4.619% due 08/20/2062 ~ | 149 | 149 |
|  4.623% due 01/20/2054 - 05/20/2055 •  | 6783 | 6827 |
|  4.673% due 06/20/2055 •  | 9861 | 9933 |
|  4.773% due 05/20/2073 •  | 3105 | 3179 |
|  4.823% due 06/20/2055 - 07/20/2055 •  | 11452 | 11548 |
|  4.873% due 08/20/2055 •  | 11011 | 11071 |
|  5.077% due 11/20/2067 •  | 445 | 451 |
|  5.227% due 06/20/2067 •  | 1026 | 1041 |
|  5.577% due 09/20/2067 •  | 2340 | 2375 |
|  5.581% due 07/20/2067 •  | 1959 | 1988 |
|  5.592% due 04/20/2067 •  | 912 | 924 |
|  Total U.S. Government Agencies (Cost $1,126,240) | Total U.S. Government Agencies (Cost $1,126,240) | 1122103 |
| U.S. TREASURY OBLIGATIONS 0.3% | U.S. TREASURY OBLIGATIONS 0.3% | U.S. TREASURY OBLIGATIONS 0.3% |
|  U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) | U.S. Treasury Inflation Protected Securities (d) |
|  2.125% due 04/15/2029 (f)(h) | 19241 | 19759 |
|  Total U.S. Treasury Obligations (Cost $19,253) | Total U.S. Treasury Obligations (Cost $19,253) | 19759 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 3.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 3.1% | NON-AGENCY MORTGAGE-BACKED SECURITIES 3.1% |
|  Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust |
|  4.745% due 04/15/2035 •  | 1360 | 1360 |
|  Avon Finance | Avon Finance | Avon Finance |
|  4.645% due 12/28/2049 •  | 14879 | 19710 |
|  BBCCRE Trust | BBCCRE Trust | BBCCRE Trust |
|  3.966% due 08/10/2033 | 2000 | 1870 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  4.203% due 10/10/2051 | 2990 | 2982 |
|  BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust |
|  4.737% due 08/15/2038 •  | 3749 | 3568 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
|  4.517% due 10/15/2036 •  | 5385 | 5383 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  3.375% due 10/25/2062 þ | 20297 | 18653 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  5.162% due 06/25/2055 •  | 3682 | 3704 |
|  CSWF Corp. | CSWF Corp. | CSWF Corp. |
|  4.854% due 06/15/2034 •  | 1231 | 1211 |
|  Finsbury Square Green PLC | Finsbury Square Green PLC | Finsbury Square Green PLC |
|  4.395% due 12/16/2067 •  | 358 | 474 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.443% due 09/20/2075 •  | 9583 | 9673 |
|  4.453% due 10/20/2075 •  | 10054 | 10138 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  5.013% due 07/25/2065 þ | 8424 | 8385 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  4.797% due 06/15/2038 •  | 9000 | 8711 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  4.954% due 03/25/2066 ~ | 5565 | 5546 |
|  5.567% due 09/25/2065 ~ | 1844 | 1853 |
|  5.591% due 06/25/2065 þ | 3491 | 3508 |
|  Lanebrook Mortgage Transaction PLC | Lanebrook Mortgage Transaction PLC | Lanebrook Mortgage Transaction PLC |
|  4.545% due 03/15/2061 •  | 4638 | 6138 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.333% due 12/25/2035 •  | 265 | 254 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **193** |

---

------

Consolidated Schedule of Investments PIMCO Short Asset Portfolio (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  MFA Trust | MFA Trust | MFA Trust |
|  1.131% due 07/25/2060 ~ | 12715 | 11665 |
|  1.381% due 04/25/2065 ~ | 1573 | 1546 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  3.500% due 12/25/2057 ~ | 1820 | 1773 |
|  OBX Trust | OBX Trust | OBX Trust |
|  5.988% due 01/25/2064 þ | 3348 | 3368 |
|  Pretium Mortgage Credit Partners LLC | Pretium Mortgage Credit Partners LLC | Pretium Mortgage Credit Partners LLC |
|  4.000% due 03/25/2065 þ | 19088 | 18497 |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  5.101% due 10/25/2060 þ | 6412 | 6401 |
|  Project Cashmere | Project Cashmere | Project Cashmere |
|  4.543% due 12/30/2057 «(a) | 46200 | 31876 |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  4.942% due 12/25/2055 þ | 2038 | 2022 |
|  Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust |
|  1.486% due 04/25/2065 ~ | 310 | 305 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.710% due 01/25/2060 ~ | 7088 | 6851 |
|  2.900% due 10/25/2059 ~ | 3177 | 3057 |
|  Tower Bridge Funding PLC | Tower Bridge Funding PLC | Tower Bridge Funding PLC |
|  4.536% due 12/20/2066 ~•  | 563 | 745 |
|  UWM Mortgage Trust | UWM Mortgage Trust | UWM Mortgage Trust |
|  4.612% due 12/25/2051 •  | 9743 | 9095 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  1.262% due 10/25/2063 ~ | 71 | 69 |
|  5.712% due 01/25/2069 þ | 4667 | 4680 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $216,044) | Total Non-Agency Mortgage-Backed Securities (Cost $216,044) | 215071 |
| ASSET-BACKED SECURITIES 18.4% | ASSET-BACKED SECURITIES 18.4% | ASSET-BACKED SECURITIES 18.4% |
| AUTOMOBILE ABS OTHER 1.6% | AUTOMOBILE ABS OTHER 1.6% | AUTOMOBILE ABS OTHER 1.6% |
|  Cars Alliance Auto Loans Germany V | Cars Alliance Auto Loans Germany V | Cars Alliance Auto Loans Germany V |
|  2.478% due 01/18/2036 •  | 23731 | 27461 |
|  GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust |
|  4.023% due 10/20/2027 •  | 8406 | 8408 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.022% (SOFR30A + 0.350%) due 07/17/2028 ~ | 25000 | 24995 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  4.172% due 05/15/2028 •  | 4276 | 4278 |
|  Toyota Lease Owner Trust | Toyota Lease Owner Trust | Toyota Lease Owner Trust |
|  4.003% due 02/22/2028 •  | 13700 | 13683 |
|  4.013% due 05/22/2028 •  | 13580 | 13585 |
|  Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust | Volkswagen Auto Lease Trust |
|  4.043% due 04/20/2028 •  | 19299 | 19312 |
|  |  | 111722 |
| AUTOMOBILE SEQUENTIAL 3.1% | AUTOMOBILE SEQUENTIAL 3.1% | AUTOMOBILE SEQUENTIAL 3.1% |
|  Capital One Prime Auto Receivables Trust | Capital One Prime Auto Receivables Trust | Capital One Prime Auto Receivables Trust |
|  5.820% due 06/15/2028 | 4734 | 4778 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.590% due 07/17/2028 | 2658 | 2664 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  4.100% due 06/11/2029 | 13800 | 13787 |
|  4.550% due 05/10/2030 | 3000 | 3011 |
|  4.640% due 01/10/2030 | 1998 | 2004 |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  4.940% due 07/25/2029 | 4734 | 4765 |
|  5.680% due 01/25/2029 | 1079 | 1088 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  4.050% due 08/20/2028 | 16400 | 16386 |
|  4.690% due 07/20/2027 | 5648 | 5661 |
|  5.760% due 10/22/2029 | 151 | 151 |
|  Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust | Ford Credit Auto Owner Trust |
|  3.880% due 06/15/2028 | 8700 | 8693 |
|  GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust | GM Financial Automobile Leasing Trust |
|  4.540% due 05/20/2027 | 12515 | 12532 |
|  4.550% due 07/20/2027 | 14727 | 14750 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  4.880% due 08/16/2028 | 3000 | 3008 |
|  5.100% due 03/16/2029 | 5165 | 5194 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.450% due 06/16/2028 | 1509 | 1517 |
|  GM Financial Revolving Receivables Trust | GM Financial Revolving Receivables Trust | GM Financial Revolving Receivables Trust |
|  4.980% due 12/11/2036 | 5000 | 5098 |
|  Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust | Harley-Davidson Motorcycle Trust |
|  4.710% due 07/17/2028 | 7867 | 7884 |
|  Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC |
|  6.150% due 03/25/2030 | 5000 | 5205 |
|  Huntington Auto Trust | Huntington Auto Trust | Huntington Auto Trust |
|  5.230% due 01/16/2029 | 3734 | 3761 |
|  Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust | Hyundai Auto Lease Securitization Trust |
|  4.370% due 01/18/2028 | 13080 | 13108 |
|  4.770% due 03/15/2027 | 4168 | 4173 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.990% due 02/15/2029 | 4175 | 4200 |
|  LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust |
|  3.750% due 05/15/2029 | 3100 | 3090 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  5.220% due 02/17/2032 | 4169 | 4209 |
|  Nissan Auto Lease Trust | Nissan Auto Lease Trust | Nissan Auto Lease Trust |
|  3.900% due 05/15/2028 | 16190 | 16155 |
|  4.920% due 11/15/2027 | 5000 | 5027 |
|  PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust |
|  4.030% due 07/15/2030 | 3500 | 3494 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  5.560% due 11/22/2027 | 6700 | 6721 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  3.910% due 08/20/2029 | 2800 | 2794 |
|  4.650% due 05/22/2028 | 1066 | 1067 |
|  5.470% due 10/20/2028 | 1518 | 1525 |
|  Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
|  4.460% due 03/15/2028 | 4373 | 4378 |
|  Toyota Lease Owner Trust | Toyota Lease Owner Trust | Toyota Lease Owner Trust |
|  4.210% due 09/20/2027 | 4120 | 4123 |
|  4.580% due 07/20/2027 | 13634 | 13653 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  4.430% due 12/17/2029 | 5000 | 5015 |
|  4.780% due 01/18/2028 | 142 | 142 |
|  5.150% due 11/15/2028 | 1781 | 1789 |
|  |  | 216600 |
| CMBS OTHER 0.5% | CMBS OTHER 0.5% | CMBS OTHER 0.5% |
|  Acore Issuer LLC | Acore Issuer LLC | Acore Issuer LLC |
|  5.125% due 08/20/2043 •  | 7400 | 7396 |
|  FS Rialto Issuer LLC | FS Rialto Issuer LLC | FS Rialto Issuer LLC |
|  0.000% due 01/19/2044 •  | 4900 | 4901 |
|  GPMT Ltd. | GPMT Ltd. | GPMT Ltd. |
|  5.139% due 12/15/2036 •  | 1618 | 1616 |
|  GS REFT Issuer Ltd. | GS REFT Issuer Ltd. | GS REFT Issuer Ltd. |
|  5.170% due 04/19/2043 •  | 15600 | 15639 |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  5.169% due 12/18/2042 •  | 1200 | 1200 |
|  5.180% due 08/18/2043 •  | 1400 | 1402 |
|  |  | 32154 |
| CREDIT CARD BULLET 1.1% | CREDIT CARD BULLET 1.1% | CREDIT CARD BULLET 1.1% |
|  American Express Credit Account Master Trust | American Express Credit Account Master Trust | American Express Credit Account Master Trust |
|  5.230% due 09/15/2028 | 3100 | 3118 |
|  BA Credit Card Trust | BA Credit Card Trust | BA Credit Card Trust |
|  4.930% due 05/15/2029 | 11000 | 11118 |
|  CARDS II Trust | CARDS II Trust | CARDS II Trust |
|  4.630% due 03/15/2031 | 10700 | 10746 |
|  Evergreen Credit Card Trust | Evergreen Credit Card Trust | Evergreen Credit Card Trust |
|  4.231% due 10/15/2029 •  | 36600 | 36722 |
|  Synchrony Card Funding LLC | Synchrony Card Funding LLC | Synchrony Card Funding LLC |
|  5.040% due 03/15/2030 | 10600 | 10696 |
|  |  | 72400 |
| CREDIT CARD OTHER 0.4% | CREDIT CARD OTHER 0.4% | CREDIT CARD OTHER 0.4% |
|  Trillium Credit Card Trust II | Trillium Credit Card Trust II | Trillium Credit Card Trust II |
|  4.225% due 09/26/2030 •  | 27700 | 27823 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| HOME EQUITY OTHER 0.1% | HOME EQUITY OTHER 0.1% | HOME EQUITY OTHER 0.1% |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.582% due 12/25/2044 þ | 7313 | 7348 |
| OTHER ABS 11.6% | OTHER ABS 11.6% | OTHER ABS 11.6% |
|  37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. |
|  4.952% due 10/15/2034 •  | 6200 | 6208 |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  4.871% due 10/23/2034 •  | 1600 | 1602 |
|  4.969% due 10/20/2031 •  | 351 | 351 |
|  AlbaCore Euro CLO IV DAC | AlbaCore Euro CLO IV DAC | AlbaCore Euro CLO IV DAC |
|  3.006% due 07/15/2035 •  | 1500 | 1736 |
|  AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. |
|  4.868% due 01/20/2035 •  | 6400 | 6402 |
|  Anchorage Capital CLO 20 Ltd. | Anchorage Capital CLO 20 Ltd. | Anchorage Capital CLO 20 Ltd. |
|  4.768% due 01/20/2035 •  | 2100 | 2101 |
|  Anchorage Credit Funding 19 Ltd. | Anchorage Credit Funding 19 Ltd. | Anchorage Credit Funding 19 Ltd. |
|  5.036% due 10/25/2040 | 1700 | 1685 |
|  ARES European CLO X DAC | ARES European CLO X DAC | ARES European CLO X DAC |
|  2.796% due 10/15/2031 •  | 2492 | 2884 |
|  ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. |
|  4.802% due 04/15/2034 •  | 20600 | 20622 |
|  ARES XXVII CLO Ltd. | ARES XXVII CLO Ltd. | ARES XXVII CLO Ltd. |
|  4.821% due 10/28/2034 •  | 19500 | 19524 |
|  Atlantic Avenue Ltd. | Atlantic Avenue Ltd. | Atlantic Avenue Ltd. |
|  4.928% due 01/20/2035 •  | 22000 | 22012 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  4.700% due 10/21/2034 •  | 1000 | 1000 |
|  Barings Euro CLO DAC | Barings Euro CLO DAC | Barings Euro CLO DAC |
|  3.269% due 10/21/2038 •  | 10900 | 12591 |
|  3.426% due 08/15/2039 •  | 13000 | 14997 |
|  BlackRock European CLO VII DAC | BlackRock European CLO VII DAC | BlackRock European CLO VII DAC |
|  2.636% due 10/15/2031 •  | 5623 | 6507 |
|  BlueMountain CLO XXXII Ltd. | BlueMountain CLO XXXII Ltd. | BlueMountain CLO XXXII Ltd. |
|  4.772% due 10/15/2034 •  | 11000 | 11005 |
|  BlueMountain CLO XXXIV Ltd. | BlueMountain CLO XXXIV Ltd. | BlueMountain CLO XXXIV Ltd. |
|  4.818% due 04/20/2035 •  | 23200 | 23206 |
|  Bosphorus CLO IX DAC | Bosphorus CLO IX DAC | Bosphorus CLO IX DAC |
|  0.000% due 04/15/2038 •(a) | 6800 | 7860 |
|  Canyon CLO Ltd. | Canyon CLO Ltd. | Canyon CLO Ltd. |
|  4.772% due 10/15/2034 •  | 3100 | 3100 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  2.874% due 08/15/2032 •  | 1925 | 2227 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  4.758% due 07/20/2034 •  | 19100 | 19112 |
|  CarVal CLO I Ltd. | CarVal CLO I Ltd. | CarVal CLO I Ltd. |
|  4.901% due 07/16/2031 •  | 1568 | 1569 |
|  CCG Receivables Trust | CCG Receivables Trust | CCG Receivables Trust |
|  4.480% due 10/14/2032 | 7323 | 7350 |
|  Commonbond Student Loan Trust | Commonbond Student Loan Trust | Commonbond Student Loan Trust |
|  2.550% due 05/25/2041 | 85 | 81 |
|  CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. |
|  4.868% due 01/20/2035 •  | 9100 | 9103 |
|  Cumulus Static CLO DAC | Cumulus Static CLO DAC | Cumulus Static CLO DAC |
|  3.184% due 11/15/2033 •  | 4596 | 5320 |
|  CVC Cordatus Loan Fund XII DAC | CVC Cordatus Loan Fund XII DAC | CVC Cordatus Loan Fund XII DAC |
|  3.285% due 01/23/2039 •  | 1920 | 2216 |
|  DLLMT LLC | DLLMT LLC | DLLMT LLC |
|  4.030% due 07/20/2028 | 1500 | 1499 |
|  Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC |
|  2.676% due 04/15/2033 •  | 7213 | 8347 |
|  Dryden 52 Euro CLO DAC | Dryden 52 Euro CLO DAC | Dryden 52 Euro CLO DAC |
|  2.844% due 05/15/2034 •  | 6709 | 7763 |
|  ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust |
|  4.526% due 02/27/2068 •  | 8760 | 8718 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  4.968% due 01/25/2035 •  | 4700 | 4703 |
|  Fortress Credit BSL VII Ltd. | Fortress Credit BSL VII Ltd. | Fortress Credit BSL VII Ltd. |
|  4.761% due 07/23/2032 •  | 2658 | 2661 |
|  Galaxy XXII CLO Ltd. | Galaxy XXII CLO Ltd. | Galaxy XXII CLO Ltd. |
|  4.683% due 04/16/2034 •  | 1155 | 1154 |
|  Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. | Gallatin CLO VIII Ltd. |
|  5.024% due 07/15/2031 •  | 8816 | 8826 |

---

---

| | | |
|:---|:---|:---|
| **194** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. | Golub Capital Partners CLO 50B-R Ltd. |
|  4.778% due 04/20/2035 •  | 10500 | 10503 |
|  GreatAmerica Leasing Receivables Funding LLC | GreatAmerica Leasing Receivables Funding LLC | GreatAmerica Leasing Receivables Funding LLC |
|  4.520% due 10/15/2027 | 1818 | 1822 |
|  Greywolf CLO III Ltd. | Greywolf CLO III Ltd. | Greywolf CLO III Ltd. |
|  4.899% due 04/22/2033 •  | 525 | 525 |
|  Grosvenor Place CLO DAC | Grosvenor Place CLO DAC | Grosvenor Place CLO DAC |
|  3.383% due 08/15/2039 •  | 13600 | 15719 |
|  Harvest CLO XXI DAC | Harvest CLO XXI DAC | Harvest CLO XXI DAC |
|  1.040% due 07/15/2031 | 84 | 96 |
|  2.776% due 07/15/2031 •  | 5758 | 6662 |
|  Hayfin Emerald CLO VI DAC | Hayfin Emerald CLO VI DAC | Hayfin Emerald CLO VI DAC |
|  3.266% due 10/15/2038 •  | 2550 | 2946 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  4.661% due 01/16/2033 •  | 3558 | 3561 |
|  Invesco CLO Ltd. | Invesco CLO Ltd. | Invesco CLO Ltd. |
|  4.818% due 07/20/2035 •  | 13000 | 13005 |
|  Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. |
|  4.788% due 07/25/2034 •  | 7000 | 7006 |
|  Jamestown CLO XVIII Ltd. | Jamestown CLO XVIII Ltd. | Jamestown CLO XVIII Ltd. |
|  4.938% due 07/25/2035 •  | 12800 | 12817 |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  2.666% due 04/15/2031 •  | 3108 | 3597 |
|  KKR CLO 16 Ltd. | KKR CLO 16 Ltd. | KKR CLO 16 Ltd. |
|  4.808% due 10/20/2034 •  | 15550 | 15566 |
|  KKR CLO 36 Ltd. | KKR CLO 36 Ltd. | KKR CLO 36 Ltd. |
|  4.822% due 10/15/2034 •  | 18300 | 18322 |
|  LCM 30 Ltd. | LCM 30 Ltd. | LCM 30 Ltd. |
|  5.009% due 04/20/2031 •  | 2357 | 2360 |
|  LCM 35 Ltd. | LCM 35 Ltd. | LCM 35 Ltd. |
|  4.752% due 10/15/2034 •  | 5600 | 5592 |
|  Madison Park Euro Funding XIV DAC | Madison Park Euro Funding XIV DAC | Madison Park Euro Funding XIV DAC |
|  2.816% due 07/15/2032 •  | 8367 | 9659 |
|  Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. |
|  4.672% due 10/15/2034 •  | 10000 | 9993 |
|  Marble Point CLO XXIV Ltd. | Marble Point CLO XXIV Ltd. | Marble Point CLO XXIV Ltd. |
|  4.753% due 04/20/2035 •  | 12000 | 12003 |
|  Mountain View CLO XIV Ltd. | Mountain View CLO XIV Ltd. | Mountain View CLO XIV Ltd. |
|  6.813% due 10/15/2034 •  | 19150 | 19173 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  1.310% due 01/15/2069 | 4318 | 4105 |
|  1.580% due 04/15/2070 | 5865 | 5302 |
|  1.690% due 05/15/2069 | 2522 | 2365 |
|  4.787% due 04/15/2069 •  | 2311 | 2301 |
|  Navient Refinance Loan Trust | Navient Refinance Loan Trust | Navient Refinance Loan Trust |
|  4.800% due 10/15/2055 | 12776 | 12722 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  4.476% due 09/27/2038 •  | 6165 | 6149 |
|  4.610% due 02/21/2061 | 13715 | 13548 |
|  4.626% due 02/25/2066 •  | 4173 | 4159 |
|  4.650% due 08/20/2054 | 12654 | 12508 |
|  4.670% due 06/22/2065 | 26545 | 26280 |
|  4.840% due 05/17/2055 | 14097 | 14046 |
|  4.973% due 02/21/2061 •  | 4316 | 4339 |
|  Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. |
|  4.864% due 06/15/2031 •  | 600 | 601 |
|  Ocean Trails CLO XI | Ocean Trails CLO XI | Ocean Trails CLO XI |
|  4.698% due 07/20/2034 •  | 20100 | 20103 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  0.000% due 10/15/2035 «•(a) | 12700 | 14679 |
|  2.866% due 10/15/2034 •  | 13394 | 15469 |
|  3.047% due 07/15/2035 •  | 12500 | 14450 |
|  Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. |
|  4.480% due 08/08/2032 •  | 5900 | 5899 |
|  4.489% due 01/15/2033 •  | 4500 | 4495 |
|  PFS Financing Corp. | PFS Financing Corp. | PFS Financing Corp. |
|  5.520% due 10/15/2028 | 8000 | 8058 |
|  Post CLO Ltd. | Post CLO Ltd. | Post CLO Ltd. |
|  4.762% due 04/20/2035 •  | 7700 | 7702 |
|  Post Road Equipment Finance LLC | Post Road Equipment Finance LLC | Post Road Equipment Finance LLC |
|  4.900% due 05/15/2031 | 1881 | 1894 |
|  PPM CLO 3 Ltd. | PPM CLO 3 Ltd. | PPM CLO 3 Ltd. |
|  4.788% due 07/17/2034 •  | 12300 | 12311 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Providus CLO V DAC | Providus CLO V DAC | Providus CLO V DAC |
|  3.214% due 11/15/2039 •  | 13400 | 15479 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  4.226% due 06/25/2043 •  | 10037 | 9827 |
|  4.426% due 12/27/2038 •  | 5127 | 5078 |
|  4.426% due 06/26/2055 •  | 5744 | 5684 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.290% due 07/15/2053 | 4295 | 4106 |
|  4.887% due 07/15/2053 •  | 525 | 527 |
|  5.030% due 03/15/2056 (a) | 33100 | 33140 |
|  5.240% due 03/15/2056 | 2894 | 2922 |
|  5.322% due 09/15/2053 •  | 2621 | 2668 |
|  5.380% due 07/15/2053 | 4068 | 4131 |
|  5.670% due 11/15/2052 | 3831 | 3910 |
|  Symphony CLO XXV Ltd. | Symphony CLO XXV Ltd. | Symphony CLO XXV Ltd. |
|  4.718% due 04/19/2034 •  | 3000 | 3002 |
|  Trimaran CAVU Ltd. | Trimaran CAVU Ltd. | Trimaran CAVU Ltd. |
|  4.667% due 10/25/2034 •  | 7200 | 7199 |
|  Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. |
|  4.778% due 01/25/2034 •  | 5400 | 5404 |
|  Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. |
|  4.818% due 10/20/2034 •  | 2500 | 2503 |
|  Unity-Peace Park CLO Ltd. | Unity-Peace Park CLO Ltd. | Unity-Peace Park CLO Ltd. |
|  4.723% due 04/20/2035 •  | 20200 | 20206 |
|  Venture 33 CLO Ltd. | Venture 33 CLO Ltd. | Venture 33 CLO Ltd. |
|  4.994% due 07/15/2031 •  | 829 | 830 |
|  Venture 44 CLO Ltd. | Venture 44 CLO Ltd. | Venture 44 CLO Ltd. |
|  4.808% due 10/20/2034 •  | 5300 | 5305 |
|  Verizon Master Trust | Verizon Master Trust | Verizon Master Trust |
|  4.170% due 08/20/2030 | 9200 | 9205 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  4.728% due 04/20/2034 •  | 8000 | 8006 |
|  Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. |
|  4.822% due 07/15/2034 •  | 7150 | 7157 |
|  Whetstone Park CLO Ltd. | Whetstone Park CLO Ltd. | Whetstone Park CLO Ltd. |
|  4.738% due 01/20/2035 •  | 4600 | 4598 |
|  |  | 801341 |
|  Total Asset-Backed Securities<br> (Cost $1,270,004) | Total Asset-Backed Securities<br> (Cost $1,270,004) | 1269388 |
| SOVEREIGN ISSUES 2.3% | SOVEREIGN ISSUES 2.3% | SOVEREIGN ISSUES 2.3% |
|  Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos |
|  4.700% due 09/01/2030 | 8025000 | 8453 |
|  5.000% due 10/01/2028 | 1565000 | 1681 |
|  5.800% due 10/01/2029 | 4290000 | 4717 |
|  Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
|  2.750% due 01/31/2027 | 1400 | 1382 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 34850 | 35076 |
|  KSA Sukuk Ltd. | KSA Sukuk Ltd. | KSA Sukuk Ltd. |
|  5.250% due 06/04/2027 | 36800 | 37103 |
|  Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds |
|  3.500% due 03/20/2027 | 1700 | 1685 |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  3.875% due 03/17/2028 | 4100 | 4038 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  4.125% due 08/25/2027 | 26800 | 26781 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  5.250% due 11/25/2027 | 2900 | 2898 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  0.750% due 07/09/2027 | 10800 | 12084 |
|  5.125% due 01/13/2028 | 19400 | 19611 |
|  Total Sovereign Issues (Cost $157,134) | Total Sovereign Issues (Cost $157,134) | 155509 |
| SHORT-TERM INSTRUMENTS 10.8% | SHORT-TERM INSTRUMENTS 10.8% | SHORT-TERM INSTRUMENTS 10.8% |
| COMMERCIAL PAPER 10.7% | COMMERCIAL PAPER 10.7% | COMMERCIAL PAPER 10.7% |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  4.320% due 04/02/2026 | 47900 | 47889 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  3.940% due 04/10/2026 | 22750 | 22724 |
|  4.100% due 04/16/2026 | 20100 | 20064 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  AMETEK, Inc. | AMETEK, Inc. | AMETEK, Inc. |
|  4.170% due 04/27/2026 | 14200 | 14157 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.150% due 04/24/2026 (a) | 22200 | 22141 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  3.970% due 06/12/2026 | 67700 | 67138 |
|  Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
|  3.870% due 04/01/2026 | 10700 | 10699 |
|  3.870% due 04/02/2026 | 10700 | 10697 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.120% due 04/09/2026 | 11700 | 11688 |
|  4.180% due 04/16/2026 | 7100 | 7087 |
|  4.200% due 04/14/2026 | 11400 | 11381 |
|  4.200% due 04/16/2026 | 6700 | 6687 |
|  4.300% due 04/21/2026 | 22000 | 21946 |
|  Edison International | Edison International | Edison International |
|  4.380% due 04/27/2026 | 43400 | 43263 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  4.050% due 04/01/2026 | 21400 | 21398 |
|  4.050% due 04/13/2026 | 30900 | 30855 |
|  ERAC USA Finance LLC | ERAC USA Finance LLC | ERAC USA Finance LLC |
|  4.130% due 04/13/2026 | 4500 | 4493 |
|  4.150% due 04/24/2026 | 49000 | 48865 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  4.150% due 05/04/2026 | 25600 | 25503 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  4.230% due 04/02/2026 | 8900 | 8898 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.150% due 04/16/2026 | 3800 | 3793 |
|  4.150% due 04/17/2026 | 2100 | 2096 |
|  4.150% due 04/22/2026 | 900 | 898 |
|  4.170% due 05/04/2026 | 800 | 797 |
|  4.200% due 05/06/2026 | 6100 | 6073 |
|  4.200% due 05/11/2026 | 38600 | 38408 |
|  4.200% due 05/12/2026 | 8000 | 7959 |
|  4.200% due 05/13/2026 | 300 | 298 |
|  4.200% due 05/18/2026 | 3800 | 3778 |
|  4.250% due 05/01/2026 | 2800 | 2790 |
|  4.350% due 04/23/2026 | 400 | 399 |
|  4.380% due 04/23/2026 | 18700 | 18649 |
|  4.380% due 05/01/2026 | 5700 | 5679 |
|  Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV |
|  4.030% due 04/09/2026 | 53100 | 53047 |
|  JTI Financial Services North America LLC | JTI Financial Services North America LLC | JTI Financial Services North America LLC |
|  3.880% due 05/04/2026 | 1600 | 1594 |
|  4.070% due 05/20/2026 | 15700 | 15618 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  3.970% due 04/15/2026 | 35800 | 35737 |
|  4.300% due 04/08/2026 | 1300 | 1299 |
|  4.300% due 04/13/2026 | 600 | 599 |
|  4.300% due 05/01/2026 | 14300 | 14247 |
|  4.350% due 05/08/2026 | 20000 | 19909 |
|  Phillips 66 | Phillips 66 | Phillips 66 |
|  4.000% due 04/01/2026 | 15200 | 15198 |
|  4.330% due 04/27/2026 | 20400 | 20338 |
|  VW Credit, Inc. | VW Credit, Inc. | VW Credit, Inc. |
|  4.220% due 05/06/2026 | 10000 | 9959 |
|  |  | 736735 |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  3.683% due 04/07/2026 - 07/21/2026 (b)(c)(h) | 8260 | 8227 |
| Total Short-Term Instruments<br>(Cost $745,050) | Total Short-Term Instruments<br>(Cost $745,050) | 744962 |
| Total Investments in Securities<br>(Cost $7,140,385) | Total Investments in Securities<br>(Cost $7,140,385) | 7137557 |
| Total Investments 103.6%<br>(Cost $7,140,385) | Total Investments 103.6%<br>(Cost $7,140,385) | 7137557 |
|  Financial Derivative<br>Instruments (g)(i) 0.3%<br>(Cost or Premiums, net $2,754) |  | 21913 |
| Other Assets and Liabilities, net (3.9)% | Other Assets and Liabilities, net (3.9)% | (268861) |
| Net Assets 100.0% | Net Assets 100.0% | 6890609 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 195

------

Consolidated Schedule of Investments PIMCO Short Asset Portfolio (Cont.)

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

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

---

| | |
|:---|:---|
| ~ | 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.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Hardwood Funding LLC | 4.360 | 06/08/2029 | 01/16/2026 | 4600 | 4578 | 0.07% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BOS | 3.830% | 03/31/2026 | 04/08/2026 | $(59014) | $(59021) |
|  DEU | 3.770 | 03/31/2026 | 04/01/2026 | (1526) | (1526) |
|  SAL | 3.810 | 03/31/2026 | 04/09/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137558) | (137572) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(198119) |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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>(2)</sup> |
|  Global/Master Repurchase Agreement |  |  |  |  |  |  |
|  BOS | $0 | $(59021) | $0 | $(59021) | $60494 | $1473 |
|  DEU | 0 | (1526) | 0 | (1526) | 1512 | (14) |
|  SAL | 0 | (137572) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137572) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144999 | 7427 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(198119) | $&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 |  |  |  |
|  U.S. Treasury Obligations | $(1526) | $0 | $0 | $0 | $(1526) |
|  U.S. Government Agencies | 0 | (196593) | 0 | 0 | (196593) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1526) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196593) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(198119) |
|  Payable for reverse repurchase agreements  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(198119) |

---

(f) Securities with an aggregate market value of $207,005 have been pledged as collateral under the terms of the above master agreements as of March 31, 2026.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended March 31, 2026 was $(35003) at a weighted average interest rate of 4.386%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

---

| | | |
|:---|:---|:---|
| **196** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

<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;(g) 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 EURIBOR December Futures  | 12/2026 | 2356 | $661597 | $(1363) | $0 | $0 |
|  3-Month SOFR Active Contract December Futures  | 03/2028 | 4064 | 981405 | (1695) | 203 | 0 |
|  3-Month SONIA December Futures  | 03/2027 | 2035 | 644022 | (3257) | 741 | 0 |
|  Australia Government 3-Year Bond June Futures  | 06/2026 | 4749 | 339633 | (1291) | 1526 | 0 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2026 | 8273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1716195 | 3195 | 646 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 176 | 19040 | (148) | 25 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4559) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3141 | $&nbsp;&nbsp;&nbsp;&nbsp;&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 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 1844 | $(209323) | $3671 | $0 | $(548) |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102925) | 3267 | 0 | (193) |
|  |  |  |  | $6938 | $0 | $(741) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2379 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3141 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(741) |

---

#### SWAP AGREEMENTS:

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| Pay/Receive<br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value** | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/18/2031 | 95400 | $(2108) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1959) | $(4067) | $304 | $0 |
|  Pay<sup>(1)</sup> | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 09/16/2031 | 64000 | (1860) | (945) | (2805) | 192 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | $195900 | (718) | (458) | (1176) | 0 | (184) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 08/31/2030 | 428355 | 1386 | 2865 | 4251 | 0 | (424) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.337 | Annual | 08/31/2030 | 28500 | 0 | 270 | 270 | 0 | (28) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.376 | Annual | 08/31/2030 | 43300 | 0 | 344 | 344 | 0 | (43) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.407 | Annual | 08/31/2030 | 4600 | 0 | 31 | 31 | 0 | (5) |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.422 | Annual | 08/31/2030 | 6900 | 0 | 43 | 43 | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/18/2031 | 41300 | (150) | 376 | 226 | 0 | (43) |
|  Receive | 6-Month CLP-CHILIBOR | 4.490 | Semi-Annual | 10/01/2028 | 1801500 | 0 | 22 | 22 | 0 | (1) |
|  Receive | 6-Month CLP-CHILIBOR | 4.590 | Semi-Annual | 10/01/2029 | 3897300 | 0 | 57 | 57 | 2 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.676 | Semi-Annual | 09/01/2030 | 3388100 | 0 | 56 | 56 | 2 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.710 | Semi-Annual | 09/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3959000 | 0 | 59 | 59 | 3 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3450) | $761 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2689) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(735) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of March 31, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset<sup>(2)</sup> | Variation Margin<br>Asset<sup>(2)</sup> | | 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;3753 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4256 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(741) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(735) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1476) |

---

(h) Securities with an aggregate market value of $23,869 and cash of $21,393 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2026.

<sup>(1)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(2)</sup> Unsettled variation margin asset of $612 for closed futures is outstanding at period end. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **197** |

---

------

Consolidated Schedule of Investments PIMCO Short Asset Portfolio (Cont.)

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 04/2026 | 1536 | $1121 | $19 | $0 |
|  | 04/2026 | $5908 | 4464 | 0 | (2) |
|  | 05/2026 | 125482 | $85948 | 0 | (496) |
|  | 05/2026 | 4464 | 5908 | 2 | 0 |
|  BOA | 04/2026 | 351 | 409 | 4 | 0 |
|  | 04/2026 | $193049 | 167971 | 899 | 0 |
|  | 04/2026 | 17 | 2662 | 0 | 0 |
|  | 05/2026 | 2601 | $1783 | 0 | (9) |
|  | 05/2026 | 167971 | 193348 | 0 | (896) |
|  | 05/2026 | 2654 | 17 | 0 | 0 |
|  BPS | 04/2026 | 1684317 | 1879 | 60 | 0 |
|  | 04/2026 | 164319 | 194273 | 4542 | 0 |
|  | 04/2026 | 2047 | 2715 | 7 | 0 |
|  | 04/2026 | $11666 | 16567 | 0 | (249) |
|  BSH | 04/2026 | 35905 | 26972 | 0 | (221) |
|  | 04/2026 | 92 | 14714 | 0 | 0 |
|  | 05/2026 | 26972 | $35904 | 221 | 0 |
|  | 05/2026 | 14669 | 92 | 0 | 0 |
|  CBK | 04/2026 | 3286 | 2305 | 41 | 0 |
|  | 04/2026 | 1393 | 1598 | 0 | (11) |
|  | 04/2026 | 1968 | 2627 | 23 | 0 |
|  | 04/2026 | $4126 | 5871 | 0 | (79) |
|  FAR | 04/2026 | 59140 | $41913 | 1157 | 0 |
|  | 04/2026 | 20888 | 28228 | 593 | 0 |
|  | 04/2026 | 14282 | 91 | 1 | 0 |
|  | 04/2026 | $115 | 18319 | 1 | 0 |
|  | 05/2026 | 18264 | $115 | 0 | (1) |
|  GLM | 04/2026 | $101 | 34523 | 3 | 0 |
|  | 06/2026 | 4358392 | $5074 | 363 | 0 |
|  MBC | 04/2026 | 2762 | 1911 | 8 | 0 |
|  | 04/2026 | 1908 | 2192 | 0 | (11) |
|  | 04/2026 | 10641 | 14173 | 95 | 0 |
|  | 04/2026 | 15773 | 101 | 2 | 0 |
|  | 04/2026 | $3432 | 4909 | 0 | (49) |
|  | 04/2026 | 2978 | 4069 | 0 | (58) |
|  | 04/2026 | 5507 | 4108 | 0 | (72) |
|  | 04/2026 | 35 | 5663 | 0 | 0 |
|  | 05/2026 | 5646 | $35 | 0 | 0 |
|  MYI | 04/2026 | 2937 | 2148 | 40 | 0 |
|  SCX | 04/2026 | 11232 | 72 | 1 | 0 |
|  | 04/2026 | $292 | 404 | 0 | (2) |
|  | 05/2026 | 403 | $292 | 2 | 0 |
|  | 06/2026 | 8101638 | 9133 | 376 | 0 |
|  SSB | 04/2026 | 87642 | 62368 | 1969 | 0 |
|  | 04/2026 | 73 | 0 | 0 | 0 |
|  | 05/2026 | $1062 | 804 | 1 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10430 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2156) |

---

#### 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 |
| BPS Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.250% | 12/09/2026 | 13600 | $6 | $14 |
| FAR Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.000 | 08/03/2026 | 413600 | 370 | 279 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.250 | 12/09/2026 | 1552000 | 708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1644 |
| GLM Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.000 | 07/28/2026 | 272600 | 204 | 173 |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.000 | 08/11/2026 | 417500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 | 306 |

---

---

| | | |
|:---|:---|:---|
| **198** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Cost** | **Market<br>Value** |
| MYC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.000% | 08/03/2026 | 491200 | $442 | $331 |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.000 | 08/11/2026 | 464900 | 521 | 340 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.650 | 09/09/2026 | 898300 | 903 | 2439 |
| NGF Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.000 | 07/28/2026 | 1012700 | 709 | 643 |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.000 | 08/03/2026 | 58500 | 52 | 39 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.650 | 09/09/2026 | 1713400 | 1821 | 4651 |
|  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;6204 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10859 |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2026:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
|  AZD | $21 | $0 | $0 | $21 | $(498) | $0 | $0 | $(498) | $(477) | $0 | $(477) |
|  BOA | 903 | 0 | 0 | 903 | (905) | 0 | 0 | (905) | (2) | (180) | (182) |
|  BPS | 4609 | 14 | 0 | 4623 | (249) | 0 | 0 | (249) | 4374 | (5660) | (1286) |
|  BSH | 221 | 0 | 0 | 221 | (221) | 0 | 0 | (221) | 0 | 0 | 0 |
|  CBK | 64 | 0 | 0 | 64 | (90) | 0 | 0 | (90) | (26) | 0 | (26) |
|  FAR | 1752 | 1923 | 0 | 3675 | (1) | 0 | 0 | (1) | 3674 | (4460) | (786) |
|  GLM | 366 | 479 | 0 | 845 | 0 | 0 | 0 | 0 | 845 | (770) | 75 |
|  MBC | 105 | 0 | 0 | 105 | (190) | 0 | 0 | (190) | (85) | 0 | (85) |
|  MYC | 0 | 3110 | 0 | 3110 | 0 | 0 | 0 | 0 | 3110 | (3710) | (600) |
|  MYI | 40 | 0 | 0 | 40 | 0 | 0 | 0 | 0 | 40 | 0 | 40 |
|  NGF | 0 | 5333 | 0 | 5333 | 0 | 0 | 0 | 0 | 5333 | (6200) | (867) |
|  SCX | 379 | 0 | 0 | 379 | (2) | 0 | 0 | (2) | 377 | (290) | 87 |
|  SSB | 1970 | 0 | 0 | 1970 | 0 | 0 | 0 | 0 | 1970 | (2320) | (350) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10430 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10859 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21289 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2156) | $&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;(2156) |  |  |  |

---

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<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 OTC financial derivative instrumentscan 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 regarding master netting agreements. 

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

Fair Values of Financial Derivative Instruments on the Consolidated Statements of Assets and Liabilities as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for 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 | $3753 | $3753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 503 | 503 |
|  | $0 | $0 | $0 | $0 | $4256 | $4256 |
|  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 | $10430 | $0 | $10430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 10859 | 10859 |
|  | $0 | $0 | $0 | $10430 | $10859 | $21289 |
|  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10430 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15115 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25545 |
|  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 | $741 | $741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 735 | 735 |
|  | $0 | $0 | $0 | $0 | $1476 | $1476 |
|  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 | $2156 | $0 | $2156 |
|  | $&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 | $2156 | $1476 | $3632 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 199

------

Consolidated Schedule of Investments PIMCO Short Asset Portfolio (Cont.) March 31, 2026

The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the year ended March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate<br>Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $20358 | $20358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (15868) | (15868) |
|  | $0 | $0 | $0 | $0 | $4490 | $4490 |
|  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 | $(40436) | $0 | $(40436) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (3691) | (3691) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 202 | 0 | 0 | 0 | 202 |
|  | $0 | $202 | $0 | $(40436) | $(3691) | $(43925) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40436) | $799 | $(39435) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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;(10042) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10042) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 11951 | 11951 |
|  | $0 | $0 | $0 | $0 | $1909 | $1909 |
|  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 | $7795 | $0 | $7795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 3871 | 3871 |
|  | $0 | $0 | $0 | $7795 | $3871 | $11666 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $7795 | $5780 | $13575 |

---

#### FAIR VALUE MEASUREMENTS
**The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Portfolio's assets and liabilities**:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2026 |
|  Investments 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 | $2321858 | $4578 | $2326436 |
| &nbsp;&nbsp; Industrials | 0 | 1039856 | 0 | 1039856 |
| &nbsp;&nbsp; Utilities | 0 | 244473 | 0 | 244473 |
|  U.S. Government Agencies | 0 | 1122103 | 0 | 1122103 |
|  U.S. Treasury Obligations | 0 | 19759 | 0 | 19759 |
|  Non-Agency<br>Mortgage-Backed Securities | 0 | 183195 | 31876 | 215071 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 111722 | 0 | 111722 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 216600 | 0 | 216600 |
| &nbsp;&nbsp; CMBS Other | 0 | 32154 | 0 | 32154 |
| &nbsp;&nbsp; Credit Card Bullet | 0 | 72400 | 0 | 72400 |
| &nbsp;&nbsp; Credit Card Other | 0 | 27823 | 0 | 27823 |
| &nbsp;&nbsp; Home Equity Other | 0 | 7348 | 0 | 7348 |
| &nbsp;&nbsp; Other ABS | 0 | 786662 | 14679 | 801341 |
|  Sovereign Issues | 0 | 155509 | 0 | 155509 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 22141 | 714594 | 0 | 736735 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 8227 | 0 | 8227 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22141 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7064283 | $51133 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7137557 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2026 |
|  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 | $2267 | $1377 | $0 | $3644 |
|  Over the counter | 0 | 21289 | 0 | 21289 |
|  | $2267 | $22666 | $0 | $24933 |
|  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 | (1476) | 0 | (1476) |
|  Over the counter | 0 | (2156) | 0 | (2156) |
|  | $0 | $(3632) | $0 | $(3632) |
|  Total Financial Derivative Instruments | $2267 | $19034 | $0 | $21301 |
|  Totals | $24408 | $7083317 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51133 | $7158858 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2026.

---

| | | |
|:---|:---|:---|
| **200** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Consolidated Schedule of Investments PIMCO Short-Term Floating NAV Portfolio III March 31, 2026

#### (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 102.7% | INVESTMENTS IN SECURITIES 102.7% | INVESTMENTS IN SECURITIES 102.7% |
| CORPORATE BONDS & NOTES 22.9% | CORPORATE BONDS & NOTES 22.9% | CORPORATE BONDS & NOTES 22.9% |
| BANKING & FINANCE 17.2% | BANKING & FINANCE 17.2% | BANKING & FINANCE 17.2% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  1.542% due 06/16/2027 •  | 15989 | 15884 |
|  4.800% due 04/18/2026 | 400 | 400 |
|  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 | 66919 | 66193 |
|  6.100% due 01/15/2027 | 148 | 150 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  1.875% due 08/15/2026 | 8310 | 8226 |
|  3.750% due 06/01/2026 | 700 | 699 |
|  American Express Co. | American Express Co. | American Express Co. |
|  4.312% (SOFRINDX + 0.650%)<br>due 11/04/2026 ~ | 14396 | 14422 |
|  4.635% (SOFRINDX + 0.970%)<br>due 07/28/2027 ~ | 7815 | 7825 |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
|  4.269% due 12/11/2026 •  | 20700 | 20670 |
|  4.273% due 10/06/2026 •  | 7200 | 7201 |
|  4.308% due 11/19/2027 •  | 71300 | 71032 |
|  4.309% due 05/20/2026 •  | 30000 | 29997 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  1.450% due 09/15/2026 | 4100 | 4047 |
|  1.600% due 04/15/2026 | 1607 | 1605 |
|  2.750% due 01/15/2027 | 3100 | 3061 |
|  3.125% due 01/15/2027 | 11442 | 11321 |
|  3.375% due 10/15/2026 | 4415 | 4390 |
|  Asian Development Bank | Asian Development Bank | Asian Development Bank |
|  4.649% (SOFRINDX + 1.000%)<br>due 06/16/2026 ~ | 17400 | 17441 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  4.341% due 08/10/2026 •  | 97900 | 97947 |
|  4.417% due 07/16/2026 •  | 52900 | 52933 |
|  4.500% (SOFRINDX + 0.830%)<br>due 01/07/2027 ~ | 20304 | 20303 |
|  4.511% (SOFRINDX + 0.850%)<br>due 05/08/2026 ~ | 882 | 882 |
|  4.684% (SOFRINDX + 1.030%)<br>due 08/27/2026 ~ | 36335 | 36402 |
|  4.857% (SOFRINDX + 1.210%)<br>due 03/25/2027 ~ | 1192 | 1193 |
|  4.950% due 01/07/2027 | 18693 | 18749 |
|  5.339% due 01/15/2027 | 23702 | 23852 |
|  5.620% due 05/08/2026 | 40811 | 40846 |
|  Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. | Australia & New Zealand Banking Group Ltd. |
|  4.118% (SOFRRATE + 0.470%)<br>due 12/16/2026 ~ | 5000 | 5007 |
|  4.400% due 05/19/2026 (e) | 10301 | 10305 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  3.559% due 04/23/2027 • | 9000 | 8995 |
|  4.997% (SOFRRATE + 1.350%)<br>due 09/15/2027 ~ | 4900 | 4919 |
|  Bank of America NA | Bank of America NA | Bank of America NA |
|  4.680% (SOFRRATE + 1.020%)<br>due 08/18/2026 ~ | 1500 | 1503 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
|  4.268% (SOFRINDX + 0.620%)<br>due 09/15/2026 ~ | 3000 | 3003 |
|  4.567% due 09/10/2027 • | 7400 | 7408 |
|  4.981% (SOFRINDX + 1.330%)<br>due 06/05/2026 ~ | 5504 | 5516 |
|  5.266% due 12/11/2026 | 1640 | 1651 |
|  Bank of New York Mellon | Bank of New York Mellon | Bank of New York Mellon |
|  4.377% (SOFRINDX + 0.710%)<br>due 04/20/2027 ~ | 12900 | 12903 |
|  Bank of New Zealand | Bank of New Zealand | Bank of New Zealand |
|  4.476% (SOFRRATE + 0.810%)<br>due 01/27/2027 ~ | 8500 | 8526 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  4.258% (SOFRRATE + 0.610%)<br>due 09/15/2026 ~ | 700 | 701 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  1.604% due 10/04/2026 | 800 | 789 |
|  5.896% due 07/13/2026 | 6668 | 6699 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Barclays PLC |  |  |  |
|  5.829% due 05/09/2027 •  | $— | 79119 | 79206 |
|  Brown & Brown, Inc. |  |  |  |
|  4.600% due 12/23/2026 |  | 4105 | 4118 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  1.250% due 06/22/2026 |  | 800 | 795 |
|  4.587% (SOFRRATE + 0.940%)<br>due 06/28/2027 ~ |  | 1594 | 1603 |
|  4.899% (SOFRRATE + 1.220%)<br>due 10/02/2026 ~ |  | 3370 | 3381 |
|  5.615% due 07/17/2026 |  | 400 | 402 |
|  Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. |
|  4.350% due 05/15/2026 |  | 3765 | 3766 |
|  4.357% due 10/16/2026 •  |  | 1825 | 1827 |
|  Charles Schwab Corp. |  |  |  |
|  2.450% due 03/03/2027 |  | 5500 | 5417 |
|  4.180% (SOFRINDX + 0.520%)<br>due 05/13/2026 ~ |  | 13814 | 13814 |
|  Citibank NA | Citibank NA | Citibank NA | Citibank NA |
|  4.368% (SOFRRATE + 0.708%)<br>due 08/06/2026 ~ |  | 33500 | 33536 |
|  4.712% (SOFRINDX + 1.060%)<br>due 12/04/2026 ~ |  | 500 | 502 |
|  4.876% due 11/19/2027 •  |  | 9795 | 9828 |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
|  4.114% (SOFRRATE + 0.460%)<br>due 11/27/2026 ~ |  | 41134 | 41195 |
|  4.168% (SOFRRATE + 0.520%)<br>due 06/15/2026 ~ |  | 6200 | 6204 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  1.980% due 12/15/2027 •  |  | 11700 | 11510 |
|  3.750% due 07/21/2026 |  | 3796 | 3788 |
|  4.578% (SOFRINDX + 0.900%)<br>due 10/05/2026 ~ |  | 550 | 551 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  5.350% due 06/24/2026 |  | 7203 | 7223 |
|  5.750% due 07/02/2026 |  | 5000 | 5018 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  1.050% due 07/15/2026 |  | 76339 | 75614 |
|  3.700% due 06/15/2026 |  | 835 | 834 |
|  4.000% due 03/01/2027 |  | 4284 | 4266 |
|  DLR Kredit AS | DLR Kredit AS | DLR Kredit AS | DLR Kredit AS |
|  1.000% due 01/01/2027 | DKK | 120400 | 18439 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  2.900% due 11/18/2026 | $— | 10325 | 10233 |
|  Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
|  1.300% due 07/12/2026 |  | 900 | 893 |
|  European Bank for Reconstruction & Development | European Bank for Reconstruction & Development | European Bank for Reconstruction & Development | European Bank for Reconstruction & Development |
|  3.858% (SOFRINDX + 0.190%)<br>due 04/14/2026 ~ |  | 51270 | 51270 |
|  Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec | Federation des Caisses Desjardins du Quebec |
|  4.296% (SOFRRATE + 0.630%)<br>due 01/27/2027 ~ |  | 2000 | 2002 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  6.950% due 06/10/2026 |  | 9990 | 10014 |
|  GATX Corp. | GATX Corp. | GATX Corp. | GATX Corp. |
|  3.250% due 09/15/2026 |  | 6023 | 5990 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  4.000% due 10/06/2026 |  | 10500 | 10477 |
|  Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA | Goldman Sachs Bank USA |
|  4.406% (SOFRRATE + 0.750%) due 05/21/2027 ~ |  | 27242 | 27248 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  1.542% due 09/10/2027 •  |  | 17976 | 17744 |
|  1.948% due 10/21/2027 •  |  | 77633 | 76580 |
|  4.387% due 06/15/2027 •  |  | 1870 | 1870 |
|  4.469% (SOFRRATE + 0.820%) due 09/10/2027 ~ |  | 1560 | 1561 |
|  4.587% (SOFRRATE + 0.920%) due 10/21/2027 ~ |  | 2003 | 2008 |
|  5.683% (US0003M + 1.750%) due 10/28/2027 ~ |  | 541 | 545 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  HSBC USA, Inc. | HSBC USA, Inc. | HSBC USA, Inc. | HSBC USA, Inc. |
|  4.612% (SOFRRATE + 0.960%) due 03/04/2027 ~ | $— | 6400 | 6425 |
|  ING Bank Australia Ltd. | ING Bank Australia Ltd. | ING Bank Australia Ltd. | ING Bank Australia Ltd. |
|  4.368% (BBSW3M + 0.400%) due 08/19/2026 ~ | AUD | 17250 | 11902 |
|  International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development | International Bank for Reconstruction & Development |
|  3.918% (SOFRINDX + 0.270%) due 06/15/2027 ~ | $— | 24162 | 24204 |
|  4.039% due<br>01/12/2027 •  |  | 27930 | 27970 |
|  4.059% (SOFRINDX + 0.280%) due 02/23/2027 ~ |  | 6500 | 6509 |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  3.050% due 04/29/2026 |  | 373 | 373 |
|  4.900% due 01/13/2027 |  | 2400 | 2409 |
|  5.600% due 04/10/2026 |  | 9774 | 9776 |
|  John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. |
|  4.268% due<br>04/19/2027 •  |  | 1039 | 1041 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  1.578% due<br>04/22/2027 •  |  | 59938 | 59842 |
|  2.947% due<br>02/24/2028 •  |  | 15181 | 14992 |
|  3.300% due 04/01/2026 |  | 7827 | 7827 |
|  3.782% due<br>02/01/2028 •  |  | 39300 | 39110 |
|  4.551% (SOFRRATE + 0.885%) due 04/22/2027 ~ |  | 16100 | 16108 |
|  6.070% due<br>10/22/2027 •  |  | 900 | 909 |
|  JPMorgan Chase Bank NA | JPMorgan Chase Bank NA | JPMorgan Chase Bank NA | JPMorgan Chase Bank NA |
|  4.285% due<br>04/29/2026 •  |  | 5450 | 5451 |
|  Jyske Realkredit AS | Jyske Realkredit AS | Jyske Realkredit AS | Jyske Realkredit AS |
|  1.000% due 01/01/2027 | DKK | 705209 | 108016 |
|  Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau | Kreditanstalt fuer Wiederaufbau |
|  4.666% (SOFRINDX + 1.000%) due 10/30/2026 ~ | $— | 25000 | 25125 |
|  Landeskreditbank Baden-Wuerttemberg Foerderbank | Landeskreditbank Baden-Wuerttemberg Foerderbank | Landeskreditbank Baden-Wuerttemberg Foerderbank | Landeskreditbank Baden-Wuerttemberg Foerderbank |
|  4.661% (SOFRINDX + 1.000%) due 02/11/2027 ~ |  | 26800 | 26965 |
|  4.662% (SOFRINDX + 1.000%) due 05/08/2026 ~ |  | 34800 | 34828 |
|  Macquarie Bank Ltd. | Macquarie Bank Ltd. | Macquarie Bank Ltd. | Macquarie Bank Ltd. |
|  4.849% (SOFRRATE + 1.200%) due 12/07/2026 ~ |  | 740 | 744 |
|  MassMutual Global Funding II | MassMutual Global Funding II | MassMutual Global Funding II | MassMutual Global Funding II |
|  4.435% due 01/29/2027 • | 4.435% due 01/29/2027 • | 2012 | 2018 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  1.512% due 07/20/2027 • | 1.512% due 07/20/2027 • | 11616 | 11511 |
|  1.593% due 05/04/2027 • | 1.593% due 05/04/2027 • | 32177 | 32088 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  4.352% (SOFRRATE + 0.685%)<br>due 10/15/2027 ~ |  | 11250 | 11242 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  1.500% due 10/13/2026 |  | 700 | 690 |
|  NatWest Group PLC |  |  |  |
|  4.800% due 04/05/2026 |  | 20163 | 20162 |
|  New York Life Global Funding | New York Life Global Funding | New York Life Global Funding | New York Life Global Funding |
|  4.234% (SOFRRATE + 0.580%) due 08/28/2026 ~ |  | 12950 | 12950 |
|  4.609% (SOFRINDX + 0.930%) due 04/02/2026 ~ |  | 500 | 500 |
|  Nomura Holdings, Inc. |  |  |  |
|  1.653% due 07/14/2026 |  | 17575 | 17448 |
|  2.329% due 01/22/2027 |  | 33170 | 32622 |
|  Nordea Bank Abp |  |  |  |
|  1.500% due 09/30/2026 | $— | 3800 | 3751 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
|  1.000% due 10/01/2026 DKK |  | 730000 | 112317 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **201** |

---

------

Consolidated Schedule of Investments PIMCO Short-Term Floating NAV Portfolio III (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II | Pacific Life Global Funding II |
|  4.272% (SOFRRATE + 0.620%)<br>due 06/04/2026 ~ | $— | 700 | 701 |
|  Principal Life Global Funding II | Principal Life Global Funding II | Principal Life Global Funding II | Principal Life Global Funding II |
|  5.000% due 01/16/2027 |  | 17746 | 17844 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  4.166% (SOFRRATE + 0.500%) due 07/22/2026 ~ | 4.166% (SOFRRATE + 0.500%) due 07/22/2026 ~ | 43800 | 43811 |
|  4.368% due 04/10/2026 •  |  | 8885 | 8886 |
|  5.209% due 04/14/2026 |  | 21500 | 21509 |
|  Realkredit Danmark AS |  |  |  |
|  1.000% due 01/01/2027 DKK | 1.000% due 01/01/2027 DKK | 1015786 | 155571 |
|  Regency Centers LP |  |  |  |
|  3.600% due 02/01/2027 $ |  | 2500 | 2487 |
|  Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. |
|  3.950% due 09/15/2026 |  | 2300 | 2298 |
|  Royal Bank of Canada |  |  |  |
|  4.124% (SOFRINDX + 0.460%) due 08/03/2026 ~ | 4.124% (SOFRINDX + 0.460%) due 08/03/2026 ~ | 2801 | 2802 |
|  4.236% (SOFRINDX + 0.570%) due 04/27/2026 ~ | 4.236% (SOFRINDX + 0.570%) due 04/27/2026 ~ | 5638 | 5639 |
|  4.387% (SOFRINDX + 0.720%) due 10/18/2027 ~ | 4.387% (SOFRINDX + 0.720%) due 10/18/2027 ~ | 500 | 500 |
|  4.456% (SOFRINDX + 0.790%) due 07/23/2027 ~ | 4.456% (SOFRINDX + 0.790%) due 07/23/2027 ~ | 2898 | 2901 |
|  4.510% due 10/18/2027 •  |  | 43200 | 43233 |
|  4.747% (SOFRINDX + 1.080%) due 07/20/2026 ~ | 4.747% (SOFRINDX + 1.080%) due 07/20/2026 ~ | 5015 | 5027 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  3.244% due 10/05/2026 |  | 68479 | 68096 |
|  Societe Generale SA |  |  |  |
|  4.000% due 01/12/2027 |  | 3500 | 3493 |
|  Standard Chartered PLC | Standard Chartered PLC |  |  |
|  4.050% due 04/12/2026 |  | 5250 | 5248 |
|  Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. |
|  4.709% (BBSW3M + 0.900%) due 10/23/2026 ~ AUD | 4.709% (BBSW3M + 0.900%) due 10/23/2026 ~ AUD | 4200 | 2905 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  1.402% due 09/17/2026 $ |  | 30285 | 29923 |
|  2.632% due 07/14/2026 |  | 13238 | 13177 |
|  Swedbank AB |  |  |  |
|  5.028% due 06/15/2026 •  |  | 3950 | 3957 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  1.200% due 06/03/2026 |  | 10778 | 10728 |
|  4.239% (SOFRRATE + 0.590%)<br>due 09/10/2026 ~ |  | 1619 | 1621 |
|  4.268% (SOFRRATE + 0.620%)<br>due 12/17/2026 ~ |  | 6011 | 6013 |
|  4.568% due 12/17/2026 |  | 2900 | 2908 |
|  4.747% (SOFRRATE + 1.080%)<br>due 07/17/2026 ~ |  | 15656 | 15689 |
|  5.532% due 07/17/2026 |  | 15200 | 15266 |
|  Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
|  4.060% due 06/09/2027 •  |  | 51500 | 51497 |
|  4.118% (SOFRINDX + 0.450%)<br>due 04/10/2026 ~ | 4.118% (SOFRINDX + 0.450%)<br>due 04/10/2026 ~ | 33012 | 33014 |
|  UBS AG |  |  |  |
|  4.160% (SOFRRATE + 0.500%)<br>due 05/17/2027 ~ | 4.160% (SOFRRATE + 0.500%)<br>due 05/17/2027 ~ | 20887 | 20879 |
|  5.256% (BBSW3M + 1.300%) due<br>05/12/2026 ~ | AUD | 3100 | 2141 |
|  UBS Group AG |  |  |  |
|  1.494% due 08/10/2027 •  | $— | 14430 | 14275 |
|  United Overseas Bank Ltd. | United Overseas Bank Ltd. | United Overseas Bank Ltd. | United Overseas Bank Ltd. |
|  4.396% (BBSW3M + 0.410%)<br>due 08/27/2026 ~ | AUD | 5000 | 3450 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ventas Realty LP |  |  |  |
|  3.250% due 10/15/2026 | $— | 1241 | 1234 |
|  Voya Financial, Inc. |  |  |  |
|  3.650% due 06/15/2026 |  | 2478 | 2473 |
|  Wells Fargo & Co. |  |  |  |
|  3.000% due 04/22/2026 |  | 30282 | 30242 |
|  4.100% due 06/03/2026 |  | 614 | 614 |
|  Westpac Banking Corp. |  |  |  |
|  4.087% (SOFRRATE + 0.420%) due 04/16/2026 ~ |  | 1708 | 1708 |
|  5.200% due 04/16/2026 |  | 5700 | 5702 |
|  Weyerhaeuser Co. |  |  |  |
|  4.750% due 05/15/2026 |  | 4341 | 4342 |
|  |  |  | 2558497 |
| INDUSTRIALS 4.6% |  |  |  |
|  America Movil SAB de CV |  |  |  |
|  5.000% due 10/27/2026 | GBP | 3600 | 4767 |
|  BAT Capital Corp. |  |  |  |
|  3.215% due 09/06/2026 | $— | 19994 | 19892 |
|  4.700% due 04/02/2027 |  | 11983 | 12012 |
|  BHP Billiton Finance USA Ltd. | BHP Billiton Finance USA Ltd. | BHP Billiton Finance USA Ltd. | BHP Billiton Finance USA Ltd. |
|  5.250% due 09/08/2026 |  | 7579 | 7610 |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  2.800% due 04/11/2026 |  | 650 | 650 |
|  4.229% (SOFRINDX + 0.550%) due 04/02/2026 ~ |  | 8185 | 8185 |
|  4.460% (SOFRINDX + 0.800%) due 08/13/2026 ~ |  | 2055 | 2057 |
|  5.050% due 04/02/2026 |  | 4225 | 4225 |
|  Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
|  2.250% due 06/15/2026 |  | 15518 | 15446 |
|  3.100% due 05/01/2026 |  | 29376 | 29338 |
|  Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. |
|  3.250% due 08/15/2026 |  | 138 | 137 |
|  Campbell's Co. | Campbell's Co. | Campbell's Co. | Campbell's Co. |
|  5.200% due 03/19/2027 |  | 7152 | 7193 |
|  Chevron USA, Inc. | Chevron USA, Inc. | Chevron USA, Inc. | Chevron USA, Inc. |
|  4.014% (SOFRINDX + 0.360%) due 02/26/2027 ~ |  | 172 | 172 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  3.700% due 12/06/2026 |  | 8233 | 8199 |
|  Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. | Cox Communications, Inc. |
|  3.350% due 09/15/2026 |  | 15560 | 15490 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  2.875% due 06/01/2026 |  | 8298 | 8277 |
|  3.000% due 08/15/2026 |  | 11280 | 11214 |
|  Danone SA | Danone SA | Danone SA | Danone SA |
|  2.947% due 11/02/2026 |  | 27400 | 27221 |
|  Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. | Dell International LLC/EMC Corp. |
|  4.900% due 10/01/2026 |  | 4186 | 4192 |
|  Deutsche Telekom International Finance BV | Deutsche Telekom International Finance BV | Deutsche Telekom International Finance BV | Deutsche Telekom International Finance BV |
|  3.600% due 01/19/2027 |  | 34012 | 33833 |
|  Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
|  3.250% due 12/01/2026 |  | 7815 | 7766 |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
|  4.250% due 12/01/2026 |  | 8290 | 8288 |
|  5.900% due 11/15/2026 |  | 1965 | 1982 |
|  General Electric Co. | General Electric Co. | General Electric Co. | General Electric Co. |
|  4.305% (US0003M + 0.380%) due 05/05/2026 ~ |  | 3923 | 3922 |
|  General Mills, Inc. | General Mills, Inc. | General Mills, Inc. | General Mills, Inc. |
|  4.700% due 01/30/2027 |  | 14830 | 14853 |
|  GlaxoSmithKline Capital PLC | GlaxoSmithKline Capital PLC | GlaxoSmithKline Capital PLC | GlaxoSmithKline Capital PLC |
|  4.148% (SOFRRATE + 0.500%) due 03/12/2027 ~ |  | 1578 | 1579 |
|  Haleon U.S. Capital LLC | Haleon U.S. Capital LLC | Haleon U.S. Capital LLC | Haleon U.S. Capital LLC |
|  3.375% due 03/24/2027 |  | 22450 | 22238 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  3.125% due 03/15/2027 |  | 10578 | 10445 |
|  4.500% due 02/15/2027 |  | 16901 | 16903 |
|  5.250% due 06/15/2026 |  | 700 | 700 |
|  5.375% due 09/01/2026 |  | 70645 | 70701 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |
|  4.450% due 09/25/2026 | $22744 | 22766 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  5.250% due 01/08/2027 | 1153 | 1160 |
|  L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. |
|  5.400% due 01/15/2027 | 8625 | 8695 |
|  Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
|  2.500% due 04/15/2026 | 4834 | 4830 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  5.450% due 09/15/2026 | 8362 | 8396 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  1.650% due 04/15/2026 | 4013 | 4009 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
|  4.296% (SOFRRATE + 0.630%)<br>due 07/31/2026 ~ | 32600 | 32628 |
|  Mitsubishi Corp. | Mitsubishi Corp. | Mitsubishi Corp. |
|  1.125% due 07/15/2026 | 350 | 347 |
|  Molson Coors Beverage Co. | Molson Coors Beverage Co. | Molson Coors Beverage Co. |
|  3.000% due 07/15/2026 | 4811 | 4793 |
|  Mondelez International Holdings Netherlands BV | Mondelez International Holdings Netherlands BV | Mondelez International Holdings Netherlands BV |
|  1.250% due 09/24/2026 | 763 | 753 |
|  National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. |
|  5.500% due 10/01/2026 | 1900 | 1909 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  1.162% due 04/03/2026 | 5931 | 5930 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
|  3.875% due 06/18/2026 | 408 | 407 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  2.650% due 07/15/2026 | 108985 | 108402 |
|  Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. |
|  1.700% due 06/15/2026 | 8380 | 8334 |
|  5.750% due 05/24/2026 | 2397 | 2399 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  0.875% due 05/01/2026 | 1000 | 997 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  2.900% due 11/15/2026 | 8782 | 8696 |
|  Siemens Financieringsmaatschappij NV | Siemens Financieringsmaatschappij NV | Siemens Financieringsmaatschappij NV |
|  2.350% due 10/15/2026 | 250 | 248 |
|  Spectra Energy Partners LP | Spectra Energy Partners LP | Spectra Energy Partners LP |
|  3.375% due 10/15/2026 | 1861 | 1852 |
|  Starbucks Corp. | Starbucks Corp. | Starbucks Corp. |
|  2.450% due 06/15/2026 | 1800 | 1793 |
|  Sysco Corp. | Sysco Corp. | Sysco Corp. |
|  3.300% due 07/15/2026 | 139 | 139 |
|  T-Mobile USA, Inc. |  |  |
|  2.625% due 04/15/2026 | 21073 | 21058 |
|  TSMC Global Ltd. |  |  |
|  1.250% due 04/23/2026 | 8100 | 8085 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
|  4.167% (SOFRRATE + 0.500%) due 07/15/2026 ~ | 10125 | 10132 |
|  Var Energi ASA |  |  |
|  5.000% due 05/18/2027 | 7000 | 7035 |
|  VMware LLC |  |  |
|  1.400% due 08/15/2026 | 3042 | 3010 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  3.200% due 09/26/2026 | 400 | 398 |
|  5.700% due 09/12/2026 | 26604 | 26748 |
|  Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
|  3.450% due 11/15/2026 | 1598 | 1589 |
|  |  | 687025 |
| UTILITIES 1.1% |  |  |
|  Ameren Corp. |  |  |
|  5.700% due 12/01/2026 | 26700 | 26897 |
|  CenterPoint Energy, Inc. |  |  |
|  1.450% due 06/01/2026 | 450 | 448 |
|  CMS Energy Corp. |  |  |
|  3.000% due 05/15/2026 | 963 | 962 |

---

---

| | | |
|:---|:---|:---|
| **202** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Eversource Energy |  |  |
|  4.750% due 05/15/2026 | 1830 | 1831 |
|  Georgia Power Co. |  |  |
|  3.928% (SOFRINDX + 0.280%) due 09/15/2026 ~ | 13075 | 13055 |
|  Monongahela Power Co. |  |  |
|  3.550% due 05/15/2027 | 4274 | 4233 |
|  National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |
|  3.994% (SOFRRATE + 0.330%) due 10/30/2026 ~ | 600 | 600 |
|  4.235% (SOFRRATE + 0.580%) due 11/22/2026 ~ | 19850 | 19874 |
|  ONEOK, Inc. |  |  |
|  4.850% due 07/15/2026 | 14720 | 14724 |
|  Pinnacle West Capital Corp. |  |  |
|  4.469% (SOFRRATE + 0.820%) due 06/10/2026 ~ | 32632 | 32657 |
|  San Diego Gas & Electric Co. |  |  |
|  6.000% due 06/01/2026 | 7986 | 8011 |
|  Southern California Edison Co. | Southern California Edison Co. |  |
|  4.875% due 02/01/2027 | 3805 | 3815 |
|  TELUS Corp. | TELUS Corp. | TELUS Corp. |
|  2.800% due 02/16/2027 | 4700 | 4637 |
|  Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
|  1.750% due 03/15/2027 | 11100 | 10824 |
|  3.350% due 12/01/2026 | 13009 | 12933 |
|  |  | 155501 |
|  Total Corporate Bonds & Notes<br>(Cost $3,402,060) | Total Corporate Bonds & Notes<br>(Cost $3,402,060) | 3401023 |
| U.S. GOVERNMENT AGENCIES 3.6% | U.S. GOVERNMENT AGENCIES 3.6% | U.S. GOVERNMENT AGENCIES 3.6% |
|  Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |
|  3.810% due 10/05/2027 •  | 363600 | 363627 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  2.120% due 09/01/2026 | 75654 | 74924 |
|  2.400% due 08/01/2026 | 95000 | 94298 |
|  3.305% due 11/01/2026 ~ | 3041 | 3028 |
|  Total U.S. Government Agencies (Cost $536,078) |  | 535877 |
| U.S. TREASURY OBLIGATIONS 20.7% | U.S. TREASURY OBLIGATIONS 20.7% | U.S. TREASURY OBLIGATIONS 20.7% |
|  U.S. Treasury Floating Rate Notes | U.S. Treasury Floating Rate Notes | U.S. Treasury Floating Rate Notes |
|  3.751% due 01/31/2027 •  | 216500 | 216590 |
|  3.835% due 07/31/2026 •  | 55700 | 55728 |
|  |  | 272318 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  1.875% due 02/28/2027 | 46759 | 45978 |
|  3.750% due 08/15/2027 | 2405430 | 2402658 |
|  4.250% due 01/15/2028 | 348400 | 350904 |
|  Total U.S. Treasury Obligations<br>(Cost $3,081,189) | Total U.S. Treasury Obligations<br>(Cost $3,081,189) | 3071858 |
| ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% | ASSET-BACKED SECURITIES 0.1% |
| AUTOMOBILE SEQUENTIAL 0.1% | AUTOMOBILE SEQUENTIAL 0.1% | AUTOMOBILE SEQUENTIAL 0.1% |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  4.082% due 12/10/2026 | 811 | 811 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |  |
|  4.103% due 10/20/2026 | 18287 | 18293 |
|  Total Asset-Backed Securities<br>(Cost $19,098) | Total Asset-Backed Securities<br>(Cost $19,098) | 19104 |
| SOVEREIGN ISSUES 2.7% | SOVEREIGN ISSUES 2.7% | SOVEREIGN ISSUES 2.7% |
|  BNG Bank NV | BNG Bank NV | BNG Bank NV |
|  4.664% (SOFRINDX + 1.000%) due 08/05/2026 ~ | 27900 | 27977 |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. |  |
|  4.166% (SOFRRATE + 0.500%) due 07/27/2026 ~ | 19000 | 19026 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Export Development Canada | Export Development Canada |  |
|  3.864% (FEDL01 + 0.224%)<br>due 08/13/2026 ~ | 144000 | 143993 |
|  Kommunalbanken AS | Kommunalbanken AS |  |
|  4.648% (SOFRINDX + 1.000%)<br>due 06/17/2026 ~ | 17300 | 17332 |
|  Kommunekredit | Kommunekredit |  |
|  4.666% (SOFRRATE + 1.000%)<br>due 07/27/2026 ~ | 14500 | 14541 |
|  Korea Gas Corp. | Korea Gas Corp. |  |
|  2.250% due 07/18/2026 | 43900 | 43645 |
|  Korea National Oil Corp. | Korea National Oil Corp. |  |
|  1.250% due 04/07/2026 | 4285 | 4283 |
|  Svensk Exportkredit AB | Svensk Exportkredit AB | Svensk Exportkredit AB |
|  4.664% (SOFRRATE + 1.000%)<br>due 05/05/2027 ~ | 125200 | 126243 |
|  Total Sovereign Issues (Cost $396,984) | Total Sovereign Issues (Cost $396,984) | 397040 |
| SHORT-TERM INSTRUMENTS 52.7% | SHORT-TERM INSTRUMENTS 52.7% | SHORT-TERM INSTRUMENTS 52.7% |
| CERTIFICATES OF DEPOSIT 1.0% | CERTIFICATES OF DEPOSIT 1.0% | CERTIFICATES OF DEPOSIT 1.0% |
|  Barclays Bank PLC | Barclays Bank PLC | Barclays Bank PLC |
|  4.050% (SOFRRATE + 0.400%)<br>due 11/13/2026 | 44500 | 44514 |
|  Credit Agricole Corporate & Investment Bank SA | Credit Agricole Corporate & Investment Bank SA | Credit Agricole Corporate & Investment Bank SA |
|  3.850% due 10/14/2026 | 21500 | 21492 |
|  KEB Hana Bank | KEB Hana Bank | KEB Hana Bank |
|  3.870% due 10/14/2026 | 15750 | 15732 |
|  Mizuho Bank Ltd. | Mizuho Bank Ltd. | Mizuho Bank Ltd. |
|  3.880% (SOFRRATE + 0.230%)<br>due 04/16/2026 | 20500 | 20501 |
|  National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait |
|  4.030% (SOFRRATE + 0.380%)<br>due 05/26/2026 | 17800 | 17801 |
|  Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. | Sumitomo Mitsui Banking Corp. |
|  3.910% (SOFRRATE + 0.230%)<br>due 04/07/2026 | 25200 | 25201 |
|  |  | 145241 |
| COMMERCIAL PAPER 3.5% | COMMERCIAL PAPER 3.5% | COMMERCIAL PAPER 3.5% |
|  AES Corp. | AES Corp. | AES Corp. |
|  4.400% due 05/01/2026 (a) | 42400 | 42243 |
|  4.400% due 05/05/2026 (a) | 4300 | 4282 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  4.350% due 04/14/2026 | 9900 | 9884 |
|  4.400% due 04/14/2026 | 16400 | 16373 |
|  4.400% due 04/16/2026 | 12600 | 12577 |
|  AMETEK, Inc. | AMETEK, Inc. | AMETEK, Inc. |
|  4.150% due 04/20/2026 | 23300 | 23248 |
|  4.170% due 04/27/2026 | 3200 | 3190 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  4.100% due 04/08/2026 | 32700 | 32671 |
|  Crown Castle, Inc. | Crown Castle, Inc. |  |
|  4.180% due 04/16/2026 | 8500 | 8484 |
|  4.200% due 04/14/2026 | 13900 | 13877 |
|  4.200% due 04/16/2026 | 8200 | 8185 |
|  4.300% due 04/21/2026 | 27300 | 27233 |
|  Extra Space Storage LP | Extra Space Storage LP |  |
|  4.180% due 04/22/2026 | 5200 | 5187 |
|  Glencore Funding LLC | Glencore Funding LLC |  |
|  4.130% due 04/30/2026 | 32200 | 32092 |
|  Global Payments, Inc. | Global Payments, Inc. |  |
|  4.230% due 04/07/2026 | 5900 | 5896 |
|  4.250% due 04/06/2026 | 6400 | 6396 |
|  HCA, Inc. | HCA, Inc. |  |
|  4.150% due 04/16/2026 | 16700 | 16669 |
|  4.150% due 04/17/2026 | 8900 | 8882 |
|  4.200% due 05/18/2026 | 16700 | 16602 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC |  |
|  3.910% due 04/20/2026 | 287 | 286 |
|  Jabil, Inc. | Jabil, Inc. |  |
|  4.120% due 04/08/2026 | 24100 | 24076 |
|  4.200% due 04/02/2026 | 26600 | 26593 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  JTI Financial Services North America LLC | JTI Financial Services North America LLC | JTI Financial Services North America LLC | JTI Financial Services North America LLC |
|  4.070% due 05/26/2026 | 20300 | $— | 20181 |
|  Keurig Dr. Pepper, Inc. |  |  |  |
|  4.250% due 04/17/2026 (a) | 11100 |  | 11078 |
|  4.300% due 04/13/2026 | 6000 |  | 5991 |
|  4.350% due 04/20/2026 | 6200 |  | 6186 |
|  Leidos, Inc. |  |  |  |
|  4.180% due 04/28/2026 | 9900 |  | 9868 |
|  Phillips 66 |  |  |  |
|  4.080% due 04/07/2026 | 16500 |  | 16487 |
|  4.350% due 05/01/2026 | 11200 |  | 11161 |
|  4.400% due 05/29/2026 | 27400 |  | 27217 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  4.200% due 04/09/2026 | 5100 |  | 5095 |
|  S&P Global, Inc. |  |  |  |
|  4.000% due 04/06/2026 | 22300 |  | 22285 |
|  4.100% due 04/01/2026 | 14800 |  | 14798 |
|  TELUS Corp. |  |  |  |
|  4.100% due 07/02/2026 | 14600 |  | 14439 |
|  4.250% due 05/27/2026 | 11000 |  | 10927 |
|  |  |  | 520639 |
| REPURCHASE AGREEMENTS (f) 46.2% | REPURCHASE AGREEMENTS (f) 46.2% |  |  |
|  |  |  | 6869027 |
| SHORT-TERM NOTES 0.1% | SHORT-TERM NOTES 0.1% | SHORT-TERM NOTES 0.1% | SHORT-TERM NOTES 0.1% |
|  ARI Fleet Lease Trust | ARI Fleet Lease Trust | ARI Fleet Lease Trust | ARI Fleet Lease Trust |
|  3.812% due 01/15/2027 | 12242 |  | 12239 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  4.551% due 07/20/2026 | 373 |  | 373 |
|  Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes |
|  3.635% due 04/29/2026 (c)(d) | 3000 |  | 2992 |
|  3.640% due 07/17/2026 (c)(d) | 200 |  | 198 |
|  3.651% due 04/17/2026 (c)(d) | 400 |  | 399 |
|  3.678% due 04/22/2026 (c)(d) | 2700 |  | 2694 |
|  3.686% due 05/20/2026 (c)(d) | 3800 |  | 3781 |
|  |  |  | 22676 |
| JAPAN TREASURY BILLS 1.1% | JAPAN TREASURY BILLS 1.1% | JAPAN TREASURY BILLS 1.1% | JAPAN TREASURY BILLS 1.1% |
|  0.740% due 05/07/2026 (c)(d) | 25738200 |  | 162062 |
| U.S. TREASURY BILLS 0.8% | U.S. TREASURY BILLS 0.8% | U.S. TREASURY BILLS 0.8% | U.S. TREASURY BILLS 0.8% |
|  3.698% due 04/14/2026 - 06/25/2026 (b)(c) | 113373 |  | 112936 |
| Total Short-Term Instruments<br>(Cost $7,835,911) | Total Short-Term Instruments<br>(Cost $7,835,911) |  | 7832581 |
| Total Investments in Securities<br>(Cost $15,271,320) | Total Investments in Securities<br>(Cost $15,271,320) |  | 15257483 |
| Total Investments 102.7%<br>(Cost $15,271,320) | Total Investments 102.7%<br>(Cost $15,271,320) | $— | 15257483 |
|  Financial Derivative<br>Instruments (g) 0.1%<br>(Cost or Premiums, net $0) | Financial Derivative<br>Instruments (g) 0.1%<br>(Cost or Premiums, net $0) |  | 16573 |
| Other Assets and Liabilities, net (2.8)% | Other Assets and Liabilities, net (2.8)% |  | (415489) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 14858567 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 203

------

Consolidated Schedule of Investments PIMCO Short-Term Floating NAV Portfolio III (Cont.)

#### 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.

(a) When-issued security.

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

(c) Zero coupon security.

(d) Coupon represents a yield to maturity.

(e) Contingent convertible security.

#### 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 | 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> |
| BCY | 3.710% | 04/01/2026 | 04/02/2026 | $— | 450000 | U.S. Treasury Notes 4.125% due 02/29/2032 | $(459212) | $450000 | $450000 |
|  | 3.740 | 03/31/2026 | 04/01/2026 |  | 350000 | U.S. Treasury Notes 3.625% due 10/31/2030 | (357413) | 350000 | 350036 |
| BOS | 3.680 | 03/12/2026 | 04/08/2026 |  | 800000 | U.S. Treasury Notes 0.875% - 3.625% due 10/31/2030 - 11/15/2030 | (812934) | 800000 | 801636 |
|  | 3.680 | 04/01/2026 | 04/09/2026 |  | 275000 | U.S. Treasury Notes 1.125% due 02/15/2031 | (280436) | 275000 | 275000 |
|  | 3.690 | 03/31/2026 | 04/01/2026 |  | 10400 | U.S. Treasury Notes 1.125% due 02/15/2031 | (10621) | 10400 | 10401 |
|  | 3.690 | 03/10/2026 | 04/06/2026 |  | 1500000 | U.S. Treasury Notes 3.500% - 4.125% due 09/30/2027 - 02/28/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1522121) | 1500000 | 1503383 |
|  | 3.690 | 03/11/2026 | 04/06/2026 |  | 1150000 | U.S. Treasury Notes 4.125% - 4.625% due 11/30/2029 - 04/30/2031 | (1166266) | 1150000 | 1152475 |
|  | 3.690 | 03/13/2026 | 04/09/2026 |  | 300000 | U.S. Treasury Notes 4.250% due 02/15/2028 | (306600) | 300000 | 300584 |
|  | 3.690 | 03/13/2026 | 04/15/2026 |  | 100000 | U.S. Treasury Notes 0.625% due 05/15/2030 | (101998) | 100000 | 100195 |
|  | 3.710 | 03/31/2026 | 04/01/2026 |  | 220800 | U.S. Treasury Notes 3.875% due 07/31/2030 | (225542) | 220800 | 220823 |
|  | 3.720 | 03/31/2026 | 04/01/2026 |  | 535100 | U.S. Treasury Notes 0.500% - 4.125% due 08/31/2027 - 04/30/2030 | (547002) | 535100 | 535155 |
| BPS | 3.850 | 03/11/2026 | 06/15/2026 |  | 152105 | Apple, Inc. 3.450% due 02/09/2045 | (5396) | 152105 | 152422 |
|  |  |  |  |  |  | Citibank N.A. 4.576% due 05/29/2027 | (14276) |  |  |
|  |  |  |  |  |  | Citigroup, Inc. 2.520% due 11/03/2032 | (35707) |  |  |
|  |  |  |  |  |  | Goldman Sachs Group, Inc. 2.615% due 04/22/2032 | (36405) |  |  |
|  |  |  |  |  |  | Intercontinental Exchange, Inc. 1.850% due 09/15/2032 | (32934) |  |  |
|  |  |  |  |  |  | Shell International Finance BV 2.500% due 09/12/2026 | (13915) |  |  |
|  |  |  |  |  |  | Walmart, Inc. 3.050% due 07/08/2026 | (10047) |  |  |
|  | 3.920 | 03/11/2026 | 06/15/2026 |  | 150000 | AGL CLO 39 Ltd. 4.798% due 04/20/2038 | (151386) | 229367 | 230102 |
|  |  |  |  |  |  | OHA Credit Funding 20 Ltd. 4.768% due 04/20/2038 | (100826) |  |  |
|  |  |  |  |  |  | Symphony CLO 50 Ltd. 5.188% due 10/20/2038 | (102489) | 91699 | 92433 |
|  | 3.920 | 03/17/2026 | 06/15/2026 |  | 92856 | Symphony CLO 50 Ltd. 5.188% due 10/20/2038 | (102489) | 92856 | 93008 |
| CTR | 3.690 | 04/01/2026 | 04/02/2026 |  | 56800 | U.S. Treasury Notes 4.375% due 11/30/2028 | (57992) | 56800 | 56800 |
| DEU | 3.620 | 03/31/2026 | 04/01/2026 |  | 341000 | U.S. Treasury Bonds 4.375% - 4.625% due 11/15/2039 - 11/15/2044 | (347448) | 341000 | 341034 |
|  | 3.720 | 03/31/2026 | 04/02/2026 |  | 138900 | U.S. Treasury Bonds 3.875% - 4.750% due 05/15/2040 - 05/15/2055 | (115808) | 138900 | 138914 |
|  |  |  |  |  |  | U.S. Treasury Inflation-Indexed Notes 0.250% due 07/15/2029 | (20576) |  |  |
| FICC STR | 3.660 | 03/31/2026 | 04/01/2026 |  | 75000 | U.S. Treasury Bonds 4.250% - 4.625% due 05/15/2054 - 08/15/2054 | (76500) | 75000 | 75008 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $(7014339) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6869027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6879409 |

---

204 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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 |
|  BCY | $800036 | $0 | $0 | $800036 | $(816624) | $(16588) |
|  BOO | 0 | 0 | 0 | 0 | (31158) | (31158) |
|  BOS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4899652 | &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;4899652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4973521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73869) |
|  BPS | 567965 | 0 | 0 | 567965 | (602270) | (34305) |
|  CTR | 56800 | 0 | 0 | 56800 | (57992) | (1192) |
|  DEU | 479948 | 0 | 0 | 479948 | (483832) | (3884) |
|  FICC STR | 75008 | 0 | 0 | 75008 | (76500) | (1492) |
|  Total Borrowings and Other Financing Transactions | $6879409 | $0 | $0 |  |  |  |

---

Cash of $3,600 has been pledged as collateral under the terms of the above master agreements as of March 31, 2026.

<sup>(1)</sup> Includes accrued interest.

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;(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** | **Currency to<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** | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 04/2026 | $— | 47 |  | 64 | $0 | $(1) |
|  | 05/2026 |  | 4085400 | $— | 26598 | 808 | 0 |
|  BOA | 04/2026 |  | 93610 |  | 587 | 0 | (3) |
|  | 05/2026 | $— | 587 |  | 93328 | 2 | 0 |
|  | 01/2027 |  | 405700 | $— | 64314 | 815 | 0 |
|  BSH | 04/2026 |  | 517410 |  | 3241 | 0 | (16) |
|  | 04/2026 | $— | 3045 |  | 486108 | 15 | 0 |
|  | 05/2026 |  | 484644 | $— | 3045 | 0 | (15) |
|  | 05/2026 | $— | 3241 |  | 515851 | 15 | 0 |
|  CBK | 05/2026 |  | 10 | $— | 0 | 0 | 0 |
|  DUB | 04/2026 | $— | 11793 |  | 17191 | 54 | 0 |
|  | 05/2026 |  | 17191 | $— | 11788 | 0 | (54) |
|  FAR | 04/2026 |  | 16772 |  | 11887 | 328 | 0 |
|  | 04/2026 |  | 833195 |  | 5245 | 20 | (18) |
|  | 04/2026 | $— | 7006 |  | 1107496 | 17 | (53) |
|  | 05/2026 |  | 603421 | $— | 3792 | 0 | (17) |
|  | 05/2026 | $— | 4036 |  | 642277 | 18 | 0 |
|  | 10/2026 |  | 3600 | $— | 4801 | 47 | 0 |
|  | 01/2027 |  | 617554 |  | 97464 | 805 | 0 |
|  IND | 04/2026 |  | 81398 |  | 12526 | 0 | (51) |
|  | 05/2026 | $— | 12526 |  | 81271 | 51 | 0 |
|  JPM | 05/2026 |  | 5332 | $— | 34 | 0 | 0 |
|  | 01/2027 |  | 443160 |  | 69992 | 629 | 0 |
|  MBC | 04/2026 |  | 407325 |  | 2584 | 29 | (8) |
|  | 04/2026 |  | 278022 |  | 190 | 6 | 0 |
|  | 04/2026 | $— | 5165 |  | 7329 | 0 | (115) |
|  | 04/2026 |  | 12886 |  | 81437 | 0 | (302) |
|  | 04/2026 |  | 5255 |  | 824387 | 10 | (76) |
|  | 05/2026 |  | 268919 | $— | 1688 | 0 | (10) |
|  | 05/2026 | $— | 1245 |  | 198538 | 8 | 0 |
|  | 10/2026 |  | 730000 | $— | 115383 | 1577 | 0 |
|  MYI | 01/2027 |  | 374981 |  | 59086 | 394 | 0 |
|  SCX | 04/2026 |  | 64 |  | 46 | 0 | 0 |
|  | 04/2026 |  | 148619 |  | 953 | 17 | 0 |
|  | 04/2026 | $— | 2532 |  | 394997 | 0 | (46) |
|  | 05/2026 |  | 46 |  | 64 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **205** |

---

------

Consolidated Schedule of Investments PIMCO Short-Term Floating NAV Portfolio III (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **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 Delivered** | **Currency to<br>be Received** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  SOG | 04/2026 |  | 819725 | $— | 5268 | $109 | $0 |
|  | 05/2026 |  | 21652800 |  | 140866 | 4179 | 0 |
|  SSB | 04/2026 |  | 7748 |  | 5513 | 174 | 0 |
|  | 04/2026 |  | 961 |  | 6 | 0 | 0 |
|  | 04/2026 | $— | 16 |  | 2554 | 0 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $10127 | $(785) |

---

#### SWAP AGREEMENTS:

#### TOTAL RETURN SWAPS ON SECURITIES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(1)</sup>** | **Underlying Reference** | **# of Shares** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<sup>(1)</sup>** | **Underlying Reference** | **# of Shares** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| SOG | Receive | U.S. Treasury Inflation Protected Securities | N/A | 3.680% (SOFR plus a specified spread) | Maturity | 04/01/2026 | $372430 | $0 | $1309 | $1309 | $0 |
|  | Receive | U.S. Treasury Inflation Protected Securities | N/A | 3.730% (SOFR plus a specified spread) | Maturity | 04/02/2026 | 790200 | 0 | 2647 | 2647 | 0 |
|  | Receive | U.S. Treasury Inflation Protected Securities | N/A | 3.70% (SOFR plus a specified spread) | Maturity | 04/08/2026 | 1037959 | 0 | 2291 | 2291 | 0 |
|  | Receive | U.S. Treasury Inflation Protected Securities | N/A | 3.700% (SOFR plus a specified spread) | Maturity | 04/17/2026 | 600000 | 0 | 984 | 984 | 0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7231 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7231 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of March 31, 2026:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
|  AZD | $808 | $0 | $0 | $808 | $(1) | $0 | $0 | $(1) | $807 | $(910) | $(103) |
|  BOA | 817 | 0 | 0 | 817 | (3) | 0 | 0 | (3) | 814 | (1261) | (447) |
|  BSH | 30 | 0 | 0 | 30 | (31) | 0 | 0 | (31) | (1) | 0 | (1) |
|  DUB | 54 | 0 | 0 | 54 | (54) | 0 | 0 | (54) | 0 | 0 | 0 |
|  FAR | 1235 | 0 | 0 | 1235 | (88) | 0 | 0 | (88) | 1147 | (1940) | (793) |
|  IND | 51 | 0 | 0 | 51 | (51) | 0 | 0 | (51) | 0 | 0 | 0 |
|  JPM | 629 | 0 | 0 | 629 | 0 | 0 | 0 | 0 | 629 | (1130) | (501) |
|  MBC | 1630 | 0 | 0 | 1630 | (511) | 0 | 0 | (511) | 1119 | (1860) | (741) |
|  MYI | 394 | 0 | 0 | 394 | 0 | 0 | 0 | 0 | 394 | (797) | (403) |
|  SCX | 17 | 0 | 0 | 17 | (46) | 0 | 0 | (46) | (29) | 0 | (29) |
|  SOG | 4288 | 0 | 7231 | 11519 | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13510) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1991) |
|  SSB | 174 | 0 | 0 | 174 | 0 | 0 | 0 | 0 | 174 | 0 | 174 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10127 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7231 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17358 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(785) | $&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;(785) |  |  |  |

---

<sup>(1)</sup> Receive represents that the Portfolio receives payments for any positive net return on the underlying reference. The Portfolio makes payments for any negative net return on such underlying reference. Pay represents that the Portfolio receives payments for any negative net return on the underlying reference. The Portfolio makes payments for any positive net return on such underlying reference. 

<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 OTC derivatives can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 7, Principal and Other Risks, in the Notes to Financial Statements for more information regarding master netting agreements. 

---

| | | |
|:---|:---|:---|
| **206** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

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------

March 31, 2026

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

Fair Values of Financial Derivative Instruments on the Consolidated Statements of Assets and Liabilities as of March 31, 2026:

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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 |
|  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 | $&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;10127 | $0 | $10127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 7231 | 7231 |
|  | $0 | $0 | $0 | $10127 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7231 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17358 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $785 | $0 | $785 |

---

The effect of Financial Derivative Instruments on the Consolidated Statements of Operations for the year ended March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for 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 |
|  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 | $&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;(17144) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17144) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11450 | 11450 |
|  | $0 | $0 | $0 | $(17144) | $11450 | $(5694) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  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 | $(13083) | $0 | $(13083) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 2407 | 2407 |
|  | $0 | $0 | $0 | $(13083) | $2407 | $(10676) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>03/31/2026 |
|  Investments 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 | $2558497 | $0 | $2558497 |
| &nbsp;&nbsp; Industrials | 0 | 687025 | 0 | 687025 |
| &nbsp;&nbsp; Utilities | 0 | 155501 | 0 | 155501 |
|  U.S. Government Agencies | 0 | 535877 | 0 | 535877 |
|  U.S. Treasury Obligations | 0 | 3071858 | 0 | 3071858 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 19104 | 0 | 19104 |
|  Sovereign Issues | 0 | 397040 | 0 | 397040 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Certificates of Deposit | 0 | 145241 | 0 | 145241 |
| &nbsp;&nbsp; Commercial Paper | 0 | 520639 | 0 | 520639 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6869027 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6869027 |
| &nbsp;&nbsp; Short-Term Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 22676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 22676 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2026** |
| &nbsp;&nbsp; Japan Treasury Bills | $0 | $162062 | $0 | $162062 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 112936 | 0 | 112936 |
|  Total Investments | $0 | $15257483 | $0 | $15257483 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $0 | $17358 | $0 | $17358 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Over the counter | $0 | $(785) | $0 | $(785) |
|  Total Financial Derivative Instruments | $0 | $16573 | $0 | $16573 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15274056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15274056 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2026.

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 207

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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 portfolios (each, a "Portfolio" and collectively the "Portfolios") indicated on the cover of this report. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Portfolios.

PIMCO International Portfolio, PIMCO Short Asset Portfolio and PIMCO Short-Term Floating NAV Portfolio III have respectively organized the PIMCO International Portfolio Subsidiary LLC, PIMCO Short Asset Portfolio Subsidiary LLC and PIMCO ST Floating NAV III Subsidiary LLC, each a wholly-owned subsidiary organized under the laws of the state of Delaware (each, a "Subsidiary" and collectively, the "Subsidiaries"). See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding each Subsidiary.

Shares of the Portfolios have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state. Each Portfolio issues its shares only in private placement transactions in accordance with Regulation D or other applicable exemptions under the Securities Act.

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

Each Portfolio operates as a single reportable operating segment under the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280). An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent offering memorandum supplement, act as the Portfolios' CODM. Each Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolios as a whole and each Portfolio's long-term strategic asset allocation is pre-determined in accordance with the terms of its offering memorandum, based on a defined investment strategy which is executed by the Portfolios' portfolio managers as a team. The financial information in the form of each Portfolio'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 Portfolios' comparative benchmarks and to make resource allocation decisions for each Portfolio's single segment, is consistent with that presented within the Portfolios' 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 Portfolio 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 Portfolios 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 Portfolio 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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| | |
|:---|:---|
| **208** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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------

March 31, 2026

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 Portfolio 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 Portfolio invests. These foreign taxes, if any, are paid by a Portfolio and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of March 31, 2026, 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 Portfolios 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 Portfolios may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are

included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

(d) Distributions to Shareholders The following table shows the anticipated frequency of distributions from net investment income, if any, for each Portfolio.

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| | | | | |
|:---|:---|:---|:---|:---|
| | Distribution Frequency | Distribution Frequency | Distribution Frequency | Distribution Frequency |
| Portfolio Name | Declared | Declared | Distributed | Distributed |
|  PIMCO ABS and Short-Term Investments Portfolio |  | Quarterly |  | Quarterly |
|  PIMCO EM Bond and Short-Term Investments Portfolio |  | Quarterly |  | Quarterly |
|  PIMCO High Yield and Short-Term Investments Portfolio |  | Quarterly |  | Quarterly |
|  PIMCO Investment Grade Credit Bond Portfolio |  | Quarterly |  | Quarterly |
|  PIMCO Long Duration Credit Bond Portfolio |  | Quarterly |  | Quarterly |
|  PIMCO Low Duration Portfolio |  | Quarterly |  | Quarterly |
|  PIMCO Moderate Duration Portfolio |  | Quarterly |  | Quarterly |
|  PIMCO Mortgage and Short-Term Investments Portfolio |  | Quarterly |  | Quarterly |
|  PIMCO Municipal Portfolio |  | Quarterly |  | Quarterly |
|  PIMCO Real Return Portfolio |  | Quarterly |  | Quarterly |
|  PIMCO Sector Fund Series - AM |  | Quarterly |  | Quarterly |
|  PIMCO Sector Fund Series - H |  | Quarterly |  | Quarterly |
|  PIMCO Sector Fund Series - I |  | Quarterly |  | Quarterly |
|  PIMCO Short-Term Portfolio |  | Quarterly |  | Quarterly |
|  PIMCO Short-Term Floating NAV Portfolio II |  | Daily |  | Monthly |
|  PIMCO U.S. Government and Short-Term Investments Portfolio |  | Quarterly |  | Quarterly |
|  PIMCO International Portfolio |  | Quarterly |  | Quarterly |
|  PIMCO Short Asset Portfolio |  | Daily |  | Monthly |
|  PIMCO Short-Term Floating NAV Portfolio III |  | Daily |  | Monthly |

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Net realized capital gains earned by each Portfolio, if any, will be distributed no less frequently than annually. A Portfolio 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 Portfolio's annual financial statements presented under U.S. GAAP.

Separately, if a Portfolio determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **209** |

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Notes to Financial Statements (Cont.)

other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Portfolio will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Portfolio 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 Portfolio's daily internal accounting records and practices, a Portfolio's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Portfolio'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 Portfolio may not issue a Section 19 Notice in situations where the Portfolio'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 Portfolio's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(e) New Accounting Pronouncements and Regulatory Updates In September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, which governs fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular

characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management has implemented changes in connection with the amendments and where applicable included additional disclosure in the Notes to Financial Statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of a Portfolio'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 Portfolio 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, with respect to each Portfolio other than the PIMCO Short-Term Floating NAV Portfolio II and PIMCO Short-Term Floating NAV Portfolio III, portfolio shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). With respect to the PIMCO Short-Term Floating NAV Portfolio II and PIMCO Short-Term Floating NAV Portfolio III, portfolio shares are ordinarily valued as of 3:00 p.m. Eastern time, on each day that the NYSE is open. Information that becomes known to the Portfolios 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 Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Portfolio generally does not calculate its NAV on days on

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| **210** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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March 31, 2026

which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that each Portfolio 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 Portfolio 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 Portfolios will normally use pricing data for domestic equity securities received shortly after the NYSE Close (or, in the case of the PIMCO Short-Term Floating NAV Portfolio II and PIMCO Short-Term Floating NAV Portfolio III, the earlier of 3:00 p.m. Eastern time and the NYSE Close) and do not normally take into account trading, clearances or settlements that take place after the NYSE Close (or, in the case of the PIMCO Short-Term Floating NAV Portfolio II and PIMCO Short-Term Floating NAV Portfolio III, the earlier of 3:00 p.m. Eastern time and 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 Portfolio to perform the fair value determination relating to all Portfolio 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 portfolio investments. The Valuation Designee may value portfolio securities for which market quotations are not readily available and other Portfolio 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 Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), a Portfolio'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 (or, in the case of the PIMCO Short-Term Floating NAV Portfolio II and PIMCO Short-Term Floating NAV Portfolio III, the earlier of 3:00 p.m. Eastern time and 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 Portfolio 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 (or, in the case of the PIMCO Short-Term Floating NAV Portfolio II and PIMCO Short-Term Floating NAV Portfolio III, the earlier of 3:00 p.m. Eastern time and the NYSE Close). A Portfolio 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

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **211** |

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Notes to Financial Statements (Cont.)

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 Portfolio'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 Portfolio'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 Portfolio 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 Portfolio'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 Portfolio 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 Portfolio normally will be taken into account in calculating the NAV. A Portfolio's whole loan investments, including those originated by the Portfolio or through an alternative lending platform, generally are fair valued by the Valuation Designee in accordance with procedures approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of a Portfolio'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 Portfolio 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 Portfolio may differ from the value that would be realized if the securities were sold. The Portfolios' use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in each Portfolio's offering memorandum.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that a Portfolio 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 Portfolio.

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 Portfolio'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 Portfolio.

(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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| **212** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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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 (or, in the case of the PIMCO Short-Term Floating NAV Portfolio II and PIMCO Short-Term Floating NAV Portfolio III, the earlier of 3:00 p.m. Eastern time and the NYSE Close). These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

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

Equity-linked securities are valued by referencing the last reported sale or settlement price of the linked referenced equity on the day of valuation. Foreign exchange adjustments are applied to the last reported price to convert the linked equity's trading currency to the contract's settling currency. These investments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close or, in the case of the PIMCO Short-Term Floating NAV Portfolio II and PIMCO Short-Term Floating NAV Portfolio III, the earlier of 3:00 p.m. Eastern time and 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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **213** |

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Notes to Financial Statements (Cont.)

quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Proxy pricing procedures set the base price of a fixed income security and subsequently adjust the price proportionally to market value changes of a pre-determined security deemed to be comparable in duration, generally a U.S. Treasury or sovereign note based on country of issuance. The base price may be a broker-dealer quote, transaction price or an internal value as derived by analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by the Valuation Oversight Committee. Significant changes in the unobservable inputs of the proxy pricing process (the base price) would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

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

Reference instrument valuation estimates fair value by utilizing the correlation of the security to one or more broad-based securities, market indexes, and/or other financial instruments, whose pricing information is readily available. Unobservable inputs may include those used in algorithms based on percentage change in the reference instruments and/or weights of each reference instrument. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

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.

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 Portfolio 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

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| **214** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolios. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the affiliate funds' website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolios' transactions in and earnings from investments in the affiliated funds for the period ended March 31, 2026 (amounts in thousands<sup>†</sup>):

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

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| Portfolio 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>03/31/2026 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO ABS and Short-Term Investments Portfolio | $681147 | $3890084 | $(2964700) | $(123) | $480 | $1606888 | $49397 | $0 |
|  PIMCO EM Bond and Short-Term Investments Portfolio | 19287 | 284338 | (281900) | 11 | 4 | 21740 | 1337 | 0 |
|  PIMCO High Yield and Short-Term Investments Portfolio | 2263 | 45250 | (47100) | (1) | 1 | 413 | 51 | 0 |
|  PIMCO Investment Grade Credit Bond Portfolio | 19998 | 968813 | (838400) | 24 | 14 | 150449 | 4400 | 0 |
|  PIMCO Long Duration Credit Bond Portfolio | 50798 | 20951392 | (20989900) | 91 | 4 | 12385 | 4903 | 0 |
|  PIMCO Mortgage and Short-Term Investments Portfolio | 3546 | 1969473 | (1932800) | 4 | 4 | 40227 | 723 | 0 |
|  PIMCO Municipal Portfolio | 2744 | 23125 | (20100) | 0 | (1) | 5768 | 125 | 0 |
|  PIMCO Real Return Portfolio | 19005 | 269498 | (286500) | (5) | 0 | 1998 | 98 | 0 |
|  PIMCO Sector Fund Series - AM | 775 | 18087 | (12800) | 1 | 0 | 6063 | 87 | 0 |
|  PIMCO Sector Fund Series - H | 2089 | 37592 | (21800) | 1 | 0 | 17882 | 391 | 0 |
|  PIMCO Sector Fund Series - I | 1128 | 1725188 | (1725800) | (51) | 0 | 465 | 689 | 0 |
|  PIMCO Short-Term Portfolio | 8881 | 102613 | (86900) | 2 | 7 | 24603 | 712 | 0 |
|  PIMCO U.S. Government and Short-Term Investments Portfolio | 1649 | 328484 | (259600) | (2) | (3) | 70528 | 1277 | 0 |
|  PIMCO International Portfolio | 173246 | 879529 | (880100) | (36) | 73 | 172712 | 6334 | 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 a Portfolio owns 5% or more of the company's outstanding voting shares. The table below represents transactions in and earnings from these affiliated issuers for the period ended March 31, 2026 (amounts in thousands<sup>†</sup>, except number of shares).

#### PIMCO High Yield and Short-Term Investments Portfolio

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| Security 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>03/31/2026 | Dividend<br>Income | **Shares Held at**<br> **03/31/2026** |
|  Xfit Brands, Inc. | $193 | $0 | $0 | $0 | $2 | $195 | $0 | $68040639 |

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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 Portfolios may utilize the investments and strategies described below to the extent permitted by each Portfolio's respective investment policies.

Bank Obligations in which a Portfolio may invest include certificates of deposit, bankers' acceptances and fixed time deposits. Certificates of deposit are negotiable certificates issued against funds deposited in a commercial bank for a definite period of time and earning a specified return. Bankers' acceptances are negotiable drafts or bills of exchange, normally drawn by an importer or exporter to pay for specific

merchandise, which are "accepted" by a bank, meaning, in effect, that the bank unconditionally agrees to pay the face value of the instrument on maturity. Fixed time deposits are bank obligations payable at a stated maturity date and bearing interest at a fixed rate. Fixed time deposits may be withdrawn on demand by the investor, but may be subject to early withdrawal penalties which vary depending upon market conditions and the remaining maturity of the obligation.

Delayed-Delivery Transactions involve a commitment by a Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **215** |

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Notes to Financial Statements (Cont.)

period. When delayed-delivery transactions are outstanding, a Portfolio 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 Portfolio 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 Portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When a Portfolio has sold a security on a delayed-delivery basis, the Portfolio 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 Portfolio'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 Portfolio. 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 Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When a Portfolio 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 Portfolios 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 Portfolios 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 Portfolio 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 Portfolio 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 Portfolio may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, a Portfolio 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

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|:---|:---|
| **216** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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March 31, 2026

volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases, syndicated bank loans, peer-to-peer loans and litigation finance loans. The Portfolios may invest in any level of the capital structure of an issuer of mortgage-backed or asset-backed securities, including the equity or "first loss" tranche.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is 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 Portfolio invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and each Portfolio's offering memorandum and offering memorandum supplement (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) risks related to the capability of the servicer of the securitized assets, (iv) the risk that a Portfolio may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with

each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Payment In-Kind Securities may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statements of Assets and Liabilities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to 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 Portfolios as of March 31, 2026, as applicable, are disclosed in the Notes to Schedules of Investments.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **217** |

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Notes to Financial Statements (Cont.)

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprisesare obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of a Portfolio's shares. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks, credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where a Portfolio 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 Portfolios to post collateral in connection with their TBA transactions. There is no similar requirement applicable to the Portfolios' TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Portfolios and impose added operational complexity.

Separate Trading of Registered Interest and Principal of Securities ("STRIPS") are U.S. Treasury fixed income securities in which the principal is separated, or stripped, from the interest and each takes the form of zero coupon securities. A STRIP is sold at a significant discount to face value and offers no interest payments; rather, investors receive payment at maturity. Zero coupon securities do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities.

Warrants are securities that are usually issued together with a debt security or preferred security and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit a Portfolio 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.

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| **218** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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March 31, 2026

Transactions to purchase or sell securities on a when-issued basis involve a commitment by a Portfolio to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Portfolio may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Portfolios may enter into the borrowings and other financing transactions described below to the extent permitted by each Portfolio's respective investment policies.

The following disclosures contain information on a Portfolio'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 Portfolio. The location of these instruments in each Portfolio's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, a Portfolio purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Portfolio 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 Portfolio or counterparty at any time. The underlying securities for all repurchase agreements are held by a Portfolio's custodian or designated subcustodians (in the case of tri-party repurchase agreements). Traditionally, a Portfolio has used bilateral repurchase agreements wherein the underlying securities will be held by a Portfolio'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 Portfolio may pay a fee for the receipt of collateral, which may result in interest expense to a Portfolio.

(b) Reverse Repurchase AgreementsIn a reverse repurchase agreement, a Portfolio 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 Portfolio or counterparty at any time. A Portfolio 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 Portfolio to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Portfolio to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. A Portfolio 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 Portfolio 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 Portfolio 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 Portfolio are reflected as a liability on the Statements of Assets and Liabilities. A Portfolio 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 Portfolio would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Portfolio 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 Portfolio to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. A Portfolio 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 Portfolio sells a security that it does not own in anticipation that the market price of that security will decline. A Portfolio may make short sales of securities: (i) to offset potential declines in long positions in similar securities, (ii) to increase the flexibility of a Portfolio, (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 Portfolio 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 Portfolio 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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **219** |

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Notes to Financial Statements (Cont.)

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 Portfolio 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 Portfolio. A short sale is "against the box" if a Portfolio 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 Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." A Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio 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 Portfolios 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 Portfolio's investment policies and restrictions. The Portfolios are currently permitted to borrow under the Interfund Lending Program. A lending portfolio 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 portfolio through the Interfund Lending Program. A borrowing portfolio 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 portfolio's investment restrictions). If a borrowing portfolio'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 portfolio and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended March 31, 2026, the Portfolios did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Portfolios may enter into the financial derivative instruments described below to the extent permitted by each Portfolio's respective investment policies.

The following disclosures contain information on how and why the Portfolios use financial derivative instruments, and how financial derivative instruments affect the Portfolios' 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 Portfolios.

(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 Portfolio'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 Portfolio 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 Portfolio 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 Portfolio 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 Portfolio 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 Portfolio 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

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| **220** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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March 31, 2026

posted or collected by a Portfolio ("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 Portfolio 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 Portfolio's exposure to the underlying instrument. Writing call options tends to decrease a Portfolio's exposure to the underlying instrument. When a Portfolio 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 Portfolio 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 Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase a Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease a Portfolio's exposure to the underlying instrument. A Portfolio 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 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.

Options on Securities may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

(d) Swap Agreementsare bilaterally negotiated agreements between a Portfolio 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 Portfolio 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

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **221** |

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Notes to Financial Statements (Cont.)

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 Portfolio are included as part of realized gain (loss) on the Statements of Operations.

For purposes of applying certain of a Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Portfolio's investment policies and restrictions, a Portfolio 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 Portfolio's other investment policies and restrictions. For example, a Portfolio may value credit default swaps at full exposure value for purposes of a Portfolio's credit quality guidelines (if any) because such value in general better reflects a Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, a Portfolio 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 Portfolio's offering memorandum. In this context, both the notional amount and the market value may be positive or negative depending on whether a Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Portfolio 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 Portfolio'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 Portfolio and the counterparty and by the posting of collateral to a Portfolio to cover a Portfolio's exposure to the counterparty.

To the extent a Portfolio has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Asset Swap Agreementsconvert the cash flows from an underlying security from fixed coupon to floating coupon, floating coupon to fixed coupon, or from one currency to another. The terms and conditions of the asset swap are the same as for an interest rate swap. However, an asset swap is unique in that one interest payment is tied to cash flows from an investment, such as corporate bonds or sovereign issues. The other payment is typically tied to an alternative index, such as a floating rate or a rate denominated in a different currency.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Portfolio 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 Portfolio 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 Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, a Portfolio would be subject to investment exposure on the notional amount of the swap.

If a Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio

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| **222** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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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 Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Portfolio 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 asset-backed securities involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the agreement, undergoes a certain credit event. Unlike credit default swaps on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues, deliverable obligations in most instances would be limited to the specific referenced obligation, or in some cases, specific tranches of the specified reference obligation, as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other writedown or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts. A Portfolio may use credit default swaps on asset-backed securities to provide a measure of protection against defaults of the referenced obligation or to take an active long or short position with respect to the likelihood of a particular referenced obligation's default.

Credit default swap agreements on credit indexes involve one party making a stream of payments to another party in exchange for the right

to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indexes are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indexes may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets and/or various credit ratings within each sector. Credit indexes are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedules of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indexes, the quoted market prices and resulting values, as well as the annual payment rate, serve as an indication of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a Portfolio 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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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **223** |

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Notes to Financial Statements (Cont.)

agreement outstanding as of period end for which a Portfolio 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 Portfolio for the same referenced entity or entities.

I**nterest 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 Portfolios 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 Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by a Portfolio 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 Portfolio 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 Portfolio 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 Portfolio, which could adversely affect its net asset value, yield and total return, are listed below.

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Risks** | **PIMCO**<br> **ABS and**<br> **Short-Term**<br> **Investments**<br> **Portfolio** | **PIMCO**<br> **ABS and**<br> **Short-Term**<br> **Investments**<br> **Portfolio** | **PIMCO**<br> **EM Bond and**<br> **Short-Term**<br> **Investments**<br> **Portfolio** | **PIMCO**<br> **EM Bond and**<br> **Short-Term**<br> **Investments**<br> **Portfolio** | **PIMCO**<br> **High Yield and**<br> **Short-Term**<br> **Investments**<br> **Portfolio** | **PIMCO**<br> **High Yield and**<br> **Short-Term**<br> **Investments**<br> **Portfolio** | **PIMCO**<br> **Investment**<br> **Grade Credit**<br> **Bond Portfolio** | **PIMCO**<br> **Investment**<br> **Grade Credit**<br> **Bond Portfolio** | **PIMCO**<br> **Long Duration**<br> **Credit Bond**<br> **Portfolio** | **PIMCO**<br> **Long Duration**<br> **Credit Bond**<br> **Portfolio** | **PIMCO**<br> **Low Duration**<br> **Portfolio** | **PIMCO**<br> **Low Duration**<br> **Portfolio** | **PIMCO**<br> **Moderate**<br> **Duration**<br> **Portfolio** | **PIMCO**<br> **Moderate**<br> **Duration**<br> **Portfolio** | **PIMCO**<br> **Mortgage and**<br> **Short-Term**<br> **Investments**<br> **Portfolio** | **PIMCO**<br> **Mortgage and**<br> **Short-Term**<br> **Investments**<br> **Portfolio** | **PIMCO**<br> **Municipal**<br> **Portfolio** | **PIMCO**<br> **Municipal**<br> **Portfolio** |
|  New Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Small Portfolio |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  Interest Rate |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  Call |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  Credit |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  High Yield |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  Market |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  Issuer |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  Liquidity |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  Derivatives |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  Equity |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  Mortgage-Related and Other Asset-Backed Securities |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  Collateralized Loan Obligations |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  Extension |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  Prepayment |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |

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|:---|:---|
| **224** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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March 31, 2026

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Risks** | **PIMCO**<br> **ABS and**<br> **Short-Term**<br> **Investments**<br> **Portfolio** | **PIMCO**<br> **ABS and**<br> **Short-Term**<br> **Investments**<br> **Portfolio** | **PIMCO**<br> **EM Bond and**<br> **Short-Term**<br> **Investments**<br> **Portfolio** | **PIMCO**<br> **EM Bond and**<br> **Short-Term**<br> **Investments**<br> **Portfolio** | **PIMCO**<br> **High Yield and**<br> **Short-Term**<br> **Investments**<br> **Portfolio** | **PIMCO**<br> **High Yield and**<br> **Short-Term**<br> **Investments**<br> **Portfolio** | **PIMCO**<br> **Investment**<br> **Grade Credit**<br> **Bond Portfolio** | **PIMCO**<br> **Investment**<br> **Grade Credit**<br> **Bond Portfolio** | **PIMCO**<br> **Long Duration**<br> **Credit Bond**<br> **Portfolio** | **PIMCO**<br> **Long Duration**<br> **Credit Bond**<br> **Portfolio** | **PIMCO**<br> **Low Duration**<br> **Portfolio** | **PIMCO**<br> **Low Duration**<br> **Portfolio** | **PIMCO**<br> **Moderate**<br> **Duration**<br> **Portfolio** | **PIMCO**<br> **Moderate**<br> **Duration**<br> **Portfolio** | **PIMCO**<br> **Mortgage and**<br> **Short-Term**<br> **Investments**<br> **Portfolio** | **PIMCO**<br> **Mortgage and**<br> **Short-Term**<br> **Investments**<br> **Portfolio** | **PIMCO**<br> **Municipal**<br> **Portfolio** | **PIMCO**<br> **Municipal**<br> **Portfolio** |
|  Privately Issued<br>Mortgage-Related Securities |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  Foreign (Non-U.S.) Investment |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  Emerging Markets |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  Sovereign Debt |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  Currency |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  Issuer Non-Diversification |  |  |  | X |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Leveraging |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  Management |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  AMT Bonds |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  California State-Specific |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | X |
|  New York State-Specific |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | X |
|  Municipal Project-Specific |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | X |
|  Subsidiary |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Short Exposure |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  Loan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Preferred Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Capital Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Risks | PIMCO<br>Real Return<br>Portfolio | PIMCO<br>Real Return<br>Portfolio | PIMCO<br>Sector<br>Fund<br>Series - AM | PIMCO<br>Sector<br>Fund<br>Series - AM | PIMCO<br>Sector<br>Fund<br>Series - H | PIMCO<br>Sector<br>Fund<br>Series - H | PIMCO<br>Sector<br>Fund<br>Series - I | PIMCO<br>Sector<br>Fund<br>Series - I | PIMCO<br>Short-Term<br>Portfolio | PIMCO<br>Short-Term<br>Portfolio | PIMCO<br>Short-Term<br>Floating<br>NAV<br>Portfolio II | PIMCO<br>Short-Term<br>Floating<br>NAV<br>Portfolio II | PIMCO U.S.<br>Government and<br>Short-Term<br>Investments<br>Portfolio | PIMCO U.S.<br>Government and<br>Short-Term<br>Investments<br>Portfolio | PIMCO<br>International<br>Portfolio | PIMCO<br>International<br>Portfolio | PIMCO<br>Short<br>Asset<br>Portfolio | PIMCO<br>Short<br>Asset<br>Portfolio | PIMCO<br>Short-Term<br>Floating<br>NAV<br>Portfolio III | PIMCO<br>Short-Term<br>Floating<br>NAV<br>Portfolio III |
|  New Portfolio |  |  |  | X |  | X |  | X |  |  |  |  |  |  |  |  |  |  |  |  |
|  Small Portfolio |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  |  |  |  |
|  Interest Rate |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  Call |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  Credit |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  High Yield |  | X |  |  |  | X |  |  |  | X |  | X |  | X |  | X |  |  |  |  |
|  Market |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  Issuer |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  Liquidity |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  Derivatives |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  Equity |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  |  |  |  |
|  Mortgage-Related and Other Asset- Backed Securities |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  Collateralized Loan Obligations |  | X |  |  |  |  |  |  |  | X |  | X |  | X |  | X |  | X |  |  |
|  Extension |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  |  |  |  |
|  Prepayment |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  |  |  |  |
|  Privately Issued Mortgage- Related Securities |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  |  |  |  |
|  Foreign (Non-U.S.) Investment |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  Emerging Markets |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  Sovereign Debt |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  Currency |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  |  |
|  Issuer Non-Diversification |  |  |  | X |  | X |  |  |  |  |  |  |  |  |  | X |  |  |  |  |
|  Leveraging |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  Management |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |
|  AMT Bonds |  | X |  |  |  |  |  |  |  | X |  | X |  | X |  | X |  |  |  |  |
|  California State-Specific |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  New York State-Specific |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Municipal Project-Specific |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Subsidiary |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | X |  | X |  | X |

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **225** |

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Notes to Financial Statements (Cont.)

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| **Risks** | **PIMCO<br>Real Return<br>Portfolio** | **PIMCO<br>Real Return<br>Portfolio** | **PIMCO<br>Sector<br>Fund<br>Series - AM** | **PIMCO<br>Sector<br>Fund<br>Series - AM** | **PIMCO<br>Sector<br>Fund<br>Series - H** | **PIMCO<br>Sector<br>Fund<br>Series - H** | **PIMCO<br>Sector<br>Fund<br>Series - I** | **PIMCO<br>Sector<br>Fund<br>Series - I** | **PIMCO<br>Short-Term<br>Portfolio** | **PIMCO<br>Short-Term<br>Portfolio** | **PIMCO<br>Short-Term<br>Floating<br>NAV<br>Portfolio II** | **PIMCO<br>Short-Term<br>Floating<br>NAV<br>Portfolio II** | **PIMCO U.S.<br>Government and<br>Short-Term<br>Investments<br>Portfolio** | **PIMCO U.S.<br>Government and<br>Short-Term<br>Investments<br>Portfolio** | **PIMCO<br>International<br>Portfolio** | **PIMCO<br>International<br>Portfolio** | **PIMCO<br>Short<br>Asset<br>Portfolio** | **PIMCO<br>Short-Term<br>Floating<br>NAV<br>Portfolio III** | **PIMCO<br>Short-Term<br>Floating<br>NAV<br>Portfolio III** |
|  Short Exposure |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  | X |  |  | X |
|  Loan |  |  |  | X |  | X |  | X |  |  |  |  |  |  |  |  |  |  |  |
|  Preferred Securities |  |  |  | X |  | X |  | X |  |  |  |  |  |  |  |  |  |  |  |
|  Capital Securities |  |  |  | X |  | X |  | X |  |  |  |  |  |  |  |  |  |  |  |

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Please see "Description of Principal Risks" in a Portfolio's offering memorandum for a more detailed description of the risks of investing in a Portfolio.

New Portfolio Risk is the risk that a new portfolio's performance may not represent how the portfolio is expected to or may perform in the long term. In addition, new portfolios have limited operating histories for investors to evaluate and new portfolios may not attract sufficient assets to achieve investment and trading efficiencies.

Small Portfolio Risk is the risk that a smaller portfolio 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 portfolio 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 portfolio with a longer average portfolio duration will be more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration. Factors such as government and central bank policy, inflation, the economy, and the 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 Portfolio has invested in, the Portfolio 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 Portfolio could experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract, a repurchase agreement, a borrower of portfolio securities, 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 Portfolio 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 Portfolio 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 changing interest rate environments or other circumstances where investor redemptions from fixed income portfolios may be higher than normal, causing increased supply in the market due to selling activity. The liquidity of a Portfolio's shares may be constrained by the liquidity of the Portfolio'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 Portfolio could lose more than the initial amount invested. Derivatives used for hedging or risk management may not operate as intended or may expose a Portfolio to additional risks. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for a

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| **226** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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Portfolio. A Portfolio's use of derivatives or other similar investments may result in losses to a Portfolio, a reduction in a Portfolio'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 Portfolio'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 Portfolio's ability to invest in derivatives, limit a Portfolio'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 Portfolio'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 Portfolio 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 Portfolio'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 Portfolio 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 Portfolio may invest in tranches of CLOs that are subordinate to other

tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly.

Extension Risk is the risk that, in periods of rising interest rates, issuers of mortgage-related and other asset-backed securities may pay principal later than expected, which may reduce the value of a Portfolio's investment in such securities and may prevent a Portfolio 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 Portfolio foregoing future interest income on the portion of the principal repaid early and may result in a Portfolio being forced to reinvest investment proceeds at lower interest rates.

non-governmental issuers.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in a Portfolio experiencing more rapid and extreme changes in value than a portfolio 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 a Portfolio's investments in foreign (non-U.S.) currencies or in

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **227** |

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Notes to Financial Statements (Cont.)

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. Portfolios 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 portfolios that are "diversified."

Leveraging Risk is the risk that certain transactions of a Portfolio, 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 Portfolio 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 Portfolio'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 in connection with managing a Portfolio and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Portfolio will be achieved.

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 Portfolio 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, economic disruptions, public health emergencies, or extreme weather and disaster events 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 Portfolio's distributions may not be exempt from gross federal income, which may give rise to alternative minimum tax liability.

California State-Specific Risk is the risk that by focusing its investments in California municipal bonds, the Portfolio may be affected

significantly by economic, regulatory, social, environmental or political developments affecting the ability of California issuers to pay interest or repay principal.

New York State-Specific Risk is the risk that by focusing its investments in New York municipal bonds, the Portfolio may be affected significantly by economic, regulatory, social or political developments affecting the ability of New York issuers to pay interest or repay principal.

Municipal Project-Specific Risk is the risk that the Portfolio 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.

Subsidiary Risk is the risk that, by investing in a Subsidiary, a Portfolio is indirectly exposed to the risks associated with the 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.

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 Portfolio.

Loan Risk is the risk that investing in loans exposes a Portfolio to heightened credit risk, call risk, settlement risk and liquidity risk. If an issuer of a loan prepays or redeems the loan prior to maturity, a Portfolio may have to reinvest the proceeds in instruments that pay lower interest rates. To the extent a Portfolio invests in loans that are covenant-lite obligations, the Portfolio may have fewer rights against a borrower (e.g., covenant-lite obligations may contain fewer maintenance covenants than other obligations, or no maintenance covenants) and may have a greater risk of loss on such investments as compared to investments in traditional loans.

Preferred Securities Risk is the risk that preferred securities may be subject to greater credit or other risks than senior debt instruments. In addition, preferred securities are subject to other risks, such as risks related to deferred and omitted distributions, limited or no voting rights, liquidity constraints, interest rate changes, regulatory or tax changes and special redemption or call rights.

Capital Securities Risk is the risk that the value of capital securities, which may be in the form of debt, equity, or a hybrid thereof, issued by U.S. and non-U.S. financial institutions to satisfy their regulatory capital requirements may decline in response to changes in legislation and

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| **228** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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regulations applicable to financial institutions and financial markets, increased competition, adverse changes in general or industry-specific economic conditions, or unfavorable interest rates. Subordinated and hybrid securities in particular are also subject to the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event, 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, and equity investments, any of which could result in losses to a Portfolio. Changes to regulatory capital requirements or related supervisory guidance may affect the value, ranking, or terms of capital securities. By investing under normal circumstances at least 80% of its assets in a combination of preferred securities and capital securities, a Portfolio will be more susceptible to these risks than a portfolio that does not invest in capital securities to the same extent as a Portfolio.

(b) Other Risks

In general, a Portfolio 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 Portfolio's offering memorandum and offering memorandum supplement for a more detailed description of the risks of investing in a Portfolio. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Portfolio's performance.

Market Disruptions Risk A Portfolio 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, social unrest, recessions, supply chain disruptions, 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 Portfolio to lose value. These events can also impair the technology and other operational systems upon which a Portfolio's service providers, including PIMCO as a Portfolio's investment adviser, rely, and could otherwise disrupt a Portfolio's service providers' ability to fulfill their obligations to a Portfolio.

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 Portfolio invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Portfolio itself is regulated. Such legislation or regulation could limit or preclude a Portfolio's ability to achieve its investment objective. Also, while such legislation or regulations are intended to strengthen markets, systems and public finances, they could affect portfolio expenses and the value of portfolio investments in unpredictable ways. Furthermore, volatile financial markets can expose a Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of a Portfolio'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 Portfolio 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 Portfolio is regulated, affect the expenses incurred directly by a Portfolio and the value of its investments, and limit and/or preclude a Portfolio'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 Portfolio, 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 Portfolio. While a Portfolio seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Portfolio.

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 Portfolios have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, a Portfolio, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. Disruptions or failures that affect service providers, counterparties,

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **229** |

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Notes to Financial Statements (Cont.)

market participants, or issuers of securities that are held by a Portfolio may adversely affect PIMCO or a Portfolio, including by causing losses or impairing PIMCO's or a Portfolio's operations. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Portfolio 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 Portfolio and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Portfolio'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 Portfolios and their shareholders may suffer losses as a result of a cyber security breach related to the Portfolios, their service providers, trading counterparties or the issuers in which a Portfolio invests.

8. MASTER NETTING ARRANGEMENTS

A Portfolio 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 Portfolio 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 Portfolio'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 bilateral repurchase, reverse repurchase and certain sale-buyback transactions between a Portfolio 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 Portfolio 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,

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counterparty risk may be reduced as creditors of an FCM cannot have a claim to Portfolio assets in the segregated account. FCM customers, such as the Portfolios, 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 Portfolio 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 Portfolio 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 Portfolios 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 Portfolios 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 Portfolio at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for each Portfolio 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 Portfolio'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 each Portfolio are charged at the annual rate as noted in the following table (calculated as a percentage of each Portfolio's average daily net assets attributable to each Portfolio):

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| Portfolio Name | Investment<br>Advisory<br>Fee | Supervisory and<br>Administrative<br>Fee |
|  PIMCO ABS and Short-Term Investments Portfolio | 0.02% | 0.03% |
|  PIMCO EM Bond and Short-Term Investments Portfolio | 0.02% | 0.10% |
|  PIMCO High Yield and Short-Term Investments Portfolio | 0.02% | 0.03% |
|  PIMCO Investment Grade Credit Bond Portfolio | 0.02% | 0.03% |
|  PIMCO Long Duration Credit Bond Portfolio | 0.02% | 0.03% |
|  PIMCO Low Duration Portfolio | 0.02% | 0.03% |
|  PIMCO Moderate Duration Portfolio | 0.02% | 0.03% |
|  PIMCO Mortgage and Short-Term Investments Portfolio | 0.02% | 0.03% |

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **231** |

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| **Portfolio Name** | **Investment<br>Advisory<br>Fee** | **Supervisory and<br>Administrative<br>Fee** |
|  PIMCO Municipal Portfolio | 0.02% | 0.03% |
|  PIMCO Real Return Portfolio | 0.02% | 0.03% |
|  PIMCO Sector Fund Series - AM | 0.02% | 0.03% |
|  PIMCO Sector Fund Series - H | 0.02% | 0.03% |
|  PIMCO Sector Fund Series - I | 0.02% | 0.03% |
|  PIMCO Short-Term Portfolio | 0.02% | 0.03% |
|  PIMCO Short-Term Floating NAV Portfolio II | 0.02% | 0.03% |
|  PIMCO U.S. Government and Short-Term Investments Portfolio | 0.02% | 0.03% |
|  PIMCO International Portfolio | 0.02% | 0.10% |
|  PIMCO Short Asset Portfolio | 0.00%<sup>(1)</sup> | 0.00% |
|  PIMCO Short-Term Floating NAV Portfolio III | 0.00%<sup>(1)</sup> | 0.00% |

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<sup>(1)</sup> By investing in the Portfolio, each investing fund agrees that 0.005% of the fee that each investing fund is currently obligated to pay PIMCO under its investment advisory contract will be designated as compensation for the investment advisory services PIMCO provides to the Portfolio. 

(c) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolios, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Portfolios are responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses (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 Portfolio, 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 (except the PIMCO Short Asset Portfolio); (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolios, and any other expenses which are capitalized in accordance with generally accepted accounting principles (except the PIMCO Short Asset Portfolio and PIMCO Short-Term Floating NAV Portfolio III); and (viii) any expenses allocated or allocable to a specific class of shares. The ratio of expenses to average net assets, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses.

(d) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its

affiliates. The pro rata share of Trustee fees for each Portfolio 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 Portfolio's Supervisory and Administrative Fee (except the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III), or reimburse each Portfolio, to the extent that each Portfolio'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 0.00049% (the "Expense Limit"). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

Pursuant to an Advisory Fee Waiver Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive the advisory fee it receives from PIMCO Sector Fund Series - AM, PIMCO Sector Fund Series - H and PIMCO Sector Fund Series - I by 0.02% of the average daily net assets of the applicable Portfolio. This Advisory 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 a Supervisory and Administrative Fee Waiver Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive the supervisory and administrative fee it receives from PIMCO Sector Fund Series - AM, PIMCO Sector Fund Series - H and PIMCO Sector Fund Series - I by 0.03% of the average daily net assets of the applicable Portfolio. This Supervisory and Administrative 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.

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| | |
|:---|:---|
| **232** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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March 31, 2026

Pursuant to the Advisory Fee Waiver Agreement and Supervisory and Administrative Fee Waiver Agreement, waiver amounts are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of March 31, 2026, the Portfolios below waived and/or reimbursed the following fees (amounts in thousands<sup>†</sup>):

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| | |
|:---|:---|
| Portfolio Name | Waived Fees |
|  PIMCO Sector Fund Series - AM | $26 |
|  PIMCO Sector Fund Series - H | 37 |
|  PIMCO Sector Fund Series - I | 1520 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by each Portfolio (except the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III) of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The recoverable amounts to PIMCO as of March 31, 2026, were as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
| | Expiring within | Expiring within | Expiring within | **Total** |
| Portfolio Name | 12 months | 13 -24 months | 25 - 36 months | **Total** |
|  PIMCO ABS and Short-Term Investments Portfolio | $0 | $3 | $51 | $54 |
|  PIMCO EM Bond and Short-Term Investments Portfolio | 1 | 3 | 3 | 7 |
|  PIMCO High Yield and Short-Term Investments Portfolio | 1 | 1 | 1 | 3 |
|  PIMCO Investment Grade Credit Bond Portfolio | 0 | 17 | 17 | 34 |
|  PIMCO Long Duration Credit Bond Portfolio | 0 | 138 | 171 | 309 |
|  PIMCO Low Duration Portfolio | 0 | 3 | 15 | 18 |
|  PIMCO Moderate Duration Portfolio | 0 | 11 | 23 | 34 |
|  PIMCO Mortgage and Short-Term Investments Portfolio | 6 | 9 | 7 | 22 |
|  PIMCO Municipal Portfolio | 0 | 1 | 1 | 2 |
|  PIMCO Real Return Portfolio | 0 | 0 | 3 | 3 |
|  PIMCO Sector Fund Series - I | 0 | 0 | 5 | 5 |
|  PIMCO Short-Term Portfolio | 1 | 1 | 2 | 4 |
|  PIMCO Short-Term Floating NAV Portfolio II | 0 | 23 | 66 | 89 |
|  PIMCO U.S. Government and Short-Term Investments Portfolio | 5 | 11 | 8 | 24 |
|  PIMCO International Portfolio | 1 | 4 | 3 | 8 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

(f) Distributor PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

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 Portfolios 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 Portfolios 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. Purchases and sales of securities pursuant to applicable SEC rules and interpretations under the Act for the period ended March 31, 2026, were as follows (amounts in thousands<sup>†</sup>):

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| | | | |
|:---|:---|:---|:---|
| Portfolio Name | Purchases | Sales | Realized<br>Gain/(Loss) |
|  PIMCO Low Duration Portfolio | $2371 | $0 | $0 |
|  PIMCO Moderate Duration Portfolio | 644 | 0 | 0 |
|  PIMCO Municipal Portfolio | 6267 | 6640 | (369) |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **233** |

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Notes to Financial Statements (Cont.)

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 Portfolios. Additionally, in the normal course of business, the Portfolios enter into contracts that contain a variety of indemnification clauses. The Portfolios' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolios that have not yet occurred. However, the Portfolios have not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time a Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Portfolio is known as "portfolio turnover." Each Portfolio 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 Portfolio. Frequent and active trading of a Portfolio's holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Portfolio's after-tax returns. The transaction costs associated with portfolio turnover may adversely affect a Portfolio's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended March 31, 2026 were as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
| | U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Portfolio Name | Purchases | Sales | Purchases | Sales |
|  PIMCO ABS and Short-Term Investments Portfolio | $76907338 | $76287497 | $2543896 | $782569 |
|  PIMCO EM Bond and Short-Term Investments Portfolio | 0 | 0 | 174676 | 142714 |
|  PIMCO High Yield and Short-Term Investments Portfolio | 1561 | 1505 | 81439 | 83776 |
|  PIMCO Investment Grade Credit Bond Portfolio | 4110283 | 4167959 | 693811 | 890539 |
|  PIMCO Long Duration Credit Bond Portfolio | 80150383 | 80722133 | 3906191 | 3391452 |
|  PIMCO Low Duration Portfolio | 1837209 | 1588401 | 241455 | 231994 |
|  PIMCO Moderate Duration Portfolio | 9475348 | 9370515 | 408892 | 336912 |
|  PIMCO Mortgage and Short-Term Investments Portfolio | 54916548 | 55296852 | 19330 | 31947 |
|  PIMCO Municipal Portfolio | 0 | 0 | 18469 | 19289 |
|  PIMCO Real Return Portfolio | 190058 | 153853 | 0 | 0 |
|  PIMCO Sector Fund Series - AM | 963996 | 960465 | 906 | 0 |
|  PIMCO Sector Fund Series - H | 0 | 0 | 83167 | 25332 |
|  PIMCO Sector Fund Series - I | 4318577 | 4577884 | 1575894 | 1109299 |
|  PIMCO Short-Term Portfolio | 1842583 | 1825318 | 72719 | 15622 |
|  PIMCO Short-Term Floating NAV Portfolio II | 273491 | 144302 | 960497 | 847713 |
|  PIMCO U.S. Government and Short-Term Investments Portfolio | 211606 | 170621 | 19200 | 35325 |
|  PIMCO International Portfolio | 0 | 0 | 202580 | 224868 |
|  PIMCO Short Asset Portfolio | 613011 | 98431 | 3066415 | 2271182 |
|  PIMCO Short-Term Floating NAV Portfolio III | 8314663 | 6122737 | 2416330 | 1975307 |

---

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| | |
|:---|:---|
| <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>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **PIMCO**<br> **ABS and Short-Term Investments Portfolio** | **PIMCO**<br> **ABS and Short-Term Investments Portfolio** | **PIMCO**<br> **ABS and Short-Term Investments Portfolio** | **PIMCO**<br> **ABS and Short-Term Investments Portfolio** | **PIMCO**<br> **EM Bond and Short-Term Investments**<br> **Portfolio** | **PIMCO**<br> **EM Bond and Short-Term Investments**<br> **Portfolio** | **PIMCO**<br> **EM Bond and Short-Term Investments**<br> **Portfolio** | **PIMCO**<br> **EM Bond and Short-Term Investments**<br> **Portfolio** |
| | Year Ended<br>03/31/2026 | Year Ended<br>03/31/2026 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2026 | Year Ended<br>03/31/2026 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** | 162536 | $1935370 | 172226 | $2025164 | 5593 | $54299 | 2091 | $18944 |
|  **Issued as reinvestment of distributions** | 37011 | 438410 | 33175 | 386614 | 4938 | 47058 | 516 | 4887 |
|  **Cost of shares redeemed** | (97759) | (1167737) | (62077) | (731602) | (4100) | (39917) | (10355) | (94280) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 101788 | $1206043 | 143324 | $1680176 | 6431 | $61440 | (7748) | $(70449) |

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| | |
|:---|:---|
| **234** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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March 31, 2026

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **PIMCO**<br> **High Yield and Short-Term Investments Portfolio** | **PIMCO**<br> **High Yield and Short-Term Investments Portfolio** | **PIMCO**<br> **High Yield and Short-Term Investments Portfolio** | **PIMCO**<br> **High Yield and Short-Term Investments Portfolio** | **PIMCO**<br> **Investment Grade Credit Bond Portfolio** | **PIMCO**<br> **Investment Grade Credit Bond Portfolio** | **PIMCO**<br> **Investment Grade Credit Bond Portfolio** | **PIMCO**<br> **Investment Grade Credit Bond Portfolio** |
| | **Year Ended<br>03/31/2026** | **Year Ended<br>03/31/2026** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2026** | **Year Ended<br>03/31/2026** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | 1952 | $14037 | 657 | $4632 | 42649 | $391254 | 26141 | $234138 |
|  **Issued as reinvestment of distributions** | 1916 | 13710 | 1109 | 7817 | 12748 | 116463 | 15944 | 142885 |
|  **Cost of shares redeemed** | (2489) | (17891) | (4018) | (28526) | (39727) | (362531) | (159398) | (1444636) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 1379 | $9856 | (2252) | $(16077) | 15670 | $145186 | (117313) | $(1067613) |
|  | **PIMCO**<br> **Long Duration Credit Bond Portfolio** | **PIMCO**<br> **Long Duration Credit Bond Portfolio** | **PIMCO**<br> **Long Duration Credit Bond Portfolio** | **PIMCO**<br> **Long Duration Credit Bond Portfolio** | **PIMCO**<br> **Low Duration Portfolio** | **PIMCO**<br> **Low Duration Portfolio** | **PIMCO**<br> **Low Duration Portfolio** | **PIMCO**<br> **Low Duration Portfolio** |
|  | **<br>Year Ended<br>03/31/2026** | **<br>Year Ended<br>03/31/2026** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **<br>Year Ended<br>03/31/2026** | **<br>Year Ended<br>03/31/2026** | **<br>Year Ended<br>03/31/2025** | **<br>Year Ended<br>03/31/2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | 711478 | $6787693 | 864471 | $8201041 | 21239 | $204680 | 26318 | $252108 |
|  **Issued as reinvestment of distributions** | 151409 | 1439984 | 139527 | 1321504 | 9591 | 92347 | 11470 | 109228 |
|  **Cost of shares redeemed** | (620674) | (5902975) | (902438) | (8645510) | (15113) | (146402) | (25844) | (247200) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 242213 | $2324702 | 101560 | $877035 | 15717 | $150625 | 11944 | $114136 |
|  | **PIMCO Moderate Duration Portfolio** | **PIMCO Moderate Duration Portfolio** | **PIMCO Moderate Duration Portfolio** | **PIMCO Moderate Duration Portfolio** | **PIMCO Mortgage and Short-Term Investments<br>Portfolio** | **PIMCO Mortgage and Short-Term Investments<br>Portfolio** | **PIMCO Mortgage and Short-Term Investments<br>Portfolio** | **PIMCO Mortgage and Short-Term Investments<br>Portfolio** |
|  | **Year Ended<br>03/31/2026** | **Year Ended<br>03/31/2026** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2026** | **Year Ended<br>03/31/2026** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | 33349 | $304017 | 44749 | $404006 | 20567 | $166185 | 8454 | $66711 |
|  **Issued as reinvestment of distributions** | 17756 | 162522 | 16230 | 145851 | 6324 | 51080 | 7524 | 58450 |
|  **Cost of shares redeemed** | (27068) | (248934) | (39593) | (357025) | (15444) | (123891) | (50939) | (406550) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 24037 | $217605 | 21386 | $192832 | 11447 | $93374 | (34961) | $(281389) |
|  | **PIMCO**<br> **Municipal Portfolio** | **PIMCO**<br> **Municipal Portfolio** | **PIMCO**<br> **Municipal Portfolio** | **PIMCO**<br> **Municipal Portfolio** | **PIMCO**<br> **Real Return Portfolio** | **PIMCO**<br> **Real Return Portfolio** | **PIMCO**<br> **Real Return Portfolio** | **PIMCO**<br> **Real Return Portfolio** |
|  | **Year Ended<br>03/31/2026** | **Year Ended<br>03/31/2026** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2026** | **Year Ended<br>03/31/2026** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | 2411 | $14302 | 809 | $4923 | 5463 | $65822 | 13984 | $166841 |
|  **Issued as reinvestment of distributions** | 868 | 5122 | 579 | 3513 | 1821 | 21943 | 1227 | 14628 |
|  **Cost of shares redeemed** | (2133) | (12603) | (4119) | (25133) | (4017) | (48760) | (8075) | (96703) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 1146 | $6821 | (2731) | $(16697) | 3267 | $39005 | 7136 | $84766 |
|  | **PIMCO**<br> **Sector Fund Series - AM** | **PIMCO**<br> **Sector Fund Series - AM** | **PIMCO**<br> **Sector Fund Series - AM** | **PIMCO**<br> **Sector Fund Series - AM** | **PIMCO**<br> **Sector Fund Series - H** | **PIMCO**<br> **Sector Fund Series - H** | **PIMCO**<br> **Sector Fund Series - H** | **PIMCO**<br> **Sector Fund Series - H** |
|  | **Year Ended<br>03/31/2026** | **Year Ended<br>03/31/2026** | **Inception date<br>through 03/31/2025<sup>(a)</sup>** | **Inception date<br>through 03/31/2025<sup>(a)</sup>** | **Year Ended<br>03/31/2026** | **Year Ended<br>03/31/2026** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | 0 | $0 | 10479 | $106020 | 7351 | $77352 | 0 | $0 |
|  **Issued as reinvestment of distributions** | 249 | 2518 | 218 | 2163 | 419 | 4371 | 228 | 2310 |
|  **Cost of shares redeemed** | 0 | 0 | (5625) | (56533) | (452) | (4716) | 0 | 0 |
|  **Net increase (decrease) resulting from Fund share transactions** | 249 | $2518 | 5072 | $51650 | 7318 | $77007 | 228 | $2310 |

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ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 235

------

Notes to Financial Statements (Cont.)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **PIMCO**<br> **Sector Fund Series – I** | **PIMCO**<br> **Sector Fund Series – I** | **PIMCO**<br> **Sector Fund Series – I** | **PIMCO**<br> **Sector Fund Series – I** | **PIMCO**<br> **Short-Term Portfolio** | **PIMCO**<br> **Short-Term Portfolio** | **PIMCO**<br> **Short-Term Portfolio** | **PIMCO**<br> **Short-Term Portfolio** |
| | **03/31/2026** | **03/31/2026** | **03/31/2025** | **03/31/2025** | **03/31/2026** | **03/31/2026** | **03/31/2025** | **03/31/2025** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | 99845 | $1013928 | 201042 | $2004675 | 0 | $0 | 0 | $0 |
|  **Issued as reinvestment of distributions** | 18303 | 184554 | 10927 | 108350 | 1239 | 11500 | 1329 | 11872 |
|  **Cost of shares redeemed** | (81773) | (828743) | (54809) | (549237) | (659) | (6946) | (4410) | (39518) |
|  **Net increase (decrease) resulting from Fund share transactions** | 36375 | $369739 | 157160 | $1563788 | 580 | $4554 | (3081) | $(27646) |
|  | **PIMCO**<br> **Short-Term Floating NAV Portfolio II** | **PIMCO**<br> **Short-Term Floating NAV Portfolio II** | **PIMCO**<br> **Short-Term Floating NAV Portfolio II** | **PIMCO**<br> **Short-Term Floating NAV Portfolio II** | **PIMCO**<br> **U.S. Government and Short-Term**<br> **Investments Portfolio** | **PIMCO**<br> **U.S. Government and Short-Term**<br> **Investments Portfolio** | **PIMCO**<br> **U.S. Government and Short-Term**<br> **Investments Portfolio** | **PIMCO**<br> **U.S. Government and Short-Term**<br> **Investments Portfolio** |
|  | Year Ended<br>03/31/2026 | Year Ended<br>03/31/2026 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2026 | Year Ended<br>03/31/2026 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | 7163303 | $71752497 | 5946206 | $59560768 | 29612 | $188073 | 12654 | $78895 |
|  **Issued as reinvestment of distributions** | 44252 | 443254 | 40938 | 410058 | 6972 | 44427 | 7781 | 48263 |
|  **Cost of shares redeemed** | (6975764) | (69874077) | (5886375) | (58961337) | (22022) | (140491) | (121607) | (790740) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 231791 | $2321674 | 100769 | $1009489 | 14562 | $92009 | (101172) | $(663582) |
|  | **PIMCO**<br> **International Portfolio (Consolidated)** | **PIMCO**<br> **International Portfolio (Consolidated)** | **PIMCO**<br> **International Portfolio (Consolidated)** | **PIMCO**<br> **International Portfolio (Consolidated)** | **PIMCO**<br> **Short Asset Portfolio (Consolidated)** | **PIMCO**<br> **Short Asset Portfolio (Consolidated)** | **PIMCO**<br> **Short Asset Portfolio (Consolidated)** | **PIMCO**<br> **Short Asset Portfolio (Consolidated)** |
|  | **Year Ended<br>03/31/2026** | **Year Ended<br>03/31/2026** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2026** | **Year Ended<br>03/31/2026** | **Year Ended<br>03/31/2025** | **Year Ended<br>03/31/2025** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | 12983 | $79183 | 4076 | $25653 | 191300 | $1877081 | 133295 | $1303168 |
|  **Issued as reinvestment of distributions** | 9619 | 58910 | 2247 | 14217 | 28569 | 280211 | 29629 | 289531 |
|  **Cost of shares redeemed** | (9701) | (60946) | (19652) | (124116) | (135339) | (1325463) | (82920) | (810108) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 12901 | $77147 | (13329) | $(84246) | 84530 | $831829 | 80004 | $782591 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PIMCO**<br> **Short-Term Floating NAV Portfolio III (Consolidated)** | **PIMCO**<br> **Short-Term Floating NAV Portfolio III (Consolidated)** | **PIMCO**<br> **Short-Term Floating NAV Portfolio III (Consolidated)** | **PIMCO**<br> **Short-Term Floating NAV Portfolio III (Consolidated)** |
| | Year Ended<br>03/31/2026 | Year Ended<br>03/31/2026 | Year Ended<br>03/31/2025 | Year Ended<br>03/31/2025 |
| | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** | 22097181 | $215184455 | 23442607 | $228171700 |
|  **Issued as reinvestment of distributions** | 115127 | 1121113 | 80439 | 782927 |
|  **Cost of shares redeemed** | (22546347) | (219563714) | (23167043) | (225485918) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (334039) | $(3258146) | 356003 | $3468709 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(a)</sup> Inception date of the Portfolio was July 19, 2024.

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| | |
|:---|:---|
| **236** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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------

March 31, 2026

The following table discloses the number of persons who owned of record or beneficially 10% or more of the outstanding shares of a Portfolio along with their respective percent ownership, if any, as of March 31, 2026. Some of these shareholders may be considered related parties, which may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Shareholders that own 10% or more of<br>outstanding shares | Shareholders that own 10% or more of<br>outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more of<br>outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more of<br>outstanding shares |
| Portfolio Name | Non-Related Parties | Related Parties | Non-Related Parties | Related Parties |
|  PIMCO EM Bond and Short-Term Investments Portfolio | 1 | 0 | 18% | 0% |
|  PIMCO High Yield and Short-Term Investments Portfolio | 2 | 0 | 26% | 0% |
|  PIMCO Investment Grade Credit Bond Portfolio | 1 | 0 | 17% | 0% |
|  PIMCO Mortgage and Short-Term Investments Portfolio | 1 | 0 | 20% | 0% |
|  PIMCO Municipal Portfolio | 1 | 0 | 20% | 0% |
|  PIMCO Real Return Portfolio | 1 | 0 | 20% | 0% |
|  PIMCO Sector Fund Series - AM | 3 | 0 | 100% | 0% |
|  PIMCO Sector Fund Series - H | 2 | 0 | 80% | 0% |
|  PIMCO Sector Fund Series - I | 1 | 0 | 30% | 0% |
|  PIMCO Short-Term Portfolio | 3 | 0 | 37% | 0% |
|  PIMCO Short-Term Floating NAV Portfolio II | 1 | 0 | 13% | 0% |
|  PIMCO U.S. Government and Short-Term Investments Portfolio | 1 | 0 | 19% | 0% |
|  PIMCO International Portfolio | 1 | 0 | 21% | 0% |
|  PIMCO Short Asset Portfolio | 0 | 3 | 0% | 58% |
|  PIMCO Short-Term Floating NAV Portfolio III | 0 | 2 | 0% | 36% |

---

14. BASIS FOR CONSOLIDATION

The Subsidiaries, each a Delaware limited liability company, were incorporated as wholly-owned subsidiaries acting as investment vehicles for the PIMCO International Portfolio, PIMCO Short Asset Portfolio and PIMCO Short-Term Floating NAV Portfolio III, respectively (each, a "Consolidated Portfolio"), in order to effect certain investments for each Consolidated Portfolio consistent with each Consolidated Portfolio's investment objectives and policies as specified in each Portfolio's offering memorandum and offering memorandum supplement. Each Consolidated Portfolio's investment portfolio has been consolidated and includes the portfolio holdings of the Consolidated Portfolio and its respective Subsidiary. The consolidated financial statements include the accounts of each Consolidated Portfolio and its respective Subsidiary, if any. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the PIMCO International Portfolio, PIMCO Short Asset Portfolio and PIMCO Short-Term Floating NAV Portfolio III and their Subsidiaries comprising the entire issued share capital of the respective Subsidiary, with the intent that each Consolidated Portfolio will remain the sole shareholder and retain all rights. Under the Memorandum and Articles of Association of each Subsidiary, shares issued by each Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the respective 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 respective Subsidiary. See the table below for details regarding the structure, incorporation and relationship as of period end of each Subsidiary to its respective Consolidated Portfolio.

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| | | | |
|:---|:---|:---|:---|
| Portfolio Name | Subsidiary | Date of<br>Incorporation | Subsidiary % of Consolidated<br>Portfolio Net Assets<sup>†</sup> |
| PIMCO International Portfolio | PIMCO International Portfolio Subsidiary, LLC | 03/20/2014 | 21.5% |
| PIMCO Short Asset Portfolio | PIMCO Short Asset Portfolio Subsidiary, LLC | 03/01/2017 | 0.1% |
| PIMCO Short-Term Floating NAV III | PIMCO Short-Term Floating NAV III Subsidiary, LLC | 03/20/2014 | 1.1% |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than 0.01%.  |

---

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **237** |

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------

Notes to Financial Statements (Cont.)

15. REGULATORY AND LITIGATION MATTERS

The Portfolios are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

16. FEDERAL INCOME TAX MATTERS

Each Portfolio 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 Portfolio 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 Portfolios' tax positions for all open tax years. As of March 31, 2026, the Portfolios 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.

In this reporting period, the Portfolios adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Portfolio's financial position or the results of its operations. For the annual period covered by this report, the Portfolios did not pay any material federal, state or local income taxes or any material income taxes in foreign jurisdictions.

The Portfolios file U.S. federal, state and local tax returns as required. The Portfolios' tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

As of March 31, 2026, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Tax Exempt<br>Income | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | **Qualified**<br> **Late-**<br> **Year Loss<br>Deferral -<br>Capital<sup>(5)</sup>** | **Qualified**<br> **Late-**<br> **Year Loss<br>Deferral -<br>Ordinary<sup>(6)</sup>** | Total Components<br>of Distributable<br>Earnings |
|  PIMCO ABS and Short-Term Investments Portfolio | $0 | $79417 | $0 | $(86702) | $0 | $(139229) | $0 | $0 | $(146514) |
|  PIMCO EM Bond and Short-Term Investments Portfolio | 0 | 8540 | 0 | (18272) | 0 | (14536) | 0 | 0 | (24268) |
|  PIMCO High Yield and Short-Term Investments Portfolio | 0 | 2239 | 0 | (5048) | 0 | (42158) | 0 | 0 | (44967) |
|  PIMCO Investment Grade Credit Bond Portfolio | 0 | 18408 | 0 | (56170) | 0 | (252336) | 0 | 0 | (290098) |
|  PIMCO Long Duration Credit Bond Portfolio | 0 | 447556 | 0 | (3493160) | 0 | (2405386) | 0 | 0 | (5450990) |
|  PIMCO Low Duration Portfolio | 0 | 13233 | 0 | 6062 | 0 | (76547) | 0 | 0 | (57252) |
|  PIMCO Moderate Duration Portfolio | 0 | 23608 | 0 | (2855) | 0 | (381112) | 0 | 0 | (360359) |
|  PIMCO Mortgage and Short-Term Investments Portfolio | 0 | 10738 | 0 | (118975) | 0 | (276101) | 0 | 0 | (384338) |
|  PIMCO Municipal Portfolio | 685 | 0 | 0 | (1946) | 0 | (8361) | 0 | 0 | (9622) |
|  PIMCO Real Return Portfolio | 0 | 2015 | 0 | (13789) | 0 | (43782) | 0 | 0 | (55556) |
|  PIMCO Sector Fund Series - AM | 0 | 664 | 0 | 44 | 0 | (355) | 0 | 0 | 353 |
|  PIMCO Sector Fund Series - H | 0 | 1178 | 0 | (1094) | 0 | 0 | (178) | 0 | (94) |
|  PIMCO Sector Fund Series - I | 0 | 33001 | 0 | (12210) | 0 | 0 | (3115) | 0 | 17676 |
|  PIMCO Short-Term Portfolio | 0 | 33291 | 0 | (2263) | 0 | (88641) | 0 | 0 | (57613) |
|  PIMCO Short-Term Floating NAV Portfolio II | 0 | 773 | 0 | (983) | (44) | 0 | 0 | 0 | (254) |
|  PIMCO U.S. Government and Short-Term Investments Portfolio | 0 | 10557 | 0 | (400216) | 0 | (499967) | 0 | 0 | (889626) |
|  PIMCO International Portfolio | 0 | 23692 | 0 | (31415) | 0 | (78721) | 0 | 0 | (86444) |
|  PIMCO Short Asset Portfolio | 0 | 0 | 0 | (4238) | 0 | (167841) | 0 | (3965) | (176044) |
|  PIMCO Short-Term Floating NAV Portfolio III | 0 | 8787 | 0 | (7914) | 0 | (15087) | 0 | 0 | (14214) |

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| | |
|:---|:---|
| **238** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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------

March 31, 2026

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on: swap contracts, straddle loss deferrals, sale/buyback transactions, interest accrued on defaulted securities, return of capital distributions from underlying funds, constructive sales, hyperinflationary investments, and short positions. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for organizational expenditures and distributions payable at fiscal year-end.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2025 through March 31, 2026 which the Portfolios elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2025 through March 31, 2026 and Ordinary losses realized during the period January 1, 2026 through March 31, 2026 which the Portfolios elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, a portfolio is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of March 31, 2026, the Portfolios had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO ABS and Short-Term Investments Portfolio | $110680 | $28549 |
|  PIMCO EM Bond and Short-Term Investments Portfolio | 10433 | 4103 |
|  PIMCO High Yield and Short-Term Investments Portfolio | 0 | 42158 |
|  PIMCO Investment Grade Credit Bond Portfolio | 49036 | 203300 |
|  PIMCO Long Duration Credit Bond Portfolio | 721930 | 1683456 |
|  PIMCO Low Duration Portfolio | 55766 | 20781 |
|  PIMCO Moderate Duration Portfolio | 265591 | 115521 |
|  PIMCO Mortgage and Short-Term Investments Portfolio | 216544 | 59557 |
|  PIMCO Municipal Portfolio | 1381 | 6980 |
|  PIMCO Real Return Portfolio | 17168 | 26614 |
|  PIMCO Sector Fund Series - AM | 321 | 34 |
|  PIMCO Sector Fund Series - H | 0 | 0 |
|  PIMCO Sector Fund Series - I | 0 | 0 |
|  PIMCO Short-Term Portfolio | 23009 | 65632 |
|  PIMCO Short-Term Floating NAV Portfolio II | 0 | 0 |
|  PIMCO U.S. Government and Short-Term Investments Portfolio | 230194 | 269773 |
|  PIMCO International Portfolio | 55810 | 22911 |
|  PIMCO Short Asset Portfolio | 70787 | 97054 |
|  PIMCO Short-Term Floating NAV Portfolio III | 0 | 15087 |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* Portion of amount represents realized loss and recognized built-in loss under IRC sections 382-83, which is carried forward to future years to offset future realized gain subject to certain limitations. 

As of March 31, 2026, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup> |
|  PIMCO ABS and Short-Term Investments Portfolio | $13599281 | $320833 | $(407110) | $(86277) |
|  PIMCO EM Bond and Short-Term Investments Portfolio | 499128 | 45731 | (64142) | (18411) |
|  PIMCO High Yield and Short-Term Investments Portfolio | 147736 | 2824 | (7871) | (5047) |
|  PIMCO Investment Grade Credit Bond Portfolio | 2857265 | 33940 | (90068) | (56128) |
|  PIMCO Long Duration Credit Bond Portfolio | 40419675 | 406457 | (3883388) | (3476931) |
|  PIMCO Low Duration Portfolio | 2621653 | 22580 | (16518) | 6062 |
|  PIMCO Moderate Duration Portfolio | 4370481 | 50817 | (53672) | (2855) |
|  PIMCO Mortgage and Short-Term Investments Portfolio | 2805069 | 45315 | (161343) | (116028) |

---

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **239** |

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------

Notes to Financial Statements (Cont.) March 31, 2026

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal<br>Tax Cost** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup>** |
|  PIMCO Municipal Portfolio | $103115 | $686 | $(2631) | $(1945) |
|  PIMCO Real Return Portfolio | 886338 | 7589 | (21007) | (13418) |
|  PIMCO Sector Fund Series - AM | 99105 | 514 | (470) | 44 |
|  PIMCO Sector Fund Series - H | 110962 | 773 | (1869) | (1096) |
|  PIMCO Sector Fund Series - I | 3805664 | 39438 | (51752) | (12314) |
|  PIMCO Short-Term Portfolio | 325757 | 13134 | (14901) | (1767) |
|  PIMCO Short-Term Floating NAV Portfolio II | 12961706 | 669 | (1653) | (984) |
|  PIMCO U.S. Government and Short-Term Investments Portfolio | 1651468 | 77446 | (475906) | (398460) |
|  PIMCO International Portfolio | 533832 | 24794 | (55446) | (30652) |
|  PIMCO Short Asset Portfolio | 7159254 | 50750 | (53623) | (2873) |
|  PIMCO Short-Term Floating NAV Portfolio III | 15281938 | 19998 | (27879) | (7881) |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on: swap contracts, straddle loss deferrals, sale/buyback transactions, interest accrued on defaulted securities, return of capital distributions from underlying funds, constructive sales, hyperinflationary investments, and short positions. 

For the fiscal years ended March 31, 2026 and March 31, 2025, respectively, the Portfolios made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2026 | March 31, 2025 | March 31, 2025 | March 31, 2025 | March 31, 2025 |
|  | Tax-Exempt<br>Income<br>Distributions | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> | Tax-Exempt<br>Income<br>Distributions | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
|  PIMCO ABS and Short-Term Investments Portfolio | $0 | $449133 | $0 | $0 | $0 | $392238 | $0 | $0 |
|  PIMCO EM Bond and Short-Term Investments Portfolio | 0 | 48151 | 0 | 0 | 0 | 5000 | 0 | 0 |
|  PIMCO High Yield and Short-Term Investments Portfolio | 0 | 13950 | 0 | 0 | 0 | 7950 | 0 | 0 |
|  PIMCO Investment Grade Credit Bond Portfolio | 0 | 119009 | 0 | 0 | 0 | 145722 | 0 | 0 |
|  PIMCO Long Duration Credit Bond Portfolio | 0 | 1445118 | 0 | 0 | 0 | 1325209 | 0 | 0 |
|  PIMCO Low Duration Portfolio | 0 | 92347 | 0 | 0 | 0 | 109228 | 0 | 0 |
|  PIMCO Moderate Duration Portfolio | 0 | 162522 | 0 | 0 | 0 | 145851 | 0 | 0 |
|  PIMCO Mortgage and Short-Term Investments Portfolio | 0 | 52372 | 0 | 0 | 0 | 59899 | 0 | 0 |
|  PIMCO Municipal Portfolio | 4991 | 260 | 0 | 0 | 3305 | 295 | 0 | 0 |
|  PIMCO Real Return Portfolio | 0 | 22501 | 0 | 0 | 0 | 15001 | 0 | 0 |
|  PIMCO Sector Fund Series - AM | 0 | 2518 | 0 | 0 | 0 | 2076 | 87 | 0 |
|  PIMCO Sector Fund Series - H | 0 | 4195 | 177 | 0 | 0 | 2310 | 0 | 0 |
|  PIMCO Sector Fund Series - I | 0 | 174380 | 11396 | 0 | 0 | 107907 | 633 | 0 |
|  PIMCO Short-Term Portfolio | 0 | 11501 | 0 | 0 | 0 | 12350 | 0 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio II | 0 | 445128 | 0 | 0 | 0 | 412735 | 0 | 0 |
|  PIMCO U.S. Government and Short-Term Investments Portfolio | 0 | 45525 | 0 | 0 | 0 | 49483 | 0 | 0 |
|  PIMCO International Portfolio | 0 | 60502 | 0 | 0 | 0 | 14602 | 0 | 0 |
|  PIMCO Short Asset Portfolio | 0 | 254197 | 0 | 26403 | 0 | 263409 | 0 | 27196 |
|  PIMCO Short-Term Floating NAV Portfolio III | 0 | 1124713 | 0 | 0 | 0 | 783389 | 0 | 0 |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

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| | |
|:---|:---|
| **240** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Funds and Shareholders of 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 Fund 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 and PIMCO Short-Term Floating NAV Portfolio III

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the portfolios listed in the table below (nineteen of the portfolios constituting PIMCO Funds, hereafter collectively referred to as the "Portfolios") as of March 31, 2026, the related statements of operations, of changes in net assets and, for the portfolio indicated in the table below, of cash flows, for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios listed in the table below as of March 31, 2026, the results of each of their operations, the changes in each of their net assets and, for the portfolio indicated in the table below, its cash flows, for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

PIMCO ABS and Short-Term Investments Portfolio<sup>(1)</sup>

PIMCO EM Bond and Short-Term Investments Portfolio<sup>(1)</sup>

PIMCO High Yield and Short-Term Investments Portfolio<sup>(1)</sup>

PIMCO Investment Grade Credit Bond Portfolio<sup>(1)</sup>

PIMCO Long Duration Credit Bond Portfolio<sup>(1)</sup>

PIMCO Low Duration Portfolio<sup>(1)</sup>

PIMCO Moderate Duration Portfolio<sup>(1)</sup>

PIMCO Mortgage and Short-Term Investments Portfolio<sup>(1)</sup>

PIMCO Municipal Portfolio<sup>(1)</sup>

PIMCO Real Return Portfolio<sup>(2)</sup>

PIMCO Sector Fund Series – AM<sup>(3)</sup>

PIMCO Sector Fund Series – H<sup>(1)</sup>

PIMCO Sector Fund Series – I<sup>(1)</sup>

PIMCO Short-Term Portfolio<sup>(1)</sup>

PIMCO Short-Term Floating NAV Portfolio II<sup>(1)</sup>

PIMCO U.S. Government and Short-Term Investments Portfolio<sup>(1)</sup>

PIMCO International Portfolio<sup>(1)</sup>\*

PIMCO Short Asset Portfolio<sup>(1)</sup>\*

PIMCO Short-Term Floating NAV Portfolio III<sup>(1)</sup>\*

(1) Statement of operations for the year ended March 31, 2026 and statement of changes in net assets for the years ended March 31, 2026 and 2025

(2) Statement of operations and statement of cash flows for the year ended March 31, 2026, and statement of changes in net assets for the years ended March 31, 2026 and 2025

(3) Statement of operations for the year ended March 31, 2026 and statement of changes in net assets for the year ended March 31, 2026 and the period July 19, 2024 (inception date) through March 31, 2025

\* The financial statements for PIMCO International Portfolio, PIMCO Short Asset Portfolio and PIMCO Short-Term Floating NAV Portfolio III are presented on a consolidated basis

#### Basis for Opinions
These financial statements are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on the Portfolios' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission.

We conducted our audits of these financial statements in accordance with the auditing standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

May 27, 2026

We have served as the auditor of one or more investment companies in PIMCO Funds since 1987.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **241** |

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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 | FAR | Wells Fargo Bank National Association | NGF | Nomura Global Financial Products, Inc. |
| BCY | Barclays Capital, Inc. | FICC STR | Fixed Income Clearing Corp. - State Street FICC Repo | NOM | Nomura Securities International, Inc. |
| BOA | Bank of America N.A. | GLM | Goldman Sachs Bank USA | NXN | Natixis New York |
| BOM | Bank of Montreal | GSC | Goldman Sachs & Co. LLC | RCY | Royal Bank of Canada |
| BOO | BoA Securities, Inc (Repo Only) | GST | Goldman Sachs International | SAL | Citigroup Global Markets, Inc. |
| BOS | BofA Securities, Inc. | IND | Crédit Agricole Corporate and Investment Bank S.A. | SCX | Standard Chartered Bank, London |
| BPS | BNP Paribas S.A. | JML | JP Morgan Securities Plc | SOG | Societe Generale Paris |
| BRC | Barclays Bank PLC | JPM | JP Morgan Chase Bank N.A. | SSB | State Street Bank and Trust Co. |
| BSH | Banco Santander S.A. - New York Branch | JPS | J.P. Morgan Securities LLC | STR | State Street FICC Repo |
| BSN | The Bank of Nova Scotia - Toronto | MBC | HSBC Bank Plc | TDM | TD Securities (USA) LLC |
| CBK | Citibank N.A. | MEI | Merrill Lynch International | UAG | UBS AG Stamford |
| CIB | Canadian Imperial Bank of Commerce | MSC | Morgan Stanley & Co. LLC. | UBS | UBS Securities LLC |
| CTR | Citigroup Global Markets, Inc.- FICC Rep | MYC | Morgan Stanley Bank, N.A. | WAN | Wells Fargo Bank, N.A.- FICC Rep |
| DEU | Deutsche Bank Securities, Inc. | MYI | Morgan Stanley & Co. International PLC |  |  |
| DUB | Deutsche Bank AG |  |  |  |  |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | HKD | Hong Kong Dollar | PEN | Peruvian New Sol |
| BRL | Brazilian Real | HUF | Hungarian Forint | PLN | Polish Zloty |
| CAD | Canadian Dollar | IDR | Indonesian Rupiah | RON | Romanian New Leu |
| CHF | Swiss Franc | ILS | Israeli Shekel | SEK | Swedish Krona |
| CLP | Chilean Peso | INR | Indian Rupee | SGD | Singapore Dollar |
| CNH | Chinese Renminbi (Offshore) | 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 | NOK | Norwegian Krone | USD (or $) | United States Dollar |
| EUR | Euro | NZD | New Zealand Dollar | ZAR | South African Rand |
| GBP | British Pound |  |  |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| CBOE | Chicago Board Options Exchange | EUREX | Eurex Exchange | OTC | Over the Counter |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| ABX.HE | Asset-Backed Securities Index - Home Equity | CPURNSA | Consumer Price All Urban Non-Seasonally Adjusted Index | SOFRINDX | Secured Overnight Financing Rate Index |
| BBSW3M | 3 Month Bank Bill Swap Rate | EUR003M | 3 Month EUR Swap Rate | SONIA | Sterling Overnight Interbank Average Rate |
| Bobl | Bundesobligation, the German word for federal government bond | FEDL01 | Federal funds effective rate | SONIO | Sterling Overnight Interbank Average Rate |
| CAONREPO | Canadian Overnight Repo Rate Average | H15T1Y | 1 Year US Treasury Yield Curve Constant Maturity Rate | TSFR1M | Term SOFR 1-Month |
| CDX.EM | Credit Derivatives Index - Emerging Markets | MUTKCALM | Tokyo Overnight Average Rate | TSFR3M | Term SOFR 3-Month |
| CDX.HY | Credit Derivatives Index - High Yield | SOFR30A | Secured Overnight Financing Rate 30-Day Average | TSFR6M | Term SOFR 6-Month |
| CDX.IG | Credit Derivatives Index - Investment Grade | SOFR | Secured Overnight Financing Rate | US0003M | ICE 3-Month USD LIBOR |
| CMBX | Commercial Mortgage-Backed Index |  |  |  |  |
|  Municipal Bond or Agency Abbreviations: | Municipal Bond or Agency Abbreviations: |  |  |  |  |
| AGM | Assured Guaranty Municipal | FHA | Federal Housing Administration | PSF | Public School Fund |
| CR | Custodial Receipts | NPFGC | National Public Finance Guarantee Corp. |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | CMBS | Collateralized Mortgage-Backed Security | PIK | Payment-in-Kind |
| ALT | Alternate Loan Trust | DAC | Designated Activity Company | REIT | Real Estate Investment Trust |
| BABs | Build America Bonds | EBITDA | Earnings before Interest, Taxes, Depreciation and Amoritization | REMIC | Real Estate Mortgage Investment Conduit |
| BBR | Bank Bill Rate | EURIBOR | Euro Interbank Offered Rate | TBA | To-Be-Announced |
| BBSW | Bank Bill Swap Reference Rate | Lunar | Monthly payment based on 28-day periods. One year consists of 13 periods. | TBD | To-Be-Determined |
| BRL-CDI | Brazil Interbank Deposit Rate | MSCI | Morgan Stanley Capital International | TBD% | Interest rate to be determined when loan settles or at the time of funding |
| CHILIBOR | Chile Interbank Offered Rate | OIS | Overnight Index Swap | TIIE | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |
| CLO | Collateralized Loan Obligation |  |  |  |  |

---

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| | |
|:---|:---|
| **242** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Portfolios estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended March 31, 2026 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  <br> **PIMCO ABS and Short-Term Investments Portfolio** | <br> **PIMCO ABS and Short-Term Investments Portfolio** | <br> **PIMCO ABS and Short-Term Investments Portfolio** | <br> **PIMCO ABS and Short-Term Investments Portfolio** | <br> **PIMCO ABS and Short-Term Investments Portfolio** |
| **Single Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2025 | $0.3103 | $0.0000 | $0.0000 | $0.3103 |
|  March 2026 | $0.0405 | $0.0000 | $0.0000 | $0.0405 |
|  <br> **PIMCO EM Bond and Short-Term Investments Portfolio** | <br> **PIMCO EM Bond and Short-Term Investments Portfolio** | <br> **PIMCO EM Bond and Short-Term Investments Portfolio** | <br> **PIMCO EM Bond and Short-Term Investments Portfolio** | <br> **PIMCO EM Bond and Short-Term Investments Portfolio** |
| **Single Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2025 | $0.2613 | $0.0000 | $0.0000 | $0.2613 |
|  March 2026 | $0.3029 | $0.0000 | $0.0000 | $0.3029 |
|  <br> **PIMCO High Yield and Short-Term Investments Portfolio** | <br> **PIMCO High Yield and Short-Term Investments Portfolio** | <br> **PIMCO High Yield and Short-Term Investments Portfolio** | <br> **PIMCO High Yield and Short-Term Investments Portfolio** | <br> **PIMCO High Yield and Short-Term Investments Portfolio** |
| **Single Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2025 | $0.1879 | $0.0000 | $0.0000 | $0.1879 |
|  March 2026 | $0.1475 | $0.0000 | $0.0000 | $0.1475 |
|  <br> **PIMCO Investment Grade Credit Bond Portfolio** | <br> **PIMCO Investment Grade Credit Bond Portfolio** | <br> **PIMCO Investment Grade Credit Bond Portfolio** | <br> **PIMCO Investment Grade Credit Bond Portfolio** | <br> **PIMCO Investment Grade Credit Bond Portfolio** |
| **Single Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2025 | $0.2398 | $0.0000 | $0.0000 | $0.2398 |
|  March 2026 | $0.0082 | $0.0000 | $0.0000 | $0.0082 |
|  <br> **PIMCO Long Duration Credit Bond Portfolio** | <br> **PIMCO Long Duration Credit Bond Portfolio** | <br> **PIMCO Long Duration Credit Bond Portfolio** | <br> **PIMCO Long Duration Credit Bond Portfolio** | <br> **PIMCO Long Duration Credit Bond Portfolio** |
| **Single Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2025 | $0.2105 | $0.0000 | $0.0000 | $0.2105 |
|  March 2026 | $0.0588 | $0.0000 | $0.0000 | $0.0588 |
|  <br> **PIMCO Low Duration Portfolio** | <br> **PIMCO Low Duration Portfolio** | <br> **PIMCO Low Duration Portfolio** | <br> **PIMCO Low Duration Portfolio** | <br> **PIMCO Low Duration Portfolio** |
| **Single Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2025 | $0.1952 | $0.0000 | $0.0000 | $0.1952 |
|  March 2026 | $0.0487 | $0.0000 | $0.0000 | $0.0487 |
|  <br> **PIMCO Moderate Duration Portfolio** | <br> **PIMCO Moderate Duration Portfolio** | <br> **PIMCO Moderate Duration Portfolio** | <br> **PIMCO Moderate Duration Portfolio** | <br> **PIMCO Moderate Duration Portfolio** |
| **Single Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2025 | $0.1939 | $0.0000 | $0.0000 | $0.1939 |
|  March 2026 | $0.0375 | $0.0000 | $0.0000 | $0.0375 |

---

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **243** |

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Distribution Information (Cont.)

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| | | | | |
|:---|:---|:---|:---|:---|
|  **PIMCO Mortgage and Short-Term Investments Portfolio** | **PIMCO Mortgage and Short-Term Investments Portfolio** | **PIMCO Mortgage and Short-Term Investments Portfolio** | **PIMCO Mortgage and Short-Term Investments Portfolio** | **PIMCO Mortgage and Short-Term Investments Portfolio** |
| **Single Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2025 | $0.1335 | $0.0000 | $0.0000 | $0.1335 |
|  March 2026 | $0.0495 | $0.0000 | $0.0000 | $0.0495 |
|  **PIMCO Municipal Portfolio** | **PIMCO Municipal Portfolio** | **PIMCO Municipal Portfolio** | **PIMCO Municipal Portfolio** |  |
| **Single Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2025 | $0.0895 | $0.0000 | $0.0000 | $0.0895 |
|  March 2026 | $0.0583 | $0.0000 | $0.0000 | $0.0583 |
|  **PIMCO Real Return Portfolio** | **PIMCO Real Return Portfolio** | **PIMCO Real Return Portfolio** | **PIMCO Real Return Portfolio** |  |
| **Single Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2025 | $0.1953 | $0.0000 | $0.0000 | $0.1953 |
|  March 2026 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  **PIMCO Sector Fund Series – AM** | **PIMCO Sector Fund Series – AM** | **PIMCO Sector Fund Series – AM** | **PIMCO Sector Fund Series – AM** |  |
| **Single Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2025 | $0.2342 | $0.0000 | $0.0000 | $0.2342 |
|  March 2026 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  **PIMCO Sector Fund Series – H** | **PIMCO Sector Fund Series – H** | **PIMCO Sector Fund Series – H** | **PIMCO Sector Fund Series – H** |  |
| **Single Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2025 | $0.2721 | $0.0000 | $0.0000 | $0.2721 |
|  March 2026 | $0.0371 | $0.0000 | $0.0000 | $0.0371 |
|  **PIMCO Sector Fund Series – I** | **PIMCO Sector Fund Series – I** | **PIMCO Sector Fund Series – I** | **PIMCO Sector Fund Series – I** |  |
| **Single Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2025 | $0.2454 | $0.0000 | $0.0000 | $0.2454 |
|  March 2026 | $0.0476 | $0.0000 | $0.0000 | $0.0476 |
|  **PIMCO Short-Term Portfolio** |  |  |  |  |
| **Single Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2025 | $0.1509 | $0.0000 | $0.0000 | $0.1509 |
|  March 2026 | $0.1277 | $0.0000 | $0.0000 | $0.1277 |

---

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| | |
|:---|:---|
| **244** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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------

(Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
|  **PIMCO Short-Term Floating NAV Portfolio II** | **PIMCO Short-Term Floating NAV Portfolio II** | **PIMCO Short-Term Floating NAV Portfolio II** |  |  |
| **Single Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2025 | $0.0382 | $0.0000 | $0.0000 | $0.0382 |
|  November 2025 | $0.0313 | $0.0000 | $0.0000 | $0.0313 |
|  December 2025 | $0.0342 | $0.0000 | $0.0000 | $0.0342 |
|  January 2026 | $0.0320 | $0.0000 | $0.0000 | $0.0320 |
|  February 2026 | $0.0288 | $0.0000 | $0.0000 | $0.0288 |
|  March 2026 | $0.0307 | $0.0000 | $0.0000 | $0.0307 |
|  **PIMCO U.S. Government and Short-Term Investments Portfolio** | **PIMCO U.S. Government and Short-Term Investments Portfolio** | **PIMCO U.S. Government and Short-Term Investments Portfolio** |  |  |
| **Single Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2025 | $0.1268 | $0.0000 | $0.0000 | $0.1268 |
|  March 2026 | $0.0207 | $0.0000 | $0.0000 | $0.0207 |
|  **PIMCO International Portfolio** | **PIMCO International Portfolio** | **PIMCO International Portfolio** |  |  |
| **Single Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2025 | $0.2019 | $0.0000 | $0.0000 | $0.2019 |
|  March 2026 | $0.1195 | $0.0000 | $0.0000 | $0.1195 |
|  **PIMCO Short Asset Portfolio** | **PIMCO Short Asset Portfolio** | **PIMCO Short Asset Portfolio** |  |  |
| **Single Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2025 | $0.0413 | $0.0000 | $0.0009 | $0.0422 |
|  November 2025 | $0.0347 | $0.0000 | $0.0006 | $0.0353 |
|  December 2025 | $0.0382 | $0.0000 | $0.0007 | $0.0389 |
|  January 2026 | $0.0343 | $0.0000 | $0.0009 | $0.0352 |
|  February 2026 | $0.0307 | $0.0000 | $0.0006 | $0.0313 |
|  March 2026 | $0.0341 | $0.0000 | $0.0005 | $0.0346 |
|  **PIMCO Short-Term Floating NAV Portfolio III** | **PIMCO Short-Term Floating NAV Portfolio III** | **PIMCO Short-Term Floating NAV Portfolio III** |  |  |
| **Single Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2025 | $0.0370 | $0.0000 | $0.0002 | $0.0372 |
|  November 2025 | $0.0304 | $0.0000 | $0.0001 | $0.0305 |
|  December 2025 | $0.0322 | $0.0000 | $0.0014 | $0.0336 |
|  January 2026 | $0.0307 | $0.0000 | $0.0009 | $0.0316 |
|  February 2026 | $0.0280 | $0.0000 | $0.0008 | $0.0288 |
|  March 2026 | $0.0298 | $0.0000 | $0.0007 | $0.0305 |

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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 Portfolios 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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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **245** |

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Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Portfolios' fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolios' fiscal 2026 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended March 31, 2026 was designated as ''qualified dividend income'' as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2026.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2026 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended March 31, 2026 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Portfolios intend to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b).

Section 199A Dividends. The Portfolios intend to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Dividend<br>Received<br>Deduction% | Qualified<br>Dividend<br>Income% | Qualified<br>Interest<br>Income<br>(000s)<sup>†</sup> | Qualified<br>Short-Term<br>Capital Gains<br>(000s)<sup>†</sup> |
|  PIMCO ABS and Short-Term Investments Portfolio | 0.00% | 0.00% | $449133 | $0 |
|  PIMCO EM Bond and Short-Term Investments Portfolio | 0.00% | 4.12% | 3171 | 0 |
|  PIMCO High Yield and Short-Term Investments Portfolio | 0.00% | 2.29% | 13950 | 0 |
|  PIMCO Investment Grade Credit Bond Portfolio | 5.18% | 6.92% | 119009 | 0 |
|  PIMCO Long Duration Credit Bond Portfolio | 2.53% | 4.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445118 | 0 |
|  PIMCO Low Duration Portfolio | 0.00% | 0.00% | 92347 | 0 |
|  PIMCO Moderate Duration Portfolio | 0.00% | 0.00% | 162522 | 0 |
|  PIMCO Mortgage and Short-Term Investments Portfolio | 0.00% | 0.00% | 52372 | 0 |
|  PIMCO Municipal Portfolio | 0.00% | 0.00% | 5251 | 0 |
|  PIMCO Real Return Portfolio | 0.00% | 0.00% | 22501 | 0 |
|  PIMCO Sector Fund Series - AM | 0.00% | 0.00% | 2518 | 0 |
|  PIMCO Sector Fund Series - H | 0.00% | 0.00% | 4139 | 56 |
|  PIMCO Sector Fund Series - I | 1.64% | 2.92% | 157025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17352 |
|  PIMCO Short-Term Portfolio | 0.00% | 0.00% | 11501 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio II | 0.00% | 0.00% | 422342 | 765 |
|  PIMCO U.S. Government and Short-Term Investments Portfolio | 0.00% | 0.00% | 45525 | 0 |
|  PIMCO International Portfolio | 0.00% | 0.00% | 9975 | 0 |
|  PIMCO Short Asset Portfolio | 0.00% | 0.00% | 131538 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 0.00% | 0.00% | 953456 | 0 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2027, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2026.

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| | |
|:---|:---|
| **246** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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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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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **247** |

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Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

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| | |
|:---|:---|
| **248** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

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Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **249** |

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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 Portfolios listed on the Report cover.

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![LOGO](g121208g75h91.jpg)

PAPSFUNDSFSTMAR_033126

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**Item 8.** **Changes In and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

The information required by this Item 8 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

The information required by this Item 9 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

The information required by this Item 10 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

The information required by this Item 11 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

------

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable to open-end investment companies.

**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

There have been no material changes to the procedures by which shareholders may recommend nominees to the Trust's Board of Trustees since the Trust last provided disclosure in response to this item.

**Item 16.** **Controls and Procedures.** <br>

(a) The principal executive officer and principal financial & accounting officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) provide reasonable assurances that material information relating to the Registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities For Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

(a) Not applicable.

(b) Not applicable.

**Item 19.** **Exhibits.** <br>

---

| | |
|:---|:---|
|  (a)(1) | [Exhibit 99.CODE—Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.](d108372dex99codeeth.htm) |
|  (a)(2) | Not applicable for open-end investment companies. |
|  (a)(3) | [Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](d108372dex99cert.htm) |
|  (a)(4) | Not applicable to the Registrant. |
|  (a)(5) | There was no change in the Registrant's independent public accountant for the period covered by the report. |
| (b) | [Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](d108372dex99906cert.htm) |

---

------

#### Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| PIMCO Funds | PIMCO Funds |
| By: | /s/ Joshua D. Ratner<br>|
|  | Joshua D. Ratner |
|  | President (Principal Executive Officer) |
| Date: June 1, 2026 | Date: June 1, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Joshua D. Ratner<br>|
|  | Joshua D. Ratner |
|  | President (Principal Executive Officer) |
| Date: June 1, 2026 | Date: June 1, 2026 |
| By: | /s/ Bijal Y. Parikh<br>|
|  | Bijal Y. Parikh |
|  | Treasurer (Principal Financial & Accounting Officer) |
| Date: June 1, 2026 | Date: June 1, 2026 |

---

## Ex-99.Code

**<u>Code of Ethics Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for Principal</u>** 

**<u>Executive and Senior Financial Officers</u>** 

**PIMCO Funds** 

**PIMCO Variable Insurance Trust ("PVIT")** 

**PIMCO ETF Trust ("ETF")** 

**PIMCO Equity Series ("PES")** 

**PIMCO Equity Series VIT ("PESVIT")** 

**PIMCO Managed Accounts Trust** 

**PIMCO Sponsored Closed-End Funds** 

**PIMCO Sponsored Interval Funds** 

**PIMCO Capital Solutions BDC Corp.<sup>1</sup>** 

**I. Covered Officers/Purpose of the Code** 

This Code of Ethics (this "Code") pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 has been adopted by the Funds and, except as provided in Section VI below, applies to each Fund's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (the "Covered Persons"). Each Covered Person is identified in <u>Exhibit A</u>.)

This Code has been adopted for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a Fund files with, or
submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Person should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to conflicts of interest or the appearance thereof.

<sup>1</sup> The listed entities which are open-end investment companies are known as the "Trusts," the listed entities which are publicly-traded closed-end investment companies are known as the "Closed-End Funds," the listed entities which are closed-end investment companies operating as "interval" funds pursuant to Rule 23c-3 under the 1940 Act are known as the "Interval Funds", and the listed entities which are business development companies are known as the "BDCs." The Trusts' respective series, the Closed-End Funds, the Interval Funds and the BDC are referred to herein as the "Funds." References to "Trustees" include Directors, as applicable.

------

Sarbanes-Oxley Code of Ethics

**II. Covered Persons Should Handle Ethically Any Actual or Apparent Conflicts of Interest** 

**Overview**. A "conflict of interest" occurs when a Covered Person's private interest interferes with the interests of, or his service to, the relevant Fund. For example, a conflict of interest would arise if a Covered Person, or a member of the Covered Person's family, receives improper personal benefits as a result of the Covered Person's position with the relevant Fund.

Certain conflicts of interest arise out of the relationships between Covered Persons and the relevant Fund and already are subject to conflict of interest provisions and procedures in the Investment Company Act of 1940, as amended (including the regulations thereunder, the "1940 Act") and the Investment Advisers Act of 1940, as amended (including the regulations thereunder, the "Investment Advisers Act") and other applicable laws. Indeed, conflicts of interest are endemic for registered management investment companies and those conflicts are both substantially and procedurally dealt with under the 1940 Act. For example, Covered Persons may not engage in certain transactions with a Fund because of their status as "affiliated persons" of such Fund. The compliance program of each Fund and the compliance programs of its investment adviser, principal underwriter (with respect to the Trusts) and administrator (each a "PIMCO-Affiliated Service Provider" and, collectively, the "PIMCO-Affiliated Service Providers"<sup>2</sup>) are reasonably designed to prevent, or identify and correct, violations of many of those provisions, although they are not designed to provide absolute assurance as to those matters. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. *See also* Section V of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Fund and its applicable PIMCO-Affiliated Service Providers of which the Covered Persons are also officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether for the Funds or for a PIMCO-Affiliated Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the PIMCO-Affiliated Service Providers and the Funds. The participation of the Covered Persons in such activities is inherent in the contractual relationships between the Funds and their applicable PIMCO-Affiliated Service Providers and is consistent with the performance by the Covered Persons of their duties as officers of the relevant Fund. Thus, if performed in conformity with the provisions of the 1940 Act, the Investment Advisers Act, other applicable law and the relevant Fund's constitutional documents, such activities will be deemed to have been handled ethically. Frequently, the 1940 Act establishes, as a mechanism for dealing with conflicts, requirements that such potential conflicts be disclosed to and approved by the Trustees of a Fund who are not "interested persons" of such Fund under the 1940 Act. In addition, it is recognized by each Fund's Board of Trustees that the Covered Persons may also be officers or employees of one or more other investment companies covered by this or other codes and that such service, by itself, does not give rise to a conflict of interest.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not the subject of provisions of the 1940 Act and the Investment Advisers Act. The following list provides

<sup>2</sup> Each PIMCO-Affiliated Service Provider is identified in <u>Exhibit B.</u>

------

Sarbanes-Oxley Code of Ethics

examples of conflicts of interest under the Code, but Covered Persons should bear in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of the relevant Fund, unless the personal interest is disclosed to and reviewed by other officers of such Fund or such Fund's Chief Compliance Officer ("CCO").

\* \* \* \*

Each Covered Person must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his personal influence or personal relationships to improperly influence investment decisions or financial
reporting by the relevant Fund whereby the Covered Person would benefit personally to the detriment of such Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause the relevant Fund to take action, or fail to take action, for the individual personal benefit of the
Covered Person rather than the benefit of such Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• retaliate against any other Covered Person or any employee of the Funds or their PIMCO-Affiliated Service
Providers for reports of potential violations that are made in good faith.

There are some conflict of interest situations that should always be submitted for review by the President of the relevant Fund (or, with respect to activities of the President, by the Chairman of the relevant Fund or, if the same person holds the titles of President and Chairman, by the Fund's CCO). These conflict of interest situations are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service on the board of directors or governing board of a publicly traded entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• knowing acceptance of any investment opportunity or of any material gift or gratuity from any person or entity
that does business, or desires to do business, with the relevant Fund. For these purposes, material gifts do <u>not</u> include (i) gifts from a single giver so long as their aggregate annual value does not exceed the equivalent of $100.00;
(ii) attending business meals, business related conferences, sporting events and other entertainment events at the expense of a giver, so long as the expense is reasonable <sup>3</sup> and both the Covered
Person and the giver are present <sup>4</sup> ; or (iii) gifts or meals/conferences/events received from the Covered Person's employer;

<sup>3</sup> Whether an entertainment expense is "reasonable" will vary depending on the circumstances. For example, under proposed FINRA (NASD) guidance (Proposed IM 3060, SEC Release No. 34-55765, May 15, 2007), generally, a business entertainment event that is so lavish or extensive in nature that an attendee would likely feel compelled to direct business to the sponsor of the event, or a business entertainment event that is intended or designed to cause, or would be reasonably judged to have the likely effect of causing the attendee to act in a manner that is inconsistent with the best interests of a Fund would be unreasonable *per se*.

<sup>4</sup> In the event a Covered Person is a registered representative of the Funds' principal underwriter, the aggregate annual gift value froma single giver shall not exceed $100.00 as required by the rules of FINRA. However, PIMCO

------

Sarbanes-Oxley Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any entities doing business with
the relevant Fund, other than a PIMCO-Affiliated Service Provider or an affiliate of a PIMCO-Affiliated Service Provider.<sup>5</sup> This restriction shall not apply to or otherwise limit the ownership of
publicly traded securities of such entities doing business with the relevant Fund so long as the Covered Person's ownership does not exceed more than 2% of the outstanding securities of the relevant class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• knowingly have a direct or indirect financial interest in commissions, transaction charges or spreads paid by
the relevant Fund for effecting portfolio transactions or for selling or redeeming shares of a Fund other than an interest arising from the Covered Person's employment. This restriction shall not apply to or otherwise limit the direct or
indirect ownership of publicly traded securities of any such company so long as the Covered Person's ownership does not exceed more than 2% of the particular class of security outstanding.

**III. Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Covered Person should knowingly misrepresent, or cause others to misrepresent, facts about the relevant
Fund to others, whether within or outside such Fund, including to such Fund's Board of Trustees and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Person should, to the extent appropriate within his area of responsibility, consult with other
officers and employees of the Funds, applicable PIMCO Affiliated Service Providers, other service providers, or with counsel to the Funds with the goal of promoting full, fair, accurate, timely and understandable disclosure in the registration
statements or periodic reports that the Funds file with, or submit to, the SEC (which, for sake of clarity, does not include any sales literature, omitting prospectuses, or "tombstone" advertising prepared by the relevant Fund's
principal underwriter(s)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is the responsibility of each Covered Person to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

employees and PIMCO Investments LLC registered representatives are subject to the respective firm's internal policies on accepting gifts and entertainment and must abide by the limitations imposed by such policies.

<sup>5</sup> For purposes of the Code, an "affiliate" of a Service Provider is (a) any natural person or entity directly or indirectly owning, controlling, or holding with power to vote, 5% or more of the outstanding voting securities of the Service Provider; (b) any natural person or entity 5% or more of whose outstanding voting securities are directly or indirectly owned by, controlled, or held with power to vote, by the Service Provider; (c) any person directly or indirectly controlling, controlled by, or under common control with, the Service Provider; or (d) any officer, director, partner, copartner, or employee of the Service Provider.

------

Sarbanes-Oxley Code of Ethics

**IV. Reporting and Accountability** 

Each Covered Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Person), affirm in writing to
the relevant Fund that he has received, read, and understood the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the relevant Fund that he has complied with the requirements of the Code by
completing the Annual Certification of Compliance attached hereto as <u>Exhibit C</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide full and fair responses to all questions asked in any Trustee and Officer Questionnaire provided by
the relevant Fund as well as with respect to any supplemental request for information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the President of the relevant Fund promptly if he or she is convinced to a moral certainty that there
has been a material violation of this Code (with respect to violations by a President, the Covered Person shall report to the Chairman of the relevant Fund or, if the same person holds the titles of President and Chairman, to the Fund's CCO).

The President of each Fund is responsible for applying this Code to specific situations in which questions are presented under it and, in consultation with the Fund's CCO, has the authority to interpret this Code in any particular situation. However, any reviews sought by the President will be considered by the Chairman of the relevant Fund or, if the same person holds the titles of President and Chairman, by the Fund's CCO.

The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the President will take all appropriate action to investigate any potential material violations reported to
him, which actions may include the use of internal or external counsel, accountants or other personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the President believes that no material violation has occurred, the President is
not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the President believes is a material violation will be reported to the applicable Fund's
CCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the CCO concurs that a material violation has occurred, it will inform and make a recommendation to the
Fund's Board of Trustees, which will consider appropriate action, which may include review of, and appropriate modifications to applicable policies and procedures; notification to appropriate personnel of a PIMCO-Affiliated Service Provider or
its board; or a recommendation to dismiss the Covered Person; and

A Fund's CCO or Board of Trustees may grant waivers under this Code, as each deems appropriate.

------

Sarbanes-Oxley Code of Ethics

**V. Public Disclosure of Changes and Waivers** 

Any changes to this Code will, to the extent required by the SEC's rules, be disclosed on the Fund's website or in the Fund's N-CSR. Any waivers under this Code relating to a Covered Person will, to the extent required by the SEC's rules, be disclosed on the Fund's website or in the Fund's N-CSR.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds or the Funds' PIMCO-Affiliated Service Providers govern or purport to govern the behavior or activities of the Covered Persons who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Funds' and their PIMCO-Affiliated Service Providers' codes of ethics under Rule 17j-1 under the 1940 Act and the PIMCO-Affiliated Service Providers' more detailed compliance policies and procedures are separate requirements applying to the Covered Persons and others, and are not part of this Code.

This Code will not be interpreted or applied in any manner that would violate the legal rights of any Covered Person as an employee under applicable law. For example, nothing in this Code or the Exhibits attached hereto prohibits or in any way restricts any Covered Person from reporting possible violations of law or regulation to, otherwise communicating directly with, cooperating with or providing information to any governmental or regulatory body or any self-regulatory organization or making other disclosures that are protected under applicable law or regulations of the SEC or any other governmental or regulatory body or self-regulatory organization. A Covered Person does not need prior authorization of PIMCO, a Fund or a PIMCO-Affiliated Service Provider before taking any such action and is not required to inform PIMCO, a Fund or a PIMCO-Affiliated Service Provider if he or she chooses to take such action.

**VII. Amendments** 

Any material amendments to this Code must be approved or ratified by a majority vote of the Board of Trustees.

**VIII. Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone except as permitted by the Board of Trustees.

**IX. Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

------

Sarbanes-Oxley Code of Ethics

**History of Amendments** 

<u>History of adoptions and amendments:</u> 

---

| | |
|:---|:---|
| Adopted: | September 29, 2004 |
| Effective: | October 5, 2004 |
| Amended: | April 1, 2005 |
| Amended: | May 24, 2005 |
| Amended: | February 24, 2009 (added ETF) |
| Amended: | March 31, 2009 |
| Amended: | August 11, 2009 |
| Amended: | March 30, 2010 (added PES and PESVIT) |
| Amended: | March 1, 2011 |
| Amended: | February 27, 2013 |
| Amended: | November 7, 2013 (non-material changes) |
| Amended: | February 26, 2014 (non-material changes) |
| Amended: | August 14, 2014 (added PIMCO Managed Accounts Trust and PIMCO Sponsored Closed-End Funds) |
| Amended: | January 17, 2015 |
| Amended: | December 14, 2016 (added PIMCO Sponsored Interval Funds) |
| Amended: | February 15, 2017 (Open-End Funds Boards); March 23, 2017 (Approved by PIMCO Managed Accounts Trust, PIMO Sponsored Closed-End Funds and PIMCO Sponsored Interval Funds) |
| Amended: | May 28, 2019 (updated Exhibit A for PIMCO Managed Accounts Trust, PIMO Sponsored Closed-End Funds and PIMCO Sponsored Interval Funds) |
| Amended: | June 15, 2019 (updated Exhibit A for OEF/ETF) |
| Amended: | January 1, 2021 (updated PFO/PAO in Exhibit A) |
| Amended: | June 22, 2022 (added Boards of Real Estate/Private Credit Funds) |
| Amended: | February 14, 2024 (Open-End Funds Boards); February 28, 2024 (Boards of Real Estate/Private Credit Funds); March 14, 2024 (PIMCO Managed Accounts Trust and PIMCO Sponsored Interval Funds Boards) (Updated Exhibit A) |

---

------

**Exhibit A** 

<u>Persons Covered by this Code of Ethics</u> 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Trust**<br>| **Principal Executive**<br> **Officer**<br>| **Principal Financial**<br> **Officer**<br>| **Principal Accounting<br>Officer**<br>|
| &nbsp;&nbsp;&nbsp;PIMCO Funds | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PVIT | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;ETF | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PES | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PESVIT | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Managed Accounts Trust | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Sponsored Closed-End Funds | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Sponsored Interval Funds | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Sponsored BDCs | John W. Lane | Crystal Porter | Crystal Porter |

---

Note that a listed officer is only a "Covered Person" of the Fund(s) for which he or she serves as a Principal Executive Officer, Principal Financial Officer or Principal Accounting Officer.

------

**Exhibit B** 

<u>PIMCO-Affiliated Service Providers</u>\*

---

| | |
|:---|:---|
| &nbsp;&nbsp; Investment Adviser<br>| Pacific Investment Management Company LLC ("PIMCO")<br>|
| &nbsp;&nbsp; Principal<br> Underwriter\*\* | PIMCO Investments LLC<br>|
| &nbsp;&nbsp; Administrator\*\*\*<br>| PIMCO<br>|

---

\* None of the PIMCO-Affiliated Service Providers are publicly traded companies.

\*\* PIMCO Investments LLC does not serve as the principal underwriter for the Closed-End Funds or the BDC.

\*\*\* Each Fund retains PIMCO to provide administrative services, either under separate administration agreements or under their advisory or management agreements.

------

**Exhibit C** 

ANNUAL CERTIFICATION OF COMPLIANCE

I hereby certify that I have complied with the requirements of the Code of Ethics Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for Principal Executive and Senior Financial Officers (the "Code") for the year ended December 31,<u> </u>. I also agree to cooperate fully with any investigation or inquiry as to whether a possible violation of the foregoing Code has occurred.

Date: <br> Signature

## Ex-99.Cert

**Exhibit 99.CERT** 

**<u>Certification Under Rule 30a-2(a)</u>**

**CERTIFICATION** 

I, Joshua D. Ratner, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of PIMCO Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and
have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
|  Date: | June 1, 2026<br>|
|  Signature: | /s/ Joshua D. Ratner<br>|
|  Title: | President (Principal Executive Officer)<br>|

---

------

**Exhibit 99.CERT** 

**<u>Certification Under Rule 30a-2(a)</u>**

**CERTIFICATION** 

I, Bijal Y. Parikh, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of PIMCO 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.

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| | |
|:---|:---|
|  Date: | June 1, 2026<br>|
|  Signature: | /s/ Bijal Y. Parikh<br>|
|  Title: | Treasurer (Principal Financial & Accounting Officer)<br>|

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## 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:<br>| /s/ Joshua D. Ratner<br>| By:<br>| /s/ Bijal Y. Parikh<br>|
| Name:<br>| Joshua D. Ratner<br>| Name:<br>| Bijal Y. Parikh<br>|
| Title:<br>| President (Principal Executive Officer)<br>| Title:<br>| Treasurer (Principal Financial & Accounting Officer)<br>|
| Date:<br>| June 1, 2026<br>| Date:<br>| June 1, 2026<br>|

---

**A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.** 

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report.