# EDGAR Filing Document

**Accession Number:** 0000810893
**File Stem:** 0001193125-26-251140
**Filing Date:** 2026-6
**Character Count:** 4524285
**Document Hash:** bf804b2fcdefbdc559017ed7cc1fb176
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-251140.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0001193125-26-251140

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 91

**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:** 261050053

**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 Low Duration Income Fund (Series ID: S000009677)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000026511 | Institutional  | PFIIX           |
| C000026512 | Administrative | PFTAX           |
| C000026513 | A              | PFIAX           |
| C000026514 | C              | PFNCX           |
| C000064131 | I-2            | PFTPX           |
| C000200437 | I-3            | PFNIX           |
| C000222832 | Class C-2      | PLDCX           |

### PIMCO High Yield Fund (Series ID: S000009685)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000026546 | Institutional  | PHIYX           |
| C000026547 | Administrative | PHYAX           |
| C000026548 | A              | PHDAX           |
| C000026550 | C              | PHDCX           |
| C000026552 | R              | PHYRX           |
| C000064138 | I-2            | PHLPX           |
| C000200441 | I-3            | PHNNX           |

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

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

### PIMCO Diversified Income Fund (Series ID: S000009714)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000026672 | Institutional  | PDIIX           |
| C000026673 | Administrative | PDAAX           |
| C000026674 | A              | PDVAX           |
| C000026676 | C              | PDICX           |
| C000064160 | I-2            | PDVPX           |
| C000200455 | I-3            | PDNIX           |

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

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

### PIMCO Long-Term Credit Bond Fund (Series ID: S000025202)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000075114 | Institutional | PTCIX           |
| C000075116 | I-2           | PLCPX           |

### PIMCO High Yield Spectrum Fund (Series ID: S000029813)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000091648 | Institutional Class | PHSIX           |
| C000091649 | I-2                 | PHSPX           |
| C000091652 | Class A             | PHSAX           |
| C000091653 | Class C             | PHSCX           |
| C000200463 | I-3                 | PHFNX           |

### PIMCO Low Duration Credit Fund (Series ID: S000031641)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000098425 | Institutional Class | PSRIX           |
| C000098426 | I-2                 | PSRPX           |
| C000098429 | Class A             | PSRZX           |
| C000098430 | Class C             | PSRWX           |

### PIMCO Credit Opportunities Bond Fund (Series ID: S000033596)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000103220 | Institutional | PCARX           |
| C000103221 | I-2           | PPCRX           |
| C000103224 | Class A       | PZCRX           |
| C000103225 | Class C       | PCCRX           |

### PIMCO Preferred and Capital Securities Fund (Series ID: S000048447)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000152873 | Institutional Class | PFINX           |
| C000152874 | I-2                 | PFPNX           |
| C000152877 | Class A             | PFANX           |
| C000152878 | Class C             | PFCJX           |
| C000200467 | I-3                 | PFNNX           |

### PIMCO ESG Income Fund (Series ID: S000069193)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000221062 | Class C       | PEGBX           |
| C000221063 | Class A       | PEGAX           |
| C000221064 | Institutional | PEGIX           |
| C000221065 | I-2           | PEGPX           |
| C000221066 | I-3           | PEGQX           |

### PIMCO All Asset: Multi-Real Fund (Series ID: S000069546)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000221899 | PIMCO All Asset: Multi-Real Fund |  |

### PIMCO All Asset: Multi-RAE PLUS Fund (Series ID: S000069547)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000221900 | PIMCO All Asset: Multi-RAE PLUS Fund |  |

### PIMCO All Authority: Multi-RAE PLUS Fund (Series ID: S000077182)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000237352 | PIMCO All Authority: Multi-RAE PLUS Fund |  |

?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, the immediately following companion submission (the "second companion submission") of the Certified Shareholder Report on Form N-CSR dated June 1, 2026 and the immediately following companion submission (the "third 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 "fourth 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, the Registrant's third companion submission and in the immediately following companion submission (the "fifth companion submission"). Apart from Items 1, 6 and 7, this submission is identical in all material respects to the initially filed submission, the first companion submission, the second companion submission and the third companion submission.

------

#### Item 1. Reports to Stockholders.
(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® Strategy Bond Fund Class A

• PIMCO Global Advantage® Strategy Bond Fund Institutional Class

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

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

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

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

• PIMCO International Bond Fund (Unhedged) Class A

• PIMCO International Bond Fund (Unhedged) Administrative Class

• PIMCO International Bond Fund (Unhedged) Class C

• PIMCO International Bond Fund (Unhedged) Institutional Class

• PIMCO International Bond Fund (Unhedged) I-2

• PIMCO International Bond Fund (Unhedged) I-3

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

• PIMCO RAE Fundamental Advantage PLUS Fund Class A

• PIMCO RAE Fundamental Advantage PLUS Fund Institutional Class

• PIMCO RAE PLUS EMG Fund Institutional Class

• PIMCO RAE PLUS EMG Fund I-2

• PIMCO RAE PLUS EMG Fund Class A

• PIMCO RAE PLUS EMG Fund Class C

• PIMCO RAE PLUS Fund Class A

• PIMCO RAE PLUS Fund Class C

• PIMCO RAE PLUS Fund Institutional Class

• PIMCO RAE PLUS Fund I-2

• PIMCO RAE PLUS Fund I-3

• PIMCO RAE PLUS International Fund Institutional Class

• PIMCO RAE PLUS International Fund Class A

• PIMCO RAE PLUS International Fund I-2

• PIMCO RAE PLUS Small Fund Institutional Class

• PIMCO RAE PLUS Small Fund Class A

• PIMCO RAE PLUS Small Fund Class C

• PIMCO RAE PLUS Small Fund I-2

• PIMCO RAE Worldwide Long/Short PLUS Fund Class A

• PIMCO RAE Worldwide Long/Short PLUS Fund Class C

------

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

• PIMCO RAE Worldwide Long/Short PLUS Fund Institutional Class

• PIMCO StocksPLUS® Absolute Return Fund Class A

• PIMCO StocksPLUS® Absolute Return Fund Class C

• PIMCO StocksPLUS® Absolute Return Fund Institutional Class

• PIMCO StocksPLUS® Absolute Return Fund I-2

• PIMCO StocksPLUS® Absolute Return Fund I-3

• PIMCO StocksPLUS® Fund Class A

• PIMCO StocksPLUS® Fund Class C

• PIMCO StocksPLUS® Fund Institutional Class

• PIMCO StocksPLUS® Fund I-2

• PIMCO StocksPLUS® Fund Class R

• PIMCO StocksPLUS® Fund I-3

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

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

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

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

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

• PIMCO StocksPLUS® International Fund (Unhedged) Class A

• PIMCO StocksPLUS® International Fund (Unhedged) Class C

• PIMCO StocksPLUS® International Fund (Unhedged) Institutional Class

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

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

• PIMCO StocksPLUS® Long Duration Fund Institutional Class

• PIMCO StocksPLUS® Short Fund Class A

• PIMCO StocksPLUS® Short Fund Class C

• PIMCO StocksPLUS® Short Fund Institutional Class

• PIMCO StocksPLUS® Short Fund I-2

• PIMCO StocksPLUS® Short Fund I-3

• PIMCO StocksPLUS® Small Fund Class A

• PIMCO StocksPLUS® Small Fund Class C

• PIMCO StocksPLUS® Small Fund Institutional Class

• PIMCO StocksPLUS® Small Fund I-2

• PIMCO StocksPLUS® Small Fund I-3

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 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

------

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

• PIMCO All Asset: Multi-RAE PLUS Fund

• PIMCO All Asset: Multi-Real Fund

• PIMCO All Authority: Multi-RAE PLUS Fund

• PIMCO Income Fund Class A

• PIMCO Income Fund Administrative Class

• PIMCO Income Fund Class C

• PIMCO Income Fund Institutional Class

• PIMCO Income Fund I-2

• PIMCO Income Fund Class R

• PIMCO Income Fund I-3

• PIMCO Total Return Fund Class A

• PIMCO Total Return Fund Administrative Class

• PIMCO Total Return Fund Class C

• PIMCO Total Return Fund Institutional Class

• PIMCO Total Return Fund I-2

• PIMCO Total Return Fund Class R

• PIMCO Total Return Fund I-3

• PIMCO Credit Opportunities Bond Fund Class A

• PIMCO Credit Opportunities Bond Fund Class C

• PIMCO Credit Opportunities Bond Fund Institutional Class

• PIMCO Credit Opportunities Bond Fund I-2

• PIMCO Diversified Income Fund Class A

• PIMCO Diversified Income Fund Administrative Class

• PIMCO Diversified Income Fund Class C

• PIMCO Diversified Income Fund Institutional Class

• PIMCO Diversified Income Fund I-2

• PIMCO Diversified Income Fund I-3

• PIMCO ESG Income Fund Class A

• PIMCO ESG Income Fund Class C

• PIMCO ESG Income Fund Institutional Class

• PIMCO ESG Income Fund I-2

• PIMCO ESG Income Fund I-3

• PIMCO High Yield Fund Class A

• PIMCO High Yield Fund Administrative Class

• PIMCO High Yield Fund Class C

• PIMCO High Yield Fund Institutional Class

• PIMCO High Yield Fund I-2

• PIMCO High Yield Fund Class R

• PIMCO High Yield Fund I-3

• PIMCO High Yield Spectrum Fund Class A

• PIMCO High Yield Spectrum Fund Class C

• PIMCO High Yield Spectrum Fund Institutional Class

• PIMCO High Yield Spectrum Fund I-2

• PIMCO High Yield Spectrum Fund I-3

• PIMCO Long-Term Credit Bond Fund Institutional Class

• PIMCO Long-Term Credit Bond Fund I-2

• PIMCO Low Duration Credit Fund Class A

• PIMCO Low Duration Credit Fund Class C

• PIMCO Low Duration Credit Fund Institutional Class

• PIMCO Low Duration Credit Fund I-2

• PIMCO Low Duration Income Fund Class A

• PIMCO Low Duration Income Fund Class C

• PIMCO Low Duration Income Fund Institutional Class

• PIMCO Low Duration Income Fund I-2

• PIMCO Low Duration Income Fund I-3

• PIMCO Low Duration Income Fund Class C-2

• PIMCO Preferred and Capital Securities Fund Class A

• PIMCO Preferred and Capital Securities Fund Class C

• PIMCO Preferred and Capital Securities Fund I-2

------

• PIMCO Preferred and Capital Securities Fund Institutional Class

• PIMCO Preferred and Capital Securities Fund I-3

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

• PIMCO Government Money Market Fund Class A

• PIMCO Government Money Market Fund Class C

• PIMCO Government Money Market Fund Class M

• PIMCO Government Money Market Fund I-2

• PIMCO Government Money Market Fund Institutional Class

• PIMCO Government Money Market Fund Administrative Class

• PIMCO Low Duration Fund Class A

• PIMCO Low Duration Fund Administrative Class

• PIMCO Low Duration Fund Class C

• PIMCO Low Duration Fund Institutional Class

• PIMCO Low Duration Fund I-2

• PIMCO Low Duration Fund Class R

• PIMCO Low Duration Fund I-3

• PIMCO Low Duration Fund Class C-2

• PIMCO Low Duration Fund II Administrative Class

• PIMCO Low Duration Fund II Institutional Class

• PIMCO Low Duration ESG Fund Institutional Class

• PIMCO Low Duration ESG Fund I-2

• PIMCO Short Asset Investment Fund Class A

• PIMCO Short Asset Investment Fund Administrative Class

• PIMCO Short Asset Investment Fund Institutional Class

• PIMCO Short Asset Investment Fund I-2

• PIMCO Short Asset Investment Fund Class M

• PIMCO Short Asset Investment Fund I-3

• PIMCO Short-Term Fund Class A

• PIMCO Short-Term Fund Administrative Class

• PIMCO Short-Term Fund Class C

• PIMCO Short-Term Fund Institutional Class

• PIMCO Short-Term Fund I-2

• PIMCO Short-Term Fund Class R

• PIMCO Short-Term Fund I-3

• PIMCO CommoditiesPLUS® Strategy Fund Class A

• PIMCO CommoditiesPLUS® Strategy Fund Class C

• PIMCO CommoditiesPLUS® Strategy Fund Institutional Class

• PIMCO CommoditiesPLUS® Strategy Fund I-2

• PIMCO CommoditiesPLUS® Strategy Fund I-3

• PIMCO CommodityRealReturnStrategy Fund® Class A

• PIMCO CommodityRealReturnStrategy Fund® Administrative Class

• PIMCO CommodityRealReturnStrategy Fund® Class C

• PIMCO CommodityRealReturnStrategy Fund® Institutional Class

• PIMCO CommodityRealReturnStrategy Fund® I-2

• PIMCO CommodityRealReturnStrategy Fund® Class R

• PIMCO CommodityRealReturnStrategy Fund® I-3

• PIMCO Inflation Response Multi-Asset Fund Class A

• PIMCO Inflation Response Multi-Asset Fund Institutional Class

• PIMCO Inflation Response Multi-Asset Fund I-2

• PIMCO Inflation Response Multi-Asset Fund I-3

• PIMCO Long-Term Real Return Fund Institutional Class

• PIMCO Long-Term Real Return Fund I-2

• PIMCO Real Return Fund Class A

• PIMCO Real Return Fund Administrative Class

• PIMCO Real Return Fund Class C

• PIMCO Real Return Fund Institutional Class

• PIMCO Real Return Fund I-2

• PIMCO Real Return Fund Class R

• PIMCO Real Return Fund I-3

------

• PIMCO RealEstateRealReturn Strategy Fund Class A

• PIMCO RealEstateRealReturn Strategy Fund Class C

• PIMCO RealEstateRealReturn Strategy Fund Institutional Class

• PIMCO RealEstateRealReturn Strategy Fund I-2

• PIMCO RealEstateRealReturn Strategy Fund I-3

• PIMCO TRENDS Managed Futures Strategy Fund I-3

• PIMCO TRENDS Managed Futures Strategy Fund Class C

• PIMCO TRENDS Managed Futures Strategy Fund Class A

• PIMCO TRENDS Managed Futures Strategy Fund Institutional Class

• PIMCO TRENDS Managed Futures Strategy Fund I-2

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

# PIMCO All Asset: Multi-RAE PLUS Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g69y83.jpg)

This annual shareholder report contains important information about the PIMCO All Asset: Multi-RAE PLUS Fund (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/PAPS**. 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)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO All Asset: Multi-RAE PLUS Fund | $120 | 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 U.S. large cap equities contributed to performance, as the value of these securities increased.

* Long exposure to developed ex-U.S. equities contributed to performance, as the value of these securities increased.

* Long exposure to U.S. small cap equities contributed to performance, as the value of these securities increased.

* Long exposure to emerging market equities contributed to performance, as the value of these securities increased.

* The Fund's bond alpha strategy detracted from returns. 

* Agency mortgage-backed securities ("MBS") contributed to performance, as spreads tightened.

* Securitized credit spread exposure, particularly through non-agency residential MBS, contributed to performance, as spreads tightened.

* British pound duration positioning detracted from performance, as interest rates rose on the intermediate and long end, with the Fund being long principally on the intermediate portion of the curve. This was offset, in part, by short allocations to the 30 year portion of the curve.

* Australian dollar duration positioning detracted from performance, as interest rates rose across the curve, with the Fund being long principally in the short and intermediate portion of the curve. This was offset, in part, by short allocations to the 30 year portion of the curve.

* There were no other material contributors or detractors for this Fund.

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the MSCI All Country World Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g14608g47y55.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO All Asset: Multi-RAE PLUS Fund** | **MSCI All Country World Index** | **MSCI All Country World Value Index** |
| **10/6/20** | $10000 | $10000 | $10000 |
| **10/31/20** | $9690 | $9677 | $9613 |
| **11/30/20** | $11070 | $10870 | $11029 |
| **12/31/20** | $11646 | $11375 | $11491 |
| **1/31/21** | $12057 | $11323 | $11401 |
| **2/28/21** | $12579 | $11585 | $11909 |
| **3/31/21** | $12959 | $11895 | $12509 |
| **4/30/21** | $13015 | $12415 | $12890 |
| **5/31/21** | $13529 | $12608 | $13285 |
| **6/30/21** | $13435 | $12774 | $13115 |
| **7/31/21** | $13109 | $12862 | $13104 |
| **8/31/21** | $13261 | $13184 | $13335 |
| **9/30/21** | $12985 | $12639 | $12933 |
| **10/31/21** | $13103 | $13285 | $13454 |
| **11/30/21** | $12416 | $12965 | $12938 |
| **12/31/21** | $13118 | $13483 | $13745 |
| **1/31/22** | $12829 | $12821 | $13579 |
| **2/28/22** | $12540 | $12490 | $13358 |
| **3/31/22** | $12480 | $12760 | $13614 |
| **4/30/22** | $11747 | $11739 | $12927 |
| **5/31/22** | $11903 | $11753 | $13178 |
| **6/30/22** | $10557 | $10762 | $12049 |
| **7/31/22** | $11050 | $11514 | $12527 |
| **8/31/22** | $10869 | $11090 | $12183 |
| **9/30/22** | $9691 | $10028 | $11126 |
| **10/31/22** | $10352 | $10633 | $12070 |
| **11/30/22** | $11278 | $11458 | $13015 |
| **12/31/22** | $11074 | $11007 | $12708 |
| **1/31/23** | $11927 | $11796 | $13335 |
| **2/28/23** | $11603 | $11458 | $12909 |
| **3/31/23** | $11591 | $11811 | $12865 |
| **4/30/23** | $11759 | $11981 | $13089 |
| **5/31/23** | $11398 | $11853 | $12527 |
| **6/30/23** | $12011 | $12541 | $13248 |
| **7/31/23** | $12673 | $13000 | $13795 |
| **8/31/23** | $12192 | $12637 | $13367 |
| **9/30/23** | $11921 | $12114 | $13015 |
| **10/31/23** | $11528 | $11750 | $12563 |
| **11/30/23** | $12167 | $12834 | $13482 |
| **12/31/23** | $12671 | $13451 | $14208 |
| **1/31/24** | $12684 | $13530 | $14188 |
| **2/29/24** | $12958 | $14110 | $14553 |
| **3/31/24** | $13251 | $14553 | $15182 |
| **4/30/24** | $13137 | $14073 | $14726 |
| **5/31/24** | $13491 | $14645 | $15161 |
| **6/30/24** | $13496 | $14971 | $15092 |
| **7/31/24** | $13796 | $15212 | $15749 |
| **8/31/24** | $13927 | $15599 | $16175 |
| **9/30/24** | $14228 | $15961 | $16515 |
| **10/31/24** | $13675 | $15603 | $16104 |
| **11/30/24** | $14309 | $16186 | $16607 |
| **12/31/24** | $13886 | $15803 | $15737 |
| **1/31/25** | $14298 | $16334 | $16399 |
| **2/28/25** | $14312 | $16235 | $16650 |
| **3/31/25** | $14252 | $15594 | $16487 |
| **4/30/25** | $14602 | $15739 | $16295 |
| **5/31/25** | $15314 | $16644 | $16810 |
| **6/30/25** | $15923 | $17391 | $17450 |
| **7/31/25** | $16023 | $17627 | $17544 |
| **8/31/25** | $16707 | $18063 | $18112 |
| **9/30/25** | $17075 | $18717 | $18519 |
| **10/31/25** | $17507 | $19136 | $18517 |
| **11/30/25** | $17781 | $19134 | $18843 |
| **12/31/25** | $18213 | $19333 | $19196 |
| **1/31/26** | $19411 | $19907 | $20186 |
| **2/28/26** | $20591 | $20162 | $20858 |
| **3/31/26** | $18636 | $18714 | $19420 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index Name** | **1 Year** | **5 Years** | **Since Inception 10/6/20** |
| PIMCO All Asset: Multi-RAE PLUS Fund | 30.76% | 7.54% | 12.03% |
| MSCI All Country World Index | 20.01% | 9.49% | 12.11% |
| MSCI All Country World Value Index | 17.79% | 9.20% | 12.87% |

---

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. Performance current to the most recent month-end can be obtained by calling **888.87.PIMCO (888.877.4626).**

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

---

| | |
|:---|:---|
| Total Net Assets | $1705482 |
| # of Portfolio Holdings | 2432 |
| Portfolio Turnover Rate | 904% |
| Total Net Advisory Fees Paid During the Reporting Period | $13003 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 102.4% |
| Asset-Backed Securities | 29.3% |
| Sovereign Issues | 11.9% |
| Non-Agency Mortgage-Backed Securities | 7.6% |
| Corporate Bonds & Notes | 5.3% |
| U.S. Treasury Obligations | 4.2% |
| Loan Participations and Assignments | 0.3% |
| Municipal Bonds & Notes | 0.1% |
| Short-Term Instruments | 38.4% |
| Affiliated Investments | 1.6% |
| Financial Derivative Instruments | 3.6% |
| Other Assets and Liabilities, Net | (104.7%) |
| Total | 100.0% |

---

---

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

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next 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 Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.07% as a result of higher expenses related to interest.

Changes to Principal Investment Strategies. Effective December 22, 2025, the Fund's principal investment strategies were modified to provide that the Fund may obtain equity exposure through a combination of derivatives, investment in equity-related underlying funds and/or common stocks. The Fund also added "Acquired Fund Risk" as a Principal Risk in connection with the strategy change.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g14608g36f74.jpg)

For additional information about the Fund, including the Fund'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 Fund, please visit: **www.pimco.com/tax.**![Image](g14608g49y83.jpg)

# PIMCO All Asset: Multi-RAE PLUS Fund
Annual Shareholder Report \|

March 31, 2026

PAPS2221TSRAR_033126

# PIMCO All Asset: Multi-Real Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g69y83.jpg)

This annual shareholder report contains important information about the PIMCO All Asset: Multi-Real Fund (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/PAPS**. 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)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO All Asset: Multi-Real Fund | $416 | 3.91% |

---

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

* Long exposure to commodities contributed to performance, as the value of these securities increased.

* Long exposure to real estate investment trusts contributed to performance, as the value of these securities increased.

* Long exposure to master limited partnerships contributed to performance, as the value of these securities increased.

* The Fund's structural bond alpha strategy detracted from performance over the reporting period.

* The primary driver of performance is the structural allocation to U.S. Treasury Inflation-Protected Securities underperforming the financing rate used to obtain the Fund's other exposures.

* This was partially offset by securitized credit spread exposure, particularly through agency residential mortgage-backed securities, which contributed to performance, as spreads tightened.

* Sector-specific strategies within the Fund's commodity exposures and financing costs associated with the REIT exposure also detracted from performance.

* There were no other material contributors or detractors for this Fund.

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g14608g56u72.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **PIMCO All Asset: Multi-Real Fund** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Bloomberg U.S. TIPS Index** | **50% Bloomberg Commodity Index Total Return, 50% Dow Jones U.S. Select REIT Total Return Index** |
| **9/22/20** | $10000 | $10000 | $10000 | $10000 |
| **9/30/20** | $10100 | $9989 | $10027 | $10033 |
| **10/31/20** | $9680 | $9990 | $9962 | $9974 |
| **11/30/20** | $10940 | $10047 | $10074 | $10762 |
| **12/31/20** | $11544 | $10077 | $10189 | $11204 |
| **1/31/21** | $11796 | $10023 | $10223 | $11340 |
| **2/28/21** | $12432 | $9868 | $10058 | $12009 |
| **3/31/21** | $12687 | $9829 | $10039 | $12159 |
| **4/30/21** | $13935 | $9854 | $10180 | $13166 |
| **5/31/21** | $14348 | $9876 | $10303 | $13405 |
| **6/30/21** | $14862 | $9924 | $10366 | $13683 |
| **7/31/21** | $15871 | $10048 | $10642 | $14173 |
| **8/31/21** | $15936 | $10028 | $10623 | $14276 |
| **9/30/21** | $15593 | $9933 | $10547 | $14237 |
| **10/31/21** | $16728 | $9907 | $10667 | $15003 |
| **11/30/21** | $16149 | $9978 | $10762 | $14410 |
| **12/31/21** | $17465 | $9937 | $10796 | $15313 |
| **1/31/22** | $17101 | $9781 | $10578 | $15491 |
| **2/28/22** | $17440 | $9651 | $10668 | $15700 |
| **3/31/22** | $18565 | $9443 | $10470 | $16905 |
| **4/30/22** | $18031 | $9189 | $10256 | $16863 |
| **5/31/22** | $17446 | $9177 | $10154 | $16410 |
| **6/30/22** | $15401 | $9037 | $9833 | $14890 |
| **7/31/22** | $17377 | $9267 | $10261 | $15870 |
| **8/31/22** | $16139 | $9026 | $9988 | $15384 |
| **9/30/22** | $13288 | $8736 | $9327 | $13818 |
| **10/31/22** | $14192 | $8706 | $9443 | $14266 |
| **11/30/22** | $14973 | $8928 | $9615 | $14875 |
| **12/31/22** | $14222 | $8822 | $9517 | $14303 |
| **1/31/23** | $15465 | $9026 | $9692 | $15053 |
| **2/28/23** | $14537 | $8882 | $9559 | $14329 |
| **3/31/23** | $14669 | $9079 | $9835 | $14128 |
| **4/30/23** | $14703 | $9125 | $9846 | $14124 |
| **5/31/23** | $13841 | $9089 | $9728 | $13531 |
| **6/30/23** | $14421 | $9084 | $9695 | $14150 |
| **7/31/23** | $15167 | $9087 | $9708 | $14795 |
| **8/31/23** | $14769 | $9075 | $9621 | $14503 |
| **9/30/23** | $14049 | $8919 | $9443 | $13944 |
| **10/31/23** | $13647 | $8856 | $9375 | $13647 |
| **11/30/23** | $14519 | $9160 | $9629 | $14228 |
| **12/31/23** | $15201 | $9453 | $9888 | $14749 |
| **1/31/24** | $15100 | $9434 | $9906 | $14481 |
| **2/29/24** | $15100 | $9370 | $9799 | $14509 |
| **3/31/24** | $15535 | $9454 | $9880 | $14887 |
| **4/30/24** | $14717 | $9302 | $9713 | $14543 |
| **5/31/24** | $15211 | $9384 | $9880 | $15022 |
| **6/30/24** | $15427 | $9466 | $9958 | $15113 |
| **7/31/24** | $15944 | $9648 | $10135 | $15250 |
| **8/31/24** | $16427 | $9754 | $10215 | $15739 |
| **9/30/24** | $16876 | $9867 | $10368 | $16329 |
| **10/31/24** | $16225 | $9734 | $10182 | $15922 |
| **11/30/24** | $16876 | $9849 | $10232 | $16319 |
| **12/31/24** | $15828 | $9774 | $10070 | $15820 |
| **1/31/25** | $16263 | $9812 | $10200 | $16228 |
| **2/28/25** | $16880 | $9930 | $10422 | $16604 |
| **3/31/25** | $16806 | $9888 | $10489 | $16619 |
| **4/30/25** | $16032 | $9986 | $10502 | $15990 |
| **5/31/25** | $16143 | $9953 | $10440 | $16109 |
| **6/30/25** | $16346 | $10048 | $10540 | $16225 |
| **7/31/25** | $16346 | $10040 | $10552 | $16129 |
| **8/31/25** | $17152 | $10095 | $10715 | $16660 |
| **9/30/25** | $17420 | $10169 | $10761 | $16935 |
| **10/31/25** | $17344 | $10250 | $10799 | $17068 |
| **11/30/25** | $17726 | $10271 | $10819 | $17604 |
| **12/31/25** | $17368 | $10249 | $10776 | $17359 |
| **1/31/26** | $18023 | $10274 | $10809 | $18520 |
| **2/28/26** | $19392 | $10418 | $10950 | $19334 |
| **3/31/26** | $18987 | $10234 | $10804 | $19898 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index Name** | **1 Year** | **5 Years** | **Since Inception 9/22/20** |
| PIMCO All Asset: Multi-Real Fund | 12.98% | 8.40% | 12.32% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 0.42% |
| Bloomberg U.S. TIPS Index | 3.00% | 1.48% | 1.41% |
| 50% Bloomberg Commodity Index Total Return, 50% Dow Jones U.S. Select REIT Total Return Index | 19.73% | 10.35% | 13.27% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $2211602 |
| # of Portfolio Holdings | 1112 |
| Portfolio Turnover Rate | 153% |
| Total Net Advisory Fees Paid During the Reporting Period | $9526 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Treasury Obligations | 107.5% |
| Real Estate Investment Trusts | 25.2% |
| U.S. Government Agencies | 21.7% |
| Asset-Backed Securities | 7.4% |
| Sovereign Issues | 7.3% |
| Non-Agency Mortgage-Backed Securities | 1.9% |
| Corporate Bonds & Notes | 1.1% |
| Common Stocks | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 26.7% |
| Affiliated Investments | 0.6% |
| Financial Derivative Instruments | (0.3%) |
| Other Assets and Liabilities, Net | (99.3%) |
| Total | 100.0% |

---

---

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

---

## 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 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 Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.11% as a result of lower expenses related to interest.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g14608g36f74.jpg)

For additional information about the Fund, including the Fund'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 Fund, please visit: **www.pimco.com/tax.**![Image](g14608g49y83.jpg)

# PIMCO All Asset: Multi-Real Fund
Annual Shareholder Report \|

March 31, 2026

PAPS2223TSRAR_033126

# PIMCO All Authority: Multi-RAE PLUS Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g69y83.jpg)

This annual shareholder report contains important information about the PIMCO All Authority: Multi-RAE PLUS Fund (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/PAPS**. 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)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO All Authority: Multi-RAE PLUS Fund | $120 | 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 developed ex-U.S. equities contributed to performance, as the value of these securities increased.

* Long exposure to emerging market equities contributed to performance, as the value of these securities increased.

* Long exposure to U.S. small cap equities contributed to performance, as the value of these securities increased.

* Inverse exposure to U.S. large cap equities detracted from performance, as the value of securities tied to inverse U.S. equity exposure decreased.

* The Fund's bond alpha strategy detracted from returns.

* Agency mortgage-backed securities contributed to performance, as spreads tightened.

* Investment grade corporate credit spread exposure contributed to performance, as spreads tightened when the Fund had long positions and widened when the fund had short positions.

* British pound duration positioning detracted from performance, as interest rates rose on the intermediate and long end, with the Fund being long principally on the intermediate portion of the curve. This was offset, in part, by short allocations to the 30 year portion of the curve.

* Australian dollar duration positioning detracted from performance, as interest rates rose across the curve, with the Fund being long principally in the short and intermediate portion of the curve. This was offset, in part, by short allocations to the 30 year portion of the curve.

* There were no other material contributors or detractors for this Fund.

## Fund Performance
In addition to the Fund'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 Fund's regulatory Index is the MSCI All Country World Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g14608g27h59.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO All Authority: Multi-RAE PLUS Fund** | **MSCI All Country World Index** | **MSCI All Country World Value Index** |
| **8/23/22** | $10000 | $10000 | $10000 |
| **8/31/22** | $9750 | $9672 | $9716 |
| **9/30/22** | $8750 | $8746 | $8873 |
| **10/31/22** | $9200 | $9274 | $9625 |
| **11/30/22** | $9870 | $9993 | $10379 |
| **12/31/22** | $9872 | $9600 | $10134 |
| **1/31/23** | $10460 | $10288 | $10634 |
| **2/28/23** | $10318 | $9993 | $10295 |
| **3/31/23** | $10216 | $10301 | $10259 |
| **4/30/23** | $10321 | $10450 | $10438 |
| **5/31/23** | $9965 | $10338 | $9990 |
| **6/30/23** | $10238 | $10938 | $10565 |
| **7/31/23** | $10660 | $11338 | $11001 |
| **8/31/23** | $10343 | $11021 | $10660 |
| **9/30/23** | $10287 | $10566 | $10379 |
| **10/31/23** | $10287 | $10248 | $10018 |
| **11/30/23** | $10138 | $11194 | $10751 |
| **12/31/23** | $10170 | $11732 | $11330 |
| **1/31/24** | $10170 | $11800 | $11314 |
| **2/29/24** | $10036 | $12307 | $11605 |
| **3/31/24** | $10092 | $12693 | $12107 |
| **4/30/24** | $10237 | $12274 | $11743 |
| **5/31/24** | $10281 | $12773 | $12091 |
| **6/30/24** | $10170 | $13057 | $12036 |
| **7/31/24** | $10281 | $13268 | $12559 |
| **8/31/24** | $10326 | $13605 | $12899 |
| **9/30/24** | $10438 | $13921 | $13170 |
| **10/31/24** | $10081 | $13608 | $12842 |
| **11/30/24** | $10505 | $14117 | $13244 |
| **12/31/24** | $10264 | $13783 | $12550 |
| **1/31/25** | $10499 | $14246 | $13077 |
| **2/28/25** | $10588 | $14160 | $13277 |
| **3/31/25** | $10644 | $13601 | $13148 |
| **4/30/25** | $11158 | $13727 | $12994 |
| **5/31/25** | $11661 | $14517 | $13405 |
| **6/30/25** | $12085 | $15168 | $13916 |
| **7/31/25** | $12119 | $15374 | $13991 |
| **8/31/25** | $12632 | $15754 | $14443 |
| **9/30/25** | $12878 | $16325 | $14768 |
| **10/31/25** | $13157 | $16690 | $14766 |
| **11/30/25** | $13336 | $16688 | $15027 |
| **12/31/25** | $13714 | $16862 | $15308 |
| **1/31/26** | $14607 | $17362 | $16098 |
| **2/28/26** | $15544 | $17585 | $16633 |
| **3/31/26** | $14017 | $16322 | $15487 |

---

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

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Fund/Index Name** | **1 Year** | **Since Inception 8/23/22** |
| PIMCO All Authority: Multi-RAE PLUS Fund | 31.68% | 9.83% |
| MSCI All Country World Index | 20.01% | 14.57% |
| MSCI All Country World Value Index | 17.79% | 12.91% |

---

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. Performance current to the most recent month-end can be obtained by calling **888.87.PIMCO (888.877.4626).**

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

---

| | |
|:---|:---|
| Total Net Assets | $140842 |
| # of Portfolio Holdings | 1202 |
| Portfolio Turnover Rate | 896% |
| Total Net Advisory Fees Paid During the Reporting Period | $1172 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 110.6% |
| Asset-Backed Securities | 21.0% |
| Non-Agency Mortgage-Backed Securities | 14.4% |
| Sovereign Issues | 13.2% |
| Corporate Bonds & Notes | 4.8% |
| U.S. Treasury Obligations | 3.9% |
| Municipal Bonds & Notes | 0.2% |
| Short-Term Instruments | 23.7% |
| Affiliated Investments | 8.3% |
| Financial Derivative Instruments | 4.3% |
| Other Assets and Liabilities, Net | (104.4%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Principal Investment Strategies. Effective December 22, 2025, the Fund's principal investment strategies were modified to provide that the Fund may obtain equity exposure through a combination of derivatives, investment in equity-related underlying funds and/or common stocks. The Fund also added "Acquired Fund Risk" as a Principal Risk in connection with the strategy change.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/PAPS](g14608g36f74.jpg)

For additional information about the Fund, including the Fund'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 Fund, please visit: **www.pimco.com/tax.**![Image](g14608g49y83.jpg)

# PIMCO All Authority: Multi-RAE PLUS Fund
Annual Shareholder Report \|

March 31, 2026

PAPS2236TSRAR_033126

# Class A: PONAX

# PIMCO Income Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Income Fund (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)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $94 | 0.91% |

---

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

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained elevated.

* Holdings of agency mortgage-backed securities ("MBS") contributed to performance, as this sector posted positive total returns.

* Holdings of non-agency MBS contributed to performance, as this sector posted positive total returns.

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

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

* Long exposure to the Japanese yen detracted from performance, as the Japanese yen depreciated versus the U.S. dollar.

## 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](g14608g73q09.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg U.S. Aggregate Index** |
| **3/31/16** | $9624 | $10000 |
| **4/30/16** | $9731 | $10038 |
| **5/31/16** | $9798 | $10041 |
| **6/30/16** | $9849 | $10221 |
| **7/31/16** | $9967 | $10286 |
| **8/31/16** | $10034 | $10274 |
| **9/30/16** | $10119 | $10268 |
| **10/31/16** | $10163 | $10190 |
| **11/30/16** | $10147 | $9949 |
| **12/31/16** | $10250 | $9963 |
| **1/31/17** | $10336 | $9982 |
| **2/28/17** | $10457 | $10049 |
| **3/31/17** | $10536 | $10044 |
| **4/30/17** | $10606 | $10122 |
| **5/31/17** | $10711 | $10199 |
| **6/30/17** | $10764 | $10189 |
| **7/31/17** | $10826 | $10233 |
| **8/31/17** | $10924 | $10325 |
| **9/30/17** | $10978 | $10276 |
| **10/31/17** | $11032 | $10282 |
| **11/30/17** | $11060 | $10268 |
| **12/31/17** | $11088 | $10316 |
| **1/31/18** | $11053 | $10197 |
| **2/28/18** | $11001 | $10100 |
| **3/31/18** | $11047 | $10165 |
| **4/30/18** | $10994 | $10089 |
| **5/31/18** | $10986 | $10161 |
| **6/30/18** | $10987 | $10149 |
| **7/31/18** | $11044 | $10151 |
| **8/31/18** | $11022 | $10216 |
| **9/30/18** | $11037 | $10151 |
| **10/31/18** | $11020 | $10070 |
| **11/30/18** | $11022 | $10131 |
| **12/31/18** | $11107 | $10317 |
| **1/31/19** | $11288 | $10426 |
| **2/28/19** | $11336 | $10420 |
| **3/31/19** | $11433 | $10620 |
| **4/30/19** | $11529 | $10623 |
| **5/31/19** | $11579 | $10812 |
| **6/30/19** | $11694 | $10947 |
| **7/31/19** | $11724 | $10971 |
| **8/31/19** | $11590 | $11256 |
| **9/30/19** | $11669 | $11196 |
| **10/31/19** | $11749 | $11230 |
| **11/30/19** | $11799 | $11224 |
| **12/31/19** | $11952 | $11216 |
| **1/31/20** | $12043 | $11432 |
| **2/29/20** | $11985 | $11638 |
| **3/31/20** | $11025 | $11569 |
| **4/30/20** | $11269 | $11775 |
| **5/31/20** | $11523 | $11830 |
| **6/30/20** | $11728 | $11904 |
| **7/31/20** | $11893 | $12082 |
| **8/31/20** | $12063 | $11984 |
| **9/30/20** | $12069 | $11978 |
| **10/31/20** | $12096 | $11924 |
| **11/30/20** | $12412 | $12041 |
| **12/31/20** | $12595 | $12058 |
| **1/31/21** | $12632 | $11971 |
| **2/28/21** | $12576 | $11799 |
| **3/31/21** | $12561 | $11651 |
| **4/30/21** | $12694 | $11743 |
| **5/31/21** | $12763 | $11782 |
| **6/30/21** | $12801 | $11864 |
| **7/31/21** | $12839 | $11997 |
| **8/31/21** | $12867 | $11974 |
| **9/30/21** | $12862 | $11871 |
| **10/31/21** | $12805 | $11867 |
| **11/30/21** | $12736 | $11902 |
| **12/31/21** | $12872 | $11872 |
| **1/31/22** | $12738 | $11616 |
| **2/28/22** | $12420 | $11487 |
| **3/31/22** | $12318 | $11168 |
| **4/30/22** | $11988 | $10744 |
| **5/31/22** | $12060 | $10813 |
| **6/30/22** | $11668 | $10643 |
| **7/31/22** | $12034 | $10903 |
| **8/31/22** | $11893 | $10595 |
| **9/30/22** | $11440 | $10138 |
| **10/31/22** | $11464 | $10006 |
| **11/30/22** | $11847 | $10374 |
| **12/31/22** | $11818 | $10327 |
| **1/31/23** | $12220 | $10645 |
| **2/28/23** | $11981 | $10370 |
| **3/31/23** | $12121 | $10633 |
| **4/30/23** | $12169 | $10698 |
| **5/31/23** | $12124 | $10581 |
| **6/30/23** | $12243 | $10544 |
| **7/31/23** | $12386 | $10536 |
| **8/31/23** | $12340 | $10469 |
| **9/30/23** | $12164 | $10203 |
| **10/31/23** | $12011 | $10042 |
| **11/30/23** | $12481 | $10497 |
| **12/31/23** | $12868 | $10898 |
| **1/31/24** | $12943 | $10868 |
| **2/29/24** | $12872 | $10715 |
| **3/31/24** | $13033 | $10814 |
| **4/30/24** | $12801 | $10541 |
| **5/31/24** | $13025 | $10719 |
| **6/30/24** | $13077 | $10821 |
| **7/31/24** | $13378 | $11074 |
| **8/31/24** | $13480 | $11233 |
| **9/30/24** | $13658 | $11383 |
| **10/31/24** | $13432 | $11101 |
| **11/30/24** | $13625 | $11218 |
| **12/31/24** | $13512 | $11035 |
| **1/31/25** | $13668 | $11093 |
| **2/28/25** | $13915 | $11337 |
| **3/31/25** | $13943 | $11342 |
| **4/30/25** | $13971 | $11386 |
| **5/31/25** | $13972 | $11305 |
| **6/30/25** | $14238 | $11478 |
| **7/31/25** | $14253 | $11448 |
| **8/31/25** | $14480 | $11585 |
| **9/30/25** | $14589 | $11711 |
| **10/31/25** | $14778 | $11785 |
| **11/30/25** | $14888 | $11858 |
| **12/31/25** | $14944 | $11840 |
| **1/31/26** | $15027 | $11853 |
| **2/28/26** | $15225 | $12047 |
| **3/31/26** | $14860 | $11835 |

---

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) | 6.58% | 3.42% | 4.44% |
| Class A (including sales charge) | 2.56% | 2.63% | 4.04% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |

---

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 | $225534745 |
| # of Portfolio Holdings | 10992 |
| Portfolio Turnover Rate | 674% |
| Total Net Advisory Fees Paid During the Reporting Period | $506529 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 61.7% |
| Non-Agency Mortgage-Backed Securities | 28.0% |
| Asset-Backed Securities | 20.5% |
| Sovereign Issues | 12.7% |
| U.S. Treasury Obligations | 12.4% |
| Corporate Bonds & Notes | 7.8% |
| Loan Participations and Assignments | 2.8% |
| Preferred Securities | 0.2% |
| Real Estate Investment Trusts | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 1.4% |
| Affiliated Investments | 0.4% |
| Financial Derivative Instruments | 0.3% |
| Other Assets and Liabilities, Net | (48.4%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Class A: PONAX
![Image](g14608g91c27.jpg)

# PIMCO Income Fund
Annual Shareholder Report \|

March 31, 2026

PIMS4021TSRAR_033126

# Administrative Class: PIINX

# PIMCO Income Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Income Fund (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)**.

## 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 | $79 | 0.76% |

---

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

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained elevated.

* Holdings of agency mortgage-backed securities ("MBS") contributed to performance, as this sector posted positive total returns.

* Holdings of non-agency MBS contributed to performance, as this sector posted positive total returns.

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

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

* Long exposure to the Japanese yen detracted from performance, as the Japanese yen depreciated versus the U.S. dollar.

## 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](g14608g87h12.jpg)

---

| | | |
|:---|:---|:---|
| | **Administrative Class** | **Bloomberg U.S. Aggregate Index** |
| **3/31/16** | $1000000 | $1000000 |
| **4/30/16** | $1011308 | $1003838 |
| **5/31/16** | $1018400 | $1004096 |
| **6/30/16** | $1023810 | $1022137 |
| **7/31/16** | $1036131 | $1028599 |
| **8/31/16** | $1043319 | $1027423 |
| **9/30/16** | $1052275 | $1026821 |
| **10/31/16** | $1056908 | $1018967 |
| **11/30/16** | $1055427 | $994865 |
| **12/31/16** | $1066263 | $996268 |
| **1/31/17** | $1075378 | $998223 |
| **2/28/17** | $1088086 | $1004932 |
| **3/31/17** | $1096381 | $1004405 |
| **4/30/17** | $1103815 | $1012156 |
| **5/31/17** | $1114880 | $1019947 |
| **6/30/17** | $1120572 | $1018920 |
| **7/31/17** | $1127196 | $1023305 |
| **8/31/17** | $1137493 | $1032484 |
| **9/30/17** | $1143258 | $1027566 |
| **10/31/17** | $1149039 | $1028161 |
| **11/30/17** | $1152075 | $1026841 |
| **12/31/17** | $1155124 | $1031554 |
| **1/31/18** | $1151671 | $1019674 |
| **2/28/18** | $1146333 | $1010008 |
| **3/31/18** | $1151300 | $1016485 |
| **4/30/18** | $1145916 | $1008925 |
| **5/31/18** | $1145253 | $1016126 |
| **6/30/18** | $1145538 | $1014876 |
| **7/31/18** | $1151557 | $1015117 |
| **8/31/18** | $1149475 | $1021649 |
| **9/30/18** | $1151182 | $1015070 |
| **10/31/18** | $1149538 | $1007049 |
| **11/30/18** | $1149832 | $1013060 |
| **12/31/18** | $1158921 | $1031671 |
| **1/31/19** | $1177864 | $1042627 |
| **2/28/19** | $1183092 | $1042023 |
| **3/31/19** | $1193290 | $1062032 |
| **4/30/19** | $1203534 | $1062304 |
| **5/31/19** | $1208828 | $1081161 |
| **6/30/19** | $1220976 | $1094739 |
| **7/31/19** | $1224298 | $1097147 |
| **8/31/19** | $1210434 | $1125576 |
| **9/30/19** | $1218871 | $1119581 |
| **10/31/19** | $1227345 | $1122953 |
| **11/30/19** | $1232781 | $1122381 |
| **12/31/19** | $1248934 | $1121599 |
| **1/31/20** | $1258580 | $1143184 |
| **2/29/20** | $1252640 | $1163759 |
| **3/31/20** | $1152491 | $1156911 |
| **4/30/20** | $1178067 | $1177476 |
| **5/31/20** | $1204817 | $1182959 |
| **6/30/20** | $1226380 | $1190410 |
| **7/31/20** | $1243775 | $1208191 |
| **8/31/20** | $1261728 | $1198439 |
| **9/30/20** | $1262540 | $1197782 |
| **10/31/20** | $1265512 | $1192434 |
| **11/30/20** | $1298778 | $1204134 |
| **12/31/20** | $1318039 | $1205794 |
| **1/31/21** | $1322118 | $1197148 |
| **2/28/21** | $1316384 | $1179861 |
| **3/31/21** | $1315015 | $1165128 |
| **4/30/21** | $1329023 | $1174333 |
| **5/31/21** | $1336461 | $1178169 |
| **6/30/21** | $1340604 | $1186447 |
| **7/31/21** | $1344760 | $1199713 |
| **8/31/21** | $1347816 | $1197429 |
| **9/30/21** | $1347535 | $1187061 |
| **10/31/21** | $1341658 | $1186734 |
| **11/30/21** | $1334641 | $1190245 |
| **12/31/21** | $1349005 | $1187200 |
| **1/31/22** | $1335165 | $1161622 |
| **2/28/22** | $1302019 | $1148663 |
| **3/31/22** | $1291510 | $1116751 |
| **4/30/22** | $1257014 | $1074373 |
| **5/31/22** | $1264765 | $1081300 |
| **6/30/22** | $1223836 | $1064336 |
| **7/31/22** | $1262338 | $1090343 |
| **8/31/22** | $1247715 | $1059533 |
| **9/30/22** | $1200360 | $1013755 |
| **10/31/22** | $1203032 | $1000624 |
| **11/30/22** | $1243313 | $1037423 |
| **12/31/22** | $1240514 | $1032743 |
| **1/31/23** | $1282804 | $1064515 |
| **2/28/23** | $1257845 | $1036991 |
| **3/31/23** | $1272717 | $1063333 |
| **4/30/23** | $1277928 | $1069778 |
| **5/31/23** | $1273382 | $1058130 |
| **6/30/23** | $1286024 | $1054356 |
| **7/31/23** | $1301199 | $1053621 |
| **8/31/23** | $1296583 | $1046891 |
| **9/30/23** | $1278219 | $1020288 |
| **10/31/23** | $1262273 | $1004186 |
| **11/30/23** | $1311819 | $1049662 |
| **12/31/23** | $1352738 | $1089842 |
| **1/31/24** | $1360736 | $1086849 |
| **2/29/24** | $1353413 | $1071494 |
| **3/31/24** | $1370499 | $1081388 |
| **4/30/24** | $1346294 | $1054074 |
| **5/31/24** | $1370053 | $1071944 |
| **6/30/24** | $1375646 | $1082092 |
| **7/31/24** | $1407518 | $1107367 |
| **8/31/24** | $1418439 | $1123279 |
| **9/30/24** | $1437365 | $1138319 |
| **10/31/24** | $1413753 | $1110090 |
| **11/30/24** | $1434210 | $1121827 |
| **12/31/24** | $1422475 | $1103468 |
| **1/31/25** | $1439081 | $1109322 |
| **2/28/25** | $1465279 | $1133729 |
| **3/31/25** | $1468389 | $1134155 |
| **4/30/25** | $1471513 | $1138613 |
| **5/31/25** | $1471897 | $1130460 |
| **6/30/25** | $1500003 | $1147843 |
| **7/31/25** | $1501780 | $1144815 |
| **8/31/25** | $1525960 | $1158507 |
| **9/30/25** | $1537596 | $1171145 |
| **10/31/25** | $1557767 | $1178462 |
| **11/30/25** | $1569512 | $1185785 |
| **12/31/25** | $1575606 | $1184031 |
| **1/31/26** | $1584597 | $1185295 |
| **2/28/26** | $1605602 | $1204706 |
| **3/31/26** | $1567385 | $1183475 |

---

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 | 6.74% | 3.57% | 4.60% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |

---

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 | $225534745 |
| # of Portfolio Holdings | 10992 |
| Portfolio Turnover Rate | 674% |
| Total Net Advisory Fees Paid During the Reporting Period | $506529 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 61.7% |
| Non-Agency Mortgage-Backed Securities | 28.0% |
| Asset-Backed Securities | 20.5% |
| Sovereign Issues | 12.7% |
| U.S. Treasury Obligations | 12.4% |
| Corporate Bonds & Notes | 7.8% |
| Loan Participations and Assignments | 2.8% |
| Preferred Securities | 0.2% |
| Real Estate Investment Trusts | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 1.4% |
| Affiliated Investments | 0.4% |
| Financial Derivative Instruments | 0.3% |
| Other Assets and Liabilities, Net | (48.4%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Administrative Class: PIINX
![Image](g14608g91c27.jpg)

# PIMCO Income Fund
Annual Shareholder Report \|

March 31, 2026

PIMS1822TSRAR_033126

# Class C: PONCX

# PIMCO Income Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Income Fund (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)**.

## 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 | $171 | 1.66% |

---

## 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 the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained elevated.

* Holdings of agency mortgage-backed securities ("MBS") contributed to performance, as this sector posted positive total returns.

* Holdings of non-agency MBS contributed to performance, as this sector posted positive total returns.

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

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

* Long exposure to the Japanese yen detracted from performance, as the Japanese yen depreciated versus the U.S. dollar.

## 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](g14608g86k07.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg U.S. Aggregate Index** |
| **3/31/16** | $10000 | $10000 |
| **4/30/16** | $10106 | $10038 |
| **5/31/16** | $10169 | $10041 |
| **6/30/16** | $10215 | $10221 |
| **7/31/16** | $10331 | $10286 |
| **8/31/16** | $10395 | $10274 |
| **9/30/16** | $10477 | $10268 |
| **10/31/16** | $10515 | $10190 |
| **11/30/16** | $10493 | $9949 |
| **12/31/16** | $10593 | $9963 |
| **1/31/17** | $10675 | $9982 |
| **2/28/17** | $10794 | $10049 |
| **3/31/17** | $10868 | $10044 |
| **4/30/17** | $10934 | $10122 |
| **5/31/17** | $11035 | $10199 |
| **6/30/17** | $11083 | $10189 |
| **7/31/17** | $11140 | $10233 |
| **8/31/17** | $11234 | $10325 |
| **9/30/17** | $11282 | $10276 |
| **10/31/17** | $11331 | $10282 |
| **11/30/17** | $11352 | $10268 |
| **12/31/17** | $11374 | $10316 |
| **1/31/18** | $11332 | $10197 |
| **2/28/18** | $11270 | $10100 |
| **3/31/18** | $11311 | $10165 |
| **4/30/18** | $11249 | $10089 |
| **5/31/18** | $11234 | $10161 |
| **6/30/18** | $11229 | $10149 |
| **7/31/18** | $11279 | $10151 |
| **8/31/18** | $11249 | $10216 |
| **9/30/18** | $11258 | $10151 |
| **10/31/18** | $11234 | $10070 |
| **11/30/18** | $11228 | $10131 |
| **12/31/18** | $11308 | $10317 |
| **1/31/19** | $11485 | $10426 |
| **2/28/19** | $11527 | $10420 |
| **3/31/19** | $11618 | $10620 |
| **4/30/19** | $11709 | $10623 |
| **5/31/19** | $11752 | $10812 |
| **6/30/19** | $11861 | $10947 |
| **7/31/19** | $11885 | $10971 |
| **8/31/19** | $11741 | $11256 |
| **9/30/19** | $11814 | $11196 |
| **10/31/19** | $11887 | $11230 |
| **11/30/19** | $11931 | $11224 |
| **12/31/19** | $12079 | $11216 |
| **1/31/20** | $12163 | $11432 |
| **2/29/20** | $12096 | $11638 |
| **3/31/20** | $11120 | $11569 |
| **4/30/20** | $11359 | $11775 |
| **5/31/20** | $11608 | $11830 |
| **6/30/20** | $11807 | $11904 |
| **7/31/20** | $11966 | $12082 |
| **8/31/20** | $12129 | $11984 |
| **9/30/20** | $12128 | $11978 |
| **10/31/20** | $12147 | $11924 |
| **11/30/20** | $12458 | $12041 |
| **12/31/20** | $12633 | $12058 |
| **1/31/21** | $12663 | $11971 |
| **2/28/21** | $12598 | $11799 |
| **3/31/21** | $12576 | $11651 |
| **4/30/21** | $12700 | $11743 |
| **5/31/21** | $12762 | $11782 |
| **6/30/21** | $12792 | $11864 |
| **7/31/21** | $12822 | $11997 |
| **8/31/21** | $12841 | $11974 |
| **9/30/21** | $12829 | $11871 |
| **10/31/21** | $12764 | $11867 |
| **11/30/21** | $12687 | $11902 |
| **12/31/21** | $12814 | $11872 |
| **1/31/22** | $12673 | $11616 |
| **2/28/22** | $12349 | $11487 |
| **3/31/22** | $12240 | $11168 |
| **4/30/22** | $11904 | $10744 |
| **5/31/22** | $11968 | $10813 |
| **6/30/22** | $11572 | $10643 |
| **7/31/22** | $11927 | $10903 |
| **8/31/22** | $11780 | $10595 |
| **9/30/22** | $11324 | $10138 |
| **10/31/22** | $11341 | $10006 |
| **11/30/22** | $11712 | $10374 |
| **12/31/22** | $11677 | $10327 |
| **1/31/23** | $12066 | $10645 |
| **2/28/23** | $11823 | $10370 |
| **3/31/23** | $11954 | $10633 |
| **4/30/23** | $11994 | $10698 |
| **5/31/23** | $11942 | $10581 |
| **6/30/23** | $12052 | $10544 |
| **7/31/23** | $12196 | $10536 |
| **8/31/23** | $12132 | $10469 |
| **9/30/23** | $11951 | $10203 |
| **10/31/23** | $11793 | $10042 |
| **11/30/23** | $12247 | $10497 |
| **12/31/23** | $12620 | $10898 |
| **1/31/24** | $12685 | $10868 |
| **2/29/24** | $12608 | $10715 |
| **3/31/24** | $12757 | $10814 |
| **4/30/24** | $12522 | $10541 |
| **5/31/24** | $12734 | $10719 |
| **6/30/24** | $12776 | $10821 |
| **7/31/24** | $13063 | $11074 |
| **8/31/24** | $13154 | $11233 |
| **9/30/24** | $13320 | $11383 |
| **10/31/24** | $13091 | $11101 |
| **11/30/24** | $13271 | $11218 |
| **12/31/24** | $13152 | $11035 |
| **1/31/25** | $13296 | $11093 |
| **2/28/25** | $13528 | $11337 |
| **3/31/25** | $13547 | $11342 |
| **4/30/25** | $13565 | $11386 |
| **5/31/25** | $13559 | $11305 |
| **6/30/25** | $13807 | $11478 |
| **7/31/25** | $13813 | $11448 |
| **8/31/25** | $14025 | $11585 |
| **9/30/25** | $14122 | $11711 |
| **10/31/25** | $14297 | $11785 |
| **11/30/25** | $14394 | $11858 |
| **12/31/25** | $14439 | $11840 |
| **1/31/26** | $14510 | $11853 |
| **2/28/26** | $14692 | $12047 |
| **3/31/26** | $14331 | $11835 |

---

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) | 5.79% | 2.65% | 3.66% |
| Class C (including sales charge) | 4.79% | 2.65% | 3.66% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |

---

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 | $225534745 |
| # of Portfolio Holdings | 10992 |
| Portfolio Turnover Rate | 674% |
| Total Net Advisory Fees Paid During the Reporting Period | $506529 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 61.7% |
| Non-Agency Mortgage-Backed Securities | 28.0% |
| Asset-Backed Securities | 20.5% |
| Sovereign Issues | 12.7% |
| U.S. Treasury Obligations | 12.4% |
| Corporate Bonds & Notes | 7.8% |
| Loan Participations and Assignments | 2.8% |
| Preferred Securities | 0.2% |
| Real Estate Investment Trusts | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 1.4% |
| Affiliated Investments | 0.4% |
| Financial Derivative Instruments | 0.3% |
| Other Assets and Liabilities, Net | (48.4%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Class C: PONCX
![Image](g14608g91c27.jpg)

# PIMCO Income Fund
Annual Shareholder Report \|

March 31, 2026

PIMS4221TSRAR_033126

# Institutional Class: PIMIX

# PIMCO Income Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Income Fund (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)**.

## 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 | $53 | 0.51% |

---

## 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 the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained elevated.

* Holdings of agency mortgage-backed securities ("MBS") contributed to performance, as this sector posted positive total returns.

* Holdings of non-agency MBS contributed to performance, as this sector posted positive total returns.

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

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

* Long exposure to the Japanese yen detracted from performance, as the Japanese yen depreciated versus the U.S. dollar.

## 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](g14608g32g47.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Index** |
| **3/31/16** | $1000000 | $1000000 |
| **4/30/16** | $1011512 | $1003838 |
| **5/31/16** | $1018811 | $1004096 |
| **6/30/16** | $1024428 | $1022137 |
| **7/31/16** | $1036964 | $1028599 |
| **8/31/16** | $1044365 | $1027423 |
| **9/30/16** | $1053539 | $1026821 |
| **10/31/16** | $1058387 | $1018967 |
| **11/30/16** | $1057114 | $994865 |
| **12/31/16** | $1068179 | $996268 |
| **1/31/17** | $1077524 | $998223 |
| **2/28/17** | $1090470 | $1004932 |
| **3/31/17** | $1099006 | $1004405 |
| **4/30/17** | $1106683 | $1012156 |
| **5/31/17** | $1118002 | $1019947 |
| **6/30/17** | $1123937 | $1018920 |
| **7/31/17** | $1130808 | $1023305 |
| **8/31/17** | $1141366 | $1032484 |
| **9/30/17** | $1147381 | $1027566 |
| **10/31/17** | $1153422 | $1028161 |
| **11/30/17** | $1156711 | $1026841 |
| **12/31/17** | $1160014 | $1031554 |
| **1/31/18** | $1156789 | $1019674 |
| **2/28/18** | $1151672 | $1010008 |
| **3/31/18** | $1156907 | $1016485 |
| **4/30/18** | $1151743 | $1008925 |
| **5/31/18** | $1151315 | $1016126 |
| **6/30/18** | $1151841 | $1014876 |
| **7/31/18** | $1158133 | $1015117 |
| **8/31/18** | $1156304 | $1021649 |
| **9/30/18** | $1158239 | $1015070 |
| **10/31/18** | $1156827 | $1007049 |
| **11/30/18** | $1157365 | $1013060 |
| **12/31/18** | $1166756 | $1031671 |
| **1/31/19** | $1186070 | $1042627 |
| **2/28/19** | $1191579 | $1042023 |
| **3/31/19** | $1202098 | $1062032 |
| **4/30/19** | $1212667 | $1062304 |
| **5/31/19** | $1218252 | $1081161 |
| **6/30/19** | $1230740 | $1094739 |
| **7/31/19** | $1234345 | $1097147 |
| **8/31/19** | $1220624 | $1125576 |
| **9/30/19** | $1229387 | $1119581 |
| **10/31/19** | $1238190 | $1122953 |
| **11/30/19** | $1243931 | $1122381 |
| **12/31/19** | $1260490 | $1121599 |
| **1/31/20** | $1270488 | $1143184 |
| **2/29/20** | $1264756 | $1163759 |
| **3/31/20** | $1163903 | $1156911 |
| **4/30/20** | $1189974 | $1177476 |
| **5/31/20** | $1217242 | $1182959 |
| **6/30/20** | $1239281 | $1190410 |
| **7/31/20** | $1257116 | $1208191 |
| **8/31/20** | $1275523 | $1198439 |
| **9/30/20** | $1276610 | $1197782 |
| **10/31/20** | $1279880 | $1192434 |
| **11/30/20** | $1313792 | $1204134 |
| **12/31/20** | $1333548 | $1205794 |
| **1/31/21** | $1337953 | $1197148 |
| **2/28/21** | $1332429 | $1179861 |
| **3/31/21** | $1331320 | $1165128 |
| **4/30/21** | $1345779 | $1174333 |
| **5/31/21** | $1353590 | $1178169 |
| **6/30/21** | $1358069 | $1186447 |
| **7/31/21** | $1362562 | $1199713 |
| **8/31/21** | $1365943 | $1197429 |
| **9/30/21** | $1365943 | $1187061 |
| **10/31/21** | $1360270 | $1186734 |
| **11/30/21** | $1353441 | $1190245 |
| **12/31/21** | $1368288 | $1187200 |
| **1/31/22** | $1354537 | $1161622 |
| **2/28/22** | $1321191 | $1148663 |
| **3/31/22** | $1310806 | $1116751 |
| **4/30/22** | $1276067 | $1074373 |
| **5/31/22** | $1284202 | $1081300 |
| **6/30/22** | $1242912 | $1064336 |
| **7/31/22** | $1282273 | $1090343 |
| **8/31/22** | $1267686 | $1059533 |
| **9/30/22** | $1219837 | $1013755 |
| **10/31/22** | $1222807 | $1000624 |
| **11/30/22** | $1264005 | $1037423 |
| **12/31/22** | $1261421 | $1032743 |
| **1/31/23** | $1304688 | $1064515 |
| **2/28/23** | $1279574 | $1036991 |
| **3/31/23** | $1294968 | $1063333 |
| **4/30/23** | $1300539 | $1069778 |
| **5/31/23** | $1296183 | $1058130 |
| **6/30/23** | $1309320 | $1054356 |
| **7/31/23** | $1325042 | $1053621 |
| **8/31/23** | $1320617 | $1046891 |
| **9/30/23** | $1302187 | $1020288 |
| **10/31/23** | $1286213 | $1004186 |
| **11/30/23** | $1336968 | $1049662 |
| **12/31/23** | $1378950 | $1089842 |
| **1/31/24** | $1387390 | $1086849 |
| **2/29/24** | $1380211 | $1071494 |
| **3/31/24** | $1397923 | $1081388 |
| **4/30/24** | $1373525 | $1054074 |
| **5/31/24** | $1398053 | $1071944 |
| **6/30/24** | $1404050 | $1082092 |
| **7/31/24** | $1436874 | $1107367 |
| **8/31/24** | $1448320 | $1123279 |
| **9/30/24** | $1467947 | $1138319 |
| **10/31/24** | $1444139 | $1110090 |
| **11/30/24** | $1465336 | $1121827 |
| **12/31/24** | $1453652 | $1103468 |
| **1/31/25** | $1470924 | $1109322 |
| **2/28/25** | $1498009 | $1133729 |
| **3/31/25** | $1501499 | $1134155 |
| **4/30/25** | $1505008 | $1138613 |
| **5/31/25** | $1505713 | $1130460 |
| **6/30/25** | $1534778 | $1147843 |
| **7/31/25** | $1536916 | $1144815 |
| **8/31/25** | $1561982 | $1158507 |
| **9/30/25** | $1574218 | $1171145 |
| **10/31/25** | $1595198 | $1178462 |
| **11/30/25** | $1607559 | $1185785 |
| **12/31/25** | $1614135 | $1184031 |
| **1/31/26** | $1623682 | $1185295 |
| **2/28/26** | $1645544 | $1204706 |
| **3/31/26** | $1606719 | $1183475 |

---

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 | 7.01% | 3.83% | 4.86% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |

---

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 | $225534745 |
| # of Portfolio Holdings | 10992 |
| Portfolio Turnover Rate | 674% |
| Total Net Advisory Fees Paid During the Reporting Period | $506529 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 61.7% |
| Non-Agency Mortgage-Backed Securities | 28.0% |
| Asset-Backed Securities | 20.5% |
| Sovereign Issues | 12.7% |
| U.S. Treasury Obligations | 12.4% |
| Corporate Bonds & Notes | 7.8% |
| Loan Participations and Assignments | 2.8% |
| Preferred Securities | 0.2% |
| Real Estate Investment Trusts | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 1.4% |
| Affiliated Investments | 0.4% |
| Financial Derivative Instruments | 0.3% |
| Other Assets and Liabilities, Net | (48.4%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Institutional Class: PIMIX
![Image](g14608g91c27.jpg)

# PIMCO Income Fund
Annual Shareholder Report \|

March 31, 2026

PIMS1821TSRAR_033126

# I-2: PONPX

# PIMCO Income Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Income Fund (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)**.

## 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 | $63 | 0.61% |

---

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

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained elevated.

* Holdings of agency mortgage-backed securities ("MBS") contributed to performance, as this sector posted positive total returns.

* Holdings of non-agency MBS contributed to performance, as this sector posted positive total returns.

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

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

* Long exposure to the Japanese yen detracted from performance, as the Japanese yen depreciated versus the U.S. dollar.

## 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](g14608g79n36.jpg)

---

| | | |
|:---|:---|:---|
| | **I-2** | **Bloomberg U.S. Aggregate Index** |
| **3/31/16** | $1000000 | $1000000 |
| **4/30/16** | $1011427 | $1003838 |
| **5/31/16** | $1018640 | $1004096 |
| **6/30/16** | $1024170 | $1022137 |
| **7/31/16** | $1036616 | $1028599 |
| **8/31/16** | $1043928 | $1027423 |
| **9/30/16** | $1053011 | $1026821 |
| **10/31/16** | $1057770 | $1018967 |
| **11/30/16** | $1056411 | $994865 |
| **12/31/16** | $1067380 | $996268 |
| **1/31/17** | $1076629 | $998223 |
| **2/28/17** | $1089476 | $1004932 |
| **3/31/17** | $1097915 | $1004405 |
| **4/30/17** | $1105494 | $1012156 |
| **5/31/17** | $1116711 | $1019947 |
| **6/30/17** | $1122548 | $1018920 |
| **7/31/17** | $1129320 | $1023305 |
| **8/31/17** | $1139773 | $1032484 |
| **9/30/17** | $1145687 | $1027566 |
| **10/31/17** | $1151628 | $1028161 |
| **11/30/17** | $1154819 | $1026841 |
| **12/31/17** | $1158024 | $1031554 |
| **1/31/18** | $1154712 | $1019674 |
| **2/28/18** | $1149510 | $1010008 |
| **3/31/18** | $1154641 | $1016485 |
| **4/30/18** | $1149392 | $1008925 |
| **5/31/18** | $1148870 | $1016126 |
| **6/30/18** | $1149299 | $1014876 |
| **7/31/18** | $1155482 | $1015117 |
| **8/31/18** | $1153551 | $1021649 |
| **9/30/18** | $1155395 | $1015070 |
| **10/31/18** | $1153890 | $1007049 |
| **11/30/18** | $1154330 | $1013060 |
| **12/31/18** | $1163599 | $1031671 |
| **1/31/19** | $1182763 | $1042627 |
| **2/28/19** | $1188158 | $1042023 |
| **3/31/19** | $1198549 | $1062032 |
| **4/30/19** | $1208986 | $1062304 |
| **5/31/19** | $1214454 | $1081161 |
| **6/30/19** | $1226805 | $1094739 |
| **7/31/19** | $1230297 | $1097147 |
| **8/31/19** | $1216518 | $1125576 |
| **9/30/19** | $1225150 | $1119581 |
| **10/31/19** | $1233821 | $1122953 |
| **11/30/19** | $1239438 | $1122381 |
| **12/31/19** | $1255834 | $1121599 |
| **1/31/20** | $1265691 | $1143184 |
| **2/29/20** | $1259875 | $1163759 |
| **3/31/20** | $1159306 | $1156911 |
| **4/30/20** | $1185177 | $1177476 |
| **5/31/20** | $1212237 | $1182959 |
| **6/30/20** | $1234084 | $1190410 |
| **7/31/20** | $1251741 | $1208191 |
| **8/31/20** | $1269965 | $1198439 |
| **9/30/20** | $1270940 | $1197782 |
| **10/31/20** | $1274090 | $1192434 |
| **11/30/20** | $1307741 | $1204134 |
| **12/31/20** | $1327297 | $1205794 |
| **1/31/21** | $1331571 | $1197148 |
| **2/28/21** | $1325962 | $1179861 |
| **3/31/21** | $1324748 | $1165128 |
| **4/30/21** | $1339025 | $1174333 |
| **5/31/21** | $1346685 | $1178169 |
| **6/30/21** | $1351028 | $1186447 |
| **7/31/21** | $1355385 | $1199713 |
| **8/31/21** | $1358635 | $1197429 |
| **9/30/21** | $1358522 | $1187061 |
| **10/31/21** | $1352767 | $1186734 |
| **11/30/21** | $1345862 | $1190245 |
| **12/31/21** | $1360514 | $1187200 |
| **1/31/22** | $1346728 | $1161622 |
| **2/28/22** | $1313462 | $1148663 |
| **3/31/22** | $1303027 | $1116751 |
| **4/30/22** | $1268386 | $1074373 |
| **5/31/22** | $1276366 | $1081300 |
| **6/30/22** | $1235221 | $1064336 |
| **7/31/22** | $1274236 | $1090343 |
| **8/31/22** | $1259633 | $1059533 |
| **9/30/22** | $1211983 | $1013755 |
| **10/31/22** | $1214832 | $1000624 |
| **11/30/22** | $1255659 | $1037423 |
| **12/31/22** | $1252989 | $1032743 |
| **1/31/23** | $1295862 | $1064515 |
| **2/28/23** | $1270810 | $1036991 |
| **3/31/23** | $1285992 | $1063333 |
| **4/30/23** | $1291418 | $1069778 |
| **5/31/23** | $1286985 | $1058130 |
| **6/30/23** | $1299922 | $1054356 |
| **7/31/23** | $1315422 | $1053621 |
| **8/31/23** | $1310920 | $1046891 |
| **9/30/23** | $1292516 | $1020288 |
| **10/31/23** | $1276553 | $1004186 |
| **11/30/23** | $1326820 | $1049662 |
| **12/31/23** | $1368373 | $1089842 |
| **1/31/24** | $1376634 | $1086849 |
| **2/29/24** | $1369397 | $1071494 |
| **3/31/24** | $1386856 | $1081388 |
| **4/30/24** | $1362536 | $1054074 |
| **5/31/24** | $1386753 | $1071944 |
| **6/30/24** | $1392586 | $1082092 |
| **7/31/24** | $1425025 | $1107367 |
| **8/31/24** | $1436258 | $1123279 |
| **9/30/24** | $1455602 | $1138319 |
| **10/31/24** | $1431873 | $1110090 |
| **11/30/24** | $1452771 | $1121827 |
| **12/31/24** | $1441065 | $1103468 |
| **1/31/25** | $1458068 | $1109322 |
| **2/28/25** | $1484795 | $1133729 |
| **3/31/25** | $1488131 | $1134155 |
| **4/30/25** | $1491484 | $1138613 |
| **5/31/25** | $1492059 | $1130460 |
| **6/30/25** | $1520737 | $1147843 |
| **7/31/25** | $1522728 | $1144815 |
| **8/31/25** | $1547436 | $1158507 |
| **9/30/25** | $1559429 | $1171145 |
| **10/31/25** | $1580081 | $1178462 |
| **11/30/25** | $1592193 | $1185785 |
| **12/31/25** | $1598574 | $1184031 |
| **1/31/26** | $1607895 | $1185295 |
| **2/28/26** | $1629410 | $1204706 |
| **3/31/26** | $1590831 | $1183475 |

---

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 | 6.90% | 3.73% | 4.75% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |

---

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 | $225534745 |
| # of Portfolio Holdings | 10992 |
| Portfolio Turnover Rate | 674% |
| Total Net Advisory Fees Paid During the Reporting Period | $506529 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 61.7% |
| Non-Agency Mortgage-Backed Securities | 28.0% |
| Asset-Backed Securities | 20.5% |
| Sovereign Issues | 12.7% |
| U.S. Treasury Obligations | 12.4% |
| Corporate Bonds & Notes | 7.8% |
| Loan Participations and Assignments | 2.8% |
| Preferred Securities | 0.2% |
| Real Estate Investment Trusts | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 1.4% |
| Affiliated Investments | 0.4% |
| Financial Derivative Instruments | 0.3% |
| Other Assets and Liabilities, Net | (48.4%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# I-2: PONPX
![Image](g14608g91c27.jpg)

# PIMCO Income Fund
Annual Shareholder Report \|

March 31, 2026

PIMS1907TSRAR_033126

# Class R: PONRX

# PIMCO Income Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Income Fund (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)**.

## 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 | $120 | 1.16% |

---

## 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 the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained elevated.

* Holdings of agency mortgage-backed securities ("MBS") contributed to performance, as this sector posted positive total returns.

* Holdings of non-agency MBS contributed to performance, as this sector posted positive total returns.

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

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

* Long exposure to the Japanese yen detracted from performance, as the Japanese yen depreciated versus the U.S. dollar.

## 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](g14608g68c58.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. Aggregate Index** |
| **3/31/16** | $10000 | $10000 |
| **4/30/16** | $10110 | $10038 |
| **5/31/16** | $10177 | $10041 |
| **6/30/16** | $10228 | $10221 |
| **7/31/16** | $10347 | $10286 |
| **8/31/16** | $10416 | $10274 |
| **9/30/16** | $10502 | $10268 |
| **10/31/16** | $10544 | $10190 |
| **11/30/16** | $10526 | $9949 |
| **12/31/16** | $10631 | $9963 |
| **1/31/17** | $10718 | $9982 |
| **2/28/17** | $10841 | $10049 |
| **3/31/17** | $10920 | $10044 |
| **4/30/17** | $10991 | $10122 |
| **5/31/17** | $11097 | $10199 |
| **6/30/17** | $11150 | $10189 |
| **7/31/17** | $11212 | $10233 |
| **8/31/17** | $11311 | $10325 |
| **9/30/17** | $11365 | $10276 |
| **10/31/17** | $11418 | $10282 |
| **11/30/17** | $11445 | $10268 |
| **12/31/17** | $11471 | $10316 |
| **1/31/18** | $11433 | $10197 |
| **2/28/18** | $11376 | $10100 |
| **3/31/18** | $11422 | $10165 |
| **4/30/18** | $11365 | $10089 |
| **5/31/18** | $11354 | $10161 |
| **6/30/18** | $11353 | $10149 |
| **7/31/18** | $11409 | $10151 |
| **8/31/18** | $11384 | $10216 |
| **9/30/18** | $11397 | $10151 |
| **10/31/18** | $11377 | $10070 |
| **11/30/18** | $11376 | $10131 |
| **12/31/18** | $11463 | $10317 |
| **1/31/19** | $11646 | $10426 |
| **2/28/19** | $11694 | $10420 |
| **3/31/19** | $11791 | $10620 |
| **4/30/19** | $11888 | $10623 |
| **5/31/19** | $11936 | $10812 |
| **6/30/19** | $12053 | $10947 |
| **7/31/19** | $12081 | $10971 |
| **8/31/19** | $11941 | $11256 |
| **9/30/19** | $12020 | $11196 |
| **10/31/19** | $12099 | $11230 |
| **11/30/19** | $12149 | $11224 |
| **12/31/19** | $12304 | $11216 |
| **1/31/20** | $12395 | $11432 |
| **2/29/20** | $12332 | $11638 |
| **3/31/20** | $11342 | $11569 |
| **4/30/20** | $11590 | $11775 |
| **5/31/20** | $11849 | $11830 |
| **6/30/20** | $12058 | $11904 |
| **7/31/20** | $12225 | $12082 |
| **8/31/20** | $12397 | $11984 |
| **9/30/20** | $12401 | $11978 |
| **10/31/20** | $12426 | $11924 |
| **11/30/20** | $12748 | $12041 |
| **12/31/20** | $12933 | $12058 |
| **1/31/21** | $12969 | $11971 |
| **2/28/21** | $12908 | $11799 |
| **3/31/21** | $12891 | $11651 |
| **4/30/21** | $13024 | $11743 |
| **5/31/21** | $13092 | $11782 |
| **6/30/21** | $13128 | $11864 |
| **7/31/21** | $13165 | $11997 |
| **8/31/21** | $13190 | $11974 |
| **9/30/21** | $13183 | $11871 |
| **10/31/21** | $13121 | $11867 |
| **11/30/21** | $13048 | $11902 |
| **12/31/21** | $13184 | $11872 |
| **1/31/22** | $13045 | $11616 |
| **2/28/22** | $12716 | $11487 |
| **3/31/22** | $12609 | $11168 |
| **4/30/22** | $12268 | $10744 |
| **5/31/22** | $12340 | $10813 |
| **6/30/22** | $11937 | $10643 |
| **7/31/22** | $12308 | $10903 |
| **8/31/22** | $12161 | $10595 |
| **9/30/22** | $11696 | $10138 |
| **10/31/22** | $11718 | $10006 |
| **11/30/22** | $12106 | $10374 |
| **12/31/22** | $12075 | $10327 |
| **1/31/23** | $12483 | $10645 |
| **2/28/23** | $12236 | $10370 |
| **3/31/23** | $12376 | $10633 |
| **4/30/23** | $12423 | $10698 |
| **5/31/23** | $12374 | $10581 |
| **6/30/23** | $12493 | $10544 |
| **7/31/23** | $12648 | $10536 |
| **8/31/23** | $12587 | $10469 |
| **9/30/23** | $12405 | $10203 |
| **10/31/23** | $12246 | $10042 |
| **11/30/23** | $12723 | $10497 |
| **12/31/23** | $13115 | $10898 |
| **1/31/24** | $13188 | $10868 |
| **2/29/24** | $13113 | $10715 |
| **3/31/24** | $13274 | $10814 |
| **4/30/24** | $13035 | $10541 |
| **5/31/24** | $13261 | $10719 |
| **6/30/24** | $13311 | $10821 |
| **7/31/24** | $13615 | $11074 |
| **8/31/24** | $13716 | $11233 |
| **9/30/24** | $13894 | $11383 |
| **10/31/24** | $13661 | $11101 |
| **11/30/24** | $13854 | $11218 |
| **12/31/24** | $13736 | $11035 |
| **1/31/25** | $13892 | $11093 |
| **2/28/25** | $14140 | $11337 |
| **3/31/25** | $14166 | $11342 |
| **4/30/25** | $14191 | $11386 |
| **5/31/25** | $14190 | $11305 |
| **6/30/25** | $14456 | $11478 |
| **7/31/25** | $14469 | $11448 |
| **8/31/25** | $14697 | $11585 |
| **9/30/25** | $14804 | $11711 |
| **10/31/25** | $14993 | $11785 |
| **11/30/25** | $15101 | $11858 |
| **12/31/25** | $15155 | $11840 |
| **1/31/26** | $15236 | $11853 |
| **2/28/26** | $15433 | $12047 |
| **3/31/26** | $15061 | $11835 |

---

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 | 6.32% | 3.16% | 4.18% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |

---

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 | $225534745 |
| # of Portfolio Holdings | 10992 |
| Portfolio Turnover Rate | 674% |
| Total Net Advisory Fees Paid During the Reporting Period | $506529 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 61.7% |
| Non-Agency Mortgage-Backed Securities | 28.0% |
| Asset-Backed Securities | 20.5% |
| Sovereign Issues | 12.7% |
| U.S. Treasury Obligations | 12.4% |
| Corporate Bonds & Notes | 7.8% |
| Loan Participations and Assignments | 2.8% |
| Preferred Securities | 0.2% |
| Real Estate Investment Trusts | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 1.4% |
| Affiliated Investments | 0.4% |
| Financial Derivative Instruments | 0.3% |
| Other Assets and Liabilities, Net | (48.4%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Class R: PONRX
![Image](g14608g91c27.jpg)

# PIMCO Income Fund
Annual Shareholder Report \|

March 31, 2026

PIMS4521TSRAR_033126

# I-3: PIPNX

# PIMCO Income Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Income Fund (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)**.

## 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 | $68 | 0.66% |

---

## 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 the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained elevated.

* Holdings of agency mortgage-backed securities ("MBS") contributed to performance, as this sector posted positive total returns.

* Holdings of non-agency MBS contributed to performance, as this sector posted positive total returns.

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

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

* Long exposure to the Japanese yen detracted from performance, as the Japanese yen depreciated versus the U.S. dollar.

## 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](g14608g73h27.jpg)

---

| | | |
|:---|:---|:---|
| | **I-3** | **Bloomberg U.S. Aggregate Index** |
| **3/31/16** | $1000000 | $1000000 |
| **4/30/16** | $1011332 | $1003838 |
| **5/31/16** | $1018440 | $1004096 |
| **6/30/16** | $1023872 | $1022137 |
| **7/31/16** | $1036209 | $1028599 |
| **8/31/16** | $1043411 | $1027423 |
| **9/30/16** | $1052388 | $1026821 |
| **10/31/16** | $1057035 | $1018967 |
| **11/30/16** | $1055575 | $994865 |
| **12/31/16** | $1066426 | $996268 |
| **1/31/17** | $1075556 | $998223 |
| **2/28/17** | $1088296 | $1004932 |
| **3/31/17** | $1096612 | $1004405 |
| **4/30/17** | $1104074 | $1012156 |
| **5/31/17** | $1115159 | $1019947 |
| **6/30/17** | $1120877 | $1018920 |
| **7/31/17** | $1127519 | $1023305 |
| **8/31/17** | $1137836 | $1032484 |
| **9/30/17** | $1143626 | $1027566 |
| **10/31/17** | $1149500 | $1028161 |
| **11/30/17** | $1152636 | $1026841 |
| **12/31/17** | $1155781 | $1031554 |
| **1/31/18** | $1152421 | $1019674 |
| **2/28/18** | $1147191 | $1010008 |
| **3/31/18** | $1152260 | $1016485 |
| **4/30/18** | $1146809 | $1008925 |
| **5/31/18** | $1146240 | $1016126 |
| **6/30/18** | $1146621 | $1014876 |
| **7/31/18** | $1152742 | $1015117 |
| **8/31/18** | $1150763 | $1021649 |
| **9/30/18** | $1152558 | $1015070 |
| **10/31/18** | $1151008 | $1007049 |
| **11/30/18** | $1151399 | $1013060 |
| **12/31/18** | $1160596 | $1031671 |
| **1/31/19** | $1179663 | $1042627 |
| **2/28/19** | $1184996 | $1042023 |
| **3/31/19** | $1195310 | $1062032 |
| **4/30/19** | $1205670 | $1062304 |
| **5/31/19** | $1211074 | $1081161 |
| **6/30/19** | $1223342 | $1094739 |
| **7/31/19** | $1226772 | $1097147 |
| **8/31/19** | $1212982 | $1125576 |
| **9/30/19** | $1221538 | $1119581 |
| **10/31/19** | $1230133 | $1122953 |
| **11/30/19** | $1235682 | $1122381 |
| **12/31/19** | $1251976 | $1121599 |
| **1/31/20** | $1261750 | $1143184 |
| **2/29/20** | $1255900 | $1163759 |
| **3/31/20** | $1155596 | $1156911 |
| **4/30/20** | $1181336 | $1177476 |
| **5/31/20** | $1208259 | $1182959 |
| **6/30/20** | $1229984 | $1190410 |
| **7/31/20** | $1247531 | $1208191 |
| **8/31/20** | $1265642 | $1198439 |
| **9/30/20** | $1266562 | $1197782 |
| **10/31/20** | $1269649 | $1192434 |
| **11/30/20** | $1303131 | $1204134 |
| **12/31/20** | $1322563 | $1205794 |
| **1/31/21** | $1326767 | $1197148 |
| **2/28/21** | $1321124 | $1179861 |
| **3/31/21** | $1319860 | $1165128 |
| **4/30/21** | $1334030 | $1174333 |
| **5/31/21** | $1341606 | $1178169 |
| **6/30/21** | $1345877 | $1186447 |
| **7/31/21** | $1350162 | $1199713 |
| **8/31/21** | $1353343 | $1197429 |
| **9/30/21** | $1353174 | $1187061 |
| **10/31/21** | $1347386 | $1186734 |
| **11/30/21** | $1340452 | $1190245 |
| **12/31/21** | $1354990 | $1187200 |
| **1/31/22** | $1341203 | $1161622 |
| **2/28/22** | $1308018 | $1148663 |
| **3/31/22** | $1297571 | $1116751 |
| **4/30/22** | $1263021 | $1074373 |
| **5/31/22** | $1270914 | $1081300 |
| **6/30/22** | $1229892 | $1064336 |
| **7/31/22** | $1268686 | $1090343 |
| **8/31/22** | $1254095 | $1059533 |
| **9/30/22** | $1205433 | $1013755 |
| **10/31/22** | $1209394 | $1000624 |
| **11/30/22** | $1249988 | $1037423 |
| **12/31/22** | $1247277 | $1032743 |
| **1/31/23** | $1289902 | $1064515 |
| **2/28/23** | $1264911 | $1036991 |
| **3/31/23** | $1279971 | $1063333 |
| **4/30/23** | $1285318 | $1069778 |
| **5/31/23** | $1280854 | $1058130 |
| **6/30/23** | $1293676 | $1054356 |
| **7/31/23** | $1310291 | $1053621 |
| **8/31/23** | $1304507 | $1046891 |
| **9/30/23** | $1286138 | $1020288 |
| **10/31/23** | $1270201 | $1004186 |
| **11/30/23** | $1320165 | $1049662 |
| **12/31/23** | $1361454 | $1089842 |
| **1/31/24** | $1369616 | $1086849 |
| **2/29/24** | $1362358 | $1071494 |
| **3/31/24** | $1379671 | $1081388 |
| **4/30/24** | $1355419 | $1054074 |
| **5/31/24** | $1379453 | $1071944 |
| **6/30/24** | $1385198 | $1082092 |
| **7/31/24** | $1417408 | $1107367 |
| **8/31/24** | $1428523 | $1123279 |
| **9/30/24** | $1447702 | $1138319 |
| **10/31/24** | $1424041 | $1110090 |
| **11/30/24** | $1444765 | $1121827 |
| **12/31/24** | $1433065 | $1103468 |
| **1/31/25** | $1449913 | $1109322 |
| **2/28/25** | $1476430 | $1133729 |
| **3/31/25** | $1479686 | $1134155 |
| **4/30/25** | $1482958 | $1138613 |
| **5/31/25** | $1483468 | $1130460 |
| **6/30/25** | $1511918 | $1147843 |
| **7/31/25** | $1513835 | $1144815 |
| **8/31/25** | $1538336 | $1158507 |
| **9/30/25** | $1550195 | $1171145 |
| **10/31/25** | $1570661 | $1178462 |
| **11/30/25** | $1582635 | $1185785 |
| **12/31/25** | $1588911 | $1184031 |
| **1/31/26** | $1598109 | $1185295 |
| **2/28/26** | $1619426 | $1204706 |
| **3/31/26** | $1581016 | $1183475 |

---

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 | 6.85% | 3.68% | 4.69% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |

---

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 | $225534745 |
| # of Portfolio Holdings | 10992 |
| Portfolio Turnover Rate | 674% |
| Total Net Advisory Fees Paid During the Reporting Period | $506529 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 61.7% |
| Non-Agency Mortgage-Backed Securities | 28.0% |
| Asset-Backed Securities | 20.5% |
| Sovereign Issues | 12.7% |
| U.S. Treasury Obligations | 12.4% |
| Corporate Bonds & Notes | 7.8% |
| Loan Participations and Assignments | 2.8% |
| Preferred Securities | 0.2% |
| Real Estate Investment Trusts | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 1.4% |
| Affiliated Investments | 0.4% |
| Financial Derivative Instruments | 0.3% |
| Other Assets and Liabilities, Net | (48.4%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# I-3: PIPNX
![Image](g14608g91c27.jpg)

# PIMCO Income Fund
Annual Shareholder Report \|

March 31, 2026

PIMS2186TSRAR_033126

# Class A: PTTAX

# PIMCO Total Return Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Total Return Fund (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)**.

## 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 | $88 | 0.86% |

---

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

* Long exposure to securitized credit, including non-agency residential mortgage-backed securities, contributed to relative performance versus the Bloomberg U.S. Aggregate Index ("Index"), as spreads tightened.

* Long exposure to select emerging market currencies, including the Brazilian real and the Mexican peso, contributed to relative performance versus the Index, as they appreciated relative to the U.S. dollar.

* Curve positioning in the U.S., including underweight exposure to the long end, contributed to relative performance versus the Index, as yields rose.

* Short exposure to select emerging market currencies in Asia, including the new Taiwanese dollar and the Singaporean dollar, detracted from relative performance versus the Index, as they appreciated relative to the U.S. dollar.

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

* Long exposure to duration in Japan 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](g14608g78y63.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg U.S. Aggregate Index** |
| **3/31/16** | $9625 | $10000 |
| **4/30/16** | $9664 | $10038 |
| **5/31/16** | $9687 | $10041 |
| **6/30/16** | $9815 | $10221 |
| **7/31/16** | $9918 | $10286 |
| **8/31/16** | $9893 | $10274 |
| **9/30/16** | $9926 | $10268 |
| **10/31/16** | $9869 | $10190 |
| **11/30/16** | $9613 | $9949 |
| **12/31/16** | $9673 | $9963 |
| **1/31/17** | $9738 | $9982 |
| **2/28/17** | $9825 | $10049 |
| **3/31/17** | $9821 | $10044 |
| **4/30/17** | $9900 | $10122 |
| **5/31/17** | $9979 | $10199 |
| **6/30/17** | $9988 | $10189 |
| **7/31/17** | $10044 | $10233 |
| **8/31/17** | $10159 | $10325 |
| **9/30/17** | $10128 | $10276 |
| **10/31/17** | $10106 | $10282 |
| **11/30/17** | $10074 | $10268 |
| **12/31/17** | $10131 | $10316 |
| **1/31/18** | $10028 | $10197 |
| **2/28/18** | $9965 | $10100 |
| **3/31/18** | $9993 | $10165 |
| **4/30/18** | $9902 | $10089 |
| **5/31/18** | $9941 | $10161 |
| **6/30/18** | $9941 | $10149 |
| **7/31/18** | $9961 | $10151 |
| **8/31/18** | $10003 | $10216 |
| **9/30/18** | $9941 | $10151 |
| **10/31/18** | $9911 | $10070 |
| **11/30/18** | $9957 | $10131 |
| **12/31/18** | $10070 | $10317 |
| **1/31/19** | $10188 | $10426 |
| **2/28/19** | $10192 | $10420 |
| **3/31/19** | $10341 | $10620 |
| **4/30/19** | $10358 | $10623 |
| **5/31/19** | $10552 | $10812 |
| **6/30/19** | $10663 | $10947 |
| **7/31/19** | $10659 | $10971 |
| **8/31/19** | $10954 | $11256 |
| **9/30/19** | $10905 | $11196 |
| **10/31/19** | $10941 | $11230 |
| **11/30/19** | $10894 | $11224 |
| **12/31/19** | $10864 | $11216 |
| **1/31/20** | $11130 | $11432 |
| **2/29/20** | $11289 | $11638 |
| **3/31/20** | $11093 | $11569 |
| **4/30/20** | $11293 | $11775 |
| **5/31/20** | $11398 | $11830 |
| **6/30/20** | $11514 | $11904 |
| **7/31/20** | $11683 | $12082 |
| **8/31/20** | $11668 | $11984 |
| **9/30/20** | $11675 | $11978 |
| **10/31/20** | $11621 | $11924 |
| **11/30/20** | $11756 | $12041 |
| **12/31/20** | $11788 | $12058 |
| **1/31/21** | $11727 | $11971 |
| **2/28/21** | $11565 | $11799 |
| **3/31/21** | $11415 | $11651 |
| **4/30/21** | $11522 | $11743 |
| **5/31/21** | $11560 | $11782 |
| **6/30/21** | $11643 | $11864 |
| **7/31/21** | $11762 | $11997 |
| **8/31/21** | $11742 | $11974 |
| **9/30/21** | $11669 | $11871 |
| **10/31/21** | $11630 | $11867 |
| **11/30/21** | $11660 | $11902 |
| **12/31/21** | $11649 | $11872 |
| **1/31/22** | $11418 | $11616 |
| **2/28/22** | $11310 | $11487 |
| **3/31/22** | $10919 | $11168 |
| **4/30/22** | $10483 | $10744 |
| **5/31/22** | $10535 | $10813 |
| **6/30/22** | $10314 | $10643 |
| **7/31/22** | $10540 | $10903 |
| **8/31/22** | $10254 | $10595 |
| **9/30/22** | $9809 | $10138 |
| **10/31/22** | $9647 | $10006 |
| **11/30/22** | $10007 | $10374 |
| **12/31/22** | $9973 | $10327 |
| **1/31/23** | $10313 | $10645 |
| **2/28/23** | $10059 | $10370 |
| **3/31/23** | $10256 | $10633 |
| **4/30/23** | $10324 | $10698 |
| **5/31/23** | $10222 | $10581 |
| **6/30/23** | $10182 | $10544 |
| **7/31/23** | $10210 | $10536 |
| **8/31/23** | $10146 | $10469 |
| **9/30/23** | $9890 | $10203 |
| **10/31/23** | $9704 | $10042 |
| **11/30/23** | $10158 | $10497 |
| **12/31/23** | $10566 | $10898 |
| **1/31/24** | $10584 | $10868 |
| **2/29/24** | $10446 | $10715 |
| **3/31/24** | $10556 | $10814 |
| **4/30/24** | $10286 | $10541 |
| **5/31/24** | $10502 | $10719 |
| **6/30/24** | $10587 | $10821 |
| **7/31/24** | $10862 | $11074 |
| **8/31/24** | $10978 | $11233 |
| **9/30/24** | $11139 | $11383 |
| **10/31/24** | $10840 | $11101 |
| **11/30/24** | $10992 | $11218 |
| **12/31/24** | $10805 | $11035 |
| **1/31/25** | $10893 | $11093 |
| **2/28/25** | $11171 | $11337 |
| **3/31/25** | $11175 | $11342 |
| **4/30/25** | $11189 | $11386 |
| **5/31/25** | $11075 | $11305 |
| **6/30/25** | $11294 | $11478 |
| **7/31/25** | $11270 | $11448 |
| **8/31/25** | $11442 | $11585 |
| **9/30/25** | $11585 | $11711 |
| **10/31/25** | $11708 | $11785 |
| **11/30/25** | $11784 | $11858 |
| **12/31/25** | $11773 | $11840 |
| **1/31/26** | $11810 | $11853 |
| **2/28/26** | $12021 | $12047 |
| **3/31/26** | $11730 | $11835 |

---

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) | 4.97% | 0.55% | 2.00% |
| Class A (including sales charge) | 1.03% | (0.22%) | 1.61% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |

---

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 | $47077876 |
| # of Portfolio Holdings | 7413 |
| Portfolio Turnover Rate | 497% |
| Total Net Advisory Fees Paid During the Reporting Period | $113873 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 43.0% |
| Corporate Bonds & Notes | 21.7% |
| Non-Agency Mortgage-Backed Securities | 20.9% |
| U.S. Treasury Obligations | 18.0% |
| Sovereign Issues | 10.9% |
| Asset-Backed Securities | 7.8% |
| Loan Participations and Assignments | 1.1% |
| Municipal Bonds & Notes | 0.7% |
| Other Investments | 0.1% |
| Short-Term Instruments | 3.0% |
| Affiliated Investments | 6.3% |
| Financial Derivative Instruments | 0.6% |
| Other Assets and Liabilities, Net | (34.1%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Class A: PTTAX
![Image](g14608g91c27.jpg)

# PIMCO Total Return Fund
Annual Shareholder Report \|

March 31, 2026

PIMS4005TSRAR_033126

# Administrative Class: PTRAX

# PIMCO Total Return Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Total Return Fund (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)**.

## 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 | $79 | 0.77% |

---

## 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 securitized credit, including non-agency residential mortgage-backed securities, contributed to relative performance versus the Bloomberg U.S. Aggregate Index ("Index"), as spreads tightened.

* Long exposure to select emerging market currencies, including the Brazilian real and the Mexican peso, contributed to relative performance versus the Index, as they appreciated relative to the U.S. dollar.

* Curve positioning in the U.S., including underweight exposure to the long end, contributed to relative performance versus the Index, as yields rose.

* Short exposure to select emerging market currencies in Asia, including the new Taiwanese dollar and the Singaporean dollar, detracted from relative performance versus the Index, as they appreciated relative to the U.S. dollar.

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

* Long exposure to duration in Japan 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](g14608g57v05.jpg)

---

| | | |
|:---|:---|:---|
| | **Administrative Class** | **Bloomberg U.S. Aggregate Index** |
| **3/31/16** | $1000000 | $1000000 |
| **4/30/16** | $1004155 | $1003838 |
| **5/31/16** | $1006653 | $1004096 |
| **6/30/16** | $1020089 | $1022137 |
| **7/31/16** | $1030871 | $1028599 |
| **8/31/16** | $1028412 | $1027423 |
| **9/30/16** | $1032027 | $1026821 |
| **10/31/16** | $1026140 | $1018967 |
| **11/30/16** | $999701 | $994865 |
| **12/31/16** | $1006043 | $996268 |
| **1/31/17** | $1012960 | $998223 |
| **2/28/17** | $1022112 | $1004932 |
| **3/31/17** | $1021785 | $1004405 |
| **4/30/17** | $1030129 | $1012156 |
| **5/31/17** | $1038421 | $1019947 |
| **6/30/17** | $1039567 | $1018920 |
| **7/31/17** | $1045447 | $1023305 |
| **8/31/17** | $1057580 | $1032484 |
| **9/30/17** | $1054497 | $1027566 |
| **10/31/17** | $1052251 | $1028161 |
| **11/30/17** | $1049033 | $1026841 |
| **12/31/17** | $1054991 | $1031554 |
| **1/31/18** | $1044382 | $1019674 |
| **2/28/18** | $1037844 | $1010008 |
| **3/31/18** | $1040911 | $1016485 |
| **4/30/18** | $1031447 | $1008925 |
| **5/31/18** | $1035588 | $1016126 |
| **6/30/18** | $1035709 | $1014876 |
| **7/31/18** | $1037806 | $1015117 |
| **8/31/18** | $1042311 | $1021649 |
| **9/30/18** | $1035916 | $1015070 |
| **10/31/18** | $1032887 | $1007049 |
| **11/30/18** | $1037747 | $1013060 |
| **12/31/18** | $1049612 | $1031671 |
| **1/31/19** | $1061952 | $1042627 |
| **2/28/19** | $1062488 | $1042023 |
| **3/31/19** | $1078120 | $1062032 |
| **4/30/19** | $1079942 | $1062304 |
| **5/31/19** | $1100249 | $1081161 |
| **6/30/19** | $1111930 | $1094739 |
| **7/31/19** | $1111603 | $1097147 |
| **8/31/19** | $1142393 | $1125576 |
| **9/30/19** | $1137434 | $1119581 |
| **10/31/19** | $1141193 | $1122953 |
| **11/30/19** | $1136378 | $1122381 |
| **12/31/19** | $1133352 | $1121599 |
| **1/31/20** | $1161198 | $1143184 |
| **2/29/20** | $1177873 | $1163759 |
| **3/31/20** | $1157482 | $1156911 |
| **4/30/20** | $1178472 | $1177476 |
| **5/31/20** | $1189525 | $1182959 |
| **6/30/20** | $1201670 | $1190410 |
| **7/31/20** | $1219393 | $1208191 |
| **8/31/20** | $1217963 | $1198439 |
| **9/30/20** | $1218816 | $1197782 |
| **10/31/20** | $1213264 | $1192434 |
| **11/30/20** | $1227439 | $1204134 |
| **12/31/20** | $1230898 | $1205794 |
| **1/31/21** | $1224536 | $1197148 |
| **2/28/21** | $1207762 | $1179861 |
| **3/31/21** | $1192130 | $1165128 |
| **4/30/21** | $1203492 | $1174333 |
| **5/31/21** | $1207518 | $1178169 |
| **6/30/21** | $1216306 | $1186447 |
| **7/31/21** | $1228760 | $1199713 |
| **8/31/21** | $1226836 | $1197429 |
| **9/30/21** | $1219205 | $1187061 |
| **10/31/21** | $1215316 | $1186734 |
| **11/30/21** | $1218467 | $1190245 |
| **12/31/21** | $1217471 | $1187200 |
| **1/31/22** | $1193364 | $1161622 |
| **2/28/22** | $1182203 | $1148663 |
| **3/31/22** | $1141396 | $1116751 |
| **4/30/22** | $1095861 | $1074373 |
| **5/31/22** | $1101416 | $1081300 |
| **6/30/22** | $1078419 | $1064336 |
| **7/31/22** | $1102133 | $1090343 |
| **8/31/22** | $1072248 | $1059533 |
| **9/30/22** | $1025788 | $1013755 |
| **10/31/22** | $1008943 | $1000624 |
| **11/30/22** | $1046704 | $1037423 |
| **12/31/22** | $1043270 | $1032743 |
| **1/31/23** | $1078908 | $1064515 |
| **2/28/23** | $1052360 | $1036991 |
| **3/31/23** | $1073028 | $1063333 |
| **4/30/23** | $1080290 | $1069778 |
| **5/31/23** | $1069689 | $1058130 |
| **6/30/23** | $1065595 | $1054356 |
| **7/31/23** | $1068658 | $1053621 |
| **8/31/23** | $1062033 | $1046891 |
| **9/30/23** | $1035250 | $1020288 |
| **10/31/23** | $1015898 | $1004186 |
| **11/30/23** | $1063545 | $1049662 |
| **12/31/23** | $1106317 | $1089842 |
| **1/31/24** | $1108260 | $1086849 |
| **2/29/24** | $1093891 | $1071494 |
| **3/31/24** | $1105462 | $1081388 |
| **4/30/24** | $1077274 | $1054074 |
| **5/31/24** | $1099954 | $1071944 |
| **6/30/24** | $1109002 | $1082092 |
| **7/31/24** | $1137912 | $1107367 |
| **8/31/24** | $1150144 | $1123279 |
| **9/30/24** | $1167042 | $1138319 |
| **10/31/24** | $1135787 | $1110090 |
| **11/30/24** | $1151870 | $1121827 |
| **12/31/24** | $1132320 | $1103468 |
| **1/31/25** | $1141657 | $1109322 |
| **2/28/25** | $1170880 | $1133729 |
| **3/31/25** | $1171318 | $1134155 |
| **4/30/25** | $1172887 | $1138613 |
| **5/31/25** | $1161080 | $1130460 |
| **6/30/25** | $1184099 | $1147843 |
| **7/31/25** | $1181684 | $1144815 |
| **8/31/25** | $1199781 | $1158507 |
| **9/30/25** | $1214856 | $1171145 |
| **10/31/25** | $1227855 | $1178462 |
| **11/30/25** | $1235922 | $1185785 |
| **12/31/25** | $1234885 | $1184031 |
| **1/31/26** | $1238896 | $1185295 |
| **2/28/26** | $1261060 | $1204706 |
| **3/31/26** | $1230608 | $1183475 |

---

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 | 5.06% | 0.64% | 2.10% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |

---

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 | $47077876 |
| # of Portfolio Holdings | 7413 |
| Portfolio Turnover Rate | 497% |
| Total Net Advisory Fees Paid During the Reporting Period | $113873 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 43.0% |
| Corporate Bonds & Notes | 21.7% |
| Non-Agency Mortgage-Backed Securities | 20.9% |
| U.S. Treasury Obligations | 18.0% |
| Sovereign Issues | 10.9% |
| Asset-Backed Securities | 7.8% |
| Loan Participations and Assignments | 1.1% |
| Municipal Bonds & Notes | 0.7% |
| Other Investments | 0.1% |
| Short-Term Instruments | 3.0% |
| Affiliated Investments | 6.3% |
| Financial Derivative Instruments | 0.6% |
| Other Assets and Liabilities, Net | (34.1%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Administrative Class: PTRAX
![Image](g14608g91c27.jpg)

# PIMCO Total Return Fund
Annual Shareholder Report \|

March 31, 2026

PIMS0435TSRAR_033126

# Class C: PTTCX

# PIMCO Total Return Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Total Return Fund (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)**.

## 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 | $164 | 1.61% |

---

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

* Long exposure to securitized credit, including non-agency residential mortgage-backed securities, contributed to relative performance versus the Bloomberg U.S. Aggregate Index ("Index"), as spreads tightened.

* Long exposure to select emerging market currencies, including the Brazilian real and the Mexican peso, contributed to relative performance versus the Index, as they appreciated relative to the U.S. dollar.

* Curve positioning in the U.S., including underweight exposure to the long end, contributed to relative performance versus the Index, as yields rose.

* Short exposure to select emerging market currencies in Asia, including the new Taiwanese dollar and the Singaporean dollar, detracted from relative performance versus the Index, as they appreciated relative to the U.S. dollar.

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

* Long exposure to duration in Japan 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](g14608g94x51.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg U.S. Aggregate Index** |
| **3/31/16** | $10000 | $10000 |
| **4/30/16** | $10034 | $10038 |
| **5/31/16** | $10052 | $10041 |
| **6/30/16** | $10178 | $10221 |
| **7/31/16** | $10278 | $10286 |
| **8/31/16** | $10246 | $10274 |
| **9/30/16** | $10274 | $10268 |
| **10/31/16** | $10208 | $10190 |
| **11/30/16** | $9938 | $9949 |
| **12/31/16** | $9993 | $9963 |
| **1/31/17** | $10055 | $9982 |
| **2/28/17** | $10139 | $10049 |
| **3/31/17** | $10127 | $10044 |
| **4/30/17** | $10203 | $10122 |
| **5/31/17** | $10277 | $10199 |
| **6/30/17** | $10281 | $10189 |
| **7/31/17** | $10332 | $10233 |
| **8/31/17** | $10444 | $10325 |
| **9/30/17** | $10405 | $10276 |
| **10/31/17** | $10376 | $10282 |
| **11/30/17** | $10336 | $10268 |
| **12/31/17** | $10387 | $10316 |
| **1/31/18** | $10275 | $10197 |
| **2/28/18** | $10204 | $10100 |
| **3/31/18** | $10226 | $10165 |
| **4/30/18** | $10126 | $10089 |
| **5/31/18** | $10159 | $10161 |
| **6/30/18** | $10152 | $10149 |
| **7/31/18** | $10165 | $10151 |
| **8/31/18** | $10201 | $10216 |
| **9/30/18** | $10132 | $10151 |
| **10/31/18** | $10095 | $10070 |
| **11/30/18** | $10135 | $10131 |
| **12/31/18** | $10244 | $10317 |
| **1/31/19** | $10357 | $10426 |
| **2/28/19** | $10356 | $10420 |
| **3/31/19** | $10501 | $10620 |
| **4/30/19** | $10511 | $10623 |
| **5/31/19** | $10701 | $10812 |
| **6/30/19** | $10808 | $10947 |
| **7/31/19** | $10797 | $10971 |
| **8/31/19** | $11088 | $11256 |
| **9/30/19** | $11032 | $11196 |
| **10/31/19** | $11061 | $11230 |
| **11/30/19** | $11006 | $11224 |
| **12/31/19** | $10969 | $11216 |
| **1/31/20** | $11231 | $11432 |
| **2/29/20** | $11385 | $11638 |
| **3/31/20** | $11180 | $11569 |
| **4/30/20** | $11375 | $11775 |
| **5/31/20** | $11473 | $11830 |
| **6/30/20** | $11583 | $11904 |
| **7/31/20** | $11744 | $12082 |
| **8/31/20** | $11723 | $11984 |
| **9/30/20** | $11723 | $11978 |
| **10/31/20** | $11661 | $11924 |
| **11/30/20** | $11789 | $12041 |
| **12/31/20** | $11813 | $12058 |
| **1/31/21** | $11745 | $11971 |
| **2/28/21** | $11576 | $11799 |
| **3/31/21** | $11418 | $11651 |
| **4/30/21** | $11518 | $11743 |
| **5/31/21** | $11549 | $11782 |
| **6/30/21** | $11625 | $11864 |
| **7/31/21** | $11736 | $11997 |
| **8/31/21** | $11709 | $11974 |
| **9/30/21** | $11628 | $11871 |
| **10/31/21** | $11583 | $11867 |
| **11/30/21** | $11605 | $11902 |
| **12/31/21** | $11587 | $11872 |
| **1/31/22** | $11350 | $11616 |
| **2/28/22** | $11236 | $11487 |
| **3/31/22** | $10840 | $11168 |
| **4/30/22** | $10400 | $10744 |
| **5/31/22** | $10446 | $10813 |
| **6/30/22** | $10221 | $10643 |
| **7/31/22** | $10438 | $10903 |
| **8/31/22** | $10148 | $10595 |
| **9/30/22** | $9701 | $10138 |
| **10/31/22** | $9535 | $10006 |
| **11/30/22** | $9885 | $10374 |
| **12/31/22** | $9845 | $10327 |
| **1/31/23** | $10175 | $10645 |
| **2/28/23** | $9918 | $10370 |
| **3/31/23** | $10105 | $10633 |
| **4/30/23** | $10167 | $10698 |
| **5/31/23** | $10060 | $10581 |
| **6/30/23** | $10014 | $10544 |
| **7/31/23** | $10036 | $10536 |
| **8/31/23** | $9967 | $10469 |
| **9/30/23** | $9708 | $10203 |
| **10/31/23** | $9520 | $10042 |
| **11/30/23** | $9960 | $10497 |
| **12/31/23** | $10353 | $10898 |
| **1/31/24** | $10364 | $10868 |
| **2/29/24** | $10223 | $10715 |
| **3/31/24** | $10324 | $10814 |
| **4/30/24** | $10054 | $10541 |
| **5/31/24** | $10257 | $10719 |
| **6/30/24** | $10335 | $10821 |
| **7/31/24** | $10597 | $11074 |
| **8/31/24** | $10703 | $11233 |
| **9/30/24** | $10853 | $11383 |
| **10/31/24** | $10555 | $11101 |
| **11/30/24** | $10697 | $11218 |
| **12/31/24** | $10508 | $11035 |
| **1/31/25** | $10587 | $11093 |
| **2/28/25** | $10851 | $11337 |
| **3/31/25** | $10848 | $11342 |
| **4/30/25** | $10855 | $11386 |
| **5/31/25** | $10738 | $11305 |
| **6/30/25** | $10943 | $11478 |
| **7/31/25** | $10913 | $11448 |
| **8/31/25** | $11072 | $11585 |
| **9/30/25** | $11204 | $11711 |
| **10/31/25** | $11315 | $11785 |
| **11/30/25** | $11382 | $11858 |
| **12/31/25** | $11364 | $11840 |
| **1/31/26** | $11393 | $11853 |
| **2/28/26** | $11590 | $12047 |
| **3/31/26** | $11302 | $11835 |

---

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) | 4.19% | (0.20%) | 1.23% |
| Class C (including sales charge) | 3.19% | (0.20%) | 1.23% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |

---

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 | $47077876 |
| # of Portfolio Holdings | 7413 |
| Portfolio Turnover Rate | 497% |
| Total Net Advisory Fees Paid During the Reporting Period | $113873 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 43.0% |
| Corporate Bonds & Notes | 21.7% |
| Non-Agency Mortgage-Backed Securities | 20.9% |
| U.S. Treasury Obligations | 18.0% |
| Sovereign Issues | 10.9% |
| Asset-Backed Securities | 7.8% |
| Loan Participations and Assignments | 1.1% |
| Municipal Bonds & Notes | 0.7% |
| Other Investments | 0.1% |
| Short-Term Instruments | 3.0% |
| Affiliated Investments | 6.3% |
| Financial Derivative Instruments | 0.6% |
| Other Assets and Liabilities, Net | (34.1%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Class C: PTTCX
![Image](g14608g91c27.jpg)

# PIMCO Total Return Fund
Annual Shareholder Report \|

March 31, 2026

PIMS4205TSRAR_033126

# Institutional Class: PTTRX

# PIMCO Total Return Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Total Return Fund (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)**.

## 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 | $53 | 0.52% |

---

## 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 securitized credit, including non-agency residential mortgage-backed securities, contributed to relative performance versus the Bloomberg U.S. Aggregate Index ("Index"), as spreads tightened.

* Long exposure to select emerging market currencies, including the Brazilian real and the Mexican peso, contributed to relative performance versus the Index, as they appreciated relative to the U.S. dollar.

* Curve positioning in the U.S., including underweight exposure to the long end, contributed to relative performance versus the Index, as yields rose.

* Short exposure to select emerging market currencies in Asia, including the new Taiwanese dollar and the Singaporean dollar, detracted from relative performance versus the Index, as they appreciated relative to the U.S. dollar.

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

* Long exposure to duration in Japan 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](g14608g91m31.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Index** |
| **3/31/16** | $1000000 | $1000000 |
| **4/30/16** | $1004368 | $1003838 |
| **5/31/16** | $1007074 | $1004096 |
| **6/30/16** | $1020724 | $1022137 |
| **7/31/16** | $1031731 | $1028599 |
| **8/31/16** | $1029489 | $1027423 |
| **9/30/16** | $1033333 | $1026821 |
| **10/31/16** | $1027644 | $1018967 |
| **11/30/16** | $1001375 | $994865 |
| **12/31/16** | $1007954 | $996268 |
| **1/31/17** | $1015087 | $998223 |
| **2/28/17** | $1024453 | $1004932 |
| **3/31/17** | $1024357 | $1004405 |
| **4/30/17** | $1032920 | $1012156 |
| **5/31/17** | $1041454 | $1019947 |
| **6/30/17** | $1042832 | $1018920 |
| **7/31/17** | $1048938 | $1023305 |
| **8/31/17** | $1061336 | $1032484 |
| **9/30/17** | $1058467 | $1027566 |
| **10/31/17** | $1056430 | $1028161 |
| **11/30/17** | $1053417 | $1026841 |
| **12/31/17** | $1059631 | $1031554 |
| **1/31/18** | $1049193 | $1019674 |
| **2/28/18** | $1042825 | $1010008 |
| **3/31/18** | $1046135 | $1016485 |
| **4/30/18** | $1036830 | $1008925 |
| **5/31/18** | $1041213 | $1016126 |
| **6/30/18** | $1041555 | $1014876 |
| **7/31/18** | $1043879 | $1015117 |
| **8/31/18** | $1048654 | $1021649 |
| **9/30/18** | $1042413 | $1015070 |
| **10/31/18** | $1039586 | $1007049 |
| **11/30/18** | $1044706 | $1013060 |
| **12/31/18** | $1056868 | $1031671 |
| **1/31/19** | $1069511 | $1042627 |
| **2/28/19** | $1070257 | $1042023 |
| **3/31/19** | $1086232 | $1062032 |
| **4/30/19** | $1088289 | $1062304 |
| **5/31/19** | $1108992 | $1081161 |
| **6/30/19** | $1120980 | $1094739 |
| **7/31/19** | $1120888 | $1097147 |
| **8/31/19** | $1152192 | $1125576 |
| **9/30/19** | $1147409 | $1119581 |
| **10/31/19** | $1151444 | $1122953 |
| **11/30/19** | $1146828 | $1122381 |
| **12/31/19** | $1144017 | $1121599 |
| **1/31/20** | $1172377 | $1143184 |
| **2/29/20** | $1189437 | $1163759 |
| **3/31/20** | $1169085 | $1156911 |
| **4/30/20** | $1190529 | $1177476 |
| **5/31/20** | $1201948 | $1182959 |
| **6/30/20** | $1214467 | $1190410 |
| **7/31/20** | $1232655 | $1208191 |
| **8/31/20** | $1231455 | $1198439 |
| **9/30/20** | $1232571 | $1197782 |
| **10/31/20** | $1227225 | $1192434 |
| **11/30/20** | $1241809 | $1204134 |
| **12/31/20** | $1245597 | $1205794 |
| **1/31/21** | $1239397 | $1197148 |
| **2/28/21** | $1222656 | $1179861 |
| **3/31/21** | $1207087 | $1165128 |
| **4/30/21** | $1218859 | $1174333 |
| **5/31/21** | $1223178 | $1178169 |
| **6/30/21** | $1232332 | $1186447 |
| **7/31/21** | $1245221 | $1199713 |
| **8/31/21** | $1243527 | $1197429 |
| **9/30/21** | $1236047 | $1187061 |
| **10/31/21** | $1232367 | $1186734 |
| **11/30/21** | $1235815 | $1190245 |
| **12/31/21** | $1235083 | $1187200 |
| **1/31/22** | $1210869 | $1161622 |
| **2/28/22** | $1199774 | $1148663 |
| **3/31/22** | $1158609 | $1116751 |
| **4/30/22** | $1112628 | $1074373 |
| **5/31/22** | $1118497 | $1081300 |
| **6/30/22** | $1095369 | $1064336 |
| **7/31/22** | $1119690 | $1090343 |
| **8/31/22** | $1089564 | $1059533 |
| **9/30/22** | $1042588 | $1013755 |
| **10/31/22** | $1025672 | $1000624 |
| **11/30/22** | $1064274 | $1037423 |
| **12/31/22** | $1061025 | $1032743 |
| **1/31/23** | $1097486 | $1064515 |
| **2/28/23** | $1070689 | $1036991 |
| **3/31/23** | $1091961 | $1063333 |
| **4/30/23** | $1099508 | $1069778 |
| **5/31/23** | $1088950 | $1058130 |
| **6/30/23** | $1085020 | $1054356 |
| **7/31/23** | $1088355 | $1053621 |
| **8/31/23** | $1081836 | $1046891 |
| **9/30/23** | $1054780 | $1020288 |
| **10/31/23** | $1035272 | $1004186 |
| **11/30/23** | $1084047 | $1049662 |
| **12/31/23** | $1127888 | $1089842 |
| **1/31/24** | $1130098 | $1086849 |
| **2/29/24** | $1115668 | $1071494 |
| **3/31/24** | $1127707 | $1081388 |
| **4/30/24** | $1099179 | $1054074 |
| **5/31/24** | $1122572 | $1071944 |
| **6/30/24** | $1132023 | $1082092 |
| **7/31/24** | $1161776 | $1107367 |
| **8/31/24** | $1174530 | $1123279 |
| **9/30/24** | $1192015 | $1138319 |
| **10/31/24** | $1160340 | $1110090 |
| **11/30/24** | $1177018 | $1121827 |
| **12/31/24** | $1157287 | $1103468 |
| **1/31/25** | $1167085 | $1109322 |
| **2/28/25** | $1197185 | $1133729 |
| **3/31/25** | $1197868 | $1134155 |
| **4/30/25** | $1199717 | $1138613 |
| **5/31/25** | $1187899 | $1130460 |
| **6/30/25** | $1211687 | $1147843 |
| **7/31/25** | $1209471 | $1144815 |
| **8/31/25** | $1228260 | $1158507 |
| **9/30/25** | $1243940 | $1171145 |
| **10/31/25** | $1257534 | $1178462 |
| **11/30/25** | $1266039 | $1185785 |
| **12/31/25** | $1265254 | $1184031 |
| **1/31/26** | $1269633 | $1185295 |
| **2/28/26** | $1292592 | $1204706 |
| **3/31/26** | $1261638 | $1183475 |

---

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 | 5.32% | 0.89% | 2.35% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |

---

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 | $47077876 |
| # of Portfolio Holdings | 7413 |
| Portfolio Turnover Rate | 497% |
| Total Net Advisory Fees Paid During the Reporting Period | $113873 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 43.0% |
| Corporate Bonds & Notes | 21.7% |
| Non-Agency Mortgage-Backed Securities | 20.9% |
| U.S. Treasury Obligations | 18.0% |
| Sovereign Issues | 10.9% |
| Asset-Backed Securities | 7.8% |
| Loan Participations and Assignments | 1.1% |
| Municipal Bonds & Notes | 0.7% |
| Other Investments | 0.1% |
| Short-Term Instruments | 3.0% |
| Affiliated Investments | 6.3% |
| Financial Derivative Instruments | 0.6% |
| Other Assets and Liabilities, Net | (34.1%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Institutional Class: PTTRX
![Image](g14608g91c27.jpg)

# PIMCO Total Return Fund
Annual Shareholder Report \|

March 31, 2026

PIMS0035TSRAR_033126

# I-2: PTTPX

# PIMCO Total Return Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Total Return Fund (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)**.

## 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 | $64 | 0.62% |

---

## 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 securitized credit, including non-agency residential mortgage-backed securities, contributed to relative performance versus the Bloomberg U.S. Aggregate Index ("Index"), as spreads tightened.

* Long exposure to select emerging market currencies, including the Brazilian real and the Mexican peso, contributed to relative performance versus the Index, as they appreciated relative to the U.S. dollar.

* Curve positioning in the U.S., including underweight exposure to the long end, contributed to relative performance versus the Index, as yields rose.

* Short exposure to select emerging market currencies in Asia, including the new Taiwanese dollar and the Singaporean dollar, detracted from relative performance versus the Index, as they appreciated relative to the U.S. dollar.

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

* Long exposure to duration in Japan 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](g14608g10b56.jpg)

---

| | | |
|:---|:---|:---|
| | **I-2** | **Bloomberg U.S. Aggregate Index** |
| **3/31/16** | $1000000 | $1000000 |
| **4/30/16** | $1004283 | $1003838 |
| **5/31/16** | $1006906 | $1004096 |
| **6/30/16** | $1020470 | $1022137 |
| **7/31/16** | $1031387 | $1028599 |
| **8/31/16** | $1029058 | $1027423 |
| **9/30/16** | $1032811 | $1026821 |
| **10/31/16** | $1027042 | $1018967 |
| **11/30/16** | $1000706 | $994865 |
| **12/31/16** | $1007191 | $996268 |
| **1/31/17** | $1014237 | $998223 |
| **2/28/17** | $1023518 | $1004932 |
| **3/31/17** | $1023330 | $1004405 |
| **4/30/17** | $1031805 | $1012156 |
| **5/31/17** | $1040242 | $1019947 |
| **6/30/17** | $1041528 | $1018920 |
| **7/31/17** | $1047543 | $1023305 |
| **8/31/17** | $1059835 | $1032484 |
| **9/30/17** | $1056880 | $1027566 |
| **10/31/17** | $1054759 | $1028161 |
| **11/30/17** | $1051664 | $1026841 |
| **12/31/17** | $1057776 | $1031554 |
| **1/31/18** | $1047270 | $1019674 |
| **2/28/18** | $1040834 | $1010008 |
| **3/31/18** | $1044046 | $1016485 |
| **4/30/18** | $1034678 | $1008925 |
| **5/31/18** | $1038964 | $1016126 |
| **6/30/18** | $1039217 | $1014876 |
| **7/31/18** | $1041450 | $1015117 |
| **8/31/18** | $1046117 | $1021649 |
| **9/30/18** | $1039814 | $1015070 |
| **10/31/18** | $1036907 | $1007049 |
| **11/30/18** | $1041923 | $1013060 |
| **12/31/18** | $1053967 | $1031671 |
| **1/31/19** | $1066489 | $1042627 |
| **2/28/19** | $1067150 | $1042023 |
| **3/31/19** | $1082988 | $1062032 |
| **4/30/19** | $1084952 | $1062304 |
| **5/31/19** | $1105496 | $1081161 |
| **6/30/19** | $1117361 | $1094739 |
| **7/31/19** | $1117174 | $1097147 |
| **8/31/19** | $1148273 | $1125576 |
| **9/30/19** | $1143418 | $1119581 |
| **10/31/19** | $1147343 | $1122953 |
| **11/30/19** | $1142647 | $1122381 |
| **12/31/19** | $1139750 | $1121599 |
| **1/31/20** | $1167904 | $1143184 |
| **2/29/20** | $1184810 | $1163759 |
| **3/31/20** | $1164442 | $1156911 |
| **4/30/20** | $1185705 | $1177476 |
| **5/31/20** | $1196976 | $1182959 |
| **6/30/20** | $1209347 | $1190410 |
| **7/31/20** | $1227348 | $1208191 |
| **8/31/20** | $1226055 | $1198439 |
| **9/30/20** | $1227066 | $1197782 |
| **10/31/20** | $1221637 | $1192434 |
| **11/30/20** | $1236057 | $1204134 |
| **12/31/20** | $1239713 | $1205794 |
| **1/31/21** | $1233447 | $1197148 |
| **2/28/21** | $1216693 | $1179861 |
| **3/31/21** | $1201097 | $1165128 |
| **4/30/21** | $1212704 | $1174333 |
| **5/31/21** | $1216906 | $1178169 |
| **6/30/21** | $1225913 | $1186447 |
| **7/31/21** | $1238627 | $1199713 |
| **8/31/21** | $1236840 | $1197429 |
| **9/30/21** | $1229298 | $1187061 |
| **10/31/21** | $1225533 | $1186734 |
| **11/30/21** | $1228861 | $1190245 |
| **12/31/21** | $1228023 | $1187200 |
| **1/31/22** | $1203851 | $1161622 |
| **2/28/22** | $1192729 | $1148663 |
| **3/31/22** | $1151707 | $1116751 |
| **4/30/22** | $1105904 | $1074373 |
| **5/31/22** | $1111648 | $1081300 |
| **6/30/22** | $1088571 | $1064336 |
| **7/31/22** | $1112648 | $1090343 |
| **8/31/22** | $1082618 | $1059533 |
| **9/30/22** | $1035849 | $1013755 |
| **10/31/22** | $1018960 | $1000624 |
| **11/30/22** | $1057224 | $1037423 |
| **12/31/22** | $1053899 | $1032743 |
| **1/31/23** | $1090030 | $1064515 |
| **2/28/23** | $1063333 | $1036991 |
| **3/31/23** | $1084362 | $1063333 |
| **4/30/23** | $1091774 | $1069778 |
| **5/31/23** | $1081199 | $1058130 |
| **6/30/23** | $1077203 | $1054356 |
| **7/31/23** | $1080429 | $1053621 |
| **8/31/23** | $1073868 | $1046891 |
| **9/30/23** | $1046921 | $1020288 |
| **10/31/23** | $1027474 | $1004186 |
| **11/30/23** | $1075795 | $1049662 |
| **12/31/23** | $1119206 | $1089842 |
| **1/31/24** | $1121308 | $1086849 |
| **2/29/24** | $1106902 | $1071494 |
| **3/31/24** | $1118753 | $1081388 |
| **4/30/24** | $1090362 | $1054074 |
| **5/31/24** | $1113467 | $1071944 |
| **6/30/24** | $1122755 | $1082092 |
| **7/31/24** | $1152169 | $1107367 |
| **8/31/24** | $1164713 | $1123279 |
| **9/30/24** | $1181961 | $1138319 |
| **10/31/24** | $1150454 | $1110090 |
| **11/30/24** | $1166893 | $1121827 |
| **12/31/24** | $1147234 | $1103468 |
| **1/31/25** | $1156846 | $1109322 |
| **2/28/25** | $1186593 | $1133729 |
| **3/31/25** | $1187177 | $1134155 |
| **4/30/25** | $1188912 | $1138613 |
| **5/31/25** | $1177098 | $1130460 |
| **6/30/25** | $1200575 | $1147843 |
| **7/31/25** | $1198279 | $1144815 |
| **8/31/25** | $1216789 | $1158507 |
| **9/30/25** | $1232225 | $1171145 |
| **10/31/25** | $1245578 | $1178462 |
| **11/30/25** | $1253906 | $1185785 |
| **12/31/25** | $1253019 | $1184031 |
| **1/31/26** | $1257250 | $1185295 |
| **2/28/26** | $1279887 | $1204706 |
| **3/31/26** | $1249136 | $1183475 |

---

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 | 5.22% | 0.79% | 2.25% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |

---

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 | $47077876 |
| # of Portfolio Holdings | 7413 |
| Portfolio Turnover Rate | 497% |
| Total Net Advisory Fees Paid During the Reporting Period | $113873 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 43.0% |
| Corporate Bonds & Notes | 21.7% |
| Non-Agency Mortgage-Backed Securities | 20.9% |
| U.S. Treasury Obligations | 18.0% |
| Sovereign Issues | 10.9% |
| Asset-Backed Securities | 7.8% |
| Loan Participations and Assignments | 1.1% |
| Municipal Bonds & Notes | 0.7% |
| Other Investments | 0.1% |
| Short-Term Instruments | 3.0% |
| Affiliated Investments | 6.3% |
| Financial Derivative Instruments | 0.6% |
| Other Assets and Liabilities, Net | (34.1%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# I-2: PTTPX
![Image](g14608g91c27.jpg)

# PIMCO Total Return Fund
Annual Shareholder Report \|

March 31, 2026

PIMS1902TSRAR_033126

# Class R: PTRRX

# PIMCO Total Return Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Total Return Fund (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)**.

## 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 | $114 | 1.11% |

---

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

* Long exposure to securitized credit, including non-agency residential mortgage-backed securities, contributed to relative performance versus the Bloomberg U.S. Aggregate Index ("Index"), as spreads tightened.

* Long exposure to select emerging market currencies, including the Brazilian real and the Mexican peso, contributed to relative performance versus the Index, as they appreciated relative to the U.S. dollar.

* Curve positioning in the U.S., including underweight exposure to the long end, contributed to relative performance versus the Index, as yields rose.

* Short exposure to select emerging market currencies in Asia, including the new Taiwanese dollar and the Singaporean dollar, detracted from relative performance versus the Index, as they appreciated relative to the U.S. dollar.

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

* Long exposure to duration in Japan 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](g14608g88k17.jpg)

---

| | | |
|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. Aggregate Index** |
| **3/31/16** | $10000 | $10000 |
| **4/30/16** | $10038 | $10038 |
| **5/31/16** | $10060 | $10041 |
| **6/30/16** | $10191 | $10221 |
| **7/31/16** | $10295 | $10286 |
| **8/31/16** | $10267 | $10274 |
| **9/30/16** | $10300 | $10268 |
| **10/31/16** | $10238 | $10190 |
| **11/30/16** | $9971 | $9949 |
| **12/31/16** | $10031 | $9963 |
| **1/31/17** | $10097 | $9982 |
| **2/28/17** | $10185 | $10049 |
| **3/31/17** | $10178 | $10044 |
| **4/30/17** | $10258 | $10122 |
| **5/31/17** | $10337 | $10199 |
| **6/30/17** | $10345 | $10189 |
| **7/31/17** | $10400 | $10233 |
| **8/31/17** | $10518 | $10325 |
| **9/30/17** | $10484 | $10276 |
| **10/31/17** | $10458 | $10282 |
| **11/30/17** | $10422 | $10268 |
| **12/31/17** | $10478 | $10316 |
| **1/31/18** | $10369 | $10197 |
| **2/28/18** | $10301 | $10100 |
| **3/31/18** | $10328 | $10165 |
| **4/30/18** | $10231 | $10089 |
| **5/31/18** | $10269 | $10161 |
| **6/30/18** | $10267 | $10149 |
| **7/31/18** | $10284 | $10151 |
| **8/31/18** | $10325 | $10216 |
| **9/30/18** | $10259 | $10151 |
| **10/31/18** | $10226 | $10070 |
| **11/30/18** | $10271 | $10131 |
| **12/31/18** | $10386 | $10317 |
| **1/31/19** | $10505 | $10426 |
| **2/28/19** | $10507 | $10420 |
| **3/31/19** | $10659 | $10620 |
| **4/30/19** | $10674 | $10623 |
| **5/31/19** | $10871 | $10812 |
| **6/30/19** | $10984 | $10947 |
| **7/31/19** | $10978 | $10971 |
| **8/31/19** | $11278 | $11256 |
| **9/30/19** | $11226 | $11196 |
| **10/31/19** | $11260 | $11230 |
| **11/30/19** | $11209 | $11224 |
| **12/31/19** | $11176 | $11216 |
| **1/31/20** | $11448 | $11432 |
| **2/29/20** | $11609 | $11638 |
| **3/31/20** | $11405 | $11569 |
| **4/30/20** | $11609 | $11775 |
| **5/31/20** | $11714 | $11830 |
| **6/30/20** | $11830 | $11904 |
| **7/31/20** | $12001 | $12082 |
| **8/31/20** | $11984 | $11984 |
| **9/30/20** | $11989 | $11978 |
| **10/31/20** | $11931 | $11924 |
| **11/30/20** | $12067 | $12041 |
| **12/31/20** | $12097 | $12058 |
| **1/31/21** | $12031 | $11971 |
| **2/28/21** | $11864 | $11799 |
| **3/31/21** | $11707 | $11651 |
| **4/30/21** | $11815 | $11743 |
| **5/31/21** | $11851 | $11782 |
| **6/30/21** | $11934 | $11864 |
| **7/31/21** | $12052 | $11997 |
| **8/31/21** | $12030 | $11974 |
| **9/30/21** | $11952 | $11871 |
| **10/31/21** | $11910 | $11867 |
| **11/30/21** | $11938 | $11902 |
| **12/31/21** | $11925 | $11872 |
| **1/31/22** | $11685 | $11616 |
| **2/28/22** | $11573 | $11487 |
| **3/31/22** | $11170 | $11168 |
| **4/30/22** | $10721 | $10744 |
| **5/31/22** | $10773 | $10813 |
| **6/30/22** | $10545 | $10643 |
| **7/31/22** | $10774 | $10903 |
| **8/31/22** | $10479 | $10595 |
| **9/30/22** | $10021 | $10138 |
| **10/31/22** | $9854 | $10006 |
| **11/30/22** | $10220 | $10374 |
| **12/31/22** | $10183 | $10327 |
| **1/31/23** | $10529 | $10645 |
| **2/28/23** | $10267 | $10370 |
| **3/31/23** | $10465 | $10633 |
| **4/30/23** | $10534 | $10698 |
| **5/31/23** | $10427 | $10581 |
| **6/30/23** | $10384 | $10544 |
| **7/31/23** | $10411 | $10536 |
| **8/31/23** | $10344 | $10469 |
| **9/30/23** | $10080 | $10203 |
| **10/31/23** | $9889 | $10042 |
| **11/30/23** | $10350 | $10497 |
| **12/31/23** | $10763 | $10898 |
| **1/31/24** | $10779 | $10868 |
| **2/29/24** | $10636 | $10715 |
| **3/31/24** | $10746 | $10814 |
| **4/30/24** | $10469 | $10541 |
| **5/31/24** | $10686 | $10719 |
| **6/30/24** | $10771 | $10821 |
| **7/31/24** | $11048 | $11074 |
| **8/31/24** | $11164 | $11233 |
| **9/30/24** | $11325 | $11383 |
| **10/31/24** | $11018 | $11101 |
| **11/30/24** | $11171 | $11218 |
| **12/31/24** | $10978 | $11035 |
| **1/31/25** | $11066 | $11093 |
| **2/28/25** | $11346 | $11337 |
| **3/31/25** | $11347 | $11342 |
| **4/30/25** | $11359 | $11386 |
| **5/31/25** | $11242 | $11305 |
| **6/30/25** | $11461 | $11478 |
| **7/31/25** | $11435 | $11448 |
| **8/31/25** | $11606 | $11585 |
| **9/30/25** | $11749 | $11711 |
| **10/31/25** | $11871 | $11785 |
| **11/30/25** | $11946 | $11858 |
| **12/31/25** | $11933 | $11840 |
| **1/31/26** | $11968 | $11853 |
| **2/28/26** | $12179 | $12047 |
| **3/31/26** | $11881 | $11835 |

---

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 | 4.71% | 0.30% | 1.74% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |

---

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 | $47077876 |
| # of Portfolio Holdings | 7413 |
| Portfolio Turnover Rate | 497% |
| Total Net Advisory Fees Paid During the Reporting Period | $113873 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 43.0% |
| Corporate Bonds & Notes | 21.7% |
| Non-Agency Mortgage-Backed Securities | 20.9% |
| U.S. Treasury Obligations | 18.0% |
| Sovereign Issues | 10.9% |
| Asset-Backed Securities | 7.8% |
| Loan Participations and Assignments | 1.1% |
| Municipal Bonds & Notes | 0.7% |
| Other Investments | 0.1% |
| Short-Term Instruments | 3.0% |
| Affiliated Investments | 6.3% |
| Financial Derivative Instruments | 0.6% |
| Other Assets and Liabilities, Net | (34.1%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Class R: PTRRX
![Image](g14608g91c27.jpg)

# PIMCO Total Return Fund
Annual Shareholder Report \|

March 31, 2026

PIMS4505TSRAR_033126

# I-3: PTTNX

# PIMCO Total Return Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Total Return Fund (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)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $69 | 0.67% |

---

## 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 securitized credit, including non-agency residential mortgage-backed securities, contributed to relative performance versus the Bloomberg U.S. Aggregate Index ("Index"), as spreads tightened.

* Long exposure to select emerging market currencies, including the Brazilian real and the Mexican peso, contributed to relative performance versus the Index, as they appreciated relative to the U.S. dollar.

* Curve positioning in the U.S., including underweight exposure to the long end, contributed to relative performance versus the Index, as yields rose.

* Short exposure to select emerging market currencies in Asia, including the new Taiwanese dollar and the Singaporean dollar, detracted from relative performance versus the Index, as they appreciated relative to the U.S. dollar.

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

* Long exposure to duration in Japan 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](g14608g19x92.jpg)

---

| | | |
|:---|:---|:---|
| | **I-3** | **Bloomberg U.S. Aggregate Index** |
| **3/31/16** | $1000000 | $1000000 |
| **4/30/16** | $1004245 | $1003838 |
| **5/31/16** | $1006823 | $1004096 |
| **6/30/16** | $1020345 | $1022137 |
| **7/31/16** | $1031218 | $1028599 |
| **8/31/16** | $1028847 | $1027423 |
| **9/30/16** | $1032562 | $1026821 |
| **10/31/16** | $1026746 | $1018967 |
| **11/30/16** | $1000376 | $994865 |
| **12/31/16** | $1006822 | $996268 |
| **1/31/17** | $1013818 | $998223 |
| **2/28/17** | $1023056 | $1004932 |
| **3/31/17** | $1022830 | $1004405 |
| **4/30/17** | $1031254 | $1012156 |
| **5/31/17** | $1039643 | $1019947 |
| **6/30/17** | $1040890 | $1018920 |
| **7/31/17** | $1046852 | $1023305 |
| **8/31/17** | $1059091 | $1032484 |
| **9/30/17** | $1056097 | $1027566 |
| **10/31/17** | $1053931 | $1028161 |
| **11/30/17** | $1050795 | $1026841 |
| **12/31/17** | $1056860 | $1031554 |
| **1/31/18** | $1046315 | $1019674 |
| **2/28/18** | $1039845 | $1010008 |
| **3/31/18** | $1043013 | $1016485 |
| **4/30/18** | $1033618 | $1008925 |
| **5/31/18** | $1037905 | $1016126 |
| **6/30/18** | $1038117 | $1014876 |
| **7/31/18** | $1040317 | $1015117 |
| **8/31/18** | $1044931 | $1021649 |
| **9/30/18** | $1038597 | $1015070 |
| **10/31/18** | $1035650 | $1007049 |
| **11/30/18** | $1040614 | $1013060 |
| **12/31/18** | $1052599 | $1031671 |
| **1/31/19** | $1065062 | $1042627 |
| **2/28/19** | $1065682 | $1042023 |
| **3/31/19** | $1081452 | $1062032 |
| **4/30/19** | $1083368 | $1062304 |
| **5/31/19** | $1103836 | $1081161 |
| **6/30/19** | $1115641 | $1094739 |
| **7/31/19** | $1115408 | $1097147 |
| **8/31/19** | $1146406 | $1125576 |
| **9/30/19** | $1141516 | $1119581 |
| **10/31/19** | $1145386 | $1122953 |
| **11/30/19** | $1140650 | $1122381 |
| **12/31/19** | $1137710 | $1121599 |
| **1/31/20** | $1165764 | $1143184 |
| **2/29/20** | $1182594 | $1163759 |
| **3/31/20** | $1162218 | $1156911 |
| **4/30/20** | $1183391 | $1177476 |
| **5/31/20** | $1194591 | $1182959 |
| **6/30/20** | $1206887 | $1190410 |
| **7/31/20** | $1224797 | $1208191 |
| **8/31/20** | $1223459 | $1198439 |
| **9/30/20** | $1224403 | $1197782 |
| **10/31/20** | $1218935 | $1192434 |
| **11/30/20** | $1233274 | $1204134 |
| **12/31/20** | $1236865 | $1205794 |
| **1/31/21** | $1230567 | $1197148 |
| **2/28/21** | $1213805 | $1179861 |
| **3/31/21** | $1198194 | $1165128 |
| **4/30/21** | $1209719 | $1174333 |
| **5/31/21** | $1213862 | $1178169 |
| **6/30/21** | $1222796 | $1186447 |
| **7/31/21** | $1235424 | $1199713 |
| **8/31/21** | $1233591 | $1197429 |
| **9/30/21** | $1226019 | $1187061 |
| **10/31/21** | $1222213 | $1186734 |
| **11/30/21** | $1225482 | $1190245 |
| **12/31/21** | $1224590 | $1187200 |
| **1/31/22** | $1200438 | $1161622 |
| **2/28/22** | $1189301 | $1148663 |
| **3/31/22** | $1148347 | $1116751 |
| **4/30/22** | $1102630 | $1074373 |
| **5/31/22** | $1108313 | $1081300 |
| **6/30/22** | $1085265 | $1064336 |
| **7/31/22** | $1109223 | $1090343 |
| **8/31/22** | $1079239 | $1059533 |
| **9/30/22** | $1032569 | $1013755 |
| **10/31/22** | $1015693 | $1000624 |
| **11/30/22** | $1053793 | $1037423 |
| **12/31/22** | $1050434 | $1032743 |
| **1/31/23** | $1086403 | $1064515 |
| **2/28/23** | $1059754 | $1036991 |
| **3/31/23** | $1080664 | $1063333 |
| **4/30/23** | $1088009 | $1069778 |
| **5/31/23** | $1077425 | $1058130 |
| **6/30/23** | $1073396 | $1054356 |
| **7/31/23** | $1076569 | $1053621 |
| **8/31/23** | $1069986 | $1046891 |
| **9/30/23** | $1043092 | $1020288 |
| **10/31/23** | $1023677 | $1004186 |
| **11/30/23** | $1071776 | $1049662 |
| **12/31/23** | $1114977 | $1089842 |
| **1/31/24** | $1117025 | $1086849 |
| **2/29/24** | $1102630 | $1071494 |
| **3/31/24** | $1114388 | $1081388 |
| **4/30/24** | $1086063 | $1054074 |
| **5/31/24** | $1109028 | $1071944 |
| **6/30/24** | $1118237 | $1082092 |
| **7/31/24** | $1147484 | $1107367 |
| **8/31/24** | $1159925 | $1123279 |
| **9/30/24** | $1177058 | $1138319 |
| **10/31/24** | $1145633 | $1110090 |
| **11/30/24** | $1161954 | $1121827 |
| **12/31/24** | $1142329 | $1103468 |
| **1/31/25** | $1151849 | $1109322 |
| **2/28/25** | $1181423 | $1133729 |
| **3/31/25** | $1181959 | $1134155 |
| **4/30/25** | $1183639 | $1138613 |
| **5/31/25** | $1171825 | $1130460 |
| **6/30/25** | $1195151 | $1147843 |
| **7/31/25** | $1192815 | $1144815 |
| **8/31/25** | $1211187 | $1158507 |
| **9/30/25** | $1226504 | $1171145 |
| **10/31/25** | $1239740 | $1178462 |
| **11/30/25** | $1247982 | $1185785 |
| **12/31/25** | $1247045 | $1184031 |
| **1/31/26** | $1251203 | $1185295 |
| **2/28/26** | $1273684 | $1204706 |
| **3/31/26** | $1243030 | $1183475 |

---

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 | 5.17% | 0.74% | 2.20% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |

---

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 | $47077876 |
| # of Portfolio Holdings | 7413 |
| Portfolio Turnover Rate | 497% |
| Total Net Advisory Fees Paid During the Reporting Period | $113873 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 43.0% |
| Corporate Bonds & Notes | 21.7% |
| Non-Agency Mortgage-Backed Securities | 20.9% |
| U.S. Treasury Obligations | 18.0% |
| Sovereign Issues | 10.9% |
| Asset-Backed Securities | 7.8% |
| Loan Participations and Assignments | 1.1% |
| Municipal Bonds & Notes | 0.7% |
| Other Investments | 0.1% |
| Short-Term Instruments | 3.0% |
| Affiliated Investments | 6.3% |
| Financial Derivative Instruments | 0.6% |
| Other Assets and Liabilities, Net | (34.1%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# I-3: PTTNX
![Image](g14608g91c27.jpg)

# PIMCO Total Return Fund
Annual Shareholder Report \|

March 31, 2026

PIMS2204TSRAR_033126

# Class A: PZCRX

# PIMCO Credit Opportunities Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Credit Opportunities Bond Fund (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 | $107 | 1.05% |

---

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

* Long exposure to the banking sector contributed to absolute performance, as banks' profitability generally remained strong.

* Long exposure to non-agency residential mortgage-backed securities contributed to absolute performance, as spreads tightened.

* Long exposure to the healthcare sector contributed to absolute performance, as innovation buoyed profitability.

* Long exposure to duration detracted from absolute performance, as rates rose.

* Short exposure to the home construction sector detracted from absolute performance, as broader positive market performance in 2025 supported the sector.

* Security selection within the metals and mining sector detracted from absolute performance, as a select issuer's prices fell.

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g14608g32c79.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup>** |
| **3/31/16** | $9629 | $10000 | $10000 |
| **4/30/16** | $9773 | $10017 | $10005 |
| **5/31/16** | $9835 | $10059 | $10011 |
| **6/30/16** | $9895 | $10251 | $10016 |
| **7/31/16** | $10102 | $10312 | $10021 |
| **8/31/16** | $10185 | $10307 | $10026 |
| **9/30/16** | $10257 | $10306 | $10032 |
| **10/31/16** | $10288 | $10206 | $10039 |
| **11/30/16** | $10288 | $10037 | $10046 |
| **12/31/16** | $10414 | $10065 | $10053 |
| **1/31/17** | $10488 | $10028 | $10061 |
| **2/28/17** | $10573 | $10114 | $10069 |
| **3/31/17** | $10668 | $10109 | $10078 |
| **4/30/17** | $10742 | $10178 | $10087 |
| **5/31/17** | $10795 | $10237 | $10097 |
| **6/30/17** | $10824 | $10208 | $10107 |
| **7/31/17** | $10888 | $10242 | $10118 |
| **8/31/17** | $10974 | $10335 | $10128 |
| **9/30/17** | $11040 | $10288 | $10139 |
| **10/31/17** | $11084 | $10331 | $10151 |
| **11/30/17** | $11094 | $10347 | $10162 |
| **12/31/17** | $11096 | $10370 | $10173 |
| **1/31/18** | $11151 | $10296 | $10188 |
| **2/28/18** | $11085 | $10273 | $10202 |
| **3/31/18** | $11098 | $10358 | $10216 |
| **4/30/18** | $11087 | $10320 | $10236 |
| **5/31/18** | $11054 | $10358 | $10256 |
| **6/30/18** | $11026 | $10377 | $10275 |
| **7/31/18** | $11137 | $10380 | $10295 |
| **8/31/18** | $11148 | $10412 | $10315 |
| **9/30/18** | $11172 | $10372 | $10335 |
| **10/31/18** | $11083 | $10352 | $10356 |
| **11/30/18** | $11027 | $10403 | $10377 |
| **12/31/18** | $10955 | $10553 | $10397 |
| **1/31/19** | $11160 | $10665 | $10421 |
| **2/28/19** | $11284 | $10678 | $10446 |
| **3/31/19** | $11347 | $10869 | $10470 |
| **4/30/19** | $11473 | $10875 | $10493 |
| **5/31/19** | $11461 | $11032 | $10516 |
| **6/30/19** | $11598 | $11186 | $10538 |
| **7/31/19** | $11586 | $11274 | $10559 |
| **8/31/19** | $11644 | $11530 | $10579 |
| **9/30/19** | $11659 | $11477 | $10600 |
| **10/31/19** | $11740 | $11457 | $10618 |
| **11/30/19** | $11752 | $11443 | $10637 |
| **12/31/19** | $11846 | $11420 | $10656 |
| **1/31/20** | $11928 | $11626 | $10673 |
| **2/29/20** | $11881 | $11768 | $10690 |
| **3/31/20** | $10778 | $11585 | $10708 |
| **4/30/20** | $11111 | $11773 | $10721 |
| **5/31/20** | $11324 | $11806 | $10734 |
| **6/30/20** | $11466 | $11865 | $10747 |
| **7/31/20** | $11741 | $11995 | $10749 |
| **8/31/20** | $11813 | $11908 | $10752 |
| **9/30/20** | $11808 | $11951 | $10755 |
| **10/31/20** | $11795 | $11952 | $10757 |
| **11/30/20** | $12072 | $12020 | $10759 |
| **12/31/20** | $12193 | $12057 | $10761 |
| **1/31/21** | $12242 | $11993 | $10763 |
| **2/28/21** | $12254 | $11806 | $10765 |
| **3/31/21** | $12245 | $11760 | $10768 |
| **4/30/21** | $12319 | $11790 | $10769 |
| **5/31/21** | $12356 | $11817 | $10771 |
| **6/30/21** | $12390 | $11874 | $10773 |
| **7/31/21** | $12390 | $12022 | $10774 |
| **8/31/21** | $12440 | $11998 | $10776 |
| **9/30/21** | $12413 | $11884 | $10777 |
| **10/31/21** | $12288 | $11853 | $10778 |
| **11/30/21** | $12251 | $11938 | $10779 |
| **12/31/21** | $12326 | $11890 | $10781 |
| **1/31/22** | $12225 | $11703 | $10783 |
| **2/28/22** | $12100 | $11547 | $10785 |
| **3/31/22** | $12032 | $11298 | $10787 |
| **4/30/22** | $11855 | $10994 | $10796 |
| **5/31/22** | $11805 | $10979 | $10805 |
| **6/30/22** | $11435 | $10813 | $10814 |
| **7/31/22** | $11765 | $11088 | $10828 |
| **8/31/22** | $11715 | $10799 | $10850 |
| **9/30/22** | $11517 | $10452 | $10872 |
| **10/31/22** | $11542 | $10416 | $10900 |
| **11/30/22** | $11837 | $10682 | $10934 |
| **12/31/22** | $11858 | $10556 | $10972 |
| **1/31/23** | $12144 | $10799 | $11013 |
| **2/28/23** | $12014 | $10626 | $11052 |
| **3/31/23** | $12168 | $10862 | $11096 |
| **4/30/23** | $12233 | $10918 | $11140 |
| **5/31/23** | $12194 | $10875 | $11188 |
| **6/30/23** | $12228 | $10869 | $11236 |
| **7/31/23** | $12334 | $10872 | $11285 |
| **8/31/23** | $12307 | $10858 | $11336 |
| **9/30/23** | $12209 | $10671 | $11387 |
| **10/31/23** | $12116 | $10595 | $11439 |
| **11/30/23** | $12515 | $10960 | $11490 |
| **12/31/23** | $12818 | $11310 | $11543 |
| **1/31/24** | $12872 | $11288 | $11596 |
| **2/29/24** | $12859 | $11210 | $11645 |
| **3/31/24** | $12989 | $11311 | $11699 |
| **4/30/24** | $12948 | $11129 | $11751 |
| **5/31/24** | $13112 | $11228 | $11805 |
| **6/30/24** | $13183 | $11325 | $11854 |
| **7/31/24** | $13349 | $11544 | $11912 |
| **8/31/24** | $13474 | $11670 | $11967 |
| **9/30/24** | $13604 | $11806 | $12018 |
| **10/31/24** | $13576 | $11646 | $12068 |
| **11/30/24** | $13702 | $11784 | $12116 |
| **12/31/24** | $13695 | $11694 | $12163 |
| **1/31/25** | $13794 | $11739 | $12208 |
| **2/28/25** | $13951 | $11881 | $12250 |
| **3/31/25** | $13985 | $11831 | $12295 |
| **4/30/25** | $14086 | $11948 | $12340 |
| **5/31/25** | $14028 | $11908 | $12386 |
| **6/30/25** | $14219 | $12022 | $12430 |
| **7/31/25** | $14233 | $12013 | $12477 |
| **8/31/25** | $14394 | $12078 | $12524 |
| **9/30/25** | $14482 | $12167 | $12569 |
| **10/31/25** | $14570 | $12263 | $12614 |
| **11/30/25** | $14674 | $12289 | $12656 |
| **12/31/25** | $14724 | $12263 | $12697 |
| **1/31/26** | $14754 | $12292 | $12738 |
| **2/28/26** | $14769 | $12465 | $12774 |
| **3/31/26** | $14408 | $12244 | $12814 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 3.02% | 3.31% | 4.11% |
| Class A (including sales charge) | (0.86%) | 2.52% | 3.72% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| 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 Fund's primary benchmark. |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $506629 |
| # of Portfolio Holdings | 895 |
| Portfolio Turnover Rate | 317% |
| Total Net Advisory Fees Paid During the Reporting Period | $1439 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 52.5% |
| U.S. Government Agencies | 34.5% |
| Sovereign Issues | 10.6% |
| Loan Participations and Assignments | 5.9% |
| Asset-Backed Securities | 3.5% |
| U.S. Treasury Obligations | 2.9% |
| Non-Agency Mortgage-Backed Securities | 1.9% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 3.3% |
| Affiliated Investments | 16.3% |
| Financial Derivative Instruments | 1.7% |
| Other Assets and Liabilities, Net | (33.1%) |
| Total | 100.0% |

---

---

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

---

## 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 decreased during the year by 0.40% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Class A: PZCRX
![Image](g14608g91c27.jpg)

# PIMCO Credit Opportunities Bond Fund
Annual Shareholder Report \|

March 31, 2026

PIMS6033TSRAR_033126

# Class C: PCCRX

# PIMCO Credit Opportunities Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Credit Opportunities Bond Fund (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 | $182 | 1.80% |

---

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

* Long exposure to the banking sector contributed to absolute performance, as banks' profitability generally remained strong.

* Long exposure to non-agency residential mortgage-backed securities contributed to absolute performance, as spreads tightened.

* Long exposure to the healthcare sector contributed to absolute performance, as innovation buoyed profitability.

* Long exposure to duration detracted from absolute performance, as rates rose.

* Short exposure to the home construction sector detracted from absolute performance, as broader positive market performance in 2025 supported the sector.

* Security selection within the metals and mining sector detracted from absolute performance, as a select issuer's prices fell.

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g14608g64f63.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup>** |
| **3/31/16** | $10000 | $10000 | $10000 |
| **4/30/16** | $10140 | $10017 | $10005 |
| **5/31/16** | $10194 | $10059 | $10011 |
| **6/30/16** | $10242 | $10251 | $10016 |
| **7/31/16** | $10459 | $10312 | $10021 |
| **8/31/16** | $10534 | $10307 | $10026 |
| **9/30/16** | $10609 | $10306 | $10032 |
| **10/31/16** | $10631 | $10206 | $10039 |
| **11/30/16** | $10620 | $10037 | $10046 |
| **12/31/16** | $10748 | $10065 | $10053 |
| **1/31/17** | $10814 | $10028 | $10061 |
| **2/28/17** | $10903 | $10114 | $10069 |
| **3/31/17** | $10991 | $10109 | $10078 |
| **4/30/17** | $11058 | $10178 | $10087 |
| **5/31/17** | $11102 | $10237 | $10097 |
| **6/30/17** | $11127 | $10208 | $10107 |
| **7/31/17** | $11183 | $10242 | $10118 |
| **8/31/17** | $11261 | $10335 | $10128 |
| **9/30/17** | $11329 | $10288 | $10139 |
| **10/31/17** | $11362 | $10331 | $10151 |
| **11/30/17** | $11362 | $10347 | $10162 |
| **12/31/17** | $11364 | $10370 | $10173 |
| **1/31/18** | $11410 | $10296 | $10188 |
| **2/28/18** | $11342 | $10273 | $10202 |
| **3/31/18** | $11336 | $10358 | $10216 |
| **4/30/18** | $11324 | $10320 | $10236 |
| **5/31/18** | $11279 | $10358 | $10256 |
| **6/30/18** | $11256 | $10377 | $10275 |
| **7/31/18** | $11359 | $10380 | $10295 |
| **8/31/18** | $11359 | $10412 | $10315 |
| **9/30/18** | $11374 | $10372 | $10335 |
| **10/31/18** | $11282 | $10352 | $10356 |
| **11/30/18** | $11213 | $10403 | $10377 |
| **12/31/18** | $11133 | $10553 | $10397 |
| **1/31/19** | $11332 | $10665 | $10421 |
| **2/28/19** | $11449 | $10678 | $10446 |
| **3/31/19** | $11521 | $10869 | $10470 |
| **4/30/19** | $11627 | $10875 | $10493 |
| **5/31/19** | $11615 | $11032 | $10516 |
| **6/30/19** | $11740 | $11186 | $10538 |
| **7/31/19** | $11728 | $11274 | $10559 |
| **8/31/19** | $11775 | $11530 | $10579 |
| **9/30/19** | $11780 | $11477 | $10600 |
| **10/31/19** | $11851 | $11457 | $10618 |
| **11/30/19** | $11863 | $11443 | $10637 |
| **12/31/19** | $11944 | $11420 | $10656 |
| **1/31/20** | $12028 | $11626 | $10673 |
| **2/29/20** | $11968 | $11768 | $10690 |
| **3/31/20** | $10858 | $11585 | $10708 |
| **4/30/20** | $11173 | $11773 | $10721 |
| **5/31/20** | $11391 | $11806 | $10734 |
| **6/30/20** | $11534 | $11865 | $10747 |
| **7/31/20** | $11803 | $11995 | $10749 |
| **8/31/20** | $11851 | $11908 | $10752 |
| **9/30/20** | $11848 | $11951 | $10755 |
| **10/31/20** | $11836 | $11952 | $10757 |
| **11/30/20** | $12093 | $12020 | $10759 |
| **12/31/20** | $12212 | $12057 | $10761 |
| **1/31/21** | $12262 | $11993 | $10763 |
| **2/28/21** | $12262 | $11806 | $10765 |
| **3/31/21** | $12240 | $11760 | $10768 |
| **4/30/21** | $12302 | $11790 | $10769 |
| **5/31/21** | $12327 | $11817 | $10771 |
| **6/30/21** | $12372 | $11874 | $10773 |
| **7/31/21** | $12347 | $12022 | $10774 |
| **8/31/21** | $12396 | $11998 | $10776 |
| **9/30/21** | $12358 | $11884 | $10777 |
| **10/31/21** | $12232 | $11853 | $10778 |
| **11/30/21** | $12182 | $11938 | $10779 |
| **12/31/21** | $12253 | $11890 | $10781 |
| **1/31/22** | $12139 | $11703 | $10783 |
| **2/28/22** | $12012 | $11547 | $10785 |
| **3/31/22** | $11939 | $11298 | $10787 |
| **4/30/22** | $11748 | $10994 | $10796 |
| **5/31/22** | $11697 | $10979 | $10805 |
| **6/30/22** | $11323 | $10813 | $10814 |
| **7/31/22** | $11643 | $11088 | $10828 |
| **8/31/22** | $11592 | $10799 | $10850 |
| **9/30/22** | $11384 | $10452 | $10872 |
| **10/31/22** | $11397 | $10416 | $10900 |
| **11/30/22** | $11680 | $10682 | $10934 |
| **12/31/22** | $11709 | $10556 | $10972 |
| **1/31/23** | $11982 | $10799 | $11013 |
| **2/28/23** | $11839 | $10626 | $11052 |
| **3/31/23** | $11975 | $10862 | $11096 |
| **4/30/23** | $12040 | $10918 | $11140 |
| **5/31/23** | $11988 | $10875 | $11188 |
| **6/30/23** | $12019 | $10869 | $11236 |
| **7/31/23** | $12124 | $10872 | $11285 |
| **8/31/23** | $12085 | $10858 | $11336 |
| **9/30/23** | $11977 | $10671 | $11387 |
| **10/31/23** | $11870 | $10595 | $11439 |
| **11/30/23** | $12269 | $10960 | $11490 |
| **12/31/23** | $12543 | $11310 | $11543 |
| **1/31/24** | $12597 | $11288 | $11596 |
| **2/29/24** | $12583 | $11210 | $11645 |
| **3/31/24** | $12693 | $11311 | $11699 |
| **4/30/24** | $12652 | $11129 | $11751 |
| **5/31/24** | $12802 | $11228 | $11805 |
| **6/30/24** | $12856 | $11325 | $11854 |
| **7/31/24** | $13008 | $11544 | $11912 |
| **8/31/24** | $13118 | $11670 | $11967 |
| **9/30/24** | $13256 | $11806 | $12018 |
| **10/31/24** | $13201 | $11646 | $12068 |
| **11/30/24** | $13326 | $11784 | $12116 |
| **12/31/24** | $13308 | $11694 | $12163 |
| **1/31/25** | $13407 | $11739 | $12208 |
| **2/28/25** | $13534 | $11881 | $12250 |
| **3/31/25** | $13559 | $11831 | $12295 |
| **4/30/25** | $13659 | $11948 | $12340 |
| **5/31/25** | $13587 | $11908 | $12386 |
| **6/30/25** | $13770 | $12022 | $12430 |
| **7/31/25** | $13770 | $12013 | $12477 |
| **8/31/25** | $13914 | $12078 | $12524 |
| **9/30/25** | $13990 | $12167 | $12569 |
| **10/31/25** | $14063 | $12263 | $12614 |
| **11/30/25** | $14150 | $12289 | $12656 |
| **12/31/25** | $14205 | $12263 | $12697 |
| **1/31/26** | $14220 | $12292 | $12738 |
| **2/28/26** | $14220 | $12465 | $12774 |
| **3/31/26** | $13870 | $12244 | $12814 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 2.30% | 2.53% | 3.33% |
| Class C (including sales charge) | 1.31% | 2.53% | 3.33% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| 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 Fund's primary benchmark. |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $506629 |
| # of Portfolio Holdings | 895 |
| Portfolio Turnover Rate | 317% |
| Total Net Advisory Fees Paid During the Reporting Period | $1439 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 52.5% |
| U.S. Government Agencies | 34.5% |
| Sovereign Issues | 10.6% |
| Loan Participations and Assignments | 5.9% |
| Asset-Backed Securities | 3.5% |
| U.S. Treasury Obligations | 2.9% |
| Non-Agency Mortgage-Backed Securities | 1.9% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 3.3% |
| Affiliated Investments | 16.3% |
| Financial Derivative Instruments | 1.7% |
| Other Assets and Liabilities, Net | (33.1%) |
| Total | 100.0% |

---

---

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

---

## 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 decreased during the year by 0.40% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Class C: PCCRX
![Image](g14608g91c27.jpg)

# PIMCO Credit Opportunities Bond Fund
Annual Shareholder Report \|

March 31, 2026

PIMS6233TSRAR_033126

# Institutional Class: PCARX

# PIMCO Credit Opportunities Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Credit Opportunities Bond Fund (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 | $66 | 0.65% |

---

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

* Long exposure to the banking sector contributed to absolute performance, as banks' profitability generally remained strong.

* Long exposure to non-agency residential mortgage-backed securities contributed to absolute performance, as spreads tightened.

* Long exposure to the healthcare sector contributed to absolute performance, as innovation buoyed profitability.

* Long exposure to duration detracted from absolute performance, as rates rose.

* Short exposure to the home construction sector detracted from absolute performance, as broader positive market performance in 2025 supported the sector.

* Security selection within the metals and mining sector detracted from absolute performance, as a select issuer's prices fell.

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g14608g64v66.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup>** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1016094 | $1001698 | $1000526 |
| **5/31/16** | $1021459 | $1005932 | $1001052 |
| **6/30/16** | $1028504 | $1025081 | $1001578 |
| **7/31/16** | $1050089 | $1031206 | $1002105 |
| **8/31/16** | $1059802 | $1030680 | $1002632 |
| **9/30/16** | $1067320 | $1030557 | $1003159 |
| **10/31/16** | $1070574 | $1020565 | $1003860 |
| **11/30/16** | $1070574 | $1003709 | $1004560 |
| **12/31/16** | $1084604 | $1006459 | $1005261 |
| **1/31/17** | $1092359 | $1002793 | $1006097 |
| **2/28/17** | $1102330 | $1011378 | $1006934 |
| **3/31/17** | $1112301 | $1010911 | $1007772 |
| **4/30/17** | $1120056 | $1017767 | $1008736 |
| **5/31/17** | $1126703 | $1023707 | $1009699 |
| **6/30/17** | $1129231 | $1020842 | $1010664 |
| **7/31/17** | $1135953 | $1024198 | $1011756 |
| **8/31/17** | $1146035 | $1033532 | $1012848 |
| **9/30/17** | $1153939 | $1028761 | $1013943 |
| **10/31/17** | $1157323 | $1033100 | $1015069 |
| **11/30/17** | $1159579 | $1034700 | $1016196 |
| **12/31/17** | $1159925 | $1037013 | $1017325 |
| **1/31/18** | $1166788 | $1029610 | $1018760 |
| **2/28/18** | $1159925 | $1027288 | $1020198 |
| **3/31/18** | $1161035 | $1035806 | $1021638 |
| **4/30/18** | $1161035 | $1031952 | $1023597 |
| **5/31/18** | $1157580 | $1035807 | $1025561 |
| **6/30/18** | $1155477 | $1037738 | $1027529 |
| **7/31/18** | $1167125 | $1038022 | $1029527 |
| **8/31/18** | $1168290 | $1041212 | $1031530 |
| **9/30/18** | $1170887 | $1037229 | $1033537 |
| **10/31/18** | $1162682 | $1035202 | $1035592 |
| **11/30/18** | $1156822 | $1040267 | $1037651 |
| **12/31/18** | $1149528 | $1055294 | $1039715 |
| **1/31/19** | $1171015 | $1066471 | $1042143 |
| **2/28/19** | $1185339 | $1067753 | $1044577 |
| **3/31/19** | $1193154 | $1086877 | $1047017 |
| **4/30/19** | $1205206 | $1087524 | $1049286 |
| **5/31/19** | $1205206 | $1103173 | $1051561 |
| **6/30/19** | $1219306 | $1118641 | $1053840 |
| **7/31/19** | $1219306 | $1127444 | $1055886 |
| **8/31/19** | $1225378 | $1153012 | $1057936 |
| **9/30/19** | $1226956 | $1147669 | $1059991 |
| **10/31/19** | $1235571 | $1145688 | $1061850 |
| **11/30/19** | $1238032 | $1144344 | $1063711 |
| **12/31/19** | $1247913 | $1141998 | $1065577 |
| **1/31/20** | $1257857 | $1162607 | $1067304 |
| **2/29/20** | $1252885 | $1176836 | $1069033 |
| **3/31/20** | $1137248 | $1158521 | $1070765 |
| **4/30/20** | $1172356 | $1177276 | $1072060 |
| **5/31/20** | $1196180 | $1180613 | $1073355 |
| **6/30/20** | $1212021 | $1186505 | $1074652 |
| **7/31/20** | $1241089 | $1199470 | $1074928 |
| **8/31/20** | $1247408 | $1190779 | $1075203 |
| **9/30/20** | $1248008 | $1195129 | $1075480 |
| **10/31/20** | $1248008 | $1195216 | $1075677 |
| **11/30/20** | $1277298 | $1202035 | $1075874 |
| **12/31/20** | $1290479 | $1205728 | $1076072 |
| **1/31/21** | $1296932 | $1199261 | $1076299 |
| **2/28/21** | $1298222 | $1180606 | $1076527 |
| **3/31/21** | $1297152 | $1175955 | $1076755 |
| **4/30/21** | $1304943 | $1179029 | $1076937 |
| **5/31/21** | $1308839 | $1181661 | $1077119 |
| **6/30/21** | $1314701 | $1187424 | $1077300 |
| **7/31/21** | $1314701 | $1202182 | $1077433 |
| **8/31/21** | $1319923 | $1199773 | $1077565 |
| **9/30/21** | $1317061 | $1188446 | $1077697 |
| **10/31/21** | $1305172 | $1185338 | $1077815 |
| **11/30/21** | $1301209 | $1193793 | $1077933 |
| **12/31/21** | $1308970 | $1188952 | $1078052 |
| **1/31/22** | $1298295 | $1170272 | $1078252 |
| **2/28/22** | $1286286 | $1154705 | $1078453 |
| **3/31/22** | $1280306 | $1129814 | $1078655 |
| **4/30/22** | $1261478 | $1099449 | $1079559 |
| **5/31/22** | $1256099 | $1097936 | $1080464 |
| **6/30/22** | $1217714 | $1081273 | $1081370 |
| **7/31/22** | $1252893 | $1108814 | $1082840 |
| **8/31/22** | $1248834 | $1079868 | $1084974 |
| **9/30/22** | $1227653 | $1045202 | $1087187 |
| **10/31/22** | $1230384 | $1041624 | $1090024 |
| **11/30/22** | $1261793 | $1068168 | $1093382 |
| **12/31/22** | $1265705 | $1055562 | $1097197 |
| **1/31/23** | $1296170 | $1079874 | $1101269 |
| **2/28/23** | $1282322 | $1062650 | $1105156 |
| **3/31/23** | $1299676 | $1086213 | $1109554 |
| **4/30/23** | $1306671 | $1091806 | $1114015 |
| **5/31/23** | $1302474 | $1087507 | $1118838 |
| **6/30/23** | $1307077 | $1086858 | $1123559 |
| **7/31/23** | $1319795 | $1087210 | $1128492 |
| **8/31/23** | $1316968 | $1085844 | $1133649 |
| **9/30/23** | $1306247 | $1067119 | $1138672 |
| **10/31/23** | $1296276 | $1059542 | $1143887 |
| **11/30/23** | $1340435 | $1095972 | $1148966 |
| **12/31/23** | $1372933 | $1130998 | $1154251 |
| **1/31/24** | $1380152 | $1128781 | $1159560 |
| **2/29/24** | $1378708 | $1121036 | $1164535 |
| **3/31/24** | $1392382 | $1131144 | $1169880 |
| **4/30/24** | $1389444 | $1112932 | $1175074 |
| **5/31/24** | $1407069 | $1122780 | $1180456 |
| **6/30/24** | $1414197 | $1132522 | $1185355 |
| **7/31/24** | $1433529 | $1154402 | $1191175 |
| **8/31/24** | $1446912 | $1167045 | $1196655 |
| **9/30/24** | $1462618 | $1180588 | $1201824 |
| **10/31/24** | $1458099 | $1164612 | $1206847 |
| **11/30/24** | $1473162 | $1178445 | $1211567 |
| **12/31/24** | $1473962 | $1169402 | $1216304 |
| **1/31/25** | $1484665 | $1173932 | $1220841 |
| **2/28/25** | $1501484 | $1188068 | $1224967 |
| **3/31/25** | $1504569 | $1183110 | $1229536 |
| **4/30/25** | $1516978 | $1194759 | $1233987 |
| **5/31/25** | $1510773 | $1190809 | $1238578 |
| **6/30/25** | $1532457 | $1202213 | $1243036 |
| **7/31/25** | $1534027 | $1201251 | $1247698 |
| **8/31/25** | $1551299 | $1207833 | $1252364 |
| **9/30/25** | $1560901 | $1216730 | $1256860 |
| **10/31/25** | $1572028 | $1226335 | $1261410 |
| **11/30/25** | $1583154 | $1228914 | $1265611 |
| **12/31/25** | $1590366 | $1226279 | $1269736 |
| **1/31/26** | $1593602 | $1229243 | $1273762 |
| **2/28/26** | $1595219 | $1246523 | $1277392 |
| **3/31/26** | $1555957 | $1224396 | $1281416 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 3.42% | 3.71% | 4.52% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| 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 Fund's primary benchmark. |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $506629 |
| # of Portfolio Holdings | 895 |
| Portfolio Turnover Rate | 317% |
| Total Net Advisory Fees Paid During the Reporting Period | $1439 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 52.5% |
| U.S. Government Agencies | 34.5% |
| Sovereign Issues | 10.6% |
| Loan Participations and Assignments | 5.9% |
| Asset-Backed Securities | 3.5% |
| U.S. Treasury Obligations | 2.9% |
| Non-Agency Mortgage-Backed Securities | 1.9% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 3.3% |
| Affiliated Investments | 16.3% |
| Financial Derivative Instruments | 1.7% |
| Other Assets and Liabilities, Net | (33.1%) |
| Total | 100.0% |

---

---

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

---

## 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 decreased during the year by 0.40% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Institutional Class: PCARX
![Image](g14608g91c27.jpg)

# PIMCO Credit Opportunities Bond Fund
Annual Shareholder Report \|

March 31, 2026

PIMS2028TSRAR_033126

# I-2: PPCRX

# PIMCO Credit Opportunities Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Credit Opportunities Bond Fund (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 | $76 | 0.75% |

---

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

* Long exposure to the banking sector contributed to absolute performance, as banks' profitability generally remained strong.

* Long exposure to non-agency residential mortgage-backed securities contributed to absolute performance, as spreads tightened.

* Long exposure to the healthcare sector contributed to absolute performance, as innovation buoyed profitability.

* Long exposure to duration detracted from absolute performance, as rates rose.

* Short exposure to the home construction sector detracted from absolute performance, as broader positive market performance in 2025 supported the sector.

* Security selection within the metals and mining sector detracted from absolute performance, as a select issuer's prices fell.

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g14608g78g67.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg Global Aggregate (USD Hedged) Index** | **ICE BofA SOFR Overnight Rate Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup>** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1015054 | $1001698 | $1000526 |
| **5/31/16** | $1021505 | $1005932 | $1001052 |
| **6/30/16** | $1027234 | $1025081 | $1001578 |
| **7/31/16** | $1049942 | $1031206 | $1002105 |
| **8/31/16** | $1058592 | $1030680 | $1002632 |
| **9/30/16** | $1066822 | $1030557 | $1003159 |
| **10/31/16** | $1070081 | $1020565 | $1003860 |
| **11/30/16** | $1070081 | $1003709 | $1004560 |
| **12/31/16** | $1084346 | $1006459 | $1005261 |
| **1/31/17** | $1092115 | $1002793 | $1006097 |
| **2/28/17** | $1100994 | $1011378 | $1006934 |
| **3/31/17** | $1110983 | $1010911 | $1007772 |
| **4/30/17** | $1118752 | $1017767 | $1008736 |
| **5/31/17** | $1124302 | $1023707 | $1009699 |
| **6/30/17** | $1127899 | $1020842 | $1010664 |
| **7/31/17** | $1134632 | $1024198 | $1011756 |
| **8/31/17** | $1143611 | $1033532 | $1012848 |
| **9/30/17** | $1151399 | $1028761 | $1013943 |
| **10/31/17** | $1155919 | $1033100 | $1015069 |
| **11/30/17** | $1157049 | $1034700 | $1016196 |
| **12/31/17** | $1158347 | $1037013 | $1017325 |
| **1/31/18** | $1164076 | $1029610 | $1018760 |
| **2/28/18** | $1157201 | $1027288 | $1020198 |
| **3/31/18** | $1159113 | $1035806 | $1021638 |
| **4/30/18** | $1157959 | $1031952 | $1023597 |
| **5/31/18** | $1154499 | $1035807 | $1025561 |
| **6/30/18** | $1153349 | $1037738 | $1027529 |
| **7/31/18** | $1163845 | $1038022 | $1029527 |
| **8/31/18** | $1166177 | $1041212 | $1031530 |
| **9/30/18** | $1168504 | $1037229 | $1033537 |
| **10/31/18** | $1159118 | $1035202 | $1035592 |
| **11/30/18** | $1153252 | $1040267 | $1037651 |
| **12/31/18** | $1146864 | $1055294 | $1039715 |
| **1/31/19** | $1168368 | $1066471 | $1042143 |
| **2/28/19** | $1181509 | $1067753 | $1044577 |
| **3/31/19** | $1189024 | $1086877 | $1047017 |
| **4/30/19** | $1201083 | $1087524 | $1049286 |
| **5/31/19** | $1201083 | $1103173 | $1051561 |
| **6/30/19** | $1214992 | $1118641 | $1053840 |
| **7/31/19** | $1214992 | $1127444 | $1055886 |
| **8/31/19** | $1221067 | $1153012 | $1057936 |
| **9/30/19** | $1222368 | $1147669 | $1059991 |
| **10/31/19** | $1230985 | $1145688 | $1061850 |
| **11/30/19** | $1233447 | $1144344 | $1063711 |
| **12/31/19** | $1243016 | $1141998 | $1065577 |
| **1/31/20** | $1252960 | $1162607 | $1067304 |
| **2/29/20** | $1247988 | $1176836 | $1069033 |
| **3/31/20** | $1132213 | $1158521 | $1070765 |
| **4/30/20** | $1167320 | $1177276 | $1072060 |
| **5/31/20** | $1191143 | $1180613 | $1073355 |
| **6/30/20** | $1205572 | $1186505 | $1074652 |
| **7/31/20** | $1234637 | $1199470 | $1074928 |
| **8/31/20** | $1242219 | $1190779 | $1075203 |
| **9/30/20** | $1242527 | $1195129 | $1075480 |
| **10/31/20** | $1241254 | $1195216 | $1075677 |
| **11/30/20** | $1270535 | $1202035 | $1075874 |
| **12/31/20** | $1284698 | $1205728 | $1076072 |
| **1/31/21** | $1289857 | $1199261 | $1076299 |
| **2/28/21** | $1291147 | $1180606 | $1076527 |
| **3/31/21** | $1289855 | $1175955 | $1076755 |
| **4/30/21** | $1297641 | $1179029 | $1076937 |
| **5/31/21** | $1302831 | $1181661 | $1077119 |
| **6/30/21** | $1307208 | $1187424 | $1077300 |
| **7/31/21** | $1307208 | $1202182 | $1077433 |
| **8/31/21** | $1312427 | $1199773 | $1077565 |
| **9/30/21** | $1309276 | $1188446 | $1077697 |
| **10/31/21** | $1297398 | $1185338 | $1077815 |
| **11/30/21** | $1293438 | $1193793 | $1077933 |
| **12/31/21** | $1300873 | $1188952 | $1078052 |
| **1/31/22** | $1291543 | $1170272 | $1078252 |
| **2/28/22** | $1278214 | $1154705 | $1078453 |
| **3/31/22** | $1271955 | $1129814 | $1078655 |
| **4/30/22** | $1253151 | $1099449 | $1079559 |
| **5/31/22** | $1249122 | $1097936 | $1080464 |
| **6/30/22** | $1209248 | $1081273 | $1081370 |
| **7/31/22** | $1244377 | $1108814 | $1082840 |
| **8/31/22** | $1240324 | $1079868 | $1084974 |
| **9/30/22** | $1218889 | $1045202 | $1087187 |
| **10/31/22** | $1221616 | $1041624 | $1090024 |
| **11/30/22** | $1252975 | $1068168 | $1093382 |
| **12/31/22** | $1256562 | $1055562 | $1097197 |
| **1/31/23** | $1286974 | $1079874 | $1101269 |
| **2/28/23** | $1273150 | $1062650 | $1105156 |
| **3/31/23** | $1288858 | $1086213 | $1109554 |
| **4/30/23** | $1297236 | $1091806 | $1114015 |
| **5/31/23** | $1293047 | $1087507 | $1118838 |
| **6/30/23** | $1297420 | $1086858 | $1123559 |
| **7/31/23** | $1308702 | $1087210 | $1128492 |
| **8/31/23** | $1307292 | $1085844 | $1133649 |
| **9/30/23** | $1296345 | $1067119 | $1138672 |
| **10/31/23** | $1286395 | $1059542 | $1143887 |
| **11/30/23** | $1329037 | $1095972 | $1148966 |
| **12/31/23** | $1361042 | $1130998 | $1154251 |
| **1/31/24** | $1368243 | $1128781 | $1159560 |
| **2/29/24** | $1366803 | $1121036 | $1164535 |
| **3/31/24** | $1380207 | $1131144 | $1169880 |
| **4/30/24** | $1377277 | $1112932 | $1175074 |
| **5/31/24** | $1394859 | $1122780 | $1180456 |
| **6/30/24** | $1401671 | $1132522 | $1185355 |
| **7/31/24** | $1420953 | $1154402 | $1191175 |
| **8/31/24** | $1434302 | $1167045 | $1196655 |
| **9/30/24** | $1449689 | $1180588 | $1201824 |
| **10/31/24** | $1445182 | $1164612 | $1206847 |
| **11/30/24** | $1460205 | $1178445 | $1211567 |
| **12/31/24** | $1460621 | $1169402 | $1216304 |
| **1/31/25** | $1471293 | $1173932 | $1220841 |
| **2/28/25** | $1486540 | $1188068 | $1224967 |
| **3/31/25** | $1490793 | $1183110 | $1229536 |
| **4/30/25** | $1503165 | $1194759 | $1233987 |
| **5/31/25** | $1496979 | $1190809 | $1238578 |
| **6/30/25** | $1518406 | $1202213 | $1243036 |
| **7/31/25** | $1519971 | $1201251 | $1247698 |
| **8/31/25** | $1537190 | $1207833 | $1252364 |
| **9/30/25** | $1546437 | $1216730 | $1256860 |
| **10/31/25** | $1555943 | $1226335 | $1261410 |
| **11/30/25** | $1567035 | $1228914 | $1265611 |
| **12/31/25** | $1573750 | $1226279 | $1269736 |
| **1/31/26** | $1578587 | $1229243 | $1273762 |
| **2/28/26** | $1578587 | $1246523 | $1277392 |
| **3/31/26** | $1540828 | $1224396 | $1281416 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 3.36% | 3.62% | 4.42% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| 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 Fund's primary benchmark. |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $506629 |
| # of Portfolio Holdings | 895 |
| Portfolio Turnover Rate | 317% |
| Total Net Advisory Fees Paid During the Reporting Period | $1439 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 52.5% |
| U.S. Government Agencies | 34.5% |
| Sovereign Issues | 10.6% |
| Loan Participations and Assignments | 5.9% |
| Asset-Backed Securities | 3.5% |
| U.S. Treasury Obligations | 2.9% |
| Non-Agency Mortgage-Backed Securities | 1.9% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 3.3% |
| Affiliated Investments | 16.3% |
| Financial Derivative Instruments | 1.7% |
| Other Assets and Liabilities, Net | (33.1%) |
| Total | 100.0% |

---

---

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

---

## 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 decreased during the year by 0.40% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# I-2: PPCRX
![Image](g14608g91c27.jpg)

# PIMCO Credit Opportunities Bond Fund
Annual Shareholder Report \|

March 31, 2026

PIMS2030TSRAR_033126

# Class A: PDVAX

# PIMCO Diversified Income Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Diversified Income Fund (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)**.

## 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 | $125 | 1.21% |

---

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

* Overweight exposure to high yield via credit default swap indices contributed to relative performance versus the Index\*, as risk sentiment improved.

* Overweight exposure to Ecuadorian sovereign debt contributed to relative performance versus the Index, as spreads tightened.

* Tactical exposure to non-agency residential mortgage-backed securities contributed to relative performance versus the Index, as spreads tightened.

* Underweight exposure to high yield banking detracted from relative performance versus the Index, as spreads tightened.

* Australian duration positioning, particularly overweight exposure along the belly of the curve, detracted from relative performance versus the Index, as rates rose.

* Long exposure to the Japanese yen detracted from relative performance versus the Index, as it depreciated against the U.S. dollar.

\* The Index is comprised of 1/3 each - Bloomberg Global Aggregate Credit ex Emerging Markets, USD Hedged; ICE BofA BB-B Rated Developed Markets High Yield Constrained Index, USD Hedged; and JPMorgan EMBI Global, USD Hedged

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g14608g46d69.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **3/31/16** | $9625 | $10000 | $10000 |
| **4/30/16** | $9833 | $10017 | $10189 |
| **5/31/16** | $9895 | $10059 | $10198 |
| **6/30/16** | $10099 | $10251 | $10405 |
| **7/31/16** | $10296 | $10312 | $10596 |
| **8/31/16** | $10437 | $10307 | $10742 |
| **9/30/16** | $10474 | $10306 | $10758 |
| **10/31/16** | $10439 | $10206 | $10686 |
| **11/30/16** | $10233 | $10037 | $10449 |
| **12/31/16** | $10365 | $10065 | $10582 |
| **1/31/17** | $10459 | $10028 | $10673 |
| **2/28/17** | $10623 | $10114 | $10830 |
| **3/31/17** | $10692 | $10109 | $10837 |
| **4/30/17** | $10825 | $10178 | $10971 |
| **5/31/17** | $10952 | $10237 | $11066 |
| **6/30/17** | $10932 | $10208 | $11064 |
| **7/31/17** | $11027 | $10242 | $11150 |
| **8/31/17** | $11155 | $10335 | $11252 |
| **9/30/17** | $11160 | $10288 | $11268 |
| **10/31/17** | $11207 | $10331 | $11323 |
| **11/30/17** | $11183 | $10347 | $11302 |
| **12/31/17** | $11238 | $10370 | $11353 |
| **1/31/18** | $11191 | $10296 | $11336 |
| **2/28/18** | $11081 | $10273 | $11198 |
| **3/31/18** | $11155 | $10358 | $11210 |
| **4/30/18** | $11126 | $10320 | $11162 |
| **5/31/18** | $11099 | $10358 | $11123 |
| **6/30/18** | $11062 | $10377 | $11083 |
| **7/31/18** | $11182 | $10380 | $11222 |
| **8/31/18** | $11150 | $10412 | $11193 |
| **9/30/18** | $11235 | $10372 | $11265 |
| **10/31/18** | $11116 | $10352 | $11107 |
| **11/30/18** | $11085 | $10403 | $11057 |
| **12/31/18** | $11083 | $10553 | $11100 |
| **1/31/19** | $11464 | $10665 | $11475 |
| **2/28/19** | $11547 | $10678 | $11579 |
| **3/31/19** | $11716 | $10869 | $11763 |
| **4/30/19** | $11787 | $10875 | $11842 |
| **5/31/19** | $11819 | $11032 | $11871 |
| **6/30/19** | $12124 | $11186 | $12172 |
| **7/31/19** | $12196 | $11274 | $12284 |
| **8/31/19** | $12280 | $11530 | $12433 |
| **9/30/19** | $12258 | $11477 | $12408 |
| **10/31/19** | $12316 | $11457 | $12446 |
| **11/30/19** | $12353 | $11443 | $12472 |
| **12/31/19** | $12449 | $11420 | $12619 |
| **1/31/20** | $12631 | $11626 | $12786 |
| **2/29/20** | $12609 | $11768 | $12729 |
| **3/31/20** | $11500 | $11585 | $11475 |
| **4/30/20** | $11797 | $11773 | $11897 |
| **5/31/20** | $12137 | $11806 | $12320 |
| **6/30/20** | $12315 | $11865 | $12543 |
| **7/31/20** | $12681 | $11995 | $12969 |
| **8/31/20** | $12736 | $11908 | $12988 |
| **9/30/20** | $12636 | $11951 | $12872 |
| **10/31/20** | $12626 | $11952 | $12890 |
| **11/30/20** | $13049 | $12020 | $13290 |
| **12/31/20** | $13192 | $12057 | $13452 |
| **1/31/21** | $13094 | $11993 | $13374 |
| **2/28/21** | $12930 | $11806 | $13206 |
| **3/31/21** | $12846 | $11760 | $13128 |
| **4/30/21** | $12998 | $11790 | $13282 |
| **5/31/21** | $13063 | $11817 | $13358 |
| **6/30/21** | $13189 | $11874 | $13492 |
| **7/31/21** | $13271 | $12022 | $13594 |
| **8/31/21** | $13325 | $11998 | $13645 |
| **9/30/21** | $13192 | $11884 | $13510 |
| **10/31/21** | $13144 | $11853 | $13496 |
| **11/30/21** | $13047 | $11938 | $13407 |
| **12/31/21** | $13184 | $11890 | $13535 |
| **1/31/22** | $12835 | $11703 | $13184 |
| **2/28/22** | $12416 | $11547 | $12794 |
| **3/31/22** | $12236 | $11298 | $12627 |
| **4/30/22** | $11683 | $10994 | $12092 |
| **5/31/22** | $11705 | $10979 | $12111 |
| **6/30/22** | $11111 | $10813 | $11517 |
| **7/31/22** | $11598 | $11088 | $11989 |
| **8/31/22** | $11320 | $10799 | $11724 |
| **9/30/22** | $10821 | $10452 | $11169 |
| **10/31/22** | $10904 | $10416 | $11256 |
| **11/30/22** | $11397 | $10682 | $11762 |
| **12/31/22** | $11324 | $10556 | $11718 |
| **1/31/23** | $11746 | $10799 | $12105 |
| **2/28/23** | $11475 | $10626 | $11881 |
| **3/31/23** | $11607 | $10862 | $12063 |
| **4/30/23** | $11648 | $10918 | $12145 |
| **5/31/23** | $11564 | $10875 | $12057 |
| **6/30/23** | $11701 | $10869 | $12183 |
| **7/31/23** | $11830 | $10872 | $12327 |
| **8/31/23** | $11786 | $10858 | $12269 |
| **9/30/23** | $11561 | $10671 | $12047 |
| **10/31/23** | $11426 | $10595 | $11926 |
| **11/30/23** | $11976 | $10960 | $12496 |
| **12/31/23** | $12451 | $11310 | $12989 |
| **1/31/24** | $12430 | $11288 | $12947 |
| **2/29/24** | $12413 | $11210 | $12937 |
| **3/31/24** | $12603 | $11311 | $13116 |
| **4/30/24** | $12391 | $11129 | $12921 |
| **5/31/24** | $12576 | $11228 | $13102 |
| **6/30/24** | $12661 | $11325 | $13200 |
| **7/31/24** | $12897 | $11544 | $13445 |
| **8/31/24** | $13087 | $11670 | $13665 |
| **9/30/24** | $13287 | $11806 | $13865 |
| **10/31/24** | $13099 | $11646 | $13695 |
| **11/30/24** | $13304 | $11784 | $13857 |
| **12/31/24** | $13189 | $11694 | $13724 |
| **1/31/25** | $13320 | $11739 | $13860 |
| **2/28/25** | $13511 | $11881 | $14039 |
| **3/31/25** | $13441 | $11831 | $13952 |
| **4/30/25** | $13444 | $11948 | $13984 |
| **5/31/25** | $13548 | $11908 | $14098 |
| **6/30/25** | $13799 | $12022 | $14339 |
| **7/31/25** | $13873 | $12013 | $14434 |
| **8/31/25** | $14047 | $12078 | $14589 |
| **9/30/25** | $14205 | $12167 | $14757 |
| **10/31/25** | $14384 | $12263 | $14913 |
| **11/30/25** | $14468 | $12289 | $14974 |
| **12/31/25** | $14516 | $12263 | $15025 |
| **1/31/26** | $14605 | $12292 | $15104 |
| **2/28/26** | $14739 | $12465 | $15251 |
| **3/31/26** | $14366 | $12244 | $14920 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 6.88% | 2.26% | 4.09% |
| Class A (including sales charge) | 2.87% | 1.48% | 3.69% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| Supplemental Index<sup>Footnote Reference1</sup> | 6.93% | 2.59% | 4.08% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 1/3 each - Bloomberg Global Aggregate Credit ex Emerging Markets, USD Hedged; ICE BofA BB-B Rated Developed Markets High Yield Constrained Index, USD Hedged; and JPMorgan EMBI Global, USD Hedged |

---

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 | $2943551 |
| # of Portfolio Holdings | 1748 |
| Portfolio Turnover Rate | 274% |
| Total Net Advisory Fees Paid During the Reporting Period | $13575 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 39.6% |
| Sovereign Issues | 21.1% |
| Asset-Backed Securities | 14.8% |
| U.S. Government Agencies | 12.9% |
| Non-Agency Mortgage-Backed Securities | 6.8% |
| Loan Participations and Assignments | 5.6% |
| U.S. Treasury Obligations | 4.4% |
| Preferred Securities | 0.3% |
| Convertible Bonds & Notes | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.6% |
| Affiliated Investments | 6.6% |
| Financial Derivative Instruments | 0.6% |
| Other Assets and Liabilities, Net | (13.5%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Class A: PDVAX
![Image](g14608g91c27.jpg)

# PIMCO Diversified Income Fund
Annual Shareholder Report \|

March 31, 2026

PIMS4033TSRAR_033126

# Administrative Class: PDAAX

# PIMCO Diversified Income Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Diversified Income Fund (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)**.

## 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 | $110 | 1.06% |

---

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

* Overweight exposure to high yield via credit default swap indices contributed to relative performance versus the Index\*, as risk sentiment improved.

* Overweight exposure to Ecuadorian sovereign debt contributed to relative performance versus the Index, as spreads tightened.

* Tactical exposure to non-agency residential mortgage-backed securities contributed to relative performance versus the Index, as spreads tightened.

* Underweight exposure to high yield banking detracted from relative performance versus the Index, as spreads tightened.

* Australian duration positioning, particularly overweight exposure along the belly of the curve, detracted from relative performance versus the Index, as rates rose.

* Long exposure to the Japanese yen detracted from relative performance versus the Index, as it depreciated against the U.S. dollar.

\* The Index is comprised of 1/3 each - Bloomberg Global Aggregate Credit ex Emerging Markets, USD Hedged; ICE BofA BB-B Rated Developed Markets High Yield Constrained Index, USD Hedged; and JPMorgan EMBI Global, USD Hedged

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g14608g99v46.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrative Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1021706 | $1001698 | $1018942 |
| **5/31/16** | $1028259 | $1005932 | $1019828 |
| **6/30/16** | $1049679 | $1025081 | $1040472 |
| **7/31/16** | $1070248 | $1031206 | $1059572 |
| **8/31/16** | $1084993 | $1030680 | $1074241 |
| **9/30/16** | $1088985 | $1030557 | $1075848 |
| **10/31/16** | $1085565 | $1020565 | $1068629 |
| **11/30/16** | $1064287 | $1003709 | $1044934 |
| **12/31/16** | $1078156 | $1006459 | $1058178 |
| **1/31/17** | $1087997 | $1002793 | $1067281 |
| **2/28/17** | $1105209 | $1011378 | $1083010 |
| **3/31/17** | $1112530 | $1010911 | $1083656 |
| **4/30/17** | $1126539 | $1017767 | $1097090 |
| **5/31/17** | $1139879 | $1023707 | $1106648 |
| **6/30/17** | $1137924 | $1020842 | $1106352 |
| **7/31/17** | $1147961 | $1024198 | $1115015 |
| **8/31/17** | $1161368 | $1033532 | $1125234 |
| **9/30/17** | $1162134 | $1028761 | $1126840 |
| **10/31/17** | $1167106 | $1033100 | $1132267 |
| **11/30/17** | $1164756 | $1034700 | $1130150 |
| **12/31/17** | $1170651 | $1037013 | $1135316 |
| **1/31/18** | $1165936 | $1029610 | $1133594 |
| **2/28/18** | $1154554 | $1027288 | $1119840 |
| **3/31/18** | $1162434 | $1035806 | $1120952 |
| **4/30/18** | $1159509 | $1031952 | $1116159 |
| **5/31/18** | $1156883 | $1035807 | $1112305 |
| **6/30/18** | $1153178 | $1037738 | $1108257 |
| **7/31/18** | $1165783 | $1038022 | $1122231 |
| **8/31/18** | $1162634 | $1041212 | $1119294 |
| **9/30/18** | $1171646 | $1037229 | $1126517 |
| **10/31/18** | $1159396 | $1035202 | $1110663 |
| **11/30/18** | $1156284 | $1040267 | $1105678 |
| **12/31/18** | $1156244 | $1055294 | $1110012 |
| **1/31/19** | $1196183 | $1066471 | $1147504 |
| **2/28/19** | $1204962 | $1067753 | $1157921 |
| **3/31/19** | $1222771 | $1086877 | $1176273 |
| **4/30/19** | $1230364 | $1087524 | $1184154 |
| **5/31/19** | $1233781 | $1103173 | $1187060 |
| **6/30/19** | $1265826 | $1118641 | $1217234 |
| **7/31/19** | $1273466 | $1127444 | $1228353 |
| **8/31/19** | $1282456 | $1153012 | $1243311 |
| **9/30/19** | $1280264 | $1147669 | $1240772 |
| **10/31/19** | $1286467 | $1145688 | $1244613 |
| **11/30/19** | $1290508 | $1144344 | $1247232 |
| **12/31/19** | $1300761 | $1141998 | $1261911 |
| **1/31/20** | $1319940 | $1162607 | $1278609 |
| **2/29/20** | $1317760 | $1176836 | $1272896 |
| **3/31/20** | $1202020 | $1158521 | $1147491 |
| **4/30/20** | $1233205 | $1177276 | $1189658 |
| **5/31/20** | $1268911 | $1180613 | $1231969 |
| **6/30/20** | $1287659 | $1186505 | $1254320 |
| **7/31/20** | $1326166 | $1199470 | $1296852 |
| **8/31/20** | $1331993 | $1190779 | $1298805 |
| **9/30/20** | $1321754 | $1195129 | $1287226 |
| **10/31/20** | $1320852 | $1195216 | $1288992 |
| **11/30/20** | $1365248 | $1202035 | $1329013 |
| **12/31/20** | $1380390 | $1205728 | $1345170 |
| **1/31/21** | $1370378 | $1199261 | $1337390 |
| **2/28/21** | $1353277 | $1180606 | $1320560 |
| **3/31/21** | $1344723 | $1175955 | $1312778 |
| **4/30/21** | $1360786 | $1179029 | $1328167 |
| **5/31/21** | $1367762 | $1181661 | $1335836 |
| **6/30/21** | $1381158 | $1187424 | $1349195 |
| **7/31/21** | $1389844 | $1202182 | $1359435 |
| **8/31/21** | $1395716 | $1199773 | $1364544 |
| **9/30/21** | $1381972 | $1188446 | $1351049 |
| **10/31/21** | $1377147 | $1185338 | $1349644 |
| **11/30/21** | $1367160 | $1193793 | $1340672 |
| **12/31/21** | $1381687 | $1188952 | $1353469 |
| **1/31/22** | $1345294 | $1170272 | $1318437 |
| **2/28/22** | $1301523 | $1154705 | $1279419 |
| **3/31/22** | $1282790 | $1129814 | $1262746 |
| **4/30/22** | $1225042 | $1099449 | $1209219 |
| **5/31/22** | $1227432 | $1097936 | $1211058 |
| **6/30/22** | $1165341 | $1081273 | $1151706 |
| **7/31/22** | $1216595 | $1108814 | $1198851 |
| **8/31/22** | $1187554 | $1079868 | $1172362 |
| **9/30/22** | $1135295 | $1045202 | $1116860 |
| **10/31/22** | $1144126 | $1041624 | $1125573 |
| **11/30/22** | $1195991 | $1068168 | $1176166 |
| **12/31/22** | $1188488 | $1055562 | $1171841 |
| **1/31/23** | $1232985 | $1079874 | $1210546 |
| **2/28/23** | $1204698 | $1062650 | $1188063 |
| **3/31/23** | $1218708 | $1086213 | $1206281 |
| **4/30/23** | $1223121 | $1091806 | $1214527 |
| **5/31/23** | $1214481 | $1087507 | $1205688 |
| **6/30/23** | $1228959 | $1086858 | $1218283 |
| **7/31/23** | $1242732 | $1087210 | $1232719 |
| **8/31/23** | $1238215 | $1085844 | $1226922 |
| **9/30/23** | $1214797 | $1067119 | $1204716 |
| **10/31/23** | $1200679 | $1059542 | $1192554 |
| **11/30/23** | $1258654 | $1095972 | $1249622 |
| **12/31/23** | $1308745 | $1130998 | $1298881 |
| **1/31/24** | $1306761 | $1128781 | $1294692 |
| **2/29/24** | $1305073 | $1121036 | $1293693 |
| **3/31/24** | $1325253 | $1131144 | $1311649 |
| **4/30/24** | $1303052 | $1112932 | $1292076 |
| **5/31/24** | $1322709 | $1122780 | $1310189 |
| **6/30/24** | $1331774 | $1132522 | $1320022 |
| **7/31/24** | $1356837 | $1154402 | $1344511 |
| **8/31/24** | $1376953 | $1167045 | $1366493 |
| **9/30/24** | $1398195 | $1180588 | $1386495 |
| **10/31/24** | $1378617 | $1164612 | $1369490 |
| **11/30/24** | $1400314 | $1178445 | $1385660 |
| **12/31/24** | $1388410 | $1169402 | $1372425 |
| **1/31/25** | $1402392 | $1173932 | $1385964 |
| **2/28/25** | $1422698 | $1188068 | $1403920 |
| **3/31/25** | $1415461 | $1183110 | $1395225 |
| **4/30/25** | $1415932 | $1194759 | $1398440 |
| **5/31/25** | $1427069 | $1190809 | $1409837 |
| **6/30/25** | $1453646 | $1202213 | $1433883 |
| **7/31/25** | $1461703 | $1201251 | $1443415 |
| **8/31/25** | $1480239 | $1207833 | $1458941 |
| **9/30/25** | $1497022 | $1216730 | $1475721 |
| **10/31/25** | $1516053 | $1226335 | $1491332 |
| **11/30/25** | $1525094 | $1228914 | $1497430 |
| **12/31/25** | $1530407 | $1226279 | $1502480 |
| **1/31/26** | $1539960 | $1229243 | $1510389 |
| **2/28/26** | $1554293 | $1246523 | $1525070 |
| **3/31/26** | $1515134 | $1224396 | $1491961 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 7.04% | 2.42% | 4.24% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| Supplemental Index<sup>Footnote Reference1</sup> | 6.93% | 2.59% | 4.08% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 1/3 each - Bloomberg Global Aggregate Credit ex Emerging Markets, USD Hedged; ICE BofA BB-B Rated Developed Markets High Yield Constrained Index, USD Hedged; and JPMorgan EMBI Global, USD Hedged |

---

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 | $2943551 |
| # of Portfolio Holdings | 1748 |
| Portfolio Turnover Rate | 274% |
| Total Net Advisory Fees Paid During the Reporting Period | $13575 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 39.6% |
| Sovereign Issues | 21.1% |
| Asset-Backed Securities | 14.8% |
| U.S. Government Agencies | 12.9% |
| Non-Agency Mortgage-Backed Securities | 6.8% |
| Loan Participations and Assignments | 5.6% |
| U.S. Treasury Obligations | 4.4% |
| Preferred Securities | 0.3% |
| Convertible Bonds & Notes | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.6% |
| Affiliated Investments | 6.6% |
| Financial Derivative Instruments | 0.6% |
| Other Assets and Liabilities, Net | (13.5%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Administrative Class: PDAAX
![Image](g14608g91c27.jpg)

# PIMCO Diversified Income Fund
Annual Shareholder Report \|

March 31, 2026

PIMS0406TSRAR_033126

# Class C: PDICX

# PIMCO Diversified Income Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Diversified Income Fund (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)**.

## 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 | $202 | 1.96% |

---

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

* Overweight exposure to high yield via credit default swap indices contributed to relative performance versus the Index\*, as risk sentiment improved.

* Overweight exposure to Ecuadorian sovereign debt contributed to relative performance versus the Index, as spreads tightened.

* Tactical exposure to non-agency residential mortgage-backed securities contributed to relative performance versus the Index, as spreads tightened.

* Underweight exposure to high yield banking detracted from relative performance versus the Index, as spreads tightened.

* Australian duration positioning, particularly overweight exposure along the belly of the curve, detracted from relative performance versus the Index, as rates rose.

* Long exposure to the Japanese yen detracted from relative performance versus the Index, as it depreciated against the U.S. dollar.

\* The Index is comprised of 1/3 each - Bloomberg Global Aggregate Credit ex Emerging Markets, USD Hedged; ICE BofA BB-B Rated Developed Markets High Yield Constrained Index, USD Hedged; and JPMorgan EMBI Global, USD Hedged

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g14608g65n15.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **3/31/16** | $10000 | $10000 | $10000 |
| **4/30/16** | $10209 | $10017 | $10189 |
| **5/31/16** | $10267 | $10059 | $10198 |
| **6/30/16** | $10474 | $10251 | $10405 |
| **7/31/16** | $10671 | $10312 | $10596 |
| **8/31/16** | $10809 | $10307 | $10742 |
| **9/30/16** | $10841 | $10306 | $10758 |
| **10/31/16** | $10799 | $10206 | $10686 |
| **11/30/16** | $10579 | $10037 | $10449 |
| **12/31/16** | $10709 | $10065 | $10582 |
| **1/31/17** | $10799 | $10028 | $10673 |
| **2/28/17** | $10962 | $10114 | $10830 |
| **3/31/17** | $11026 | $10109 | $10837 |
| **4/30/17** | $11157 | $10178 | $10971 |
| **5/31/17** | $11280 | $10237 | $11066 |
| **6/30/17** | $11252 | $10208 | $11064 |
| **7/31/17** | $11343 | $10242 | $11150 |
| **8/31/17** | $11467 | $10335 | $11252 |
| **9/30/17** | $11466 | $10288 | $11268 |
| **10/31/17** | $11507 | $10331 | $11323 |
| **11/30/17** | $11475 | $10347 | $11302 |
| **12/31/17** | $11524 | $10370 | $11353 |
| **1/31/18** | $11469 | $10296 | $11336 |
| **2/28/18** | $11349 | $10273 | $11198 |
| **3/31/18** | $11418 | $10358 | $11210 |
| **4/30/18** | $11381 | $10320 | $11162 |
| **5/31/18** | $11346 | $10358 | $11123 |
| **6/30/18** | $11301 | $10377 | $11083 |
| **7/31/18** | $11417 | $10380 | $11222 |
| **8/31/18** | $11376 | $10412 | $11193 |
| **9/30/18** | $11457 | $10372 | $11265 |
| **10/31/18** | $11328 | $10352 | $11107 |
| **11/30/18** | $11289 | $10403 | $11057 |
| **12/31/18** | $11280 | $10553 | $11100 |
| **1/31/19** | $11661 | $10665 | $11475 |
| **2/28/19** | $11738 | $10678 | $11579 |
| **3/31/19** | $11903 | $10869 | $11763 |
| **4/30/19** | $11968 | $10875 | $11842 |
| **5/31/19** | $11992 | $11032 | $11871 |
| **6/30/19** | $12295 | $11186 | $12172 |
| **7/31/19** | $12359 | $11274 | $12284 |
| **8/31/19** | $12437 | $11530 | $12433 |
| **9/30/19** | $12407 | $11477 | $12408 |
| **10/31/19** | $12457 | $11457 | $12446 |
| **11/30/19** | $12487 | $11443 | $12472 |
| **12/31/19** | $12577 | $11420 | $12619 |
| **1/31/20** | $12752 | $11626 | $12786 |
| **2/29/20** | $12722 | $11768 | $12729 |
| **3/31/20** | $11596 | $11585 | $11475 |
| **4/30/20** | $11889 | $11773 | $11897 |
| **5/31/20** | $12224 | $11806 | $12320 |
| **6/30/20** | $12395 | $11865 | $12543 |
| **7/31/20** | $12755 | $11995 | $12969 |
| **8/31/20** | $12802 | $11908 | $12988 |
| **9/30/20** | $12695 | $11951 | $12872 |
| **10/31/20** | $12676 | $11952 | $12890 |
| **11/30/20** | $13093 | $12020 | $13290 |
| **12/31/20** | $13227 | $12057 | $13452 |
| **1/31/21** | $13122 | $11993 | $13374 |
| **2/28/21** | $12949 | $11806 | $13206 |
| **3/31/21** | $12857 | $11760 | $13128 |
| **4/30/21** | $13001 | $11790 | $13282 |
| **5/31/21** | $13058 | $11817 | $13358 |
| **6/30/21** | $13176 | $11874 | $13492 |
| **7/31/21** | $13248 | $12022 | $13594 |
| **8/31/21** | $13295 | $11998 | $13645 |
| **9/30/21** | $13154 | $11884 | $13510 |
| **10/31/21** | $13098 | $11853 | $13496 |
| **11/30/21** | $12993 | $11938 | $13407 |
| **12/31/21** | $13121 | $11890 | $13535 |
| **1/31/22** | $12766 | $11703 | $13184 |
| **2/28/22** | $12342 | $11547 | $12794 |
| **3/31/22** | $12155 | $11298 | $12627 |
| **4/30/22** | $11598 | $10994 | $12092 |
| **5/31/22** | $11612 | $10979 | $12111 |
| **6/30/22** | $11017 | $10813 | $11517 |
| **7/31/22** | $11493 | $11088 | $11989 |
| **8/31/22** | $11210 | $10799 | $11724 |
| **9/30/22** | $10708 | $10452 | $11169 |
| **10/31/22** | $10783 | $10416 | $11256 |
| **11/30/22** | $11264 | $10682 | $11762 |
| **12/31/22** | $11184 | $10556 | $11718 |
| **1/31/23** | $11595 | $10799 | $12105 |
| **2/28/23** | $11321 | $10626 | $11881 |
| **3/31/23** | $11443 | $10862 | $12063 |
| **4/30/23** | $11477 | $10918 | $12145 |
| **5/31/23** | $11387 | $10875 | $12057 |
| **6/30/23** | $11514 | $10869 | $12183 |
| **7/31/23** | $11635 | $10872 | $12327 |
| **8/31/23** | $11584 | $10858 | $12269 |
| **9/30/23** | $11356 | $10671 | $12047 |
| **10/31/23** | $11216 | $10595 | $11926 |
| **11/30/23** | $11749 | $10960 | $12496 |
| **12/31/23** | $12207 | $11310 | $12989 |
| **1/31/24** | $12179 | $11288 | $12947 |
| **2/29/24** | $12155 | $11210 | $12937 |
| **3/31/24** | $12334 | $11311 | $13116 |
| **4/30/24** | $12118 | $11129 | $12921 |
| **5/31/24** | $12291 | $11228 | $13102 |
| **6/30/24** | $12366 | $11325 | $13200 |
| **7/31/24** | $12590 | $11544 | $13445 |
| **8/31/24** | $12766 | $11670 | $13665 |
| **9/30/24** | $12954 | $11806 | $13865 |
| **10/31/24** | $12763 | $11646 | $13695 |
| **11/30/24** | $12954 | $11784 | $13857 |
| **12/31/24** | $12834 | $11694 | $13724 |
| **1/31/25** | $12953 | $11739 | $13860 |
| **2/28/25** | $13132 | $11881 | $14039 |
| **3/31/25** | $13055 | $11831 | $13952 |
| **4/30/25** | $13050 | $11948 | $13984 |
| **5/31/25** | $13143 | $11908 | $14098 |
| **6/30/25** | $13378 | $12022 | $14339 |
| **7/31/25** | $13442 | $12013 | $14434 |
| **8/31/25** | $13602 | $12078 | $14589 |
| **9/30/25** | $13746 | $12167 | $14757 |
| **10/31/25** | $13910 | $12263 | $14913 |
| **11/30/25** | $13983 | $12289 | $14974 |
| **12/31/25** | $14021 | $12263 | $15025 |
| **1/31/26** | $14097 | $12292 | $15104 |
| **2/28/26** | $14219 | $12465 | $15251 |
| **3/31/26** | $13850 | $12244 | $14920 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 6.09% | 1.50% | 3.31% |
| Class C (including sales charge) | 5.09% | 1.50% | 3.31% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| Supplemental Index<sup>Footnote Reference1</sup> | 6.93% | 2.59% | 4.08% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 1/3 each - Bloomberg Global Aggregate Credit ex Emerging Markets, USD Hedged; ICE BofA BB-B Rated Developed Markets High Yield Constrained Index, USD Hedged; and JPMorgan EMBI Global, USD Hedged |

---

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 | $2943551 |
| # of Portfolio Holdings | 1748 |
| Portfolio Turnover Rate | 274% |
| Total Net Advisory Fees Paid During the Reporting Period | $13575 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 39.6% |
| Sovereign Issues | 21.1% |
| Asset-Backed Securities | 14.8% |
| U.S. Government Agencies | 12.9% |
| Non-Agency Mortgage-Backed Securities | 6.8% |
| Loan Participations and Assignments | 5.6% |
| U.S. Treasury Obligations | 4.4% |
| Preferred Securities | 0.3% |
| Convertible Bonds & Notes | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.6% |
| Affiliated Investments | 6.6% |
| Financial Derivative Instruments | 0.6% |
| Other Assets and Liabilities, Net | (13.5%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Class C: PDICX
![Image](g14608g91c27.jpg)

# PIMCO Diversified Income Fund
Annual Shareholder Report \|

March 31, 2026

PIMS4233TSRAR_033126

# Institutional Class: PDIIX

# PIMCO Diversified Income Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Diversified Income Fund (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)**.

## 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 | $84 | 0.81% |

---

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

* Overweight exposure to high yield via credit default swap indices contributed to relative performance versus the Index\*, as risk sentiment improved.

* Overweight exposure to Ecuadorian sovereign debt contributed to relative performance versus the Index, as spreads tightened.

* Tactical exposure to non-agency residential mortgage-backed securities contributed to relative performance versus the Index, as spreads tightened.

* Underweight exposure to high yield banking detracted from relative performance versus the Index, as spreads tightened.

* Australian duration positioning, particularly overweight exposure along the belly of the curve, detracted from relative performance versus the Index, as rates rose.

* Long exposure to the Japanese yen detracted from relative performance versus the Index, as it depreciated against the U.S. dollar.

\* The Index is comprised of 1/3 each - Bloomberg Global Aggregate Credit ex Emerging Markets, USD Hedged; ICE BofA BB-B Rated Developed Markets High Yield Constrained Index, USD Hedged; and JPMorgan EMBI Global, USD Hedged

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g14608g77n05.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1021920 | $1001698 | $1018942 |
| **5/31/16** | $1028686 | $1005932 | $1019828 |
| **6/30/16** | $1050329 | $1025081 | $1040472 |
| **7/31/16** | $1071137 | $1031206 | $1059572 |
| **8/31/16** | $1086122 | $1030680 | $1074241 |
| **9/30/16** | $1090354 | $1030557 | $1075848 |
| **10/31/16** | $1087145 | $1020565 | $1068629 |
| **11/30/16** | $1066038 | $1003709 | $1044934 |
| **12/31/16** | $1080170 | $1006459 | $1058178 |
| **1/31/17** | $1090245 | $1002793 | $1067281 |
| **2/28/17** | $1107703 | $1011378 | $1083010 |
| **3/31/17** | $1115290 | $1010911 | $1083656 |
| **4/30/17** | $1129550 | $1017767 | $1097090 |
| **5/31/17** | $1143166 | $1023707 | $1106648 |
| **6/30/17** | $1141456 | $1020842 | $1106352 |
| **7/31/17** | $1151750 | $1024198 | $1115015 |
| **8/31/17** | $1165447 | $1033532 | $1125234 |
| **9/30/17** | $1166462 | $1028761 | $1126840 |
| **10/31/17** | $1171694 | $1033100 | $1132267 |
| **11/30/17** | $1169574 | $1034700 | $1130150 |
| **12/31/17** | $1175750 | $1037013 | $1135316 |
| **1/31/18** | $1171256 | $1029610 | $1133594 |
| **2/28/18** | $1160045 | $1027288 | $1119840 |
| **3/31/18** | $1168218 | $1035806 | $1120952 |
| **4/30/18** | $1165512 | $1031952 | $1116159 |
| **5/31/18** | $1163119 | $1035807 | $1112305 |
| **6/30/18** | $1159641 | $1037738 | $1108257 |
| **7/31/18** | $1172557 | $1038022 | $1122231 |
| **8/31/18** | $1169664 | $1041212 | $1119294 |
| **9/30/18** | $1178947 | $1037229 | $1126517 |
| **10/31/18** | $1166869 | $1035202 | $1110663 |
| **11/30/18** | $1163987 | $1040267 | $1105678 |
| **12/31/18** | $1164132 | $1055294 | $1110012 |
| **1/31/19** | $1204585 | $1066471 | $1147504 |
| **2/28/19** | $1213657 | $1067753 | $1157921 |
| **3/31/19** | $1231853 | $1086877 | $1176273 |
| **4/30/19** | $1239758 | $1087524 | $1184154 |
| **5/31/19** | $1243480 | $1103173 | $1187060 |
| **6/30/19** | $1276018 | $1118641 | $1217234 |
| **7/31/19** | $1283991 | $1127444 | $1228353 |
| **8/31/19** | $1293343 | $1153012 | $1243311 |
| **9/30/19** | $1291378 | $1147669 | $1240772 |
| **10/31/19** | $1297909 | $1145688 | $1244613 |
| **11/30/19** | $1302261 | $1144344 | $1247232 |
| **12/31/19** | $1312883 | $1141998 | $1261911 |
| **1/31/20** | $1332530 | $1162607 | $1278609 |
| **2/29/20** | $1330585 | $1176836 | $1272896 |
| **3/31/20** | $1213973 | $1158521 | $1147491 |
| **4/30/20** | $1245720 | $1177276 | $1189658 |
| **5/31/20** | $1282055 | $1180613 | $1231969 |
| **6/30/20** | $1301266 | $1186505 | $1254320 |
| **7/31/20** | $1340478 | $1199470 | $1296852 |
| **8/31/20** | $1346635 | $1190779 | $1298805 |
| **9/30/20** | $1336560 | $1195129 | $1287226 |
| **10/31/20** | $1335942 | $1195216 | $1288992 |
| **11/30/20** | $1381118 | $1202035 | $1329013 |
| **12/31/20** | $1396760 | $1205728 | $1345170 |
| **1/31/21** | $1386896 | $1199261 | $1337390 |
| **2/28/21** | $1369854 | $1180606 | $1320560 |
| **3/31/21** | $1361484 | $1175955 | $1312778 |
| **4/30/21** | $1378048 | $1179029 | $1328167 |
| **5/31/21** | $1385387 | $1181661 | $1335836 |
| **6/30/21** | $1399242 | $1187424 | $1349195 |
| **7/31/21** | $1408349 | $1202182 | $1359435 |
| **8/31/21** | $1414588 | $1199773 | $1364544 |
| **9/30/21** | $1400948 | $1188446 | $1351049 |
| **10/31/21** | $1396354 | $1185338 | $1349644 |
| **11/30/21** | $1386515 | $1193793 | $1340672 |
| **12/31/21** | $1401561 | $1188952 | $1353469 |
| **1/31/22** | $1364919 | $1170272 | $1318437 |
| **2/28/22** | $1320748 | $1154705 | $1279419 |
| **3/31/22** | $1301994 | $1129814 | $1262746 |
| **4/30/22** | $1243641 | $1099449 | $1209219 |
| **5/31/22** | $1246316 | $1097936 | $1211058 |
| **6/30/22** | $1183517 | $1081273 | $1151706 |
| **7/31/22** | $1235825 | $1108814 | $1198851 |
| **8/31/22** | $1206592 | $1079868 | $1172362 |
| **9/30/22** | $1153772 | $1045202 | $1116860 |
| **10/31/22** | $1162987 | $1041624 | $1125573 |
| **11/30/22** | $1215957 | $1068168 | $1176166 |
| **12/31/22** | $1208611 | $1055562 | $1171841 |
| **1/31/23** | $1254110 | $1079874 | $1210546 |
| **2/28/23** | $1225576 | $1062650 | $1188063 |
| **3/31/23** | $1240107 | $1086213 | $1206281 |
| **4/30/23** | $1244833 | $1091806 | $1214527 |
| **5/31/23** | $1236303 | $1087507 | $1205688 |
| **6/30/23** | $1251313 | $1086858 | $1218283 |
| **7/31/23** | $1265587 | $1087210 | $1232719 |
| **8/31/23** | $1261252 | $1085844 | $1226922 |
| **9/30/23** | $1237652 | $1067119 | $1204716 |
| **10/31/23** | $1223519 | $1059542 | $1192554 |
| **11/30/23** | $1282853 | $1095972 | $1249622 |
| **12/31/23** | $1334195 | $1130998 | $1298881 |
| **1/31/24** | $1332443 | $1128781 | $1294692 |
| **2/29/24** | $1330984 | $1121036 | $1293693 |
| **3/31/24** | $1351849 | $1131144 | $1311649 |
| **4/30/24** | $1329476 | $1112932 | $1292076 |
| **5/31/24** | $1349836 | $1122780 | $1310189 |
| **6/30/24** | $1359347 | $1132522 | $1320022 |
| **7/31/24** | $1385218 | $1154402 | $1344511 |
| **8/31/24** | $1406070 | $1167045 | $1366493 |
| **9/30/24** | $1428032 | $1180588 | $1386495 |
| **10/31/24** | $1408337 | $1164612 | $1369490 |
| **11/30/24** | $1430800 | $1178445 | $1385660 |
| **12/31/24** | $1418939 | $1169402 | $1372425 |
| **1/31/25** | $1433540 | $1173932 | $1385964 |
| **2/28/25** | $1454572 | $1188068 | $1403920 |
| **3/31/25** | $1447461 | $1183110 | $1395225 |
| **4/30/25** | $1448236 | $1194759 | $1398440 |
| **5/31/25** | $1459944 | $1190809 | $1409837 |
| **6/30/25** | $1487423 | $1202213 | $1433883 |
| **7/31/25** | $1495983 | $1201251 | $1443415 |
| **8/31/25** | $1515283 | $1207833 | $1458941 |
| **9/30/25** | $1532767 | $1216730 | $1475721 |
| **10/31/25** | $1552601 | $1226335 | $1491332 |
| **11/30/25** | $1562157 | $1228914 | $1497430 |
| **12/31/25** | $1567941 | $1226279 | $1502480 |
| **1/31/26** | $1578060 | $1229243 | $1510389 |
| **2/28/26** | $1593051 | $1246523 | $1525070 |
| **3/31/26** | $1553236 | $1224396 | $1491961 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 7.31% | 2.67% | 4.50% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| Supplemental Index<sup>Footnote Reference1</sup> | 6.93% | 2.59% | 4.08% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 1/3 each - Bloomberg Global Aggregate Credit ex Emerging Markets, USD Hedged; ICE BofA BB-B Rated Developed Markets High Yield Constrained Index, USD Hedged; and JPMorgan EMBI Global, USD Hedged |

---

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 | $2943551 |
| # of Portfolio Holdings | 1748 |
| Portfolio Turnover Rate | 274% |
| Total Net Advisory Fees Paid During the Reporting Period | $13575 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 39.6% |
| Sovereign Issues | 21.1% |
| Asset-Backed Securities | 14.8% |
| U.S. Government Agencies | 12.9% |
| Non-Agency Mortgage-Backed Securities | 6.8% |
| Loan Participations and Assignments | 5.6% |
| U.S. Treasury Obligations | 4.4% |
| Preferred Securities | 0.3% |
| Convertible Bonds & Notes | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.6% |
| Affiliated Investments | 6.6% |
| Financial Derivative Instruments | 0.6% |
| Other Assets and Liabilities, Net | (13.5%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Institutional Class: PDIIX
![Image](g14608g91c27.jpg)

# PIMCO Diversified Income Fund
Annual Shareholder Report \|

March 31, 2026

PIMS0106TSRAR_033126

# I-2: PDVPX

# PIMCO Diversified Income Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Diversified Income Fund (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)**.

## 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 | $94 | 0.91% |

---

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

* Overweight exposure to high yield via credit default swap indices contributed to relative performance versus the Index\*, as risk sentiment improved.

* Overweight exposure to Ecuadorian sovereign debt contributed to relative performance versus the Index, as spreads tightened.

* Tactical exposure to non-agency residential mortgage-backed securities contributed to relative performance versus the Index, as spreads tightened.

* Underweight exposure to high yield banking detracted from relative performance versus the Index, as spreads tightened.

* Australian duration positioning, particularly overweight exposure along the belly of the curve, detracted from relative performance versus the Index, as rates rose.

* Long exposure to the Japanese yen detracted from relative performance versus the Index, as it depreciated against the U.S. dollar.

\* The Index is comprised of 1/3 each - Bloomberg Global Aggregate Credit ex Emerging Markets, USD Hedged; ICE BofA BB-B Rated Developed Markets High Yield Constrained Index, USD Hedged; and JPMorgan EMBI Global, USD Hedged

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g14608g67h51.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1021833 | $1001698 | $1018942 |
| **5/31/16** | $1028514 | $1005932 | $1019828 |
| **6/30/16** | $1050068 | $1025081 | $1040472 |
| **7/31/16** | $1070777 | $1031206 | $1059572 |
| **8/31/16** | $1085665 | $1030680 | $1074241 |
| **9/30/16** | $1089801 | $1030557 | $1075848 |
| **10/31/16** | $1086509 | $1020565 | $1068629 |
| **11/30/16** | $1065343 | $1003709 | $1044934 |
| **12/31/16** | $1079370 | $1006459 | $1058178 |
| **1/31/17** | $1089352 | $1002793 | $1067281 |
| **2/28/17** | $1106713 | $1011378 | $1083010 |
| **3/31/17** | $1114194 | $1010911 | $1083656 |
| **4/30/17** | $1128355 | $1017767 | $1097090 |
| **5/31/17** | $1141863 | $1023707 | $1106648 |
| **6/30/17** | $1140056 | $1020842 | $1106352 |
| **7/31/17** | $1150247 | $1024198 | $1115015 |
| **8/31/17** | $1163828 | $1033532 | $1125234 |
| **9/30/17** | $1164743 | $1028761 | $1126840 |
| **10/31/17** | $1169872 | $1033100 | $1132267 |
| **11/30/17** | $1167659 | $1034700 | $1130150 |
| **12/31/17** | $1173723 | $1037013 | $1135316 |
| **1/31/18** | $1169140 | $1029610 | $1133594 |
| **2/28/18** | $1157861 | $1027288 | $1119840 |
| **3/31/18** | $1165917 | $1035806 | $1120952 |
| **4/30/18** | $1163126 | $1031952 | $1116159 |
| **5/31/18** | $1160640 | $1035807 | $1112305 |
| **6/30/18** | $1157070 | $1037738 | $1108257 |
| **7/31/18** | $1169861 | $1038022 | $1122231 |
| **8/31/18** | $1166866 | $1041212 | $1119294 |
| **9/30/18** | $1176041 | $1037229 | $1126517 |
| **10/31/18** | $1163893 | $1035202 | $1110663 |
| **11/30/18** | $1160916 | $1040267 | $1105678 |
| **12/31/18** | $1160967 | $1055294 | $1110012 |
| **1/31/19** | $1201213 | $1066471 | $1147504 |
| **2/28/19** | $1210168 | $1067753 | $1157921 |
| **3/31/19** | $1228210 | $1086877 | $1176273 |
| **4/30/19** | $1235999 | $1087524 | $1184154 |
| **5/31/19** | $1239601 | $1103173 | $1187060 |
| **6/30/19** | $1271942 | $1118641 | $1217234 |
| **7/31/19** | $1279783 | $1127444 | $1228353 |
| **8/31/19** | $1288991 | $1153012 | $1243311 |
| **9/30/19** | $1286934 | $1147669 | $1240772 |
| **10/31/19** | $1293333 | $1145688 | $1244613 |
| **11/30/19** | $1297559 | $1144344 | $1247232 |
| **12/31/19** | $1308034 | $1141998 | $1261911 |
| **1/31/20** | $1327494 | $1162607 | $1278609 |
| **2/29/20** | $1325455 | $1176836 | $1272896 |
| **3/31/20** | $1209182 | $1158521 | $1147491 |
| **4/30/20** | $1240707 | $1177276 | $1189658 |
| **5/31/20** | $1276790 | $1180613 | $1231969 |
| **6/30/20** | $1295816 | $1186505 | $1254320 |
| **7/31/20** | $1334746 | $1199470 | $1296852 |
| **8/31/20** | $1340772 | $1190779 | $1298805 |
| **9/30/20** | $1330631 | $1195129 | $1287226 |
| **10/31/20** | $1329898 | $1195216 | $1288992 |
| **11/30/20** | $1374760 | $1202035 | $1329013 |
| **12/31/20** | $1390202 | $1205728 | $1345170 |
| **1/31/21** | $1380280 | $1199261 | $1337390 |
| **2/28/21** | $1363212 | $1180606 | $1320560 |
| **3/31/21** | $1354767 | $1175955 | $1312778 |
| **4/30/21** | $1371129 | $1179029 | $1328167 |
| **5/31/21** | $1378320 | $1181661 | $1335836 |
| **6/30/21** | $1391991 | $1187424 | $1349195 |
| **7/31/21** | $1400928 | $1202182 | $1359435 |
| **8/31/21** | $1407019 | $1199773 | $1364544 |
| **9/30/21** | $1393336 | $1188446 | $1351049 |
| **10/31/21** | $1388647 | $1185338 | $1349644 |
| **11/30/21** | $1378746 | $1193793 | $1340672 |
| **12/31/21** | $1393582 | $1188952 | $1353469 |
| **1/31/22** | $1357038 | $1170272 | $1318437 |
| **2/28/22** | $1313018 | $1154705 | $1279419 |
| **3/31/22** | $1294263 | $1129814 | $1262746 |
| **4/30/22** | $1236147 | $1099449 | $1209219 |
| **5/31/22** | $1238704 | $1097936 | $1211058 |
| **6/30/22** | $1176190 | $1081273 | $1151706 |
| **7/31/22** | $1228071 | $1108814 | $1198851 |
| **8/31/22** | $1198916 | $1079868 | $1172362 |
| **9/30/22** | $1146328 | $1045202 | $1116860 |
| **10/31/22** | $1155391 | $1041624 | $1125573 |
| **11/30/22** | $1207917 | $1068168 | $1176166 |
| **12/31/22** | $1200510 | $1055562 | $1171841 |
| **1/31/23** | $1245606 | $1079874 | $1210546 |
| **2/28/23** | $1217170 | $1062650 | $1188063 |
| **3/31/23** | $1231491 | $1086213 | $1206281 |
| **4/30/23** | $1236091 | $1091806 | $1214527 |
| **5/31/23** | $1227516 | $1087507 | $1205688 |
| **6/30/23** | $1242311 | $1086858 | $1218283 |
| **7/31/23** | $1256383 | $1087210 | $1232719 |
| **8/31/23** | $1251975 | $1085844 | $1226922 |
| **9/30/23** | $1228444 | $1067119 | $1204716 |
| **10/31/23** | $1214316 | $1059542 | $1192554 |
| **11/30/23** | $1273103 | $1095972 | $1249622 |
| **12/31/23** | $1323940 | $1130998 | $1298881 |
| **1/31/24** | $1322095 | $1128781 | $1294692 |
| **2/29/24** | $1320543 | $1121036 | $1293693 |
| **3/31/24** | $1341133 | $1131144 | $1311649 |
| **4/30/24** | $1318828 | $1112932 | $1292076 |
| **5/31/24** | $1338904 | $1122780 | $1310189 |
| **6/30/24** | $1348235 | $1132522 | $1320022 |
| **7/31/24** | $1373781 | $1154402 | $1344511 |
| **8/31/24** | $1394335 | $1167045 | $1366493 |
| **9/30/24** | $1416006 | $1180588 | $1386495 |
| **10/31/24** | $1396358 | $1164612 | $1369490 |
| **11/30/24** | $1418512 | $1178445 | $1385660 |
| **12/31/24** | $1406633 | $1169402 | $1372425 |
| **1/31/25** | $1420985 | $1173932 | $1385964 |
| **2/28/25** | $1441723 | $1188068 | $1403920 |
| **3/31/25** | $1434561 | $1183110 | $1395225 |
| **4/30/25** | $1435214 | $1194759 | $1398440 |
| **5/31/25** | $1446690 | $1190809 | $1409837 |
| **6/30/25** | $1473804 | $1202213 | $1433883 |
| **7/31/25** | $1482160 | $1201251 | $1443415 |
| **8/31/25** | $1501152 | $1207833 | $1458941 |
| **9/30/25** | $1518351 | $1216730 | $1475721 |
| **10/31/25** | $1537861 | $1226335 | $1491332 |
| **11/30/25** | $1547210 | $1228914 | $1497430 |
| **12/31/25** | $1552804 | $1226279 | $1502480 |
| **1/31/26** | $1562696 | $1229243 | $1510389 |
| **2/28/26** | $1577421 | $1246523 | $1525070 |
| **3/31/26** | $1537871 | $1224396 | $1491961 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 7.20% | 2.57% | 4.40% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| Supplemental Index<sup>Footnote Reference1</sup> | 6.93% | 2.59% | 4.08% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 1/3 each - Bloomberg Global Aggregate Credit ex Emerging Markets, USD Hedged; ICE BofA BB-B Rated Developed Markets High Yield Constrained Index, USD Hedged; and JPMorgan EMBI Global, USD Hedged |

---

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 | $2943551 |
| # of Portfolio Holdings | 1748 |
| Portfolio Turnover Rate | 274% |
| Total Net Advisory Fees Paid During the Reporting Period | $13575 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 39.6% |
| Sovereign Issues | 21.1% |
| Asset-Backed Securities | 14.8% |
| U.S. Government Agencies | 12.9% |
| Non-Agency Mortgage-Backed Securities | 6.8% |
| Loan Participations and Assignments | 5.6% |
| U.S. Treasury Obligations | 4.4% |
| Preferred Securities | 0.3% |
| Convertible Bonds & Notes | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.6% |
| Affiliated Investments | 6.6% |
| Financial Derivative Instruments | 0.6% |
| Other Assets and Liabilities, Net | (13.5%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# I-2: PDVPX
![Image](g14608g91c27.jpg)

# PIMCO Diversified Income Fund
Annual Shareholder Report \|

March 31, 2026

PIMS1908TSRAR_033126

# I-3: PDNIX

# PIMCO Diversified Income Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Diversified Income Fund (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)**.

## 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 | $99 | 0.96% |

---

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

* Overweight exposure to high yield via credit default swap indices contributed to relative performance versus the Index\*, as risk sentiment improved.

* Overweight exposure to Ecuadorian sovereign debt contributed to relative performance versus the Index, as spreads tightened.

* Tactical exposure to non-agency residential mortgage-backed securities contributed to relative performance versus the Index, as spreads tightened.

* Underweight exposure to high yield banking detracted from relative performance versus the Index, as spreads tightened.

* Australian duration positioning, particularly overweight exposure along the belly of the curve, detracted from relative performance versus the Index, as rates rose.

* Long exposure to the Japanese yen detracted from relative performance versus the Index, as it depreciated against the U.S. dollar.

\* The Index is comprised of 1/3 each - Bloomberg Global Aggregate Credit ex Emerging Markets, USD Hedged; ICE BofA BB-B Rated Developed Markets High Yield Constrained Index, USD Hedged; and JPMorgan EMBI Global, USD Hedged

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g14608g22g12.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-3** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1021796 | $1001698 | $1018942 |
| **5/31/16** | $1028431 | $1005932 | $1019828 |
| **6/30/16** | $1049941 | $1025081 | $1040472 |
| **7/31/16** | $1070607 | $1031206 | $1059572 |
| **8/31/16** | $1085447 | $1030680 | $1074241 |
| **9/30/16** | $1089544 | $1030557 | $1075848 |
| **10/31/16** | $1086199 | $1020565 | $1068629 |
| **11/30/16** | $1064980 | $1003709 | $1044934 |
| **12/31/16** | $1078962 | $1006459 | $1058178 |
| **1/31/17** | $1088887 | $1002793 | $1067281 |
| **2/28/17** | $1106198 | $1011378 | $1083010 |
| **3/31/17** | $1113634 | $1010911 | $1083656 |
| **4/30/17** | $1127734 | $1017767 | $1097090 |
| **5/31/17** | $1141184 | $1023707 | $1106648 |
| **6/30/17** | $1139337 | $1020842 | $1106352 |
| **7/31/17** | $1149466 | $1024198 | $1115015 |
| **8/31/17** | $1162989 | $1033532 | $1125234 |
| **9/30/17** | $1163859 | $1028761 | $1126840 |
| **10/31/17** | $1168931 | $1033100 | $1132267 |
| **11/30/17** | $1166672 | $1034700 | $1130150 |
| **12/31/17** | $1172684 | $1037013 | $1135316 |
| **1/31/18** | $1168053 | $1029610 | $1133594 |
| **2/28/18** | $1156739 | $1027288 | $1119840 |
| **3/31/18** | $1164742 | $1035806 | $1120952 |
| **4/30/18** | $1161910 | $1031952 | $1116159 |
| **5/31/18** | $1159335 | $1035807 | $1112305 |
| **6/30/18** | $1155684 | $1037738 | $1108257 |
| **7/31/18** | $1168426 | $1038022 | $1122231 |
| **8/31/18** | $1165389 | $1041212 | $1119294 |
| **9/30/18** | $1174519 | $1037229 | $1126517 |
| **10/31/18** | $1162337 | $1035202 | $1110663 |
| **11/30/18** | $1159337 | $1040267 | $1105678 |
| **12/31/18** | $1159320 | $1055294 | $1110012 |
| **1/31/19** | $1199459 | $1066471 | $1147504 |
| **2/28/19** | $1208369 | $1067753 | $1157921 |
| **3/31/19** | $1226332 | $1086877 | $1176273 |
| **4/30/19** | $1234062 | $1087524 | $1184154 |
| **5/31/19** | $1237601 | $1103173 | $1187060 |
| **6/30/19** | $1269841 | $1118641 | $1217234 |
| **7/31/19** | $1277617 | $1127444 | $1228353 |
| **8/31/19** | $1286752 | $1153012 | $1243311 |
| **9/30/19** | $1284651 | $1147669 | $1240772 |
| **10/31/19** | $1290983 | $1145688 | $1244613 |
| **11/30/19** | $1295148 | $1144344 | $1247232 |
| **12/31/19** | $1305555 | $1141998 | $1261911 |
| **1/31/20** | $1324921 | $1162607 | $1278609 |
| **2/29/20** | $1322836 | $1176836 | $1272896 |
| **3/31/20** | $1206751 | $1158521 | $1147491 |
| **4/30/20** | $1238159 | $1177276 | $1189658 |
| **5/31/20** | $1274119 | $1180613 | $1231969 |
| **6/30/20** | $1293052 | $1186505 | $1254320 |
| **7/31/20** | $1331842 | $1199470 | $1296852 |
| **8/31/20** | $1337801 | $1190779 | $1298805 |
| **9/30/20** | $1327628 | $1195129 | $1287226 |
| **10/31/20** | $1326840 | $1195216 | $1288992 |
| **11/30/20** | $1371547 | $1202035 | $1329013 |
| **12/31/20** | $1386889 | $1205728 | $1345170 |
| **1/31/21** | $1376934 | $1199261 | $1337390 |
| **2/28/21** | $1359854 | $1180606 | $1320560 |
| **3/31/21** | $1351373 | $1175955 | $1312778 |
| **4/30/21** | $1367637 | $1179029 | $1328167 |
| **5/31/21** | $1374756 | $1181661 | $1335836 |
| **6/30/21** | $1388335 | $1187424 | $1349195 |
| **7/31/21** | $1397190 | $1202182 | $1359435 |
| **8/31/21** | $1403207 | $1199773 | $1364544 |
| **9/30/21** | $1389505 | $1188446 | $1351049 |
| **10/31/21** | $1384771 | $1185338 | $1349644 |
| **11/30/21** | $1374842 | $1193793 | $1340672 |
| **12/31/21** | $1389575 | $1188952 | $1353469 |
| **1/31/22** | $1353086 | $1170272 | $1318437 |
| **2/28/22** | $1309148 | $1154705 | $1279419 |
| **3/31/22** | $1290395 | $1129814 | $1262746 |
| **4/30/22** | $1232401 | $1099449 | $1209219 |
| **5/31/22** | $1234901 | $1097936 | $1211058 |
| **6/30/22** | $1172531 | $1081273 | $1151706 |
| **7/31/22** | $1224201 | $1108814 | $1198851 |
| **8/31/22** | $1195087 | $1079868 | $1172362 |
| **9/30/22** | $1142616 | $1045202 | $1116860 |
| **10/31/22** | $1151606 | $1041624 | $1125573 |
| **11/30/22** | $1203912 | $1068168 | $1176166 |
| **12/31/22** | $1196473 | $1055562 | $1171841 |
| **1/31/23** | $1241370 | $1079874 | $1210546 |
| **2/28/23** | $1212986 | $1062650 | $1188063 |
| **3/31/23** | $1227203 | $1086213 | $1206281 |
| **4/30/23** | $1231729 | $1091806 | $1214527 |
| **5/31/23** | $1223132 | $1087507 | $1205688 |
| **6/30/23** | $1237818 | $1086858 | $1218283 |
| **7/31/23** | $1251791 | $1087210 | $1232719 |
| **8/31/23** | $1247347 | $1085844 | $1226922 |
| **9/30/23** | $1223851 | $1067119 | $1204716 |
| **10/31/23** | $1209726 | $1059542 | $1192554 |
| **11/30/23** | $1268240 | $1095972 | $1249622 |
| **12/31/23** | $1318826 | $1130998 | $1298881 |
| **1/31/24** | $1316935 | $1128781 | $1294692 |
| **2/29/24** | $1315338 | $1121036 | $1293693 |
| **3/31/24** | $1335790 | $1131144 | $1311649 |
| **4/30/24** | $1313521 | $1112932 | $1292076 |
| **5/31/24** | $1333457 | $1122780 | $1310189 |
| **6/30/24** | $1342699 | $1132522 | $1320022 |
| **7/31/24** | $1368083 | $1154402 | $1344511 |
| **8/31/24** | $1388489 | $1167045 | $1366493 |
| **9/30/24** | $1410016 | $1180588 | $1386495 |
| **10/31/24** | $1390391 | $1164612 | $1369490 |
| **11/30/24** | $1412391 | $1178445 | $1385660 |
| **12/31/24** | $1400504 | $1169402 | $1372425 |
| **1/31/25** | $1414732 | $1173932 | $1385964 |
| **2/28/25** | $1435328 | $1188068 | $1403920 |
| **3/31/25** | $1428137 | $1183110 | $1395225 |
| **4/30/25** | $1428722 | $1194759 | $1398440 |
| **5/31/25** | $1440083 | $1190809 | $1409837 |
| **6/30/25** | $1467015 | $1202213 | $1433883 |
| **7/31/25** | $1475270 | $1201251 | $1443415 |
| **8/31/25** | $1494108 | $1207833 | $1458941 |
| **9/30/25** | $1511168 | $1216730 | $1475721 |
| **10/31/25** | $1530515 | $1226335 | $1491332 |
| **11/30/25** | $1539760 | $1228914 | $1497430 |
| **12/31/25** | $1545258 | $1226279 | $1502480 |
| **1/31/26** | $1555035 | $1229243 | $1510389 |
| **2/28/26** | $1569629 | $1246523 | $1525070 |
| **3/31/26** | $1530211 | $1224396 | $1491961 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-3 | 7.15% | 2.52% | 4.35% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| Supplemental Index<sup>Footnote Reference1</sup> | 6.93% | 2.59% | 4.08% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 1/3 each - Bloomberg Global Aggregate Credit ex Emerging Markets, USD Hedged; ICE BofA BB-B Rated Developed Markets High Yield Constrained Index, USD Hedged; and JPMorgan EMBI Global, USD Hedged |

---

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 | $2943551 |
| # of Portfolio Holdings | 1748 |
| Portfolio Turnover Rate | 274% |
| Total Net Advisory Fees Paid During the Reporting Period | $13575 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 39.6% |
| Sovereign Issues | 21.1% |
| Asset-Backed Securities | 14.8% |
| U.S. Government Agencies | 12.9% |
| Non-Agency Mortgage-Backed Securities | 6.8% |
| Loan Participations and Assignments | 5.6% |
| U.S. Treasury Obligations | 4.4% |
| Preferred Securities | 0.3% |
| Convertible Bonds & Notes | 0.1% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.6% |
| Affiliated Investments | 6.6% |
| Financial Derivative Instruments | 0.6% |
| Other Assets and Liabilities, Net | (13.5%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# I-3: PDNIX
![Image](g14608g91c27.jpg)

# PIMCO Diversified Income Fund
Annual Shareholder Report \|

March 31, 2026

PIMS2178TSRAR_033126

# Class A: PEGAX

# PIMCO ESG Income Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO ESG Income Fund (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 | $107 | 1.05% |

---

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

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained generally elevated.

* Holdings of agency mortgage-backed securities contributed to performance, as this sector posted positive total returns.

* Long exposure to investment grade corporate credit contributed to performance, as investment grade corporate credit spreads tightened.

* Long exposure to U.S. duration detracted from performance, as interest rates rose across the intermediate and long end of the U.S. yield curve.

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

* Long exposure to Australian duration detracted from performance, as interest rates 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](g14608g45l11.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg U.S. Aggregate Index** |
| **9/30/20** | $9625 | $10000 |
| **10/31/20** | $9704 | $9955 |
| **11/30/20** | $9851 | $10053 |
| **12/31/20** | $9962 | $10067 |
| **1/31/21** | $10018 | $9995 |
| **2/28/21** | $10029 | $9850 |
| **3/31/21** | $10031 | $9727 |
| **4/30/21** | $10105 | $9804 |
| **5/31/21** | $10131 | $9836 |
| **6/30/21** | $10178 | $9905 |
| **7/31/21** | $10206 | $10016 |
| **8/31/21** | $10225 | $9997 |
| **9/30/21** | $10221 | $9910 |
| **10/31/21** | $10203 | $9908 |
| **11/30/21** | $10148 | $9937 |
| **12/31/21** | $10217 | $9912 |
| **1/31/22** | $10123 | $9698 |
| **2/28/22** | $10019 | $9590 |
| **3/31/22** | $9982 | $9323 |
| **4/30/22** | $9791 | $8970 |
| **5/31/22** | $9768 | $9028 |
| **6/30/22** | $9510 | $8886 |
| **7/31/22** | $9670 | $9103 |
| **8/31/22** | $9574 | $8846 |
| **9/30/22** | $9291 | $8464 |
| **10/31/22** | $9225 | $8354 |
| **11/30/22** | $9505 | $8661 |
| **12/31/22** | $9518 | $8622 |
| **1/31/23** | $9803 | $8887 |
| **2/28/23** | $9620 | $8658 |
| **3/31/23** | $9695 | $8878 |
| **4/30/23** | $9714 | $8931 |
| **5/31/23** | $9670 | $8834 |
| **6/30/23** | $9651 | $8803 |
| **7/31/23** | $9722 | $8796 |
| **8/31/23** | $9689 | $8740 |
| **9/30/23** | $9549 | $8518 |
| **10/31/23** | $9433 | $8384 |
| **11/30/23** | $9735 | $8763 |
| **12/31/23** | $10011 | $9099 |
| **1/31/24** | $10077 | $9074 |
| **2/29/24** | $10031 | $8946 |
| **3/31/24** | $10144 | $9028 |
| **4/30/24** | $9983 | $8800 |
| **5/31/24** | $10154 | $8949 |
| **6/30/24** | $10196 | $9034 |
| **7/31/24** | $10374 | $9245 |
| **8/31/24** | $10500 | $9378 |
| **9/30/24** | $10620 | $9504 |
| **10/31/24** | $10464 | $9268 |
| **11/30/24** | $10575 | $9366 |
| **12/31/24** | $10485 | $9213 |
| **1/31/25** | $10608 | $9261 |
| **2/28/25** | $10794 | $9465 |
| **3/31/25** | $10804 | $9469 |
| **4/30/25** | $10816 | $9506 |
| **5/31/25** | $10804 | $9438 |
| **6/30/25** | $10986 | $9583 |
| **7/31/25** | $10961 | $9558 |
| **8/31/25** | $11123 | $9672 |
| **9/30/25** | $11211 | $9778 |
| **10/31/25** | $11315 | $9839 |
| **11/30/25** | $11390 | $9900 |
| **12/31/25** | $11385 | $9885 |
| **1/31/26** | $11435 | $9896 |
| **2/28/26** | $11580 | $10058 |
| **3/31/26** | $11298 | $9881 |

---

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** | **Since Inception 9/30/20** |
| Class A (excluding sales charge) | 4.57% | 2.41% | 2.96% |
| Class A (including sales charge) | 0.62% | 1.63% | 2.24% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | (0.22%) |

---

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 | $397255 |
| # of Portfolio Holdings | 782 |
| Portfolio Turnover Rate | 312% |
| Total Net Advisory Fees Paid During the Reporting Period | $870 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 46.4% |
| Corporate Bonds & Notes | 25.2% |
| U.S. Treasury Obligations | 13.1% |
| Asset-Backed Securities | 10.2% |
| Non-Agency Mortgage-Backed Securities | 8.4% |
| Sovereign Issues | 5.9% |
| Loan Participations and Assignments | 0.6% |
| Preferred Securities | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 17.4% |
| Financial Derivative Instruments | 0.5% |
| Other Assets and Liabilities, Net | (27.9%) |
| Total | 100.0% |

---

---

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

---

## 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 decreased during the year by 0.56% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Class A: PEGAX
![Image](g14608g91c27.jpg)

# PIMCO ESG Income Fund
Annual Shareholder Report \|

March 31, 2026

PIMS8090TSRAR_033126

# Class C: PEGBX

# PIMCO ESG Income Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO ESG Income Fund (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 | $183 | 1.80% |

---

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

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained generally elevated.

* Holdings of agency mortgage-backed securities contributed to performance, as this sector posted positive total returns.

* Long exposure to investment grade corporate credit contributed to performance, as investment grade corporate credit spreads tightened.

* Long exposure to U.S. duration detracted from performance, as interest rates rose across the intermediate and long end of the U.S. yield curve.

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

* Long exposure to Australian duration detracted from performance, as interest rates 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](g14608g88q09.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg U.S. Aggregate Index** |
| **9/30/20** | $10000 | $10000 |
| **10/31/20** | $10080 | $9955 |
| **11/30/20** | $10222 | $10053 |
| **12/31/20** | $10330 | $10067 |
| **1/31/21** | $10383 | $9995 |
| **2/28/21** | $10388 | $9850 |
| **3/31/21** | $10385 | $9727 |
| **4/30/21** | $10454 | $9804 |
| **5/31/21** | $10474 | $9836 |
| **6/30/21** | $10517 | $9905 |
| **7/31/21** | $10538 | $10016 |
| **8/31/21** | $10552 | $9997 |
| **9/30/21** | $10541 | $9910 |
| **10/31/21** | $10515 | $9908 |
| **11/30/21** | $10452 | $9937 |
| **12/31/21** | $10516 | $9912 |
| **1/31/22** | $10413 | $9698 |
| **2/28/22** | $10300 | $9590 |
| **3/31/22** | $10256 | $9323 |
| **4/30/22** | $10053 | $8970 |
| **5/31/22** | $10023 | $9028 |
| **6/30/22** | $9752 | $8886 |
| **7/31/22** | $9910 | $9103 |
| **8/31/22** | $9806 | $8846 |
| **9/30/22** | $9509 | $8464 |
| **10/31/22** | $9436 | $8354 |
| **11/30/22** | $9717 | $8661 |
| **12/31/22** | $9724 | $8622 |
| **1/31/23** | $10008 | $8887 |
| **2/28/23** | $9815 | $8658 |
| **3/31/23** | $9885 | $8878 |
| **4/30/23** | $9898 | $8931 |
| **5/31/23** | $9847 | $8834 |
| **6/30/23** | $9822 | $8803 |
| **7/31/23** | $9889 | $8796 |
| **8/31/23** | $9849 | $8740 |
| **9/30/23** | $9700 | $8518 |
| **10/31/23** | $9576 | $8384 |
| **11/30/23** | $9877 | $8763 |
| **12/31/23** | $10150 | $9099 |
| **1/31/24** | $10211 | $9074 |
| **2/29/24** | $10158 | $8946 |
| **3/31/24** | $10267 | $9028 |
| **4/30/24** | $10097 | $8800 |
| **5/31/24** | $10263 | $8949 |
| **6/30/24** | $10300 | $9034 |
| **7/31/24** | $10474 | $9245 |
| **8/31/24** | $10593 | $9378 |
| **9/30/24** | $10708 | $9504 |
| **10/31/24** | $10544 | $9268 |
| **11/30/24** | $10650 | $9366 |
| **12/31/24** | $10552 | $9213 |
| **1/31/25** | $10669 | $9261 |
| **2/28/25** | $10850 | $9465 |
| **3/31/25** | $10853 | $9469 |
| **4/30/25** | $10859 | $9506 |
| **5/31/25** | $10840 | $9438 |
| **6/30/25** | $11016 | $9583 |
| **7/31/25** | $10984 | $9558 |
| **8/31/25** | $11139 | $9672 |
| **9/30/25** | $11220 | $9778 |
| **10/31/25** | $11317 | $9839 |
| **11/30/25** | $11385 | $9900 |
| **12/31/25** | $11373 | $9885 |
| **1/31/26** | $11415 | $9896 |
| **2/28/26** | $11554 | $10058 |
| **3/31/26** | $11265 | $9881 |

---

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** | **Since Inception 9/30/20** |
| Class C (excluding sales charge) | 3.79% | 1.64% | 2.19% |
| Class C (including sales charge) | 2.80% | 1.64% | 2.19% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | (0.22%) |

---

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 | $397255 |
| # of Portfolio Holdings | 782 |
| Portfolio Turnover Rate | 312% |
| Total Net Advisory Fees Paid During the Reporting Period | $870 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 46.4% |
| Corporate Bonds & Notes | 25.2% |
| U.S. Treasury Obligations | 13.1% |
| Asset-Backed Securities | 10.2% |
| Non-Agency Mortgage-Backed Securities | 8.4% |
| Sovereign Issues | 5.9% |
| Loan Participations and Assignments | 0.6% |
| Preferred Securities | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 17.4% |
| Financial Derivative Instruments | 0.5% |
| Other Assets and Liabilities, Net | (27.9%) |
| Total | 100.0% |

---

---

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

---

## 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 decreased during the year by 0.56% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Class C: PEGBX
![Image](g14608g91c27.jpg)

# PIMCO ESG Income Fund
Annual Shareholder Report \|

March 31, 2026

PIMS8290TSRAR_033126

# Institutional Class: PEGIX

# PIMCO ESG Income Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO ESG Income Fund (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 | $67 | 0.65% |

---

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

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained generally elevated.

* Holdings of agency mortgage-backed securities contributed to performance, as this sector posted positive total returns.

* Long exposure to investment grade corporate credit contributed to performance, as investment grade corporate credit spreads tightened.

* Long exposure to U.S. duration detracted from performance, as interest rates rose across the intermediate and long end of the U.S. yield curve.

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

* Long exposure to Australian duration detracted from performance, as interest rates 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](g14608g65t69.jpg)

---

| | | |
|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Index** |
| **9/30/20** | $1000000 | $1000000 |
| **10/31/20** | $1008583 | $995535 |
| **11/30/20** | $1024160 | $1005303 |
| **12/31/20** | $1036072 | $1006689 |
| **1/31/21** | $1042255 | $999471 |
| **2/28/21** | $1043665 | $985038 |
| **3/31/21** | $1044305 | $972738 |
| **4/30/21** | $1052326 | $980423 |
| **5/31/21** | $1055319 | $983626 |
| **6/30/21** | $1060594 | $990537 |
| **7/31/21** | $1063868 | $1001612 |
| **8/31/21** | $1066221 | $999705 |
| **9/30/21** | $1066134 | $991050 |
| **10/31/21** | $1064607 | $990776 |
| **11/30/21** | $1059216 | $993708 |
| **12/31/21** | $1066823 | $991165 |
| **1/31/22** | $1057315 | $969811 |
| **2/28/22** | $1046791 | $958992 |
| **3/31/22** | $1043331 | $932349 |
| **4/30/22** | $1023616 | $896968 |
| **5/31/22** | $1021598 | $902752 |
| **6/30/22** | $994908 | $888589 |
| **7/31/22** | $1011980 | $910302 |
| **8/31/22** | $1002335 | $884579 |
| **9/30/22** | $972994 | $846360 |
| **10/31/22** | $966391 | $835398 |
| **11/30/22** | $996013 | $866120 |
| **12/31/22** | $997691 | $862213 |
| **1/31/23** | $1027907 | $888738 |
| **2/28/23** | $1009037 | $865760 |
| **3/31/23** | $1017244 | $887752 |
| **4/30/23** | $1019549 | $893132 |
| **5/31/23** | $1015251 | $883407 |
| **6/30/23** | $1013665 | $880257 |
| **7/31/23** | $1021475 | $879643 |
| **8/31/23** | $1018346 | $874024 |
| **9/30/23** | $1003938 | $851814 |
| **10/31/23** | $992088 | $838371 |
| **11/30/23** | $1024137 | $876338 |
| **12/31/23** | $1053520 | $909883 |
| **1/31/24** | $1060907 | $907385 |
| **2/29/24** | $1056313 | $894565 |
| **3/31/24** | $1068621 | $902825 |
| **4/30/24** | $1051955 | $880021 |
| **5/31/24** | $1070367 | $894941 |
| **6/30/24** | $1075115 | $903413 |
| **7/31/24** | $1094341 | $924514 |
| **8/31/24** | $1107989 | $937799 |
| **9/30/24** | $1120987 | $950356 |
| **10/31/24** | $1104874 | $926788 |
| **11/30/24** | $1117022 | $936587 |
| **12/31/24** | $1107862 | $921259 |
| **1/31/25** | $1121244 | $926147 |
| **2/28/25** | $1141263 | $946523 |
| **3/31/25** | $1142683 | $946880 |
| **4/30/25** | $1144320 | $950601 |
| **5/31/25** | $1143491 | $943794 |
| **6/30/25** | $1163088 | $958307 |
| **7/31/25** | $1160795 | $955779 |
| **8/31/25** | $1178439 | $967210 |
| **9/30/25** | $1188088 | $977762 |
| **10/31/25** | $1199555 | $983870 |
| **11/30/25** | $1207841 | $989984 |
| **12/31/25** | $1207786 | $988519 |
| **1/31/26** | $1213444 | $989575 |
| **2/28/26** | $1229256 | $1005780 |
| **3/31/26** | $1199682 | $988055 |

---

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** | **Since Inception 9/30/20** |
| Institutional Class | 4.99% | 2.81% | 3.37% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | (0.22%) |

---

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 | $397255 |
| # of Portfolio Holdings | 782 |
| Portfolio Turnover Rate | 312% |
| Total Net Advisory Fees Paid During the Reporting Period | $870 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 46.4% |
| Corporate Bonds & Notes | 25.2% |
| U.S. Treasury Obligations | 13.1% |
| Asset-Backed Securities | 10.2% |
| Non-Agency Mortgage-Backed Securities | 8.4% |
| Sovereign Issues | 5.9% |
| Loan Participations and Assignments | 0.6% |
| Preferred Securities | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 17.4% |
| Financial Derivative Instruments | 0.5% |
| Other Assets and Liabilities, Net | (27.9%) |
| Total | 100.0% |

---

---

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

---

## 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 decreased during the year by 0.56% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Institutional Class: PEGIX
![Image](g14608g91c27.jpg)

# PIMCO ESG Income Fund
Annual Shareholder Report \|

March 31, 2026

PIMS2218TSRAR_033126

# I-2: PEGPX

# PIMCO ESG Income Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO ESG Income Fund (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 | $77 | 0.75% |

---

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

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained generally elevated.

* Holdings of agency mortgage-backed securities contributed to performance, as this sector posted positive total returns.

* Long exposure to investment grade corporate credit contributed to performance, as investment grade corporate credit spreads tightened.

* Long exposure to U.S. duration detracted from performance, as interest rates rose across the intermediate and long end of the U.S. yield curve.

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

* Long exposure to Australian duration detracted from performance, as interest rates 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](g14608g97g67.jpg)

---

| | | |
|:---|:---|:---|
| | **I-2** | **Bloomberg U.S. Aggregate Index** |
| **9/30/20** | $1000000 | $1000000 |
| **10/31/20** | $1008516 | $995535 |
| **11/30/20** | $1024007 | $1005303 |
| **12/31/20** | $1035801 | $1006689 |
| **1/31/21** | $1041909 | $999471 |
| **2/28/21** | $1043267 | $985038 |
| **3/31/21** | $1043824 | $972738 |
| **4/30/21** | $1051776 | $980423 |
| **5/31/21** | $1054685 | $983626 |
| **6/30/21** | $1059871 | $990537 |
| **7/31/21** | $1063051 | $1001612 |
| **8/31/21** | $1065315 | $999705 |
| **9/30/21** | $1065136 | $991050 |
| **10/31/21** | $1063520 | $990776 |
| **11/30/21** | $1058065 | $993708 |
| **12/31/21** | $1065571 | $991165 |
| **1/31/22** | $1055992 | $969811 |
| **2/28/22** | $1045400 | $958992 |
| **3/31/22** | $1041860 | $932349 |
| **4/30/22** | $1022085 | $896968 |
| **5/31/22** | $1019987 | $902752 |
| **6/30/22** | $993258 | $888589 |
| **7/31/22** | $1010217 | $910302 |
| **8/31/22** | $1000504 | $884579 |
| **9/30/22** | $971130 | $846360 |
| **10/31/22** | $964467 | $835398 |
| **11/30/22** | $994062 | $866120 |
| **12/31/22** | $995647 | $862213 |
| **1/31/23** | $1025721 | $888738 |
| **2/28/23** | $1006810 | $865760 |
| **3/31/23** | $1014909 | $887752 |
| **4/30/23** | $1017131 | $893132 |
| **5/31/23** | $1012758 | $883407 |
| **6/30/23** | $1011087 | $880257 |
| **7/31/23** | $1018797 | $879643 |
| **8/31/23** | $1015591 | $874024 |
| **9/30/23** | $1001134 | $851814 |
| **10/31/23** | $989238 | $838371 |
| **11/30/23** | $1021114 | $876338 |
| **12/31/23** | $1050319 | $909883 |
| **1/31/24** | $1057598 | $907385 |
| **2/29/24** | $1052935 | $894565 |
| **3/31/24** | $1065115 | $902825 |
| **4/30/24** | $1048417 | $880021 |
| **5/31/24** | $1066672 | $894941 |
| **6/30/24** | $1071322 | $903413 |
| **7/31/24** | $1090389 | $924514 |
| **8/31/24** | $1103889 | $937799 |
| **9/30/24** | $1116754 | $950356 |
| **10/31/24** | $1100607 | $926788 |
| **11/30/24** | $1112614 | $936587 |
| **12/31/24** | $1103397 | $921259 |
| **1/31/25** | $1116629 | $926147 |
| **2/28/25** | $1136479 | $946523 |
| **3/31/25** | $1137804 | $946880 |
| **4/30/25** | $1139342 | $950601 |
| **5/31/25** | $1138423 | $943794 |
| **6/30/25** | $1157842 | $958307 |
| **7/31/25** | $1155463 | $955779 |
| **8/31/25** | $1172922 | $967210 |
| **9/30/25** | $1182433 | $977762 |
| **10/31/25** | $1193738 | $983870 |
| **11/30/25** | $1201891 | $989984 |
| **12/31/25** | $1201732 | $988519 |
| **1/31/26** | $1207260 | $989575 |
| **2/28/26** | $1222898 | $1005780 |
| **3/31/26** | $1193378 | $988055 |

---

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** | **Since Inception 9/30/20** |
| I-2 | 4.88% | 2.71% | 3.27% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | (0.22%) |

---

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 | $397255 |
| # of Portfolio Holdings | 782 |
| Portfolio Turnover Rate | 312% |
| Total Net Advisory Fees Paid During the Reporting Period | $870 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 46.4% |
| Corporate Bonds & Notes | 25.2% |
| U.S. Treasury Obligations | 13.1% |
| Asset-Backed Securities | 10.2% |
| Non-Agency Mortgage-Backed Securities | 8.4% |
| Sovereign Issues | 5.9% |
| Loan Participations and Assignments | 0.6% |
| Preferred Securities | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 17.4% |
| Financial Derivative Instruments | 0.5% |
| Other Assets and Liabilities, Net | (27.9%) |
| Total | 100.0% |

---

---

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

---

## 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 decreased during the year by 0.56% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# I-2: PEGPX
![Image](g14608g91c27.jpg)

# PIMCO ESG Income Fund
Annual Shareholder Report \|

March 31, 2026

PIMS2219TSRAR_033126

# I-3: PEGQX

# PIMCO ESG Income Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO ESG Income Fund (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 | $82 | 0.80% |

---

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

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained generally elevated.

* Holdings of agency mortgage-backed securities contributed to performance, as this sector posted positive total returns.

* Long exposure to investment grade corporate credit contributed to performance, as investment grade corporate credit spreads tightened.

* Long exposure to U.S. duration detracted from performance, as interest rates rose across the intermediate and long end of the U.S. yield curve.

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

* Long exposure to Australian duration detracted from performance, as interest rates 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](g14608g08h08.jpg)

---

| | | |
|:---|:---|:---|
| | **I-3** | **Bloomberg U.S. Aggregate Index** |
| **9/30/20** | $1000000 | $1000000 |
| **10/31/20** | $1008486 | $995535 |
| **11/30/20** | $1023927 | $1005303 |
| **12/31/20** | $1035676 | $1006689 |
| **1/31/21** | $1041732 | $999471 |
| **2/28/21** | $1043027 | $985038 |
| **3/31/21** | $1043533 | $972738 |
| **4/30/21** | $1051399 | $980423 |
| **5/31/21** | $1054259 | $983626 |
| **6/30/21** | $1059416 | $990537 |
| **7/31/21** | $1062562 | $1001612 |
| **8/31/21** | $1064786 | $999705 |
| **9/30/21** | $1064570 | $991050 |
| **10/31/21** | $1062911 | $990776 |
| **11/30/21** | $1057399 | $993708 |
| **12/31/21** | $1064849 | $991165 |
| **1/31/22** | $1055238 | $969811 |
| **2/28/22** | $1044621 | $958992 |
| **3/31/22** | $1041048 | $932349 |
| **4/30/22** | $1021245 | $896968 |
| **5/31/22** | $1019108 | $902752 |
| **6/30/22** | $992358 | $888589 |
| **7/31/22** | $1009259 | $910302 |
| **8/31/22** | $999512 | $884579 |
| **9/30/22** | $970116 | $846360 |
| **10/31/22** | $963420 | $835398 |
| **11/30/22** | $992945 | $866120 |
| **12/31/22** | $994485 | $862213 |
| **1/31/23** | $1024411 | $888738 |
| **2/28/23** | $1005488 | $865760 |
| **3/31/23** | $1013534 | $887752 |
| **4/30/23** | $1015714 | $893132 |
| **5/31/23** | $1011302 | $883407 |
| **6/30/23** | $1009591 | $880257 |
| **7/31/23** | $1017249 | $879643 |
| **8/31/23** | $1014004 | $874024 |
| **9/30/23** | $999529 | $851814 |
| **10/31/23** | $987610 | $838371 |
| **11/30/23** | $1019397 | $876338 |
| **12/31/23** | $1048503 | $909883 |
| **1/31/24** | $1055725 | $907385 |
| **2/29/24** | $1051029 | $894565 |
| **3/31/24** | $1063143 | $902825 |
| **4/30/24** | $1046432 | $880021 |
| **5/31/24** | $1064606 | $894941 |
| **6/30/24** | $1069206 | $903413 |
| **7/31/24** | $1088189 | $924514 |
| **8/31/24** | $1101614 | $937799 |
| **9/30/24** | $1114409 | $950356 |
| **10/31/24** | $1098251 | $926788 |
| **11/30/24** | $1110186 | $936587 |
| **12/31/24** | $1100942 | $921259 |
| **1/31/25** | $1114096 | $926147 |
| **2/28/25** | $1133861 | $946523 |
| **3/31/25** | $1135138 | $946880 |
| **4/30/25** | $1136627 | $950601 |
| **5/31/25** | $1135655 | $943794 |
| **6/30/25** | $1154981 | $958307 |
| **7/31/25** | $1152558 | $955779 |
| **8/31/25** | $1169922 | $967210 |
| **9/30/25** | $1179362 | $977762 |
| **10/31/25** | $1190585 | $983870 |
| **11/30/25** | $1198671 | $989984 |
| **12/31/25** | $1198459 | $988519 |
| **1/31/26** | $1203922 | $989575 |
| **2/28/26** | $1219470 | $1005780 |
| **3/31/26** | $1189984 | $988055 |

---

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** | **Since Inception 9/30/20** |
| I-3 | 4.83% | 2.66% | 3.21% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | (0.22%) |

---

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 | $397255 |
| # of Portfolio Holdings | 782 |
| Portfolio Turnover Rate | 312% |
| Total Net Advisory Fees Paid During the Reporting Period | $870 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 46.4% |
| Corporate Bonds & Notes | 25.2% |
| U.S. Treasury Obligations | 13.1% |
| Asset-Backed Securities | 10.2% |
| Non-Agency Mortgage-Backed Securities | 8.4% |
| Sovereign Issues | 5.9% |
| Loan Participations and Assignments | 0.6% |
| Preferred Securities | 0.2% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 17.4% |
| Financial Derivative Instruments | 0.5% |
| Other Assets and Liabilities, Net | (27.9%) |
| Total | 100.0% |

---

---

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

---

## 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 decreased during the year by 0.56% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# I-3: PEGQX
![Image](g14608g91c27.jpg)

# PIMCO ESG Income Fund
Annual Shareholder Report \|

March 31, 2026

PIMS2220TSRAR_033126

# Class A: PHDAX

# PIMCO High Yield Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO High Yield Fund (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)**.

## 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 | $96 | 0.93% |

---

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

* Security selection within the healthcare sector, specifically overweight exposure to a hospital operator, contributed to relative performance versus the ICE BofA U.S. High Yield, BB-B Rated, Constrained Index ("Index"), as spreads tightened.

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

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

* Exposure to restructure equity, specifically exposure to an airline carrier, detracted from relative performance versus the Index, as prices fell.

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

* U.S. duration positioning detracted from relative performance versus the Index, as interest rates rose. 

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg U.S. Aggregate 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](g14608g52i44.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg U.S. Aggregate Index** | **ICE BofA U.S. High Yield, BB-B Rated, Constrained Index** |
| **3/31/16** | $9625 | $10000 | $10000 |
| **4/30/16** | $9862 | $10038 | $10335 |
| **5/31/16** | $9881 | $10041 | $10369 |
| **6/30/16** | $9936 | $10221 | $10461 |
| **7/31/16** | $10177 | $10286 | $10716 |
| **8/31/16** | $10373 | $10274 | $10932 |
| **9/30/16** | $10421 | $10268 | $10984 |
| **10/31/16** | $10403 | $10190 | $10998 |
| **11/30/16** | $10355 | $9949 | $10940 |
| **12/31/16** | $10533 | $9963 | $11122 |
| **1/31/17** | $10646 | $9982 | $11249 |
| **2/28/17** | $10797 | $10049 | $11392 |
| **3/31/17** | $10772 | $10044 | $11376 |
| **4/30/17** | $10897 | $10122 | $11515 |
| **5/31/17** | $11001 | $10199 | $11609 |
| **6/30/17** | $11022 | $10189 | $11627 |
| **7/31/17** | $11136 | $10233 | $11749 |
| **8/31/17** | $11142 | $10325 | $11761 |
| **9/30/17** | $11224 | $10276 | $11852 |
| **10/31/17** | $11266 | $10282 | $11906 |
| **11/30/17** | $11211 | $10268 | $11874 |
| **12/31/17** | $11232 | $10316 | $11898 |
| **1/31/18** | $11263 | $10197 | $11949 |
| **2/28/18** | $11132 | $10100 | $11832 |
| **3/31/18** | $11064 | $10165 | $11766 |
| **4/30/18** | $11122 | $10089 | $11830 |
| **5/31/18** | $11081 | $10161 | $11816 |
| **6/30/18** | $11115 | $10149 | $11843 |
| **7/31/18** | $11250 | $10151 | $11969 |
| **8/31/18** | $11341 | $10216 | $12063 |
| **9/30/18** | $11395 | $10151 | $12124 |
| **10/31/18** | $11197 | $10070 | $11946 |
| **11/30/18** | $11131 | $10131 | $11880 |
| **12/31/18** | $10914 | $10317 | $11655 |
| **1/31/19** | $11422 | $10426 | $12171 |
| **2/28/19** | $11604 | $10420 | $12372 |
| **3/31/19** | $11717 | $10620 | $12511 |
| **4/30/19** | $11885 | $10623 | $12671 |
| **5/31/19** | $11734 | $10812 | $12538 |
| **6/30/19** | $12034 | $10947 | $12863 |
| **7/31/19** | $12083 | $10971 | $12938 |
| **8/31/19** | $12149 | $11256 | $13033 |
| **9/30/19** | $12205 | $11196 | $13078 |
| **10/31/19** | $12238 | $11230 | $13122 |
| **11/30/19** | $12302 | $11224 | $13201 |
| **12/31/19** | $12499 | $11216 | $13416 |
| **1/31/20** | $12492 | $11432 | $13425 |
| **2/29/20** | $12303 | $11638 | $13232 |
| **3/31/20** | $11109 | $11569 | $11815 |
| **4/30/20** | $11547 | $11775 | $12309 |
| **5/31/20** | $11972 | $11830 | $12847 |
| **6/30/20** | $11986 | $11904 | $12930 |
| **7/31/20** | $12514 | $12082 | $13551 |
| **8/31/20** | $12597 | $11984 | $13655 |
| **9/30/20** | $12453 | $11978 | $13490 |
| **10/31/20** | $12498 | $11924 | $13554 |
| **11/30/20** | $12928 | $12041 | $14034 |
| **12/31/20** | $13120 | $12058 | $14258 |
| **1/31/21** | $13102 | $11971 | $14273 |
| **2/28/21** | $13116 | $11799 | $14295 |
| **3/31/21** | $13117 | $11651 | $14301 |
| **4/30/21** | $13238 | $11743 | $14452 |
| **5/31/21** | $13267 | $11782 | $14484 |
| **6/30/21** | $13430 | $11864 | $14668 |
| **7/31/21** | $13463 | $11997 | $14733 |
| **8/31/21** | $13537 | $11974 | $14812 |
| **9/30/21** | $13524 | $11871 | $14806 |
| **10/31/21** | $13467 | $11867 | $14781 |
| **11/30/21** | $13332 | $11902 | $14635 |
| **12/31/21** | $13603 | $11872 | $14914 |
| **1/31/22** | $13193 | $11616 | $14490 |
| **2/28/22** | $13073 | $11487 | $14361 |
| **3/31/22** | $12953 | $11168 | $14231 |
| **4/30/22** | $12452 | $10744 | $13722 |
| **5/31/22** | $12544 | $10813 | $13812 |
| **6/30/22** | $11687 | $10643 | $12879 |
| **7/31/22** | $12429 | $10903 | $13672 |
| **8/31/22** | $12078 | $10595 | $13299 |
| **9/30/22** | $11618 | $10138 | $12783 |
| **10/31/22** | $11947 | $10006 | $13164 |
| **11/30/22** | $12203 | $10374 | $13437 |
| **12/31/22** | $12094 | $10327 | $13335 |
| **1/31/23** | $12531 | $10645 | $13818 |
| **2/28/23** | $12343 | $10370 | $13615 |
| **3/31/23** | $12564 | $10633 | $13810 |
| **4/30/23** | $12649 | $10698 | $13928 |
| **5/31/23** | $12525 | $10581 | $13791 |
| **6/30/23** | $12685 | $10544 | $13983 |
| **7/31/23** | $12823 | $10536 | $14165 |
| **8/31/23** | $12832 | $10469 | $14193 |
| **9/30/23** | $12659 | $10203 | $14016 |
| **10/31/23** | $12534 | $10042 | $13880 |
| **11/30/23** | $13118 | $10497 | $14517 |
| **12/31/23** | $13589 | $10898 | $15014 |
| **1/31/24** | $13582 | $10868 | $15025 |
| **2/29/24** | $13578 | $10715 | $15032 |
| **3/31/24** | $13747 | $10814 | $15209 |
| **4/30/24** | $13607 | $10541 | $15069 |
| **5/31/24** | $13746 | $10719 | $15237 |
| **6/30/24** | $13878 | $10821 | $15393 |
| **7/31/24** | $14103 | $11074 | $15650 |
| **8/31/24** | $14317 | $11233 | $15890 |
| **9/30/24** | $14472 | $11383 | $16069 |
| **10/31/24** | $14364 | $11101 | $15953 |
| **11/30/24** | $14508 | $11218 | $16124 |
| **12/31/24** | $14458 | $11035 | $16041 |
| **1/31/25** | $14639 | $11093 | $16257 |
| **2/28/25** | $14728 | $11337 | $16366 |
| **3/31/25** | $14596 | $11342 | $16226 |
| **4/30/25** | $14575 | $11386 | $16239 |
| **5/31/25** | $14818 | $11305 | $16481 |
| **6/30/25** | $15050 | $11478 | $16790 |
| **7/31/25** | $15071 | $11448 | $16837 |
| **8/31/25** | $15243 | $11585 | $17035 |
| **9/30/25** | $15372 | $11711 | $17172 |
| **10/31/25** | $15434 | $11785 | $17218 |
| **11/30/25** | $15543 | $11858 | $17332 |
| **12/31/25** | $15643 | $11840 | $17441 |
| **1/31/26** | $15680 | $11853 | $17528 |
| **2/28/26** | $15717 | $12047 | $17581 |
| **3/31/26** | $15508 | $11835 | $17375 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 6.25% | 3.41% | 4.89% |
| Class A (including sales charge) | 2.26% | 2.62% | 4.49% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |
| ICE BofA U.S. High Yield, BB-B Rated, Constrained Index | 7.08% | 3.97% | 5.68% |

---

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 | $7162470 |
| # of Portfolio Holdings | 817 |
| Portfolio Turnover Rate | 79% |
| Total Net Advisory Fees Paid During the Reporting Period | $18221 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 81.3% |
| U.S. Treasury Obligations | 8.6% |
| Loan Participations and Assignments | 2.6% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 4.2% |
| Affiliated Investments | 7.2% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (4.0%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Class A: PHDAX
![Image](g14608g91c27.jpg)

# PIMCO High Yield Fund
Annual Shareholder Report \|

March 31, 2026

PIMS4006TSRAR_033126

# Administrative Class: PHYAX

# PIMCO High Yield Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO High Yield Fund (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)**.

## 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 | $86 | 0.83% |

---

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

* Security selection within the healthcare sector, specifically overweight exposure to a hospital operator, contributed to relative performance versus the ICE BofA U.S. High Yield, BB-B Rated, Constrained Index ("Index"), as spreads tightened.

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

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

* Exposure to restructure equity, specifically exposure to an airline carrier, detracted from relative performance versus the Index, as prices fell.

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

* U.S. duration positioning detracted from relative performance versus the Index, as interest rates rose. 

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg U.S. Aggregate 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](g14608g00o81.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Administrative Class** | **Bloomberg U.S. Aggregate Index** | **ICE BofA U.S. High Yield, BB-B Rated, Constrained Index** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1024708 | $1003838 | $1033510 |
| **5/31/16** | $1026755 | $1004096 | $1036921 |
| **6/30/16** | $1032546 | $1022137 | $1046087 |
| **7/31/16** | $1057711 | $1028599 | $1071643 |
| **8/31/16** | $1078186 | $1027423 | $1093215 |
| **9/30/16** | $1083231 | $1026821 | $1098353 |
| **10/31/16** | $1081506 | $1018967 | $1099803 |
| **11/30/16** | $1076510 | $994865 | $1093952 |
| **12/31/16** | $1095120 | $996268 | $1112199 |
| **1/31/17** | $1106957 | $998223 | $1124901 |
| **2/28/17** | $1122832 | $1004932 | $1139243 |
| **3/31/17** | $1120233 | $1004405 | $1137580 |
| **4/30/17** | $1133379 | $1012156 | $1151504 |
| **5/31/17** | $1144315 | $1019947 | $1160911 |
| **6/30/17** | $1146621 | $1018920 | $1162688 |
| **7/31/17** | $1158483 | $1023305 | $1174931 |
| **8/31/17** | $1159265 | $1032484 | $1176082 |
| **9/30/17** | $1167857 | $1027566 | $1185232 |
| **10/31/17** | $1172333 | $1028161 | $1190577 |
| **11/30/17** | $1166743 | $1026841 | $1187434 |
| **12/31/17** | $1168962 | $1031554 | $1189821 |
| **1/31/18** | $1172286 | $1019674 | $1194949 |
| **2/28/18** | $1158738 | $1010008 | $1183191 |
| **3/31/18** | $1151803 | $1016485 | $1176565 |
| **4/30/18** | $1157911 | $1008925 | $1183048 |
| **5/31/18** | $1153763 | $1016126 | $1181569 |
| **6/30/18** | $1157407 | $1014876 | $1184251 |
| **7/31/18** | $1171560 | $1015117 | $1196946 |
| **8/31/18** | $1181130 | $1021649 | $1206318 |
| **9/30/18** | $1186840 | $1015070 | $1212386 |
| **10/31/18** | $1166292 | $1007049 | $1194576 |
| **11/30/18** | $1159531 | $1013060 | $1187994 |
| **12/31/18** | $1137035 | $1031671 | $1165505 |
| **1/31/19** | $1190092 | $1042627 | $1217114 |
| **2/28/19** | $1209067 | $1042023 | $1237209 |
| **3/31/19** | $1220960 | $1062032 | $1251065 |
| **4/30/19** | $1238561 | $1062304 | $1267091 |
| **5/31/19** | $1223172 | $1081161 | $1253787 |
| **6/30/19** | $1254456 | $1094739 | $1286298 |
| **7/31/19** | $1259680 | $1097147 | $1293810 |
| **8/31/19** | $1266651 | $1125576 | $1303281 |
| **9/30/19** | $1272583 | $1119581 | $1307842 |
| **10/31/19** | $1276214 | $1122953 | $1312171 |
| **11/30/19** | $1282928 | $1122381 | $1320136 |
| **12/31/19** | $1303614 | $1121599 | $1341561 |
| **1/31/20** | $1303052 | $1143184 | $1342460 |
| **2/29/20** | $1283333 | $1163759 | $1323156 |
| **3/31/20** | $1158908 | $1156911 | $1181472 |
| **4/30/20** | $1204755 | $1177476 | $1230858 |
| **5/31/20** | $1249119 | $1182959 | $1284708 |
| **6/30/20** | $1250746 | $1190410 | $1293020 |
| **7/31/20** | $1305890 | $1208191 | $1355111 |
| **8/31/20** | $1314724 | $1198439 | $1365504 |
| **9/30/20** | $1299818 | $1197782 | $1348982 |
| **10/31/20** | $1304668 | $1192434 | $1355376 |
| **11/30/20** | $1349585 | $1204134 | $1403411 |
| **12/31/20** | $1369750 | $1205794 | $1425823 |
| **1/31/21** | $1367974 | $1197148 | $1427292 |
| **2/28/21** | $1369552 | $1179861 | $1429547 |
| **3/31/21** | $1369811 | $1165128 | $1430133 |
| **4/30/21** | $1382608 | $1174333 | $1445221 |
| **5/31/21** | $1385671 | $1178169 | $1448415 |
| **6/30/21** | $1402885 | $1186447 | $1466838 |
| **7/31/21** | $1406430 | $1199713 | $1473278 |
| **8/31/21** | $1414303 | $1197429 | $1481204 |
| **9/30/21** | $1412994 | $1187061 | $1480582 |
| **10/31/21** | $1407138 | $1186734 | $1478080 |
| **11/30/21** | $1393242 | $1190245 | $1463476 |
| **12/31/21** | $1421637 | $1187200 | $1491356 |
| **1/31/22** | $1378872 | $1161622 | $1449031 |
| **2/28/22** | $1366508 | $1148663 | $1436077 |
| **3/31/22** | $1354017 | $1116751 | $1423094 |
| **4/30/22** | $1301823 | $1074373 | $1372190 |
| **5/31/22** | $1311532 | $1081300 | $1381151 |
| **6/30/22** | $1222007 | $1064336 | $1287909 |
| **7/31/22** | $1299707 | $1090343 | $1367167 |
| **8/31/22** | $1263054 | $1059533 | $1329939 |
| **9/30/22** | $1215105 | $1013755 | $1278298 |
| **10/31/22** | $1249567 | $1000624 | $1316442 |
| **11/30/22** | $1276464 | $1037423 | $1343653 |
| **12/31/22** | $1265173 | $1032743 | $1333549 |
| **1/31/23** | $1310998 | $1064515 | $1381757 |
| **2/28/23** | $1291406 | $1036991 | $1361500 |
| **3/31/23** | $1314742 | $1063333 | $1380956 |
| **4/30/23** | $1323703 | $1069778 | $1392791 |
| **5/31/23** | $1310826 | $1058130 | $1379072 |
| **6/30/23** | $1327721 | $1054356 | $1398323 |
| **7/31/23** | $1342197 | $1053621 | $1416474 |
| **8/31/23** | $1343243 | $1046891 | $1419335 |
| **9/30/23** | $1325256 | $1020288 | $1401608 |
| **10/31/23** | $1312261 | $1004186 | $1387998 |
| **11/30/23** | $1373555 | $1049662 | $1451735 |
| **12/31/23** | $1423006 | $1089842 | $1501355 |
| **1/31/24** | $1422359 | $1086849 | $1502481 |
| **2/29/24** | $1422103 | $1071494 | $1503172 |
| **3/31/24** | $1439892 | $1081388 | $1520879 |
| **4/30/24** | $1425335 | $1054074 | $1506903 |
| **5/31/24** | $1440086 | $1071944 | $1523750 |
| **6/30/24** | $1454018 | $1082092 | $1539262 |
| **7/31/24** | $1477710 | $1107367 | $1564952 |
| **8/31/24** | $1500233 | $1123279 | $1588989 |
| **9/30/24** | $1516543 | $1138319 | $1606866 |
| **10/31/24** | $1505374 | $1110090 | $1595312 |
| **11/30/24** | $1520660 | $1121827 | $1612430 |
| **12/31/24** | $1515557 | $1103468 | $1604094 |
| **1/31/25** | $1534625 | $1109322 | $1625653 |
| **2/28/25** | $1544098 | $1133729 | $1636626 |
| **3/31/25** | $1530311 | $1134155 | $1622649 |
| **4/30/25** | $1528323 | $1138613 | $1623915 |
| **5/31/25** | $1553841 | $1130460 | $1648111 |
| **6/30/25** | $1578324 | $1147843 | $1678964 |
| **7/31/25** | $1580686 | $1144815 | $1683682 |
| **8/31/25** | $1598864 | $1158507 | $1703549 |
| **9/30/25** | $1612556 | $1171145 | $1717177 |
| **10/31/25** | $1619175 | $1178462 | $1721762 |
| **11/30/25** | $1630691 | $1185785 | $1733195 |
| **12/31/25** | $1641319 | $1184031 | $1744079 |
| **1/31/26** | $1645338 | $1185295 | $1752835 |
| **2/28/26** | $1649417 | $1204706 | $1758128 |
| **3/31/26** | $1627564 | $1183475 | $1737523 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Administrative Class | 6.36% | 3.51% | 4.99% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |
| ICE BofA U.S. High Yield, BB-B Rated, Constrained Index | 7.08% | 3.97% | 5.68% |

---

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 | $7162470 |
| # of Portfolio Holdings | 817 |
| Portfolio Turnover Rate | 79% |
| Total Net Advisory Fees Paid During the Reporting Period | $18221 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 81.3% |
| U.S. Treasury Obligations | 8.6% |
| Loan Participations and Assignments | 2.6% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 4.2% |
| Affiliated Investments | 7.2% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (4.0%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Administrative Class: PHYAX
![Image](g14608g91c27.jpg)

# PIMCO High Yield Fund
Annual Shareholder Report \|

March 31, 2026

PIMS0408TSRAR_033126

# Class C: PHDCX

# PIMCO High Yield Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO High Yield Fund (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)**.

## 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 | $173 | 1.68% |

---

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

* Security selection within the healthcare sector, specifically overweight exposure to a hospital operator, contributed to relative performance versus the ICE BofA U.S. High Yield, BB-B Rated, Constrained Index ("Index"), as spreads tightened.

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

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

* Exposure to restructure equity, specifically exposure to an airline carrier, detracted from relative performance versus the Index, as prices fell.

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

* U.S. duration positioning detracted from relative performance versus the Index, as interest rates rose. 

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg U.S. Aggregate 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](g14608g06x02.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg U.S. Aggregate Index** | **ICE BofA U.S. High Yield, BB-B Rated, Constrained Index** |
| **3/31/16** | $10000 | $10000 | $10000 |
| **4/30/16** | $10240 | $10038 | $10335 |
| **5/31/16** | $10253 | $10041 | $10369 |
| **6/30/16** | $10304 | $10221 | $10461 |
| **7/31/16** | $10547 | $10286 | $10716 |
| **8/31/16** | $10744 | $10274 | $10932 |
| **9/30/16** | $10786 | $10268 | $10984 |
| **10/31/16** | $10762 | $10190 | $10998 |
| **11/30/16** | $10705 | $9949 | $10940 |
| **12/31/16** | $10881 | $9963 | $11122 |
| **1/31/17** | $10991 | $9982 | $11249 |
| **2/28/17** | $11142 | $10049 | $11392 |
| **3/31/17** | $11108 | $10044 | $11376 |
| **4/30/17** | $11231 | $10122 | $11515 |
| **5/31/17** | $11331 | $10199 | $11609 |
| **6/30/17** | $11345 | $10189 | $11627 |
| **7/31/17** | $11455 | $10233 | $11749 |
| **8/31/17** | $11454 | $10325 | $11761 |
| **9/30/17** | $11531 | $10276 | $11852 |
| **10/31/17** | $11567 | $10282 | $11906 |
| **11/30/17** | $11504 | $10268 | $11874 |
| **12/31/17** | $11517 | $10316 | $11898 |
| **1/31/18** | $11542 | $10197 | $11949 |
| **2/28/18** | $11401 | $10100 | $11832 |
| **3/31/18** | $11324 | $10165 | $11766 |
| **4/30/18** | $11377 | $10089 | $11830 |
| **5/31/18** | $11328 | $10161 | $11816 |
| **6/30/18** | $11355 | $10149 | $11843 |
| **7/31/18** | $11486 | $10151 | $11969 |
| **8/31/18** | $11571 | $10216 | $12063 |
| **9/30/18** | $11620 | $10151 | $12124 |
| **10/31/18** | $11410 | $10070 | $11946 |
| **11/30/18** | $11336 | $10131 | $11880 |
| **12/31/18** | $11108 | $10317 | $11655 |
| **1/31/19** | $11618 | $10426 | $12171 |
| **2/28/19** | $11796 | $10420 | $12372 |
| **3/31/19** | $11903 | $10620 | $12511 |
| **4/30/19** | $12067 | $10623 | $12671 |
| **5/31/19** | $11906 | $10812 | $12538 |
| **6/30/19** | $12203 | $10947 | $12863 |
| **7/31/19** | $12245 | $10971 | $12938 |
| **8/31/19** | $12303 | $11256 | $13033 |
| **9/30/19** | $12353 | $11196 | $13078 |
| **10/31/19** | $12379 | $11230 | $13122 |
| **11/30/19** | $12435 | $11224 | $13201 |
| **12/31/19** | $12627 | $11216 | $13416 |
| **1/31/20** | $12612 | $11432 | $13425 |
| **2/29/20** | $12413 | $11638 | $13232 |
| **3/31/20** | $11201 | $11569 | $11815 |
| **4/30/20** | $11637 | $11775 | $12309 |
| **5/31/20** | $12057 | $11830 | $12847 |
| **6/30/20** | $12064 | $11904 | $12930 |
| **7/31/20** | $12586 | $12082 | $13551 |
| **8/31/20** | $12663 | $11984 | $13655 |
| **9/30/20** | $12510 | $11978 | $13490 |
| **10/31/20** | $12547 | $11924 | $13554 |
| **11/30/20** | $12971 | $12041 | $14034 |
| **12/31/20** | $13154 | $12058 | $14258 |
| **1/31/21** | $13128 | $11971 | $14273 |
| **2/28/21** | $13135 | $11799 | $14295 |
| **3/31/21** | $13128 | $11651 | $14301 |
| **4/30/21** | $13241 | $11743 | $14452 |
| **5/31/21** | $13261 | $11782 | $14484 |
| **6/30/21** | $13417 | $11864 | $14668 |
| **7/31/21** | $13440 | $11997 | $14733 |
| **8/31/21** | $13506 | $11974 | $14812 |
| **9/30/21** | $13484 | $11871 | $14806 |
| **10/31/21** | $13419 | $11867 | $14781 |
| **11/30/21** | $13277 | $11902 | $14635 |
| **12/31/21** | $13537 | $11872 | $14914 |
| **1/31/22** | $13121 | $11616 | $14490 |
| **2/28/22** | $12995 | $11487 | $14361 |
| **3/31/22** | $12867 | $11168 | $14231 |
| **4/30/22** | $12362 | $10744 | $13722 |
| **5/31/22** | $12445 | $10813 | $13812 |
| **6/30/22** | $11587 | $10643 | $12879 |
| **7/31/22** | $12316 | $10903 | $13672 |
| **8/31/22** | $11959 | $10595 | $13299 |
| **9/30/22** | $11497 | $10138 | $12783 |
| **10/31/22** | $11815 | $10006 | $13164 |
| **11/30/22** | $12061 | $10374 | $13437 |
| **12/31/22** | $11945 | $10327 | $13335 |
| **1/31/23** | $12369 | $10645 | $13818 |
| **2/28/23** | $12176 | $10370 | $13615 |
| **3/31/23** | $12387 | $10633 | $13810 |
| **4/30/23** | $12464 | $10698 | $13928 |
| **5/31/23** | $12333 | $10581 | $13791 |
| **6/30/23** | $12483 | $10544 | $13983 |
| **7/31/23** | $12611 | $10536 | $14165 |
| **8/31/23** | $12612 | $10469 | $14193 |
| **9/30/23** | $12434 | $10203 | $14016 |
| **10/31/23** | $12303 | $10042 | $13880 |
| **11/30/23** | $12869 | $10497 | $14517 |
| **12/31/23** | $13323 | $10898 | $15014 |
| **1/31/24** | $13307 | $10868 | $15025 |
| **2/29/24** | $13296 | $10715 | $15032 |
| **3/31/24** | $13453 | $10814 | $15209 |
| **4/30/24** | $13307 | $10541 | $15069 |
| **5/31/24** | $13435 | $10719 | $15237 |
| **6/30/24** | $13556 | $10821 | $15393 |
| **7/31/24** | $13767 | $11074 | $15650 |
| **8/31/24** | $13966 | $11233 | $15890 |
| **9/30/24** | $14109 | $11383 | $16069 |
| **10/31/24** | $13995 | $11101 | $15953 |
| **11/30/24** | $14127 | $11218 | $16124 |
| **12/31/24** | $14069 | $11035 | $16041 |
| **1/31/25** | $14236 | $11093 | $16257 |
| **2/28/25** | $14315 | $11337 | $16366 |
| **3/31/25** | $14177 | $11342 | $16226 |
| **4/30/25** | $14149 | $11386 | $16239 |
| **5/31/25** | $14375 | $11305 | $16481 |
| **6/30/25** | $14591 | $11478 | $16790 |
| **7/31/25** | $14603 | $11448 | $16837 |
| **8/31/25** | $14760 | $11585 | $17035 |
| **9/30/25** | $14876 | $11711 | $17172 |
| **10/31/25** | $14926 | $11785 | $17218 |
| **11/30/25** | $15022 | $11858 | $17332 |
| **12/31/25** | $15109 | $11840 | $17441 |
| **1/31/26** | $15135 | $11853 | $17528 |
| **2/28/26** | $15163 | $12047 | $17581 |
| **3/31/26** | $14951 | $11835 | $17375 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 5.46% | 2.64% | 4.10% |
| Class C (including sales charge) | 4.46% | 2.64% | 4.10% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |
| ICE BofA U.S. High Yield, BB-B Rated, Constrained Index | 7.08% | 3.97% | 5.68% |

---

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 | $7162470 |
| # of Portfolio Holdings | 817 |
| Portfolio Turnover Rate | 79% |
| Total Net Advisory Fees Paid During the Reporting Period | $18221 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 81.3% |
| U.S. Treasury Obligations | 8.6% |
| Loan Participations and Assignments | 2.6% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 4.2% |
| Affiliated Investments | 7.2% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (4.0%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Class C: PHDCX
![Image](g14608g91c27.jpg)

# PIMCO High Yield Fund
Annual Shareholder Report \|

March 31, 2026

PIMS4206TSRAR_033126

# Institutional Class: PHIYX

# PIMCO High Yield Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO High Yield Fund (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)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $60 | 0.58% |

---

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

* Security selection within the healthcare sector, specifically overweight exposure to a hospital operator, contributed to relative performance versus the ICE BofA U.S. High Yield, BB-B Rated, Constrained Index ("Index"), as spreads tightened.

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

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

* Exposure to restructure equity, specifically exposure to an airline carrier, detracted from relative performance versus the Index, as prices fell.

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

* U.S. duration positioning detracted from relative performance versus the Index, as interest rates rose. 

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg U.S. Aggregate 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](g14608g78t14.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Index** | **ICE BofA U.S. High Yield, BB-B Rated, Constrained Index** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1024922 | $1003838 | $1033510 |
| **5/31/16** | $1027178 | $1004096 | $1036921 |
| **6/30/16** | $1033184 | $1022137 | $1046087 |
| **7/31/16** | $1058587 | $1028599 | $1071643 |
| **8/31/16** | $1079308 | $1027423 | $1093215 |
| **9/30/16** | $1084594 | $1026821 | $1098353 |
| **10/31/16** | $1083082 | $1018967 | $1099803 |
| **11/30/16** | $1078296 | $994865 | $1093952 |
| **12/31/16** | $1097185 | $996268 | $1112199 |
| **1/31/17** | $1109257 | $998223 | $1124901 |
| **2/28/17** | $1125379 | $1004932 | $1139243 |
| **3/31/17** | $1123034 | $1004405 | $1137580 |
| **4/30/17** | $1136423 | $1012156 | $1151504 |
| **5/31/17** | $1147630 | $1019947 | $1160911 |
| **6/30/17** | $1150193 | $1018920 | $1162688 |
| **7/31/17** | $1162320 | $1023305 | $1174931 |
| **8/31/17** | $1163351 | $1032484 | $1176082 |
| **9/30/17** | $1172221 | $1027566 | $1185232 |
| **10/31/17** | $1176955 | $1028161 | $1190577 |
| **11/30/17** | $1171582 | $1026841 | $1187434 |
| **12/31/17** | $1174068 | $1031554 | $1189821 |
| **1/31/18** | $1177649 | $1019674 | $1194949 |
| **2/28/18** | $1164260 | $1010008 | $1183191 |
| **3/31/18** | $1157545 | $1016485 | $1176565 |
| **4/30/18** | $1163914 | $1008925 | $1183048 |
| **5/31/18** | $1159991 | $1016126 | $1181569 |
| **6/30/18** | $1163903 | $1014876 | $1184251 |
| **7/31/18** | $1178376 | $1015117 | $1196946 |
| **8/31/18** | $1188277 | $1021649 | $1206318 |
| **9/30/18** | $1194242 | $1015070 | $1212386 |
| **10/31/18** | $1173816 | $1007049 | $1194576 |
| **11/30/18** | $1167279 | $1013060 | $1187994 |
| **12/31/18** | $1144870 | $1031671 | $1165505 |
| **1/31/19** | $1198531 | $1042627 | $1217114 |
| **2/28/19** | $1217871 | $1042023 | $1237209 |
| **3/31/19** | $1230110 | $1062032 | $1251065 |
| **4/30/19** | $1248097 | $1062304 | $1267091 |
| **5/31/19** | $1232693 | $1081161 | $1253787 |
| **6/30/19** | $1264459 | $1094739 | $1286298 |
| **7/31/19** | $1269993 | $1097147 | $1293810 |
| **8/31/19** | $1277306 | $1125576 | $1303281 |
| **9/30/19** | $1283533 | $1119581 | $1307842 |
| **10/31/19** | $1287467 | $1122953 | $1312171 |
| **11/30/19** | $1294514 | $1122381 | $1320136 |
| **12/31/19** | $1315663 | $1121599 | $1341561 |
| **1/31/20** | $1315384 | $1143184 | $1342460 |
| **2/29/20** | $1295736 | $1163759 | $1323156 |
| **3/31/20** | $1170352 | $1156911 | $1181472 |
| **4/30/20** | $1216898 | $1177476 | $1230858 |
| **5/31/20** | $1261973 | $1182959 | $1284708 |
| **6/30/20** | $1263878 | $1190410 | $1293020 |
| **7/31/20** | $1319887 | $1208191 | $1355111 |
| **8/31/20** | $1329077 | $1198439 | $1365504 |
| **9/30/20** | $1314284 | $1197782 | $1348982 |
| **10/31/20** | $1319444 | $1192434 | $1355376 |
| **11/30/20** | $1365137 | $1204134 | $1403411 |
| **12/31/20** | $1385854 | $1205794 | $1425823 |
| **1/31/21** | $1384324 | $1197148 | $1427292 |
| **2/28/21** | $1386187 | $1179861 | $1429547 |
| **3/31/21** | $1386742 | $1165128 | $1430133 |
| **4/30/21** | $1399999 | $1174333 | $1445221 |
| **5/31/21** | $1403374 | $1178169 | $1448415 |
| **6/30/21** | $1421095 | $1186447 | $1466838 |
| **7/31/21** | $1424996 | $1199713 | $1473278 |
| **8/31/21** | $1433265 | $1197429 | $1481204 |
| **9/30/21** | $1432235 | $1187061 | $1480582 |
| **10/31/21** | $1426600 | $1186734 | $1478080 |
| **11/30/21** | $1412804 | $1190245 | $1463476 |
| **12/31/21** | $1441921 | $1187200 | $1491356 |
| **1/31/22** | $1398832 | $1161622 | $1449031 |
| **2/28/22** | $1386552 | $1148663 | $1436077 |
| **3/31/22** | $1374167 | $1116751 | $1423094 |
| **4/30/22** | $1321481 | $1074373 | $1372190 |
| **5/31/22** | $1331602 | $1081300 | $1381151 |
| **6/30/22** | $1240969 | $1064336 | $1287909 |
| **7/31/22** | $1320145 | $1090343 | $1367167 |
| **8/31/22** | $1283194 | $1059533 | $1329939 |
| **9/30/22** | $1234758 | $1013755 | $1278298 |
| **10/31/22** | $1270025 | $1000624 | $1316442 |
| **11/30/22** | $1297636 | $1037423 | $1343653 |
| **12/31/22** | $1286452 | $1032743 | $1333549 |
| **1/31/23** | $1333311 | $1064515 | $1381757 |
| **2/28/23** | $1313640 | $1036991 | $1361500 |
| **3/31/23** | $1337674 | $1063333 | $1380956 |
| **4/30/23** | $1347047 | $1069778 | $1392791 |
| **5/31/23** | $1334224 | $1058130 | $1379072 |
| **6/30/23** | $1351715 | $1054356 | $1398323 |
| **7/31/23** | $1366721 | $1053621 | $1416474 |
| **8/31/23** | $1368073 | $1046891 | $1419335 |
| **9/30/23** | $1350040 | $1020288 | $1401608 |
| **10/31/23** | $1337076 | $1004186 | $1387998 |
| **11/30/23** | $1399811 | $1049662 | $1451735 |
| **12/31/23** | $1450520 | $1089842 | $1501355 |
| **1/31/24** | $1450156 | $1086849 | $1502481 |
| **2/29/24** | $1450183 | $1071494 | $1503172 |
| **3/31/24** | $1468632 | $1081388 | $1520879 |
| **4/30/24** | $1454082 | $1054074 | $1506903 |
| **5/31/24** | $1469462 | $1071944 | $1523750 |
| **6/30/24** | $1483962 | $1082092 | $1539262 |
| **7/31/24** | $1508462 | $1107367 | $1564952 |
| **8/31/24** | $1531797 | $1123279 | $1588989 |
| **9/30/24** | $1548746 | $1138319 | $1606866 |
| **10/31/24** | $1537666 | $1110090 | $1595312 |
| **11/30/24** | $1553608 | $1121827 | $1612430 |
| **12/31/24** | $1548723 | $1103468 | $1604094 |
| **1/31/25** | $1568550 | $1109322 | $1625653 |
| **2/28/25** | $1578533 | $1133729 | $1636626 |
| **3/31/25** | $1564751 | $1134155 | $1622649 |
| **4/30/25** | $1563035 | $1138613 | $1623915 |
| **5/31/25** | $1589478 | $1130460 | $1648111 |
| **6/30/25** | $1614840 | $1147843 | $1678964 |
| **7/31/25** | $1617597 | $1144815 | $1683682 |
| **8/31/25** | $1636555 | $1158507 | $1703549 |
| **9/30/25** | $1650896 | $1171145 | $1717177 |
| **10/31/25** | $1658044 | $1178462 | $1721762 |
| **11/30/25** | $1670154 | $1185785 | $1733195 |
| **12/31/25** | $1681404 | $1184031 | $1744079 |
| **1/31/26** | $1685880 | $1185295 | $1752835 |
| **2/28/26** | $1690384 | $1204706 | $1758128 |
| **3/31/26** | $1668331 | $1183475 | $1737523 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 6.62% | 3.77% | 5.25% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |
| ICE BofA U.S. High Yield, BB-B Rated, Constrained Index | 7.08% | 3.97% | 5.68% |

---

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 | $7162470 |
| # of Portfolio Holdings | 817 |
| Portfolio Turnover Rate | 79% |
| Total Net Advisory Fees Paid During the Reporting Period | $18221 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 81.3% |
| U.S. Treasury Obligations | 8.6% |
| Loan Participations and Assignments | 2.6% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 4.2% |
| Affiliated Investments | 7.2% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (4.0%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Institutional Class: PHIYX
![Image](g14608g91c27.jpg)

# PIMCO High Yield Fund
Annual Shareholder Report \|

March 31, 2026

PIMS0108TSRAR_033126

# I-2: PHLPX

# PIMCO High Yield Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO High Yield Fund (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)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $70 | 0.68% |

---

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

* Security selection within the healthcare sector, specifically overweight exposure to a hospital operator, contributed to relative performance versus the ICE BofA U.S. High Yield, BB-B Rated, Constrained Index ("Index"), as spreads tightened.

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

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

* Exposure to restructure equity, specifically exposure to an airline carrier, detracted from relative performance versus the Index, as prices fell.

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

* U.S. duration positioning detracted from relative performance versus the Index, as interest rates rose. 

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg U.S. Aggregate 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](g14608g88z89.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg U.S. Aggregate Index** | **ICE BofA U.S. High Yield, BB-B Rated, Constrained Index** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1024839 | $1003838 | $1033510 |
| **5/31/16** | $1027012 | $1004096 | $1036921 |
| **6/30/16** | $1032933 | $1022137 | $1046087 |
| **7/31/16** | $1058238 | $1028599 | $1071643 |
| **8/31/16** | $1078836 | $1027423 | $1093215 |
| **9/30/16** | $1084026 | $1026821 | $1098353 |
| **10/31/16** | $1082430 | $1018967 | $1099803 |
| **11/30/16** | $1077564 | $994865 | $1093952 |
| **12/31/16** | $1096324 | $996268 | $1112199 |
| **1/31/17** | $1108299 | $998223 | $1124901 |
| **2/28/17** | $1124324 | $1004932 | $1139243 |
| **3/31/17** | $1121880 | $1004405 | $1137580 |
| **4/30/17** | $1135168 | $1012156 | $1151504 |
| **5/31/17** | $1146266 | $1019947 | $1160911 |
| **6/30/17** | $1148727 | $1018920 | $1162688 |
| **7/31/17** | $1160748 | $1023305 | $1174931 |
| **8/31/17** | $1161680 | $1032484 | $1176082 |
| **9/30/17** | $1170438 | $1027566 | $1185232 |
| **10/31/17** | $1175068 | $1028161 | $1190577 |
| **11/30/17** | $1169607 | $1026841 | $1187434 |
| **12/31/17** | $1171985 | $1031554 | $1189821 |
| **1/31/18** | $1175464 | $1019674 | $1194949 |
| **2/28/18** | $1162010 | $1010008 | $1183191 |
| **3/31/18** | $1155208 | $1016485 | $1176565 |
| **4/30/18** | $1161473 | $1008925 | $1183048 |
| **5/31/18** | $1157460 | $1016126 | $1181569 |
| **6/30/18** | $1161265 | $1014876 | $1184251 |
| **7/31/18** | $1175609 | $1015117 | $1196946 |
| **8/31/18** | $1185377 | $1021649 | $1206318 |
| **9/30/18** | $1191240 | $1015070 | $1212386 |
| **10/31/18** | $1170758 | $1007049 | $1194576 |
| **11/30/18** | $1164136 | $1013060 | $1187994 |
| **12/31/18** | $1141693 | $1031671 | $1165505 |
| **1/31/19** | $1195107 | $1042627 | $1217114 |
| **2/28/19** | $1214301 | $1042023 | $1237209 |
| **3/31/19** | $1226401 | $1062032 | $1251065 |
| **4/30/19** | $1244234 | $1062304 | $1267091 |
| **5/31/19** | $1228770 | $1081161 | $1253787 |
| **6/30/19** | $1260342 | $1094739 | $1286298 |
| **7/31/19** | $1265752 | $1097147 | $1293810 |
| **8/31/19** | $1272925 | $1125576 | $1303281 |
| **9/30/19** | $1279034 | $1119581 | $1307842 |
| **10/31/19** | $1282845 | $1122953 | $1312171 |
| **11/30/19** | $1289758 | $1122381 | $1320136 |
| **12/31/19** | $1310720 | $1121599 | $1341561 |
| **1/31/20** | $1310326 | $1143184 | $1342460 |
| **2/29/20** | $1290652 | $1163759 | $1323156 |
| **3/31/20** | $1165664 | $1156911 | $1181472 |
| **4/30/20** | $1211926 | $1177476 | $1230858 |
| **5/31/20** | $1256711 | $1182959 | $1284708 |
| **6/30/20** | $1258503 | $1190410 | $1293020 |
| **7/31/20** | $1314161 | $1208191 | $1355111 |
| **8/31/20** | $1323208 | $1198439 | $1365504 |
| **9/30/20** | $1308372 | $1197782 | $1348982 |
| **10/31/20** | $1313393 | $1192434 | $1355376 |
| **11/30/20** | $1358770 | $1204134 | $1403411 |
| **12/31/20** | $1379264 | $1205794 | $1425823 |
| **1/31/21** | $1377635 | $1197148 | $1427292 |
| **2/28/21** | $1379384 | $1179861 | $1429547 |
| **3/31/21** | $1379820 | $1165128 | $1430133 |
| **4/30/21** | $1392893 | $1174333 | $1445221 |
| **5/31/21** | $1396141 | $1178169 | $1448415 |
| **6/30/21** | $1413656 | $1186447 | $1466838 |
| **7/31/21** | $1417413 | $1199713 | $1473278 |
| **8/31/21** | $1425521 | $1197429 | $1481204 |
| **9/30/21** | $1424380 | $1187061 | $1480582 |
| **10/31/21** | $1418658 | $1186734 | $1478080 |
| **11/30/21** | $1404821 | $1190245 | $1463476 |
| **12/31/21** | $1433646 | $1187200 | $1491356 |
| **1/31/22** | $1390691 | $1161622 | $1449031 |
| **2/28/22** | $1378378 | $1148663 | $1436077 |
| **3/31/22** | $1365951 | $1116751 | $1423094 |
| **4/30/22** | $1313467 | $1074373 | $1372190 |
| **5/31/22** | $1323421 | $1081300 | $1381151 |
| **6/30/22** | $1233240 | $1064336 | $1287909 |
| **7/31/22** | $1311814 | $1090343 | $1367167 |
| **8/31/22** | $1274986 | $1059533 | $1329939 |
| **9/30/22** | $1226750 | $1013755 | $1278298 |
| **10/31/22** | $1261692 | $1000624 | $1316442 |
| **11/30/22** | $1289006 | $1037423 | $1343653 |
| **12/31/22** | $1277780 | $1032743 | $1333549 |
| **1/31/23** | $1324218 | $1064515 | $1381757 |
| **2/28/23** | $1304580 | $1036991 | $1361500 |
| **3/31/23** | $1328338 | $1063333 | $1380956 |
| **4/30/23** | $1337543 | $1069778 | $1392791 |
| **5/31/23** | $1324698 | $1058130 | $1379072 |
| **6/30/23** | $1341949 | $1054356 | $1398323 |
| **7/31/23** | $1356738 | $1053621 | $1416474 |
| **8/31/23** | $1357966 | $1046891 | $1419335 |
| **9/30/23** | $1339953 | $1020288 | $1401608 |
| **10/31/23** | $1326975 | $1004186 | $1387998 |
| **11/30/23** | $1389123 | $1049662 | $1451735 |
| **12/31/23** | $1439319 | $1089842 | $1501355 |
| **1/31/24** | $1438841 | $1086849 | $1502481 |
| **2/29/24** | $1438753 | $1071494 | $1503172 |
| **3/31/24** | $1456935 | $1081388 | $1520879 |
| **4/30/24** | $1442383 | $1054074 | $1506903 |
| **5/31/24** | $1457507 | $1071944 | $1523750 |
| **6/30/24** | $1471777 | $1082092 | $1539262 |
| **7/31/24** | $1495950 | $1107367 | $1564952 |
| **8/31/24** | $1518955 | $1123279 | $1588989 |
| **9/30/24** | $1535645 | $1138319 | $1606866 |
| **10/31/24** | $1524529 | $1110090 | $1595312 |
| **11/30/24** | $1540206 | $1121827 | $1612430 |
| **12/31/24** | $1535232 | $1103468 | $1604094 |
| **1/31/25** | $1554751 | $1109322 | $1625653 |
| **2/28/25** | $1564527 | $1133729 | $1636626 |
| **3/31/25** | $1550743 | $1134155 | $1622649 |
| **4/30/25** | $1548916 | $1138613 | $1623915 |
| **5/31/25** | $1574985 | $1130460 | $1648111 |
| **6/30/25** | $1599991 | $1147843 | $1678964 |
| **7/31/25** | $1602587 | $1144815 | $1683682 |
| **8/31/25** | $1621228 | $1158507 | $1703549 |
| **9/30/25** | $1635305 | $1171145 | $1717177 |
| **10/31/25** | $1642239 | $1178462 | $1721762 |
| **11/30/25** | $1654107 | $1185785 | $1733195 |
| **12/31/25** | $1665104 | $1184031 | $1744079 |
| **1/31/26** | $1669393 | $1185295 | $1752835 |
| **2/28/26** | $1673725 | $1204706 | $1758128 |
| **3/31/26** | $1651752 | $1183475 | $1737523 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 6.51% | 3.66% | 5.15% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |
| ICE BofA U.S. High Yield, BB-B Rated, Constrained Index | 7.08% | 3.97% | 5.68% |

---

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 | $7162470 |
| # of Portfolio Holdings | 817 |
| Portfolio Turnover Rate | 79% |
| Total Net Advisory Fees Paid During the Reporting Period | $18221 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 81.3% |
| U.S. Treasury Obligations | 8.6% |
| Loan Participations and Assignments | 2.6% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 4.2% |
| Affiliated Investments | 7.2% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (4.0%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# I-2: PHLPX
![Image](g14608g91c27.jpg)

# PIMCO High Yield Fund
Annual Shareholder Report \|

March 31, 2026

PIMS1910TSRAR_033126

# Class R: PHYRX

# PIMCO High Yield Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO High Yield Fund (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)**.

## 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 | $122 | 1.18% |

---

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

* Security selection within the healthcare sector, specifically overweight exposure to a hospital operator, contributed to relative performance versus the ICE BofA U.S. High Yield, BB-B Rated, Constrained Index ("Index"), as spreads tightened.

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

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

* Exposure to restructure equity, specifically exposure to an airline carrier, detracted from relative performance versus the Index, as prices fell.

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

* U.S. duration positioning detracted from relative performance versus the Index, as interest rates rose. 

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg U.S. Aggregate 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](g14608g03o81.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R** | **Bloomberg U.S. Aggregate Index** | **ICE BofA U.S. High Yield, BB-B Rated, Constrained Index** |
| **3/31/16** | $10000 | $10000 | $10000 |
| **4/30/16** | $10244 | $10038 | $10335 |
| **5/31/16** | $10262 | $10041 | $10369 |
| **6/30/16** | $10317 | $10221 | $10461 |
| **7/31/16** | $10565 | $10286 | $10716 |
| **8/31/16** | $10766 | $10274 | $10932 |
| **9/30/16** | $10813 | $10268 | $10984 |
| **10/31/16** | $10793 | $10190 | $10998 |
| **11/30/16** | $10740 | $9949 | $10940 |
| **12/31/16** | $10922 | $9963 | $11122 |
| **1/31/17** | $11037 | $9982 | $11249 |
| **2/28/17** | $11193 | $10049 | $11392 |
| **3/31/17** | $11163 | $10044 | $11376 |
| **4/30/17** | $11291 | $10122 | $11515 |
| **5/31/17** | $11397 | $10199 | $11609 |
| **6/30/17** | $11416 | $10189 | $11627 |
| **7/31/17** | $11531 | $10233 | $11749 |
| **8/31/17** | $11536 | $10325 | $11761 |
| **9/30/17** | $11618 | $10276 | $11852 |
| **10/31/17** | $11659 | $10282 | $11906 |
| **11/30/17** | $11600 | $10268 | $11874 |
| **12/31/17** | $11618 | $10316 | $11898 |
| **1/31/18** | $11648 | $10197 | $11949 |
| **2/28/18** | $11510 | $10100 | $11832 |
| **3/31/18** | $11438 | $10165 | $11766 |
| **4/30/18** | $11495 | $10089 | $11830 |
| **5/31/18** | $11451 | $10161 | $11816 |
| **6/30/18** | $11484 | $10149 | $11843 |
| **7/31/18** | $11621 | $10151 | $11969 |
| **8/31/18** | $11712 | $10216 | $12063 |
| **9/30/18** | $11765 | $10151 | $12124 |
| **10/31/18** | $11558 | $10070 | $11946 |
| **11/30/18** | $11488 | $10131 | $11880 |
| **12/31/18** | $11262 | $10317 | $11655 |
| **1/31/19** | $11784 | $10426 | $12171 |
| **2/28/19** | $11969 | $10420 | $12372 |
| **3/31/19** | $12083 | $10620 | $12511 |
| **4/30/19** | $12253 | $10623 | $12671 |
| **5/31/19** | $12096 | $10812 | $12538 |
| **6/30/19** | $12402 | $10947 | $12863 |
| **7/31/19** | $12450 | $10971 | $12938 |
| **8/31/19** | $12515 | $11256 | $13033 |
| **9/30/19** | $12570 | $11196 | $13078 |
| **10/31/19** | $12602 | $11230 | $13122 |
| **11/30/19** | $12665 | $11224 | $13201 |
| **12/31/19** | $12865 | $11216 | $13416 |
| **1/31/20** | $12856 | $11432 | $13425 |
| **2/29/20** | $12658 | $11638 | $13232 |
| **3/31/20** | $11427 | $11569 | $11815 |
| **4/30/20** | $11876 | $11775 | $12309 |
| **5/31/20** | $12310 | $11830 | $12847 |
| **6/30/20** | $12322 | $11904 | $12930 |
| **7/31/20** | $12862 | $12082 | $13551 |
| **8/31/20** | $12945 | $11984 | $13655 |
| **9/30/20** | $12795 | $11978 | $13490 |
| **10/31/20** | $12838 | $11924 | $13554 |
| **11/30/20** | $13276 | $12041 | $14034 |
| **12/31/20** | $13470 | $12058 | $14258 |
| **1/31/21** | $13449 | $11971 | $14273 |
| **2/28/21** | $13461 | $11799 | $14295 |
| **3/31/21** | $13460 | $11651 | $14301 |
| **4/30/21** | $13581 | $11743 | $14452 |
| **5/31/21** | $13608 | $11782 | $14484 |
| **6/30/21** | $13773 | $11864 | $14668 |
| **7/31/21** | $13803 | $11997 | $14733 |
| **8/31/21** | $13877 | $11974 | $14812 |
| **9/30/21** | $13860 | $11871 | $14806 |
| **10/31/21** | $13798 | $11867 | $14781 |
| **11/30/21** | $13658 | $11902 | $14635 |
| **12/31/21** | $13932 | $11872 | $14914 |
| **1/31/22** | $13509 | $11616 | $14490 |
| **2/28/22** | $13384 | $11487 | $14361 |
| **3/31/22** | $13258 | $11168 | $14231 |
| **4/30/22** | $12743 | $10744 | $13722 |
| **5/31/22** | $12835 | $10813 | $13812 |
| **6/30/22** | $11955 | $10643 | $12879 |
| **7/31/22** | $12711 | $10903 | $13672 |
| **8/31/22** | $12349 | $10595 | $13299 |
| **9/30/22** | $11877 | $10138 | $12783 |
| **10/31/22** | $12210 | $10006 | $13164 |
| **11/30/22** | $12469 | $10374 | $13437 |
| **12/31/22** | $12355 | $10327 | $13335 |
| **1/31/23** | $12799 | $10645 | $13818 |
| **2/28/23** | $12605 | $10370 | $13615 |
| **3/31/23** | $12828 | $10633 | $13810 |
| **4/30/23** | $12912 | $10698 | $13928 |
| **5/31/23** | $12783 | $10581 | $13791 |
| **6/30/23** | $12944 | $10544 | $13983 |
| **7/31/23** | $13081 | $10536 | $14165 |
| **8/31/23** | $13088 | $10469 | $14193 |
| **9/30/23** | $12908 | $10203 | $14016 |
| **10/31/23** | $12778 | $10042 | $13880 |
| **11/30/23** | $13371 | $10497 | $14517 |
| **12/31/23** | $13849 | $10898 | $15014 |
| **1/31/24** | $13838 | $10868 | $15025 |
| **2/29/24** | $13832 | $10715 | $15032 |
| **3/31/24** | $14001 | $10814 | $15209 |
| **4/30/24** | $13855 | $10541 | $15069 |
| **5/31/24** | $13994 | $10719 | $15237 |
| **6/30/24** | $14126 | $10821 | $15393 |
| **7/31/24** | $14352 | $11074 | $15650 |
| **8/31/24** | $14566 | $11233 | $15890 |
| **9/30/24** | $14721 | $11383 | $16069 |
| **10/31/24** | $14608 | $11101 | $15953 |
| **11/30/24** | $14752 | $11218 | $16124 |
| **12/31/24** | $14698 | $11035 | $16041 |
| **1/31/25** | $14878 | $11093 | $16257 |
| **2/28/25** | $14966 | $11337 | $16366 |
| **3/31/25** | $14828 | $11342 | $16226 |
| **4/30/25** | $14805 | $11386 | $16239 |
| **5/31/25** | $15048 | $11305 | $16481 |
| **6/30/25** | $15281 | $11478 | $16790 |
| **7/31/25** | $15299 | $11448 | $16837 |
| **8/31/25** | $15470 | $11585 | $17035 |
| **9/30/25** | $15598 | $11711 | $17172 |
| **10/31/25** | $15657 | $11785 | $17218 |
| **11/30/25** | $15764 | $11858 | $17332 |
| **12/31/25** | $15862 | $11840 | $17441 |
| **1/31/26** | $15896 | $11853 | $17528 |
| **2/28/26** | $15932 | $12047 | $17581 |
| **3/31/26** | $15716 | $11835 | $17375 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class R | 5.99% | 3.15% | 4.62% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |
| ICE BofA U.S. High Yield, BB-B Rated, Constrained Index | 7.08% | 3.97% | 5.68% |

---

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 | $7162470 |
| # of Portfolio Holdings | 817 |
| Portfolio Turnover Rate | 79% |
| Total Net Advisory Fees Paid During the Reporting Period | $18221 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 81.3% |
| U.S. Treasury Obligations | 8.6% |
| Loan Participations and Assignments | 2.6% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 4.2% |
| Affiliated Investments | 7.2% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (4.0%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Class R: PHYRX
![Image](g14608g91c27.jpg)

# PIMCO High Yield Fund
Annual Shareholder Report \|

March 31, 2026

PIMS4506TSRAR_033126

# I-3: PHNNX

# PIMCO High Yield Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO High Yield Fund (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)**.

## 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 | $75 | 0.73% |

---

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

* Security selection within the healthcare sector, specifically overweight exposure to a hospital operator, contributed to relative performance versus the ICE BofA U.S. High Yield, BB-B Rated, Constrained Index ("Index"), as spreads tightened.

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

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

* Exposure to restructure equity, specifically exposure to an airline carrier, detracted from relative performance versus the Index, as prices fell.

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

* U.S. duration positioning detracted from relative performance versus the Index, as interest rates rose. 

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg U.S. Aggregate 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](g14608g28j52.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-3** | **Bloomberg U.S. Aggregate Index** | **ICE BofA U.S. High Yield, BB-B Rated, Constrained Index** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1024798 | $1003838 | $1033510 |
| **5/31/16** | $1026924 | $1004096 | $1036921 |
| **6/30/16** | $1032802 | $1022137 | $1046087 |
| **7/31/16** | $1058062 | $1028599 | $1071643 |
| **8/31/16** | $1078637 | $1027423 | $1093215 |
| **9/30/16** | $1083788 | $1026821 | $1098353 |
| **10/31/16** | $1082139 | $1018967 | $1099803 |
| **11/30/16** | $1077225 | $994865 | $1093952 |
| **12/31/16** | $1095958 | $996268 | $1112199 |
| **1/31/17** | $1107876 | $998223 | $1124901 |
| **2/28/17** | $1123850 | $1004932 | $1139243 |
| **3/31/17** | $1121366 | $1004405 | $1137580 |
| **4/30/17** | $1134596 | $1012156 | $1151504 |
| **5/31/17** | $1145640 | $1019947 | $1160911 |
| **6/30/17** | $1148058 | $1018920 | $1162688 |
| **7/31/17** | $1160016 | $1023305 | $1174931 |
| **8/31/17** | $1160898 | $1032484 | $1176082 |
| **9/30/17** | $1169606 | $1027566 | $1185232 |
| **10/31/17** | $1174181 | $1028161 | $1190577 |
| **11/30/17** | $1168677 | $1026841 | $1187434 |
| **12/31/17** | $1171007 | $1031554 | $1189821 |
| **1/31/18** | $1174429 | $1019674 | $1194949 |
| **2/28/18** | $1160944 | $1010008 | $1183191 |
| **3/31/18** | $1154101 | $1016485 | $1176565 |
| **4/30/18** | $1160317 | $1008925 | $1183048 |
| **5/31/18** | $1156231 | $1016126 | $1181569 |
| **6/30/18** | $1160032 | $1014876 | $1184251 |
| **7/31/18** | $1174328 | $1015117 | $1196946 |
| **8/31/18** | $1184036 | $1021649 | $1206318 |
| **9/30/18** | $1189847 | $1015070 | $1212386 |
| **10/31/18** | $1169342 | $1007049 | $1194576 |
| **11/30/18** | $1162678 | $1013060 | $1187994 |
| **12/31/18** | $1140218 | $1031671 | $1165505 |
| **1/31/19** | $1193519 | $1042627 | $1217114 |
| **2/28/19** | $1212645 | $1042023 | $1237209 |
| **3/31/19** | $1224678 | $1062032 | $1251065 |
| **4/30/19** | $1242434 | $1062304 | $1267091 |
| **5/31/19** | $1226939 | $1081161 | $1253787 |
| **6/30/19** | $1258413 | $1094739 | $1286298 |
| **7/31/19** | $1263745 | $1097147 | $1293810 |
| **8/31/19** | $1270851 | $1125576 | $1303281 |
| **9/30/19** | $1276909 | $1119581 | $1307842 |
| **10/31/19** | $1280660 | $1122953 | $1312171 |
| **11/30/19** | $1287506 | $1122381 | $1320136 |
| **12/31/19** | $1308380 | $1121599 | $1341561 |
| **1/31/20** | $1307931 | $1143184 | $1342460 |
| **2/29/20** | $1288238 | $1163759 | $1323156 |
| **3/31/20** | $1163443 | $1156911 | $1181472 |
| **4/30/20** | $1209579 | $1177476 | $1230858 |
| **5/31/20** | $1254222 | $1182959 | $1284708 |
| **6/30/20** | $1255967 | $1190410 | $1293020 |
| **7/31/20** | $1311454 | $1208191 | $1355111 |
| **8/31/20** | $1320430 | $1198439 | $1365504 |
| **9/30/20** | $1305569 | $1197782 | $1348982 |
| **10/31/20** | $1310523 | $1192434 | $1355376 |
| **11/30/20** | $1355748 | $1204134 | $1403411 |
| **12/31/20** | $1376132 | $1205794 | $1425823 |
| **1/31/21** | $1374455 | $1197148 | $1427292 |
| **2/28/21** | $1376145 | $1179861 | $1429547 |
| **3/31/21** | $1376522 | $1165128 | $1430133 |
| **4/30/21** | $1389501 | $1174333 | $1445221 |
| **5/31/21** | $1392687 | $1178169 | $1448415 |
| **6/30/21** | $1410100 | $1186447 | $1466838 |
| **7/31/21** | $1413787 | $1199713 | $1473278 |
| **8/31/21** | $1421817 | $1197429 | $1481204 |
| **9/30/21** | $1420619 | $1187061 | $1480582 |
| **10/31/21** | $1414853 | $1186734 | $1478080 |
| **11/30/21** | $1400969 | $1190245 | $1463476 |
| **12/31/21** | $1429648 | $1187200 | $1491356 |
| **1/31/22** | $1386754 | $1161622 | $1449031 |
| **2/28/22** | $1374424 | $1148663 | $1436077 |
| **3/31/22** | $1361976 | $1116751 | $1423094 |
| **4/30/22** | $1309586 | $1074373 | $1372190 |
| **5/31/22** | $1319457 | $1081300 | $1381151 |
| **6/30/22** | $1229496 | $1064336 | $1287909 |
| **7/31/22** | $1307782 | $1090343 | $1367167 |
| **8/31/22** | $1270999 | $1059533 | $1329939 |
| **9/30/22** | $1222859 | $1013755 | $1278298 |
| **10/31/22** | $1257675 | $1000624 | $1316442 |
| **11/30/22** | $1284853 | $1037423 | $1343653 |
| **12/31/22** | $1273606 | $1032743 | $1333549 |
| **1/31/23** | $1319839 | $1064515 | $1381757 |
| **2/28/23** | $1300190 | $1036991 | $1361500 |
| **3/31/23** | $1323786 | $1063333 | $1380956 |
| **4/30/23** | $1332910 | $1069778 | $1392791 |
| **5/31/23** | $1320053 | $1058130 | $1379072 |
| **6/30/23** | $1337184 | $1054356 | $1398323 |
| **7/31/23** | $1351865 | $1053621 | $1416474 |
| **8/31/23** | $1353032 | $1046891 | $1419335 |
| **9/30/23** | $1335028 | $1020288 | $1401608 |
| **10/31/23** | $1322022 | $1004186 | $1387998 |
| **11/30/23** | $1383894 | $1049662 | $1451735 |
| **12/31/23** | $1433838 | $1089842 | $1501355 |
| **1/31/24** | $1433301 | $1086849 | $1502481 |
| **2/29/24** | $1433157 | $1071494 | $1503172 |
| **3/31/24** | $1451208 | $1081388 | $1520879 |
| **4/30/24** | $1436654 | $1054074 | $1506903 |
| **5/31/24** | $1451653 | $1071944 | $1523750 |
| **6/30/24** | $1465810 | $1082092 | $1539262 |
| **7/31/24** | $1489823 | $1107367 | $1564952 |
| **8/31/24** | $1512668 | $1123279 | $1588989 |
| **9/30/24** | $1529231 | $1138319 | $1606866 |
| **10/31/24** | $1518099 | $1110090 | $1595312 |
| **11/30/24** | $1533648 | $1121827 | $1612430 |
| **12/31/24** | $1528632 | $1103468 | $1604094 |
| **1/31/25** | $1548008 | $1109322 | $1625653 |
| **2/28/25** | $1557683 | $1133729 | $1636626 |
| **3/31/25** | $1543898 | $1134155 | $1622649 |
| **4/30/25** | $1542001 | $1138613 | $1623915 |
| **5/31/25** | $1567907 | $1130460 | $1648111 |
| **6/30/25** | $1592738 | $1147843 | $1678964 |
| **7/31/25** | $1595256 | $1144815 | $1683682 |
| **8/31/25** | $1613741 | $1158507 | $1703549 |
| **9/30/25** | $1627689 | $1171145 | $1717177 |
| **10/31/25** | $1634517 | $1178462 | $1721762 |
| **11/30/25** | $1646268 | $1185785 | $1733195 |
| **12/31/25** | $1657142 | $1184031 | $1744079 |
| **1/31/26** | $1661341 | $1185295 | $1752835 |
| **2/28/26** | $1665588 | $1204706 | $1758128 |
| **3/31/26** | $1643586 | $1183475 | $1737523 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-3 | 6.46% | 3.61% | 5.09% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |
| ICE BofA U.S. High Yield, BB-B Rated, Constrained Index | 7.08% | 3.97% | 5.68% |

---

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 | $7162470 |
| # of Portfolio Holdings | 817 |
| Portfolio Turnover Rate | 79% |
| Total Net Advisory Fees Paid During the Reporting Period | $18221 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 81.3% |
| U.S. Treasury Obligations | 8.6% |
| Loan Participations and Assignments | 2.6% |
| Other Investments | 0.0%<sup>Footnote Reference^</sup> |
| Short-Term Instruments | 4.2% |
| Affiliated Investments | 7.2% |
| Financial Derivative Instruments | 0.1% |
| Other Assets and Liabilities, Net | (4.0%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# I-3: PHNNX
![Image](g14608g91c27.jpg)

# PIMCO High Yield Fund
Annual Shareholder Report \|

March 31, 2026

PIMS2184TSRAR_033126

# Class A: PHSAX

# PIMCO High Yield Spectrum Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO High Yield Spectrum Fund (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 | $100 | 0.97% |

---

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

* Security selection within the retail sector, specifically underweight exposure to a department store, contributed to relative performance versus the ICE BofA Developed Markets High Yield Constrained (USD Hedged) Index ("Index"), as spreads widened.

* Security selection within the paper and packaging sector, specifically underweight exposure to a packaging company, contributed to relative performance versus the Index, as spreads widened.

* Overweight exposure to a select telecommunications company contributed to relative performance versus the Index, as spreads tightened.

* U.S. duration positioning detracted from relative performance versus the Index, as interest rates rose.

* Security selection within the technology sector, specifically overweight exposure to a web hosting company, detracted from relative performance versus the Index, as spreads widened.

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

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g14608g26o11.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **ICE BofA US High Yield Constrained Index** | **ICE BofA Developed Markets High Yield Constrained (USD Hedged) Index** |
| **3/31/16** | $9624 | $10000 | $10000 | $10000 |
| **4/30/16** | $9901 | $10017 | $10400 | $10350 |
| **5/31/16** | $9946 | $10059 | $10475 | $10414 |
| **6/30/16** | $9995 | $10251 | $10588 | $10491 |
| **7/31/16** | $10244 | $10312 | $10856 | $10757 |
| **8/31/16** | $10474 | $10307 | $11097 | $10990 |
| **9/30/16** | $10516 | $10306 | $11169 | $11036 |
| **10/31/16** | $10530 | $10206 | $11204 | $11085 |
| **11/30/16** | $10494 | $10037 | $11160 | $11035 |
| **12/31/16** | $10729 | $10065 | $11379 | $11252 |
| **1/31/17** | $10873 | $10028 | $11532 | $11395 |
| **2/28/17** | $11054 | $10114 | $11712 | $11563 |
| **3/31/17** | $11028 | $10109 | $11687 | $11550 |
| **4/30/17** | $11173 | $10178 | $11820 | $11684 |
| **5/31/17** | $11289 | $10237 | $11925 | $11794 |
| **6/30/17** | $11301 | $10208 | $11938 | $11817 |
| **7/31/17** | $11436 | $10242 | $12076 | $11952 |
| **8/31/17** | $11430 | $10335 | $12072 | $11961 |
| **9/30/17** | $11515 | $10288 | $12181 | $12062 |
| **10/31/17** | $11551 | $10331 | $12228 | $12133 |
| **11/30/17** | $11510 | $10347 | $12195 | $12102 |
| **12/31/17** | $11552 | $10370 | $12231 | $12134 |
| **1/31/18** | $11624 | $10296 | $12309 | $12211 |
| **2/28/18** | $11524 | $10273 | $12195 | $12110 |
| **3/31/18** | $11446 | $10358 | $12119 | $12052 |
| **4/30/18** | $11518 | $10320 | $12200 | $12136 |
| **5/31/18** | $11490 | $10358 | $12198 | $12106 |
| **6/30/18** | $11521 | $10377 | $12240 | $12132 |
| **7/31/18** | $11656 | $10380 | $12377 | $12283 |
| **8/31/18** | $11738 | $10412 | $12467 | $12356 |
| **9/30/18** | $11801 | $10372 | $12539 | $12424 |
| **10/31/18** | $11591 | $10352 | $12334 | $12240 |
| **11/30/18** | $11469 | $10403 | $12222 | $12104 |
| **12/31/18** | $11206 | $10553 | $11954 | $11894 |
| **1/31/19** | $11724 | $10665 | $12503 | $12382 |
| **2/28/19** | $11915 | $10678 | $12714 | $12602 |
| **3/31/19** | $12018 | $10869 | $12838 | $12738 |
| **4/30/19** | $12231 | $10875 | $13018 | $12924 |
| **5/31/19** | $12025 | $11032 | $12852 | $12770 |
| **6/30/19** | $12300 | $11186 | $13168 | $13089 |
| **7/31/19** | $12354 | $11274 | $13235 | $13172 |
| **8/31/19** | $12400 | $11530 | $13287 | $13241 |
| **9/30/19** | $12462 | $11477 | $13329 | $13276 |
| **10/31/19** | $12478 | $11457 | $13360 | $13307 |
| **11/30/19** | $12522 | $11443 | $13396 | $13367 |
| **12/31/19** | $12822 | $11420 | $13676 | $13622 |
| **1/31/20** | $12802 | $11626 | $13677 | $13638 |
| **2/29/20** | $12585 | $11768 | $13465 | $13427 |
| **3/31/20** | $11195 | $11585 | $11880 | $11807 |
| **4/30/20** | $11634 | $11773 | $12332 | $12321 |
| **5/31/20** | $12103 | $11806 | $12891 | $12831 |
| **6/30/20** | $12178 | $11865 | $13014 | $12991 |
| **7/31/20** | $12691 | $11995 | $13631 | $13521 |
| **8/31/20** | $12844 | $11908 | $13767 | $13672 |
| **9/30/20** | $12704 | $11951 | $13625 | $13549 |
| **10/31/20** | $12739 | $11952 | $13686 | $13606 |
| **11/30/20** | $13338 | $12020 | $14235 | $14164 |
| **12/31/20** | $13577 | $12057 | $14506 | $14396 |
| **1/31/21** | $13592 | $11993 | $14562 | $14459 |
| **2/28/21** | $13665 | $11806 | $14613 | $14522 |
| **3/31/21** | $13697 | $11760 | $14639 | $14563 |
| **4/30/21** | $13829 | $11790 | $14799 | $14710 |
| **5/31/21** | $13833 | $11817 | $14841 | $14751 |
| **6/30/21** | $13990 | $11874 | $15044 | $14921 |
| **7/31/21** | $14024 | $12022 | $15097 | $14978 |
| **8/31/21** | $14097 | $11998 | $15181 | $15053 |
| **9/30/21** | $14072 | $11884 | $15185 | $15056 |
| **10/31/21** | $14017 | $11853 | $15157 | $15012 |
| **11/30/21** | $13880 | $11938 | $14999 | $14881 |
| **12/31/21** | $14162 | $11890 | $15283 | $15124 |
| **1/31/22** | $13767 | $11703 | $14866 | $14766 |
| **2/28/22** | $13619 | $11547 | $14737 | $14557 |
| **3/31/22** | $13569 | $11298 | $14590 | $14466 |
| **4/30/22** | $13048 | $10994 | $14065 | $13984 |
| **5/31/22** | $13038 | $10979 | $14100 | $13964 |
| **6/30/22** | $12108 | $10813 | $13142 | $13029 |
| **7/31/22** | $12869 | $11088 | $13932 | $13774 |
| **8/31/22** | $12588 | $10799 | $13591 | $13495 |
| **9/30/22** | $12134 | $10452 | $13047 | $12962 |
| **10/31/22** | $12478 | $10416 | $13418 | $13297 |
| **11/30/22** | $12799 | $10682 | $13667 | $13614 |
| **12/31/22** | $12738 | $10556 | $13565 | $13527 |
| **1/31/23** | $13219 | $10799 | $14096 | $14040 |
| **2/28/23** | $13109 | $10626 | $13915 | $13915 |
| **3/31/23** | $13219 | $10862 | $14069 | $14017 |
| **4/30/23** | $13324 | $10918 | $14207 | $14142 |
| **5/31/23** | $13247 | $10875 | $14071 | $14076 |
| **6/30/23** | $13428 | $10869 | $14300 | $14265 |
| **7/31/23** | $13629 | $10872 | $14505 | $14468 |
| **8/31/23** | $13649 | $10858 | $14548 | $14515 |
| **9/30/23** | $13527 | $10671 | $14377 | $14409 |
| **10/31/23** | $13370 | $10595 | $14197 | $14272 |
| **11/30/23** | $13979 | $10960 | $14845 | $14870 |
| **12/31/23** | $14480 | $11310 | $15393 | $15391 |
| **1/31/24** | $14516 | $11288 | $15396 | $15432 |
| **2/29/24** | $14571 | $11210 | $15442 | $15487 |
| **3/31/24** | $14729 | $11311 | $15626 | $15643 |
| **4/30/24** | $14623 | $11129 | $15469 | $15528 |
| **5/31/24** | $14801 | $11228 | $15645 | $15702 |
| **6/30/24** | $14919 | $11325 | $15796 | $15841 |
| **7/31/24** | $15196 | $11544 | $16106 | $16129 |
| **8/31/24** | $15447 | $11670 | $16362 | $16373 |
| **9/30/24** | $15646 | $11806 | $16629 | $16622 |
| **10/31/24** | $15573 | $11646 | $16538 | $16582 |
| **11/30/24** | $15722 | $11784 | $16727 | $16749 |
| **12/31/24** | $15701 | $11694 | $16655 | $16725 |
| **1/31/25** | $15855 | $11739 | $16886 | $16932 |
| **2/28/25** | $15982 | $11881 | $16995 | $17062 |
| **3/31/25** | $15836 | $11831 | $16813 | $16891 |
| **4/30/25** | $15851 | $11948 | $16813 | $16907 |
| **5/31/25** | $16146 | $11908 | $17096 | $17182 |
| **6/30/25** | $16381 | $12022 | $17413 | $17451 |
| **7/31/25** | $16486 | $12013 | $17483 | $17565 |
| **8/31/25** | $16662 | $12078 | $17696 | $17742 |
| **9/30/25** | $16797 | $12167 | $17831 | $17875 |
| **10/31/25** | $16853 | $12263 | $17866 | $17914 |
| **11/30/25** | $16950 | $12289 | $17955 | $17990 |
| **12/31/25** | $17055 | $12263 | $18072 | $18102 |
| **1/31/26** | $17087 | $12292 | $18159 | $18207 |
| **2/28/26** | $17117 | $12465 | $18189 | $18250 |
| **3/31/26** | $16853 | $12244 | $17973 | $17976 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 6.42% | 4.23% | 5.76% |
| Class A (including sales charge) | 2.39% | 3.44% | 5.36% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| ICE BofA US High Yield Constrained Index | 6.90% | 4.19% | 6.04% |
| ICE BofA Developed Markets High Yield Constrained (USD Hedged) Index | 6.43% | 4.30% | 6.04% |

---

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 | $422726 |
| # of Portfolio Holdings | 623 |
| Portfolio Turnover Rate | 85% |
| Total Net Advisory Fees Paid During the Reporting Period | $1473 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 75.7% |
| U.S. Treasury Obligations | 9.7% |
| Loan Participations and Assignments | 7.1% |
| Common Stocks | 0.4% |
| Convertible Bonds & Notes | 0.3% |
| Other Investments | 0.2% |
| Short-Term Instruments | 1.3% |
| Affiliated Investments | 0.3% |
| Financial Derivative Instruments | 0.4% |
| Other Assets and Liabilities, Net | 4.6% |
| Total | 100.0% |

---

---

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

---

## 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 decreased during the year by 0.07% as a result of lower expenses related to interest.

Changes to Principal Investment Strategies. Effective January 1, 2026, the Fund changed its supplemental benchmark index to the ICE BofA US High Yield Constrained Index. Previously, the fund's supplemental benchmark index was the ICE BofA Developed Markets High Yield Constrained (USD Hedged) Index. Certain additional changes were made to the principal investment strategies related to this change.

## 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](g14608g09p07.jpg)

# Class A: PHSAX
![Image](g14608g91c27.jpg)

# PIMCO High Yield Spectrum Fund
Annual Shareholder Report \|

March 31, 2026

PIMS6020TSRAR_033126

# Class C: PHSCX

# PIMCO High Yield Spectrum Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO High Yield Spectrum Fund (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 | $177 | 1.72% |

---

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

* Security selection within the retail sector, specifically underweight exposure to a department store, contributed to relative performance versus the ICE BofA Developed Markets High Yield Constrained (USD Hedged) Index ("Index"), as spreads widened.

* Security selection within the paper and packaging sector, specifically underweight exposure to a packaging company, contributed to relative performance versus the Index, as spreads widened.

* Overweight exposure to a select telecommunications company contributed to relative performance versus the Index, as spreads tightened.

* U.S. duration positioning detracted from relative performance versus the Index, as interest rates rose.

* Security selection within the technology sector, specifically overweight exposure to a web hosting company, detracted from relative performance versus the Index, as spreads widened.

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

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g14608g37f55.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **ICE BofA US High Yield Constrained Index** | **ICE BofA Developed Markets High Yield Constrained (USD Hedged) Index** |
| **3/31/16** | $10000 | $10000 | $10000 | $10000 |
| **4/30/16** | $10281 | $10017 | $10400 | $10350 |
| **5/31/16** | $10322 | $10059 | $10475 | $10414 |
| **6/30/16** | $10366 | $10251 | $10588 | $10491 |
| **7/31/16** | $10618 | $10312 | $10856 | $10757 |
| **8/31/16** | $10849 | $10307 | $11097 | $10990 |
| **9/30/16** | $10885 | $10306 | $11169 | $11036 |
| **10/31/16** | $10893 | $10206 | $11204 | $11085 |
| **11/30/16** | $10850 | $10037 | $11160 | $11035 |
| **12/31/16** | $11085 | $10065 | $11379 | $11252 |
| **1/31/17** | $11227 | $10028 | $11532 | $11395 |
| **2/28/17** | $11407 | $10114 | $11712 | $11563 |
| **3/31/17** | $11373 | $10109 | $11687 | $11550 |
| **4/30/17** | $11516 | $10178 | $11820 | $11684 |
| **5/31/17** | $11629 | $10237 | $11925 | $11794 |
| **6/30/17** | $11633 | $10208 | $11938 | $11817 |
| **7/31/17** | $11765 | $10242 | $12076 | $11952 |
| **8/31/17** | $11752 | $10335 | $12072 | $11961 |
| **9/30/17** | $11832 | $10288 | $12181 | $12062 |
| **10/31/17** | $11861 | $10331 | $12228 | $12133 |
| **11/30/17** | $11811 | $10347 | $12195 | $12102 |
| **12/31/17** | $11847 | $10370 | $12231 | $12134 |
| **1/31/18** | $11913 | $10296 | $12309 | $12211 |
| **2/28/18** | $11805 | $10273 | $12195 | $12110 |
| **3/31/18** | $11717 | $10358 | $12119 | $12052 |
| **4/30/18** | $11784 | $10320 | $12200 | $12136 |
| **5/31/18** | $11747 | $10358 | $12198 | $12106 |
| **6/30/18** | $11771 | $10377 | $12240 | $12132 |
| **7/31/18** | $11902 | $10380 | $12377 | $12283 |
| **8/31/18** | $11978 | $10412 | $12467 | $12356 |
| **9/30/18** | $12035 | $10372 | $12539 | $12424 |
| **10/31/18** | $11814 | $10352 | $12334 | $12240 |
| **11/30/18** | $11682 | $10403 | $12222 | $12104 |
| **12/31/18** | $11407 | $10553 | $11954 | $11894 |
| **1/31/19** | $11926 | $10665 | $12503 | $12382 |
| **2/28/19** | $12114 | $10678 | $12714 | $12602 |
| **3/31/19** | $12211 | $10869 | $12838 | $12738 |
| **4/30/19** | $12420 | $10875 | $13018 | $12924 |
| **5/31/19** | $12203 | $11032 | $12852 | $12770 |
| **6/30/19** | $12474 | $11186 | $13168 | $13089 |
| **7/31/19** | $12521 | $11274 | $13235 | $13172 |
| **8/31/19** | $12559 | $11530 | $13287 | $13241 |
| **9/30/19** | $12615 | $11477 | $13329 | $13276 |
| **10/31/19** | $12623 | $11457 | $13360 | $13307 |
| **11/30/19** | $12660 | $11443 | $13396 | $13367 |
| **12/31/19** | $12955 | $11420 | $13676 | $13622 |
| **1/31/20** | $12926 | $11626 | $13677 | $13638 |
| **2/29/20** | $12700 | $11768 | $13465 | $13427 |
| **3/31/20** | $11290 | $11585 | $11880 | $11807 |
| **4/30/20** | $11726 | $11773 | $12332 | $12321 |
| **5/31/20** | $12191 | $11806 | $12891 | $12831 |
| **6/30/20** | $12259 | $11865 | $13014 | $12991 |
| **7/31/20** | $12767 | $11995 | $13631 | $13521 |
| **8/31/20** | $12913 | $11908 | $13767 | $13672 |
| **9/30/20** | $12765 | $11951 | $13625 | $13549 |
| **10/31/20** | $12791 | $11952 | $13686 | $13606 |
| **11/30/20** | $13385 | $12020 | $14235 | $14164 |
| **12/31/20** | $13616 | $12057 | $14506 | $14396 |
| **1/31/21** | $13622 | $11993 | $14562 | $14459 |
| **2/28/21** | $13688 | $11806 | $14613 | $14522 |
| **3/31/21** | $13711 | $11760 | $14639 | $14563 |
| **4/30/21** | $13834 | $11790 | $14799 | $14710 |
| **5/31/21** | $13830 | $11817 | $14841 | $14751 |
| **6/30/21** | $13978 | $11874 | $15044 | $14921 |
| **7/31/21** | $14003 | $12022 | $15097 | $14978 |
| **8/31/21** | $14067 | $11998 | $15181 | $15053 |
| **9/30/21** | $14034 | $11884 | $15185 | $15056 |
| **10/31/21** | $13971 | $11853 | $15157 | $15012 |
| **11/30/21** | $13825 | $11938 | $14999 | $14881 |
| **12/31/21** | $14097 | $11890 | $15283 | $15124 |
| **1/31/22** | $13695 | $11703 | $14866 | $14766 |
| **2/28/22** | $13540 | $11547 | $14737 | $14557 |
| **3/31/22** | $13482 | $11298 | $14590 | $14466 |
| **4/30/22** | $12955 | $10994 | $14065 | $13984 |
| **5/31/22** | $12938 | $10979 | $14100 | $13964 |
| **6/30/22** | $12007 | $10813 | $13142 | $13029 |
| **7/31/22** | $12754 | $11088 | $13932 | $13774 |
| **8/31/22** | $12468 | $10799 | $13591 | $13495 |
| **9/30/22** | $12010 | $10452 | $13047 | $12962 |
| **10/31/22** | $12343 | $10416 | $13418 | $13297 |
| **11/30/22** | $12653 | $10682 | $13667 | $13614 |
| **12/31/22** | $12584 | $10556 | $13565 | $13527 |
| **1/31/23** | $13051 | $10799 | $14096 | $14040 |
| **2/28/23** | $12936 | $10626 | $13915 | $13915 |
| **3/31/23** | $13035 | $10862 | $14069 | $14017 |
| **4/30/23** | $13131 | $10918 | $14207 | $14142 |
| **5/31/23** | $13047 | $10875 | $14071 | $14076 |
| **6/30/23** | $13217 | $10869 | $14300 | $14265 |
| **7/31/23** | $13407 | $10872 | $14505 | $14468 |
| **8/31/23** | $13418 | $10858 | $14548 | $14515 |
| **9/30/23** | $13289 | $10671 | $14377 | $14409 |
| **10/31/23** | $13127 | $10595 | $14197 | $14272 |
| **11/30/23** | $13717 | $10960 | $14845 | $14870 |
| **12/31/23** | $14199 | $11310 | $15393 | $15391 |
| **1/31/24** | $14226 | $11288 | $15396 | $15432 |
| **2/29/24** | $14272 | $11210 | $15442 | $15487 |
| **3/31/24** | $14417 | $11311 | $15626 | $15643 |
| **4/30/24** | $14305 | $11129 | $15469 | $15528 |
| **5/31/24** | $14469 | $11228 | $15645 | $15702 |
| **6/30/24** | $14576 | $11325 | $15796 | $15841 |
| **7/31/24** | $14837 | $11544 | $16106 | $16129 |
| **8/31/24** | $15072 | $11670 | $16362 | $16373 |
| **9/30/24** | $15258 | $11806 | $16629 | $16622 |
| **10/31/24** | $15176 | $11646 | $16538 | $16582 |
| **11/30/24** | $15312 | $11784 | $16727 | $16749 |
| **12/31/24** | $15282 | $11694 | $16655 | $16725 |
| **1/31/25** | $15422 | $11739 | $16886 | $16932 |
| **2/28/25** | $15536 | $11881 | $16995 | $17062 |
| **3/31/25** | $15385 | $11831 | $16813 | $16891 |
| **4/30/25** | $15390 | $11948 | $16813 | $16907 |
| **5/31/25** | $15667 | $11908 | $17096 | $17182 |
| **6/30/25** | $15886 | $12022 | $17413 | $17451 |
| **7/31/25** | $15978 | $12013 | $17483 | $17565 |
| **8/31/25** | $16137 | $12078 | $17696 | $17742 |
| **9/30/25** | $16258 | $12167 | $17831 | $17875 |
| **10/31/25** | $16301 | $12263 | $17866 | $17914 |
| **11/30/25** | $16386 | $12289 | $17955 | $17990 |
| **12/31/25** | $16477 | $12263 | $18072 | $18102 |
| **1/31/26** | $16497 | $12292 | $18159 | $18207 |
| **2/28/26** | $16516 | $12465 | $18189 | $18250 |
| **3/31/26** | $16252 | $12244 | $17973 | $17976 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 5.63% | 3.46% | 4.98% |
| Class C (including sales charge) | 4.63% | 3.46% | 4.98% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| ICE BofA US High Yield Constrained Index | 6.90% | 4.19% | 6.04% |
| ICE BofA Developed Markets High Yield Constrained (USD Hedged) Index | 6.43% | 4.30% | 6.04% |

---

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 | $422726 |
| # of Portfolio Holdings | 623 |
| Portfolio Turnover Rate | 85% |
| Total Net Advisory Fees Paid During the Reporting Period | $1473 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 75.7% |
| U.S. Treasury Obligations | 9.7% |
| Loan Participations and Assignments | 7.1% |
| Common Stocks | 0.4% |
| Convertible Bonds & Notes | 0.3% |
| Other Investments | 0.2% |
| Short-Term Instruments | 1.3% |
| Affiliated Investments | 0.3% |
| Financial Derivative Instruments | 0.4% |
| Other Assets and Liabilities, Net | 4.6% |
| Total | 100.0% |

---

---

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

---

## 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 decreased during the year by 0.07% as a result of lower expenses related to interest.

Changes to Principal Investment Strategies. Effective January 1, 2026, the Fund changed its supplemental benchmark index to the ICE BofA US High Yield Constrained Index. Previously, the fund's supplemental benchmark index was the ICE BofA Developed Markets High Yield Constrained (USD Hedged) Index. Certain additional changes were made to the principal investment strategies related to this change.

## 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](g14608g09p07.jpg)

# Class C: PHSCX
![Image](g14608g91c27.jpg)

# PIMCO High Yield Spectrum Fund
Annual Shareholder Report \|

March 31, 2026

PIMS6220TSRAR_033126

# Institutional Class: PHSIX

# PIMCO High Yield Spectrum Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO High Yield Spectrum Fund (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 | $64 | 0.62% |

---

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

* Security selection within the retail sector, specifically underweight exposure to a department store, contributed to relative performance versus the ICE BofA Developed Markets High Yield Constrained (USD Hedged) Index ("Index"), as spreads widened.

* Security selection within the paper and packaging sector, specifically underweight exposure to a packaging company, contributed to relative performance versus the Index, as spreads widened.

* Overweight exposure to a select telecommunications company contributed to relative performance versus the Index, as spreads tightened.

* U.S. duration positioning detracted from relative performance versus the Index, as interest rates rose.

* Security selection within the technology sector, specifically overweight exposure to a web hosting company, detracted from relative performance versus the Index, as spreads widened.

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

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g14608g41p23.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **ICE BofA Developed Markets High Yield Constrained (USD Hedged) Index** | **ICE BofA US High Yield Constrained Index** |
| **3/31/16** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1029030 | $1001698 | $1034980 | $1039960 |
| **5/31/16** | $1034079 | $1005932 | $1041449 | $1047469 |
| **6/30/16** | $1039423 | $1025081 | $1049134 | $1058823 |
| **7/31/16** | $1065677 | $1031206 | $1075657 | $1085569 |
| **8/31/16** | $1089905 | $1030680 | $1099020 | $1109745 |
| **9/30/16** | $1094542 | $1030557 | $1103559 | $1116925 |
| **10/31/16** | $1096304 | $1020565 | $1108459 | $1120421 |
| **11/30/16** | $1092904 | $1003709 | $1103493 | $1116006 |
| **12/31/16** | $1117713 | $1006459 | $1125243 | $1137947 |
| **1/31/17** | $1132975 | $1002793 | $1139477 | $1153218 |
| **2/28/17** | $1152132 | $1011378 | $1156284 | $1171197 |
| **3/31/17** | $1149815 | $1010911 | $1155001 | $1168737 |
| **4/30/17** | $1165209 | $1017767 | $1168353 | $1181967 |
| **5/31/17** | $1177725 | $1023707 | $1179382 | $1192487 |
| **6/30/17** | $1179315 | $1020842 | $1181717 | $1193751 |
| **7/31/17** | $1193727 | $1024198 | $1195177 | $1207551 |
| **8/31/17** | $1193487 | $1033532 | $1196133 | $1207225 |
| **9/30/17** | $1202677 | $1028761 | $1206240 | $1218053 |
| **10/31/17** | $1206797 | $1033100 | $1213297 | $1222804 |
| **11/30/17** | $1202802 | $1034700 | $1210215 | $1219539 |
| **12/31/17** | $1207556 | $1037013 | $1213410 | $1223088 |
| **1/31/18** | $1215434 | $1029610 | $1221079 | $1230928 |
| **2/28/18** | $1205355 | $1027288 | $1210993 | $1219456 |
| **3/31/18** | $1197531 | $1035806 | $1205240 | $1211932 |
| **4/30/18** | $1205462 | $1031952 | $1213569 | $1219991 |
| **5/31/18** | $1202836 | $1035807 | $1210571 | $1219820 |
| **6/30/18** | $1206417 | $1037738 | $1213198 | $1224028 |
| **7/31/18** | $1220892 | $1038022 | $1228278 | $1237701 |
| **8/31/18** | $1229941 | $1041212 | $1235635 | $1246662 |
| **9/30/18** | $1236819 | $1037229 | $1242444 | $1253905 |
| **10/31/18** | $1215194 | $1035202 | $1224006 | $1233366 |
| **11/30/18** | $1202809 | $1040267 | $1210371 | $1222167 |
| **12/31/18** | $1175580 | $1055294 | $1189395 | $1195365 |
| **1/31/19** | $1230195 | $1066471 | $1238184 | $1250256 |
| **2/28/19** | $1250654 | $1067753 | $1260161 | $1271373 |
| **3/31/19** | $1261769 | $1086877 | $1273847 | $1283832 |
| **4/30/19** | $1284492 | $1087524 | $1292356 | $1301793 |
| **5/31/19** | $1263286 | $1103173 | $1277003 | $1285247 |
| **6/30/19** | $1292475 | $1118641 | $1308940 | $1316762 |
| **7/31/19** | $1298519 | $1127444 | $1317161 | $1323503 |
| **8/31/19** | $1303757 | $1153012 | $1324063 | $1328665 |
| **9/30/19** | $1310694 | $1147669 | $1327611 | $1332877 |
| **10/31/19** | $1312742 | $1145688 | $1330664 | $1335969 |
| **11/30/19** | $1317751 | $1144344 | $1336719 | $1339617 |
| **12/31/19** | $1349691 | $1141998 | $1362237 | $1367614 |
| **1/31/20** | $1348016 | $1162607 | $1363804 | $1367669 |
| **2/29/20** | $1325496 | $1176836 | $1342705 | $1346470 |
| **3/31/20** | $1179486 | $1158521 | $1180681 | $1188004 |
| **4/30/20** | $1226066 | $1177276 | $1232135 | $1233172 |
| **5/31/20** | $1275889 | $1180613 | $1283084 | $1289109 |
| **6/30/20** | $1284124 | $1186505 | $1299084 | $1301355 |
| **7/31/20** | $1338680 | $1199470 | $1352100 | $1363105 |
| **8/31/20** | $1355195 | $1190779 | $1367203 | $1376735 |
| **9/30/20** | $1340806 | $1195129 | $1354857 | $1362459 |
| **10/31/20** | $1344913 | $1195216 | $1360615 | $1368604 |
| **11/30/20** | $1408494 | $1202035 | $1416359 | $1423457 |
| **12/31/20** | $1434265 | $1205728 | $1439616 | $1450645 |
| **1/31/21** | $1436190 | $1199261 | $1445907 | $1456245 |
| **2/28/21** | $1444305 | $1180606 | $1452211 | $1461269 |
| **3/31/21** | $1448089 | $1175955 | $1456292 | $1463855 |
| **4/30/21** | $1462546 | $1179029 | $1470972 | $1479870 |
| **5/31/21** | $1463358 | $1181661 | $1475105 | $1484147 |
| **6/30/21** | $1480393 | $1187424 | $1492142 | $1504360 |
| **7/31/21** | $1484452 | $1202182 | $1497813 | $1509700 |
| **8/31/21** | $1492535 | $1199773 | $1505302 | $1518139 |
| **9/30/21** | $1490336 | $1188446 | $1505558 | $1518458 |
| **10/31/21** | $1485028 | $1185338 | $1501237 | $1515680 |
| **11/30/21** | $1470891 | $1193793 | $1488146 | $1499947 |
| **12/31/21** | $1501260 | $1188952 | $1512432 | $1528251 |
| **1/31/22** | $1459805 | $1170272 | $1476573 | $1486575 |
| **2/28/22** | $1444430 | $1154705 | $1455709 | $1473716 |
| **3/31/22** | $1439604 | $1129814 | $1446596 | $1459024 |
| **4/30/22** | $1384715 | $1099449 | $1398410 | $1406470 |
| **5/31/22** | $1384035 | $1097936 | $1396410 | $1410042 |
| **6/30/22** | $1285703 | $1081273 | $1302920 | $1314201 |
| **7/31/22** | $1366933 | $1108814 | $1377421 | $1393159 |
| **8/31/22** | $1337476 | $1079868 | $1349474 | $1359110 |
| **9/30/22** | $1289652 | $1045202 | $1296169 | $1304664 |
| **10/31/22** | $1326553 | $1041624 | $1329662 | $1341782 |
| **11/30/22** | $1361046 | $1068168 | $1361428 | $1366739 |
| **12/31/22** | $1354968 | $1055562 | $1352701 | $1356543 |
| **1/31/23** | $1406535 | $1079874 | $1404023 | $1409570 |
| **2/28/23** | $1395285 | $1062650 | $1391457 | $1391485 |
| **3/31/23** | $1407416 | $1086213 | $1401725 | $1406945 |
| **4/30/23** | $1418935 | $1091806 | $1414159 | $1420662 |
| **5/31/23** | $1411189 | $1087507 | $1407625 | $1407123 |
| **6/30/23** | $1430898 | $1086858 | $1426488 | $1430017 |
| **7/31/23** | $1452731 | $1087210 | $1446844 | $1450452 |
| **8/31/23** | $1455287 | $1085844 | $1451546 | $1454760 |
| **9/30/23** | $1442649 | $1067119 | $1440935 | $1437667 |
| **10/31/23** | $1426360 | $1059542 | $1427232 | $1419725 |
| **11/30/23** | $1491729 | $1095972 | $1486976 | $1484535 |
| **12/31/23** | $1545644 | $1130998 | $1539109 | $1539314 |
| **1/31/24** | $1549994 | $1128781 | $1543172 | $1539607 |
| **2/29/24** | $1556291 | $1121036 | $1548682 | $1544164 |
| **3/31/24** | $1573533 | $1131144 | $1564292 | $1562555 |
| **4/30/24** | $1562748 | $1112932 | $1552763 | $1546930 |
| **5/31/24** | $1582231 | $1122780 | $1570216 | $1564487 |
| **6/30/24** | $1595312 | $1132522 | $1584113 | $1579584 |
| **7/31/24** | $1625371 | $1154402 | $1612896 | $1610576 |
| **8/31/24** | $1652699 | $1167045 | $1637283 | $1636200 |
| **9/30/24** | $1674515 | $1180588 | $1662153 | $1662936 |
| **10/31/24** | $1667127 | $1164612 | $1658181 | $1653790 |
| **11/30/24** | $1683589 | $1178445 | $1674945 | $1672725 |
| **12/31/24** | $1681832 | $1169402 | $1672500 | $1665550 |
| **1/31/25** | $1698839 | $1173932 | $1693205 | $1688551 |
| **2/28/25** | $1712902 | $1188068 | $1706175 | $1699526 |
| **3/31/25** | $1697743 | $1183110 | $1689062 | $1681290 |
| **4/30/25** | $1699828 | $1194759 | $1690734 | $1681324 |
| **5/31/25** | $1732051 | $1190809 | $1718175 | $1709604 |
| **6/30/25** | $1757753 | $1202213 | $1745099 | $1741334 |
| **7/31/25** | $1769547 | $1201251 | $1756494 | $1748317 |
| **8/31/25** | $1788893 | $1207833 | $1774182 | $1769611 |
| **9/30/25** | $1803938 | $1216730 | $1787471 | $1783131 |
| **10/31/25** | $1810485 | $1226335 | $1791439 | $1786644 |
| **11/30/25** | $1821404 | $1228914 | $1798963 | $1795524 |
| **12/31/25** | $1833254 | $1226279 | $1810243 | $1807194 |
| **1/31/26** | $1837193 | $1229243 | $1820688 | $1815887 |
| **2/28/26** | $1840935 | $1246523 | $1825003 | $1818883 |
| **3/31/26** | $1813068 | $1224396 | $1797628 | $1797257 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 6.79% | 4.60% | 6.13% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| ICE BofA US High Yield Constrained Index | 6.90% | 4.19% | 6.04% |
| ICE BofA Developed Markets High Yield Constrained (USD Hedged) Index | 6.43% | 4.30% | 6.04% |

---

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 | $422726 |
| # of Portfolio Holdings | 623 |
| Portfolio Turnover Rate | 85% |
| Total Net Advisory Fees Paid During the Reporting Period | $1473 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 75.7% |
| U.S. Treasury Obligations | 9.7% |
| Loan Participations and Assignments | 7.1% |
| Common Stocks | 0.4% |
| Convertible Bonds & Notes | 0.3% |
| Other Investments | 0.2% |
| Short-Term Instruments | 1.3% |
| Affiliated Investments | 0.3% |
| Financial Derivative Instruments | 0.4% |
| Other Assets and Liabilities, Net | 4.6% |
| Total | 100.0% |

---

---

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

---

## 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 decreased during the year by 0.07% as a result of lower expenses related to interest.

Changes to Principal Investment Strategies. Effective January 1, 2026, the Fund changed its supplemental benchmark index to the ICE BofA US High Yield Constrained Index. Previously, the fund's supplemental benchmark index was the ICE BofA Developed Markets High Yield Constrained (USD Hedged) Index. Certain additional changes were made to the principal investment strategies related to this change.

## 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](g14608g09p07.jpg)

# Institutional Class: PHSIX
![Image](g14608g91c27.jpg)

# PIMCO High Yield Spectrum Fund
Annual Shareholder Report \|

March 31, 2026

PIMS1984TSRAR_033126

# I-2: PHSPX

# PIMCO High Yield Spectrum Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO High Yield Spectrum Fund (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 | $74 | 0.72% |

---

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

* Security selection within the retail sector, specifically underweight exposure to a department store, contributed to relative performance versus the ICE BofA Developed Markets High Yield Constrained (USD Hedged) Index ("Index"), as spreads widened.

* Security selection within the paper and packaging sector, specifically underweight exposure to a packaging company, contributed to relative performance versus the Index, as spreads widened.

* Overweight exposure to a select telecommunications company contributed to relative performance versus the Index, as spreads tightened.

* U.S. duration positioning detracted from relative performance versus the Index, as interest rates rose.

* Security selection within the technology sector, specifically overweight exposure to a web hosting company, detracted from relative performance versus the Index, as spreads widened.

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

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g14608g76y54.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **I-2** | **Bloomberg Global Aggregate (USD Hedged) Index** | **ICE BofA Developed Markets High Yield Constrained (USD Hedged) Index** | **ICE BofA US High Yield Constrained Index** |
| **3/31/16** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1028946 | $1001698 | $1034980 | $1039960 |
| **5/31/16** | $1033911 | $1005932 | $1041449 | $1047469 |
| **6/30/16** | $1039169 | $1025081 | $1049134 | $1058823 |
| **7/31/16** | $1065322 | $1031206 | $1075657 | $1085569 |
| **8/31/16** | $1089450 | $1030680 | $1099020 | $1109745 |
| **9/30/16** | $1093990 | $1030557 | $1103559 | $1116925 |
| **10/31/16** | $1095664 | $1020565 | $1108459 | $1120421 |
| **11/30/16** | $1092206 | $1003709 | $1103493 | $1116006 |
| **12/31/16** | $1116899 | $1006459 | $1125243 | $1137947 |
| **1/31/17** | $1132059 | $1002793 | $1139477 | $1153218 |
| **2/28/17** | $1151112 | $1011378 | $1156284 | $1171197 |
| **3/31/17** | $1148697 | $1010911 | $1155001 | $1168737 |
| **4/30/17** | $1163991 | $1017767 | $1168353 | $1181967 |
| **5/31/17** | $1176396 | $1023707 | $1179382 | $1192487 |
| **6/30/17** | $1177882 | $1020842 | $1181717 | $1193751 |
| **7/31/17** | $1192185 | $1024198 | $1195177 | $1207551 |
| **8/31/17** | $1191848 | $1033532 | $1196133 | $1207225 |
| **9/30/17** | $1200927 | $1028761 | $1206240 | $1218053 |
| **10/31/17** | $1204942 | $1033100 | $1213297 | $1222804 |
| **11/30/17** | $1200855 | $1034700 | $1210215 | $1219539 |
| **12/31/17** | $1205497 | $1037013 | $1213410 | $1223088 |
| **1/31/18** | $1213262 | $1029610 | $1221079 | $1230928 |
| **2/28/18** | $1203112 | $1027288 | $1210993 | $1219456 |
| **3/31/18** | $1195198 | $1035806 | $1205240 | $1211932 |
| **4/30/18** | $1203018 | $1031952 | $1213569 | $1219991 |
| **5/31/18** | $1200296 | $1035807 | $1210571 | $1219820 |
| **6/30/18** | $1203768 | $1037738 | $1213198 | $1224028 |
| **7/31/18** | $1218112 | $1038022 | $1228278 | $1237701 |
| **8/31/18** | $1227027 | $1041212 | $1235635 | $1246662 |
| **9/30/18** | $1233800 | $1037229 | $1242444 | $1253905 |
| **10/31/18** | $1212125 | $1035202 | $1224006 | $1233366 |
| **11/30/18** | $1199671 | $1040267 | $1210371 | $1222167 |
| **12/31/18** | $1172414 | $1055294 | $1189395 | $1195365 |
| **1/31/19** | $1226783 | $1066471 | $1238184 | $1250256 |
| **2/28/19** | $1247091 | $1067753 | $1260161 | $1271373 |
| **3/31/19** | $1258069 | $1086877 | $1273847 | $1283832 |
| **4/30/19** | $1280621 | $1087524 | $1292356 | $1301793 |
| **5/31/19** | $1259371 | $1103173 | $1277003 | $1285247 |
| **6/30/19** | $1288375 | $1118641 | $1308940 | $1316762 |
| **7/31/19** | $1294290 | $1127444 | $1317161 | $1323503 |
| **8/31/19** | $1299392 | $1153012 | $1324063 | $1328665 |
| **9/30/19** | $1306207 | $1147669 | $1327611 | $1332877 |
| **10/31/19** | $1308136 | $1145688 | $1330664 | $1335969 |
| **11/30/19** | $1313019 | $1144344 | $1336719 | $1339617 |
| **12/31/19** | $1344730 | $1141998 | $1362237 | $1367614 |
| **1/31/20** | $1342962 | $1162607 | $1363804 | $1367669 |
| **2/29/20** | $1320430 | $1176836 | $1342705 | $1346470 |
| **3/31/20** | $1174876 | $1158521 | $1180681 | $1188004 |
| **4/30/20** | $1221177 | $1177276 | $1232135 | $1233172 |
| **5/31/20** | $1270697 | $1180613 | $1283084 | $1289109 |
| **6/30/20** | $1278794 | $1186505 | $1299084 | $1301355 |
| **7/31/20** | $1333007 | $1199470 | $1352100 | $1363105 |
| **8/31/20** | $1349346 | $1190779 | $1367203 | $1376735 |
| **9/30/20** | $1334911 | $1195129 | $1354857 | $1362459 |
| **10/31/20** | $1338879 | $1195216 | $1360615 | $1368604 |
| **11/30/20** | $1402066 | $1202035 | $1416359 | $1423457 |
| **12/31/20** | $1427588 | $1205728 | $1439616 | $1450645 |
| **1/31/21** | $1429393 | $1199261 | $1445907 | $1456245 |
| **2/28/21** | $1437361 | $1180606 | $1452211 | $1461269 |
| **3/31/21** | $1441004 | $1175955 | $1456292 | $1463855 |
| **4/30/21** | $1455263 | $1179029 | $1470972 | $1479870 |
| **5/31/21** | $1455957 | $1181661 | $1475105 | $1484147 |
| **6/30/21** | $1472785 | $1187424 | $1492142 | $1504360 |
| **7/31/21** | $1476695 | $1202182 | $1497813 | $1509700 |
| **8/31/21** | $1484614 | $1199773 | $1505302 | $1518139 |
| **9/30/21** | $1482300 | $1188446 | $1505558 | $1518458 |
| **10/31/21** | $1476892 | $1185338 | $1501237 | $1515680 |
| **11/30/21** | $1462711 | $1193793 | $1488146 | $1499947 |
| **12/31/21** | $1492781 | $1188952 | $1512432 | $1528251 |
| **1/31/22** | $1451449 | $1170272 | $1476573 | $1486575 |
| **2/28/22** | $1436054 | $1154705 | $1455709 | $1473716 |
| **3/31/22** | $1431127 | $1129814 | $1446596 | $1459024 |
| **4/30/22** | $1376445 | $1099449 | $1398410 | $1406470 |
| **5/31/22** | $1375657 | $1097936 | $1396410 | $1410042 |
| **6/30/22** | $1277813 | $1081273 | $1302920 | $1314201 |
| **7/31/22** | $1358426 | $1108814 | $1377421 | $1393159 |
| **8/31/22** | $1329041 | $1079868 | $1349474 | $1359110 |
| **9/30/22** | $1281407 | $1045202 | $1296169 | $1304664 |
| **10/31/22** | $1317968 | $1041624 | $1329662 | $1341782 |
| **11/30/22** | $1352133 | $1068168 | $1361428 | $1366739 |
| **12/31/22** | $1345974 | $1055562 | $1352701 | $1356543 |
| **1/31/23** | $1397089 | $1079874 | $1404023 | $1409570 |
| **2/28/23** | $1385812 | $1062650 | $1391457 | $1391485 |
| **3/31/23** | $1397738 | $1086213 | $1401725 | $1406945 |
| **4/30/23** | $1409068 | $1091806 | $1414159 | $1420662 |
| **5/31/23** | $1401260 | $1087507 | $1407625 | $1407123 |
| **6/30/23** | $1420702 | $1086858 | $1426488 | $1430017 |
| **7/31/23** | $1442265 | $1087210 | $1446844 | $1450452 |
| **8/31/23** | $1444680 | $1085844 | $1451546 | $1454760 |
| **9/30/23** | $1432012 | $1067119 | $1440935 | $1437667 |
| **10/31/23** | $1415727 | $1059542 | $1427232 | $1419725 |
| **11/30/23** | $1480488 | $1095972 | $1486976 | $1484535 |
| **12/31/23** | $1533866 | $1130998 | $1539109 | $1539314 |
| **1/31/24** | $1538058 | $1128781 | $1543172 | $1539607 |
| **2/29/24** | $1544184 | $1121036 | $1548682 | $1544164 |
| **3/31/24** | $1561163 | $1131144 | $1564292 | $1562555 |
| **4/30/24** | $1550335 | $1112932 | $1552763 | $1546930 |
| **5/31/24** | $1569522 | $1122780 | $1570216 | $1564487 |
| **6/30/24** | $1582377 | $1132522 | $1584113 | $1579584 |
| **7/31/24** | $1612057 | $1154402 | $1612896 | $1610576 |
| **8/31/24** | $1639015 | $1167045 | $1637283 | $1636200 |
| **9/30/24** | $1660436 | $1180588 | $1662153 | $1662936 |
| **10/31/24** | $1652970 | $1164612 | $1658181 | $1653790 |
| **11/30/24** | $1669153 | $1178445 | $1674945 | $1672725 |
| **12/31/24** | $1667271 | $1169402 | $1672500 | $1665550 |
| **1/31/25** | $1683985 | $1173932 | $1693205 | $1688551 |
| **2/28/25** | $1697790 | $1188068 | $1706175 | $1699526 |
| **3/31/25** | $1682629 | $1183110 | $1689062 | $1681290 |
| **4/30/25** | $1684561 | $1194759 | $1690734 | $1681324 |
| **5/31/25** | $1716345 | $1190809 | $1718175 | $1709604 |
| **6/30/25** | $1741680 | $1202213 | $1745099 | $1741334 |
| **7/31/25** | $1753217 | $1201251 | $1756494 | $1748317 |
| **8/31/25** | $1772231 | $1207833 | $1774182 | $1769611 |
| **9/30/25** | $1786994 | $1216730 | $1787471 | $1783131 |
| **10/31/25** | $1793320 | $1226335 | $1791439 | $1786644 |
| **11/30/25** | $1803995 | $1228914 | $1798963 | $1795524 |
| **12/31/25** | $1815574 | $1226279 | $1810243 | $1807194 |
| **1/31/26** | $1819322 | $1229243 | $1820688 | $1815887 |
| **2/28/26** | $1822887 | $1246523 | $1825003 | $1818883 |
| **3/31/26** | $1795148 | $1224396 | $1797628 | $1797257 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 6.69% | 4.49% | 6.03% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| ICE BofA US High Yield Constrained Index | 6.90% | 4.19% | 6.04% |
| ICE BofA Developed Markets High Yield Constrained (USD Hedged) Index | 6.43% | 4.30% | 6.04% |

---

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 | $422726 |
| # of Portfolio Holdings | 623 |
| Portfolio Turnover Rate | 85% |
| Total Net Advisory Fees Paid During the Reporting Period | $1473 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 75.7% |
| U.S. Treasury Obligations | 9.7% |
| Loan Participations and Assignments | 7.1% |
| Common Stocks | 0.4% |
| Convertible Bonds & Notes | 0.3% |
| Other Investments | 0.2% |
| Short-Term Instruments | 1.3% |
| Affiliated Investments | 0.3% |
| Financial Derivative Instruments | 0.4% |
| Other Assets and Liabilities, Net | 4.6% |
| Total | 100.0% |

---

---

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

---

## 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 decreased during the year by 0.07% as a result of lower expenses related to interest.

Changes to Principal Investment Strategies. Effective January 1, 2026, the Fund changed its supplemental benchmark index to the ICE BofA US High Yield Constrained Index. Previously, the fund's supplemental benchmark index was the ICE BofA Developed Markets High Yield Constrained (USD Hedged) Index. Certain additional changes were made to the principal investment strategies related to this change.

## 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](g14608g09p07.jpg)

# I-2: PHSPX
![Image](g14608g91c27.jpg)

# PIMCO High Yield Spectrum Fund
Annual Shareholder Report \|

March 31, 2026

PIMS1985TSRAR_033126

# I-3: PHFNX

# PIMCO High Yield Spectrum Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO High Yield Spectrum Fund (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 | 0.77% |

---

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

* Security selection within the retail sector, specifically underweight exposure to a department store, contributed to relative performance versus the ICE BofA Developed Markets High Yield Constrained (USD Hedged) Index ("Index"), as spreads widened.

* Security selection within the paper and packaging sector, specifically underweight exposure to a packaging company, contributed to relative performance versus the Index, as spreads widened.

* Overweight exposure to a select telecommunications company contributed to relative performance versus the Index, as spreads tightened.

* U.S. duration positioning detracted from relative performance versus the Index, as interest rates rose.

* Security selection within the technology sector, specifically overweight exposure to a web hosting company, detracted from relative performance versus the Index, as spreads widened.

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

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g14608g97v63.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **I-3** | **Bloomberg Global Aggregate (USD Hedged) Index** | **ICE BofA Developed Markets High Yield Constrained (USD Hedged) Index** | **ICE BofA US High Yield Constrained Index** |
| **3/31/16** | $1000000 | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1028905 | $1001698 | $1034980 | $1039960 |
| **5/31/16** | $1033824 | $1005932 | $1041449 | $1047469 |
| **6/30/16** | $1039040 | $1025081 | $1049134 | $1058823 |
| **7/31/16** | $1065150 | $1031206 | $1075657 | $1085569 |
| **8/31/16** | $1089228 | $1030680 | $1099020 | $1109745 |
| **9/30/16** | $1093729 | $1030557 | $1103559 | $1116925 |
| **10/31/16** | $1095351 | $1020565 | $1108459 | $1120421 |
| **11/30/16** | $1091821 | $1003709 | $1103493 | $1116006 |
| **12/31/16** | $1116465 | $1006459 | $1125243 | $1137947 |
| **1/31/17** | $1131566 | $1002793 | $1139477 | $1153218 |
| **2/28/17** | $1150568 | $1011378 | $1156284 | $1171197 |
| **3/31/17** | $1148110 | $1010911 | $1155001 | $1168737 |
| **4/30/17** | $1163339 | $1017767 | $1168353 | $1181967 |
| **5/31/17** | $1175686 | $1023707 | $1179382 | $1192487 |
| **6/30/17** | $1177129 | $1020842 | $1181717 | $1193751 |
| **7/31/17** | $1191363 | $1024198 | $1195177 | $1207551 |
| **8/31/17** | $1190972 | $1033532 | $1196133 | $1207225 |
| **9/30/17** | $1199997 | $1028761 | $1206240 | $1218053 |
| **10/31/17** | $1203955 | $1033100 | $1213297 | $1222804 |
| **11/30/17** | $1199822 | $1034700 | $1210215 | $1219539 |
| **12/31/17** | $1204412 | $1037013 | $1213410 | $1223088 |
| **1/31/18** | $1212114 | $1029610 | $1221079 | $1230928 |
| **2/28/18** | $1201926 | $1027288 | $1210993 | $1219456 |
| **3/31/18** | $1193972 | $1035806 | $1205240 | $1211932 |
| **4/30/18** | $1201743 | $1031952 | $1213569 | $1219991 |
| **5/31/18** | $1198963 | $1035807 | $1210571 | $1219820 |
| **6/30/18** | $1202373 | $1037738 | $1213198 | $1224028 |
| **7/31/18** | $1216656 | $1038022 | $1228278 | $1237701 |
| **8/31/18** | $1225510 | $1041212 | $1235635 | $1246662 |
| **9/30/18** | $1232225 | $1037229 | $1242444 | $1253905 |
| **10/31/18** | $1210533 | $1035202 | $1224006 | $1233366 |
| **11/30/18** | $1198048 | $1040267 | $1210371 | $1222167 |
| **12/31/18** | $1170783 | $1055294 | $1189395 | $1195365 |
| **1/31/19** | $1225049 | $1066471 | $1238184 | $1250256 |
| **2/28/19** | $1245280 | $1067753 | $1260161 | $1271373 |
| **3/31/19** | $1256190 | $1086877 | $1273847 | $1283832 |
| **4/30/19** | $1278658 | $1087524 | $1292356 | $1301793 |
| **5/31/19** | $1257535 | $1103173 | $1277003 | $1285247 |
| **6/30/19** | $1286454 | $1118641 | $1308940 | $1316762 |
| **7/31/19** | $1292306 | $1127444 | $1317161 | $1323503 |
| **8/31/19** | $1297309 | $1153012 | $1324063 | $1328665 |
| **9/30/19** | $1304064 | $1147669 | $1327611 | $1332877 |
| **10/31/19** | $1305938 | $1145688 | $1330664 | $1335969 |
| **11/30/19** | $1310759 | $1144344 | $1336719 | $1339617 |
| **12/31/19** | $1342361 | $1141998 | $1362237 | $1367614 |
| **1/31/20** | $1340543 | $1162607 | $1363804 | $1367669 |
| **2/29/20** | $1317996 | $1176836 | $1342705 | $1346470 |
| **3/31/20** | $1172665 | $1158521 | $1180681 | $1188004 |
| **4/30/20** | $1218830 | $1177276 | $1232135 | $1233172 |
| **5/31/20** | $1268201 | $1180613 | $1283084 | $1289109 |
| **6/30/20** | $1276234 | $1186505 | $1299084 | $1301355 |
| **7/31/20** | $1330278 | $1199470 | $1352100 | $1363105 |
| **8/31/20** | $1346530 | $1190779 | $1367203 | $1376735 |
| **9/30/20** | $1332067 | $1195129 | $1354857 | $1362459 |
| **10/31/20** | $1335967 | $1195216 | $1360615 | $1368604 |
| **11/30/20** | $1398962 | $1202035 | $1416359 | $1423457 |
| **12/31/20** | $1424361 | $1205728 | $1439616 | $1450645 |
| **1/31/21** | $1426138 | $1199261 | $1445907 | $1456245 |
| **2/28/21** | $1434051 | $1180606 | $1452211 | $1461269 |
| **3/31/21** | $1437626 | $1175955 | $1456292 | $1463855 |
| **4/30/21** | $1451790 | $1179029 | $1470972 | $1479870 |
| **5/31/21** | $1452427 | $1181661 | $1475105 | $1484147 |
| **6/30/21** | $1469154 | $1187424 | $1492142 | $1504360 |
| **7/31/21** | $1472990 | $1202182 | $1497813 | $1509700 |
| **8/31/21** | $1480830 | $1199773 | $1505302 | $1518139 |
| **9/30/21** | $1478462 | $1188446 | $1505558 | $1518458 |
| **10/31/21** | $1473005 | $1185338 | $1501237 | $1515680 |
| **11/30/21** | $1458804 | $1193793 | $1488146 | $1499947 |
| **12/31/21** | $1488715 | $1188952 | $1512432 | $1528251 |
| **1/31/22** | $1447427 | $1170272 | $1476573 | $1486575 |
| **2/28/22** | $1432020 | $1154705 | $1455709 | $1473716 |
| **3/31/22** | $1427055 | $1129814 | $1446596 | $1459024 |
| **4/30/22** | $1372467 | $1099449 | $1398410 | $1406470 |
| **5/31/22** | $1371626 | $1097936 | $1396410 | $1410042 |
| **6/30/22** | $1274015 | $1081273 | $1302920 | $1314201 |
| **7/31/22** | $1354340 | $1108814 | $1377421 | $1393159 |
| **8/31/22** | $1324985 | $1079868 | $1349474 | $1359110 |
| **9/30/22** | $1277438 | $1045202 | $1296169 | $1304664 |
| **10/31/22** | $1313837 | $1041624 | $1329662 | $1341782 |
| **11/30/22** | $1347838 | $1068168 | $1361428 | $1366739 |
| **12/31/22** | $1341607 | $1055562 | $1352701 | $1356543 |
| **1/31/23** | $1392498 | $1079874 | $1404023 | $1409570 |
| **2/28/23** | $1381198 | $1062650 | $1391457 | $1391485 |
| **3/31/23** | $1393022 | $1086213 | $1401725 | $1406945 |
| **4/30/23** | $1404277 | $1091806 | $1414159 | $1420662 |
| **5/31/23** | $1396436 | $1087507 | $1407625 | $1407123 |
| **6/30/23** | $1415751 | $1086858 | $1426488 | $1430017 |
| **7/31/23** | $1437182 | $1087210 | $1446844 | $1450452 |
| **8/31/23** | $1439385 | $1085844 | $1451546 | $1454760 |
| **9/30/23** | $1426688 | $1067119 | $1440935 | $1437667 |
| **10/31/23** | $1410406 | $1059542 | $1427232 | $1419725 |
| **11/30/23** | $1474866 | $1095972 | $1486976 | $1484535 |
| **12/31/23** | $1527974 | $1130998 | $1539109 | $1539314 |
| **1/31/24** | $1532087 | $1128781 | $1543172 | $1539607 |
| **2/29/24** | $1538129 | $1121036 | $1548682 | $1544164 |
| **3/31/24** | $1554973 | $1131144 | $1564292 | $1562555 |
| **4/30/24** | $1544116 | $1112932 | $1552763 | $1546930 |
| **5/31/24** | $1563155 | $1122780 | $1570216 | $1564487 |
| **6/30/24** | $1575897 | $1132522 | $1584113 | $1579584 |
| **7/31/24** | $1605388 | $1154402 | $1612896 | $1610576 |
| **8/31/24** | $1632163 | $1167045 | $1637283 | $1636200 |
| **9/30/24** | $1653516 | $1180588 | $1662153 | $1662936 |
| **10/31/24** | $1646011 | $1164612 | $1658181 | $1653790 |
| **11/30/24** | $1662055 | $1178445 | $1674945 | $1672725 |
| **12/31/24** | $1660108 | $1169402 | $1672500 | $1665550 |
| **1/31/25** | $1676679 | $1173932 | $1693205 | $1688551 |
| **2/28/25** | $1690362 | $1188068 | $1706175 | $1699526 |
| **3/31/25** | $1675201 | $1183110 | $1689062 | $1681290 |
| **4/30/25** | $1677089 | $1194759 | $1690734 | $1681324 |
| **5/31/25** | $1708659 | $1190809 | $1718175 | $1709604 |
| **6/30/25** | $1733809 | $1202213 | $1745099 | $1741334 |
| **7/31/25** | $1745218 | $1201251 | $1756494 | $1748317 |
| **8/31/25** | $1764069 | $1207833 | $1774182 | $1769611 |
| **9/30/25** | $1778695 | $1216730 | $1787471 | $1783131 |
| **10/31/25** | $1784734 | $1226335 | $1791439 | $1786644 |
| **11/30/25** | $1795116 | $1228914 | $1798963 | $1795524 |
| **12/31/25** | $1806557 | $1226279 | $1810243 | $1807194 |
| **1/31/26** | $1810209 | $1229243 | $1820688 | $1815887 |
| **2/28/26** | $1813694 | $1246523 | $1825003 | $1818883 |
| **3/31/26** | $1786023 | $1224396 | $1797628 | $1797257 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-3 | 6.62% | 4.44% | 5.97% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| ICE BofA US High Yield Constrained Index | 6.90% | 4.19% | 6.04% |
| ICE BofA Developed Markets High Yield Constrained (USD Hedged) Index | 6.43% | 4.30% | 6.04% |

---

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 | $422726 |
| # of Portfolio Holdings | 623 |
| Portfolio Turnover Rate | 85% |
| Total Net Advisory Fees Paid During the Reporting Period | $1473 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 75.7% |
| U.S. Treasury Obligations | 9.7% |
| Loan Participations and Assignments | 7.1% |
| Common Stocks | 0.4% |
| Convertible Bonds & Notes | 0.3% |
| Other Investments | 0.2% |
| Short-Term Instruments | 1.3% |
| Affiliated Investments | 0.3% |
| Financial Derivative Instruments | 0.4% |
| Other Assets and Liabilities, Net | 4.6% |
| Total | 100.0% |

---

---

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

---

## 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 decreased during the year by 0.07% as a result of lower expenses related to interest.

Changes to Principal Investment Strategies. Effective January 1, 2026, the Fund changed its supplemental benchmark index to the ICE BofA US High Yield Constrained Index. Previously, the fund's supplemental benchmark index was the ICE BofA Developed Markets High Yield Constrained (USD Hedged) Index. Certain additional changes were made to the principal investment strategies related to this change.

## 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](g14608g09p07.jpg)

# I-3: PHFNX
![Image](g14608g91c27.jpg)

# PIMCO High Yield Spectrum Fund
Annual Shareholder Report \|

March 31, 2026

PIMS2185TSRAR_033126

# Institutional Class: PTCIX

# PIMCO Long-Term Credit Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Long-Term Credit Bond Fund (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 | $69 | 0.68% |

---

## 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:

* 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.

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

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

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

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

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg U.S. Aggregate 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](g14608g52r74.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. Long Credit Index** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1019831 | $1003838 | $1023526 |
| **5/31/16** | $1024724 | $1004096 | $1023748 |
| **6/30/16** | $1072173 | $1022137 | $1066516 |
| **7/31/16** | $1109150 | $1028599 | $1096156 |
| **8/31/16** | $1115992 | $1027423 | $1102330 |
| **9/30/16** | $1110440 | $1026821 | $1090672 |
| **10/31/16** | $1089082 | $1018967 | $1068140 |
| **11/30/16** | $1029654 | $994865 | $1016202 |
| **12/31/16** | $1045626 | $996268 | $1031820 |
| **1/31/17** | $1055462 | $998223 | $1034344 |
| **2/28/17** | $1080326 | $1004932 | $1055100 |
| **3/31/17** | $1077895 | $1004405 | $1048907 |
| **4/30/17** | $1096979 | $1012156 | $1065218 |
| **5/31/17** | $1117496 | $1019947 | $1087218 |
| **6/30/17** | $1129886 | $1018920 | $1098245 |
| **7/31/17** | $1138896 | $1023305 | $1107580 |
| **8/31/17** | $1155810 | $1032484 | $1123784 |
| **9/30/17** | $1155667 | $1027566 | $1122098 |
| **10/31/17** | $1161125 | $1028161 | $1130175 |
| **11/30/17** | $1165950 | $1026841 | $1134831 |
| **12/31/17** | $1187143 | $1031554 | $1157820 |
| **1/31/18** | $1175293 | $1019674 | $1143039 |
| **2/28/18** | $1139221 | $1010008 | $1105222 |
| **3/31/18** | $1150787 | $1016485 | $1113468 |
| **4/30/18** | $1129888 | $1008925 | $1091912 |
| **5/31/18** | $1126747 | $1016126 | $1096955 |
| **6/30/18** | $1119734 | $1014876 | $1083921 |
| **7/31/18** | $1134066 | $1015117 | $1100160 |
| **8/31/18** | $1136229 | $1021649 | $1103807 |
| **9/30/18** | $1128520 | $1015070 | $1097598 |
| **10/31/18** | $1094263 | $1007049 | $1057962 |
| **11/30/18** | $1092265 | $1013060 | $1053727 |
| **12/31/18** | $1116542 | $1031671 | $1079566 |
| **1/31/19** | $1156775 | $1042627 | $1116869 |
| **2/28/19** | $1161451 | $1042023 | $1116103 |
| **3/31/19** | $1210668 | $1062032 | $1164424 |
| **4/30/19** | $1218761 | $1062304 | $1171528 |
| **5/31/19** | $1248228 | $1081161 | $1199453 |
| **6/30/19** | $1293651 | $1094739 | $1246202 |
| **7/31/19** | $1308237 | $1097147 | $1260636 |
| **8/31/19** | $1388411 | $1125576 | $1335746 |
| **9/30/19** | $1373003 | $1119581 | $1316176 |
| **10/31/19** | $1381700 | $1122953 | $1323406 |
| **11/30/19** | $1389394 | $1122381 | $1330467 |
| **12/31/19** | $1390491 | $1121599 | $1331741 |
| **1/31/20** | $1451638 | $1143184 | $1385748 |
| **2/29/20** | $1474920 | $1163759 | $1413360 |
| **3/31/20** | $1314704 | $1156911 | $1269784 |
| **4/30/20** | $1397191 | $1177476 | $1354775 |
| **5/31/20** | $1422901 | $1182959 | $1375578 |
| **6/30/20** | $1460917 | $1190410 | $1410532 |
| **7/31/20** | $1541174 | $1208191 | $1496446 |
| **8/31/20** | $1503202 | $1198439 | $1445573 |
| **9/30/20** | $1494264 | $1197782 | $1438315 |
| **10/31/20** | $1477775 | $1192434 | $1429454 |
| **11/30/20** | $1561028 | $1204134 | $1502531 |
| **12/31/20** | $1574924 | $1205794 | $1509081 |
| **1/31/21** | $1539387 | $1197148 | $1470067 |
| **2/28/21** | $1487679 | $1179861 | $1421373 |
| **3/31/21** | $1444059 | $1165128 | $1382431 |
| **4/30/21** | $1478285 | $1174333 | $1406292 |
| **5/31/21** | $1489469 | $1178169 | $1421022 |
| **6/30/21** | $1541395 | $1186447 | $1471532 |
| **7/31/21** | $1575983 | $1199713 | $1504030 |
| **8/31/21** | $1576708 | $1197429 | $1498495 |
| **9/30/21** | $1542874 | $1187061 | $1468934 |
| **10/31/21** | $1552555 | $1186734 | $1490720 |
| **11/30/21** | $1561716 | $1190245 | $1496774 |
| **12/31/21** | $1558930 | $1187200 | $1491254 |
| **1/31/22** | $1484421 | $1161622 | $1409489 |
| **2/28/22** | $1425958 | $1148663 | $1362178 |
| **3/31/22** | $1374603 | $1116751 | $1323809 |
| **4/30/22** | $1251173 | $1074373 | $1196268 |
| **5/31/22** | $1247117 | $1081300 | $1207314 |
| **6/30/22** | $1187255 | $1064336 | $1157207 |
| **7/31/22** | $1243525 | $1090343 | $1210960 |
| **8/31/22** | $1195644 | $1059533 | $1158050 |
| **9/30/22** | $1101524 | $1013755 | $1057991 |
| **10/31/22** | $1076346 | $1000624 | $1033661 |
| **11/30/22** | $1165662 | $1037423 | $1126813 |
| **12/31/22** | $1152441 | $1032743 | $1114080 |
| **1/31/23** | $1236225 | $1064515 | $1189220 |
| **2/28/23** | $1178402 | $1036991 | $1127895 |
| **3/31/23** | $1219316 | $1063333 | $1174456 |
| **4/30/23** | $1227576 | $1069778 | $1184632 |
| **5/31/23** | $1197343 | $1058130 | $1152762 |
| **6/30/23** | $1211841 | $1054356 | $1169466 |
| **7/31/23** | $1209558 | $1053621 | $1167766 |
| **8/31/23** | $1185967 | $1046891 | $1145452 |
| **9/30/23** | $1121061 | $1020288 | $1084867 |
| **10/31/23** | $1072212 | $1004186 | $1040062 |
| **11/30/23** | $1181451 | $1049662 | $1149687 |
| **12/31/23** | $1267841 | $1089842 | $1233577 |
| **1/31/24** | $1262858 | $1086849 | $1222113 |
| **2/29/24** | $1234353 | $1071494 | $1190483 |
| **3/31/24** | $1256336 | $1081388 | $1213277 |
| **4/30/24** | $1198361 | $1054074 | $1153889 |
| **5/31/24** | $1233662 | $1071944 | $1186148 |
| **6/30/24** | $1244285 | $1082092 | $1192915 |
| **7/31/24** | $1285203 | $1107367 | $1230452 |
| **8/31/24** | $1312385 | $1123279 | $1256653 |
| **9/30/24** | $1344775 | $1138319 | $1289524 |
| **10/31/24** | $1289932 | $1110090 | $1235580 |
| **11/30/24** | $1321975 | $1121827 | $1262943 |
| **12/31/24** | $1266948 | $1103468 | $1208804 |
| **1/31/25** | $1276084 | $1109322 | $1213984 |
| **2/28/25** | $1327427 | $1133729 | $1255950 |
| **3/31/25** | $1308214 | $1134155 | $1238612 |
| **4/30/25** | $1292217 | $1138613 | $1223365 |
| **5/31/25** | $1280800 | $1130460 | $1217189 |
| **6/30/25** | $1322754 | $1147843 | $1254123 |
| **7/31/25** | $1318684 | $1144815 | $1253598 |
| **8/31/25** | $1329796 | $1158507 | $1263013 |
| **9/30/25** | $1370881 | $1171145 | $1302794 |
| **10/31/25** | $1385422 | $1178462 | $1309859 |
| **11/30/25** | $1392958 | $1185785 | $1316059 |
| **12/31/25** | $1375130 | $1184031 | $1302779 |
| **1/31/26** | $1380227 | $1185295 | $1303369 |
| **2/28/26** | $1414551 | $1204706 | $1330982 |
| **3/31/26** | $1358787 | $1183475 | $1287659 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 3.87% | (1.21%) | 3.11% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |
| Bloomberg U.S. Long Credit Index | 3.96% | (1.41%) | 2.56% |

---

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 | $3433587 |
| # of Portfolio Holdings | 1585 |
| Portfolio Turnover Rate | 153% |
| Total Net Advisory Fees Paid During the Reporting Period | $10090 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 64.5% |
| U.S. Treasury Obligations | 27.2% |
| U.S. Government Agencies | 11.1% |
| Sovereign Issues | 6.8% |
| Preferred Securities | 2.7% |
| Municipal Bonds & Notes | 1.6% |
| Loan Participations and Assignments | 0.9% |
| Asset-Backed Securities | 0.4% |
| Non-Agency Mortgage-Backed Securities | 0.4% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 0.6% |
| Financial Derivative Instruments | 0.6% |
| Other Assets and Liabilities, Net | (17.4%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.56% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Institutional Class: PTCIX
![Image](g14608g91c27.jpg)

# PIMCO Long-Term Credit Bond Fund
Annual Shareholder Report \|

March 31, 2026

PIMS1945TSRAR_033126

# I-2: PLCPX

# PIMCO Long-Term Credit Bond Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Long-Term Credit Bond Fund (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 | $79 | 0.78% |

---

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

* 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.

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

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

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

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

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg U.S. Aggregate 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](g14608g93v99.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. Long Credit Index** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1019746 | $1003838 | $1023526 |
| **5/31/16** | $1024554 | $1004096 | $1023748 |
| **6/30/16** | $1071912 | $1022137 | $1066516 |
| **7/31/16** | $1108787 | $1028599 | $1096156 |
| **8/31/16** | $1115534 | $1027423 | $1102330 |
| **9/30/16** | $1109886 | $1026821 | $1090672 |
| **10/31/16** | $1088452 | $1018967 | $1068140 |
| **11/30/16** | $1028973 | $994865 | $1016202 |
| **12/31/16** | $1044793 | $996268 | $1031820 |
| **1/31/17** | $1054537 | $998223 | $1034344 |
| **2/28/17** | $1079299 | $1004932 | $1055100 |
| **3/31/17** | $1076773 | $1004405 | $1048907 |
| **4/30/17** | $1095755 | $1012156 | $1065218 |
| **5/31/17** | $1116158 | $1019947 | $1087218 |
| **6/30/17** | $1128434 | $1018920 | $1098245 |
| **7/31/17** | $1137343 | $1023305 | $1107580 |
| **8/31/17** | $1154136 | $1032484 | $1123784 |
| **9/30/17** | $1153896 | $1027566 | $1122098 |
| **10/31/17** | $1159250 | $1028161 | $1130175 |
| **11/30/17** | $1163972 | $1026841 | $1134831 |
| **12/31/17** | $1185026 | $1031554 | $1157820 |
| **1/31/18** | $1173100 | $1019674 | $1143039 |
| **2/28/18** | $1137007 | $1010008 | $1105222 |
| **3/31/18** | $1148452 | $1016485 | $1113468 |
| **4/30/18** | $1127505 | $1008925 | $1091912 |
| **5/31/18** | $1124276 | $1016126 | $1096955 |
| **6/30/18** | $1117186 | $1014876 | $1083921 |
| **7/31/18** | $1131394 | $1015117 | $1100160 |
| **8/31/18** | $1133447 | $1021649 | $1103807 |
| **9/30/18** | $1125673 | $1015070 | $1097598 |
| **10/31/18** | $1091408 | $1007049 | $1057962 |
| **11/30/18** | $1089319 | $1013060 | $1053727 |
| **12/31/18** | $1113440 | $1031671 | $1079566 |
| **1/31/19** | $1153470 | $1042627 | $1116869 |
| **2/28/19** | $1158044 | $1042023 | $1116103 |
| **3/31/19** | $1207017 | $1062032 | $1164424 |
| **4/30/19** | $1214988 | $1062304 | $1171528 |
| **5/31/19** | $1244253 | $1081161 | $1199453 |
| **6/30/19** | $1289436 | $1094739 | $1246202 |
| **7/31/19** | $1303865 | $1097147 | $1260636 |
| **8/31/19** | $1383649 | $1125576 | $1335746 |
| **9/30/19** | $1368190 | $1119581 | $1316176 |
| **10/31/19** | $1376741 | $1122953 | $1323406 |
| **11/30/19** | $1384292 | $1122381 | $1330467 |
| **12/31/19** | $1385265 | $1121599 | $1331741 |
| **1/31/20** | $1446059 | $1143184 | $1385748 |
| **2/29/20** | $1469140 | $1163759 | $1413360 |
| **3/31/20** | $1309444 | $1156911 | $1269784 |
| **4/30/20** | $1391489 | $1177476 | $1354775 |
| **5/31/20** | $1416977 | $1182959 | $1375578 |
| **6/30/20** | $1454716 | $1190410 | $1410532 |
| **7/31/20** | $1534497 | $1208191 | $1496446 |
| **8/31/20** | $1496571 | $1198439 | $1445573 |
| **9/30/20** | $1487549 | $1197782 | $1438315 |
| **10/31/20** | $1471000 | $1192434 | $1429454 |
| **11/30/20** | $1553749 | $1204134 | $1502531 |
| **12/31/20** | $1567421 | $1205794 | $1509081 |
| **1/31/21** | $1531936 | $1197148 | $1470067 |
| **2/28/21** | $1480364 | $1179861 | $1421373 |
| **3/31/21** | $1436838 | $1165128 | $1382431 |
| **4/30/21** | $1470767 | $1174333 | $1406292 |
| **5/31/21** | $1481776 | $1178169 | $1421022 |
| **6/30/21** | $1533310 | $1186447 | $1471532 |
| **7/31/21** | $1567580 | $1199713 | $1504030 |
| **8/31/21** | $1568170 | $1197429 | $1498495 |
| **9/30/21** | $1534390 | $1187061 | $1468934 |
| **10/31/21** | $1543887 | $1186734 | $1490720 |
| **11/30/21** | $1552871 | $1190245 | $1496774 |
| **12/31/21** | $1549961 | $1187200 | $1491254 |
| **1/31/22** | $1475760 | $1161622 | $1409489 |
| **2/28/22** | $1417529 | $1148663 | $1362178 |
| **3/31/22** | $1366366 | $1116751 | $1323809 |
| **4/30/22** | $1243566 | $1074373 | $1196268 |
| **5/31/22** | $1239434 | $1081300 | $1207314 |
| **6/30/22** | $1179842 | $1064336 | $1157207 |
| **7/31/22** | $1235660 | $1090343 | $1210960 |
| **8/31/22** | $1187978 | $1059533 | $1158050 |
| **9/30/22** | $1094360 | $1013755 | $1057991 |
| **10/31/22** | $1069260 | $1000624 | $1033661 |
| **11/30/22** | $1157897 | $1037423 | $1126813 |
| **12/31/22** | $1144661 | $1032743 | $1114080 |
| **1/31/23** | $1227779 | $1064515 | $1189220 |
| **2/28/23** | $1170259 | $1036991 | $1127895 |
| **3/31/23** | $1210785 | $1063333 | $1174456 |
| **4/30/23** | $1218893 | $1069778 | $1184632 |
| **5/31/23** | $1188777 | $1058130 | $1152762 |
| **6/30/23** | $1203069 | $1054356 | $1169466 |
| **7/31/23** | $1200711 | $1053621 | $1167766 |
| **8/31/23** | $1177196 | $1046891 | $1145452 |
| **9/30/23** | $1112675 | $1020288 | $1084867 |
| **10/31/23** | $1064102 | $1004186 | $1040062 |
| **11/30/23** | $1172424 | $1049662 | $1149687 |
| **12/31/23** | $1258047 | $1089842 | $1233577 |
| **1/31/24** | $1253001 | $1086849 | $1222113 |
| **2/29/24** | $1224621 | $1071494 | $1190483 |
| **3/31/24** | $1246326 | $1081388 | $1213277 |
| **4/30/24** | $1188714 | $1054074 | $1153889 |
| **5/31/24** | $1223621 | $1071944 | $1186148 |
| **6/30/24** | $1234061 | $1082092 | $1192915 |
| **7/31/24** | $1274539 | $1107367 | $1230452 |
| **8/31/24** | $1301384 | $1123279 | $1256653 |
| **9/30/24** | $1333397 | $1138319 | $1289524 |
| **10/31/24** | $1278907 | $1110090 | $1235580 |
| **11/30/24** | $1310566 | $1121827 | $1262943 |
| **12/31/24** | $1255904 | $1103468 | $1208804 |
| **1/31/25** | $1264852 | $1109322 | $1213984 |
| **2/28/25** | $1315643 | $1133729 | $1255950 |
| **3/31/25** | $1296497 | $1134155 | $1238612 |
| **4/30/25** | $1280539 | $1138613 | $1223365 |
| **5/31/25** | $1269114 | $1130460 | $1217189 |
| **6/30/25** | $1310583 | $1147843 | $1254123 |
| **7/31/25** | $1306440 | $1144815 | $1253598 |
| **8/31/25** | $1317332 | $1158507 | $1263013 |
| **9/30/25** | $1357925 | $1171145 | $1302794 |
| **10/31/25** | $1372204 | $1178462 | $1309859 |
| **11/30/25** | $1379558 | $1185785 | $1316059 |
| **12/31/25** | $1361783 | $1184031 | $1302779 |
| **1/31/26** | $1366715 | $1185295 | $1303369 |
| **2/28/26** | $1400597 | $1204706 | $1330982 |
| **3/31/26** | $1345272 | $1183475 | $1287659 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 3.76% | (1.31%) | 3.01% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |
| Bloomberg U.S. Long Credit Index | 3.96% | (1.41%) | 2.56% |

---

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 | $3433587 |
| # of Portfolio Holdings | 1585 |
| Portfolio Turnover Rate | 153% |
| Total Net Advisory Fees Paid During the Reporting Period | $10090 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 64.5% |
| U.S. Treasury Obligations | 27.2% |
| U.S. Government Agencies | 11.1% |
| Sovereign Issues | 6.8% |
| Preferred Securities | 2.7% |
| Municipal Bonds & Notes | 1.6% |
| Loan Participations and Assignments | 0.9% |
| Asset-Backed Securities | 0.4% |
| Non-Agency Mortgage-Backed Securities | 0.4% |
| Other Investments | 0.1% |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 0.6% |
| Financial Derivative Instruments | 0.6% |
| Other Assets and Liabilities, Net | (17.4%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.56% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# I-2: PLCPX
![Image](g14608g91c27.jpg)

# PIMCO Long-Term Credit Bond Fund
Annual Shareholder Report \|

March 31, 2026

PIMS2054TSRAR_033126

# Class A: PSRZX

# PIMCO Low Duration Credit Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Low Duration Credit Fund (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)**.

## 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 | $111 | 1.08% |

---

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

* Security selection within the bank loan healthcare sector, particularly overweight exposure to a surgery center provider, contributed to relative performance versus the 50% ICE BofA 1-5 Year US High Yield Constrained Index and 50% J.P. Morgan Leveraged Loan Index ("Index"), as spreads tightened. 

* Security selection within the bank loan media sector, particularly overweight exposure to a mass media company, contributed to relative performance versus the Index, as spreads tightened. 

* Security selection within the bank loan food sector, particularly underweight exposure to a juice brand, contributed to relative performance versus the Index, as prices fell.

* Overweight exposure to the bank loan technology sector detracted from relative performance versus the Index, as the sector underperformed.

* Security selection within the high yield financial sector, particularly overweight exposure to a consumer lender, detracted from relative performance versus the Index, as spreads widened.

* Underweight exposure to the high yield telecom sector detracted from relative performance versus the Index, as the sector outperformed.

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg U.S. Aggregate 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](g14608g69u07.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg U.S. Aggregate Index** | **50% ICE BofA 1-5 Year US High Yield Constrained Index; 50% J.P. Morgan Leveraged Loan Index** |
| **3/31/16** | $9777 | $10000 | $10000 |
| **4/30/16** | $9903 | $10038 | $10265 |
| **5/31/16** | $9964 | $10041 | $10375 |
| **6/30/16** | $9961 | $10221 | $10427 |
| **7/31/16** | $10072 | $10286 | $10601 |
| **8/31/16** | $10142 | $10274 | $10742 |
| **9/30/16** | $10190 | $10268 | $10834 |
| **10/31/16** | $10219 | $10190 | $10899 |
| **11/30/16** | $10249 | $9949 | $10921 |
| **12/31/16** | $10333 | $9963 | $11083 |
| **1/31/17** | $10362 | $9982 | $11170 |
| **2/28/17** | $10403 | $10049 | $11279 |
| **3/31/17** | $10426 | $10044 | $11279 |
| **4/30/17** | $10475 | $10122 | $11348 |
| **5/31/17** | $10516 | $10199 | $11415 |
| **6/30/17** | $10507 | $10189 | $11426 |
| **7/31/17** | $10579 | $10233 | $11516 |
| **8/31/17** | $10581 | $10325 | $11514 |
| **9/30/17** | $10614 | $10276 | $11580 |
| **10/31/17** | $10670 | $10282 | $11639 |
| **11/30/17** | $10661 | $10268 | $11632 |
| **12/31/17** | $10694 | $10316 | $11674 |
| **1/31/18** | $10771 | $10197 | $11789 |
| **2/28/18** | $10750 | $10100 | $11779 |
| **3/31/18** | $10775 | $10165 | $11790 |
| **4/30/18** | $10821 | $10089 | $11860 |
| **5/31/18** | $10814 | $10161 | $11895 |
| **6/30/18** | $10818 | $10149 | $11920 |
| **7/31/18** | $10888 | $10151 | $12027 |
| **8/31/18** | $10939 | $10216 | $12092 |
| **9/30/18** | $11006 | $10151 | $12170 |
| **10/31/18** | $10990 | $10070 | $12096 |
| **11/30/18** | $10895 | $10131 | $12004 |
| **12/31/18** | $10597 | $10317 | $11744 |
| **1/31/19** | $10892 | $10426 | $12098 |
| **2/28/19** | $11075 | $10420 | $12278 |
| **3/31/19** | $11038 | $10620 | $12305 |
| **4/30/19** | $11220 | $10623 | $12460 |
| **5/31/19** | $11185 | $10812 | $12389 |
| **6/30/19** | $11222 | $10947 | $12501 |
| **7/31/19** | $11297 | $10971 | $12574 |
| **8/31/19** | $11293 | $11256 | $12560 |
| **9/30/19** | $11362 | $11196 | $12599 |
| **10/31/19** | $11333 | $11230 | $12578 |
| **11/30/19** | $11418 | $11224 | $12611 |
| **12/31/19** | $11556 | $11216 | $12833 |
| **1/31/20** | $11570 | $11432 | $12870 |
| **2/29/20** | $11415 | $11638 | $12686 |
| **3/31/20** | $10241 | $11569 | $11160 |
| **4/30/20** | $10498 | $11775 | $11565 |
| **5/31/20** | $10784 | $11830 | $12008 |
| **6/30/20** | $10741 | $11904 | $12166 |
| **7/31/20** | $10952 | $12082 | $12488 |
| **8/31/20** | $11044 | $11984 | $12661 |
| **9/30/20** | $11038 | $11978 | $12669 |
| **10/31/20** | $11009 | $11924 | $12707 |
| **11/30/20** | $11245 | $12041 | $13074 |
| **12/31/20** | $11361 | $12058 | $13284 |
| **1/31/21** | $11438 | $11971 | $13412 |
| **2/28/21** | $11457 | $11799 | $13505 |
| **3/31/21** | $11420 | $11651 | $13563 |
| **4/30/21** | $11472 | $11743 | $13660 |
| **5/31/21** | $11506 | $11782 | $13730 |
| **6/30/21** | $11562 | $11864 | $13825 |
| **7/31/21** | $11562 | $11997 | $13823 |
| **8/31/21** | $11610 | $11974 | $13892 |
| **9/30/21** | $11640 | $11871 | $13961 |
| **10/31/21** | $11630 | $11867 | $13980 |
| **11/30/21** | $11569 | $11902 | $13912 |
| **12/31/21** | $11709 | $11872 | $14046 |
| **1/31/22** | $11640 | $11616 | $13975 |
| **2/28/22** | $11590 | $11487 | $13920 |
| **3/31/22** | $11584 | $11168 | $13899 |
| **4/30/22** | $11524 | $10744 | $13778 |
| **5/31/22** | $11376 | $10813 | $13605 |
| **6/30/22** | $10949 | $10643 | $13129 |
| **7/31/22** | $11301 | $10903 | $13542 |
| **8/31/22** | $11298 | $10595 | $13565 |
| **9/30/22** | $11079 | $10138 | $13260 |
| **10/31/22** | $11274 | $10006 | $13480 |
| **11/30/22** | $11426 | $10374 | $13658 |
| **12/31/22** | $11440 | $10327 | $13665 |
| **1/31/23** | $11741 | $10645 | $14055 |
| **2/28/23** | $11726 | $10370 | $14058 |
| **3/31/23** | $11762 | $10633 | $14104 |
| **4/30/23** | $11820 | $10698 | $14232 |
| **5/31/23** | $11763 | $10581 | $14185 |
| **6/30/23** | $11943 | $10544 | $14457 |
| **7/31/23** | $12103 | $10536 | $14634 |
| **8/31/23** | $12193 | $10469 | $14765 |
| **9/30/23** | $12147 | $10203 | $14791 |
| **10/31/23** | $12079 | $10042 | $14706 |
| **11/30/23** | $12404 | $10497 | $15050 |
| **12/31/23** | $12725 | $10898 | $15392 |
| **1/31/24** | $12757 | $10868 | $15454 |
| **2/29/24** | $12850 | $10715 | $15576 |
| **3/31/24** | $12996 | $10814 | $15714 |
| **4/30/24** | $13008 | $10541 | $15717 |
| **5/31/24** | $13157 | $10719 | $15867 |
| **6/30/24** | $13213 | $10821 | $15961 |
| **7/31/24** | $13371 | $11074 | $16156 |
| **8/31/24** | $13507 | $11233 | $16326 |
| **9/30/24** | $13627 | $11383 | $16513 |
| **10/31/24** | $13669 | $11101 | $16577 |
| **11/30/24** | $13831 | $11218 | $16735 |
| **12/31/24** | $13876 | $11035 | $16775 |
| **1/31/25** | $13993 | $11093 | $16947 |
| **2/28/25** | $14024 | $11337 | $17010 |
| **3/31/25** | $13916 | $11342 | $16888 |
| **4/30/25** | $13904 | $11386 | $16878 |
| **5/31/25** | $14169 | $11305 | $17150 |
| **6/30/25** | $14322 | $11478 | $17354 |
| **7/31/25** | $14404 | $11448 | $17466 |
| **8/31/25** | $14523 | $11585 | $17600 |
| **9/30/25** | $14617 | $11711 | $17692 |
| **10/31/25** | $14661 | $11785 | $17744 |
| **11/30/25** | $14734 | $11858 | $17794 |
| **12/31/25** | $14832 | $11840 | $17918 |
| **1/31/26** | $14827 | $11853 | $17932 |
| **2/28/26** | $14768 | $12047 | $17859 |
| **3/31/26** | $14726 | $11835 | $17853 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 5.82% | 5.22% | 4.18% |
| Class A (including sales charge) | 3.41% | 4.75% | 3.95% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |
| 50% ICE BofA 1-5 Year US High Yield Constrained Index; 50% J.P. Morgan Leveraged Loan Index | 5.71% | 5.65% | 5.97% |

---

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 | $131524 |
| # of Portfolio Holdings | 430 |
| Portfolio Turnover Rate | 69% |
| Total Net Advisory Fees Paid During the Reporting Period | $572 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Loan Participations and Assignments | 50.0% |
| Corporate Bonds & Notes | 29.1% |
| U.S. Treasury Obligations | 4.2% |
| Common Stocks | 0.4% |
| Short-Term Instruments | 6.8% |
| Affiliated Investments | 9.5% |
| Financial Derivative Instruments | 0.1% |
| 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 Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Class A: PSRZX
![Image](g14608g91c27.jpg)

# PIMCO Low Duration Credit Fund
Annual Shareholder Report \|

March 31, 2026

PIMS6026TSRAR_033126

# Class C: PSRWX

# PIMCO Low Duration Credit Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Low Duration Credit Fund (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)**.

## 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 | $188 | 1.83% |

---

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

* Security selection within the bank loan healthcare sector, particularly overweight exposure to a surgery center provider, contributed to relative performance versus the 50% ICE BofA 1-5 Year US High Yield Constrained Index and 50% J.P. Morgan Leveraged Loan Index ("Index"), as spreads tightened. 

* Security selection within the bank loan media sector, particularly overweight exposure to a mass media company, contributed to relative performance versus the Index, as spreads tightened. 

* Security selection within the bank loan food sector, particularly underweight exposure to a juice brand, contributed to relative performance versus the Index, as prices fell.

* Overweight exposure to the bank loan technology sector detracted from relative performance versus the Index, as the sector underperformed.

* Security selection within the high yield financial sector, particularly overweight exposure to a consumer lender, detracted from relative performance versus the Index, as spreads widened.

* Underweight exposure to the high yield telecom sector detracted from relative performance versus the Index, as the sector outperformed.

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg U.S. Aggregate 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](g14608g06h17.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg U.S. Aggregate Index** | **50% ICE BofA 1-5 Year US High Yield Constrained Index; 50% J.P. Morgan Leveraged Loan Index** |
| **3/31/16** | $10000 | $10000 | $10000 |
| **4/30/16** | $10123 | $10038 | $10265 |
| **5/31/16** | $10179 | $10041 | $10375 |
| **6/30/16** | $10169 | $10221 | $10427 |
| **7/31/16** | $10276 | $10286 | $10601 |
| **8/31/16** | $10341 | $10274 | $10742 |
| **9/30/16** | $10383 | $10268 | $10834 |
| **10/31/16** | $10407 | $10190 | $10899 |
| **11/30/16** | $10431 | $9949 | $10921 |
| **12/31/16** | $10509 | $9963 | $11083 |
| **1/31/17** | $10532 | $9982 | $11170 |
| **2/28/17** | $10567 | $10049 | $11279 |
| **3/31/17** | $10584 | $10044 | $11279 |
| **4/30/17** | $10628 | $10122 | $11348 |
| **5/31/17** | $10663 | $10199 | $11415 |
| **6/30/17** | $10647 | $10189 | $11426 |
| **7/31/17** | $10713 | $10233 | $11516 |
| **8/31/17** | $10708 | $10325 | $11514 |
| **9/30/17** | $10735 | $10276 | $11580 |
| **10/31/17** | $10784 | $10282 | $11639 |
| **11/30/17** | $10769 | $10268 | $11632 |
| **12/31/17** | $10796 | $10316 | $11674 |
| **1/31/18** | $10867 | $10197 | $11789 |
| **2/28/18** | $10839 | $10100 | $11779 |
| **3/31/18** | $10857 | $10165 | $11790 |
| **4/30/18** | $10897 | $10089 | $11860 |
| **5/31/18** | $10883 | $10161 | $11895 |
| **6/30/18** | $10880 | $10149 | $11920 |
| **7/31/18** | $10944 | $10151 | $12027 |
| **8/31/18** | $10988 | $10216 | $12092 |
| **9/30/18** | $11049 | $10151 | $12170 |
| **10/31/18** | $11025 | $10070 | $12096 |
| **11/30/18** | $10923 | $10131 | $12004 |
| **12/31/18** | $10618 | $10317 | $11744 |
| **1/31/19** | $10906 | $10426 | $12098 |
| **2/28/19** | $11083 | $10420 | $12278 |
| **3/31/19** | $11039 | $10620 | $12305 |
| **4/30/19** | $11214 | $10623 | $12460 |
| **5/31/19** | $11173 | $10812 | $12389 |
| **6/30/19** | $11203 | $10947 | $12501 |
| **7/31/19** | $11270 | $10971 | $12574 |
| **8/31/19** | $11259 | $11256 | $12560 |
| **9/30/19** | $11321 | $11196 | $12599 |
| **10/31/19** | $11285 | $11230 | $12578 |
| **11/30/19** | $11363 | $11224 | $12611 |
| **12/31/19** | $11493 | $11216 | $12833 |
| **1/31/20** | $11500 | $11432 | $12870 |
| **2/29/20** | $11338 | $11638 | $12686 |
| **3/31/20** | $10166 | $11569 | $11160 |
| **4/30/20** | $10414 | $11775 | $11565 |
| **5/31/20** | $10692 | $11830 | $12008 |
| **6/30/20** | $10643 | $11904 | $12166 |
| **7/31/20** | $10844 | $12082 | $12488 |
| **8/31/20** | $10928 | $11984 | $12661 |
| **9/30/20** | $10916 | $11978 | $12669 |
| **10/31/20** | $10879 | $11924 | $12707 |
| **11/30/20** | $11107 | $12041 | $13074 |
| **12/31/20** | $11213 | $12058 | $13284 |
| **1/31/21** | $11283 | $11971 | $13412 |
| **2/28/21** | $11294 | $11799 | $13505 |
| **3/31/21** | $11252 | $11651 | $13563 |
| **4/30/21** | $11295 | $11743 | $13660 |
| **5/31/21** | $11322 | $11782 | $13730 |
| **6/30/21** | $11369 | $11864 | $13825 |
| **7/31/21** | $11362 | $11997 | $13823 |
| **8/31/21** | $11403 | $11974 | $13892 |
| **9/30/21** | $11424 | $11871 | $13961 |
| **10/31/21** | $11408 | $11867 | $13980 |
| **11/30/21** | $11341 | $11902 | $13912 |
| **12/31/21** | $11470 | $11872 | $14046 |
| **1/31/22** | $11396 | $11616 | $13975 |
| **2/28/22** | $11340 | $11487 | $13920 |
| **3/31/22** | $11328 | $11168 | $13899 |
| **4/30/22** | $11262 | $10744 | $13778 |
| **5/31/22** | $11110 | $10813 | $13605 |
| **6/30/22** | $10686 | $10643 | $13129 |
| **7/31/22** | $11023 | $10903 | $13542 |
| **8/31/22** | $11013 | $10595 | $13565 |
| **9/30/22** | $10792 | $10138 | $13260 |
| **10/31/22** | $10976 | $10006 | $13480 |
| **11/30/22** | $11117 | $10374 | $13658 |
| **12/31/22** | $11124 | $10327 | $13665 |
| **1/31/23** | $11409 | $10645 | $14055 |
| **2/28/23** | $11388 | $10370 | $14058 |
| **3/31/23** | $11415 | $10633 | $14104 |
| **4/30/23** | $11465 | $10698 | $14232 |
| **5/31/23** | $11402 | $10581 | $14185 |
| **6/30/23** | $11569 | $10544 | $14457 |
| **7/31/23** | $11718 | $10536 | $14634 |
| **8/31/23** | $11797 | $10469 | $14765 |
| **9/30/23** | $11745 | $10203 | $14791 |
| **10/31/23** | $11672 | $10042 | $14706 |
| **11/30/23** | $11979 | $10497 | $15050 |
| **12/31/23** | $12283 | $10898 | $15392 |
| **1/31/24** | $12307 | $10868 | $15454 |
| **2/29/24** | $12389 | $10715 | $15576 |
| **3/31/24** | $12522 | $10814 | $15714 |
| **4/30/24** | $12526 | $10541 | $15717 |
| **5/31/24** | $12661 | $10719 | $15867 |
| **6/30/24** | $12707 | $10821 | $15961 |
| **7/31/24** | $12851 | $11074 | $16156 |
| **8/31/24** | $12972 | $11233 | $16326 |
| **9/30/24** | $13081 | $11383 | $16513 |
| **10/31/24** | $13112 | $11101 | $16577 |
| **11/30/24** | $13260 | $11218 | $16735 |
| **12/31/24** | $13294 | $11035 | $16775 |
| **1/31/25** | $13398 | $11093 | $16947 |
| **2/28/25** | $13419 | $11337 | $17010 |
| **3/31/25** | $13308 | $11342 | $16888 |
| **4/30/25** | $13289 | $11386 | $16878 |
| **5/31/25** | $13533 | $11305 | $17150 |
| **6/30/25** | $13671 | $11478 | $17354 |
| **7/31/25** | $13740 | $11448 | $17466 |
| **8/31/25** | $13845 | $11585 | $17600 |
| **9/30/25** | $13927 | $11711 | $17692 |
| **10/31/25** | $13959 | $11785 | $17744 |
| **11/30/25** | $14020 | $11858 | $17794 |
| **12/31/25** | $14104 | $11840 | $17918 |
| **1/31/26** | $14090 | $11853 | $17932 |
| **2/28/26** | $14027 | $12047 | $17859 |
| **3/31/26** | $13978 | $11835 | $17853 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 5.04% | 4.44% | 3.41% |
| Class C (including sales charge) | 4.05% | 4.44% | 3.41% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |
| 50% ICE BofA 1-5 Year US High Yield Constrained Index; 50% J.P. Morgan Leveraged Loan Index | 5.71% | 5.65% | 5.97% |

---

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 | $131524 |
| # of Portfolio Holdings | 430 |
| Portfolio Turnover Rate | 69% |
| Total Net Advisory Fees Paid During the Reporting Period | $572 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Loan Participations and Assignments | 50.0% |
| Corporate Bonds & Notes | 29.1% |
| U.S. Treasury Obligations | 4.2% |
| Common Stocks | 0.4% |
| Short-Term Instruments | 6.8% |
| Affiliated Investments | 9.5% |
| Financial Derivative Instruments | 0.1% |
| 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 Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Class C: PSRWX
![Image](g14608g91c27.jpg)

# PIMCO Low Duration Credit Fund
Annual Shareholder Report \|

March 31, 2026

PIMS6226TSRAR_033126

# Institutional Class: PSRIX

# PIMCO Low Duration Credit Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Low Duration Credit Fund (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)**.

## 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 | $80 | 0.78% |

---

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

* Security selection within the bank loan healthcare sector, particularly overweight exposure to a surgery center provider, contributed to relative performance versus the 50% ICE BofA 1-5 Year US High Yield Constrained Index and 50% J.P. Morgan Leveraged Loan Index ("Index"), as spreads tightened. 

* Security selection within the bank loan media sector, particularly overweight exposure to a mass media company, contributed to relative performance versus the Index, as spreads tightened. 

* Security selection within the bank loan food sector, particularly underweight exposure to a juice brand, contributed to relative performance versus the Index, as prices fell.

* Overweight exposure to the bank loan technology sector detracted from relative performance versus the Index, as the sector underperformed.

* Security selection within the high yield financial sector, particularly overweight exposure to a consumer lender, detracted from relative performance versus the Index, as spreads widened.

* Underweight exposure to the high yield telecom sector detracted from relative performance versus the Index, as the sector outperformed.

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg U.S. Aggregate 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](g14608g45v69.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Index** | **50% ICE BofA 1-5 Year US High Yield Constrained Index; 50% J.P. Morgan Leveraged Loan Index** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1013156 | $1003838 | $1026508 |
| **5/31/16** | $1019634 | $1004096 | $1037458 |
| **6/30/16** | $1019600 | $1022137 | $1042688 |
| **7/31/16** | $1031160 | $1028599 | $1060079 |
| **8/31/16** | $1038629 | $1027423 | $1074196 |
| **9/30/16** | $1043810 | $1026821 | $1083399 |
| **10/31/16** | $1047056 | $1018967 | $1089876 |
| **11/30/16** | $1050407 | $994865 | $1092125 |
| **12/31/16** | $1059315 | $996268 | $1108312 |
| **1/31/17** | $1062447 | $998223 | $1117013 |
| **2/28/17** | $1066897 | $1004932 | $1127936 |
| **3/31/17** | $1069554 | $1004405 | $1127855 |
| **4/30/17** | $1074884 | $1012156 | $1134841 |
| **5/31/17** | $1079387 | $1019947 | $1141478 |
| **6/30/17** | $1078726 | $1018920 | $1142555 |
| **7/31/17** | $1086406 | $1023305 | $1151617 |
| **8/31/17** | $1086836 | $1032484 | $1151388 |
| **9/30/17** | $1090480 | $1027566 | $1158023 |
| **10/31/17** | $1096494 | $1028161 | $1163897 |
| **11/30/17** | $1095843 | $1026841 | $1163176 |
| **12/31/17** | $1099582 | $1031554 | $1167355 |
| **1/31/18** | $1107797 | $1019674 | $1178923 |
| **2/28/18** | $1105885 | $1010008 | $1177936 |
| **3/31/18** | $1108683 | $1016485 | $1179027 |
| **4/30/18** | $1113747 | $1008925 | $1185960 |
| **5/31/18** | $1113276 | $1016126 | $1189464 |
| **6/30/18** | $1113943 | $1014876 | $1192016 |
| **7/31/18** | $1121428 | $1015117 | $1202669 |
| **8/31/18** | $1127021 | $1021649 | $1209166 |
| **9/30/18** | $1134128 | $1015070 | $1216975 |
| **10/31/18** | $1132735 | $1007049 | $1209637 |
| **11/30/18** | $1123294 | $1013060 | $1200352 |
| **12/31/18** | $1092879 | $1031671 | $1174360 |
| **1/31/19** | $1123507 | $1042627 | $1209803 |
| **2/28/19** | $1142652 | $1042023 | $1227815 |
| **3/31/19** | $1139090 | $1062032 | $1230492 |
| **4/30/19** | $1158149 | $1062304 | $1246046 |
| **5/31/19** | $1154934 | $1081161 | $1238865 |
| **6/30/19** | $1158950 | $1094739 | $1250057 |
| **7/31/19** | $1167000 | $1097147 | $1257410 |
| **8/31/19** | $1166935 | $1125576 | $1255972 |
| **9/30/19** | $1174336 | $1119581 | $1259945 |
| **10/31/19** | $1171607 | $1122953 | $1257753 |
| **11/30/19** | $1180716 | $1122381 | $1261080 |
| **12/31/19** | $1195304 | $1121599 | $1283301 |
| **1/31/20** | $1197088 | $1143184 | $1286959 |
| **2/29/20** | $1181224 | $1163759 | $1268564 |
| **3/31/20** | $1060053 | $1156911 | $1115994 |
| **4/30/20** | $1086905 | $1177476 | $1156507 |
| **5/31/20** | $1116834 | $1182959 | $1200796 |
| **6/30/20** | $1112699 | $1190410 | $1216558 |
| **7/31/20** | $1134807 | $1208191 | $1248848 |
| **8/31/20** | $1144604 | $1198439 | $1266051 |
| **9/30/20** | $1144250 | $1197782 | $1266899 |
| **10/31/20** | $1141521 | $1192434 | $1270676 |
| **11/30/20** | $1166346 | $1204134 | $1307426 |
| **12/31/20** | $1178629 | $1205794 | $1328366 |
| **1/31/21** | $1186922 | $1197148 | $1341195 |
| **2/28/21** | $1189132 | $1179861 | $1350547 |
| **3/31/21** | $1185674 | $1165128 | $1356312 |
| **4/30/21** | $1191328 | $1174333 | $1365958 |
| **5/31/21** | $1195147 | $1178169 | $1373049 |
| **6/30/21** | $1201235 | $1186447 | $1382532 |
| **7/31/21** | $1201612 | $1199713 | $1382324 |
| **8/31/21** | $1206909 | $1197429 | $1389203 |
| **9/30/21** | $1210253 | $1187061 | $1396060 |
| **10/31/21** | $1209620 | $1186734 | $1398015 |
| **11/30/21** | $1203522 | $1190245 | $1391239 |
| **12/31/21** | $1218376 | $1187200 | $1404594 |
| **1/31/22** | $1211559 | $1161622 | $1397526 |
| **2/28/22** | $1206587 | $1148663 | $1391989 |
| **3/31/22** | $1206292 | $1116751 | $1389928 |
| **4/30/22** | $1200341 | $1074373 | $1377841 |
| **5/31/22** | $1185185 | $1081300 | $1360506 |
| **6/30/22** | $1141029 | $1064336 | $1312874 |
| **7/31/22** | $1178026 | $1090343 | $1354234 |
| **8/31/22** | $1177968 | $1059533 | $1356513 |
| **9/30/22** | $1155436 | $1013755 | $1325953 |
| **10/31/22** | $1176068 | $1000624 | $1347956 |
| **11/30/22** | $1192192 | $1037423 | $1365762 |
| **12/31/22** | $1194033 | $1032743 | $1366538 |
| **1/31/23** | $1225715 | $1064515 | $1405501 |
| **2/28/23** | $1224418 | $1036991 | $1405759 |
| **3/31/23** | $1228450 | $1063333 | $1410370 |
| **4/30/23** | $1234866 | $1069778 | $1423178 |
| **5/31/23** | $1229161 | $1058130 | $1418474 |
| **6/30/23** | $1248290 | $1054356 | $1445732 |
| **7/31/23** | $1265355 | $1053621 | $1463352 |
| **8/31/23** | $1275114 | $1046891 | $1476514 |
| **9/30/23** | $1270598 | $1020288 | $1479134 |
| **10/31/23** | $1263779 | $1004186 | $1470629 |
| **11/30/23** | $1298083 | $1049662 | $1504965 |
| **12/31/23** | $1331963 | $1089842 | $1539231 |
| **1/31/24** | $1335679 | $1086849 | $1545438 |
| **2/29/24** | $1345724 | $1071494 | $1557600 |
| **3/31/24** | $1361318 | $1081388 | $1571439 |
| **4/30/24** | $1362891 | $1054074 | $1571720 |
| **5/31/24** | $1378919 | $1071944 | $1586713 |
| **6/30/24** | $1385068 | $1082092 | $1596080 |
| **7/31/24** | $1401989 | $1107367 | $1615581 |
| **8/31/24** | $1416570 | $1123279 | $1632569 |
| **9/30/24** | $1429590 | $1138319 | $1651343 |
| **10/31/24** | $1434314 | $1110090 | $1657722 |
| **11/30/24** | $1451717 | $1121827 | $1673503 |
| **12/31/24** | $1456763 | $1103468 | $1677547 |
| **1/31/25** | $1469512 | $1109322 | $1694701 |
| **2/28/25** | $1473053 | $1133729 | $1701037 |
| **3/31/25** | $1462030 | $1134155 | $1688782 |
| **4/30/25** | $1461176 | $1138613 | $1687828 |
| **5/31/25** | $1489415 | $1130460 | $1714956 |
| **6/30/25** | $1505814 | $1147843 | $1735352 |
| **7/31/25** | $1514787 | $1144815 | $1746619 |
| **8/31/25** | $1527724 | $1158507 | $1759961 |
| **9/30/25** | $1538040 | $1171145 | $1769227 |
| **10/31/25** | $1543001 | $1178462 | $1774392 |
| **11/30/25** | $1551045 | $1185785 | $1779364 |
| **12/31/25** | $1561778 | $1184031 | $1791797 |
| **1/31/26** | $1561650 | $1185295 | $1793215 |
| **2/28/26** | $1555832 | $1204706 | $1785876 |
| **3/31/26** | $1551795 | $1183475 | $1785291 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 6.14% | 5.53% | 4.49% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |
| 50% ICE BofA 1-5 Year US High Yield Constrained Index; 50% J.P. Morgan Leveraged Loan Index | 5.71% | 5.65% | 5.97% |

---

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 | $131524 |
| # of Portfolio Holdings | 430 |
| Portfolio Turnover Rate | 69% |
| Total Net Advisory Fees Paid During the Reporting Period | $572 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Loan Participations and Assignments | 50.0% |
| Corporate Bonds & Notes | 29.1% |
| U.S. Treasury Obligations | 4.2% |
| Common Stocks | 0.4% |
| Short-Term Instruments | 6.8% |
| Affiliated Investments | 9.5% |
| Financial Derivative Instruments | 0.1% |
| 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 Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Institutional Class: PSRIX
![Image](g14608g91c27.jpg)

# PIMCO Low Duration Credit Fund
Annual Shareholder Report \|

March 31, 2026

PIMS2000TSRAR_033126

# I-2: PSRPX

# PIMCO Low Duration Credit Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Low Duration Credit Fund (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)**.

## 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 | $91 | 0.88% |

---

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

* Security selection within the bank loan healthcare sector, particularly overweight exposure to a surgery center provider, contributed to relative performance versus the 50% ICE BofA 1-5 Year US High Yield Constrained Index and 50% J.P. Morgan Leveraged Loan Index ("Index"), as spreads tightened. 

* Security selection within the bank loan media sector, particularly overweight exposure to a mass media company, contributed to relative performance versus the Index, as spreads tightened. 

* Security selection within the bank loan food sector, particularly underweight exposure to a juice brand, contributed to relative performance versus the Index, as prices fell.

* Overweight exposure to the bank loan technology sector detracted from relative performance versus the Index, as the sector underperformed.

* Security selection within the high yield financial sector, particularly overweight exposure to a consumer lender, detracted from relative performance versus the Index, as spreads widened.

* Underweight exposure to the high yield telecom sector detracted from relative performance versus the Index, as the sector outperformed.

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg U.S. Aggregate 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](g14608g76s04.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg U.S. Aggregate Index** | **50% ICE BofA 1-5 Year US High Yield Constrained Index; 50% J.P. Morgan Leveraged Loan Index** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1013072 | $1003838 | $1026508 |
| **5/31/16** | $1019466 | $1004096 | $1037458 |
| **6/30/16** | $1019346 | $1022137 | $1042688 |
| **7/31/16** | $1030815 | $1028599 | $1060079 |
| **8/31/16** | $1038192 | $1027423 | $1074196 |
| **9/30/16** | $1043280 | $1026821 | $1083399 |
| **10/31/16** | $1046442 | $1018967 | $1089876 |
| **11/30/16** | $1049707 | $994865 | $1092125 |
| **12/31/16** | $1058514 | $996268 | $1108312 |
| **1/31/17** | $1061562 | $998223 | $1117013 |
| **2/28/17** | $1065922 | $1004932 | $1127936 |
| **3/31/17** | $1068481 | $1004405 | $1127855 |
| **4/30/17** | $1073722 | $1012156 | $1134841 |
| **5/31/17** | $1078127 | $1019947 | $1141478 |
| **6/30/17** | $1077374 | $1018920 | $1142555 |
| **7/31/17** | $1084958 | $1023305 | $1151617 |
| **8/31/17** | $1085296 | $1032484 | $1151388 |
| **9/30/17** | $1088844 | $1027566 | $1158023 |
| **10/31/17** | $1094759 | $1028161 | $1163897 |
| **11/30/17** | $1094019 | $1026841 | $1163176 |
| **12/31/17** | $1097656 | $1031554 | $1167355 |
| **1/31/18** | $1105767 | $1019674 | $1178923 |
| **2/28/18** | $1103776 | $1010008 | $1177936 |
| **3/31/18** | $1106476 | $1016485 | $1179027 |
| **4/30/18** | $1111447 | $1008925 | $1185960 |
| **5/31/18** | $1110885 | $1016126 | $1189464 |
| **6/30/18** | $1111457 | $1014876 | $1192016 |
| **7/31/18** | $1118837 | $1015117 | $1202669 |
| **8/31/18** | $1124322 | $1021649 | $1209166 |
| **9/30/18** | $1131335 | $1015070 | $1216975 |
| **10/31/18** | $1129855 | $1007049 | $1209637 |
| **11/30/18** | $1120348 | $1013060 | $1200352 |
| **12/31/18** | $1089919 | $1031671 | $1174360 |
| **1/31/19** | $1120373 | $1042627 | $1209803 |
| **2/28/19** | $1139378 | $1042023 | $1227815 |
| **3/31/19** | $1135730 | $1062032 | $1230492 |
| **4/30/19** | $1154639 | $1062304 | $1246046 |
| **5/31/19** | $1151334 | $1081161 | $1238865 |
| **6/30/19** | $1155248 | $1094739 | $1250057 |
| **7/31/19** | $1163171 | $1097147 | $1257410 |
| **8/31/19** | $1163004 | $1125576 | $1255972 |
| **9/30/19** | $1170291 | $1119581 | $1259945 |
| **10/31/19** | $1167473 | $1122953 | $1257753 |
| **11/30/19** | $1176451 | $1122381 | $1261080 |
| **12/31/19** | $1190886 | $1121599 | $1283301 |
| **1/31/20** | $1192559 | $1143184 | $1286959 |
| **2/29/20** | $1176664 | $1163759 | $1268564 |
| **3/31/20** | $1055869 | $1156911 | $1115994 |
| **4/30/20** | $1082509 | $1177476 | $1156507 |
| **5/31/20** | $1112223 | $1182959 | $1200796 |
| **6/30/20** | $1108013 | $1190410 | $1216558 |
| **7/31/20** | $1129928 | $1208191 | $1248848 |
| **8/31/20** | $1139594 | $1198439 | $1266051 |
| **9/30/20** | $1139151 | $1197782 | $1266899 |
| **10/31/20** | $1136334 | $1192434 | $1270676 |
| **11/30/20** | $1160954 | $1204134 | $1307426 |
| **12/31/20** | $1173071 | $1205794 | $1328366 |
| **1/31/21** | $1181232 | $1197148 | $1341195 |
| **2/28/21** | $1183343 | $1179861 | $1350547 |
| **3/31/21** | $1179804 | $1165128 | $1356312 |
| **4/30/21** | $1185327 | $1174333 | $1365958 |
| **5/31/21** | $1189033 | $1178169 | $1373049 |
| **6/30/21** | $1194992 | $1186447 | $1382532 |
| **7/31/21** | $1195262 | $1199713 | $1382324 |
| **8/31/21** | $1200429 | $1197429 | $1389203 |
| **9/30/21** | $1203653 | $1187061 | $1396060 |
| **10/31/21** | $1202915 | $1186734 | $1398015 |
| **11/30/21** | $1196744 | $1190245 | $1391239 |
| **12/31/21** | $1211407 | $1187200 | $1404594 |
| **1/31/22** | $1204534 | $1161622 | $1397526 |
| **2/28/22** | $1199495 | $1148663 | $1391989 |
| **3/31/22** | $1199099 | $1116751 | $1389928 |
| **4/30/22** | $1193083 | $1074373 | $1377841 |
| **5/31/22** | $1177922 | $1081300 | $1360506 |
| **6/30/22** | $1133936 | $1064336 | $1312874 |
| **7/31/22** | $1170605 | $1090343 | $1354234 |
| **8/31/22** | $1170451 | $1059533 | $1356513 |
| **9/30/22** | $1147964 | $1013755 | $1325953 |
| **10/31/22** | $1168374 | $1000624 | $1347956 |
| **11/30/22** | $1184295 | $1037423 | $1365762 |
| **12/31/22** | $1186019 | $1032743 | $1366538 |
| **1/31/23** | $1217393 | $1064515 | $1405501 |
| **2/28/23** | $1216014 | $1036991 | $1405759 |
| **3/31/23** | $1219912 | $1063333 | $1410370 |
| **4/30/23** | $1226197 | $1069778 | $1423178 |
| **5/31/23** | $1220428 | $1058130 | $1418474 |
| **6/30/23** | $1239308 | $1054356 | $1445732 |
| **7/31/23** | $1256152 | $1053621 | $1463352 |
| **8/31/23** | $1265734 | $1046891 | $1476514 |
| **9/30/23** | $1261140 | $1020288 | $1479134 |
| **10/31/23** | $1254256 | $1004186 | $1470629 |
| **11/30/23** | $1288194 | $1049662 | $1504965 |
| **12/31/23** | $1321734 | $1089842 | $1539231 |
| **1/31/24** | $1325313 | $1086849 | $1545438 |
| **2/29/24** | $1335174 | $1071494 | $1557600 |
| **3/31/24** | $1350545 | $1081388 | $1571439 |
| **4/30/24** | $1351995 | $1054074 | $1571720 |
| **5/31/24** | $1367773 | $1071944 | $1586713 |
| **6/30/24** | $1373765 | $1082092 | $1596080 |
| **7/31/24** | $1390430 | $1107367 | $1615581 |
| **8/31/24** | $1404767 | $1123279 | $1632569 |
| **9/30/24** | $1417518 | $1138319 | $1651343 |
| **10/31/24** | $1422079 | $1110090 | $1657722 |
| **11/30/24** | $1439214 | $1121827 | $1673503 |
| **12/31/24** | $1444086 | $1103468 | $1677547 |
| **1/31/25** | $1456598 | $1109322 | $1694701 |
| **2/28/25** | $1459998 | $1133729 | $1701037 |
| **3/31/25** | $1448958 | $1134155 | $1688782 |
| **4/30/25** | $1447992 | $1138613 | $1687828 |
| **5/31/25** | $1475848 | $1130460 | $1714956 |
| **6/30/25** | $1491981 | $1147843 | $1735352 |
| **7/31/25** | $1500745 | $1144815 | $1746619 |
| **8/31/25** | $1513432 | $1158507 | $1759961 |
| **9/30/25** | $1523531 | $1171145 | $1769227 |
| **10/31/25** | $1528306 | $1178462 | $1774392 |
| **11/30/25** | $1536159 | $1185785 | $1779364 |
| **12/31/25** | $1546656 | $1184031 | $1791797 |
| **1/31/26** | $1546398 | $1185295 | $1793215 |
| **2/28/26** | $1540519 | $1204706 | $1785876 |
| **3/31/26** | $1536395 | $1183475 | $1785291 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 6.03% | 5.42% | 4.39% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |
| 50% ICE BofA 1-5 Year US High Yield Constrained Index; 50% J.P. Morgan Leveraged Loan Index | 5.71% | 5.65% | 5.97% |

---

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 | $131524 |
| # of Portfolio Holdings | 430 |
| Portfolio Turnover Rate | 69% |
| Total Net Advisory Fees Paid During the Reporting Period | $572 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Loan Participations and Assignments | 50.0% |
| Corporate Bonds & Notes | 29.1% |
| U.S. Treasury Obligations | 4.2% |
| Common Stocks | 0.4% |
| Short-Term Instruments | 6.8% |
| Affiliated Investments | 9.5% |
| Financial Derivative Instruments | 0.1% |
| 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 Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# I-2: PSRPX
![Image](g14608g91c27.jpg)

# PIMCO Low Duration Credit Fund
Annual Shareholder Report \|

March 31, 2026

PIMS2002TSRAR_033126

# Class A: PFIAX

# PIMCO Low Duration Income Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Low Duration Income Fund (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)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $95 | 0.92% |

---

## 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 the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained elevated.

* Holdings of agency mortgage-backed securities ("MBS") contributed to performance, as this sector posted positive total returns.

* Holdings of non-agency MBS contributed to performance, as this sector posted positive total returns.

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

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

* Long exposure to the Japanese yen detracted from performance, as the Japanese yen depreciated versus the U.S. dollar.

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg U.S. Aggregate 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](g14608g52u05.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. Aggregate 1-3 Years Index** |
| **3/31/16** | $9771 | $10000 | $10000 |
| **4/30/16** | $10032 | $10038 | $10014 |
| **5/31/16** | $10139 | $10041 | $10008 |
| **6/30/16** | $10180 | $10221 | $10068 |
| **7/31/16** | $10403 | $10286 | $10070 |
| **8/31/16** | $10572 | $10274 | $10059 |
| **9/30/16** | $10629 | $10268 | $10071 |
| **10/31/16** | $10721 | $10190 | $10068 |
| **11/30/16** | $10709 | $9949 | $10027 |
| **12/31/16** | $10898 | $9963 | $10033 |
| **1/31/17** | $10994 | $9982 | $10052 |
| **2/28/17** | $11073 | $10049 | $10068 |
| **3/31/17** | $11138 | $10044 | $10074 |
| **4/30/17** | $11199 | $10122 | $10093 |
| **5/31/17** | $11275 | $10199 | $10110 |
| **6/30/17** | $11300 | $10189 | $10106 |
| **7/31/17** | $11363 | $10233 | $10132 |
| **8/31/17** | $11417 | $10325 | $10153 |
| **9/30/17** | $11444 | $10276 | $10140 |
| **10/31/17** | $11485 | $10282 | $10138 |
| **11/30/17** | $11484 | $10268 | $10117 |
| **12/31/17** | $11510 | $10316 | $10120 |
| **1/31/18** | $11519 | $10197 | $10093 |
| **2/28/18** | $11505 | $10100 | $10083 |
| **3/31/18** | $11570 | $10165 | $10099 |
| **4/30/18** | $11568 | $10089 | $10089 |
| **5/31/18** | $11568 | $10161 | $10127 |
| **6/30/18** | $11567 | $10149 | $10128 |
| **7/31/18** | $11633 | $10151 | $10134 |
| **8/31/18** | $11623 | $10216 | $10169 |
| **9/30/18** | $11649 | $10151 | $10162 |
| **10/31/18** | $11651 | $10070 | $10173 |
| **11/30/18** | $11628 | $10131 | $10203 |
| **12/31/18** | $11641 | $10317 | $10282 |
| **1/31/19** | $11810 | $10426 | $10323 |
| **2/28/19** | $11885 | $10420 | $10339 |
| **3/31/19** | $11950 | $10620 | $10407 |
| **4/30/19** | $12042 | $10623 | $10430 |
| **5/31/19** | $12039 | $10812 | $10504 |
| **6/30/19** | $12160 | $10947 | $10562 |
| **7/31/19** | $12198 | $10971 | $10558 |
| **8/31/19** | $12070 | $11256 | $10641 |
| **9/30/19** | $12129 | $11196 | $10636 |
| **10/31/19** | $12188 | $11230 | $10672 |
| **11/30/19** | $12233 | $11224 | $10673 |
| **12/31/19** | $12371 | $11216 | $10697 |
| **1/31/20** | $12402 | $11432 | $10757 |
| **2/29/20** | $12332 | $11638 | $10845 |
| **3/31/20** | $11552 | $11569 | $10889 |
| **4/30/20** | $11802 | $11775 | $10948 |
| **5/31/20** | $12037 | $11830 | $10969 |
| **6/30/20** | $12186 | $11904 | $10984 |
| **7/31/20** | $12350 | $12082 | $11001 |
| **8/31/20** | $12484 | $11984 | $11003 |
| **9/30/20** | $12457 | $11978 | $11002 |
| **10/31/20** | $12504 | $11924 | $11001 |
| **11/30/20** | $12743 | $12041 | $11012 |
| **12/31/20** | $12909 | $12058 | $11027 |
| **1/31/21** | $12964 | $11971 | $11031 |
| **2/28/21** | $12975 | $11799 | $11024 |
| **3/31/21** | $12970 | $11651 | $11018 |
| **4/30/21** | $13041 | $11743 | $11027 |
| **5/31/21** | $13067 | $11782 | $11040 |
| **6/30/21** | $13092 | $11864 | $11024 |
| **7/31/21** | $13088 | $11997 | $11043 |
| **8/31/21** | $13129 | $11974 | $11043 |
| **9/30/21** | $13140 | $11871 | $11034 |
| **10/31/21** | $13105 | $11867 | $10998 |
| **11/30/21** | $13040 | $11902 | $10989 |
| **12/31/21** | $13163 | $11872 | $10972 |
| **1/31/22** | $13067 | $11616 | $10894 |
| **2/28/22** | $12848 | $11487 | $10845 |
| **3/31/22** | $12721 | $11168 | $10697 |
| **4/30/22** | $12533 | $10744 | $10638 |
| **5/31/22** | $12575 | $10813 | $10703 |
| **6/30/22** | $12254 | $10643 | $10629 |
| **7/31/22** | $12567 | $10903 | $10686 |
| **8/31/22** | $12524 | $10595 | $10600 |
| **9/30/22** | $12170 | $10138 | $10470 |
| **10/31/22** | $12221 | $10006 | $10456 |
| **11/30/22** | $12490 | $10374 | $10543 |
| **12/31/22** | $12533 | $10327 | $10564 |
| **1/31/23** | $12840 | $10645 | $10650 |
| **2/28/23** | $12742 | $10370 | $10570 |
| **3/31/23** | $12726 | $10633 | $10723 |
| **4/30/23** | $12774 | $10698 | $10760 |
| **5/31/23** | $12791 | $10581 | $10728 |
| **6/30/23** | $12955 | $10544 | $10685 |
| **7/31/23** | $13088 | $10536 | $10730 |
| **8/31/23** | $13054 | $10469 | $10770 |
| **9/30/23** | $12987 | $10203 | $10763 |
| **10/31/23** | $12870 | $10042 | $10798 |
| **11/30/23** | $13189 | $10497 | $10923 |
| **12/31/23** | $13442 | $10898 | $11055 |
| **1/31/24** | $13543 | $10868 | $11099 |
| **2/29/24** | $13577 | $10715 | $11060 |
| **3/31/24** | $13713 | $10814 | $11105 |
| **4/30/24** | $13627 | $10541 | $11067 |
| **5/31/24** | $13816 | $10719 | $11148 |
| **6/30/24** | $13860 | $10821 | $11210 |
| **7/31/24** | $14077 | $11074 | $11343 |
| **8/31/24** | $14156 | $11233 | $11447 |
| **9/30/24** | $14305 | $11383 | $11542 |
| **10/31/24** | $14191 | $11101 | $11475 |
| **11/30/24** | $14377 | $11218 | $11514 |
| **12/31/24** | $14344 | $11035 | $11540 |
| **1/31/25** | $14515 | $11093 | $11592 |
| **2/28/25** | $14704 | $11337 | $11674 |
| **3/31/25** | $14731 | $11342 | $11728 |
| **4/30/25** | $14723 | $11386 | $11815 |
| **5/31/25** | $14805 | $11305 | $11801 |
| **6/30/25** | $14998 | $11478 | $11877 |
| **7/31/25** | $15063 | $11448 | $11875 |
| **8/31/25** | $15257 | $11585 | $11980 |
| **9/30/25** | $15340 | $11711 | $12019 |
| **10/31/25** | $15499 | $11785 | $12061 |
| **11/30/25** | $15583 | $11858 | $12117 |
| **12/31/25** | $15689 | $11840 | $12162 |
| **1/31/26** | $15774 | $11853 | $12189 |
| **2/28/26** | $15869 | $12047 | $12253 |
| **3/31/26** | $15660 | $11835 | $12201 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 6.30% | 3.84% | 4.83% |
| Class A (including sales charge) | 3.88% | 3.37% | 4.59% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |
| Bloomberg U.S. Aggregate 1-3 Years Index | 4.03% | 2.06% | 2.01% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $18435111 |
| # of Portfolio Holdings | 3091 |
| Portfolio Turnover Rate | 768% |
| Total Net Advisory Fees Paid During the Reporting Period | $45485 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 61.6% |
| Asset-Backed Securities | 17.0% |
| Non-Agency Mortgage-Backed Securities | 13.0% |
| Corporate Bonds & Notes | 11.7% |
| Sovereign Issues | 9.6% |
| U.S. Treasury Obligations | 6.9% |
| Loan Participations and Assignments | 2.5% |
| Common Stocks | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 14.2% |
| Affiliated Investments | 20.4% |
| Financial Derivative Instruments | 0.2% |
| Other Assets and Liabilities, Net | (57.4%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Class A: PFIAX
![Image](g14608g91c27.jpg)

# PIMCO Low Duration Income Fund
Annual Shareholder Report \|

March 31, 2026

PIMS4041TSRAR_033126

# Class C: PFNCX

# PIMCO Low Duration Income Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Low Duration Income Fund (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)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $126 | 1.22% |

---

## 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 the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained elevated.

* Holdings of agency mortgage-backed securities ("MBS") contributed to performance, as this sector posted positive total returns.

* Holdings of non-agency MBS contributed to performance, as this sector posted positive total returns.

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

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

* Long exposure to the Japanese yen detracted from performance, as the Japanese yen depreciated versus the U.S. dollar.

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg U.S. Aggregate 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](g14608g84f70.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. Aggregate 1-3 Years Index** |
| **3/31/16** | $10000 | $10000 | $10000 |
| **4/30/16** | $10265 | $10038 | $10014 |
| **5/31/16** | $10371 | $10041 | $10008 |
| **6/30/16** | $10412 | $10221 | $10068 |
| **7/31/16** | $10636 | $10286 | $10070 |
| **8/31/16** | $10807 | $10274 | $10059 |
| **9/30/16** | $10862 | $10268 | $10071 |
| **10/31/16** | $10954 | $10190 | $10068 |
| **11/30/16** | $10939 | $9949 | $10027 |
| **12/31/16** | $11128 | $9963 | $10033 |
| **1/31/17** | $11224 | $9982 | $10052 |
| **2/28/17** | $11302 | $10049 | $10068 |
| **3/31/17** | $11365 | $10044 | $10074 |
| **4/30/17** | $11425 | $10122 | $10093 |
| **5/31/17** | $11500 | $10199 | $10110 |
| **6/30/17** | $11522 | $10189 | $10106 |
| **7/31/17** | $11584 | $10233 | $10132 |
| **8/31/17** | $11635 | $10325 | $10153 |
| **9/30/17** | $11660 | $10276 | $10140 |
| **10/31/17** | $11699 | $10282 | $10138 |
| **11/30/17** | $11695 | $10268 | $10117 |
| **12/31/17** | $11719 | $10316 | $10120 |
| **1/31/18** | $11725 | $10197 | $10093 |
| **2/28/18** | $11708 | $10100 | $10083 |
| **3/31/18** | $11771 | $10165 | $10099 |
| **4/30/18** | $11766 | $10089 | $10089 |
| **5/31/18** | $11763 | $10161 | $10127 |
| **6/30/18** | $11759 | $10149 | $10128 |
| **7/31/18** | $11823 | $10151 | $10134 |
| **8/31/18** | $11810 | $10216 | $10169 |
| **9/30/18** | $11834 | $10151 | $10162 |
| **10/31/18** | $11833 | $10070 | $10173 |
| **11/30/18** | $11806 | $10131 | $10203 |
| **12/31/18** | $11817 | $10317 | $10282 |
| **1/31/19** | $11986 | $10426 | $10323 |
| **2/28/19** | $12059 | $10420 | $10339 |
| **3/31/19** | $12122 | $10620 | $10407 |
| **4/30/19** | $12212 | $10623 | $10430 |
| **5/31/19** | $12206 | $10812 | $10504 |
| **6/30/19** | $12325 | $10947 | $10562 |
| **7/31/19** | $12361 | $10971 | $10558 |
| **8/31/19** | $12228 | $11256 | $10641 |
| **9/30/19** | $12284 | $11196 | $10636 |
| **10/31/19** | $12341 | $11230 | $10672 |
| **11/30/19** | $12384 | $11224 | $10673 |
| **12/31/19** | $12520 | $11216 | $10697 |
| **1/31/20** | $12549 | $11432 | $10757 |
| **2/29/20** | $12475 | $11638 | $10845 |
| **3/31/20** | $11682 | $11569 | $10889 |
| **4/30/20** | $11932 | $11775 | $10948 |
| **5/31/20** | $12167 | $11830 | $10969 |
| **6/30/20** | $12315 | $11904 | $10984 |
| **7/31/20** | $12477 | $12082 | $11001 |
| **8/31/20** | $12610 | $11984 | $11003 |
| **9/30/20** | $12579 | $11978 | $11002 |
| **10/31/20** | $12624 | $11924 | $11001 |
| **11/30/20** | $12862 | $12041 | $11012 |
| **12/31/20** | $13026 | $12058 | $11027 |
| **1/31/21** | $13078 | $11971 | $11031 |
| **2/28/21** | $13086 | $11799 | $11024 |
| **3/31/21** | $13078 | $11651 | $11018 |
| **4/30/21** | $13146 | $11743 | $11027 |
| **5/31/21** | $13168 | $11782 | $11040 |
| **6/30/21** | $13191 | $11864 | $11024 |
| **7/31/21** | $13183 | $11997 | $11043 |
| **8/31/21** | $13221 | $11974 | $11043 |
| **9/30/21** | $13229 | $11871 | $11034 |
| **10/31/21** | $13190 | $11867 | $10998 |
| **11/30/21** | $13122 | $11902 | $10989 |
| **12/31/21** | $13242 | $11872 | $10972 |
| **1/31/22** | $13142 | $11616 | $10894 |
| **2/28/22** | $12919 | $11487 | $10845 |
| **3/31/22** | $12788 | $11168 | $10697 |
| **4/30/22** | $12595 | $10744 | $10638 |
| **5/31/22** | $12634 | $10813 | $10703 |
| **6/30/22** | $12309 | $10643 | $10629 |
| **7/31/22** | $12621 | $10903 | $10686 |
| **8/31/22** | $12574 | $10595 | $10600 |
| **9/30/22** | $12216 | $10138 | $10470 |
| **10/31/22** | $12263 | $10006 | $10456 |
| **11/30/22** | $12531 | $10374 | $10543 |
| **12/31/22** | $12570 | $10327 | $10564 |
| **1/31/23** | $12875 | $10645 | $10650 |
| **2/28/23** | $12774 | $10370 | $10570 |
| **3/31/23** | $12754 | $10633 | $10723 |
| **4/30/23** | $12800 | $10698 | $10760 |
| **5/31/23** | $12813 | $10581 | $10728 |
| **6/30/23** | $12975 | $10544 | $10685 |
| **7/31/23** | $13104 | $10536 | $10730 |
| **8/31/23** | $13067 | $10469 | $10770 |
| **9/30/23** | $12997 | $10203 | $10763 |
| **10/31/23** | $12877 | $10042 | $10798 |
| **11/30/23** | $13193 | $10497 | $10923 |
| **12/31/23** | $13442 | $10898 | $11055 |
| **1/31/24** | $13540 | $10868 | $11099 |
| **2/29/24** | $13571 | $10715 | $11060 |
| **3/31/24** | $13703 | $10814 | $11105 |
| **4/30/24** | $13614 | $10541 | $11067 |
| **5/31/24** | $13799 | $10719 | $11148 |
| **6/30/24** | $13839 | $10821 | $11210 |
| **7/31/24** | $14053 | $11074 | $11343 |
| **8/31/24** | $14128 | $11233 | $11447 |
| **9/30/24** | $14273 | $11383 | $11542 |
| **10/31/24** | $14156 | $11101 | $11475 |
| **11/30/24** | $14338 | $11218 | $11514 |
| **12/31/24** | $14302 | $11035 | $11540 |
| **1/31/25** | $14468 | $11093 | $11592 |
| **2/28/25** | $14653 | $11337 | $11674 |
| **3/31/25** | $14677 | $11342 | $11728 |
| **4/30/25** | $14665 | $11386 | $11815 |
| **5/31/25** | $14743 | $11305 | $11801 |
| **6/30/25** | $14931 | $11478 | $11877 |
| **7/31/25** | $14992 | $11448 | $11875 |
| **8/31/25** | $15181 | $11585 | $11980 |
| **9/30/25** | $15261 | $11711 | $12019 |
| **10/31/25** | $15415 | $11785 | $12061 |
| **11/30/25** | $15495 | $11858 | $12117 |
| **12/31/25** | $15596 | $11840 | $12162 |
| **1/31/26** | $15677 | $11853 | $12189 |
| **2/28/26** | $15767 | $12047 | $12253 |
| **3/31/26** | $15556 | $11835 | $12201 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 5.99% | 3.53% | 4.52% |
| Class C (including sales charge) | 4.99% | 3.53% | 4.52% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |
| Bloomberg U.S. Aggregate 1-3 Years Index | 4.03% | 2.06% | 2.01% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $18435111 |
| # of Portfolio Holdings | 3091 |
| Portfolio Turnover Rate | 768% |
| Total Net Advisory Fees Paid During the Reporting Period | $45485 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 61.6% |
| Asset-Backed Securities | 17.0% |
| Non-Agency Mortgage-Backed Securities | 13.0% |
| Corporate Bonds & Notes | 11.7% |
| Sovereign Issues | 9.6% |
| U.S. Treasury Obligations | 6.9% |
| Loan Participations and Assignments | 2.5% |
| Common Stocks | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 14.2% |
| Affiliated Investments | 20.4% |
| Financial Derivative Instruments | 0.2% |
| Other Assets and Liabilities, Net | (57.4%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Class C: PFNCX
![Image](g14608g91c27.jpg)

# PIMCO Low Duration Income Fund
Annual Shareholder Report \|

March 31, 2026

PIMS4241TSRAR_033126

# Institutional Class: PFIIX

# PIMCO Low Duration Income Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Low Duration Income Fund (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)**.

## 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 | $54 | 0.52% |

---

## 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 the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained elevated.

* Holdings of agency mortgage-backed securities ("MBS") contributed to performance, as this sector posted positive total returns.

* Holdings of non-agency MBS contributed to performance, as this sector posted positive total returns.

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

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

* Long exposure to the Japanese yen detracted from performance, as the Japanese yen depreciated versus the U.S. dollar.

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg U.S. Aggregate 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](g14608g06b63.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. Aggregate 1-3 Years Index** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1027126 | $1003838 | $1001415 |
| **5/31/16** | $1038346 | $1004096 | $1000773 |
| **6/30/16** | $1042954 | $1022137 | $1006778 |
| **7/31/16** | $1066093 | $1028599 | $1006956 |
| **8/31/16** | $1083801 | $1027423 | $1005923 |
| **9/30/16** | $1089974 | $1026821 | $1007091 |
| **10/31/16** | $1099818 | $1018967 | $1006775 |
| **11/30/16** | $1098960 | $994865 | $1002700 |
| **12/31/16** | $1118686 | $996268 | $1003301 |
| **1/31/17** | $1128970 | $998223 | $1005183 |
| **2/28/17** | $1137446 | $1004932 | $1006804 |
| **3/31/17** | $1144524 | $1004405 | $1007407 |
| **4/30/17** | $1151147 | $1012156 | $1009269 |
| **5/31/17** | $1159348 | $1019947 | $1010999 |
| **6/30/17** | $1162283 | $1018920 | $1010580 |
| **7/31/17** | $1169212 | $1023305 | $1013194 |
| **8/31/17** | $1175086 | $1032484 | $1015258 |
| **9/30/17** | $1178317 | $1027566 | $1014024 |
| **10/31/17** | $1182903 | $1028161 | $1013790 |
| **11/30/17** | $1183225 | $1026841 | $1011652 |
| **12/31/17** | $1186304 | $1031554 | $1011978 |
| **1/31/18** | $1187631 | $1019674 | $1009260 |
| **2/28/18** | $1186496 | $1010008 | $1008303 |
| **3/31/18** | $1193613 | $1016485 | $1009909 |
| **4/30/18** | $1193811 | $1008925 | $1008868 |
| **5/31/18** | $1194236 | $1016126 | $1012665 |
| **6/30/18** | $1194496 | $1014876 | $1012787 |
| **7/31/18** | $1201713 | $1015117 | $1013355 |
| **8/31/18** | $1201142 | $1021649 | $1016932 |
| **9/30/18** | $1204241 | $1015070 | $1016212 |
| **10/31/18** | $1204807 | $1007049 | $1017286 |
| **11/30/18** | $1202846 | $1013060 | $1020275 |
| **12/31/18** | $1204629 | $1031671 | $1028205 |
| **1/31/19** | $1222499 | $1042627 | $1032285 |
| **2/28/19** | $1230635 | $1042023 | $1033902 |
| **3/31/19** | $1237778 | $1062032 | $1040710 |
| **4/30/19** | $1247665 | $1062304 | $1043048 |
| **5/31/19** | $1247845 | $1081161 | $1050371 |
| **6/30/19** | $1260746 | $1094739 | $1056178 |
| **7/31/19** | $1265156 | $1097147 | $1055823 |
| **8/31/19** | $1252315 | $1125576 | $1064109 |
| **9/30/19** | $1258848 | $1119581 | $1063630 |
| **10/31/19** | $1265400 | $1122953 | $1067247 |
| **11/30/19** | $1270494 | $1122381 | $1067251 |
| **12/31/19** | $1285227 | $1121599 | $1069718 |
| **1/31/20** | $1288897 | $1143184 | $1075749 |
| **2/29/20** | $1282062 | $1163759 | $1084508 |
| **3/31/20** | $1201387 | $1156911 | $1088864 |
| **4/30/20** | $1227757 | $1177476 | $1094821 |
| **5/31/20** | $1252691 | $1182959 | $1096895 |
| **6/30/20** | $1268578 | $1190410 | $1098436 |
| **7/31/20** | $1286036 | $1208191 | $1100087 |
| **8/31/20** | $1300487 | $1198439 | $1100259 |
| **9/30/20** | $1298110 | $1197782 | $1100183 |
| **10/31/20** | $1303416 | $1192434 | $1100140 |
| **11/30/20** | $1328790 | $1204134 | $1101224 |
| **12/31/20** | $1346502 | $1205794 | $1102659 |
| **1/31/21** | $1352707 | $1197148 | $1103091 |
| **2/28/21** | $1354262 | $1179861 | $1102393 |
| **3/31/21** | $1354262 | $1165128 | $1101834 |
| **4/30/21** | $1362072 | $1174333 | $1102723 |
| **5/31/21** | $1365203 | $1178169 | $1104043 |
| **6/30/21** | $1368342 | $1186447 | $1102392 |
| **7/31/21** | $1368342 | $1199713 | $1104303 |
| **8/31/21** | $1373071 | $1197429 | $1104314 |
| **9/30/21** | $1374651 | $1187061 | $1103393 |
| **10/31/21** | $1371484 | $1186734 | $1099795 |
| **11/30/21** | $1365134 | $1190245 | $1098877 |
| **12/31/21** | $1378457 | $1187200 | $1097219 |
| **1/31/22** | $1368862 | $1161622 | $1089360 |
| **2/28/22** | $1346422 | $1148663 | $1084485 |
| **3/31/22** | $1333568 | $1116751 | $1069745 |
| **4/30/22** | $1314241 | $1074373 | $1063794 |
| **5/31/22** | $1319085 | $1081300 | $1070325 |
| **6/30/22** | $1285905 | $1064336 | $1062928 |
| **7/31/22** | $1319190 | $1090343 | $1068585 |
| **8/31/22** | $1315118 | $1059533 | $1060014 |
| **9/30/22** | $1278360 | $1013755 | $1046976 |
| **10/31/22** | $1284096 | $1000624 | $1045623 |
| **11/30/22** | $1312869 | $1037423 | $1054280 |
| **12/31/22** | $1317745 | $1032743 | $1056362 |
| **1/31/23** | $1350476 | $1064515 | $1064974 |
| **2/28/23** | $1340659 | $1036991 | $1057022 |
| **3/31/23** | $1339373 | $1063333 | $1072334 |
| **4/30/23** | $1344968 | $1069778 | $1076012 |
| **5/31/23** | $1347129 | $1058130 | $1072768 |
| **6/30/23** | $1364923 | $1054356 | $1068468 |
| **7/31/23** | $1379304 | $1053621 | $1073029 |
| **8/31/23** | $1376241 | $1046891 | $1076982 |
| **9/30/23** | $1369657 | $1020288 | $1076335 |
| **10/31/23** | $1357743 | $1004186 | $1079782 |
| **11/30/23** | $1391864 | $1049662 | $1092339 |
| **12/31/23** | $1419007 | $1089842 | $1105470 |
| **1/31/24** | $1430177 | $1086849 | $1109856 |
| **2/29/24** | $1434215 | $1071494 | $1106002 |
| **3/31/24** | $1449079 | $1081388 | $1110497 |
| **4/30/24** | $1440486 | $1054074 | $1106736 |
| **5/31/24** | $1460922 | $1071944 | $1114807 |
| **6/30/24** | $1466029 | $1082092 | $1121042 |
| **7/31/24** | $1489485 | $1107367 | $1134341 |
| **8/31/24** | $1498323 | $1123279 | $1144682 |
| **9/30/24** | $1514601 | $1138319 | $1154176 |
| **10/31/24** | $1503079 | $1110090 | $1147540 |
| **11/30/24** | $1523244 | $1121827 | $1151425 |
| **12/31/24** | $1520283 | $1103468 | $1153973 |
| **1/31/25** | $1538860 | $1109322 | $1159222 |
| **2/28/25** | $1559428 | $1133729 | $1167423 |
| **3/31/25** | $1562873 | $1134155 | $1172780 |
| **4/30/25** | $1562488 | $1138613 | $1181503 |
| **5/31/25** | $1571759 | $1130460 | $1180087 |
| **6/30/25** | $1592716 | $1147843 | $1187691 |
| **7/31/25** | $1600124 | $1144815 | $1187515 |
| **8/31/25** | $1621276 | $1158507 | $1197966 |
| **9/30/25** | $1630720 | $1171145 | $1201939 |
| **10/31/25** | $1648114 | $1178462 | $1206090 |
| **11/30/25** | $1657646 | $1185785 | $1211695 |
| **12/31/25** | $1669399 | $1184031 | $1216157 |
| **1/31/26** | $1679042 | $1185295 | $1218949 |
| **2/28/26** | $1689722 | $1204706 | $1225312 |
| **3/31/26** | $1668027 | $1183475 | $1220088 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 6.73% | 4.26% | 5.25% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |
| Bloomberg U.S. Aggregate 1-3 Years Index | 4.03% | 2.06% | 2.01% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $18435111 |
| # of Portfolio Holdings | 3091 |
| Portfolio Turnover Rate | 768% |
| Total Net Advisory Fees Paid During the Reporting Period | $45485 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 61.6% |
| Asset-Backed Securities | 17.0% |
| Non-Agency Mortgage-Backed Securities | 13.0% |
| Corporate Bonds & Notes | 11.7% |
| Sovereign Issues | 9.6% |
| U.S. Treasury Obligations | 6.9% |
| Loan Participations and Assignments | 2.5% |
| Common Stocks | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 14.2% |
| Affiliated Investments | 20.4% |
| Financial Derivative Instruments | 0.2% |
| Other Assets and Liabilities, Net | (57.4%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Institutional Class: PFIIX
![Image](g14608g91c27.jpg)

# PIMCO Low Duration Income Fund
Annual Shareholder Report \|

March 31, 2026

PIMS1868TSRAR_033126

# I-2: PFTPX

# PIMCO Low Duration Income Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Low Duration Income Fund (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)**.

## 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 | $64 | 0.62% |

---

## 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 the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained elevated.

* Holdings of agency mortgage-backed securities ("MBS") contributed to performance, as this sector posted positive total returns.

* Holdings of non-agency MBS contributed to performance, as this sector posted positive total returns.

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

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

* Long exposure to the Japanese yen detracted from performance, as the Japanese yen depreciated versus the U.S. dollar.

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg U.S. Aggregate 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](g14608g83x04.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. Aggregate 1-3 Years Index** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1027040 | $1003838 | $1001415 |
| **5/31/16** | $1038176 | $1004096 | $1000773 |
| **6/30/16** | $1042698 | $1022137 | $1006778 |
| **7/31/16** | $1065747 | $1028599 | $1006956 |
| **8/31/16** | $1083357 | $1027423 | $1005923 |
| **9/30/16** | $1089434 | $1026821 | $1007091 |
| **10/31/16** | $1099187 | $1018967 | $1006775 |
| **11/30/16** | $1098239 | $994865 | $1002700 |
| **12/31/16** | $1117855 | $996268 | $1003301 |
| **1/31/17** | $1128042 | $998223 | $1005183 |
| **2/28/17** | $1136415 | $1004932 | $1006804 |
| **3/31/17** | $1143384 | $1004405 | $1007407 |
| **4/30/17** | $1149915 | $1012156 | $1009269 |
| **5/31/17** | $1158012 | $1019947 | $1010999 |
| **6/30/17** | $1160841 | $1018920 | $1010580 |
| **7/31/17** | $1167672 | $1023305 | $1013194 |
| **8/31/17** | $1173441 | $1032484 | $1015258 |
| **9/30/17** | $1176568 | $1027566 | $1014024 |
| **10/31/17** | $1181052 | $1028161 | $1013790 |
| **11/30/17** | $1181277 | $1026841 | $1011652 |
| **12/31/17** | $1184246 | $1031554 | $1011978 |
| **1/31/18** | $1185473 | $1019674 | $1009260 |
| **2/28/18** | $1184249 | $1010008 | $1008303 |
| **3/31/18** | $1191248 | $1016485 | $1009909 |
| **4/30/18** | $1191352 | $1008925 | $1008868 |
| **5/31/18** | $1191680 | $1016126 | $1012665 |
| **6/30/18** | $1191837 | $1014876 | $1012787 |
| **7/31/18** | $1198941 | $1015117 | $1013355 |
| **8/31/18** | $1198260 | $1021649 | $1016932 |
| **9/30/18** | $1201262 | $1015070 | $1016212 |
| **10/31/18** | $1201726 | $1007049 | $1017286 |
| **11/30/18** | $1199665 | $1013060 | $1020275 |
| **12/31/18** | $1201344 | $1031671 | $1028205 |
| **1/31/19** | $1219067 | $1042627 | $1032285 |
| **2/28/19** | $1227089 | $1042023 | $1033902 |
| **3/31/19** | $1234101 | $1062032 | $1040710 |
| **4/30/19** | $1243858 | $1062304 | $1043048 |
| **5/31/19** | $1243925 | $1081161 | $1050371 |
| **6/30/19** | $1256690 | $1094739 | $1056178 |
| **7/31/19** | $1260980 | $1097147 | $1055823 |
| **8/31/19** | $1248069 | $1125576 | $1064109 |
| **9/30/19** | $1254476 | $1119581 | $1063630 |
| **10/31/19** | $1260901 | $1122953 | $1067247 |
| **11/30/19** | $1265873 | $1122381 | $1067251 |
| **12/31/19** | $1280447 | $1121599 | $1069718 |
| **1/31/20** | $1283998 | $1143184 | $1075749 |
| **2/29/20** | $1277081 | $1163759 | $1084508 |
| **3/31/20** | $1196613 | $1156911 | $1088864 |
| **4/30/20** | $1222779 | $1177476 | $1094821 |
| **5/31/20** | $1247510 | $1182959 | $1096895 |
| **6/30/20** | $1263227 | $1190410 | $1098436 |
| **7/31/20** | $1280507 | $1208191 | $1100087 |
| **8/31/20** | $1294789 | $1198439 | $1100259 |
| **9/30/20** | $1292314 | $1197782 | $1100183 |
| **10/31/20** | $1297489 | $1192434 | $1100140 |
| **11/30/20** | $1322640 | $1204134 | $1101224 |
| **12/31/20** | $1340160 | $1205794 | $1102659 |
| **1/31/21** | $1346224 | $1197148 | $1103091 |
| **2/28/21** | $1347660 | $1179861 | $1102393 |
| **3/31/21** | $1347548 | $1165128 | $1101834 |
| **4/30/21** | $1355208 | $1174333 | $1102723 |
| **5/31/21** | $1358210 | $1178169 | $1104043 |
| **6/30/21** | $1361220 | $1186447 | $1102392 |
| **7/31/21** | $1361105 | $1199713 | $1104303 |
| **8/31/21** | $1365697 | $1197429 | $1104314 |
| **9/30/21** | $1367155 | $1187061 | $1103393 |
| **10/31/21** | $1363892 | $1186734 | $1099795 |
| **11/30/21** | $1357464 | $1190245 | $1098877 |
| **12/31/21** | $1370598 | $1187200 | $1097219 |
| **1/31/22** | $1360943 | $1161622 | $1089360 |
| **2/28/22** | $1338519 | $1148663 | $1084485 |
| **3/31/22** | $1325629 | $1116751 | $1069745 |
| **4/30/22** | $1306307 | $1074373 | $1063794 |
| **5/31/22** | $1311012 | $1081300 | $1070325 |
| **6/30/22** | $1277926 | $1064336 | $1062928 |
| **7/31/22** | $1310898 | $1090343 | $1068585 |
| **8/31/22** | $1306743 | $1059533 | $1060014 |
| **9/30/22** | $1270111 | $1013755 | $1046976 |
| **10/31/22** | $1275704 | $1000624 | $1045623 |
| **11/30/22** | $1304183 | $1037423 | $1054280 |
| **12/31/22** | $1308917 | $1032743 | $1056362 |
| **1/31/23** | $1341319 | $1064515 | $1064974 |
| **2/28/23** | $1331457 | $1036991 | $1057022 |
| **3/31/23** | $1330069 | $1063333 | $1072334 |
| **4/30/23** | $1335514 | $1069778 | $1076012 |
| **5/31/23** | $1337549 | $1058130 | $1072768 |
| **6/30/23** | $1355104 | $1054356 | $1068468 |
| **7/31/23** | $1369269 | $1053621 | $1073029 |
| **8/31/23** | $1366114 | $1046891 | $1076982 |
| **9/30/23** | $1359465 | $1020288 | $1076335 |
| **10/31/23** | $1347526 | $1004186 | $1079782 |
| **11/30/23** | $1381277 | $1049662 | $1092339 |
| **12/31/23** | $1408099 | $1089842 | $1105470 |
| **1/31/24** | $1419066 | $1086849 | $1109856 |
| **2/29/24** | $1422955 | $1071494 | $1106002 |
| **3/31/24** | $1437585 | $1081388 | $1110497 |
| **4/30/24** | $1428939 | $1054074 | $1106736 |
| **5/31/24** | $1449092 | $1071944 | $1114807 |
| **6/30/24** | $1454036 | $1082092 | $1121042 |
| **7/31/24** | $1477179 | $1107367 | $1134341 |
| **8/31/24** | $1485821 | $1123279 | $1144682 |
| **9/30/24** | $1501839 | $1138319 | $1154176 |
| **10/31/24** | $1490289 | $1110090 | $1147540 |
| **11/30/24** | $1510158 | $1121827 | $1151425 |
| **12/31/24** | $1507098 | $1103468 | $1153973 |
| **1/31/25** | $1525388 | $1109322 | $1159222 |
| **2/28/25** | $1545650 | $1133729 | $1167423 |
| **3/31/25** | $1548935 | $1134155 | $1172780 |
| **4/30/25** | $1548424 | $1138613 | $1181503 |
| **5/31/25** | $1557483 | $1130460 | $1180087 |
| **6/30/25** | $1578121 | $1147843 | $1187691 |
| **7/31/25** | $1585329 | $1144815 | $1187515 |
| **8/31/25** | $1606154 | $1158507 | $1197966 |
| **9/30/25** | $1615376 | $1171145 | $1201939 |
| **10/31/25** | $1632471 | $1178462 | $1206090 |
| **11/30/25** | $1641776 | $1185785 | $1211695 |
| **12/31/25** | $1653281 | $1184031 | $1216157 |
| **1/31/26** | $1662693 | $1185295 | $1218949 |
| **2/28/26** | $1673131 | $1204706 | $1225312 |
| **3/31/26** | $1651511 | $1183475 | $1220088 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 6.62% | 4.15% | 5.14% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |
| Bloomberg U.S. Aggregate 1-3 Years Index | 4.03% | 2.06% | 2.01% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $18435111 |
| # of Portfolio Holdings | 3091 |
| Portfolio Turnover Rate | 768% |
| Total Net Advisory Fees Paid During the Reporting Period | $45485 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 61.6% |
| Asset-Backed Securities | 17.0% |
| Non-Agency Mortgage-Backed Securities | 13.0% |
| Corporate Bonds & Notes | 11.7% |
| Sovereign Issues | 9.6% |
| U.S. Treasury Obligations | 6.9% |
| Loan Participations and Assignments | 2.5% |
| Common Stocks | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 14.2% |
| Affiliated Investments | 20.4% |
| Financial Derivative Instruments | 0.2% |
| Other Assets and Liabilities, Net | (57.4%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# I-2: PFTPX
![Image](g14608g91c27.jpg)

# PIMCO Low Duration Income Fund
Annual Shareholder Report \|

March 31, 2026

PIMS1906TSRAR_033126

# I-3: PFNIX

# PIMCO Low Duration Income Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Low Duration Income Fund (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)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-3 | $69 | 0.67% |

---

## 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 the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained elevated.

* Holdings of agency mortgage-backed securities ("MBS") contributed to performance, as this sector posted positive total returns.

* Holdings of non-agency MBS contributed to performance, as this sector posted positive total returns.

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

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

* Long exposure to the Japanese yen detracted from performance, as the Japanese yen depreciated versus the U.S. dollar.

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg U.S. Aggregate 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](g14608g61d28.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-3** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. Aggregate 1-3 Years Index** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1027068 | $1003838 | $1001415 |
| **5/31/16** | $1038227 | $1004096 | $1000773 |
| **6/30/16** | $1042775 | $1022137 | $1006778 |
| **7/31/16** | $1065847 | $1028599 | $1006956 |
| **8/31/16** | $1083486 | $1027423 | $1005923 |
| **9/30/16** | $1089596 | $1026821 | $1007091 |
| **10/31/16** | $1099371 | $1018967 | $1006775 |
| **11/30/16** | $1098451 | $994865 | $1002700 |
| **12/31/16** | $1118102 | $996268 | $1003301 |
| **1/31/17** | $1128286 | $998223 | $1005183 |
| **2/28/17** | $1136609 | $1004932 | $1006804 |
| **3/31/17** | $1143518 | $1004405 | $1007407 |
| **4/30/17** | $1149975 | $1012156 | $1009269 |
| **5/31/17** | $1158001 | $1019947 | $1010999 |
| **6/30/17** | $1160771 | $1018920 | $1010580 |
| **7/31/17** | $1167523 | $1023305 | $1013194 |
| **8/31/17** | $1173220 | $1032484 | $1015258 |
| **9/30/17** | $1176282 | $1027566 | $1014024 |
| **10/31/17** | $1180691 | $1028161 | $1013790 |
| **11/30/17** | $1180847 | $1026841 | $1011652 |
| **12/31/17** | $1183750 | $1031554 | $1011978 |
| **1/31/18** | $1184902 | $1019674 | $1009260 |
| **2/28/18** | $1183616 | $1010008 | $1008303 |
| **3/31/18** | $1190546 | $1016485 | $1009909 |
| **4/30/18** | $1190585 | $1008925 | $1008868 |
| **5/31/18** | $1190821 | $1016126 | $1012665 |
| **6/30/18** | $1190968 | $1014876 | $1012787 |
| **7/31/18** | $1198053 | $1015117 | $1013355 |
| **8/31/18** | $1197316 | $1021649 | $1016932 |
| **9/30/18** | $1200283 | $1015070 | $1016212 |
| **10/31/18** | $1200693 | $1007049 | $1017286 |
| **11/30/18** | $1198583 | $1013060 | $1020275 |
| **12/31/18** | $1200202 | $1031671 | $1028205 |
| **1/31/19** | $1217861 | $1042627 | $1032285 |
| **2/28/19** | $1225830 | $1042023 | $1033902 |
| **3/31/19** | $1232787 | $1062032 | $1040710 |
| **4/30/19** | $1242486 | $1062304 | $1043048 |
| **5/31/19** | $1242495 | $1081161 | $1050371 |
| **6/30/19** | $1255199 | $1094739 | $1056178 |
| **7/31/19** | $1259426 | $1097147 | $1055823 |
| **8/31/19** | $1246473 | $1125576 | $1064109 |
| **9/30/19** | $1252819 | $1119581 | $1063630 |
| **10/31/19** | $1259179 | $1122953 | $1067247 |
| **11/30/19** | $1264087 | $1122381 | $1067251 |
| **12/31/19** | $1278557 | $1121599 | $1069718 |
| **1/31/20** | $1282049 | $1143184 | $1075749 |
| **2/29/20** | $1275089 | $1163759 | $1084508 |
| **3/31/20** | $1194681 | $1156911 | $1088864 |
| **4/30/20** | $1220780 | $1177476 | $1094821 |
| **5/31/20** | $1245436 | $1182959 | $1096895 |
| **6/30/20** | $1261068 | $1190410 | $1098436 |
| **7/31/20** | $1278262 | $1208191 | $1100087 |
| **8/31/20** | $1292462 | $1198439 | $1100259 |
| **9/30/20** | $1289934 | $1197782 | $1100183 |
| **10/31/20** | $1295042 | $1192434 | $1100140 |
| **11/30/20** | $1320088 | $1204134 | $1101224 |
| **12/31/20** | $1337513 | $1205794 | $1102659 |
| **1/31/21** | $1343510 | $1197148 | $1103091 |
| **2/28/21** | $1344886 | $1179861 | $1102393 |
| **3/31/21** | $1344715 | $1165128 | $1101834 |
| **4/30/21** | $1352300 | $1174333 | $1102723 |
| **5/31/21** | $1355239 | $1178169 | $1104043 |
| **6/30/21** | $1358182 | $1186447 | $1102392 |
| **7/31/21** | $1358011 | $1199713 | $1104303 |
| **8/31/21** | $1362538 | $1197429 | $1104314 |
| **9/30/21** | $1363935 | $1187061 | $1103393 |
| **10/31/21** | $1360619 | $1186734 | $1099795 |
| **11/30/21** | $1354150 | $1190245 | $1098877 |
| **12/31/21** | $1367195 | $1187200 | $1097219 |
| **1/31/22** | $1357506 | $1161622 | $1089360 |
| **2/28/22** | $1335076 | $1148663 | $1084485 |
| **3/31/22** | $1322177 | $1116751 | $1069745 |
| **4/30/22** | $1302852 | $1074373 | $1063794 |
| **5/31/22** | $1307501 | $1081300 | $1070325 |
| **6/30/22** | $1274449 | $1064336 | $1062928 |
| **7/31/22** | $1307278 | $1090343 | $1068585 |
| **8/31/22** | $1303079 | $1059533 | $1060014 |
| **9/30/22** | $1266500 | $1013755 | $1046976 |
| **10/31/22** | $1272014 | $1000624 | $1045623 |
| **11/30/22** | $1300354 | $1037423 | $1054280 |
| **12/31/22** | $1305024 | $1032743 | $1056362 |
| **1/31/23** | $1337280 | $1064515 | $1064974 |
| **2/28/23** | $1327369 | $1036991 | $1057022 |
| **3/31/23** | $1325943 | $1063333 | $1072334 |
| **4/30/23** | $1331309 | $1069778 | $1076012 |
| **5/31/23** | $1333282 | $1058130 | $1072768 |
| **6/30/23** | $1350721 | $1054356 | $1068468 |
| **7/31/23** | $1364793 | $1053621 | $1073029 |
| **8/31/23** | $1361605 | $1046891 | $1076982 |
| **9/30/23** | $1354906 | $1020288 | $1076335 |
| **10/31/23** | $1342968 | $1004186 | $1079782 |
| **11/30/23** | $1376524 | $1049662 | $1092339 |
| **12/31/23** | $1403180 | $1089842 | $1105470 |
| **1/31/24** | $1414065 | $1086849 | $1109856 |
| **2/29/24** | $1417872 | $1071494 | $1106002 |
| **3/31/24** | $1432385 | $1081388 | $1110497 |
| **4/30/24** | $1423717 | $1054074 | $1106736 |
| **5/31/24** | $1443724 | $1071944 | $1114807 |
| **6/30/24** | $1448583 | $1082092 | $1121042 |
| **7/31/24** | $1471599 | $1107367 | $1134341 |
| **8/31/24** | $1480147 | $1123279 | $1144682 |
| **9/30/24** | $1496044 | $1138319 | $1154176 |
| **10/31/24** | $1484473 | $1110090 | $1147540 |
| **11/30/24** | $1504209 | $1121827 | $1151425 |
| **12/31/24** | $1501088 | $1103468 | $1153973 |
| **1/31/25** | $1519236 | $1109322 | $1159222 |
| **2/28/25** | $1539355 | $1133729 | $1167423 |
| **3/31/25** | $1542561 | $1134155 | $1172780 |
| **4/30/25** | $1541979 | $1138613 | $1181503 |
| **5/31/25** | $1550944 | $1130460 | $1180087 |
| **6/30/25** | $1571441 | $1147843 | $1187691 |
| **7/31/25** | $1578545 | $1144815 | $1187515 |
| **8/31/25** | $1599192 | $1158507 | $1197966 |
| **9/30/25** | $1608325 | $1171145 | $1201939 |
| **10/31/25** | $1625272 | $1178462 | $1206090 |
| **11/30/25** | $1634468 | $1185785 | $1211695 |
| **12/31/25** | $1645851 | $1184031 | $1216157 |
| **1/31/26** | $1655152 | $1185295 | $1218949 |
| **2/28/26** | $1665474 | $1204706 | $1225312 |
| **3/31/26** | $1643901 | $1183475 | $1220088 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-3 | 6.57% | 4.10% | 5.10% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |
| Bloomberg U.S. Aggregate 1-3 Years Index | 4.03% | 2.06% | 2.01% |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $18435111 |
| # of Portfolio Holdings | 3091 |
| Portfolio Turnover Rate | 768% |
| Total Net Advisory Fees Paid During the Reporting Period | $45485 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 61.6% |
| Asset-Backed Securities | 17.0% |
| Non-Agency Mortgage-Backed Securities | 13.0% |
| Corporate Bonds & Notes | 11.7% |
| Sovereign Issues | 9.6% |
| U.S. Treasury Obligations | 6.9% |
| Loan Participations and Assignments | 2.5% |
| Common Stocks | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 14.2% |
| Affiliated Investments | 20.4% |
| Financial Derivative Instruments | 0.2% |
| Other Assets and Liabilities, Net | (57.4%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# I-3: PFNIX
![Image](g14608g91c27.jpg)

# PIMCO Low Duration Income Fund
Annual Shareholder Report \|

March 31, 2026

PIMS2189TSRAR_033126

# Class C-2: PLDCX

# PIMCO Low Duration Income Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Low Duration Income Fund (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)**.

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C-2 | $146 | 1.42% |

---

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

* Long exposure to the U.S. cash rate contributed to performance, as the 3-month Secured Overnight Financing Rate remained elevated.

* Holdings of agency mortgage-backed securities ("MBS") contributed to performance, as this sector posted positive total returns.

* Holdings of non-agency MBS contributed to performance, as this sector posted positive total returns.

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

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

* Long exposure to the Japanese yen detracted from performance, as the Japanese yen depreciated versus the U.S. dollar.

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg U.S. Aggregate 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 Class C-2 shares (10/21/2020), performance information shown in the graph and table for these shares is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and other expenses paid by Class C-2 shares. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g14608g61t05.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C-2 (excluding sales charge)** | **Bloomberg U.S. Aggregate Index** | **Bloomberg U.S. Aggregate 1-3 Years Index** |
| **3/31/16** | $10000 | $10000 | $10000 |
| **4/30/16** | $10264 | $10038 | $10014 |
| **5/31/16** | $10369 | $10041 | $10008 |
| **6/30/16** | $10407 | $10221 | $10068 |
| **7/31/16** | $10631 | $10286 | $10070 |
| **8/31/16** | $10799 | $10274 | $10059 |
| **9/30/16** | $10853 | $10268 | $10071 |
| **10/31/16** | $10943 | $10190 | $10068 |
| **11/30/16** | $10927 | $9949 | $10027 |
| **12/31/16** | $11115 | $9963 | $10033 |
| **1/31/17** | $11209 | $9982 | $10052 |
| **2/28/17** | $11285 | $10049 | $10068 |
| **3/31/17** | $11346 | $10044 | $10074 |
| **4/30/17** | $11403 | $10122 | $10093 |
| **5/31/17** | $11475 | $10199 | $10110 |
| **6/30/17** | $11495 | $10189 | $10106 |
| **7/31/17** | $11554 | $10233 | $10132 |
| **8/31/17** | $11602 | $10325 | $10153 |
| **9/30/17** | $11625 | $10276 | $10140 |
| **10/31/17** | $11661 | $10282 | $10138 |
| **11/30/17** | $11655 | $10268 | $10117 |
| **12/31/17** | $11676 | $10316 | $10120 |
| **1/31/18** | $11679 | $10197 | $10093 |
| **2/28/18** | $11659 | $10100 | $10083 |
| **3/31/18** | $11720 | $10165 | $10099 |
| **4/30/18** | $11713 | $10089 | $10089 |
| **5/31/18** | $11707 | $10161 | $10127 |
| **6/30/18** | $11701 | $10149 | $10128 |
| **7/31/18** | $11762 | $10151 | $10134 |
| **8/31/18** | $11747 | $10216 | $10169 |
| **9/30/18** | $11769 | $10151 | $10162 |
| **10/31/18** | $11765 | $10070 | $10173 |
| **11/30/18** | $11737 | $10131 | $10203 |
| **12/31/18** | $11745 | $10317 | $10282 |
| **1/31/19** | $11910 | $10426 | $10323 |
| **2/28/19** | $11981 | $10420 | $10339 |
| **3/31/19** | $12042 | $10620 | $10407 |
| **4/30/19** | $12129 | $10623 | $10430 |
| **5/31/19** | $12121 | $10812 | $10504 |
| **6/30/19** | $12237 | $10947 | $10562 |
| **7/31/19** | $12271 | $10971 | $10558 |
| **8/31/19** | $12137 | $11256 | $10641 |
| **9/30/19** | $12191 | $11196 | $10636 |
| **10/31/19** | $12245 | $11230 | $10672 |
| **11/30/19** | $12285 | $11224 | $10673 |
| **12/31/19** | $12418 | $11216 | $10697 |
| **1/31/20** | $12444 | $11432 | $10757 |
| **2/29/20** | $12369 | $11638 | $10845 |
| **3/31/20** | $11582 | $11569 | $10889 |
| **4/30/20** | $11827 | $11775 | $10948 |
| **5/31/20** | $12058 | $11830 | $10969 |
| **6/30/20** | $12202 | $11904 | $10984 |
| **7/31/20** | $12360 | $12082 | $11001 |
| **8/31/20** | $12490 | $11984 | $11003 |
| **9/30/20** | $12458 | $11978 | $11002 |
| **10/31/20** | $12499 | $11924 | $11001 |
| **11/30/20** | $12733 | $12041 | $11012 |
| **12/31/20** | $12893 | $12058 | $11027 |
| **1/31/21** | $12943 | $11971 | $11031 |
| **2/28/21** | $12948 | $11799 | $11024 |
| **3/31/21** | $12938 | $11651 | $11018 |
| **4/30/21** | $13003 | $11743 | $11027 |
| **5/31/21** | $13023 | $11782 | $11040 |
| **6/30/21** | $13043 | $11864 | $11024 |
| **7/31/21** | $13034 | $11997 | $11043 |
| **8/31/21** | $13069 | $11974 | $11043 |
| **9/30/21** | $13074 | $11871 | $11034 |
| **10/31/21** | $13034 | $11867 | $10998 |
| **11/30/21** | $12964 | $11902 | $10989 |
| **12/31/21** | $13081 | $11872 | $10972 |
| **1/31/22** | $12980 | $11616 | $10894 |
| **2/28/22** | $12758 | $11487 | $10845 |
| **3/31/22** | $12626 | $11168 | $10697 |
| **4/30/22** | $12434 | $10744 | $10638 |
| **5/31/22** | $12470 | $10813 | $10703 |
| **6/30/22** | $12147 | $10643 | $10629 |
| **7/31/22** | $12452 | $10903 | $10686 |
| **8/31/22** | $12405 | $10595 | $10600 |
| **9/30/22** | $12049 | $10138 | $10470 |
| **10/31/22** | $12094 | $10006 | $10456 |
| **11/30/22** | $12356 | $10374 | $10543 |
| **12/31/22** | $12392 | $10327 | $10564 |
| **1/31/23** | $12691 | $10645 | $10650 |
| **2/28/23** | $12589 | $10370 | $10570 |
| **3/31/23** | $12567 | $10633 | $10723 |
| **4/30/23** | $12610 | $10698 | $10760 |
| **5/31/23** | $12621 | $10581 | $10728 |
| **6/30/23** | $12779 | $10544 | $10685 |
| **7/31/23** | $12904 | $10536 | $10730 |
| **8/31/23** | $12865 | $10469 | $10770 |
| **9/30/23** | $12794 | $10203 | $10763 |
| **10/31/23** | $12673 | $10042 | $10798 |
| **11/30/23** | $12982 | $10497 | $10923 |
| **12/31/23** | $13226 | $10898 | $11055 |
| **1/31/24** | $13320 | $10868 | $11099 |
| **2/29/24** | $13347 | $10715 | $11060 |
| **3/31/24** | $13476 | $10814 | $11105 |
| **4/30/24** | $13386 | $10541 | $11067 |
| **5/31/24** | $13566 | $10719 | $11148 |
| **6/30/24** | $13603 | $10821 | $11210 |
| **7/31/24** | $13810 | $11074 | $11343 |
| **8/31/24** | $13882 | $11233 | $11447 |
| **9/30/24** | $14022 | $11383 | $11542 |
| **10/31/24** | $13905 | $11101 | $11475 |
| **11/30/24** | $14081 | $11218 | $11514 |
| **12/31/24** | $14043 | $11035 | $11540 |
| **1/31/25** | $14204 | $11093 | $11592 |
| **2/28/25** | $14384 | $11337 | $11674 |
| **3/31/25** | $14405 | $11342 | $11728 |
| **4/30/25** | $14390 | $11386 | $11815 |
| **5/31/25** | $14465 | $11305 | $11801 |
| **6/30/25** | $14647 | $11478 | $11877 |
| **7/31/25** | $14704 | $11448 | $11875 |
| **8/31/25** | $14887 | $11585 | $11980 |
| **9/30/25** | $14963 | $11711 | $12019 |
| **10/31/25** | $15111 | $11785 | $12061 |
| **11/30/25** | $15187 | $11858 | $12117 |
| **12/31/25** | $15284 | $11840 | $12162 |
| **1/31/26** | $15360 | $11853 | $12189 |
| **2/28/26** | $15447 | $12047 | $12253 |
| **3/31/26** | $15237 | $11835 | $12201 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C-2 (excluding sales charge) | 5.78% | 3.32% | 4.30% |
| Class C-2 (including sales charge) | 4.78% | 3.32% | 4.30% |
| Bloomberg U.S. Aggregate Index | 4.35% | 0.31% | 1.70% |
| Bloomberg U.S. Aggregate 1-3 Years Index | 4.03% | 2.06% | 2.01% |

---

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

**Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results.**Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.Differences in the Fund's performance versus an index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. The Cumulative Returns graph and Average Annual Total Returns table reflect any Contingent Deferred Sales Charge ("CDSC") that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns graph. Class C-2 shares are subject to a CDSC, which may apply if the shares are redeemed in the first year. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

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

---

| | |
|:---|:---|
| Total Net Assets | $18435111 |
| # of Portfolio Holdings | 3091 |
| Portfolio Turnover Rate | 768% |
| Total Net Advisory Fees Paid During the Reporting Period | $45485 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| U.S. Government Agencies | 61.6% |
| Asset-Backed Securities | 17.0% |
| Non-Agency Mortgage-Backed Securities | 13.0% |
| Corporate Bonds & Notes | 11.7% |
| Sovereign Issues | 9.6% |
| U.S. Treasury Obligations | 6.9% |
| Loan Participations and Assignments | 2.5% |
| Common Stocks | 0.2% |
| Other Investments | 0.1% |
| Short-Term Instruments | 14.2% |
| Affiliated Investments | 20.4% |
| Financial Derivative Instruments | 0.2% |
| Other Assets and Liabilities, Net | (57.4%) |
| Total | 100.0% |

---

---

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

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Class C-2: PLDCX
![Image](g14608g91c27.jpg)

# PIMCO Low Duration Income Fund
Annual Shareholder Report \|

March 31, 2026

PIMS4841TSRAR_033126

# Class A: PFANX

# PIMCO Preferred and Capital Securities Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Preferred and Capital Securities Fund (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 | $136 | 1.31% |

---

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

* Exposure to Additional Tier 1 Default Counterparty Claims contributed to performance versus the 70% ICE BofA 8% Constrained Core West Preferred & Jr Subordinated Securities Index and 30% ICE BofA Contingent Capital Index ("Index"), as prices rose.

* Security selection within U.S. non-financial retail preferreds, particularly underweight exposure to a wireless carrier, contributed to performance versus the Index, as spreads widened.

* Security selection within U.S. preferreds, particularly overweight exposure to a federal farm credit bank, contributed to performance versus the Index, as spreads tightened.

* U.K. duration positioning detracted from performance versus the Index, amid elevated rate volatility.

* U.S. duration positioning detracted from performance versus the Index, amid elevated rate volatility.

* Security selection within U.S. non-financial subordinated debt, particularly underweight exposure to a natural gas exporter, detracted from performance versus the Index, as spreads tightened.

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g14608g21n78.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **3/31/16** | $9622 | $10000 | $10000 |
| **4/30/16** | $9806 | $10017 | $10131 |
| **5/31/16** | $9929 | $10059 | $10273 |
| **6/30/16** | $9893 | $10251 | $10285 |
| **7/31/16** | $10233 | $10312 | $10544 |
| **8/31/16** | $10470 | $10307 | $10679 |
| **9/30/16** | $10430 | $10306 | $10617 |
| **10/31/16** | $10566 | $10206 | $10678 |
| **11/30/16** | $10409 | $10037 | $10408 |
| **12/31/16** | $10620 | $10065 | $10535 |
| **1/31/17** | $10790 | $10028 | $10754 |
| **2/28/17** | $10982 | $10114 | $10964 |
| **3/31/17** | $11046 | $10109 | $11031 |
| **4/30/17** | $11229 | $10178 | $11220 |
| **5/31/17** | $11381 | $10237 | $11341 |
| **6/30/17** | $11442 | $10208 | $11442 |
| **7/31/17** | $11650 | $10242 | $11575 |
| **8/31/17** | $11705 | $10335 | $11606 |
| **9/30/17** | $11779 | $10288 | $11658 |
| **10/31/17** | $11969 | $10331 | $11779 |
| **11/30/17** | $11936 | $10347 | $11782 |
| **12/31/17** | $11993 | $10370 | $11808 |
| **1/31/18** | $12118 | $10296 | $11747 |
| **2/28/18** | $12004 | $10273 | $11743 |
| **3/31/18** | $11916 | $10358 | $11709 |
| **4/30/18** | $11939 | $10320 | $11683 |
| **5/31/18** | $11765 | $10358 | $11639 |
| **6/30/18** | $11776 | $10377 | $11668 |
| **7/31/18** | $11940 | $10380 | $11794 |
| **8/31/18** | $11964 | $10412 | $11856 |
| **9/30/18** | $12003 | $10372 | $11824 |
| **10/31/18** | $11813 | $10352 | $11672 |
| **11/30/18** | $11562 | $10403 | $11447 |
| **12/31/18** | $11444 | $10553 | $11342 |
| **1/31/19** | $11928 | $10665 | $11902 |
| **2/28/19** | $12122 | $10678 | $12097 |
| **3/31/19** | $12214 | $10869 | $12210 |
| **4/30/19** | $12509 | $10875 | $12413 |
| **5/31/19** | $12410 | $11032 | $12396 |
| **6/30/19** | $12752 | $11186 | $12662 |
| **7/31/19** | $12927 | $11274 | $12846 |
| **8/31/19** | $13051 | $11530 | $12937 |
| **9/30/19** | $13205 | $11477 | $13055 |
| **10/31/19** | $13420 | $11457 | $13208 |
| **11/30/19** | $13572 | $11443 | $13255 |
| **12/31/19** | $13739 | $11420 | $13433 |
| **1/31/20** | $13932 | $11626 | $13617 |
| **2/29/20** | $13675 | $11768 | $13308 |
| **3/31/20** | $11840 | $11585 | $11787 |
| **4/30/20** | $12588 | $11773 | $12691 |
| **5/31/20** | $12884 | $11806 | $12959 |
| **6/30/20** | $13109 | $11865 | $13019 |
| **7/31/20** | $13485 | $11995 | $13500 |
| **8/31/20** | $13809 | $11908 | $13784 |
| **9/30/20** | $13692 | $11951 | $13691 |
| **10/31/20** | $13757 | $11952 | $13773 |
| **11/30/20** | $14444 | $12020 | $14264 |
| **12/31/20** | $14610 | $12057 | $14478 |
| **1/31/21** | $14583 | $11993 | $14403 |
| **2/28/21** | $14663 | $11806 | $14337 |
| **3/31/21** | $14737 | $11760 | $14497 |
| **4/30/21** | $14990 | $11790 | $14688 |
| **5/31/21** | $15044 | $11817 | $14778 |
| **6/30/21** | $15179 | $11874 | $14966 |
| **7/31/21** | $15232 | $12022 | $15028 |
| **8/31/21** | $15326 | $11998 | $15066 |
| **9/30/21** | $15328 | $11884 | $15050 |
| **10/31/21** | $15247 | $11853 | $15035 |
| **11/30/21** | $15044 | $11938 | $14835 |
| **12/31/21** | $15237 | $11890 | $15068 |
| **1/31/22** | $14930 | $11703 | $14716 |
| **2/28/22** | $14525 | $11547 | $14232 |
| **3/31/22** | $14321 | $11298 | $14130 |
| **4/30/22** | $13843 | $10994 | $13573 |
| **5/31/22** | $13716 | $10979 | $13609 |
| **6/30/22** | $12886 | $10813 | $12984 |
| **7/31/22** | $13583 | $11088 | $13669 |
| **8/31/22** | $13270 | $10799 | $13329 |
| **9/30/22** | $12509 | $10452 | $12748 |
| **10/31/22** | $12653 | $10416 | $12669 |
| **11/30/22** | $13084 | $10682 | $13160 |
| **12/31/22** | $13227 | $10556 | $13080 |
| **1/31/23** | $14026 | $10799 | $14065 |
| **2/28/23** | $13815 | $10626 | $13831 |
| **3/31/23** | $12546 | $10862 | $12923 |
| **4/30/23** | $12714 | $10918 | $13117 |
| **5/31/23** | $12698 | $10875 | $13040 |
| **6/30/23** | $12766 | $10869 | $13200 |
| **7/31/23** | $13090 | $10872 | $13493 |
| **8/31/23** | $12998 | $10858 | $13404 |
| **9/30/23** | $12943 | $10671 | $13294 |
| **10/31/23** | $12740 | $10595 | $12999 |
| **11/30/23** | $13397 | $10960 | $13763 |
| **12/31/23** | $13922 | $11310 | $14223 |
| **1/31/24** | $14096 | $11288 | $14546 |
| **2/29/24** | $14175 | $11210 | $14645 |
| **3/31/24** | $14447 | $11311 | $14836 |
| **4/30/24** | $14271 | $11129 | $14608 |
| **5/31/24** | $14559 | $11228 | $14893 |
| **6/30/24** | $14679 | $11325 | $14974 |
| **7/31/24** | $14890 | $11544 | $15153 |
| **8/31/24** | $15133 | $11670 | $15496 |
| **9/30/24** | $15398 | $11806 | $15823 |
| **10/31/24** | $15316 | $11646 | $15747 |
| **11/30/24** | $15398 | $11784 | $15839 |
| **12/31/24** | $15369 | $11694 | $15723 |
| **1/31/25** | $15486 | $11739 | $15861 |
| **2/28/25** | $15685 | $11881 | $16029 |
| **3/31/25** | $15576 | $11831 | $15849 |
| **4/30/25** | $15441 | $11948 | $15720 |
| **5/31/25** | $15660 | $11908 | $15927 |
| **6/30/25** | $15940 | $12022 | $16179 |
| **7/31/25** | $16060 | $12013 | $16397 |
| **8/31/25** | $16213 | $12078 | $16556 |
| **9/30/25** | $16458 | $12167 | $16798 |
| **10/31/25** | $16820 | $12263 | $16844 |
| **11/30/25** | $16837 | $12289 | $16808 |
| **12/31/25** | $16868 | $12263 | $16895 |
| **1/31/26** | $17042 | $12292 | $17105 |
| **2/28/26** | $17200 | $12465 | $17200 |
| **3/31/26** | $16776 | $12244 | $16783 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 7.71% | 2.63% | 5.72% |
| Class A (including sales charge) | 3.67% | 1.85% | 5.31% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| Supplemental Index<sup>Footnote Reference1</sup> | 5.89% | 2.97% | 5.31% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 70% ICE BofA 8% Constrained Core West Preferred & Jr Subordinated Securities Index and 30% ICE BofA Contingent Capital Index. |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $727682 |
| # of Portfolio Holdings | 552 |
| Portfolio Turnover Rate | 32% |
| Total Net Advisory Fees Paid During the Reporting Period | $3526 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 60.5% |
| Preferred Securities | 35.8% |
| Sovereign Issues | 0.3% |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 5.5% |
| Financial Derivative Instruments | 0.7% |
| Other Assets and Liabilities, Net | (3.3%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.06% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Class A: PFANX
![Image](g14608g91c27.jpg)

# PIMCO Preferred and Capital Securities Fund
Annual Shareholder Report \|

March 31, 2026

PIMS8021TSRAR_033126

# Class C: PFCJX

# PIMCO Preferred and Capital Securities Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Preferred and Capital Securities Fund (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 | $213 | 2.06% |

---

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

* Exposure to Additional Tier 1 Default Counterparty Claims contributed to performance versus the 70% ICE BofA 8% Constrained Core West Preferred & Jr Subordinated Securities Index and 30% ICE BofA Contingent Capital Index ("Index"), as prices rose.

* Security selection within U.S. non-financial retail preferreds, particularly underweight exposure to a wireless carrier, contributed to performance versus the Index, as spreads widened.

* Security selection within U.S. preferreds, particularly overweight exposure to a federal farm credit bank, contributed to performance versus the Index, as spreads tightened.

* U.K. duration positioning detracted from performance versus the Index, amid elevated rate volatility.

* U.S. duration positioning detracted from performance versus the Index, amid elevated rate volatility.

* Security selection within U.S. non-financial subordinated debt, particularly underweight exposure to a natural gas exporter, detracted from performance versus the Index, as spreads tightened.

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 2026 or the life of the Fund, if shorter. For periods prior to the inception date of Class C shares (8/23/2019), performance information shown in the graph and table for these shares is based on the performance of the Fund's Institutional Class shares, adjusted to reflect the fees and other expenses paid by Class C shares. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g14608g87z58.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **3/31/16** | $10000 | $10000 | $10000 |
| **4/30/16** | $10192 | $10017 | $10131 |
| **5/31/16** | $10299 | $10059 | $10273 |
| **6/30/16** | $10256 | $10251 | $10285 |
| **7/31/16** | $10610 | $10312 | $10544 |
| **8/31/16** | $10846 | $10307 | $10679 |
| **9/30/16** | $10792 | $10306 | $10617 |
| **10/31/16** | $10934 | $10206 | $10678 |
| **11/30/16** | $10772 | $10037 | $10408 |
| **12/31/16** | $10978 | $10065 | $10535 |
| **1/31/17** | $11155 | $10028 | $10754 |
| **2/28/17** | $11333 | $10114 | $10964 |
| **3/31/17** | $11397 | $10109 | $11031 |
| **4/30/17** | $11576 | $10178 | $11220 |
| **5/31/17** | $11732 | $10237 | $11341 |
| **6/30/17** | $11781 | $10208 | $11442 |
| **7/31/17** | $11985 | $10242 | $11575 |
| **8/31/17** | $12030 | $10335 | $11606 |
| **9/30/17** | $12109 | $10288 | $11658 |
| **10/31/17** | $12293 | $10331 | $11779 |
| **11/30/17** | $12259 | $10347 | $11782 |
| **12/31/17** | $12300 | $10370 | $11808 |
| **1/31/18** | $12417 | $10296 | $11747 |
| **2/28/18** | $12290 | $10273 | $11743 |
| **3/31/18** | $12206 | $10358 | $11709 |
| **4/30/18** | $12219 | $10320 | $11683 |
| **5/31/18** | $12030 | $10358 | $11639 |
| **6/30/18** | $12033 | $10377 | $11668 |
| **7/31/18** | $12201 | $10380 | $11794 |
| **8/31/18** | $12214 | $10412 | $11856 |
| **9/30/18** | $12240 | $10372 | $11824 |
| **10/31/18** | $12046 | $10352 | $11672 |
| **11/30/18** | $11781 | $10403 | $11447 |
| **12/31/18** | $11658 | $10553 | $11342 |
| **1/31/19** | $12138 | $10665 | $11902 |
| **2/28/19** | $12324 | $10678 | $12097 |
| **3/31/19** | $12414 | $10869 | $12210 |
| **4/30/19** | $12714 | $10875 | $12413 |
| **5/31/19** | $12603 | $11032 | $12396 |
| **6/30/19** | $12944 | $11186 | $12662 |
| **7/31/19** | $13108 | $11274 | $12846 |
| **8/31/19** | $13225 | $11530 | $12937 |
| **9/30/19** | $13373 | $11477 | $13055 |
| **10/31/19** | $13591 | $11457 | $13208 |
| **11/30/19** | $13731 | $11443 | $13255 |
| **12/31/19** | $13888 | $11420 | $13433 |
| **1/31/20** | $14082 | $11626 | $13617 |
| **2/29/20** | $13823 | $11768 | $13308 |
| **3/31/20** | $11948 | $11585 | $11787 |
| **4/30/20** | $12703 | $11773 | $12691 |
| **5/31/20** | $13003 | $11806 | $12959 |
| **6/30/20** | $13202 | $11865 | $13019 |
| **7/31/20** | $13581 | $11995 | $13500 |
| **8/31/20** | $13908 | $11908 | $13784 |
| **9/30/20** | $13777 | $11951 | $13691 |
| **10/31/20** | $13830 | $11952 | $13773 |
| **11/30/20** | $14510 | $12020 | $14264 |
| **12/31/20** | $14683 | $12057 | $14478 |
| **1/31/21** | $14630 | $11993 | $14403 |
| **2/28/21** | $14710 | $11806 | $14337 |
| **3/31/21** | $14775 | $11760 | $14497 |
| **4/30/21** | $15017 | $11790 | $14688 |
| **5/31/21** | $15057 | $11817 | $14778 |
| **6/30/21** | $15188 | $11874 | $14966 |
| **7/31/21** | $15229 | $12022 | $15028 |
| **8/31/21** | $15309 | $11998 | $15066 |
| **9/30/21** | $15310 | $11884 | $15050 |
| **10/31/21** | $15215 | $11853 | $15035 |
| **11/30/21** | $15012 | $11938 | $14835 |
| **12/31/21** | $15189 | $11890 | $15068 |
| **1/31/22** | $14868 | $11703 | $14716 |
| **2/28/22** | $14464 | $11547 | $14232 |
| **3/31/22** | $14249 | $11298 | $14130 |
| **4/30/22** | $13758 | $10994 | $13573 |
| **5/31/22** | $13617 | $10979 | $13609 |
| **6/30/22** | $12800 | $10813 | $12984 |
| **7/31/22** | $13480 | $11088 | $13669 |
| **8/31/22** | $13154 | $10799 | $13329 |
| **9/30/22** | $12400 | $10452 | $12748 |
| **10/31/22** | $12529 | $10416 | $12669 |
| **11/30/22** | $12958 | $10682 | $13160 |
| **12/31/22** | $13086 | $10556 | $13080 |
| **1/31/23** | $13865 | $10799 | $14065 |
| **2/28/23** | $13640 | $10626 | $13831 |
| **3/31/23** | $12377 | $10862 | $12923 |
| **4/30/23** | $12544 | $10918 | $13117 |
| **5/31/23** | $12513 | $10875 | $13040 |
| **6/30/23** | $12594 | $10869 | $13200 |
| **7/31/23** | $12899 | $10872 | $13493 |
| **8/31/23** | $12792 | $10858 | $13404 |
| **9/30/23** | $12730 | $10671 | $13294 |
| **10/31/23** | $12529 | $10595 | $12999 |
| **11/30/23** | $13162 | $10960 | $13763 |
| **12/31/23** | $13667 | $11310 | $14223 |
| **1/31/24** | $13823 | $11288 | $14546 |
| **2/29/24** | $13901 | $11210 | $14645 |
| **3/31/24** | $14162 | $11311 | $14836 |
| **4/30/24** | $13972 | $11129 | $14608 |
| **5/31/24** | $14240 | $11228 | $14893 |
| **6/30/24** | $14352 | $11325 | $14974 |
| **7/31/24** | $14559 | $11544 | $15153 |
| **8/31/24** | $14782 | $11670 | $15496 |
| **9/30/24** | $15031 | $11806 | $15823 |
| **10/31/24** | $14934 | $11646 | $15747 |
| **11/30/24** | $15015 | $11784 | $15839 |
| **12/31/24** | $14974 | $11694 | $15723 |
| **1/31/25** | $15072 | $11739 | $15861 |
| **2/28/25** | $15267 | $11881 | $16029 |
| **3/31/25** | $15156 | $11831 | $15849 |
| **4/30/25** | $15007 | $11948 | $15720 |
| **5/31/25** | $15205 | $11908 | $15927 |
| **6/30/25** | $15473 | $12022 | $16179 |
| **7/31/25** | $15573 | $12013 | $16397 |
| **8/31/25** | $15723 | $12078 | $16556 |
| **9/30/25** | $15949 | $12167 | $16798 |
| **10/31/25** | $16285 | $12263 | $16844 |
| **11/30/25** | $16302 | $12289 | $16808 |
| **12/31/25** | $16331 | $12263 | $16895 |
| **1/31/26** | $16484 | $12292 | $17105 |
| **2/28/26** | $16619 | $12465 | $17200 |
| **3/31/26** | $16195 | $12244 | $16783 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 6.86% | 1.85% | 4.94% |
| Class C (including sales charge) | 5.86% | 1.85% | 4.94% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| Supplemental Index<sup>Footnote Reference1</sup> | 5.89% | 2.97% | 5.31% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 70% ICE BofA 8% Constrained Core West Preferred & Jr Subordinated Securities Index and 30% ICE BofA Contingent Capital Index. |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $727682 |
| # of Portfolio Holdings | 552 |
| Portfolio Turnover Rate | 32% |
| Total Net Advisory Fees Paid During the Reporting Period | $3526 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 60.5% |
| Preferred Securities | 35.8% |
| Sovereign Issues | 0.3% |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 5.5% |
| Financial Derivative Instruments | 0.7% |
| Other Assets and Liabilities, Net | (3.3%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.06% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Class C: PFCJX
![Image](g14608g91c27.jpg)

# PIMCO Preferred and Capital Securities Fund
Annual Shareholder Report \|

March 31, 2026

PIMS8286TSRAR_033126

# Institutional Class: PFINX

# PIMCO Preferred and Capital Securities Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Preferred and Capital Securities Fund (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 | $100 | 0.96% |

---

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

* Exposure to Additional Tier 1 Default Counterparty Claims contributed to performance versus the 70% ICE BofA 8% Constrained Core West Preferred & Jr Subordinated Securities Index and 30% ICE BofA Contingent Capital Index ("Index"), as prices rose.

* Security selection within U.S. non-financial retail preferreds, particularly underweight exposure to a wireless carrier, contributed to performance versus the Index, as spreads widened.

* Security selection within U.S. preferreds, particularly overweight exposure to a federal farm credit bank, contributed to performance versus the Index, as spreads tightened.

* U.K. duration positioning detracted from performance versus the Index, amid elevated rate volatility.

* U.S. duration positioning detracted from performance versus the Index, amid elevated rate volatility.

* Security selection within U.S. non-financial subordinated debt, particularly underweight exposure to a natural gas exporter, detracted from performance versus the Index, as spreads tightened.

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g14608g71a78.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1020127 | $1001698 | $1013110 |
| **5/31/16** | $1031780 | $1005932 | $1027263 |
| **6/30/16** | $1028341 | $1025081 | $1028476 |
| **7/31/16** | $1064838 | $1031206 | $1054392 |
| **8/31/16** | $1089527 | $1030680 | $1067921 |
| **9/30/16** | $1085121 | $1030557 | $1061716 |
| **10/31/16** | $1100389 | $1020565 | $1067768 |
| **11/30/16** | $1085121 | $1003709 | $1040828 |
| **12/31/16** | $1106887 | $1006459 | $1053485 |
| **1/31/17** | $1125761 | $1002793 | $1075439 |
| **2/28/17** | $1144634 | $1011378 | $1096443 |
| **3/31/17** | $1152156 | $1010911 | $1103076 |
| **4/30/17** | $1171321 | $1017767 | $1121961 |
| **5/31/17** | $1188231 | $1023707 | $1134134 |
| **6/30/17** | $1194273 | $1020842 | $1144171 |
| **7/31/17** | $1216028 | $1024198 | $1157511 |
| **8/31/17** | $1221753 | $1033532 | $1160649 |
| **9/30/17** | $1230929 | $1028761 | $1165814 |
| **10/31/17** | $1250726 | $1033100 | $1177892 |
| **11/30/17** | $1248397 | $1034700 | $1178233 |
| **12/31/17** | $1253818 | $1037013 | $1180813 |
| **1/31/18** | $1266928 | $1029610 | $1174697 |
| **2/28/18** | $1255010 | $1027288 | $1174321 |
| **3/31/18** | $1247588 | $1035806 | $1170856 |
| **4/30/18** | $1250008 | $1031952 | $1168328 |
| **5/31/18** | $1231857 | $1035807 | $1163888 |
| **6/30/18** | $1233247 | $1037738 | $1166844 |
| **7/31/18** | $1251672 | $1038022 | $1179364 |
| **8/31/18** | $1254128 | $1041212 | $1185568 |
| **9/30/18** | $1257953 | $1037229 | $1182414 |
| **10/31/18** | $1239252 | $1035202 | $1167208 |
| **11/30/18** | $1213071 | $1040267 | $1144693 |
| **12/31/18** | $1201525 | $1055294 | $1134184 |
| **1/31/19** | $1252169 | $1066471 | $1190202 |
| **2/28/19** | $1272427 | $1067753 | $1209662 |
| **3/31/19** | $1282892 | $1086877 | $1221045 |
| **4/30/19** | $1315028 | $1087524 | $1241266 |
| **5/31/19** | $1304745 | $1103173 | $1239552 |
| **6/30/19** | $1341311 | $1118641 | $1266165 |
| **7/31/19** | $1359578 | $1127444 | $1284614 |
| **8/31/19** | $1372626 | $1153012 | $1293747 |
| **9/30/19** | $1389544 | $1147669 | $1305456 |
| **10/31/19** | $1412062 | $1145688 | $1320768 |
| **11/30/19** | $1427958 | $1144344 | $1325550 |
| **12/31/19** | $1446844 | $1141998 | $1343326 |
| **1/31/20** | $1468419 | $1162607 | $1361742 |
| **2/29/20** | $1441450 | $1176836 | $1330791 |
| **3/31/20** | $1248489 | $1158521 | $1178667 |
| **4/30/20** | $1326943 | $1177276 | $1269060 |
| **5/31/20** | $1359406 | $1180613 | $1295912 |
| **6/30/20** | $1382523 | $1186505 | $1301874 |
| **7/31/20** | $1423385 | $1199470 | $1349965 |
| **8/31/20** | $1458800 | $1190779 | $1378395 |
| **9/30/20** | $1446541 | $1195129 | $1369147 |
| **10/31/20** | $1453351 | $1195216 | $1377321 |
| **11/30/20** | $1526904 | $1202035 | $1426422 |
| **12/31/20** | $1544466 | $1205728 | $1447846 |
| **1/31/21** | $1541683 | $1199261 | $1440260 |
| **2/28/21** | $1551423 | $1180606 | $1433749 |
| **3/31/21** | $1558917 | $1175955 | $1449679 |
| **4/30/21** | $1585601 | $1179029 | $1468757 |
| **5/31/21** | $1592623 | $1181661 | $1477804 |
| **6/30/21** | $1607799 | $1187424 | $1496631 |
| **7/31/21** | $1613460 | $1202182 | $1502782 |
| **8/31/21** | $1623367 | $1199773 | $1506585 |
| **9/30/21** | $1623558 | $1188446 | $1505048 |
| **10/31/21** | $1616431 | $1185338 | $1503528 |
| **11/30/21** | $1595049 | $1193793 | $1483486 |
| **12/31/21** | $1615531 | $1188952 | $1506777 |
| **1/31/22** | $1583132 | $1170272 | $1471638 |
| **2/28/22** | $1541897 | $1154705 | $1423222 |
| **3/31/22** | $1521551 | $1129814 | $1413031 |
| **4/30/22** | $1469545 | $1099449 | $1357315 |
| **5/31/22** | $1456172 | $1097936 | $1360899 |
| **6/30/22** | $1369355 | $1081273 | $1298433 |
| **7/31/22** | $1444511 | $1108814 | $1366887 |
| **8/31/22** | $1409939 | $1079868 | $1332934 |
| **9/30/22** | $1330588 | $1045202 | $1274844 |
| **10/31/22** | $1345812 | $1041624 | $1266940 |
| **11/30/22** | $1393007 | $1068168 | $1316022 |
| **12/31/22** | $1408442 | $1055562 | $1308033 |
| **1/31/23** | $1493077 | $1079874 | $1406528 |
| **2/28/23** | $1470721 | $1062650 | $1383138 |
| **3/31/23** | $1335568 | $1086213 | $1292251 |
| **4/30/23** | $1354971 | $1091806 | $1311687 |
| **5/31/23** | $1353354 | $1087507 | $1303987 |
| **6/30/23** | $1361464 | $1086858 | $1319987 |
| **7/31/23** | $1395828 | $1087210 | $1349330 |
| **8/31/23** | $1387646 | $1085844 | $1340357 |
| **9/30/23** | $1381307 | $1067119 | $1329353 |
| **10/31/23** | $1361408 | $1059542 | $1299921 |
| **11/30/23** | $1431054 | $1095972 | $1376279 |
| **12/31/23** | $1486686 | $1130998 | $1422288 |
| **1/31/24** | $1505165 | $1128781 | $1454616 |
| **2/29/24** | $1515244 | $1121036 | $1464523 |
| **3/31/24** | $1543688 | $1131144 | $1483561 |
| **4/30/24** | $1526668 | $1112932 | $1460758 |
| **5/31/24** | $1557304 | $1122780 | $1489331 |
| **6/30/24** | $1569460 | $1132522 | $1497358 |
| **7/31/24** | $1593606 | $1154402 | $1515267 |
| **8/31/24** | $1619476 | $1167045 | $1549634 |
| **9/30/24** | $1649302 | $1180588 | $1582315 |
| **10/31/24** | $1640566 | $1164612 | $1574720 |
| **11/30/24** | $1651049 | $1178445 | $1583885 |
| **12/31/24** | $1647883 | $1169402 | $1572307 |
| **1/31/25** | $1660287 | $1173932 | $1586064 |
| **2/28/25** | $1681550 | $1188068 | $1602877 |
| **3/31/25** | $1671070 | $1183110 | $1584892 |
| **4/30/25** | $1656711 | $1194759 | $1572008 |
| **5/31/25** | $1680045 | $1190809 | $1592742 |
| **6/30/25** | $1711071 | $1202213 | $1617908 |
| **7/31/25** | $1725618 | $1201251 | $1639733 |
| **8/31/25** | $1741983 | $1207833 | $1655589 |
| **9/30/25** | $1767788 | $1216730 | $1679777 |
| **10/31/25** | $1808300 | $1226335 | $1684431 |
| **11/30/25** | $1811983 | $1228914 | $1680825 |
| **12/31/25** | $1815104 | $1226279 | $1689482 |
| **1/31/26** | $1833759 | $1229243 | $1710533 |
| **2/28/26** | $1852414 | $1246523 | $1720026 |
| **3/31/26** | $1806625 | $1224396 | $1678298 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 8.11% | 2.99% | 6.09% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| Supplemental Index<sup>Footnote Reference1</sup> | 5.89% | 2.97% | 5.31% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 70% ICE BofA 8% Constrained Core West Preferred & Jr Subordinated Securities Index and 30% ICE BofA Contingent Capital Index. |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $727682 |
| # of Portfolio Holdings | 552 |
| Portfolio Turnover Rate | 32% |
| Total Net Advisory Fees Paid During the Reporting Period | $3526 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 60.5% |
| Preferred Securities | 35.8% |
| Sovereign Issues | 0.3% |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 5.5% |
| Financial Derivative Instruments | 0.7% |
| Other Assets and Liabilities, Net | (3.3%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.06% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# Institutional Class: PFINX
![Image](g14608g91c27.jpg)

# PIMCO Preferred and Capital Securities Fund
Annual Shareholder Report \|

March 31, 2026

PIMS2139TSRAR_033126

# I-2: PFPNX

# PIMCO Preferred and Capital Securities Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Preferred and Capital Securities Fund (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 | $110 | 1.06% |

---

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

* Exposure to Additional Tier 1 Default Counterparty Claims contributed to performance versus the 70% ICE BofA 8% Constrained Core West Preferred & Jr Subordinated Securities Index and 30% ICE BofA Contingent Capital Index ("Index"), as prices rose.

* Security selection within U.S. non-financial retail preferreds, particularly underweight exposure to a wireless carrier, contributed to performance versus the Index, as spreads widened.

* Security selection within U.S. preferreds, particularly overweight exposure to a federal farm credit bank, contributed to performance versus the Index, as spreads tightened.

* U.K. duration positioning detracted from performance versus the Index, amid elevated rate volatility.

* U.S. duration positioning detracted from performance versus the Index, amid elevated rate volatility.

* Security selection within U.S. non-financial subordinated debt, particularly underweight exposure to a natural gas exporter, detracted from performance versus the Index, as spreads tightened.

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g14608g83u59.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1019048 | $1001698 | $1013110 |
| **5/31/16** | $1030688 | $1005932 | $1027263 |
| **6/30/16** | $1027083 | $1025081 | $1028476 |
| **7/31/16** | $1063534 | $1031206 | $1054392 |
| **8/31/16** | $1088193 | $1030680 | $1067921 |
| **9/30/16** | $1084481 | $1030557 | $1061716 |
| **10/31/16** | $1098636 | $1020565 | $1067768 |
| **11/30/16** | $1083392 | $1003709 | $1040828 |
| **12/31/16** | $1104845 | $1006459 | $1053485 |
| **1/31/17** | $1123684 | $1002793 | $1075439 |
| **2/28/17** | $1142523 | $1011378 | $1096443 |
| **3/31/17** | $1149247 | $1010911 | $1103076 |
| **4/30/17** | $1169508 | $1017767 | $1121961 |
| **5/31/17** | $1186392 | $1023707 | $1134134 |
| **6/30/17** | $1192307 | $1020842 | $1144171 |
| **7/31/17** | $1214027 | $1024198 | $1157511 |
| **8/31/17** | $1219742 | $1033532 | $1160649 |
| **9/30/17** | $1229010 | $1028761 | $1165814 |
| **10/31/17** | $1247614 | $1033100 | $1177892 |
| **11/30/17** | $1245289 | $1034700 | $1178233 |
| **12/31/17** | $1250581 | $1037013 | $1180813 |
| **1/31/18** | $1263670 | $1029610 | $1174697 |
| **2/28/18** | $1252961 | $1027288 | $1174321 |
| **3/31/18** | $1244323 | $1035806 | $1170856 |
| **4/30/18** | $1246739 | $1031952 | $1168328 |
| **5/31/18** | $1228618 | $1035807 | $1163888 |
| **6/30/18** | $1230114 | $1037738 | $1166844 |
| **7/31/18** | $1248511 | $1038022 | $1179364 |
| **8/31/18** | $1250964 | $1041212 | $1185568 |
| **9/30/18** | $1254519 | $1037229 | $1182414 |
| **10/31/18** | $1234606 | $1035202 | $1167208 |
| **11/30/18** | $1209714 | $1040267 | $1144693 |
| **12/31/18** | $1197772 | $1055294 | $1134184 |
| **1/31/19** | $1247047 | $1066471 | $1190202 |
| **2/28/19** | $1268526 | $1067753 | $1209662 |
| **3/31/19** | $1278722 | $1086877 | $1221045 |
| **4/30/19** | $1309503 | $1087524 | $1241266 |
| **5/31/19** | $1299243 | $1103173 | $1239552 |
| **6/30/19** | $1335565 | $1118641 | $1266165 |
| **7/31/19** | $1353789 | $1127444 | $1284614 |
| **8/31/19** | $1366806 | $1153012 | $1293747 |
| **9/30/19** | $1383308 | $1147669 | $1305456 |
| **10/31/19** | $1405768 | $1145688 | $1320768 |
| **11/30/19** | $1421623 | $1144344 | $1325550 |
| **12/31/19** | $1439992 | $1141998 | $1343326 |
| **1/31/20** | $1461504 | $1162607 | $1361742 |
| **2/29/20** | $1434613 | $1176836 | $1330791 |
| **3/31/20** | $1242063 | $1158521 | $1178667 |
| **4/30/20** | $1320282 | $1177276 | $1269060 |
| **5/31/20** | $1352649 | $1180613 | $1295912 |
| **6/30/20** | $1375439 | $1186505 | $1301874 |
| **7/31/20** | $1414815 | $1199470 | $1349965 |
| **8/31/20** | $1450117 | $1190779 | $1378395 |
| **9/30/20** | $1437897 | $1195129 | $1369147 |
| **10/31/20** | $1444686 | $1195216 | $1377321 |
| **11/30/20** | $1518007 | $1202035 | $1426422 |
| **12/31/20** | $1536063 | $1205728 | $1447846 |
| **1/31/21** | $1531904 | $1199261 | $1440260 |
| **2/28/21** | $1541608 | $1180606 | $1433749 |
| **3/31/21** | $1548843 | $1175955 | $1449679 |
| **4/30/21** | $1576826 | $1179029 | $1468757 |
| **5/31/21** | $1582422 | $1181661 | $1477804 |
| **6/30/21** | $1597295 | $1187424 | $1496631 |
| **7/31/21** | $1602935 | $1202182 | $1502782 |
| **8/31/21** | $1612803 | $1199773 | $1506585 |
| **9/30/21** | $1613913 | $1188446 | $1505048 |
| **10/31/21** | $1605397 | $1185338 | $1503528 |
| **11/30/21** | $1585524 | $1193793 | $1483486 |
| **12/31/21** | $1605573 | $1188952 | $1506777 |
| **1/31/22** | $1573315 | $1170272 | $1471638 |
| **2/28/22** | $1530793 | $1154705 | $1423222 |
| **3/31/22** | $1510212 | $1129814 | $1413031 |
| **4/30/22** | $1458442 | $1099449 | $1357315 |
| **5/31/22** | $1445130 | $1097936 | $1360899 |
| **6/30/22** | $1359980 | $1081273 | $1298433 |
| **7/31/22** | $1433290 | $1108814 | $1366887 |
| **8/31/22** | $1400375 | $1079868 | $1332934 |
| **9/30/22** | $1319568 | $1045202 | $1274844 |
| **10/31/22** | $1336233 | $1041624 | $1266940 |
| **11/30/22** | $1381683 | $1068168 | $1316022 |
| **12/31/22** | $1397845 | $1055562 | $1308033 |
| **1/31/23** | $1480445 | $1079874 | $1406528 |
| **2/28/23** | $1459795 | $1062650 | $1383138 |
| **3/31/23** | $1325222 | $1086213 | $1292251 |
| **4/30/23** | $1342913 | $1091806 | $1311687 |
| **5/31/23** | $1341304 | $1087507 | $1303987 |
| **6/30/23** | $1350617 | $1086858 | $1319987 |
| **7/31/23** | $1384790 | $1087210 | $1349330 |
| **8/31/23** | $1375026 | $1085844 | $1340357 |
| **9/30/23** | $1368402 | $1067119 | $1329353 |
| **10/31/23** | $1348618 | $1059542 | $1299921 |
| **11/30/23** | $1417862 | $1095972 | $1376279 |
| **12/31/23** | $1474388 | $1130998 | $1422288 |
| **1/31/24** | $1492755 | $1128781 | $1454616 |
| **2/29/24** | $1501104 | $1121036 | $1464523 |
| **3/31/24** | $1530642 | $1131144 | $1483561 |
| **4/30/24** | $1512038 | $1112932 | $1460758 |
| **5/31/24** | $1542481 | $1122780 | $1489331 |
| **6/30/24** | $1555875 | $1132522 | $1497358 |
| **7/31/24** | $1578151 | $1154402 | $1515267 |
| **8/31/24** | $1603854 | $1167045 | $1549634 |
| **9/30/24** | $1632998 | $1180588 | $1582315 |
| **10/31/24** | $1624321 | $1164612 | $1574720 |
| **11/30/24** | $1634733 | $1178445 | $1583885 |
| **12/31/24** | $1631330 | $1169402 | $1572307 |
| **1/31/25** | $1643649 | $1173932 | $1586064 |
| **2/28/25** | $1664766 | $1188068 | $1602877 |
| **3/31/25** | $1654167 | $1183110 | $1584892 |
| **4/30/25** | $1639907 | $1194759 | $1572008 |
| **5/31/25** | $1663079 | $1190809 | $1592742 |
| **6/30/25** | $1693575 | $1202213 | $1617908 |
| **7/31/25** | $1706213 | $1201251 | $1639733 |
| **8/31/25** | $1722463 | $1207833 | $1655589 |
| **9/30/25** | $1749414 | $1216730 | $1679777 |
| **10/31/25** | $1787803 | $1226335 | $1684431 |
| **11/30/25** | $1791459 | $1228914 | $1680825 |
| **12/31/25** | $1795974 | $1226279 | $1689482 |
| **1/31/26** | $1814490 | $1229243 | $1710533 |
| **2/28/26** | $1831153 | $1246523 | $1720026 |
| **3/31/26** | $1785448 | $1224396 | $1678298 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 7.94% | 2.88% | 5.97% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| Supplemental Index<sup>Footnote Reference1</sup> | 5.89% | 2.97% | 5.31% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 70% ICE BofA 8% Constrained Core West Preferred & Jr Subordinated Securities Index and 30% ICE BofA Contingent Capital Index. |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $727682 |
| # of Portfolio Holdings | 552 |
| Portfolio Turnover Rate | 32% |
| Total Net Advisory Fees Paid During the Reporting Period | $3526 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 60.5% |
| Preferred Securities | 35.8% |
| Sovereign Issues | 0.3% |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 5.5% |
| Financial Derivative Instruments | 0.7% |
| Other Assets and Liabilities, Net | (3.3%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.06% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# I-2: PFPNX
![Image](g14608g91c27.jpg)

# PIMCO Preferred and Capital Securities Fund
Annual Shareholder Report \|

March 31, 2026

PIMS2138TSRAR_033126

# I-3: PFNNX

# PIMCO Preferred and Capital Securities Fund

#### Annual Shareholder Report \| March 31, 2026
![Image](g14608g75u09.jpg)

This annual shareholder report contains important information about the PIMCO Preferred and Capital Securities Fund (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 | $115 | 1.11% |

---

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

* Exposure to Additional Tier 1 Default Counterparty Claims contributed to performance versus the 70% ICE BofA 8% Constrained Core West Preferred & Jr Subordinated Securities Index and 30% ICE BofA Contingent Capital Index ("Index"), as prices rose.

* Security selection within U.S. non-financial retail preferreds, particularly underweight exposure to a wireless carrier, contributed to performance versus the Index, as spreads widened.

* Security selection within U.S. preferreds, particularly overweight exposure to a federal farm credit bank, contributed to performance versus the Index, as spreads tightened.

* U.K. duration positioning detracted from performance versus the Index, amid elevated rate volatility.

* U.S. duration positioning detracted from performance versus the Index, amid elevated rate volatility.

* Security selection within U.S. non-financial subordinated debt, particularly underweight exposure to a natural gas exporter, detracted from performance versus the Index, as spreads tightened.

## Fund Performance
In addition to the Fund'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 Fund's regulatory index is the Bloomberg Global Aggregate (USD Hedged) Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended March 31, 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](g14608g82t80.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-3** | **Bloomberg Global Aggregate (USD Hedged) Index** | **Supplemental Index<sup>Footnote Reference1</sup>** |
| **3/31/16** | $1000000 | $1000000 | $1000000 |
| **4/30/16** | $1020003 | $1001698 | $1013110 |
| **5/31/16** | $1031525 | $1005932 | $1027263 |
| **6/30/16** | $1027961 | $1025081 | $1028476 |
| **7/31/16** | $1064311 | $1031206 | $1054392 |
| **8/31/16** | $1088851 | $1030680 | $1067921 |
| **9/30/16** | $1084314 | $1030557 | $1061716 |
| **10/31/16** | $1099432 | $1020565 | $1067768 |
| **11/30/16** | $1084044 | $1003709 | $1040828 |
| **12/31/16** | $1105648 | $1006459 | $1053485 |
| **1/31/17** | $1124359 | $1002793 | $1075439 |
| **2/28/17** | $1143079 | $1011378 | $1096443 |
| **3/31/17** | $1150444 | $1010911 | $1103076 |
| **4/30/17** | $1169438 | $1017767 | $1121961 |
| **5/31/17** | $1186171 | $1023707 | $1134134 |
| **6/30/17** | $1192056 | $1020842 | $1144171 |
| **7/31/17** | $1213618 | $1024198 | $1157511 |
| **8/31/17** | $1219177 | $1033532 | $1160649 |
| **9/30/17** | $1228182 | $1028761 | $1165814 |
| **10/31/17** | $1247777 | $1033100 | $1177892 |
| **11/30/17** | $1245300 | $1034700 | $1178233 |
| **12/31/17** | $1250549 | $1037013 | $1180813 |
| **1/31/18** | $1263464 | $1029610 | $1174697 |
| **2/28/18** | $1251434 | $1027288 | $1174321 |
| **3/31/18** | $1243875 | $1035806 | $1170856 |
| **4/30/18** | $1246150 | $1031952 | $1168328 |
| **5/31/18** | $1229245 | $1035807 | $1163888 |
| **6/30/18** | $1229914 | $1037738 | $1166844 |
| **7/31/18** | $1248307 | $1038022 | $1179364 |
| **8/31/18** | $1250760 | $1041212 | $1185568 |
| **9/30/18** | $1254535 | $1037229 | $1182414 |
| **10/31/18** | $1234622 | $1035202 | $1167208 |
| **11/30/18** | $1208486 | $1040267 | $1144693 |
| **12/31/18** | $1196283 | $1055294 | $1134184 |
| **1/31/19** | $1246866 | $1066471 | $1190202 |
| **2/28/19** | $1267099 | $1067753 | $1209662 |
| **3/31/19** | $1277174 | $1086877 | $1221045 |
| **4/30/19** | $1309264 | $1087524 | $1241266 |
| **5/31/19** | $1298995 | $1103173 | $1239552 |
| **6/30/19** | $1335237 | $1118641 | $1266165 |
| **7/31/19** | $1353475 | $1127444 | $1284614 |
| **8/31/19** | $1366501 | $1153012 | $1293747 |
| **9/30/19** | $1381626 | $1147669 | $1305456 |
| **10/31/19** | $1405425 | $1145688 | $1320768 |
| **11/30/19** | $1421290 | $1144344 | $1325550 |
| **12/31/19** | $1438152 | $1141998 | $1343326 |
| **1/31/20** | $1459678 | $1162607 | $1361742 |
| **2/29/20** | $1434116 | $1176836 | $1330791 |
| **3/31/20** | $1240049 | $1158521 | $1178667 |
| **4/30/20** | $1318311 | $1177276 | $1269060 |
| **5/31/20** | $1350695 | $1180613 | $1295912 |
| **6/30/20** | $1373531 | $1186505 | $1301874 |
| **7/31/20** | $1414288 | $1199470 | $1349965 |
| **8/31/20** | $1449612 | $1190779 | $1378395 |
| **9/30/20** | $1437384 | $1195129 | $1369147 |
| **10/31/20** | $1442819 | $1195216 | $1377321 |
| **11/30/20** | $1516182 | $1202035 | $1426422 |
| **12/31/20** | $1533834 | $1205728 | $1447846 |
| **1/31/21** | $1531060 | $1199261 | $1440260 |
| **2/28/21** | $1539381 | $1180606 | $1433749 |
| **3/31/21** | $1547776 | $1175955 | $1449679 |
| **4/30/21** | $1574365 | $1179029 | $1468757 |
| **5/31/21** | $1579963 | $1181661 | $1477804 |
| **6/30/21** | $1594631 | $1187424 | $1496631 |
| **7/31/21** | $1601681 | $1202182 | $1502782 |
| **8/31/21** | $1610140 | $1199773 | $1506585 |
| **9/30/21** | $1611165 | $1188446 | $1505048 |
| **10/31/21** | $1602647 | $1185338 | $1503528 |
| **11/30/21** | $1581354 | $1193793 | $1483486 |
| **12/31/21** | $1602198 | $1188952 | $1506777 |
| **1/31/22** | $1569949 | $1170272 | $1471638 |
| **2/28/22** | $1527439 | $1154705 | $1423222 |
| **3/31/22** | $1506830 | $1129814 | $1413031 |
| **4/30/22** | $1456553 | $1099449 | $1357315 |
| **5/31/22** | $1443244 | $1097936 | $1360899 |
| **6/30/22** | $1356409 | $1081273 | $1298433 |
| **7/31/22** | $1431184 | $1108814 | $1366887 |
| **8/31/22** | $1396788 | $1079868 | $1332934 |
| **9/30/22** | $1317513 | $1045202 | $1274844 |
| **10/31/22** | $1332657 | $1041624 | $1266940 |
| **11/30/22** | $1378089 | $1068168 | $1316022 |
| **12/31/22** | $1394413 | $1055562 | $1308033 |
| **1/31/23** | $1476998 | $1079874 | $1406528 |
| **2/28/23** | $1456352 | $1062650 | $1383138 |
| **3/31/23** | $1321874 | $1086213 | $1292251 |
| **4/30/23** | $1339564 | $1091806 | $1311687 |
| **5/31/23** | $1337956 | $1087507 | $1303987 |
| **6/30/23** | $1347078 | $1086858 | $1319987 |
| **7/31/23** | $1381243 | $1087210 | $1349330 |
| **8/31/23** | $1371482 | $1085844 | $1340357 |
| **9/30/23** | $1366422 | $1067119 | $1329353 |
| **10/31/23** | $1344994 | $1059542 | $1299921 |
| **11/30/23** | $1414222 | $1095972 | $1376279 |
| **12/31/23** | $1469100 | $1130998 | $1422288 |
| **1/31/24** | $1489134 | $1128781 | $1454616 |
| **2/29/24** | $1497481 | $1121036 | $1464523 |
| **3/31/24** | $1525373 | $1131144 | $1483561 |
| **4/30/24** | $1508462 | $1112932 | $1460758 |
| **5/31/24** | $1538902 | $1122780 | $1489331 |
| **6/30/24** | $1550602 | $1132522 | $1497358 |
| **7/31/24** | $1574589 | $1154402 | $1515267 |
| **8/31/24** | $1598576 | $1167045 | $1549634 |
| **9/30/24** | $1627701 | $1180588 | $1582315 |
| **10/31/24** | $1619025 | $1164612 | $1574720 |
| **11/30/24** | $1629437 | $1178445 | $1583885 |
| **12/31/24** | $1625831 | $1169402 | $1572307 |
| **1/31/25** | $1638148 | $1173932 | $1586064 |
| **2/28/25** | $1659262 | $1188068 | $1602877 |
| **3/31/25** | $1650145 | $1183110 | $1584892 |
| **4/30/25** | $1634107 | $1194759 | $1572008 |
| **5/31/25** | $1657273 | $1190809 | $1592742 |
| **6/30/25** | $1687461 | $1202213 | $1617908 |
| **7/31/25** | $1701899 | $1201251 | $1639733 |
| **8/31/25** | $1716337 | $1207833 | $1655589 |
| **9/30/25** | $1743151 | $1216730 | $1679777 |
| **10/31/25** | $1781522 | $1226335 | $1684431 |
| **11/30/25** | $1785177 | $1228914 | $1680825 |
| **12/31/25** | $1789363 | $1226279 | $1689482 |
| **1/31/26** | $1807867 | $1229243 | $1710533 |
| **2/28/26** | $1824521 | $1246523 | $1720026 |
| **3/31/26** | $1778571 | $1224396 | $1678298 |

---

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

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-3 | 7.78% | 2.82% | 5.93% |
| Bloomberg Global Aggregate (USD Hedged) Index | 3.49% | 0.81% | 2.05% |
| Supplemental Index<sup>Footnote Reference1</sup> | 5.89% | 2.97% | 5.31% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;The Supplemental Index is comprised of 70% ICE BofA 8% Constrained Core West Preferred & Jr Subordinated Securities Index and 30% ICE BofA Contingent Capital Index. |

---

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

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

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

---

| | |
|:---|:---|
| Total Net Assets | $727682 |
| # of Portfolio Holdings | 552 |
| Portfolio Turnover Rate | 32% |
| Total Net Advisory Fees Paid During the Reporting Period | $3526 |

---

---

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

---

## What did the Fund invest in?

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

---

| | |
|:---|:---|
| Corporate Bonds & Notes | 60.5% |
| Preferred Securities | 35.8% |
| Sovereign Issues | 0.3% |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 5.5% |
| Financial Derivative Instruments | 0.7% |
| Other Assets and Liabilities, Net | (3.3%) |
| Total | 100.0% |

---

---

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

---

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

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses decreased during the year by 0.06% as a result of lower expenses related to interest.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g14608g09p07.jpg)

# I-3: PFNNX
![Image](g14608g91c27.jpg)

# PIMCO Preferred and Capital Securities Fund
Annual Shareholder Report \|

March 31, 2026

PIMS2192TSRAR_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) | Fiscal Year Ended | Audit Fees |
|  | March 31, 2026 | $6576508 |
|  | March 31, 2025 | $6503548 |
| (b) | Fiscal Year Ended | Audit-Related Fees <sup>(1)</sup> |
|  | March 31, 2026 | $— |
|  | March 31, 2025 | $— |
| (c) | Fiscal Year Ended | Tax Fees |
|  | March 31, 2026 | $— |
|  | March 31, 2025 | $6500 |
| (d) | Fiscal Year Ended | All Other Fees <sup>(2)</sup> |
|  | 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. <br>

"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. <br>

------

"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;&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;&nbsp;&nbsp;&nbsp;&nbsp;(2) With respect to the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) ---

| | | |
|:---|:---|:---|
|  | Aggregate Non-Audit Fees Billed to Entity | Aggregate Non-Audit Fees Billed to Entity |
|  &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;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;Pacific Investment Management Company LLC ("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;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>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following is a copy of the report(s) of the Funds' Financial Statements and Financial Highlights.

• PAPS – All Asset Funds

• Income Fund

• Credit Bond Funds

• Total Return Fund

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

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

• International Bond Fund (U.S. Dollar-Hedged)

• PAPS Portfolio

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

• Short Duration Strategy Funds

• Real Return Strategy Funds

• TRENDS Managed Futures Strategy Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

------

![LOGO](g319366g58u18.jpg)

PIMCO FUNDS

## Annual Financial and Other Information
March 31, 2026

**Private Account Portfolio Series**

PIMCO All Asset: Multi-RAE PLUS Fund

PIMCO All Authority: Multi-RAE PLUS Fund

PIMCO All Asset: Multi-Real Fund

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the Funds](#tx319366_1) | [2](#tx319366_1) |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx319366_2) | [10](#tx319366_2) |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx319366_3) | [12](#tx319366_3) |
| &nbsp;&nbsp; [Consolidated Statement of Assets and Liabilities (N-CSR Item 7)](#tx319366_4) | [13](#tx319366_4) |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx319366_5) | [14](#tx319366_5) |
| &nbsp;&nbsp; [Consolidated Statement of Operations (N-CSR Item 7)](#tx319366_6) | [15](#tx319366_6) |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx319366_7) | [16](#tx319366_7) |
| &nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets (N-CSR Item 7)](#tx319366_8) | [17](#tx319366_8) |
| &nbsp;&nbsp; [Consolidated Statement of Cash Flows (N-CSR Item 7)](#tx319366_9) | 18 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx319366_10) | [82](#tx319366_10) |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx319366_11) | [103](#tx319366_11) |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx319366_12) | 108 |
| &nbsp;&nbsp; [Glossary](#tx319366_13) | 109 |
| &nbsp;&nbsp; [Distribution Information](#tx319366_14) | 110 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx319366_15) | 111 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx319366_16) | 112 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx319366_17) | 113 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx319366_18) | 114 |
| Fund | Schedule of<br>Investments<br>(N-CSR Item 6) |
| &nbsp;&nbsp; [PIMCO All Asset: Multi-RAE PLUS Fund](#tx319366_19) | 19 |
| &nbsp;&nbsp; [PIMCO All Authority: Multi-RAE PLUS Fund](#tx319366_20) | 43 |
| &nbsp;&nbsp; [PIMCO All Asset: Multi-Real Fund<sup>(1)</sup>](#tx319366_21) | 62 |

---

<sup>(1)</sup> Consolidated Schedule of Investments

------

Important Information About the Funds

PIMCO Funds (the "Trust") is an open-end management investment company that includes the PIMCO All Asset: Multi-RAE PLUS Fund, PIMCO All Authority: Multi-RAE PLUS Fund and PIMCO All Asset: Multi-Real Fund (each, a "Fund" and collectively, the "Funds").

Shares of the PIMCO All Asset: Multi-Real Fund and PIMCO All Asset: Multi-RAE PLUS Fund may be purchased only by the PIMCO All Asset Fund and PIMCO All Asset All Authority Fund, each a series of the Trust, and the PIMCO All Asset Portfolio, a series of PIMCO Variable Insurance Trust. Shares of the PIMCO All Authority: Multi-RAE PLUS Fund may be purchased only by the PIMCO All Asset All Authority Fund, a series of PIMCO Funds. The PIMCO All Asset: Multi-Real Fund may invest directly or indirectly (through investment in a wholly-owed subsidiary) in commodity-linked derivative instruments which may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments and/or notes may be affected by overall market movements, and other factors affecting the value of a particular industry or commodity, such as weather, disease, embargoes, and international economic, political or regulatory developments.

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by a Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Funds may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Fund performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Funds may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of

corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact a Fund's performance or cause a Fund to incur losses. As a result, a Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of a Fund.

The Funds may be subject to various risks as described in each Fund's offering memorandum and in the Principal and Other Risks note in the Notes to Financial Statements.

Classifications of the Funds' portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Schedule of Investments sections of this report may differ from the classification used for a Fund's compliance calculations, including those used in a Fund's offering memorandum, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. All Funds are separately monitored for compliance with respect to 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 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

---

| | |
|:---|:---|
| **2** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

and commodities, such as oil and natural gas, as well as other sectors. Further, a Fund may have investments in securities and instruments that are economically tied to the region and may have been negatively impacted by the sanctions and counter-sanctions by Russia, including declines in value and reductions in liquidity. The sanctions may cause a Fund to sell portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold. 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 Funds and their investments.

Increased volatility in the U.S. and global markets could be harmful to the Funds, issuers in which they invest and other market participants and Fund service providers. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Funds and

issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

The following table discloses the inception dates of each Fund along with each Fund's diversification status as of period end:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Fund<br>Inception | Fund<br>Inception | Diversification<br>Status | Diversification<br>Status |
|  PIMCO All Asset: Multi-Real Fund |  | 09/22/20 |  | Diversified |
|  PIMCO All Authority: Multi-RAE PLUS Fund |  | 08/23/22 |  | Non-diversified |
|  PIMCO All Asset: Multi-RAE PLUS Fund |  | 10/06/20 |  | Diversified |

---

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

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund's 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 Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent offering memorandum or use a new offering memorandum or offering memorandum supplement with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current offering memorandum or offering memorandum supplement.

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>3</sub> |

---

------

Important Information About the Funds (Cont.)

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Funds file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds' complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and 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 Fund may be obtained by calling (888) 87-PIMCO.

Paper copies of the Funds' shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such

amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

A supplement was filed on November 20, 2025 to provide notification of changes to the principal investment strategies of the PIMCO All Asset: Multi-RAE Fund and PIMCO All Authority: Multi-RAE PLUS Fund.

Effective December 22, 2025, the "Principal Investment Strategies" section of each Fund's Fund Summary in the Offering Memorandum is deleted in its entirety and replaced with the following:

#### PIMCO All Asset: Multi-RAE PLUS Fund
The Fund seeks to achieve its investment objective by obtaining exposures to a portfolio of stocks and complementing these equity exposures with an absolute return bond alpha strategy ("AR Bond Alpha Strategy"). In addition to long equity exposures, the Fund may also obtain short exposure to equity markets, but will not normally seek to obtain a net short equity exposure.

In managing the Fund's equity exposures, PIMCO utilizes an approach that is designed to have flexibility with respect to different equity markets, segments and issuers, such as global regions and countries, sectors and market capitalizations. The Fund expects to use long exposure and short exposure in addition to or in place of investments in stocks and/or equity-related underlying funds (such as exchange-traded funds) to obtain exposure to a portfolio of stocks. The Fund may seek equity exposure through any of the foregoing instruments, without limitation, in PIMCO's and Research Affiliates' ("Sub-Adviser's") discretion, as applicable. The Sub-Adviser will determine the target mix of long and short equity exposures for the Fund. In doing so, the Sub-Adviser considers a broad range of quantitative data and qualitative inputs, both in isolation and to a material degree as inputs into a series of quantitative models that inform the final allocation and trading decisions, which are made by the Fund's portfolio managers. The quantitative data and qualitative inputs considered include (but are not limited to) macroeconomic data relating to U.S. and foreign economies (such as economic growth measures, inflation measures, production and consumption measures, trade figures, fiscal policies and monetary policies) and financial market data relating to U.S. and foreign asset classes (such as yield levels, income growth rates, valuation measures, credit and default risk measures and financial statement data). These data points are primarily used as inputs to a

---

| | |
|:---|:---|
| **4** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

series of quantitative models, which collectively enable the Sub-Adviser to construct multiple optimized model portfolios for consideration in determining the Fund's actual allocation and trading approach. These include models relating to capital markets expectations, macroeconomic regimes, risk regimes and portfolio construction. Multiple model portfolios are constructed, each optimized to different return and risk parameters, so that the portfolio managers can assess the implications, attributes and tradeoffs of different asset allocation approaches in determining the final allocation and trading decisions, in seeking to achieve the objectives of the Fund. In addition to these quantitative and model-driven considerations, which comprise a majority of the asset allocation investment process, the portfolio managers also may consider various qualitative inputs in refining their final allocation and trading decisions. These may include qualitative macroeconomic and financial market views held by the Sub-Adviser and PIMCO, as well as subjective assessments of liquidity risk, risk premia attractiveness, expected net flows into the Fund and investor behavioral factors.

The Fund may use derivatives (such as, but not limited to, futures contracts, swap agreements or options) to obtain its equity exposures. The Sub-Adviser provides investment advisory services in connection with the Fund's equity exposure by, among other things, providing PIMCO, or counterparties designated by PIMCO, with the designated equity exposure for purposes of developing certain derivatives positions. For example, the Sub-Adviser may assist in the development of equity total return swaps for the Fund. In a typical swap agreement, the Fund will receive the total return of the desired equity exposure from the counterparty to the swap agreement in exchange for paying the counterparty an agreed upon short-term interest rate. There may be a limited number of counterparties willing or able to serve as counterparties to a swap agreement. The Fund may invest in other instruments, "baskets" of stocks, or individual securities to replicate the performance of the desired equity portfolio.

In managing the Fund's investments in the AR Bond Alpha Strategy, PIMCO seeks to enhance the Fund's total return. The AR Bond Alpha Strategy invests in a diversified portfolio of Fixed Income Instruments and related derivatives, which may include forwards or derivatives such as options, futures contracts or swap agreements. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public or private-sector entities. The AR Bond Alpha Strategy is not designed to systematically provide bond market exposure, although the returns may (or may not) be positively correlated with the returns of the bond market. The AR Bond Alpha Strategy seeks to maintain an overall portfolio duration which normally varies from (negative) 3 years to positive 8 years based on PIMCO's market forecasts among other factors. Duration is a measure used to determine the sensitivity of a security's price to

changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. In addition to duration, the AR Bond Alpha Strategy has flexibility with respect to overall sector exposures, non-U.S. exposures and credit quality, both as a function of the strategy's investment guidelines and lack of a bond market index benchmark. Further, PIMCO, in its discretion, may seek to reduce the overall risk in the Fund's portfolio of Fixed Income Instruments when the Fund's short equity positions have generated or generate higher levels of income.

In selecting investments for the Fund, PIMCO and the Sub-Adviser, as applicable, may use proprietary quantitative models that are developed and maintained by PIMCO or the Sub-Adviser, as applicable, and which are subject to change over time without notice in PIMCO's or the Sub-Adviser's discretion, as applicable.

The Fund may invest, without limitation, in common stocks (including any equity-related underlying funds) and derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset backed securities subject to applicable law and any other restrictions described in the Fund's Offering Memorandum or Offering Memorandum Supplement. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. The Fund may also engage in financing transactions, such as reverse repurchase agreements and/or total return swaps. The Fund may invest up to 20% of its total assets in high yield securities ("junk bonds") rated B or higher by Moody's Ratings ("Moody's"), Standard & Poor's Ratings Services ("S&P") or Fitch Ratings, Inc. ("Fitch"), or, if unrated, as determined by PIMCO (except that within such 20% limitation, the Fund may invest in mortgage- and asset-backed securities rated below B). In the event that ratings services assign different ratings to the same security, PIMCO will use the highest rating as the credit rating for that security.

The Fund may also invest, without limitation, in securities denominated in foreign currencies and in U.S. dollar-denominated securities of foreign issuers. With respect to the AR Bond Alpha Strategy, the Fund may invest up to 25% of its total assets in securities and instruments that are economically tied to emerging market countries (this limitation does not apply to investment grade sovereign debt denominated in the local currency with less than 1 year remaining to maturity, which means the Fund may invest in such instruments without limitation subject to any applicable legal or regulatory limitation). With respect to the Fund's fixed income investments, the Fund will normally limit its net foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 35% of its total assets. With respect to the Fund's fixed income investments, the Fund will normally limit its exposure (from non-U.S. dollar-denominated securities or currencies) to each non-U.S. currency to 10% of its total assets. The Fund will normally

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>5</sub> |

---

------

Important Information About the Funds (Cont.)

limit its aggregate U.S. dollar exposure from transactions or instruments that reference the relative return of a non-U.S. currency or currencies as compared to the U.S. dollar to 20% of its total assets. The Fund may also invest up to 10% of its total assets in preferred securities.

#### PIMCO All Authority: Multi-RAE PLUS Fund
The Fund seeks to achieve its investment objective by obtaining exposures to a portfolio of stocks and complementing these equity exposures with an absolute return bond alpha strategy ("AR Bond Alpha Strategy"). While the Fund is expected in most market environments to have a net long equity exposure, it may have a net short equity exposure under certain market conditions.

In managing the Fund's equity exposures, PIMCO utilizes an approach that is designed to have flexibility with respect to different equity markets, segments and issuers, such as global regions and countries, sectors and market capitalizations. The Fund expects to use long exposure and short exposure in addition to or in place of investments in stocks and/or equity-related underlying funds (such as exchange-traded funds) to obtain exposure to a portfolio of stocks. The Fund may seek equity exposure through any of the foregoing instruments, without limitation, in PIMCO's and Research Affiliates' ("Sub-Adviser's") discretion, as applicable. The Sub-Adviser will determine the target mix of long and short equity exposures for the Fund. In doing so, the Sub-Adviser considers a broad range of quantitative data and qualitative inputs, both in isolation and to a material degree as inputs into a series of quantitative models that inform the final allocation and trading decisions, which are made by the Fund's portfolio managers. The quantitative data and qualitative inputs considered include (but are not limited to) macroeconomic data relating to U.S. and foreign economies (such as economic growth measures, inflation measures, production and consumption measures, trade figures, fiscal policies and monetary policies) and financial market data relating to U.S. and foreign asset classes (such as yield levels, income growth rates, valuation measures, credit and default risk measures and financial statement data). These data points are primarily used as inputs to a series of quantitative models, which collectively enable the Sub-Adviser to construct multiple optimized model portfolios for consideration in determining the Fund's actual allocation and trading approach. These include models relating to capital markets expectations, macroeconomic regimes, risk regimes and portfolio construction. Multiple model portfolios are constructed, each optimized to different return and risk parameters, so that the portfolio managers can assess the implications, attributes and tradeoffs of different asset allocation approaches in determining the final allocation and trading decisions, in seeking to achieve the objectives of the Fund. In addition to these quantitative and model-driven considerations, which comprise a

majority of the asset allocation investment process, the portfolio managers also may consider various qualitative inputs in refining their final allocation and trading decisions. These may include qualitative macroeconomic and financial market views held by the Sub-Adviser and PIMCO, as well as subjective assessments of liquidity risk, risk premia attractiveness, expected net flows into the Fund and investor behavioral factors.

The Fund may use derivatives (such as, but not limited to, futures contracts, swap agreements or options) to obtain its equity exposures. The Sub-Adviser provides investment advisory services in connection with the Fund's equity exposure by, among other things, providing PIMCO, or counterparties designated by PIMCO, with the designated equity exposure for purposes of developing certain derivatives positions. For example, the Sub-Adviser may assist in the development of equity total return swaps for the Fund. In a typical swap agreement, the Fund will receive the total return of the desired equity exposure from the counterparty to the swap agreement in exchange for paying the counterparty an agreed upon short-term interest rate. There may be a limited number of counterparties willing or able to serve as counterparties to a swap agreement. The Fund may invest in other instruments, "baskets" of stocks, or individual securities to replicate the performance of the desired equity portfolio.

In managing the Fund's investments in the AR Bond Alpha Strategy, PIMCO seeks to enhance the Fund's total return. The AR Bond Alpha Strategy invests in a diversified portfolio of Fixed Income Instruments and related derivatives, which may include forwards or derivatives such as options, futures contracts or swap agreements. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public or private-sector entities. The AR Bond Alpha Strategy is not designed to systematically provide bond market exposure, although the returns may (or may not) be positively correlated with the returns of the bond market. The AR Bond Alpha Strategy seeks to maintain an overall portfolio duration which normally varies from (negative) 3 years to positive 8 years based on PIMCO's market forecasts among other factors. Duration is a measure used to determine the sensitivity of a security's price to changes in interest rates. The longer a security's duration, the more sensitive it will be to changes in interest rates. In addition to duration, the AR Bond Alpha Strategy has flexibility with respect to overall sector exposures, non-U.S. exposures and credit quality, both as a function of the strategy's investment guidelines and lack of a bond market index benchmark. Further, PIMCO, in its discretion, may seek to reduce the overall risk in the Fund's portfolio of Fixed Income Instruments when the Fund's short equity positions have generated or generate higher levels of income.

---

| | |
|:---|:---|
| **6** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

In selecting investments for the Fund, PIMCO and the Sub-Adviser, as applicable, may use proprietary quantitative models that are developed and maintained by PIMCO or the Sub-Adviser, as applicable, and which are subject to change over time without notice in PIMCO's or the Sub-Adviser's discretion, as applicable.

The Fund may invest, without limitation, in common stocks (including any equity-related underlying funds) and derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset backed securities subject to applicable law and any other restrictions described in the Fund's Offering Memorandum or Offering Memorandum Supplement. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. The Fund may also engage in financing transactions, such as reverse repurchase agreements and/or total return swaps. The Fund may invest up to 20% of its total assets in high yield securities ("junk bonds") rated B or higher by Moody's Ratings ("Moody's"), Standard & Poor's Ratings Services ("S&P") or Fitch Ratings, Inc. ("Fitch"), or, if unrated, as determined by PIMCO (except that within such 20% limitation, the Fund may invest in mortgage- and asset-backed securities rated below B). In the event that ratings services assign different ratings to the same security, PIMCO will use the highest rating as the credit rating for that security. The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund.

The Fund may also invest, without limitation, in securities denominated in foreign currencies and in U.S. dollar-denominated securities of foreign issuers. With respect to the AR Bond Alpha Strategy, the Fund may invest up to 25% of its total assets in securities and instruments that are economically tied to emerging market countries (this limitation does not apply to investment grade sovereign debt denominated in the local currency with less than 1 year remaining to maturity, which means the Fund may invest in such instruments without limitation subject to any applicable legal or regulatory limitation). With respect to the AR Bond Alpha Strategy, the Fund will normally limit its net foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 35% of its total assets. With respect to the AR Bond Alpha Strategy, the Fund will normally limit its exposure (from non-U.S. dollar-denominated securities or currencies) to each non-U.S. currency to 10% of its total assets. With respect to the AR Bond Alpha Strategy, the Fund will normally limit its aggregate U.S. dollar exposure from transactions or instruments that reference the relative return of a non-U.S. currency or currencies as compared to the U.S. dollar to 20% of its total assets. The Fund may also invest up to 10% of its total assets in preferred securities.

In addition, effective December 22, 2025, "Model Risk" in the "Description of Principal Risks" section of the Offering Memorandum is deleted in its entirety and replaced with the following:

"In making investment allocation decisions, PIMCO or the Sub-Adviser may utilize proprietary quantitative models. These models are used by PIMCO or the Sub-Adviser to determine the Fund's investment allocation decisions. The Fund's investment models used in making investment allocation decisions may not adequately take into account certain factors, may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data, any of which may result in a decline in the value of the investment. There can be no assurance that the models used by PIMCO or the Sub-Adviser will remain viable, due to various factors, which may include the quality of the data input into the models and the assumptions underlying such models, which to varying degrees involve the exercise of judgment, as well as the possibility of errors in constructing or using the model.

The success of models relies on accurate market data inputs. If inaccurate market data is entered into a model, the resulting information will be incorrect. In addition, the models used may be predictive in nature and such models may result in an incorrect assessment of future events. The models evaluate securities or securities markets based on certain assumptions concerning the interplay of market factors. The markets or the prices of individual securities may be affected by factors not foreseen in developing the models. The performance of the investment models may be impacted by software or other technology malfunctions, human error, programming inaccuracies, and other similar circumstances. In addition, when relying on a quantitative model and/or data supplied by third parties, PIMCO or the Sub-Adviser may have less insight into the construction, coding or testing of the third-party model or data, and PIMCO or the Sub-Adviser will be exposed to systems, cyber security and other risks associated with the third party that provides the model or data.

The use of models can be complex and involves financial, economic, econometric and statistical theories, research and modeling; and the results of those processes must then be translated into computer code. Although PIMCO or the Sub-Adviser seeks to hire individuals and/or third parties, as applicable, skilled in each of these functions and to provide appropriate levels of oversight, the complexity of the individual tasks, the difficulty of integrating such tasks, and the limited ability to perform "real world" testing of a model's end product raises the chances that a finished model may contain an error; one or more of such errors could adversely affect a Fund's performance.

In addition, effective December 22, 2025, "Acquired Fund Risk" is added as a Principal Risk of investing in the PIMCO All Asset: Multi-RAE PLUS Fund and PIMCO All Authority: Multi-RAE PLUS Fund.

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>7</sub> |

---

------

Important Information About the Funds (Cont.)

Accordingly, corresponding changes are made to the table in the Section titled "Description of Principal Risks" in the Offering Memorandum and the following is added under "Description of Principal Risks" in the Offering Memorandum:

"Because PIMCO All Asset: Multi-RAE PLUS Fund and PIMCO All Authority: Multi-RAE PLUS Fund may invest its assets in Acquired Funds, the risks associated with investing in the Funds may be closely related to the risks associated with the securities and other investments held by the Funds. The ability of the Funds to achieve their investment objectives may depend upon the ability of the Acquired Funds to achieve their respective investment objectives. Investments in Acquired Funds that are exchange-traded funds are also subject to market risk, tracking error, the potential for trading at a discount or premium to their net asset value, bid/ask spread risk as well as the risks of the underlying securities they hold. In addition, a Fund's performance will be reduced by the Fund's proportionate amount of the expenses of any Acquired Funds in which it invests. There can be no assurance that the investment objective of any Acquired Fund will be achieved. Unless a fee waiver or expense reimbursement arrangement fully covers a Fund's investment in an Acquired Fund, shareholders in a Fund will indirectly bear fees and expenses charged by the Acquired Funds in addition to a Fund's direct fees and expenses.

A Fund's net asset value ("NAV") will fluctuate in response to changes in the NAVs or market prices, as applicable, of the Acquired Funds in which it invests. The extent to which the investment performance and risks associated with a Fund correlates to those of a particular Acquired Fund will depend upon the extent to which the Fund's assets are allocated from time to time for investment in the Acquired Fund, which may vary."

Effective December 22, 2025, the following is added as the last sentence under "Derivatives" in the "Characteristics and Risks of Securities and Investment Techniques" section of the Offering Memorandum:

"Each Fund may invest in derivatives on carbon equivalent emissions allowances eligible for trading under the European Union Emissions Trading Scheme, California Cap-and-Trade Program, and Regional Greenhouse Gas Initiatives. For more information, please see Greenhouse Gas "Cap-and-Trade" Programs. A description of various risks associated with these particular instruments is included in "Investment Objectives and Policies" in the Offering Memorandum Supplement. PIMCO All Asset: Multi-Real Fund may invest in such instruments to a lesser degree."

---

| | |
|:---|:---|
| **8** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

(THIS PAGE INTENTIONALLY LEFT BLANK)

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>9</sub> |

---

------

Financial Highlights

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^**:** | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net<br>Investment<br>Income<br>(Loss)<sup>(b)</sup>** | **Net<br>Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital<br>Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO All Asset: Multi-RAE PLUS Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $10.20 | $0.52 | $2.52 | $3.04 | $(2.66) | $0.00 | $0.00 | $(2.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.49 | 0.46 | 0.29 | 0.75 | (1.04) | 0.00 | 0.00 | (1.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.64 | 0.42 | 0.93 | 1.35 | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.38 | 0.23 | (0.97) | (0.74) | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.60 | 0.00 | (0.36) | (0.36) | (0.80) | (0.06) | 0.00 | (0.86) |
|  **PIMCO All Authority: Multi-RAE PLUS Fund** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $9.53 | $0.51 | $2.45 | $2.96 | $(2.70) | $(0.06) | $0.00 | $(2.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.04 | 0.46 | 0.03 | 0.49 | 0.00 | 0.00 | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.76 | 0.45 | (0.57) | (0.12) | (0.60) | 0.00 | 0.00 | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/23/2022 - 03/31/2023 | 10.00 | 0.18 | 0.04 | 0.22 | (0.46) | 0.00 | 0.00 | (0.46) |
|  **PIMCO All Asset: Multi-Real Fund (Consolidated)** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $9.13 | $0.28 | $0.86 | $1.14 | $(0.42) | $0.00 | $0.00 | $(0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.12 | 0.33 | 0.38 | 0.71 | (0.70) | 0.00 | 0.00 | (0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.85 | 0.22 | 0.29 | 0.51 | (0.24) | 0.00 | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 14.26 | 0.57 | (3.35) | (2.78) | (2.52) | (0.11) | 0.00 | (2.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.30 | 0.68 | 4.60 | 5.28 | (3.21) | (0.11) | 0.00 | (3.32) |

---

---

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

---

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

<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Funds' offering memorandum and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Funds. 

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

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

<sup>(d)</sup> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Funds' offering memorandum and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Funds. Additionally, excludes applicable initial sales charges and contingent deferred sales charges. 

---

| | | |
|:---|:---|:---|
| **10** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total<br>Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $10.58 | 30.76% | $1705482 | 1.04% | 1.04% | 0.89% | 0.89% | 4.57% | 904% |
| 10.20 | 7.56 | 2099500 | 0.97 | 0.97 | 0.89 | 0.89 | 4.44 | 485 |
| 10.49 | 14.32 | 2555455 | 1.11 | 1.11 | 0.89 | 0.89 | 4.25 | 332 |
| 9.64 | (7.13) | 2909688 | 0.96 | 0.96 | 0.89 | 0.89 | 2.45 | 52 |
| 10.38 | (3.70) | 3949906 | 0.89 | 0.89 | 0.89 | 0.89 | (0.04) | 57 |
| $9.73 | 31.68% | $140842 | 1.04% | 1.04% | 0.89% | 0.89% | 4.78% | 896% |
| 9.53 | 5.48 | 173830 | 1.02 | 1.02 | 0.89 | 0.89 | 5.02 | 465 |
| 9.04 | (1.22) | 266083 | 1.07 | 1.07 | 0.89 | 0.89 | 4.77 | 342 |
| 9.76 | 2.16 | 447188 | 0.98 \* | 1.00 \* | 0.89 \* | 0.91 \* | 3.11 \* | 11 |
| $9.85 | 12.98% | $2211602 | 3.91% | 4.00% | 0.74% | 0.83% | 3.07% | 153% |
| 9.13 | 8.18 | 1896642 | 4.02 | 4.09 | 0.74 | 0.81 | 3.65 | 200 |
| 9.12 | 5.90 | 2515828 | 3.79 | 3.86 | 0.74 | 0.81 | 2.59 | 161 |
| 8.85 | (20.93) | 2489847 | 2.70 | 2.84 | 0.74 | 0.88 | 5.43 | 117 |
| 14.26 | 46.22 | 3042029 | 0.79 | 0.88 | 0.74 | 0.83 | 4.88 | 96 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>11</sub> |

---

------

Statements of Assets and Liabilities March 31, 2026

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO**<br> **All Asset:<br>Multi-RAE<br>PLUS Fund** | **PIMCO**<br> **All Authority:<br>Multi-RAE<br>PLUS Fund** |
|  **Assets:** |  |  |
|  *Investments, at value* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $3402442 | $270105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 26650 | 11661 |
|  *Financial Derivative Instruments* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 6434 | 545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 87128 | 8312 |
|  Cash | 139 | 4877 |
|  Deposits with counterparty | 43530 | 4531 |
|  Foreign currency, at value | 7744 | 2102 |
|  Receivable for investments sold | 1242 | 47 |
|  Receivable for TBA investments sold | 3253078 | 199628 |
|  Interest and/or dividends receivable | 8434 | 732 |
|  Dividends receivable from Affiliates | 78 | 18 |
|  Other assets | 4 | 0 |
|  **Total Assets** | 6836903 | 502558 |
|  **Liabilities:** |  |  |
|  *Borrowings & Other Financing Transactions* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $4080 | $215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 200689 | 23267 |
|  *Financial Derivative Instruments* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 5953 | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 26198 | 2401 |
|  Payable for investments purchased | 305021 | 13812 |
|  Payable for investments in Affiliates purchased | 81 | 19 |
|  Payable for investments purchased on a delayed-delivery basis | 51764 | 4791 |
|  Payable for TBA investments purchased | 4521560 | 315355 |
|  Deposits from counterparty | 14613 | 1332 |
|  Accrued investment advisory fees | 929 | 80 |
|  Accrued supervisory and administrative fees | 363 | 31 |
|  Accrued reimbursement to PIMCO | 0 | 1 |
|  Foreign capital gains tax payable | 169 | 16 |
|  Other liabilities | 1 | 0 |
|  **Total Liabilities** | 5131421 | 361716 |
|  **Commitments and Contingent Liabilities^** |  |  |
|  **Net Assets** | $1705482 | $140842 |
|  **Net Assets Consist of:** |  |  |
|  Paid in capital | $1628203 | $126702 |
|  Distributable earnings (accumulated loss) | 77279 | 14140 |
|  **Net Assets** | $1705482 | $140842 |
|  **Shares Issued and Outstanding:** | 161157 | 14469 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** | 10.58 | 9.73 |
|  Cost of investments in securities | $3462562 | $269123 |
|  Cost of investments in Affiliates | $26672 | $11660 |
|  Cost of foreign currency held | $7912 | $2095 |
|  Proceeds received on short sales | $199740 | $23443 |
|  Cost or premiums of financial derivative instruments, net | $52467 | $6297 |
|  \* Includes repurchase agreements of: | $470500 | $8800 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

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

---

| | | |
|:---|:---|:---|
| **12** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Consolidated Statement of Assets and Liabilities March 31, 2026

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO**<br> **All Asset:<br>Multi-Real<br>Fund** |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $4399870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 13522 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 8208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 26572 |
|  Cash | 3909 |
|  Deposits with counterparty | 30274 |
|  Foreign currency, at value | 6182 |
|  Receivable for investments sold | 1024571 |
|  Receivable for investments sold on a delayed-delivery basis | 1471 |
|  Receivable for TBA investments sold | 679016 |
|  Interest and/or dividends receivable | 12311 |
|  Dividends receivable from Affiliates | 47 |
|  Reimbursement receivable from PIMCO | 211 |
|  **Total Assets** | 6206164 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $2539397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback transactions | 43152 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 15896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 24602 |
|  Payable for investments purchased | 349009 |
|  Payable for investments in Affiliates purchased | 48 |
|  Payable for investments purchased on a delayed-delivery basis | 132 |
|  Payable for TBA investments purchased | 996953 |
|  Deposits from counterparty | 23782 |
|  Accrued investment advisory fees | 1064 |
|  Accrued supervisory and administrative fees | 527 |
|  **Total Liabilities** | 3994562 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $2211602 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $2309241 |
|  Distributable earnings (accumulated loss) | (97639) |
|  **Net Assets** | $2211602 |
|  **Shares Issued and Outstanding:** | 224425 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** | 9.85 |
|  Cost of investments in securities | $4350287 |
|  Cost of investments in Affiliates | $13520 |
|  Cost of foreign currency held | $6157 |
|  Cost or premiums of financial derivative instruments, net | $(1776) |
|  \* Includes repurchase agreements of: | $582697 |

---

---

| | |
|:---|:---|
| <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 Funds.

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>13</sub> |

---

------

Statements of Operations

Year Ended March 31, 2026

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **PIMCO**<br> **All Asset:<br>Multi-RAE<br>PLUS Fund** | **PIMCO**<br> **All Authority:<br>Multi-RAE<br>PLUS Fund** |
|  **Investment Income:** |  |  |
|  Interest, net of foreign taxes\* | $111587 | $10199 |
|  Dividends | 740 | 94 |
|  Dividends from Investments in Affiliates | 1608 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 113935 | 10658 |
|  **Expenses:** |  |  |
|  Investment advisory fees | 13003 | 1172 |
|  Supervisory and administrative fees | 5080 | 458 |
|  Trustee fees | 14 | 1 |
|  Interest expense | 3063 | 276 |
|  Miscellaneous expense | 14 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 21174 | 1916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | 0 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 21174 | 1915 |
|  **Net Investment Income (Loss)** | 92761 | 8743 |
|  **Net Realized Gain (Loss):** |  |  |
|  Investments in securities, net of foreign capital gains tax\*\* | 29395 | 3626 |
|  Investments in Affiliates | 368 | 41 |
|  Exchange-traded or centrally cleared financial derivative instruments | 8441 | 1398 |
|  Over the counter financial derivative instruments | 430570 | 40386 |
|  Short sales | 16 | 0 |
|  Foreign currency | 2124 | 105 |
|  **Net Realized Gain (Loss)** | 470914 | 45556 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |
|  Investments in securities | 18631 | (785) |
|  Investments in Affiliates | (22) | (2) |
|  Exchange-traded or centrally cleared financial derivative instruments | (17321) | (1442) |
|  Over the counter financial derivative instruments | 9305 | 1022 |
|  Foreign currency assets and liabilities | (186) | (13) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 10407 | (1220) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $574082 | $53079 |
|  \* Foreign tax withholdings | $318 | $28 |
|  \*\* Foreign capital gains tax | $5 | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **14** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Consolidated Statement of Operations

Year Ended March 31, 2026

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **PIMCO**<br> **All Asset:<br>Multi-Real<br>Fund** |
|  **Investment Income:** |  |
|  Interest | $118473 |
|  Dividends | 16798 |
|  Dividends from Investments in Affiliates | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 135700 |
|  **Expenses:** |  |
|  Investment advisory fees | 10790 |
|  Supervisory and administrative fees | 5376 |
|  Trustee fees | 13 |
|  Interest expense | 61631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 77810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (1780) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 76030 |
|  **Net Investment Income (Loss)** | 59670 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | 55716 |
|  Investments in Affiliates | (55) |
|  Exchange-traded or centrally cleared financial derivative instruments | (66480) |
|  Over the counter financial derivative instruments | 229717 |
|  Foreign currency | 244 |
|  **Net Realized Gain (Loss)** | 219142 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 3344 |
|  Investments in Affiliates | 1 |
|  Exchange-traded or centrally cleared financial derivative instruments | (1029) |
|  Over the counter financial derivative instruments | (1283) |
|  Foreign currency assets and liabilities | (719) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 314 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $279126 |

---

---

| | |
|:---|:---|
| <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 Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **All Asset: Multi-RAE**<br> **PLUS Fund** | **PIMCO**<br> **All Asset: Multi-RAE**<br> **PLUS Fund** | **PIMCO**<br> **All Authority: Multi-RAE**<br> **PLUS Fund** | **PIMCO**<br> **All Authority: Multi-RAE**<br> **PLUS Fund** |
| (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** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |
|  **Operations:** |  |  |  |  |
|  Net investment income (loss) | $92761 | $104093 | $8743 | $10681 |
|  Net realized gain (loss) | 470914 | 83089 | 45556 | 6250 |
|  Net change in unrealized appreciation (depreciation) | 10407 | (10351) | (1220) | (4903) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 574082 | 176831 | 53079 | 12028 |
|  **Distributions to Shareholders:** |  |  |  |  |
|  From net investment income and/or net realized capital gains | (410040) | (229004) | (39749) | (97) |
|  **Total Distributions<sup>(a)</sup>** | (410040) | (229004) | (39749) | (97) |
|  **Fund Share Transactions:** |  |  |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | (558060) | (403782) | (46318) | (104184) |
|  **Total Increase (Decrease) in Net Assets** | (394018) | (455955) | (32988) | (92253) |
|  **Net Assets:** |  |  |  |  |
|  Beginning of year | 2099500 | 2555455 | 173830 | 266083 |
|  End of year | $1705482 | $2099500 | $140842 | $173830 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **16** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Consolidated Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **PIMCO**<br> **All Asset: Multi-Real Fund** | **PIMCO**<br> **All Asset: Multi-Real Fund** |
| (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) | $59670 | $82579 |
|  Net realized gain (loss) | 219142 | (65691) |
|  Net change in unrealized appreciation (depreciation) | 314 | 166566 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 279126 | 183454 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains | (86654) | (154922) |
|  **Total Distributions<sup>(a)</sup>** | (86654) | (154922) |
|  **Fund Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | 122488 | (647718) |
|  **Total Increase (Decrease) in Net Assets** | 314960 | (619186) |
|  **Net Assets:** |  |  |
|  Beginning of year | 1896642 | 2515828 |
|  End of year | $2211602 | $1896642 |

---

---

| | |
|:---|:---|
| <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 | **17** |

---

------

Consolidated Statement of Cash Flows

---

| | |
|:---|:---|
| Year Ended March 31, 2026 |  |
| (Amounts in thousands<sup>†</sup>) | **PIMCO All Asset:<br>Multi-Real Fund** |
|  **Cash Flows Provided by (Used for) Operating Activities:** |  |
|  Net increase (decrease) in net assets resulting from operations | $279126 |
|  **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 | (5663610) |
|  Proceeds from sales of long-term securities | 5262213 |
| (Purchases) Proceeds from sales of short-term portfolio investments, net | (478198) |
| (Increase) decrease in deposits with counterparty | (11200) |
| (Increase) decrease in receivable for investments sold | (91733) |
| (Increase) decrease in interest and/or dividends receivable | (2710) |
| (Increase) decrease in dividends receivable from Affiliates | 189 |
|  Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments | (60124) |
|  Proceeds from (Payments on) over the counter financial derivative instruments | 227067 |
| (Increase) decrease in reimbursement receivable from PIMCO | (92) |
|  Increase (decrease) in payable for investments purchased | 738530 |
|  Increase (decrease) in deposits from counterparty | 15804 |
|  Increase (decrease) in accrued investment advisory fees | 191 |
|  Increase (decrease) in accrued supervisory and administrative fees | 90 |
|  Proceeds from short sales transactions | 457938 |
|  Payments on short sales transactions | (457938) |
|  Proceeds from (Payments on) foreign currency transactions | (475) |
|  *Net Realized (Gain) Loss* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (55716) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | 66480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | (229717) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | (244) |
|  *Net Change in Unrealized (Appreciation) Depreciation* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | (3344) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | 1029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | 1283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency assets and liabilities | 719 |
|  Net amortization (accretion) on investments | (20138) |
|  **Net Cash Provided by (Used for) Operating Activities** | (24526) |
|  **Cash Flows Received from (Used for) Financing Activities:** |  |
|  Proceeds from shares sold | 1196574 |
|  Payments on shares redeemed | (1160740) |
|  Proceeds from reverse repurchase agreements | 221719779 |
|  Payments on reverse repurchase agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(221771388) |
|  Proceeds from sale-buyback transactions | 973275 |
|  Payments on sale-buyback transactions | (930123) |
|  **Net Cash Received from (Used for) Financing Activities** | 27377 |
|  **Net Increase (Decrease) in Cash and Foreign Currency** | 2851 |
|  **Cash and Foreign Currency:** |  |
|  Beginning of year | 7240 |
|  End of year | $10091 |
|  \* Reinvestment of distributions | $86654 |
|  **Supplemental Disclosure of Cash Flow Information:** |  |
|  Interest expense paid during the year | $59826 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

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

---

| | | |
|:---|:---|:---|
| **18** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund 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 199.5% | INVESTMENTS IN SECURITIES 199.5% | INVESTMENTS IN SECURITIES 199.5% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3% |
|  Bank of Industry Ltd. | Bank of Industry Ltd. | Bank of Industry Ltd. |
|  3.724% (EUR003M + 1.700%) due 08/23/2027 ~ | 2325 | 2681 |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  4.546% (EUR006M + 2.450%) due 04/01/2027 «~ | 2000 | 2330 |
|  Total Loan Participations and Assignments (Cost $4,608) | Total Loan Participations and Assignments (Cost $4,608) | 5011 |
| CORPORATE BONDS & NOTES 5.3% | CORPORATE BONDS & NOTES 5.3% | CORPORATE BONDS & NOTES 5.3% |
| BANKING & FINANCE 3.7% | BANKING & FINANCE 3.7% | BANKING & FINANCE 3.7% |
|  American Express Co. | American Express Co. | American Express Co. |
|  5.442% due 01/30/2036 •  | 3900 | 3972 |
|  ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund |
|  5.450% due 09/09/2028 | 5700 | 5643 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.033% due 07/17/2030 | 8800 | 8713 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 1210 | 1169 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  6.224% due 05/09/2034 •  | 500 | 525 |
|  7.437% due 11/02/2033 •  | 2800 | 3132 |
|  Blue Ridge Re Ltd. | Blue Ridge Re Ltd. | Blue Ridge Re Ltd. |
|  7.010% (FHMMUSTF + 3.500%) due 01/08/2029 ~ | 250 | 252 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  9.700% due 03/05/2045 | 1600 | 489 |
|  Credit Suisse AG AT1 Claim | 14166 | 4958 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  3.547% due 09/18/2031 •  | 4633 | 4357 |
|  F&G Global Funding | F&G Global Funding | F&G Global Funding |
|  5.875% due 01/16/2030 | 500 | 507 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  5.303% due 09/06/2029 | 1800 | 1791 |
|  5.800% due 03/08/2029 | 700 | 708 |
|  5.918% due 03/20/2028 | 1900 | 1925 |
|  7.350% due 11/04/2027 | 700 | 723 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  5.500% due 04/01/2032 | 400 | 395 |
|  5.900% due 01/13/2035 | 900 | 894 |
|  GSG Bidco Ltd. | GSG Bidco Ltd. | GSG Bidco Ltd. |
|  4.700% due 06/15/2031 | 2100 | 2408 |
|  GSPA Monetization Trust | GSPA Monetization Trust | GSPA Monetization Trust |
|  6.422% due 10/09/2029 | 120 | 121 |
|  Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
|  2.400% due 03/15/2030 | 241 | 220 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  5.500% due 04/15/2035 | 2000 | 1985 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  5.950% due 04/14/2032 | 1500 | 1450 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.357% due 08/18/2031 •  | 431 | 389 |
|  2.848% due 06/04/2031 •  | 300 | 277 |
|  Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. |
|  5.718% due 09/15/2026 «•  | 1000 | 1163 |
|  Luca RE Ltd. | Luca RE Ltd. | Luca RE Ltd. |
|  10.810% (JMMMUSTF + 7.250%) due 07/22/2031 ~ | 300 | 309 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.679% due 07/16/2030 | 409 | 374 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (d) | 3900 | 3054 |
|  Takeoff Merger Sub, Inc. | Takeoff Merger Sub, Inc. | Takeoff Merger Sub, Inc. |
|  4.500% due 03/24/2029 | 4400 | 4373 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  3.091% due 05/14/2032 •  | 1700 | 1560 |
|  4.194% due 04/01/2031 •  | 250 | 245 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 02/15/2028 | 1650 | 1652 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Vitality Re XVI Ltd. | Vitality Re XVI Ltd. | Vitality Re XVI Ltd. |
|  7.280% (MSMMUSTF + 3.750%) due 01/08/2030 ~ | 250 | 249 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.900% due 07/22/2032 •  | 2100 | 2443 |
|  |  | 62425 |
| INDUSTRIALS 1.2% | INDUSTRIALS 1.2% | INDUSTRIALS 1.2% |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.375% due 11/21/2030 | 400 | 421 |
|  6.500% due 11/21/2033 | 200 | 213 |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 8980 | 9240 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  5.750% due 08/01/2035 (i) | 1100 | 1103 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  6.943% due 01/10/2030 | 19 | 20 |
|  DAE Funding LLC | DAE Funding LLC | DAE Funding LLC |
|  3.375% due 03/20/2028 | 1800 | 1734 |
|  GSG Bidco Ltd. | GSG Bidco Ltd. | GSG Bidco Ltd. |
|  5.375% due 06/15/2036 | 2200 | 2525 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  5.750% due 03/30/2032 | 200 | 205 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  4.876% due 07/16/2030 | 400 | 403 |
|  Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA |
|  5.625% due 06/19/2047 | 3300 | 2319 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.350% due 02/12/2048 | 1500 | 1149 |
|  Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC |
|  5.700% due 08/01/2035 | 500 | 504 |
|  |  | 19836 |
| UTILITIES 0.4% | UTILITIES 0.4% | UTILITIES 0.4% |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.500% due 02/01/2031 | 582 | 522 |
|  3.000% due 06/15/2028 | 2300 | 2227 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.650% due 10/01/2043 | 1500 | 1259 |
|  5.150% due 06/01/2029 | 3600 | 3651 |
|  |  | 7659 |
|  Total Corporate Bonds & Notes (Cost $85,126) | Total Corporate Bonds & Notes (Cost $85,126) | 89920 |
| MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% |
| CALIFORNIA 0.1% | CALIFORNIA 0.1% | CALIFORNIA 0.1% |
|  California State 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 | 35 | 40 |
|  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 | 1065 | 974 |
|  |  | 1014 |
| ILLINOIS 0.0% | ILLINOIS 0.0% | ILLINOIS 0.0% |
|  Chicago, Illinois Waterworks Revenue Bonds, Series 2010 | Chicago, Illinois Waterworks Revenue Bonds, Series 2010 | Chicago, Illinois Waterworks Revenue Bonds, Series 2010 |
|  6.642% due 11/01/2029 | 110 | 113 |
|  Illinois State General Obligation Bonds, (BABs), Series 2010 | Illinois State General Obligation Bonds, (BABs), Series 2010 | Illinois State General Obligation Bonds, (BABs), Series 2010 |
|  6.630% due 02/01/2035 | 45 | 47 |
|  6.725% due 04/01/2035 | 100 | 105 |
|  7.350% due 07/01/2035 | 71 | 77 |
|  |  | 342 |
| NEBRASKA 0.0% | NEBRASKA 0.0% | NEBRASKA 0.0% |
|  Public Power Generation Agency, Nebraska Revenue Bonds, (BABs), Series 2009 | Public Power Generation Agency, Nebraska Revenue Bonds, (BABs), Series 2009 | Public Power Generation Agency, Nebraska Revenue Bonds, (BABs), Series 2009 |
|  7.242% due 01/01/2041 | 20 | 22 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| OHIO 0.0% | OHIO 0.0% | OHIO 0.0% |
|  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 |
| PENNSYLVANIA 0.0% | PENNSYLVANIA 0.0% | PENNSYLVANIA 0.0% |
|  Pennsylvania Economic Development Financing Authority Revenue Bonds, (BABs), Series 2010 | Pennsylvania Economic Development Financing Authority Revenue Bonds, (BABs), Series 2010 | Pennsylvania Economic Development Financing Authority Revenue Bonds, (BABs), Series 2010 |
|  6.532% due 06/15/2039 | 5 | 6 |
| WASHINGTON 0.0% | WASHINGTON 0.0% | WASHINGTON 0.0% |
|  Washington State Convention Center Public Facilities District Revenue Bonds, (BABs), Series 2010 | Washington State Convention Center Public Facilities District Revenue Bonds, (BABs), Series 2010 | Washington State Convention Center Public Facilities District Revenue Bonds, (BABs), Series 2010 |
|  6.790% due 07/01/2040 | 605 | 650 |
|  Total Municipal Bonds & Notes (Cost $2,333) | Total Municipal Bonds & Notes (Cost $2,333) | 2089 |
| U.S. GOVERNMENT AGENCIES 102.4% | U.S. GOVERNMENT AGENCIES 102.4% | U.S. GOVERNMENT AGENCIES 102.4% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  3.000% due 11/01/2032 | 2041 | 1984 |
|  3.500% due 05/01/2049 | 148 | 138 |
|  3.650% due 11/01/2043 (i) | 10311 | 8828 |
|  4.000% due 07/01/2047 - 03/01/2049 | 480 | 461 |
|  5.000% due 01/01/2028 - 01/01/2055 | 1584 | 1578 |
|  5.500% due 01/01/2035 - 09/01/2055 | 16581 | 16847 |
|  5.500% due 09/01/2055 (i) | 16366 | 16724 |
|  6.000% due 08/01/2027 - 10/01/2055 | 8826 | 9036 |
|  6.500% due 01/01/2029 - 03/01/2055 | 9317 | 9836 |
|  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 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  2.683% due 07/15/2036 •(a) | 52 | 5 |
|  2.783% due 09/15/2036 •(a) | 31 | 3 |
|  2.913% due 04/15/2036 •(a) | 4 | 0 |
|  3.201% due 09/15/2041 •  | 134 | 127 |
|  3.287% due 02/15/2040 •  | 23 | 21 |
|  3.500% due 07/15/2042 | 557 | 520 |
|  4.087% due 05/15/2037 •  | 1 | 1 |
|  4.167% due 03/15/2037 •  | 11 | 11 |
|  4.187% due 11/15/2043 •  | 14 | 14 |
|  4.337% due 07/15/2041 •  | 19 | 19 |
|  4.487% due 08/15/2037 •  | 51 | 51 |
|  4.497% due 10/15/2037 •  | 8 | 8 |
|  4.507% due 05/15/2037 - 09/15/2037 •  | 54 | 54 |
|  4.602% due 11/25/2054 •  | 6499 | 6542 |
|  4.612% due 09/25/2055 •  | 43085 | 43422 |
|  4.762% due 07/25/2055 - 09/25/2055 •  | 23979 | 24095 |
|  4.812% due 09/25/2055 •  | 6004 | 6055 |
|  4.862% due 02/25/2055 - 08/25/2055 •  | 10873 | 10983 |
|  5.000% due 04/15/2041 | 384 | 389 |
|  5.500% due 03/15/2034 | 33 | 34 |
|  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 |
|  5.259% due 07/25/2044 •  | 2 | 2 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.000% due 12/01/2026 -<br>12/01/2032 | 2848 | 2757 |
|  3.500% due 02/01/2043 - 09/01/2048 | 1804 | 1680 |
|  4.410% due 10/01/2032 | 3337 | 3337 |
|  4.500% due 04/01/2028 - 12/01/2054 | 2774 | 2717 |
|  4.500% due 11/01/2054 - 12/01/2054 (i) | 12761 | 12475 |
|  5.000% due 02/01/2027 - 12/01/2054 | 1972 | 1966 |
|  5.030% due 10/01/2035 | 3760 | 3859 |
|  5.210% due 04/01/2035 | 2136 | 2222 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **19** |

---

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.500% due 02/01/2027 - 06/01/2054 | $— | 1927 | $— | 1938 |
|  5.500% due 07/01/2054 - 11/01/2054 (i) |  | 13485 |  | 13746 |
|  5.820% due 08/01/2035 •  |  | 2 |  | 2 |
|  5.823% due 12/01/2034 •  |  | 15 |  | 15 |
|  5.891% due 03/01/2034 •  |  | 3 |  | 4 |
|  6.000% due 10/01/2026 - 06/01/2054 |  | 4676 |  | 4807 |
|  6.159% due 09/01/2031 - 10/01/2035 •  |  | 1 |  | 1 |
|  6.500% due 09/01/2036 - 11/01/2054 |  | 6906 |  | 7273 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  0.000% due 08/25/2039 (b)(d) |  | 64 |  | 56 |
|  0.553% due 11/25/2040 •  |  | 1 |  | 1 |
|  2.074% due 03/25/2041 •(a) |  | 93 |  | 9 |
|  2.274% due 03/25/2037 •(a) |  | 27 |  | 2 |
|  2.324% due 04/25/2037 •(a) |  | 97 |  | 8 |
|  2.374% due 11/25/2039 •(a) |  | 15 |  | 1 |
|  2.604% due 03/25/2037 •(a) |  | 34 |  | 3 |
|  2.624% due 05/25/2037 •(a) |  | 90 |  | 7 |
|  2.924% due 03/25/2036 •(a) |  | 23 |  | 2 |
|  3.014% due 04/25/2037 •(a) |  | 165 |  | 21 |
|  3.424% due 02/25/2037 •(a) |  | 15 |  | 2 |
|  3.874% due 07/25/2033 •(a) |  | 9 |  | 1 |
|  3.912% due 03/25/2036 •  |  | 1 |  | 1 |
|  4.126% due 07/25/2037 •  |  | 4 |  | 4 |
|  4.156% due 07/25/2037 •  |  | 6 |  | 6 |
|  4.176% due 09/25/2035 •  |  | 10 |  | 10 |
|  4.186% due 09/25/2035 •  |  | 8 |  | 8 |
|  4.296% due 10/25/2040 •  |  | 4 |  | 4 |
|  4.496% due 06/25/2037 •  |  | 42 |  | 42 |
|  4.500% due 09/25/2040 |  | 452 |  | 443 |
|  4.562% due 09/25/2055 •  |  | 7578 |  | 7614 |
|  4.612% due 11/25/2054 •  |  | 4674 |  | 4684 |
|  4.762% due 07/25/2055 •  |  | 850 |  | 855 |
|  4.812% due 09/25/2055 •  |  | 6991 |  | 7050 |
|  4.862% due 08/25/2055 •  |  | 21060 |  | 21270 |
|  11.454% due 12/25/2036 •  |  | 1 |  | 1 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  4.132% due 09/25/2042 •  |  | 2 |  | 2 |
|  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) |  | 778 |  | 36 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.500% due 02/15/2045 - 03/15/2045 |  | 42 |  | 40 |
|  4.000% due 09/20/2055 |  | 394 |  | 370 |
|  4.500% due 06/20/2055 |  | 681 |  | 659 |
|  5.000% due 08/15/2033 - 03/15/2042 |  | 530 |  | 543 |
|  5.125% due 11/20/2044 •  |  | 94 |  | 96 |
|  6.000% due 07/15/2037 - 08/15/2037 |  | 2 |  | 2 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.132% due 08/20/2047 •  |  | 129 |  | 126 |
|  4.823% due 07/20/2055 •  |  | 13462 |  | 13583 |
|  4.977% due 04/20/2068 •  |  | 336 |  | 343 |
|  5.023% due 07/20/2055 •  |  | 4391 |  | 4426 |
|  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 |
|  3.500% due 03/01/2056 - 04/01/2056 |  | 64500 |  | 59176 |
|  4.000% due 04/01/2056 - 05/01/2056 |  | 77441 |  | 72522 |
|  4.500% due 05/01/2056 |  | 48470 |  | 46774 |
|  5.000% due 05/01/2056 |  | 60750 |  | 60049 |
|  5.500% due 06/01/2040 - 05/01/2056 |  | 33150 |  | 33266 |
|  6.000% due 05/01/2056 |  | 32710 |  | 33225 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  4.430% due 05/01/2029 |  | 2 |  | 2 |
|  5.490% due 03/01/2028 |  | 1 |  | 1 |
|  6.020% due 08/01/2028 |  | 11 |  | 11 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 06/01/2040 |  | 5920 |  | 5192 |
|  4.000% due 04/01/2056 - 06/01/2056 |  | 74960 |  | 70617 |
|  4.500% due 05/01/2056 |  | 9460 |  | 9121 |
|  5.000% due 04/01/2056 - 05/01/2056 |  | 207020 |  | 203950 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.500% due 04/01/2056 - 06/01/2056 | 88950 | 89220 |
|  6.000% due 06/01/2056 - 07/01/2056 | 340110 | 346140 |
|  6.500% due 05/01/2056 - 06/01/2056 | 419180 | 433304 |
|  Total U.S. Government Agencies<br>(Cost $1,746,887) | Total U.S. Government Agencies<br>(Cost $1,746,887) | 1747374 |
| U.S. TREASURY OBLIGATIONS 4.2% | U.S. TREASURY OBLIGATIONS 4.2% | U.S. TREASURY OBLIGATIONS 4.2% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.375% due 11/15/2040 (k) | 4100 | 2642 |
|  2.250% due 08/15/2049 (m) | 146 | 91 |
|  3.000% due 08/15/2048 (m) | 473 | 348 |
|  3.000% due 02/15/2049 (k)(m) | 17298 | 12639 |
|  3.125% due 05/15/2048 (m) | 124 | 94 |
|  4.125% due 08/15/2053 (m) | 100 | 88 |
|  4.625% due 02/15/2040 (k) | 3734 | 3733 |
|  4.625% due 05/15/2044 (k)(m) | 27300 | 26485 |
|  4.875% due 08/15/2045 (m) | 672 | 669 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  2.375% due 05/15/2029 (k)(m) | 2075 | 1987 |
|  3.875% due 07/31/2030 (k)(m) | 21600 | 21567 |
|  4.250% due 08/15/2035 (m) | 980 | 976 |
|  Total U.S. Treasury Obligations<br>(Cost $85,672) | Total U.S. Treasury Obligations<br>(Cost $85,672) | 71319 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 7.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 7.6% | NON-AGENCY MORTGAGE-BACKED SECURITIES 7.6% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  4.897% due 01/25/2036 ~ | 385 | 302 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  3.983% due 05/25/2046 •  | 7 | 6 |
|  3.983% due 10/25/2046 •  | 30 | 15 |
|  4.779% due 11/25/2046 •  | 10479 | 2460 |
|  6.750% due 11/25/2046 þ | 142 | 129 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  6.500% due 03/25/2047 þ | 22 | 13 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  1.469% due 06/25/2065 ~ | 15 | 14 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.120% due 06/20/2037 ~ | 8 | 7 |
|  4.170% due 10/20/2036 •  | 4 | 3 |
|  4.210% due 04/20/2047 •  | 2 | 2 |
|  4.250% due 02/20/2047 •  | 261 | 248 |
|  4.598% due 09/20/2046 ~ | 287 | 262 |
|  4.694% due 02/20/2035 ~ | 6 | 5 |
|  6.000% due 08/25/2036 | 5 | 5 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.281% due 02/25/2034 ~ | 4 | 4 |
|  5.296% due 06/25/2035 ~ | 3 | 2 |
|  5.625% due 01/25/2035 ~ | 4 | 4 |
|  5.687% due 06/25/2034 ~ | 3 | 3 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.153% due 03/25/2037 •  | 1283 | 1204 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.113% due 08/25/2036 •  | 266 | 241 |
|  4.113% due 01/25/2047 •  | 27 | 26 |
|  4.133% due 12/25/2046 •  | 3 | 3 |
|  4.293% due 01/25/2036 •  | 3 | 3 |
|  4.336% due 11/25/2035 ~ | 36 | 33 |
|  4.902% due 10/25/2035 ~ | 31 | 26 |
|  5.065% due 07/25/2035 ~ | 40 | 23 |
|  5.158% due 05/25/2035 ~ | 8 | 8 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.335% due 02/25/2036 ~ | 35 | 33 |
|  4.819% due 07/25/2034 ~ | 4 | 3 |
|  5.619% due 11/25/2034 ~ | 1 | 1 |
|  5.792% due 01/25/2033 ~ | 20 | 20 |
|  5.910% due 04/25/2033 ~ | 1 | 1 |
|  5.950% due 02/25/2036 •  | 2 | 2 |
|  6.375% due 08/25/2033 ~ | 1 | 1 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.452% due 09/25/2036 ~ | 77 | 66 |
|  4.664% due 01/25/2036 ~ | 4 | 3 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  4.393% due 07/25/2037 •  | 2218 | 1968 |
|  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 •  | 50 | 49 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.253% due 05/25/2035 •  | 10 | 9 |
|  4.373% due 04/25/2035 •  | 576 | 557 |
|  4.393% due 05/25/2035 •  | 27 | 24 |
|  4.433% due 03/25/2035 •  | 1 | 1 |
|  4.453% due 02/25/2035 •  | 4 | 4 |
|  4.787% due 11/25/2034 ~ | 7 | 7 |
|  5.750% due 05/25/2037 | 3 | 2 |
|  6.000% due 07/25/2036 | 232 | 107 |
|  6.000% due 01/25/2037 | 157 | 70 |
|  6.000% due 02/25/2037 | 154 | 65 |
|  6.148% due 02/20/2036 •  | 2 | 2 |
|  6.500% due 12/25/2037 | 358 | 128 |
|  6.582% due 10/20/2034 ~ | 8 | 8 |
|  CHL Reperforming Loan REMICS Trust | CHL Reperforming Loan REMICS Trust | CHL Reperforming Loan REMICS Trust |
|  4.133% due 06/25/2035 •  | 18 | 17 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.113% due 01/25/2037 •  | 64 | 57 |
|  4.451% due 09/25/2037 ~ | 96 | 92 |
|  5.900% due 10/25/2035 •  | 7 | 6 |
|  6.050% due 03/25/2036 •  | 12 | 12 |
|  6.480% due 10/25/2035 •  | 6 | 6 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  4.393% due 04/25/2037 •  | 98 | 81 |
|  6.000% due 12/25/2036 | 30 | 27 |
|  6.000% due 06/25/2037 | 41 | 38 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  2.990% due 08/25/2035 ~ | 707 | 615 |
|  3.993% due 04/25/2047 •  | 853 | 850 |
|  4.003% due 04/25/2047 •  | 1370 | 1226 |
|  4.033% due 12/25/2046 •  | 4749 | 4351 |
|  4.093% due 06/25/2035 •  | 738 | 454 |
|  4.133% due 05/25/2047 •  | 139 | 127 |
|  4.170% due 09/20/2046 •  | 1020 | 1072 |
|  4.173% due 09/25/2046 •  | 37 | 37 |
|  4.193% due 05/25/2036 •  | 51 | 46 |
|  4.193% due 08/25/2037 •  | 8 | 5 |
|  4.210% due 03/20/2046 •  | 10 | 9 |
|  4.210% due 07/20/2046 •  | 5 | 4 |
|  4.210% due 09/20/2046 •  | 10 | 10 |
|  4.250% due 05/20/2046 •  | 3 | 2 |
|  4.293% due 11/25/2036 •  | 9943 | 8748 |
|  4.313% due 12/25/2035 •  | 4 | 4 |
|  4.343% due 05/25/2035 •  | 20 | 15 |
|  4.353% due 02/25/2037 •  | 216 | 181 |
|  4.390% due 11/20/2035 •  | 24 | 22 |
|  4.393% due 08/25/2035 •  | 141 | 132 |
|  4.430% due 12/20/2035 •  | 31 | 30 |
|  4.433% due 11/25/2035 •  | 165 | 154 |
|  4.859% due 12/25/2035 •  | 4 | 4 |
|  5.259% due 08/25/2035 •  | 13 | 12 |
|  5.339% due 01/25/2036 •  | 53 | 51 |
|  5.500% due 05/25/2035 | 79 | 62 |
|  5.500% due 06/25/2035 | 132 | 105 |
|  5.500% due 11/25/2035 | 58 | 31 |
|  5.750% due 03/25/2037 | 74 | 36 |
|  5.909% due 10/20/2035 •  | 4 | 3 |
|  6.000% due 12/25/2035 | 175 | 121 |
|  6.000% due 05/25/2036 | 32 | 15 |
|  6.000% due 08/25/2036 •  | 37 | 20 |
|  6.000% due 05/25/2037 | 108 | 43 |
|  6.250% due 08/25/2036 | 539 | 279 |
|  7.000% due 10/25/2037 | 70 | 22 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.250% due 09/25/2035 | 158 | 121 |
|  CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust |
|  6.184% due 12/25/2036 þ | 1240 | 162 |
|  CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
|  5.750% due 08/25/2036 | 7 | 6 |
|  5.750% due 03/25/2037 | 15 | 8 |
|  6.421% due 10/25/2037 ~ | 194 | 109 |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  3.629% due 11/30/2037 ~ | 11086 | 10260 |
|  3.871% due 12/27/2037 ~ | 4611 | 4022 |

---

---

| | | |
|:---|:---|:---|
| **20** | **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)** |
|  4.151% due 12/27/2060 ~ | $— | 2819 | $— | 2811 |
|  4.346% due 06/25/2050 ~ |  | 367 |  | 329 |
|  CSMC Trust Capital Certificates | CSMC Trust Capital Certificates | CSMC Trust Capital Certificates | CSMC Trust Capital Certificates | CSMC Trust Capital Certificates |
|  4.093% due 01/27/2037 •  |  | 18 |  | 12 |
|  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 |
|  4.173% due 02/25/2037 •  |  | 3890 |  | 3432 |
|  4.293% due 02/25/2035 •  |  | 59 |  | 58 |
|  4.453% due 02/25/2036 •  |  | 93 |  | 93 |
|  5.293% due 10/25/2047 •  |  | 147 |  | 116 |
|  DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust |
|  3.931% due 04/19/2047 •  |  | 482 |  | 405 |
|  3.981% due 10/19/2036 •  |  | 105 |  | 97 |
|  4.311% due 08/19/2045 •  |  | 3 |  | 2 |
|  4.611% due 09/19/2044 •  |  | 17 |  | 16 |
|  Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC |
|  4.015% due 06/15/2044 •  |  | 1 |  | 1 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  4.341% due 03/25/2035 ~ | $— | 1 |  | 0 |
|  4.965% due 06/25/2036 ~ |  | 189 |  | 150 |
|  5.389% due 12/25/2035 ~ |  | 14 |  | 10 |
|  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 ~ |  | 39 |  | 35 |
|  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 •  |  | 101 |  | 95 |
|  GSMSC Pass-Through Trust | GSMSC Pass-Through Trust | GSMSC Pass-Through Trust | GSMSC Pass-Through Trust | GSMSC Pass-Through Trust |
|  4.238% due 12/26/2036 •  |  | 57 |  | 42 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.111% due 11/25/2035 ~ |  | 9 |  | 8 |
|  4.741% due 11/25/2035 ~ |  | 3 |  | 3 |
|  4.993% due 07/25/2035 ~ |  | 1 |  | 1 |
|  5.100% due 09/25/2035 ~ |  | 7 |  | 7 |
|  5.500% due 01/25/2037 |  | 3 |  | 9 |
|  5.880% due 04/25/2032 •  |  | 3 |  | 3 |
|  6.000% due 02/25/2036 |  | 217 |  | 76 |
|  6.000% due 07/25/2037 |  | 51 |  | 32 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.011% due 07/19/2047 •  |  | 114 |  | 111 |
|  4.131% due 12/19/2036 •  |  | 4 |  | 4 |
|  4.201% due 12/19/2036 •  |  | 224 |  | 188 |
|  4.231% due 05/19/2035 •  |  | 144 |  | 140 |
|  4.271% due 06/19/2035 •  |  | 706 |  | 699 |
|  4.271% due 12/19/2036 •  |  | 90 |  | 89 |
|  4.291% due 01/19/2036 •  |  | 409 |  | 262 |
|  4.316% due 06/19/2036 ~ |  | 54 |  | 27 |
|  4.470% due 06/20/2035 •  |  | 73 |  | 69 |
|  5.859% due 10/19/2035 •  |  | 264 |  | 121 |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  4.413% due 03/25/2035 •  |  | 85 |  | 70 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  4.433% due 03/25/2035 •  |  | 118 |  | 116 |
|  Impac Secured Assets CMN Owner Trust | Impac Secured Assets CMN Owner Trust | Impac Secured Assets CMN Owner Trust | Impac Secured Assets CMN Owner Trust | Impac Secured Assets CMN Owner Trust |
|  6.212% due 07/25/2035 ~ |  | 11 |  | 10 |
|  Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust | Impac Secured Assets Trust |
|  4.333% due 02/25/2037 •  |  | 9485 |  | 8663 |
|  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 |
|  4.026% due 06/25/2036 ~ |  | 89 |  | 79 |
|  4.093% due 06/25/2037 •  |  | 4 |  | 1 |
|  4.153% due 02/25/2037 •  |  | 57 |  | 52 |
|  4.159% due 05/25/2035 ~ |  | 136 |  | 92 |
|  4.173% due 09/25/2046 •  |  | 44 |  | 42 |
|  4.193% due 11/25/2046 •  |  | 392 |  | 382 |
|  4.213% due 05/25/2046 •  |  | 3664 |  | 3411 |
|  4.273% due 07/25/2035 •  |  | 109 |  | 103 |
|  4.313% due 06/25/2035 •  |  | 24 |  | 19 |
|  4.433% due 07/25/2045 •  |  | 2 |  | 2 |
|  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 |
|  4.203% due 05/25/2036 ~ |  | 49 |  | 26 |
|  6.000% due 12/27/2036 |  | 50 |  | 23 |
|  6.500% due 03/25/2036 |  | 1635 |  | 820 |
|  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 |
|  5.170% due 12/15/2031 •  |  | 133 |  | 133 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  3.934% due 10/25/2036 ~ |  | 22 |  | 15 |
|  3.942% due 07/27/2037 ~ |  | 40 |  | 37 |
|  4.198% due 10/25/2036 ~ |  | 3 |  | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.650% due 04/25/2036 ~ | $— | 452 | $— | 398 |
|  5.094% due 08/25/2035 ~ |  | 14 |  | 12 |
|  5.182% due 04/25/2037 ~ |  | 3 |  | 2 |
|  5.533% due 07/25/2035 ~ |  | 36 |  | 35 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  5.750% due 04/25/2061 þ |  | 2797 |  | 2804 |
|  5.750% due 07/25/2061 þ |  | 4489 |  | 4493 |
|  5.892% due 10/25/2066 þ |  | 2596 |  | 2599 |
|  6.250% due 07/25/2067 þ |  | 2160 |  | 2163 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  4.443% due 11/25/2036 •  |  | 402 |  | 178 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.193% due 03/25/2047 •  |  | 4038 |  | 3794 |
|  4.243% due 08/25/2046 •  |  | 507 |  | 534 |
|  4.293% due 08/25/2037 •  |  | 34 |  | 33 |
|  5.493% due 09/25/2047 •  |  | 37 |  | 34 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.252% due 04/25/2036 ~ |  | 1641 |  | 1062 |
|  4.513% due 04/25/2036 •  |  | 22 |  | 20 |
|  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 |
|  3.180% due 07/25/2035 ~ |  | 7 |  | 6 |
|  4.571% due 10/25/2033 ~ |  | 28 |  | 25 |
|  4.659% due 12/25/2046 •  |  | 9432 |  | 7946 |
|  5.598% due 11/21/2034 ~ |  | 106 |  | 105 |
|  MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust |
|  6.000% due 06/25/2036 |  | 74 |  | 39 |
|  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 |
|  4.647% due 08/15/2032 •  |  | 8 |  | 8 |
|  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 |
|  4.013% due 03/25/2037 •  |  | 118 |  | 27 |
|  4.193% due 03/25/2037 •  |  | 1836 |  | 425 |
|  4.213% due 04/25/2037 •  |  | 13598 |  | 2299 |
|  4.393% due 03/25/2037 •  |  | 75 |  | 17 |
|  6.000% due 03/25/2037 |  | 36 |  | 11 |
|  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 ~ |  | 4 |  | 4 |
|  4.838% due 09/25/2035 ~ |  | 40 |  | 31 |
|  5.115% due 05/25/2036 ~ |  | 26 |  | 25 |
|  5.449% due 05/25/2033 ~ |  | 2 |  | 2 |
|  5.549% due 02/25/2033 •  |  | 5 |  | 5 |
|  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 ~ |  | 24 |  | 23 |
|  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 |
|  3.468% due 07/25/2035 ~ |  | 51 |  | 46 |
|  5.634% due 06/25/2036 ~ |  | 2 |  | 2 |
|  6.000% due 08/25/2036 |  | 57 |  | 23 |
|  6.815% due 06/25/2036 þ |  | 778 |  | 203 |
|  Morgan Stanley Re-REMICS Trust | Morgan Stanley Re-REMICS Trust | Morgan Stanley Re-REMICS Trust | Morgan Stanley Re-REMICS Trust | Morgan Stanley Re-REMICS Trust |
|  5.250% due 05/26/2037 ~ |  | 50 |  | 21 |
|  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 •  |  | 25 |  | 23 |
|  MortgageIT Trust | MortgageIT Trust | MortgageIT Trust | MortgageIT Trust | MortgageIT Trust |
|  4.313% due 12/25/2035 •  |  | 84 |  | 84 |
|  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 ~ |  | 512 |  | 497 |
|  2.750% due 11/25/2059 ~ |  | 682 |  | 655 |
|  3.500% due 12/25/2057 ~ |  | 372 |  | 362 |
|  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 |
|  3.983% due 06/25/2037 •  |  | 2849 |  | 2375 |
|  5.476% due 05/25/2035 þ |  | 17 |  | 8 |
|  5.769% due 06/25/2036 ~ |  | 10025 |  | 2509 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  0.427% due 09/25/2046 •  |  | 1274 |  | 469 |
|  PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust |
|  4.113% due 02/25/2037 •  |  | 103 |  | 76 |
|  RALI Trust | RALI Trust | RALI Trust | RALI Trust | RALI Trust |
|  3.968% due 11/25/2037 ~ |  | 104 |  | 88 |
|  4.093% due 02/25/2037 •  |  | 44 |  | 40 |
|  4.093% due 02/25/2047 •  |  | 1267 |  | 1181 |
|  4.113% due 01/25/2037 •  |  | 789 |  | 723 |
|  4.133% due 01/25/2037 •  |  | 1806 |  | 1616 |
|  4.153% due 07/25/2036 •  |  | 194 |  | 61 |
|  4.153% due 09/25/2036 •  |  | 198 |  | 188 |
|  4.163% due 08/25/2036 •  |  | 80 |  | 74 |
|  4.173% due 07/25/2036 •  |  | 69 |  | 65 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.173% due 09/25/2036 •  | $— | 109 | $— | 103 |
|  4.293% due 08/25/2035 •  |  | 350 |  | 236 |
|  4.659% due 09/25/2046 •  |  | 5621 |  | 4716 |
|  4.788% due 10/25/2037 ~ |  | 184 |  | 147 |
|  5.000% due 09/25/2036 |  | 3 |  | 2 |
|  6.000% due 08/25/2036 |  | 9 |  | 8 |
|  6.000% due 01/25/2037 |  | 19 |  | 15 |
|  6.000% due 03/25/2037 |  | 75 |  | 63 |
|  6.398% due 09/25/2034 ~ |  | 28 |  | 28 |
|  6.500% due 08/25/2036 |  | 810 |  | 676 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  5.500% due 09/25/2035 |  | 73 |  | 30 |
|  6.000% due 03/25/2037 |  | 798 |  | 241 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  5.384% due 04/25/2037 ~ |  | 89 |  | 76 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  3.538% due 09/20/2046 ~ |  | 47 |  | 31 |
|  4.350% due 07/20/2034 •  |  | 49 |  | 49 |
|  STARM Mortgage Loan Trust | STARM Mortgage Loan Trust | STARM Mortgage Loan Trust | STARM Mortgage Loan Trust | STARM Mortgage Loan Trust |
|  6.341% due 01/25/2037 ~ |  | 28 |  | 16 |
|  Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust | Starwood Mortgage Residential Trust |
|  1.486% due 04/25/2065 ~ |  | 28 |  | 27 |
|  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 |
|  3.859% due 01/25/2035 ~ |  | 7 |  | 7 |
|  3.906% due 11/25/2035 ~ |  | 29 |  | 27 |
|  4.093% due 08/25/2036 •  |  | 26 |  | 21 |
|  4.617% due 08/25/2035 ~ |  | 17 |  | 9 |
|  4.752% due 03/25/2036 ~ |  | 16 |  | 13 |
|  5.259% due 01/25/2035 •  |  | 2 |  | 2 |
|  6.093% due 12/25/2037 •  |  | 330 |  | 287 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  3.913% due 08/25/2036 •  |  | 103 |  | 92 |
|  4.173% due 07/25/2046 •  |  | 34 |  | 28 |
|  4.213% due 04/25/2036 •  |  | 10 |  | 9 |
|  4.233% due 05/25/2046 •  |  | 9 |  | 3 |
|  4.253% due 02/25/2036 •  |  | 29 |  | 28 |
|  4.353% due 02/25/2036 •  |  | 2 |  | 2 |
|  4.491% due 02/19/2035 •  |  | 1 |  | 1 |
|  5.148% due 02/25/2036 •  |  | 8 |  | 7 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  2.902% due 03/25/2044 ~ |  | 20 |  | 19 |
|  5.288% due 12/25/2044 ~ |  | 29 |  | 29 |
|  5.786% due 06/25/2047 •  |  | 82 |  | 79 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.250% due 12/25/2061 ~ |  | 2480 |  | 2427 |
|  2.900% due 10/25/2059 ~ |  | 422 |  | 406 |
|  3.000% due 01/25/2058 ~ |  | 13 |  | 13 |
|  3.257% due 10/25/2057 ~ |  | 1031 |  | 880 |
|  4.793% due 05/25/2058 •  |  | 16 |  | 16 |
|  4.793% due 10/25/2059 •  |  | 20 |  | 20 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.412% due 01/25/2037 ~ |  | 36 |  | 31 |
|  3.829% due 12/25/2046 •  |  | 10 |  | 9 |
|  3.868% due 06/25/2037 ~ |  | 62 |  | 55 |
|  3.871% due 12/25/2046 •  |  | 9 |  | 8 |
|  3.996% due 02/25/2037 ~ |  | 13 |  | 11 |
|  4.127% due 02/25/2037 ~ |  | 94 |  | 89 |
|  4.136% due 12/25/2036 ~ |  | 20 |  | 19 |
|  4.285% due 06/25/2037 ~ |  | 194 |  | 175 |
|  4.333% due 12/25/2045 •  |  | 4016 |  | 3739 |
|  4.353% due 11/25/2045 •  |  | 3 |  | 3 |
|  4.373% due 10/25/2045 •  |  | 6 |  | 6 |
|  4.373% due 12/25/2045 •  |  | 191 |  | 177 |
|  4.483% due 10/25/2035 ~ |  | 10 |  | 9 |
|  4.559% due 03/25/2047 •  |  | 1694 |  | 1526 |
|  4.573% due 01/25/2045 •  |  | 296 |  | 287 |
|  4.593% due 12/25/2045 •  |  | 667 |  | 666 |
|  4.609% due 06/25/2047 •  |  | 1399 |  | 1210 |
|  4.641% due 12/25/2035 ~ |  | 91 |  | 86 |
|  4.669% due 07/25/2047 •  |  | 24 |  | 20 |
|  4.739% due 10/25/2046 •  |  | 270 |  | 241 |
|  4.859% due 02/25/2046 •  |  | 128 |  | 119 |
|  4.923% due 01/25/2035 ~ |  | 22 |  | 22 |
|  4.929% due 01/25/2046 •  |  | 837 |  | 758 |
|  4.953% due 11/25/2045 •  |  | 1234 |  | 1188 |
|  5.359% due 10/25/2046 •  |  | 417 |  | 401 |
|  5.359% due 11/25/2046 •  |  | 392 |  | 327 |
|  5.481% due 08/25/2035 ~ |  | 11 |  | 11 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **21** |

---

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.113% due 06/25/2033 ~ | 9 | 9 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  3.889% due 09/25/2036 þ | 610 | 158 |
|  3.953% due 09/25/2036 •  | 319 | 81 |
|  4.293% due 02/25/2036 •  | 295 | 253 |
|  4.609% due 02/25/2047 •  | 548 | 524 |
|  4.689% due 11/25/2046 •  | 47 | 43 |
|  4.709% due 10/25/2046 •  | 76 | 68 |
|  4.799% due 04/25/2046 •  | 36 | 33 |
|  Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust |
|  6.250% due 07/25/2037 | 58 | 51 |
|  6.578% due 07/25/2037 ~ | 2 | 2 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.192% due 09/25/2036 ~ | 2 | 2 |
|  6.288% due 12/25/2036 ~ | 12 | 11 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $143,122) | Total Non-Agency Mortgage-Backed Securities (Cost $143,122) | 129619 |
| ASSET-BACKED SECURITIES 29.3% | ASSET-BACKED SECURITIES 29.3% | ASSET-BACKED SECURITIES 29.3% |
| AUTOMOBILE SEQUENTIAL 1.4% | AUTOMOBILE SEQUENTIAL 1.4% | AUTOMOBILE SEQUENTIAL 1.4% |
|  FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust |
|  5.540% due 04/16/2029 | 1373 | 1383 |
|  FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust |
|  5.690% due 02/15/2030 | 1506 | 1515 |
|  5.890% due 06/15/2030 | 512 | 515 |
|  FHF Trust | FHF Trust | FHF Trust |
|  6.570% due 06/15/2028 | 841 | 844 |
|  Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
|  5.640% due 03/15/2028 | 123 | 123 |
|  Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust |
|  5.990% due 05/15/2028 | 257 | 257 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  5.240% due 03/15/2030 | 205 | 206 |
|  Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC |
|  5.440% due 01/25/2029 | 10400 | 10554 |
|  5.490% due 06/25/2027 | 950 | 952 |
|  Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust |
|  7.500% due 12/15/2028 | 5690 | 5784 |
|  Research-Driven Pagaya Motor Asset Trust IV | Research-Driven Pagaya Motor Asset Trust IV | Research-Driven Pagaya Motor Asset Trust IV |
|  2.650% due 03/25/2030 | 656 | 652 |
|  Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V |
|  5.320% due 09/25/2030 | 532 | 535 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  4.950% due 05/21/2029 | 299 | 301 |
|  |  | 23621 |
| CMBS OTHER 3.4% | CMBS OTHER 3.4% | CMBS OTHER 3.4% |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  5.130% due 02/18/2043 •  | 7100 | 7108 |
|  5.252% due 02/18/2040 •  | 11200 | 11172 |
|  5.410% due 03/19/2039 •  | 1000 | 1000 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  5.244% due 10/16/2036 •  | 12800 | 12799 |
|  5.427% due 02/19/2037 •  | 12500 | 12524 |
|  5.544% due 10/16/2036 •  | 12800 | 12815 |
|  |  | 57418 |
| HOME EQUITY OTHER 16.5% | HOME EQUITY OTHER 16.5% | HOME EQUITY OTHER 16.5% |
|  Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust |
|  5.818% due 01/25/2035 •  | 3 | 3 |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.528% due 03/25/2035 •  | 4108 | 3984 |
|  Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust |
|  4.053% due 09/25/2036 •  | 72 | 72 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.073% due 07/25/2036 •  | 1669 | 1619 |
|  4.113% due 03/25/2037 •  | 27214 | 11595 |
|  4.233% due 11/25/2036 •  | 3409 | 1393 |
|  4.273% due 06/25/2036 •  | 1507 | 1120 |
|  4.273% due 12/25/2036 •  | 278 | 148 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.408% due 12/25/2035 •  | $— | 783 | $— | 753 |
|  4.738% due 05/25/2035 •  |  | 4760 |  | 4464 |
|  Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates | Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates | Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates | Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates | Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates |
|  4.498% due 10/25/2035 •  |  | 588 |  | 573 |
|  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 |
|  4.433% due 11/25/2034 •  |  | 847 |  | 810 |
|  4.663% due 11/25/2035 •  |  | 1300 |  | 1258 |
|  4.768% due 07/25/2035 •  |  | 2000 |  | 1950 |
|  4.918% due 11/25/2034 •  |  | 84 |  | 83 |
|  Argent Mortgage Loan Trust | Argent Mortgage Loan Trust | Argent Mortgage Loan Trust | Argent Mortgage Loan Trust | Argent Mortgage Loan Trust |
|  4.273% due 05/25/2035 •  |  | 45 |  | 41 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  3.903% due 09/25/2036 •  |  | 65 |  | 21 |
|  4.093% due 07/25/2036 •  |  | 392 |  | 359 |
|  4.153% due 04/25/2036 •  |  | 15447 |  | 4709 |
|  4.173% due 03/25/2036 •  |  | 694 |  | 652 |
|  4.273% due 06/25/2036 •  |  | 8386 |  | 2232 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  3.666% due 01/25/2034 •  |  | 162 |  | 156 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  4.603% due 06/25/2034 •  |  | 470 |  | 496 |
|  4.888% due 02/25/2035 •  |  | 7 |  | 7 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.113% due 08/25/2036 •  |  | 585 |  | 572 |
|  4.493% due 05/25/2037 •  |  | 13644 |  | 11852 |
|  4.843% due 08/25/2037 •  |  | 330 |  | 301 |
|  5.668% due 12/25/2034 •  |  | 3518 |  | 3560 |
|  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 |
|  4.768% due 02/25/2034 •  |  | 979 |  | 1009 |
|  4.993% due 08/25/2034 •  |  | 166 |  | 166 |
|  Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust |
|  4.053% due 02/25/2037 •  |  | 233 |  | 225 |
|  4.543% due 10/25/2035 •  |  | 868 |  | 861 |
|  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 |
|  4.438% due 03/25/2034 •  |  | 134 |  | 132 |
|  Chase Funding Trust | Chase Funding Trust | Chase Funding Trust | Chase Funding Trust | Chase Funding Trust |
|  4.433% due 08/25/2032 •  |  | 8 |  | 8 |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  5.293% due 10/25/2037 •  |  | 4815 |  | 4884 |
|  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. |
|  3.983% due 05/25/2037 •  |  | 1270 |  | 862 |
|  3.993% due 05/25/2037 •  |  | 1980 |  | 1356 |
|  4.093% due 12/25/2036 •  |  | 278 |  | 103 |
|  4.113% due 09/25/2036 •  |  | 30 |  | 23 |
|  4.153% due 01/25/2037 •  |  | 3698 |  | 2760 |
|  4.273% due 08/25/2036 •  |  | 3282 |  | 3111 |
|  4.313% due 03/25/2036 •  |  | 642 |  | 594 |
|  4.393% due 10/25/2036 •  |  | 82 |  | 48 |
|  4.693% due 09/25/2035 •  |  | 4930 |  | 4804 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.073% due 03/25/2037 •  |  | 1547 |  | 1453 |
|  4.193% due 02/25/2037 •  |  | 76 |  | 73 |
|  4.273% due 04/25/2037 •  |  | 167 |  | 151 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  3.993% due 06/25/2047 •  |  | 54 |  | 49 |
|  4.043% due 06/25/2047 •  |  | 1410 |  | 1379 |
|  4.073% due 06/25/2035 •  |  | 68 |  | 63 |
|  4.073% due 03/25/2037 •  |  | 52 |  | 51 |
|  4.073% due 07/25/2037 •  |  | 205 |  | 190 |
|  4.073% due 12/25/2046 •  |  | 1486 |  | 1398 |
|  4.073% due 04/25/2047 •  |  | 34 |  | 34 |
|  4.083% due 10/25/2047 •  |  | 7600 |  | 6717 |
|  4.153% due 11/25/2047 •  |  | 25 |  | 24 |
|  4.213% due 05/25/2047 •  |  | 81 |  | 78 |
|  4.233% due 09/25/2037 •  |  | 85 |  | 92 |
|  4.253% due 05/25/2037 •  |  | 1450 |  | 1427 |
|  4.333% due 03/25/2036 •  |  | 200 |  | 184 |
|  4.378% due 05/25/2036 •  |  | 1814 |  | 1781 |
|  4.533% due 08/25/2047 •  |  | 133 |  | 131 |
|  4.753% due 02/25/2036 •  |  | 936 |  | 921 |
|  4.828% due 12/25/2035 •  |  | 131 |  | 129 |
|  5.743% due 08/25/2035 •  |  | 3000 |  | 2862 |
|  6.867% due 09/25/2046 þ |  | 1765 |  | 1281 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Countrywide Partnership Trust | Countrywide Partnership Trust | Countrywide Partnership Trust |
|  4.693% due 02/25/2035 •  | 788 | 788 |
|  Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust |
|  4.893% due 05/25/2037 •  | 1692 | 1663 |
|  EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
|  5.093% due 02/25/2041 •  | 3 | 3 |
|  Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust |
|  4.173% due 05/25/2036 •  | 82 | 63 |
|  4.333% due 05/25/2036 •  | 1884 | 1423 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  3.953% due 08/25/2036 •  | 9387 | 2895 |
|  4.063% due 10/25/2036 •  | 343 | 318 |
|  4.073% due 11/25/2036 •  | 2135 | 1271 |
|  4.093% due 10/25/2036 •  | 680 | 268 |
|  4.133% due 02/25/2037 •  | 4380 | 1301 |
|  4.528% due 01/25/2035 •  | 8 | 7 |
|  4.843% due 11/25/2034 •  | 729 | 709 |
|  GE-WMC Asset-Backed Pass-Through Certificates | GE-WMC Asset-Backed Pass-Through Certificates | GE-WMC Asset-Backed Pass-Through Certificates |
|  4.433% due 12/25/2035 •  | 5809 | 5686 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  3.812% due 03/25/2036 ~ | 153 | 18 |
|  3.893% due 05/25/2037 •  | 167 | 59 |
|  3.933% due 03/25/2036 •  | 128 | 41 |
|  4.033% due 06/25/2036 •  | 55 | 10 |
|  4.193% due 03/25/2037 •  | 1280 | 346 |
|  4.433% due 04/25/2047 •  | 239 | 103 |
|  6.795% due 06/25/2036 þ | 232 | 50 |
|  GSAA Trust | GSAA Trust | GSAA Trust |
|  4.858% due 06/25/2035 •  | 26 | 26 |
|  5.995% due 03/25/2046 ~ | 1175 | 398 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  3.883% due 01/25/2037 •  | 915 | 563 |
|  3.893% due 12/25/2046 •  | 122 | 61 |
|  3.973% due 11/25/2035 •  | 1 | 0 |
|  3.993% due 12/25/2046 •  | 89 | 44 |
|  4.053% due 12/25/2046 •  | 4658 | 2464 |
|  4.073% due 12/25/2036 •  | 2132 | 1138 |
|  4.093% due 09/25/2036 •  | 3553 | 1220 |
|  4.093% due 12/25/2046 •  | 442 | 220 |
|  4.133% due 12/25/2036 •  | 251 | 124 |
|  4.193% due 01/25/2047 •  | 1351 | 683 |
|  4.253% due 01/25/2037 •  | 3394 | 3018 |
|  4.293% due 05/25/2046 •  | 302 | 294 |
|  5.593% due 06/25/2035 •  | 158 | 154 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.468% due 02/25/2036 •  | 105 | 104 |
|  Home Equity Loan Trust | Home Equity Loan Trust | Home Equity Loan Trust |
|  4.023% due 04/25/2037 •  | 2828 | 2767 |
|  4.133% due 04/25/2037 •  | 314 | 282 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  3.993% due 07/25/2036 •  | 104 | 44 |
|  4.013% due 12/25/2036 •  | 754 | 181 |
|  4.153% due 04/25/2037 •  | 689 | 448 |
|  4.273% due 11/25/2035 •  | 375 | 357 |
|  IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust |
|  4.193% due 03/25/2036 •  | 159 | 83 |
|  4.253% due 01/25/2037 •  | 10751 | 3460 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.093% due 07/25/2036 •  | 53 | 25 |
|  4.213% due 10/25/2036 •  | 21 | 21 |
|  4.393% due 07/25/2036 •  | 1874 | 1837 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.093% due 05/25/2036 •  | 45 | 24 |
|  4.113% due 12/25/2036 •  | 319 | 218 |
|  4.133% due 12/25/2036 •  | 246 | 84 |
|  4.233% due 02/25/2036 •  | 174 | 173 |
|  4.313% due 08/25/2045 •  | 15 | 15 |
|  4.333% due 05/25/2046 •  | 308 | 91 |
|  4.393% due 01/25/2036 •  | 6077 | 5572 |
|  4.708% due 08/25/2035 •  | 5466 | 5082 |
|  4.768% due 04/25/2035 •  | 3 | 3 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  3.328% due 10/25/2036 •  | 7721 | 3684 |
|  3.893% due 01/25/2037 •  | 1145 | 316 |
|  4.013% due 11/25/2036 •  | 460 | 131 |
|  4.213% due 05/25/2037 •  | 798 | 780 |
|  4.273% due 03/25/2036 •  | 34 | 20 |

---

---

| | | |
|:---|:---|:---|
| **22** | **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)** |
|  4.543% due 10/25/2035 •  | $— | 6286 | $— | 6256 |
|  6.493% due 07/25/2034 •  |  | 134 |  | 127 |
|  MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust |
|  4.918% due 11/25/2035 •  |  | 398 |  | 384 |
|  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 |
|  4.013% due 07/25/2037 •  |  | 337 |  | 127 |
|  4.013% due 08/25/2037 •  |  | 2172 |  | 1061 |
|  4.273% due 03/25/2037 •  |  | 59464 |  | 14371 |
|  4.293% due 07/25/2037 •  |  | 175 |  | 36 |
|  4.313% due 02/25/2037 •  |  | 611 |  | 169 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  3.873% due 11/25/2036 •  |  | 337 |  | 198 |
|  3.883% due 01/25/2037 •  |  | 250 |  | 115 |
|  3.903% due 12/25/2036 •  |  | 5877 |  | 2955 |
|  3.903% due 03/25/2037 •  |  | 507 |  | 205 |
|  3.923% due 10/25/2036 •  |  | 16 |  | 15 |
|  3.923% due 01/25/2037 •  |  | 197 |  | 90 |
|  3.923% due 02/25/2037 •  |  | 2348 |  | 1688 |
|  3.928% due 11/25/2036 •  |  | 330 |  | 209 |
|  3.973% due 03/25/2037 •  |  | 813 |  | 329 |
|  4.003% due 01/25/2037 •  |  | 180 |  | 83 |
|  4.008% due 03/25/2037 •  |  | 2521 |  | 941 |
|  4.023% due 10/25/2036 •  |  | 518 |  | 270 |
|  4.023% due 11/25/2036 •  |  | 1359 |  | 802 |
|  4.073% due 08/25/2036 •  |  | 332 |  | 165 |
|  4.113% due 09/25/2036 •  |  | 551 |  | 231 |
|  4.153% due 02/25/2037 •  |  | 14872 |  | 4649 |
|  4.293% due 04/25/2036 •  |  | 1718 |  | 1670 |
|  4.498% due 12/25/2034 •  |  | 17 |  | 17 |
|  4.648% due 03/25/2034 •  |  | 483 |  | 501 |
|  4.723% due 07/25/2035 •  |  | 283 |  | 279 |
|  7.593% due 02/25/2047 •  |  | 75 |  | 62 |
|  Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust |
|  4.773% due 02/25/2033 •  |  | 17 |  | 17 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  3.893% due 12/25/2036 •  |  | 874 |  | 416 |
|  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 |
|  3.973% due 12/25/2036 •  |  | 3307 |  | 1111 |
|  4.133% due 11/25/2036 •  |  | 27 |  | 7 |
|  Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust |
|  4.333% due 09/25/2036 •  |  | 4471 |  | 4431 |
|  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 |
|  4.573% due 03/25/2035 •  |  | 299 |  | 299 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  4.453% due 10/25/2036 •  |  | 135 |  | 24 |
|  6.532% due 10/25/2036 þ |  | 167 |  | 28 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  3.993% due 09/25/2037 •  |  | 167 |  | 166 |
|  4.113% due 10/25/2036 •  |  | 183 |  | 84 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  3.893% due 07/25/2036 •  |  | 3414 |  | 1577 |
|  3.923% due 07/25/2037 •  |  | 4698 |  | 3047 |
|  3.933% due 03/25/2037 •  |  | 1515 |  | 1403 |
|  4.013% due 04/25/2037 •  |  | 460 |  | 332 |
|  4.013% due 05/25/2037 •  |  | 349 |  | 212 |
|  4.073% due 01/25/2037 •  |  | 3935 |  | 2290 |
|  4.333% due 01/25/2036 •  |  | 1322 |  | 1263 |
|  4.573% due 02/25/2035 •  |  | 159 |  | 153 |
|  Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust |
|  4.618% due 08/25/2036 •  |  | 9367 |  | 8601 |
|  4.693% due 10/25/2036 •  |  | 20 |  | 20 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates |
|  4.843% due 10/25/2034 •  |  | 10 |  | 10 |
|  5.518% due 02/25/2035 •  |  | 7592 |  | 7114 |
|  5.593% due 12/25/2034 •  |  | 11 |  | 11 |
|  5.668% due 12/25/2034 •  |  | 4101 |  | 3943 |
|  Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust |
|  4.288% due 07/25/2036 •  |  | 191 |  | 183 |
|  4.663% due 02/25/2036 •  |  | 2821 |  | 2724 |
|  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 |
|  4.893% due 09/25/2037 •  |  | 156 |  | 61 |
|  5.586% due 11/25/2036 þ |  | 2157 |  | 653 |
|  5.612% due 04/25/2037 þ |  | 368 |  | 89 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.233% due 12/25/2035 •  |  | 12 |  | 11 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.063% due 08/25/2036 •  | 169 | 168 |
|  4.373% due 06/25/2033 •  | 36 | 35 |
|  4.453% due 12/25/2035 •  | 2144 | 2128 |
|  4.678% due 12/25/2035 •  | 17408 | 16223 |
|  5.038% due 02/25/2035 •  | 4966 | 4882 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.243% due 09/25/2036 •  | 8365 | 7241 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.033% due 07/25/2036 •  | 707 | 268 |
|  4.438% due 10/25/2035 •  | 1823 | 1516 |
|  4.513% due 10/25/2035 •  | 1317 | 1177 |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.073% due 10/25/2036 •  | 81 | 76 |
|  4.678% due 10/25/2035 •  | 5879 | 5000 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  3.873% due 06/25/2037 •  | 44 | 29 |
|  3.963% due 07/25/2037 •  | 175 | 158 |
|  3.963% due 08/25/2037 •  | 591 | 524 |
|  3.993% due 06/25/2037 •  | 679 | 470 |
|  4.153% due 02/25/2037 •  | 2015 | 533 |
|  4.258% due 02/25/2036 •  | 619 | 588 |
|  4.313% due 02/25/2037 •  | 116 | 31 |
|  4.693% due 10/25/2037 •  | 3386 | 2687 |
|  5.093% due 10/25/2037 •  | 968 | 765 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  3.973% due 09/25/2036 •  | 5707 | 3521 |
|  4.053% due 07/25/2036 •  | 22 | 16 |
|  4.413% due 01/25/2036 •  | 50 | 48 |
|  4.573% due 02/25/2035 •  | 297 | 295 |
|  4.723% due 06/25/2035 •  | 162 | 158 |
|  4.743% due 08/25/2033 •  | 92 | 91 |
|  6.943% due 08/25/2033 •  | 120 | 110 |
|  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 •  | 6 | 6 |
|  4.103% due 08/25/2046 •  | 2490 | 2336 |
|  4.213% due 02/25/2037 •  | 193 | 190 |
|  WaMu Asset-Backed Certificates Trust | WaMu Asset-Backed Certificates Trust | WaMu Asset-Backed Certificates Trust |
|  4.018% due 05/25/2037 •  | 77 | 73 |
|  4.033% due 05/25/2037 •  | 343 | 311 |
|  Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust |
|  3.913% due 11/25/2036 •  | 675 | 212 |
|  4.103% due 08/25/2036 •  | 1412 | 1344 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  4.543% due 12/25/2035 •  | 94 | 94 |
|  |  | 281017 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.513% due 04/25/2037 •  | 30 | 8 |
|  |  | 8 |
| WHOLE LOAN COLLATERAL 2.5% | WHOLE LOAN COLLATERAL 2.5% | WHOLE LOAN COLLATERAL 2.5% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.833% due 10/25/2036 ~ | 2 | 2 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.213% due 08/25/2036 •  | 2279 | 2268 |
|  7.250% due 05/25/2036 þ | 299 | 146 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  3.898% due 10/25/2036 •  | 9939 | 9300 |
|  3.953% due 11/25/2036 •  | 3 | 3 |
|  4.103% due 09/25/2036 •  | 5424 | 5120 |
|  4.273% due 04/25/2036 •  | 2757 | 2573 |
|  4.293% due 06/25/2036 •  | 3500 | 3292 |
|  4.513% due 11/25/2035 •  | 277 | 263 |
|  GSRPM Mortgage Loan Trust | GSRPM Mortgage Loan Trust | GSRPM Mortgage Loan Trust |
|  5.143% due 03/25/2035 •  | 884 | 1001 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.113% due 05/25/2036 •  | 51 | 46 |
|  RAAC Trust | RAAC Trust | RAAC Trust |
|  4.498% due 02/25/2036 •  | 4989 | 4868 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.393% due 03/25/2036 •  | 60 | 60 |
|  5.043% due 10/25/2034 •  | 826 | 788 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.518% due 08/25/2034 •  | $— | 2007 | 2024 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  3.893% due 10/25/2036 •  |  | 22080 | 7230 |
|  3.953% due 08/25/2036 •  |  | 2037 | 657 |
|  4.133% due 08/25/2036 •  |  | 16 | 5 |
|  4.453% due 08/25/2035 •  |  | 26 | 20 |
|  4.753% due 01/25/2036 •  |  | 171 | 161 |
|  4.843% due 03/25/2035 •  |  | 28 | 28 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  3.933% due 11/25/2037 •  |  | 2028 | 1099 |
|  4.093% due 06/25/2037 •  |  | 34 | 21 |
|  4.093% due 09/25/2037 •  |  | 237 | 165 |
|  4.393% due 12/25/2036 •  |  | 131 | 128 |
|  4.493% due 04/25/2037 •  |  | 2476 | 1837 |
|  |  |  | 43105 |
| OTHER ABS 5.5% | OTHER ABS 5.5% | OTHER ABS 5.5% | OTHER ABS 5.5% |
|  Anchorage Credit Funding 12 Ltd. | Anchorage Credit Funding 12 Ltd. | Anchorage Credit Funding 12 Ltd. | Anchorage Credit Funding 12 Ltd. |
|  3.177% due 10/25/2038 |  | 1142 | 1107 |
|  Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. |
|  2.875% due 07/27/2039 |  | 500 | 479 |
|  Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. |
|  3.000% due 01/21/2040 |  | 600 | 573 |
|  Anchorage Credit Funding 3 Ltd. | Anchorage Credit Funding 3 Ltd. | Anchorage Credit Funding 3 Ltd. | Anchorage Credit Funding 3 Ltd. |
|  2.871% due 01/28/2039 |  | 500 | 478 |
|  Anchorage Credit Funding 4 Ltd. | Anchorage Credit Funding 4 Ltd. | Anchorage Credit Funding 4 Ltd. | Anchorage Credit Funding 4 Ltd. |
|  2.723% due 04/27/2039 |  | 700 | 668 |
|  Anchorage Credit Funding 8 Ltd. | Anchorage Credit Funding 8 Ltd. | Anchorage Credit Funding 8 Ltd. | Anchorage Credit Funding 8 Ltd. |
|  4.430% due 07/25/2037 |  | 363 | 360 |
|  Ascent Education Funding Trust | Ascent Education Funding Trust | Ascent Education Funding Trust | Ascent Education Funding Trust |
|  6.140% due 10/25/2050 |  | 623 | 636 |
|  Atlas Senior Loan Fund XVII Ltd. | Atlas Senior Loan Fund XVII Ltd. | Atlas Senior Loan Fund XVII Ltd. | Atlas Senior Loan Fund XVII Ltd. |
|  4.728% due 10/20/2034 •  |  | 2500 | 2500 |
|  BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust |
|  5.260% due 04/17/2036 |  | 2428 | 2443 |
|  Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC |
|  2.964% due 05/15/2032 •  |  | 1782 | 2062 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  4.858% due 10/25/2030 •  | $— | 1420 | 1421 |
|  Cairn CLO VII DAC | Cairn CLO VII DAC | Cairn CLO VII DAC | Cairn CLO VII DAC |
|  2.696% due 01/31/2030 •  |  | 335 | 388 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  2.874% due 08/15/2032 •  |  | 2765 | 3199 |
|  Centerbridge Credit Funding 1 Ltd. | Centerbridge Credit Funding 1 Ltd. | Centerbridge Credit Funding 1 Ltd. | Centerbridge Credit Funding 1 Ltd. |
|  3.164% due 07/25/2039 | $— | 600 | 582 |
|  Diameter Capital CLO 6 Ltd. | Diameter Capital CLO 6 Ltd. | Diameter Capital CLO 6 Ltd. | Diameter Capital CLO 6 Ltd. |
|  5.282% due 04/15/2037 •  |  | 5000 | 5015 |
|  Invesco Euro CLO I DAC | Invesco Euro CLO I DAC | Invesco Euro CLO I DAC | Invesco Euro CLO I DAC |
|  2.666% due 07/15/2031 •  |  | 417 | 482 |
|  KKR CLO 21 Ltd. | KKR CLO 21 Ltd. | KKR CLO 21 Ltd. | KKR CLO 21 Ltd. |
|  5.334% due 04/15/2031 •  | $— | 3850 | 3857 |
|  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 •  |  | 150 | 174 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.099% due 04/25/2038 •  | $— | 4 | 4 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  3.480% due 04/15/2060 |  | 2685 | 2506 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  5.873% due 02/20/2041 •  |  | 604 | 617 |
|  6.640% due 02/20/2041 |  | 551 | 570 |
|  OCP Euro CLO DAC | OCP Euro CLO DAC | OCP Euro CLO DAC | OCP Euro CLO DAC |
|  3.256% due 10/20/2039 •  |  | 2500 | 2888 |
|  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 •  | $— | 2200 | 2201 |
|  OZLM XXIV Ltd. | OZLM XXIV Ltd. | OZLM XXIV Ltd. | OZLM XXIV Ltd. |
|  5.379% due 07/20/2032 •  |  | 6650 | 6658 |
|  5.629% due 07/20/2032 •  |  | 4050 | 4058 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  5.329% due 10/15/2032 |  | 5099 | 5103 |
|  5.628% due 07/15/2032 |  | 5235 | 5246 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  5.373% due 01/17/2033 |  | 1529 | 1537 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **23** |

---

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.258% due 10/15/2031 | $— | 494 | 494 |
|  7.573% due 08/15/2031 |  | 1590 | 1591 |
|  Pikes Peak CLO 2 | Pikes Peak CLO 2 | Pikes Peak CLO 2 | Pikes Peak CLO 2 |
|  4.888% due 10/11/2034 •  |  | 3400 | 3405 |
|  Reach ABS Trust | Reach ABS Trust | Reach ABS Trust | Reach ABS Trust |
|  5.340% due 08/16/2032 |  | 1000 | 1008 |
|  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 |  | 500 | 476 |
|  Sculptor European CLO VI DAC | Sculptor European CLO VI DAC | Sculptor European CLO VI DAC | Sculptor European CLO VI DAC |
|  3.066% due 10/15/2034 •  |  | 11010 | 12735 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  2.430% due 10/25/2039 •  |  | 548 | 591 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.310% due 07/17/2051 | $— | 3134 | 2967 |
|  4.550% due 02/16/2055 |  | 7949 | 7750 |
|  5.222% due 11/15/2052 •  |  | 829 | 838 |
|  SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC | SoFi Professional Loan Program LLC |
|  2.540% due 05/15/2046 |  | 336 | 325 |
|  Thayer Park CLO Ltd. | Thayer Park CLO Ltd. | Thayer Park CLO Ltd. | Thayer Park CLO Ltd. |
|  4.668% due 04/20/2034 •  |  | 2700 | 2699 |
|  Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. |
|  4.848% due 04/20/2034 •  |  | 1900 | 1902 |
|  |  |  | 94593 |
|  Total Asset-Backed Securities (Cost $546,677) | Total Asset-Backed Securities (Cost $546,677) | Total Asset-Backed Securities (Cost $546,677) | 499762 |
| SOVEREIGN ISSUES 11.9% | SOVEREIGN ISSUES 11.9% | SOVEREIGN ISSUES 11.9% | SOVEREIGN ISSUES 11.9% |
|  Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos |
|  4.700% due 09/01/2030 |  | 365000 | 384 |
|  5.800% due 10/01/2029 |  | 1255000 | 1380 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  5.000% due 06/15/2045 | $— | 2900 | 2088 |
|  8.375% due 11/07/2054 (i) |  | 2800 | 2899 |
|  Colombia TES | Colombia TES | Colombia TES | Colombia TES |
|  2.250% due 04/18/2029 (f) |  | 1864246 | 441 |
|  6.500% due 01/22/2031 (f) |  | 2831222 | 739 |
|  7.250% due 10/18/2034 |  | 11416200 | 2188 |
|  11.000% due 08/22/2029 |  | 75032100 | 18918 |
|  11.750% due 01/24/2035 |  | 70718300 | 17534 |
|  12.750% due 11/28/2040 |  | 18911500 | 5013 |
|  13.250% due 02/09/2033 |  | 16370100 | 4389 |
|  Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC |
|  18.400% due 10/16/2028 |  | 372000 | 800 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | $— | 11200 | 11273 |
|  Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
|  0.000% due 07/31/2030 (d) |  | 2790 | 2339 |
|  Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds |
|  19.698% due 10/14/2030 |  | 125400 | 2259 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  21.954% due 03/04/2028 |  | 169400 | 3034 |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
|  6.625% due 03/22/2048 |  | 3600 | 3594 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  6.150% due 08/12/2032 |  | 7200 | 2164 |
|  6.850% due 08/12/2035 |  | 6200 | 1819 |
|  7.300% due 08/12/2033 |  | 42500 | 13382 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 |  | 41300 | 11276 |
|  6.150% due 08/12/2032 |  | 153400 | 46100 |
|  6.950% due 08/12/2031 |  | 4641 | 1446 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  6.250% due 03/31/2036 |  | 352430 | 16742 |
|  7.000% due 02/28/2031 |  | 67990 | 3765 |
|  8.000% due 01/31/2030 |  | 73400 | 4291 |
|  8.250% due 03/31/2032 |  | 33700 | 1945 |
|  8.500% due 01/31/2037 |  | 44000 | 2430 |
|  8.875% due 02/28/2035 |  | 195600 | 11361 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  6.750% due 07/11/2039 |  | 4700 | 5433 |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  39.740% (BISTREFI) due 05/20/2026 ~ |  | 800 | 18 |
|  39.740% (BISTREFI) due 08/19/2026 ~ |  | 700 | 16 |
|  39.740% (BISTREFI) due 05/17/2028 ~ |  | 104700 | 2348 |
|  Total Sovereign Issues (Cost $194,922) | Total Sovereign Issues (Cost $194,922) | Total Sovereign Issues (Cost $194,922) | 203808 |
| SHORT-TERM INSTRUMENTS 38.4% | SHORT-TERM INSTRUMENTS 38.4% | SHORT-TERM INSTRUMENTS 38.4% | SHORT-TERM INSTRUMENTS 38.4% |
| COMMERCIAL PAPER 1.6% | COMMERCIAL PAPER 1.6% | COMMERCIAL PAPER 1.6% | COMMERCIAL PAPER 1.6% |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  4.230% due 04/02/2026 | $— | 2500 | 2500 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.300% due 04/08/2026 |  | 12000 | 11989 |
|  4.300% due 04/13/2026 |  | 1100 | 1098 |
|  4.300% due 04/24/2026 |  | 1700 | 1695 |
|  Phillips 66 | Phillips 66 | Phillips 66 | Phillips 66 |
|  4.360% due 05/01/2026 |  | 9400 | 9367 |
|  |  |  | 26649 |
| REPURCHASE AGREEMENTS (h) 27.6% | REPURCHASE AGREEMENTS (h) 27.6% | REPURCHASE AGREEMENTS (h) 27.6% | REPURCHASE AGREEMENTS (h) 27.6% |
|  |  |  | 470500 |
| EGYPT TREASURY BILLS 0.0% | EGYPT TREASURY BILLS 0.0% | EGYPT TREASURY BILLS 0.0% | EGYPT TREASURY BILLS 0.0% |
|  24.060% due 10/20/2026 (d)(e) |  | 2000 | 32 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NIGERIA TREASURY BILLS 0.3% | NIGERIA TREASURY BILLS 0.3% | NIGERIA TREASURY BILLS 0.3% | NIGERIA TREASURY BILLS 0.3% |
|  26.761% due 06/26/2026 - 01/28/2027 (c)(d) | 7108113 | $— | 4722 |
| SOUTH AFRICA TREASURY BILLS 0.0% | SOUTH AFRICA TREASURY BILLS 0.0% | SOUTH AFRICA TREASURY BILLS 0.0% | SOUTH AFRICA TREASURY BILLS 0.0% |
|  7.505% due 06/17/2026 (d)(e) | 13600 |  | 794 |
| TURKEY TREASURY BILLS 0.1% | TURKEY TREASURY BILLS 0.1% | TURKEY TREASURY BILLS 0.1% | TURKEY TREASURY BILLS 0.1% |
|  38.692% due 04/07/2026 (c)(d) | 61000 |  | 1362 |
| U.S. TREASURY BILLS 8.8% | U.S. TREASURY BILLS 8.8% | U.S. TREASURY BILLS 8.8% | U.S. TREASURY BILLS 8.8% |
|  3.672% due 04/02/2026 - 07/21/2026 (c)(d)(k)(m) | 150814 |  | 149481 |
| Total Short-Term Instruments (Cost $653,215) | Total Short-Term Instruments (Cost $653,215) |  | 653540 |
| Total Investments in Securities (Cost $3,462,562) | Total Investments in Securities (Cost $3,462,562) |  | 3402442 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 1.6% | INVESTMENTS IN AFFILIATES 1.6% | INVESTMENTS IN AFFILIATES 1.6% | INVESTMENTS IN AFFILIATES 1.6% |
| SHORT-TERM INSTRUMENTS 1.6% | SHORT-TERM INSTRUMENTS 1.6% | SHORT-TERM INSTRUMENTS 1.6% | SHORT-TERM INSTRUMENTS 1.6% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 1.6% |
|  PIMCO Short Asset Portfolio | 2711114 |  | 26609 |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 4187 |  | 41 |
| Total Short-Term Instruments (Cost $26,672) | Total Short-Term Instruments (Cost $26,672) |  | 26650 |
| Total Investments in Affiliates (Cost $26,672) | Total Investments in Affiliates (Cost $26,672) |  | 26650 |
| Total Investments 201.1% (Cost $3,489,234) | Total Investments 201.1% (Cost $3,489,234) | $— | 3429092 |
|  Financial Derivative Instruments (j)(l) 3.6%<br> (Cost or Premiums, net $52,467) | Financial Derivative Instruments (j)(l) 3.6%<br> (Cost or Premiums, net $52,467) |  | 61411 |
| Other Assets and Liabilities, net (104.7)% | Other Assets and Liabilities, net (104.7)% |  | (1785021) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 1705482 |

---

#### 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) 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.

---

| | | |
|:---|:---|:---|
| **24** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 3.680% | 04/01/2026 | 04/02/2026 | $145400 | U.S. Treasury Notes 4.125% due 03/31/2029 | $(148317) | $145400 | $145400 |
|  | 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 | 70000 | U.S. Treasury Notes 1.375% due 10/31/2028 | (71709) | 70000 | 70064 |
|  | 3.710 | 03/31/2026 | 04/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155500 | U.S. Treasury Notes<br>3.875% - 4.125% due 03/31/2029 - 07/31/2030 | (158823) | 155500 | 155516 |
| SAL | 3.620 | 03/31/2026 | 04/01/2026 | 8900 | U.S. Treasury Notes 3.875% due 07/31/2027 | (9087) | 8900 | 8901 |
|  | 3.670 | 04/01/2026 | 04/02/2026 | 100 | U.S. Treasury Notes 3.625% due 03/31/2028 | (102) | 100 | 100 |
|  | 3.720 | 03/31/2026 | 04/01/2026 | 15600 | U.S. Treasury Bills 0.000% due 04/28/2026 | (15919) | 15600 | 15602 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(480372) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470729 |

---

#### 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 | 3.250% | 03/20/2026 | 05/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1062) | $(1063) |
|  MYI | 3.100 | 01/13/2026 | TBD<sup>(3)</sup> | (2997) | (3017) |
|  Total Reverse Repurchase Agreements |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4080) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (11.8)% | U.S. Government Agencies (11.8)% | U.S. Government Agencies (11.8)% | U.S. Government Agencies (11.8)% | U.S. Government Agencies (11.8)% | U.S. Government Agencies (11.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association, TBA | 3.000% | 05/01/2056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64500 | $(57155) | $(57542) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 05/01/2056 | 42090 | (33718) | (33894) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 05/01/2056 | 56020 | (46917) | (47085) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 06/01/2056 | 67960 | (61950) | (62168) |
|  Total Short Sales (11.8)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(199740) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200689) |

---

#### 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 |
|  BOO | $0 | $0 | $0 | $0 | $(242) | $(242) |
|  BOS | 446126 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(455264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9138) |
|  BRC | 0 | (1063) | 0 | (1063) | 1103 | 40 |
|  MYI | 0 | (3017) | 0 | (3017) | 2900 | (117) |
|  SAL | 24603 | 0 | 0 | 24603 | (25108) | (505) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470729 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4080) | $&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 | $(1063) | $0 | $(1063) |
|  Sovereign Issues | 0 | 0 | 0 | (3017) | (3017) |
|  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;(1063) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3017) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4080) |
|  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  | $(4080) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 25

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund (Cont.)

(i) Securities with an aggregate market value of $4,003 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 $(19951) at a weighted average interest rate of 3.999%. 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;(j) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### PURCHASED OPTIONS:

#### FUTURE STYLED COMMODITY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Cost | Market<br>Value |
|  Call - CBOE California Carbon Allowances December 2026 Futures | $45.000 | 12/15/2026 | 219 | $219 | $95 | $16 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | $&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 CORRA March Futures  | 06/2027 | 76 | $13265 | $(30) | $14 | $0 |
|  3-Month SONIA March Futures  | 06/2027 | 527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166781 | 244 | 218 | 0 |
|  30-Day Federal Fund May Futures  | 05/2026 | 190 | 76287 | (305) | 0 | 0 |
|  Australia Government 10-Year Bond June Futures  | 06/2026 | 324 | 24088 | (144) | 227 | 0 |
|  California Carbon Allowance Vintage December Futures  | 12/2026 | 235 | 6784 | (1058) | 0 | (61) |
|  Euro-Bund June Futures  | 06/2026 | 822 | 119134 | (2976) | 865 | 0 |
|  Euro-Buxl 30-Year Bond June Futures  | 06/2026 | 1 | 127 | (2) | 2 | 0 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2026 | 83 | 17218 | (59) | 6 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 5159 | 558099 | (6339) | 726 | 0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 865 | 96056 | (1740) | 203 | 0 |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2026 | 273 | 31088 | (1018) | 102 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13427) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2363 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month EURIBOR June Futures  | 06/2027 | 20 | $(5616) | $37 | $0 | $(7) |
|  3-Month SOFR Active Contract March Futures  | 06/2027 | 23 | (5542) | 26 | 0 | (2) |
|  Australia Government 3-Year Bond June Futures  | 06/2026 | 39 | (2789) | 8 | 0 | (13) |
|  Euro-Oat June Futures  | 06/2026 | 855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117296) | 3719 | 0 | (1087) |
|  Japan Government 10-Year Bond June Futures  | 06/2026 | 93 | (76361) | 915 | 18 | (164) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 892 | (101256) | 2313 | 0 | (265) |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 449 | (52337) | 587 | 0 | (98) |
|  |  |  |  | $7605 | $18 | $(1636) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5822) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1697) |

---

#### 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>(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 |
|  Bank of America Corp. | 1.000% | Quarterly | 12/20/2026 | 0.317% | $5700 | $74 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) | $29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  Deutsche Bank Aktiengesellschaft | 1.000 | Quarterly | 12/20/2031 | 1.123 | 3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61) | 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | 3 | 0 |
|  Discovery Global Holdings, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.970 | $200 | (1) | 1 | 0 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.0531 | 5100 | 34 | (21) | 13 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.054 | 500 | 6 | (2) | 4 | 0 | 0 |
|  Morgan Stanley | 1.000 | Quarterly | 06/20/2026 | 0.303 | 1600 | 9 | (6) | 3 | 0 | 0 |
|  |  |  |  |  |  | $61 | $(34) | $27 | $4 | $0 |

---

26 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  CDX.IG-44 5-Year Index | (1.000)% | Quarterly | 06/20/2030 | $143990 | $(2389) | $(237) | $(2626) | $0 | $(256) |
|  CDX.IG-46 5-Year Index | (1.000) | Quarterly | 06/20/2031 | 691070 | (10517) | (1642) | (12159) | 0 | (1497) |
|  CDX.IT-RAXX MAIN45 | (1.000) | Quarterly | 06/20/2031 | 1680 | (27) | 0 | (27) | 0 | (2) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12933) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1879) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14812) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1755) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 160400 | $(706) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3472) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4178) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.320 | Annual | 10/20/2033 | 800 | (4) | 6 | 2 | 3 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.700 | Annual | 03/28/2034 | 500 | (2) | 31 | 29 | 0 | (2) |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/17/2035 | 20200 | (593) | (270) | (863) | 84 | 0 |
|  Pay<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/16/2036 | 38400 | (510) | (1500) | (2010) | 153 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/17/2055 | 10250 | 484 | 152 | 636 | 0 | (51) |
|  Pay<sup>(6)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 09/16/2036 | 5389200 | (367) | (420) | (787) | 118 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 06/18/2055 | 1310000 | 17 | (1612) | (1595) | 0 | (1) |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 2.500 | Annual | 12/17/2055 | 2980000 | (57) | (1854) | (1911) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | $137320 | (316) | 330 | 14 | 0 | (4) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.982 | Annual | 09/30/2026 | 119600 | 0 | 203 | 203 | 8 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/17/2027 | 480 | (2) | 3 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 109250 | 1089 | 446 | 1535 | 0 | (62) |
|  Pay<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.150 | Annual | 08/25/2028 | 380790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1540) | 425 | (1115) | 60 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 02/28/2029 | 136730 | 0 | 1010 | 1010 | 98 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 3200 | (6) | (25) | (31) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 94750 | 1270 | 1725 | 2995 | 0 | (92) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 24830 | (345) | 217 | (128) | 0 | (26) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Semi-Annual | 12/16/2030 | 65390 | 802 | 7262 | 8064 | 0 | (55) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 154870 | (2829) | 1897 | (932) | 0 | (165) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 106530 | 888 | (303) | 585 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 30700 | 89 | (240) | (151) | 0 | (35) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2032 | 32290 | (505) | 444 | (61) | 0 | (40) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2032 | 13910 | (315) | 285 | (30) | 0 | (17) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 03/18/2033 | 30740 | 19 | 25 | 44 | 39 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.742 | Annual | 03/26/2033 | 29400 | (137) | 176 | 39 | 34 | 0 |
|  Pay<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.721 | Annual | 04/01/2033 | 29200 | (140) | 139 | (1) | 34 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/17/2033 | 11940 | 206 | (31) | 175 | 0 | (15) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 121830 | 7706 | (969) | 6737 | 0 | (144) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.535 | Annual | 11/06/2034 | 4600 | (16) | (79) | (95) | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 77250 | (478) | 843 | 365 | 0 | (86) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 12/30/2034 | 800 | (3) | 16 | 13 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 | 1700 | (5) | 22 | 17 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 | 1400 | (4) | 8 | 4 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 01/08/2035 | 800 | (2) | 5 | 3 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 01/08/2035 | 1100 | (3) | 10 | 7 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.896 | Annual | 01/08/2035 | 1500 | (4) | 14 | 10 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 | 1500 | (4) | 15 | 11 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 01/15/2035 | 1900 | (5) | 29 | 24 | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.071 | Annual | 01/15/2035 | 2900 | (8) | 67 | 59 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 | 800 | (2) | 20 | 18 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 | 1700 | (5) | 42 | 37 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 | 1300 | (5) | (14) | (19) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 750 | (3) | (1) | (4) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 1400 | (5) | (5) | (10) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 600 | (2) | (1) | (3) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 1800 | (6) | (2) | (8) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 1500 | (5) | (5) | (10) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 1500 | (4) | (6) | (10) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 2200 | (6) | (21) | (27) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 2600 | (8) | (14) | (22) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 1800 | (5) | (4) | (9) | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/07/2035 | 2600 | (13) | (11) | (24) | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 205880 | 474 | 1293 | 1767 | 0 | (190) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | 37220 | 189 | (526) | (337) | 35 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.748 | Annual | 03/03/2036 | 2300 | (5) | 27 | 22 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.775 | Annual | 03/03/2036 | 2200 | (5) | 21 | 16 | 0 | (2) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/17/2036 | 7890 | 133 | (42) | 91 | 0 | (7) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **27** |

---

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750% | Annual | 09/16/2036 | $39400 | $(266) | $741 | $475 | $0 | $(26) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2039 | 43400 | 718 | 619 | 1337 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/18/2040 | 8000 | 360 | 166 | 526 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2044 | 24400 | 381 | 969 | 1350 | 28 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 | 22900 | 349 | 1273 | 1622 | 56 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.046 | Annual | 11/15/2052 | 15650 | 0 | (278) | (278) | 0 | (52) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.054 | Annual | 11/15/2052 | 16280 | 0 | (270) | (270) | 0 | (54) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 06/21/2053 | 26400 | 1424 | 4970 | 6394 | 82 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 24890 | (558) | 3412 | 2854 | 85 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 60710 | 900 | 5839 | 6739 | 213 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 | 34600 | (4593) | (929) | (5522) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 | 50570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5632) | 0 | (189) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2055 | 19830 | 508 | 839 | 1347 | 74 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2056 | 5700 | (232) | 91 | (141) | 0 | (22) |
|  Pay<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.110 | Annual | 08/25/2057 | 4070 | (30) | (1) | (31) | 0 | (17) |
|  Pay | 1-Year BRL-CDI | 13.926 | Maturity | 01/04/2027 | 9400 | 0 | (17) | (17) | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 | 81800 | 0 | (147) | (147) | 0 | (6) |
|  Pay | 1-Year BRL-CDI | 14.009 | Maturity | 01/04/2027 | 27000 | 0 | (33) | (33) | 7 | 0 |
|  Pay | 1-Year BRL-CDI | 12.810 | Maturity | 01/02/2029 | 44600 | 0 | (147) | (147) | 52 | 0 |
|  Pay | 1-Year BRL-CDI | 12.975 | Maturity | 01/02/2029 | 133200 | 0 | (394) | (394) | 155 | 0 |
|  Pay | 1-Year BRL-CDI | 13.245 | Maturity | 01/02/2029 | 187200 | 0 | (475) | (475) | 217 | 0 |
|  Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 | 65600 | (1) | (305) | (306) | 0 | (35) |
|  Pay | 1-Year BRL-CDI | 13.320 | Maturity | 01/02/2029 | 5200 | 0 | (23) | (23) | 0 | (2) |
|  Pay | 1-Year BRL-CDI | 12.985 | Maturity | 01/02/2031 | 33400 | 0 | (116) | (116) | 45 | 0 |
|  Pay<sup>(6)</sup> | 3-Month AUD-BBR-BBSW | 5.000 | Semi-Annual | 09/16/2036 | 27200 | 204 | (337) | (133) | 270 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.590 | Quarterly | 08/22/2029 | 29131550 | 0 | 726 | 726 | 0 | (5) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.933 | Quarterly | 08/22/2029 | 26553750 | 0 | 591 | 591 | 0 | (5) |
|  Receive<sup>(6)</sup> | 3-Month PLN-WIBOR | 4.723 | Annual | 12/01/2035 | 8200 | 1 | 34 | 35 | 8 | 0 |
|  Receive<sup>(6)</sup> | 3-Month PLN-WIBOR | 4.685 | Annual | 12/02/2035 | 1300 | 0 | 6 | 6 | 1 | 0 |
|  Receive<sup>(6)</sup> | 3-Month PLN-WIBOR | 4.730 | Annual | 12/31/2035 | 700 | 0 | 3 | 3 | 1 | 0 |
|  Pay<sup>(6)</sup> | 3-Month PLN-WIBOR | 5.200 | Annual | 03/23/2036 | 330 | 0 | 0 | 0 | 0 | 0 |
|  Pay<sup>(6)</sup> | 3-Month PLN-WIBOR | 5.230 | Annual | 04/02/2036 | 500 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 | 61000 | 34 | (1316) | (1282) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 | 22800 | 434 | (1028) | (594) | 199 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.590 | Semi-Annual | 10/01/2029 | 408000 | 0 | 6 | 6 | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.676 | Semi-Annual | 09/01/2030 | 335000 | 0 | 5 | 5 | 0 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.760 | Annual | 11/01/2034 | 2500 | (1) | (5) | (6) | 0 | 0 |
|  Pay<sup>(6)</sup> | 6-Month CZK-PRIBOR | 4.523 | Annual | 12/01/2035 | 45640 | (1) | (13) | (14) | 0 | (3) |
|  Pay<sup>(6)</sup> | 6-Month CZK-PRIBOR | 4.485 | Annual | 12/02/2035 | 7200 | 0 | (3) | (3) | 0 | 0 |
|  Pay<sup>(6)</sup> | 6-Month CZK-PRIBOR | 4.530 | Annual | 12/31/2035 | 3800 | 0 | (1) | (1) | 0 | 0 |
|  Receive<sup>(6)</sup> | 6-Month CZK-PRIBOR | 4.700 | Annual | 03/23/2036 | 1570 | 0 | 0 | 0 | 0 | 0 |
|  Receive<sup>(6)</sup> | 6-Month CZK-PRIBOR | 4.720 | Annual | 04/02/2036 | 2500 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 | 1300 | (3) | 9 | 6 | 0 | (5) |
|  Receive | 6-Month EUR-EURIBOR | 2.350 | Annual | 04/29/2030 | 2500 | (5) | 25 | 20 | 0 | (9) |
|  Pay | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/18/2031 | 5400 | 23 | (131) | (108) | 24 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 09/16/2031 | 800 | (1) | (18) | (19) | 4 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.280 | Annual | 11/22/2033 | 600 | (3) | (14) | (17) | 0 | (4) |
|  Receive | 6-Month EUR-EURIBOR | 3.305 | Annual | 11/27/2033 | 600 | (3) | (15) | (18) | 0 | (4) |
|  Receive | 6-Month EUR-EURIBOR | 3.128 | Annual | 12/04/2033 | 900 | (4) | (10) | (14) | 0 | (6) |
|  Receive | 6-Month EUR-EURIBOR | 3.063 | Annual | 12/06/2033 | 900 | (3) | (6) | (9) | 0 | (6) |
|  Receive | 6-Month EUR-EURIBOR | 2.910 | Annual | 12/29/2033 | 1000 | (3) | 6 | 3 | 0 | (7) |
|  Receive | 6-Month EUR-EURIBOR | 2.670 | Annual | 04/03/2034 | 700 | (2) | 8 | 6 | 0 | (5) |
|  Receive | 6-Month EUR-EURIBOR | 2.710 | Annual | 08/06/2034 | 1000 | (3) | 11 | 8 | 0 | (7) |
|  Receive | 6-Month EUR-EURIBOR | 2.680 | Annual | 08/07/2034 | 400 | (1) | 5 | 4 | 0 | (3) |
|  Receive | 6-Month EUR-EURIBOR | 2.590 | Annual | 08/19/2034 | 800 | (2) | 18 | 16 | 0 | (6) |
|  Receive | 6-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 | 1100 | (3) | 25 | 22 | 0 | (8) |
|  Receive | 6-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 | 900 | (2) | 50 | 48 | 0 | (7) |
|  Pay | 6-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 | 900 | (2) | (48) | (50) | 7 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 | 1100 | (3) | (75) | (78) | 8 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 | 1000 | (3) | 58 | 55 | 0 | (8) |
|  Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 | 1300 | (3) | (67) | (70) | 10 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 | 900 | (2) | (43) | (45) | 7 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 | 1000 | (3) | (35) | (38) | 8 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 | 900 | (2) | (40) | (42) | 7 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 | 700 | (2) | (24) | (26) | 5 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.510 | Annual | 04/09/2035 | 900 | (3) | 31 | 28 | 0 | (7) |
|  Receive | 6-Month EUR-EURIBOR | 2.520 | Annual | 04/09/2035 | 1000 | (4) | 34 | 30 | 0 | (8) |
|  Receive | 6-Month EUR-EURIBOR | 2.550 | Annual | 04/16/2035 | 800 | (3) | 25 | 22 | 0 | (6) |
|  Receive | 6-Month EUR-EURIBOR | 2.450 | Annual | 05/05/2035 | 900 | (3) | 37 | 34 | 0 | (7) |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 09/16/2036 | 89510 | (2428) | (828) | (3256) | 791 | 0 |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 09/16/2056 | 59930 | 1437 | 73 | 1510 | 0 | (669) |

---

---

| | | |
|:---|:---|:---|
| **28** | **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** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay<sup>(6)</sup> | CAONREPO | 3.000% | Semi-Annual | 09/16/2036 |  | 10600 | $(199) | $10 | $(189) | $21 | $0 |
|  Receive | CPURNSA | 2.503 | Maturity | 03/25/2030 |  | $990 | 0 | 2 | 2 | 0 | (1) |
|  Receive | CPURNSA | 2.523 | Maturity | 03/27/2030 |  | 38600 | 0 | 50 | 50 | 0 | (24) |
|  Receive | CPURNSA | 2.515 | Maturity | 10/29/2030 |  | 20500 | 0 | 15 | 15 | 0 | (12) |
|  Receive | CPURNSA | 2.480 | Maturity | 10/29/2035 |  | 68240 | 0 | (329) | (329) | 0 | (12) |
|  Receive | CPURNSA | 2.423 | Maturity | 07/20/2052 |  | 700 | 10 | (13) | (3) | 1 | 0 |
|  Receive | CPURNSA | 2.424 | Maturity | 10/30/2055 |  | 1700 | 0 | (30) | (30) | 2 | 0 |
|  |  |  |  |  |  |  | $(1551) | $17702 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16151 | $4033 | $(2501) |
|  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;(14423) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15789 | $1366 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4256) |

---

#### 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;16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6434 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1697) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4256) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5953) |

---

(k) Securities with an aggregate market value of $49,370 and cash of $43,530 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 Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

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

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 04/2026 | CAD | 17952 | $13106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | $0 |
|  | 04/2026 | SGD | 175 | 138 | 2 | 0 |
|  BOA | 04/2026 | BRL | 32116 | 6156 | 0 | (45) |
|  | 04/2026 | CLP | 6386093 | 7071 | 175 | 0 |
|  | 04/2026 | CNH | 4924 | 714 | 0 | (1) |
|  | 04/2026 | COP | 5896704 | 1536 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68) |
|  | 04/2026 | IDR | 25900741 | 1530 | 4 | 0 |
|  | 04/2026 | INR | 242099 | 2578 | 22 | 0 |
|  | 04/2026 | JPY | 342 | 2 | 0 | 0 |
|  | 04/2026 | KRW | 2801069 | 1899 | 38 | 0 |
|  | 04/2026 | PHP | 14322 | 240 | 4 | 0 |
|  | 04/2026 | PLN | 3979 | 1076 | 4 | 0 |
|  | 04/2026 | SGD | 2468 | 1931 | 11 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **29** |

---

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2026 | 1008 | $32 | $2 | $0 |
|  | 04/2026 | 48836 | 1530 | 5 | 0 |
|  | 04/2026 | $6153 | 32116 | 47 | 0 |
|  | 04/2026 | 6981 | 6308227 | 0 | (169) |
|  | 04/2026 | 260 | 1792 | 0 | 0 |
|  | 04/2026 | 4027 | 14834350 | 6 | 0 |
|  | 04/2026 | 1251 | 26423 | 1 | (8) |
|  | 04/2026 | 1552 | 1338 | 0 | (6) |
|  | 04/2026 | 495 | 168267 | 10 | 0 |
|  | 04/2026 | 4107 | 382755 | 3 | (48) |
|  | 04/2026 | 2294 | 366090 | 12 | 0 |
|  | 04/2026 | 559 | 10246 | 12 | 0 |
|  | 04/2026 | 6047 | 22169 | 1 | (76) |
|  | 04/2026 | 721 | 12403 | 11 | 0 |
|  | 05/2026 | 364987 | $2295 | 0 | (12) |
|  | 06/2026 | 1000 | 730 | 9 | 0 |
|  | 06/2026 | 9479 | 3068 | 47 | 0 |
|  | 06/2026 | 25634 | 1430 | 9 | 0 |
|  | 06/2026 | 46124 | 13655 | 451 | 0 |
|  | 06/2026 | 18120 | 300 | 2 | 0 |
|  | 06/2026 | 381 | 300 | 2 | 0 |
|  | 06/2026 | $749 | 3972 | 8 | 0 |
|  | 06/2026 | 765 | 2388 | 0 | (4) |
|  | 06/2026 | 382 | 6938 | 3 | 0 |
|  | 06/2026 | 177 | 1700 | 0 | (2) |
|  | 06/2026 | 141 | 486 | 0 | (2) |
|  | 09/2026 | 14218359 | $3721 | 0 | (7) |
|  | 01/2027 | 38586 | 11328 | 400 | 0 |
|  BPS | 04/2026 | 249250 | 47450 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(669) |
|  | 04/2026 | 5465879 | 5988 | 86 | 0 |
|  | 04/2026 | 1726 | 251 | 0 | 0 |
|  | 04/2026 | 7061357 | 1843 | 0 | (77) |
|  | 04/2026 | 1989 | 2638 | 5 | 0 |
|  | 04/2026 | 9146 | 2962 | 53 | 0 |
|  | 04/2026 | 99456 | 1053 | 0 | (4) |
|  | 04/2026 | 3065157 | 2050 | 14 | (2) |
|  | 04/2026 | 7472 | 2038 | 28 | (3) |
|  | 04/2026 | 2860 | 309 | 7 | 0 |
|  | 04/2026 | 183493 | 5676 | 108 | (3) |
|  | 04/2026 | 40886 | 1275 | 0 | (2) |
|  | 04/2026 | $6895 | 9798 | 0 | (135) |
|  | 04/2026 | 45276 | 249250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2843 | 0 |
|  | 04/2026 | 355 | 1318509 | 1 | 0 |
|  | 04/2026 | 8887 | 150378341 | 1 | (29) |
|  | 04/2026 | 1927 | 6104 | 15 | 0 |
|  | 04/2026 | 1536 | 143141 | 0 | (22) |
|  | 04/2026 | 1429 | 227900 | 7 | 0 |
|  | 04/2026 | 1048 | 1565649 | 2 | (9) |
|  | 04/2026 | 3306 | 196405 | 0 | (67) |
|  | 04/2026 | 2514 | 9068 | 0 | (72) |
|  | 04/2026 | 2744 | 87011 | 0 | (104) |
|  | 04/2026 | 5090 | 162734 | 1 | (12) |
|  | 04/2026 | 22348 | $1320 | 1 | 0 |
|  | 05/2026 | 6097 | 1927 | 0 | (15) |
|  | 05/2026 | 380790 | 4025 | 0 | (17) |
|  | 05/2026 | 87389 | 2712 | 0 | (12) |
|  | 05/2026 | $1570 | 8241 | 11 | 0 |
|  | 05/2026 | 2014 | 34287542 | 5 | 0 |
|  | 05/2026 | 402 | 13197 | 0 | (1) |
|  | 06/2026 | 176 | $0 | 0 | 0 |
|  | 06/2026 | 5571632 | 331 | 3 | 0 |
|  | 06/2026 | $20165 | 107729 | 360 | 0 |
|  | 06/2026 | 5785 | 5283492 | 0 | (77) |
|  | 06/2026 | 5580 | 93925419 | 0 | (58) |
|  | 08/2026 | 2779 | 46138 | 0 | (82) |
|  BRC | 04/2026 | 24 | $17 | 0 | 0 |
|  | 04/2026 | 4581 | 585 | 1 | 0 |
|  | 04/2026 | 9731704 | 572 | 0 | 0 |
|  | 04/2026 | 12781 | 135 | 0 | 0 |
|  | 04/2026 | 870 | 220 | 5 | 0 |
|  | 04/2026 | 3332 | 926 | 28 | 0 |

---

---

| | | |
|:---|:---|:---|
| **30** | **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** |
|  | 04/2026 | 41584 | $4583 | $190 | $0 |
|  | 04/2026 | 653819 | 14382 | 0 | (140) |
|  | 04/2026 | 50761 | 1583 | 0 | (3) |
|  | 04/2026 | $580 | 9731704 | 0 | (7) |
|  | 04/2026 | 140 | 12781 | 0 | (5) |
|  | 04/2026 | 544 | 2148 | 0 | (13) |
|  | 04/2026 | 162 | 1548 | 0 | (2) |
|  | 04/2026 | 351 | 1254 | 0 | (13) |
|  | 04/2026 | 1447 | 1851 | 0 | (8) |
|  | 04/2026 | 3 | 88 | 0 | 0 |
|  | 04/2026 | 8521 | 388955 | 146 | 0 |
|  | 04/2026 | 120 | 3845 | 1 | 0 |
|  | 04/2026 | 145454 | $8882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | (2) |
|  | 05/2026 | 31662 | 39723 | 0 | (15) |
|  | 05/2026 | 52134 | 1118 | 0 | (7) |
|  | 05/2026 | $17 | 24 | 0 | 0 |
|  | 06/2026 | 4898508 | $289 | 1 | 0 |
|  | 06/2026 | 150 | 49 | 1 | 0 |
|  | 06/2026 | 9761 | 300 | 2 | 0 |
|  | 07/2026 | $7543 | 28637537 | 55 | 0 |
|  BSH | 04/2026 | 10900 | $1919 | 0 | (185) |
|  | 04/2026 | 30620 | 8792 | 0 | (7) |
|  | 04/2026 | $2088 | 10900 | 16 | 0 |
|  | 04/2026 | 28488 | 21400 | 0 | (163) |
|  | 04/2026 | 12675 | 2023495 | 75 | 0 |
|  | 04/2026 | 15559 | 26952 | 0 | (71) |
|  | 04/2026 | 8767 | 30621 | 32 | 0 |
|  | 04/2026 | 5862 | 21203 | 0 | (150) |
|  | 05/2026 | 21400 | $28487 | 163 | 0 |
|  | 05/2026 | 2017398 | 12675 | 0 | (74) |
|  | 05/2026 | 26952 | 15577 | 73 | 0 |
|  | 05/2026 | 21183 | 6009 | 27 | (92) |
|  | 06/2026 | 7374 | 2158 | 48 | 0 |
|  | 06/2026 | $69 | 238 | 0 | (1) |
|  | 07/2026 | 12092 | $3591 | 135 | 0 |
|  | 09/2026 | $6852 | 6033778 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(334) |
|  | 09/2026 | 215 | 731 | 0 | (6) |
|  | 10/2026 | 14710 | $4349 | 165 | 0 |
|  | 12/2026 | 31222 | 9218 | 358 | 0 |
|  CBK | 04/2026 | 3710 | 2610 | 50 | 0 |
|  | 04/2026 | 17925 | 3434 | 0 | (26) |
|  | 04/2026 | 3475 | 2553 | 55 | 0 |
|  | 04/2026 | 1558777 | 1710 | 27 | 0 |
|  | 04/2026 | 1722 | 250 | 0 | (1) |
|  | 04/2026 | 6195545 | 1625 | 0 | (60) |
|  | 04/2026 | 7727 | 8962 | 37 | (6) |
|  | 04/2026 | 5250 | 6985 | 36 | 0 |
|  | 04/2026 | 23109397 | 1366 | 5 | 0 |
|  | 04/2026 | 1904579 | 20377 | 260 | 0 |
|  | 04/2026 | 1230794 | 841 | 22 | 0 |
|  | 04/2026 | 10120 | 1058 | 13 | 0 |
|  | 04/2026 | 23842 | 6829 | 2 | (25) |
|  | 04/2026 | 47238 | 782 | 3 | 0 |
|  | 04/2026 | 14090 | 1513 | 25 | 0 |
|  | 04/2026 | 121 | 4 | 0 | 0 |
|  | 04/2026 | 42519 | 1344 | 16 | 0 |
|  | 04/2026 | $3425 | 17925 | 36 | 0 |
|  | 04/2026 | 6928 | 6308227 | 0 | (117) |
|  | 04/2026 | 786 | 5414 | 0 | 0 |
|  | 04/2026 | 6578 | 24499353 | 84 | 0 |
|  | 04/2026 | 425 | 9016 | 0 | 0 |
|  | 04/2026 | 1503 | 9665 | 0 | (8) |
|  | 04/2026 | 4867 | 4208 | 0 | (3) |
|  | 04/2026 | 1046 | 780 | 0 | (14) |
|  | 04/2026 | 140 | 47780 | 3 | 0 |
|  | 04/2026 | 571 | 9709122 | 0 | 0 |
|  | 04/2026 | 52654 | 4852502 | 40 | (1299) |
|  | 04/2026 | 1197 | 190200 | 2 | 0 |
|  | 04/2026 | 970 | 9380 | 0 | (1) |
|  | 04/2026 | 1290 | 2198 | 0 | (27) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **31** |

---

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2026 | $7106 | 24596 | $0 | $(38) |
|  | 04/2026 | 290 | 1040 | 0 | (10) |
|  | 04/2026 | 1831 | 59518 | 0 | (24) |
|  | 05/2026 | 34111 | $1103 | 65 | 0 |
|  | 06/2026 | 182466 | 200 | 3 | 0 |
|  | 06/2026 | 54179495 | 14345 | 0 | (163) |
|  | 06/2026 | 3205 | 1034 | 13 | 0 |
|  | 06/2026 | 14542 | 4184 | 23 | 0 |
|  | 06/2026 | $1244 | 20970073 | 0 | (11) |
|  | 06/2026 | 420 | 1294 | 0 | (7) |
|  | 06/2026 | 1892 | 33522 | 0 | (33) |
|  | 06/2026 | 212 | 713 | 0 | (7) |
|  | 06/2026 | 782 | 47430 | 0 | (3) |
|  | 07/2026 | 10830659 | $2845 | 0 | (34) |
|  | 07/2026 | 11419 | 3317 | 53 | 0 |
|  | 08/2026 | $1421 | 25306 | 58 | 0 |
|  | 09/2026 | 15462935 | $17276 | 573 | 0 |
|  | 09/2026 | 108808055 | 28282 | 0 | (242) |
|  | 09/2026 | $8872 | 7701817 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(552) |
|  | 09/2026 | 760 | 13603 | 0 | (12) |
|  | 09/2026 | 213 | 719 | 0 | (8) |
|  | 11/2026 | 12951 | $3786 | 110 | 0 |
|  | 12/2026 | 11517 | 3294 | 29 | 0 |
|  | 01/2027 | 3898 | 1152 | 49 | 0 |
|  CIB | 04/2026 | 299 | 220 | 5 | 0 |
|  | 04/2026 | $1422 | 1943 | 0 | (25) |
|  | 04/2026 | 10 | $1 | 0 | 0 |
|  | 06/2026 | 4216 | 200 | 1 | 0 |
|  | 06/2026 | $363 | 57200 | 0 | 0 |
|  | 06/2026 | 8574 | $500 | 0 | (4) |
|  DUB | 04/2026 | 5280 | 771 | 4 | 0 |
|  | 04/2026 | 16814 | 796 | 4 | 0 |
|  | 04/2026 | 22228 | 2841 | 4 | 0 |
|  | 04/2026 | 18454 | 5962 | 90 | 0 |
|  | 04/2026 | 730550 | 7753 | 48 | (10) |
|  | 04/2026 | $25176 | 36699 | 145 | 0 |
|  | 04/2026 | 356 | 2463 | 1 | 0 |
|  | 04/2026 | 233 | 78198 | 2 | 0 |
|  | 04/2026 | 8412 | 793239 | 57 | (37) |
|  | 04/2026 | 32659 | 41719 | 0 | (211) |
|  | 04/2026 | 1734 | 56620 | 0 | (15) |
|  | 04/2026 | 22 | $1 | 0 | 0 |
|  | 05/2026 | 36699 | 25166 | 0 | (145) |
|  | 05/2026 | 2457 | 356 | 0 | (2) |
|  | 05/2026 | 41626 | 32659 | 209 | 0 |
|  | 06/2026 | 7118897 | 1910 | 4 | 0 |
|  | 06/2026 | 169472 | 500 | 0 | (7) |
|  | 06/2026 | 117945 | 220 | 0 | (21) |
|  | 06/2026 | 5112 | 86 | 2 | 0 |
|  | 06/2026 | 56505 | 1734 | 10 | 0 |
|  | 06/2026 | 2106 | 66 | 1 | 0 |
|  | 06/2026 | $31744 | 554788 | 0 | (980) |
|  | 06/2026 | 1143 | 3951 | 0 | (12) |
|  | 08/2026 | 58 | 195 | 0 | (2) |
|  | 09/2026 | 1542 | $447 | 7 | 0 |
|  FAR | 04/2026 | 44144 | 31347 | 889 | 0 |
|  | 04/2026 | 30696 | 39755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1366 | 0 |
|  | 04/2026 | 23057 | 31159 | 641 | 0 |
|  | 04/2026 | 862201 | 5509 | 76 | 0 |
|  | 04/2026 | 11447 | 3277 | 0 | (12) |
|  | 04/2026 | 3711 | 1028 | 29 | 0 |
|  | 04/2026 | 29 | 23 | 0 | 0 |
|  | 04/2026 | $15786 | 2519437 | 89 | 0 |
|  | 04/2026 | 3401 | 11447 | 0 | (111) |
|  | 04/2026 | 176 | 225 | 0 | (1) |
|  | 05/2026 | 10140 | $3204 | 0 | (25) |
|  | 05/2026 | 2511826 | 15786 | 0 | (88) |
|  | 05/2026 | 225 | 176 | 1 | 0 |
|  | 06/2026 | 8367462 | 2221 | 0 | (20) |
|  | 06/2026 | 6747 | 2189 | 38 | 0 |

---

---

| | | |
|:---|:---|:---|
| **32** | **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** |
|  | 06/2026 | 45130 | $2594 | $92 | $0 |
|  | 06/2026 | 1185 | 300 | 7 | 0 |
|  | 06/2026 | 1232 | 21 | 0 | 0 |
|  | 06/2026 | $856 | 14905 | 0 | (29) |
|  | 06/2026 | 140 | 479 | 0 | (3) |
|  | 08/2026 | 17818 | $5270 | 182 | 0 |
|  | 09/2026 | 11510 | 3401 | 120 | 0 |
|  | 09/2026 | $617 | 10899 | 0 | (18) |
|  GLM | 04/2026 | 166967 | $30907 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1327) |
|  | 04/2026 | 806391 | 880 | 9 | 0 |
|  | 04/2026 | 1281631 | 340 | 0 | (7) |
|  | 04/2026 | 9148 | 2943 | 32 | 0 |
|  | 04/2026 | 187587 | 2039 | 50 | 0 |
|  | 04/2026 | 4861 | 10 | 0 | 0 |
|  | 04/2026 | 7128 | 1792 | 30 | 0 |
|  | 04/2026 | 4099 | 1220 | 42 | 0 |
|  | 04/2026 | 7622 | 234 | 3 | 0 |
|  | 04/2026 | 17915 | 560 | 1 | 0 |
|  | 04/2026 | $31051 | 166967 | 1183 | 0 |
|  | 04/2026 | 712 | 4892 | 0 | (2) |
|  | 04/2026 | 2224 | 8272796 | 25 | 0 |
|  | 04/2026 | 138 | 47133 | 4 | 0 |
|  | 04/2026 | 245 | 4144648 | 0 | (1) |
|  | 04/2026 | 464 | 42924 | 0 | (11) |
|  | 04/2026 | 3460 | 63676 | 90 | 0 |
|  | 04/2026 | 4870 | 19176 | 0 | (131) |
|  | 04/2026 | 1174 | 4099 | 4 | 0 |
|  | 04/2026 | 120 | 431 | 0 | (4) |
|  | 04/2026 | 2092 | 66857 | 0 | (63) |
|  | 06/2026 | 939400 | $1064 | 49 | 0 |
|  | 06/2026 | 6480919 | 1735 | 0 | 0 |
|  | 06/2026 | 13598768 | 807 | 7 | 0 |
|  | 06/2026 | 1247 | 400 | 3 | 0 |
|  | 06/2026 | 28404 | 300 | 0 | 0 |
|  | 06/2026 | 1844 | 500 | 4 | 0 |
|  | 06/2026 | 30035 | 917 | 1 | 0 |
|  | 06/2026 | $2241 | 11923 | 31 | 0 |
|  | 06/2026 | 1944 | 32941615 | 0 | (7) |
|  | 06/2026 | 884 | 2760 | 0 | (4) |
|  | 06/2026 | 2152 | 37641 | 0 | (65) |
|  | 07/2026 | 8462210 | $2224 | 0 | (24) |
|  | 07/2026 | $2030 | 10910 | 34 | 0 |
|  JPM | 04/2026 | 176300 | $29863 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4173) |
|  | 04/2026 | 9476 | 1372 | 0 | (4) |
|  | 04/2026 | 10186 | 478 | 0 | (2) |
|  | 04/2026 | 2664 | 3059 | 0 | (20) |
|  | 04/2026 | 25940 | 3318 | 6 | 0 |
|  | 04/2026 | 383086 | 4075 | 29 | 0 |
|  | 04/2026 | 1291319 | 854 | 0 | (4) |
|  | 04/2026 | 207004 | 11560 | 24 | 0 |
|  | 04/2026 | 5315 | 88 | 0 | 0 |
|  | 04/2026 | 9272 | 2527 | 33 | (4) |
|  | 04/2026 | 40301 | 31979 | 633 | 0 |
|  | 04/2026 | 5857 | 129 | 0 | (1) |
|  | 04/2026 | 20101 | 629 | 1 | 0 |
|  | 04/2026 | $33778 | 176300 | 258 | 0 |
|  | 04/2026 | 1320 | 1801 | 0 | (25) |
|  | 04/2026 | 374 | 2591 | 2 | 0 |
|  | 04/2026 | 4808 | 4096 | 0 | (73) |
|  | 04/2026 | 689 | 229893 | 1 | 0 |
|  | 04/2026 | 688 | 2152 | 0 | (4) |
|  | 04/2026 | 4074 | 383742 | 9 | 0 |
|  | 04/2026 | 984 | 1474900 | 4 | (7) |
|  | 04/2026 | 1062 | 19572 | 29 | 0 |
|  | 04/2026 | 993 | 59749 | 0 | (7) |
|  | 04/2026 | 509 | 1822 | 0 | (18) |
|  | 04/2026 | 517 | 667 | 2 | 0 |
|  | 04/2026 | 39 | 1750 | 1 | 0 |
|  | 04/2026 | 629 | 20091 | 0 | (1) |
|  | 04/2026 | 244 | 4163 | 2 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **33** |

---

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2026 | 427921 | $25599 | $346 | $(2) |
|  | 05/2026 | 1091 | 748 | 0 | (5) |
|  | 05/2026 | 2585 | 375 | 0 | (2) |
|  | 05/2026 | 27099 | 4180 | 0 | (18) |
|  | 05/2026 | 22536 | 1257 | 5 | 0 |
|  | 05/2026 | 666 | 517 | 0 | (2) |
|  | 05/2026 | $1681 | 2336 | 0 | 0 |
|  | 06/2026 | 1000 | $696 | 7 | 0 |
|  | 06/2026 | 6567 | 2117 | 24 | 0 |
|  | 06/2026 | 69414 | 3869 | 19 | 0 |
|  | 06/2026 | 14445 | 237 | 0 | 0 |
|  | 06/2026 | $135 | 100 | 0 | (2) |
|  | 06/2026 | 153 | 2593025 | 0 | 0 |
|  | 06/2026 | 1230 | 3821 | 0 | (12) |
|  | 06/2026 | 113 | 17700 | 0 | (1) |
|  | 06/2026 | 88 | 5341 | 0 | 0 |
|  | 06/2026 | 13600 | $767 | 0 | (32) |
|  MBC | 04/2026 | 3302 | 2295 | 17 | (1) |
|  | 04/2026 | 2400 | 3034 | 33 | 0 |
|  | 04/2026 | 36922 | 5835 | 125 | 0 |
|  | 04/2026 | 988 | 1144 | 2 | 0 |
|  | 04/2026 | 446195 | 4853 | 141 | 0 |
|  | 04/2026 | 1744326 | 11143 | 152 | 0 |
|  | 04/2026 | 67371 | 6886 | 0 | (72) |
|  | 04/2026 | 30345 | 3242 | 37 | 0 |
|  | 04/2026 | 803 | 629 | 4 | 0 |
|  | 04/2026 | 79877 | 2514 | 88 | 0 |
|  | 04/2026 | $3229 | 4659 | 0 | (14) |
|  | 04/2026 | 1687 | 1315 | 0 | (43) |
|  | 04/2026 | 10842 | 8116 | 0 | (99) |
|  | 04/2026 | 529 | 8989507 | 1 | 0 |
|  | 04/2026 | 7857 | 1252097 | 37 | (4) |
|  | 04/2026 | 853 | 15747 | 25 | 0 |
|  | 04/2026 | 2429 | 23210 | 0 | (32) |
|  | 04/2026 | 1262 | 2146 | 0 | (29) |
|  | 05/2026 | 776443 | $4870 | 0 | (37) |
|  | 05/2026 | 35452 | 1148 | 69 | 0 |
|  | 05/2026 | $6839 | 66922 | 72 | 0 |
|  | 06/2026 | 100 | $116 | 0 | 0 |
|  | 06/2026 | 9010763 | 529 | 0 | (1) |
|  | 06/2026 | 1729 | 96 | 0 | 0 |
|  | 06/2026 | $130 | 100 | 0 | (4) |
|  | 06/2026 | 49 | 151 | 0 | (1) |
|  MYI | 04/2026 | 3784 | $24 | 0 | 0 |
|  | 04/2026 | 2754 | 700 | 19 | 0 |
|  | 04/2026 | $3862 | 3337 | 0 | (5) |
|  | 04/2026 | 469 | 8545 | 7 | 0 |
|  | 04/2026 | 32 | 127 | 0 | (1) |
|  | 04/2026 | 4341 | 15365 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(203) |
|  | 06/2026 | 600 | $766 | 10 | 0 |
|  | 06/2026 | 700 | 814 | 2 | 0 |
|  | 06/2026 | 700 | 937 | 11 | 0 |
|  | 06/2026 | 199426 | 12 | 0 | 0 |
|  | 06/2026 | 9000 | 929 | 0 | 0 |
|  | 06/2026 | 900 | 526 | 7 | 0 |
|  | 06/2026 | 5398 | 91 | 2 | 0 |
|  | 06/2026 | 6800 | 732 | 11 | 0 |
|  NGF | 04/2026 | $4515 | 43403 | 0 | (33) |
|  | 04/2026 | 4167 | 190450 | 58 | 0 |
|  RBC | 04/2026 | 157816 | $106 | 1 | 0 |
|  | 04/2026 | $106 | 157816 | 0 | (2) |
|  | 06/2026 | 270 | 4551903 | 0 | (2) |
|  SCX | 04/2026 | 23752324 | $6204 | 0 | (255) |
|  | 04/2026 | 8700 | 94 | 2 | 0 |
|  | 04/2026 | 780970 | 4999 | 78 | 0 |
|  | 04/2026 | 3340226 | 2236 | 15 | 0 |
|  | 04/2026 | 31296 | 18711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727 | 0 |
|  | 04/2026 | 19 | 15 | 0 | 0 |
|  | 04/2026 | 5172 | 162 | 5 | 0 |

---

---

| | | |
|:---|:---|:---|
| **34** | **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** |
|  | 04/2026 | $14091 | 19508 | $0 | $(66) |
|  | 04/2026 | 868 | 5975 | 0 | 0 |
|  | 04/2026 | 5836 | 531827 | 0 | (219) |
|  | 04/2026 | 1025 | 3710 | 0 | (26) |
|  | 04/2026 | 14808 | 472570 | 0 | (42) |
|  | 05/2026 | 19481 | $14091 | 66 | 0 |
|  | 06/2026 | $2470 | 41642700 | 0 | (22) |
|  | 11/2026 | 161750 | $100 | 0 | (8) |
|  SOG | 04/2026 | 132261 | 156554 | 3680 | 0 |
|  | 04/2026 | 3187869 | 20488 | 401 | 0 |
|  | 04/2026 | $14 | 11 | 0 | (1) |
|  | 04/2026 | 150783 | 130661 | 242 | 0 |
|  | 04/2026 | 9318 | 89036 | 87 | 0 |
|  | 05/2026 | 130661 | $151019 | 0 | (236) |
|  | 05/2026 | 88891 | 9318 | 0 | (87) |
|  | 06/2026 | 1071 | 200 | 0 | (3) |
|  | 06/2026 | 11647776 | 690 | 5 | 0 |
|  | 06/2026 | 5107 | 1656 | 28 | 0 |
|  | 06/2026 | 448069 | 300 | 2 | 0 |
|  | 06/2026 | 3594 | 200 | 1 | 0 |
|  | 06/2026 | $234 | 200 | 0 | (2) |
|  | 06/2026 | 2840 | 9578 | 0 | (98) |
|  | 06/2026 | 155 | 1400 | 0 | (6) |
|  | 07/2026 | 14547 | $4305 | 146 | 0 |
|  UAG | 04/2026 | 2413372 | 649 | 0 | (8) |
|  | 04/2026 | 20584 | 980 | 11 | 0 |
|  | 04/2026 | 155514 | 1687 | 45 | 0 |
|  | 04/2026 | 8424 | 2309 | 40 | 0 |
|  | 04/2026 | 667 | 518 | 0 | (1) |
|  | 04/2026 | 56650 | 1746 | 28 | 0 |
|  | 04/2026 | $9892 | 14573587 | 0 | (200) |
|  | 04/2026 | 3397 | 12267 | 0 | (92) |
|  | 04/2026 | 2380 | 76704 | 0 | (51) |
|  | 06/2026 | 9184145 | $2411 | 0 | (49) |
|  | 06/2026 | 8069 | 2611 | 40 | 0 |
|  | 06/2026 | 2204 | 123 | 1 | 0 |
|  | 06/2026 | $649 | 2448976 | 7 | 0 |
|  | 06/2026 | 645 | 2027 | 1 | 0 |
|  | 06/2026 | 2316 | 40425 | 0 | (75) |
|  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;22316 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15922) |

---

#### PURCHASED OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell<br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
|  GST | Put - OTC CDX.IG-45 5-Year Index | Buy | 0.650% | 05/20/2026 | 421300 | $783 | $790 |
|  | Put - OTC CDX.IG-45 5-Year Index | Buy | 0.650 | 06/17/2026 | 113500 | 204 | 272 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062 |

---

#### 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 | 41500 | $62 | $63 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 59300 | 82 | 85 |
|  | Put - OTC USD versus KRW | KRW | 1400.000 | 07/09/2026 | 3771 | 38 | 11 |
|  | Put - OTC USD versus KRW |  | 1400.000 | 07/13/2026 | 2339 | 16 | 8 |
|  | Put - OTC USD versus ZAR | ZAR | 18.000 | 08/19/2026 | 11560 | 507 | 826 |
| GLM | Put - OTC USD versus BRL | BRL | 5.320 | 04/23/2026 | 5680 | 85 | 168 |
|  | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 10100 | 13 | 16 |
| JPM | Put - OTC USD versus KRW | KRW | 1400.000 | 09/04/2026 | 3120 | 39 | 18 |
| MBC | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 20400 | 27 | 31 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 22200 | 33 | 32 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 35

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund (Cont.)

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive <br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.093% | 01/04/2027 | 232900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.268 | 04/02/2026 | 33100 | 76 | 0 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.146 | 04/15/2026 | 14700 | 118 | 2 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.443 | 06/18/2026 | 24700 | 154 | 114 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.449 | 04/06/2026 | 30000 | 41 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.095 | 04/06/2026 | 24750 | 74 | 4 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.972 | 08/04/2026 | 2500 | 22 | 3 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.222 | 08/04/2026 | 1300 | 17 | 3 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.965 | 08/05/2026 | 2600 | 22 | 3 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.215 | 08/05/2026 | 1300 | 17 | 3 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.067 | 08/12/2026 | 2800 | 21 | 5 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.317 | 08/12/2026 | 1400 | 17 | 5 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.075 | 08/14/2026 | 2800 | 22 | 6 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.325 | 08/14/2026 | 1400 | 17 | 6 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.750 | 09/04/2026 | 47100 | 37 | 112 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.427 | 08/06/2035 | 7200 | 634 | 547 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.427 | 08/06/2035 | 7200 | 634 | 627 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.656 | 08/20/2035 | 7200 | 623 | 595 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.656 | 08/20/2035 | 7200 | 623 | 583 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.693 | 08/27/2035 | 10900 | 939 | 913 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.693 | 08/27/2035 | 10900 | 939 | 873 |
| BPS Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.889 | 04/30/2026 | 24200 | 98 | 76 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.651 | 06/24/2026 | 21800 | 185 | 194 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.599 | 06/25/2026 | 23700 | 195 | 183 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.123 | 06/04/2026 | 6700 | 39 | 34 |
| BRC Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.110 | 08/23/2027 | 21000 | 1695 | 1274 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.110 | 08/23/2027 | 27400 | 2211 | 1869 |
| DUB Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.163 | 08/23/2027 | 1576700 | 7919 | 5730 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.163 | 08/23/2027 | 1576700 | 7919 | 10170 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.174 | 04/27/2026 | 23200 | 172 | 9 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.628 | 08/20/2035 | 30700 | 2659 | 2510 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.628 | 08/21/2035 | 24300 | 2101 | 1985 |
| GLM Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.463 | 04/14/2026 | 24200 | 109 | 20 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.075 | 04/06/2026 | 1100 | 3 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.033 | 05/07/2026 | 13400 | 77 | 60 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 07/31/2035 | 37700 | 3319 | 2926 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 07/31/2035 | 37700 | 3319 | 3224 |
| Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.110 | 08/23/2027 | 61000 | 4923 | 3701 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.110 | 08/23/2027 | 79800 | 6440 | 5444 |
| JPM Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.260 | 04/28/2026 | 26800 | 255 | 18 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.300 | 06/02/2026 | 22100 | 132 | 50 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.219 | 06/04/2026 | 19700 | 97 | 69 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.989 | 08/06/2026 | 3500 | 29 | 5 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.239 | 08/06/2026 | 1800 | 23 | 5 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.995 | 08/07/2026 | 2600 | 21 | 4 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.245 | 08/07/2026 | 1300 | 17 | 4 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.038 | 08/11/2026 | 2800 | 23 | 5 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.288 | 08/11/2026 | 1400 | 17 | 5 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 07/31/2035 | 11100 | 978 | 862 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 07/31/2035 | 11100 | 978 | 949 |
| Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.296 | 02/04/2028 | 10800 | 756 | 905 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.296 | 02/04/2028 | 10800 | 756 | 685 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.857 | 10/07/2026 | 248900 | 193 | 476 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.141 | 12/30/2026 | 256200 | 191 | 352 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.082 | 01/04/2027 | 249600 | 187 | 385 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.174 | 04/27/2026 | 2600 | 18 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.255 | 08/03/2026 | 32600 | 425 | 94 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.505 | 08/03/2026 | 29000 | 576 | 170 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.255 | 08/03/2026 | 29000 | 427 | 182 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.048 | 08/10/2026 | 2800 | 22 | 5 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.298 | 08/10/2026 | 1400 | 17 | 5 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 08/07/2035 | 7400 | 652 | 575 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 08/07/2035 | 7400 | 652 | 633 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50609 |

---

36 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> | 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;39000 | $49 | $327 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 05/01/2056 | 99.098 | 05/06/2026 | 154400 | 48 | 134 |
|  |  |  |  |  | $97 | $461 |
|  Total Purchased Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53390 |

---

#### 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 | Call - OTC CDX.IG-45 5-Year Index | Buy | 0.500% | 05/20/2026 | 208900 | $(268) | $(65) |
|  | Call - OTC CDX.IG-45 5-Year Index | Buy | 0.525 | 05/20/2026 | 277300 | (517) | (171) |
|  | Put - OTC CDX.IG-45 5-Year Index | Sell | 0.850 | 05/20/2026 | 32900 | (40) | (27) |
|  | Call - OTC CDX.IG-45 5-Year Index | Buy | 0.500 | 06/17/2026 | 142900 | (204) | (56) |
|  | Call - OTC CDX.IG-45 5-Year Index | Buy | 0.550 | 06/17/2026 | 26200 | (39) | (30) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1068) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(349) |

---

#### 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 | 41500 | $(23) | $(17) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 59300 | (27) | (24) |
|  | Put - OTC USD versus KRW | KRW | 1350.000 | 07/09/2026 | 3771 | (13) | (3) |
|  | Put - OTC USD versus KRW |  | 1350.000 | 07/13/2026 | 2339 | (5) | (2) |
|  | Put - OTC USD versus ZAR | ZAR | 17.000 | 08/19/2026 | 23130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(490) | (740) |
| GLM | Put - OTC USD versus BRL | BRL | 5.120 | 04/23/2026 | 5680 | (16) | (36) |
|  | Call - OTC USD versus BRL |  | 5.700 | 04/23/2026 | 5680 | (46) | (6) |
|  | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 10100 | (5) | (4) |
| JPM | Put - OTC USD versus KRW | KRW | 1350.000 | 09/04/2026 | 3120 | (15) | (6) |
| MBC | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 20400 | (9) | (8) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 22200 | (12) | (9) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(661) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(855) |

---

#### 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 | 3.768% | 04/02/2026 | 16400 | $(75) | $(16) |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.646 | 04/15/2026 | 17700 | (136) | (139) |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.783 | 06/18/2026 | 25100 | (154) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(236) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.049 | 04/06/2026 | 19100 | (41) | (6) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.620 | 04/20/2026 | 1100 | (4) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.900 | 04/20/2026 | 1100 | (4) | (6) |
| BPS Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.589 | 04/30/2026 | 25300 | (98) | (94) |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.951 | 06/24/2026 | 21600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(185) | (126) |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.899 | 06/25/2026 | 24200 | (196) | (168) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.967 | 05/06/2026 | 19500 | (28) | (116) |
| BRC Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.088 | 05/06/2026 | 10900 | (14) | (35) |
| DUB Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.674 | 04/27/2026 | 24500 | (172) | (200) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.084 | 05/06/2026 | 32800 | (34) | (108) |
| GLM Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.763 | 04/14/2026 | 27100 | (108) | (101) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.600 | 04/16/2026 | 2000 | (6) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.900 | 04/16/2026 | 2000 | (6) | (10) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695 | 04/27/2026 | 2100 | (7) | (6) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.055 | 04/27/2026 | 2100 | (7) | (6) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.733 | 05/07/2026 | 15500 | (78) | (75) |
| JPM Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.560 | 04/28/2026 | 27300 | (255) | (358) |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.600 | 06/02/2026 | 26400 | (132) | (378) |
| MYC Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.674 | 04/27/2026 | 2800 | (19) | (23) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1759) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2210) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 37

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund (Cont.)

#### 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 | 16300 | $(29) | $(3) |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 6.000% due 05/01/2056 | 102.313 | 05/06/2026 | 16300 | (31) | (89) |
| GSC | Call - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 04/01/2056 | 94.273 | 04/06/2026 | 11300 | (30) | (36) |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 4.500% due 06/01/2056 | 94.375 | 06/04/2026 | 3000 | (20) | (11) |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 4.500% due 06/01/2056 | 95.207 | 06/04/2026 | 19900 | (93) | (113) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 4.500% due 06/01/2056 | 97.375 | 06/04/2026 | 3000 | (17) | (15) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 4.500% due 06/01/2056 | 98.207 | 06/04/2026 | 19900 | (82) | (53) |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 6.000% due 06/01/2056 | 101.375 | 06/04/2026 | 33900 | (98) | (63) |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 6.000% due 06/01/2056 | 102.172 | 06/04/2026 | 33800 | (62) | (184) |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 6.500% due 04/01/2056 | 103.531 | 04/06/2026 | 5300 | (7) | (5) |
| JPM | Put - OTC Uniform Mortgage-Backed Security, TBA 6.000% due 04/01/2056 | 102.328 | 04/06/2026 | 11300 | (20) | (47) |
| MSC | Call - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 04/01/2056 | 94.234 | 04/06/2026 | 9100 | (24) | (30) |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 5.000% due 06/01/2056 | 97.281 | 06/04/2026 | 8000 | (23) | (27) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 5.000% due 06/01/2056 | 100.281 | 06/04/2026 | 8000 | (17) | (7) |
| SAL | Call - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 04/01/2056 | 94.313 | 04/06/2026 | 9300 | (25) | (27) |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 5.000% due 04/01/2056 | 96.859 | 04/06/2026 | 27500 | (77) | (1) |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 5.000% due 06/01/2056 | 96.102 | 06/04/2026 | 19700 | (96) | (33) |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 04/01/2056 | 101.113 | 04/06/2026 | 3400 | (11) | (23) |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 6.000% due 04/01/2056 | 102.234 | 04/06/2026 | 5800 | (10) | (19) |
|  |  |  |  |  | $(772) | $(786) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4260) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4200) |

---

#### 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 |
| BRC | Saudi Arabia Government International Bonds | 1.000% | Quarterly | 12/20/2035 | 1.169 | % | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | $(2) | $(34) | $0 | $(36) |
| DUB | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | <sup>¨</sup> | 612 | 0 | 3 | 3 | 0 |
|  | Petroleos Mexicanos « | 4.850 | Monthly | 07/06/2026 |  | <sup>¨</sup> | 259 | 0 | 2 | 2 | 0 |
| GST | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 1.662 |  | 500 | (4) | 3 | 0 | (1) |
| JPM | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 06/20/2035 | 1.147 |  | 6600 | 43 | (113) | 0 | (70) |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2030 | 6790 | $1525 | $(166) | $1359 | $0 |
| BPS | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 14210 | 3276 | (433) | 2843 | 0 |
| CBK | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 10153 | 2309 | (277) | 2032 | 0 |
| JPM | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 22330 | 5164 | (695) | 4469 | 0 |
| MYC | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 3570 | 830 | (116) | 714 | 0 |
| SAL | CMBX.NA.AAA.16 Index | 0.500 | Monthly | 04/17/2065 | $7090 | (109) | 59 | 0 | (50) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12995 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1628) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11417 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) |

---

38 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(6)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(6)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BOA | Receive | RU20INTR Index  | 3684 | 4.090% (SOFR less a specified spread) | Monthly | 12/09/2026 | $50564 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(182) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(182) |
|  BPS | Receive | RADMFENT Index  | 19773 | 4.240% (SOFR plus a specified spread) | Monthly | 04/15/2026 | 43070 | 0 | (169) | 0 | (169) |
|  | Receive | RADMFENT Index  | 14573 | 4.170% (SOFR plus a specified spread) | Monthly | 05/20/2026 | 31743 | 0 | (123) | 0 | (123) |
|  | Receive | RU20INTR Index  | 344 | 3.770% (SOFR plus a specified spread) | Monthly | 06/03/2026 | 4721 | 0 | (9) | 0 | (9) |
|  | Receive | RADMFENT Index  | 6743 | 4.260% (SOFR plus a specified spread) | Monthly | 03/10/2027 | 14688 | 0 | (47) | 0 | (47) |
|  BRC | Receive | NDDUEAFE Index  | 7426 | 3.920% (SOFR plus a specified spread) | Monthly | 08/19/2026 | 77774 | 0 | (274) | 0 | (274) |
|  CBK | Receive | NDDUEAFE Index  | 232 | 3.970% (SOFR plus a specified spread) | Monthly | 10/07/2026 | 2430 | 0 | (9) | 0 | (9) |
|  CIB | Receive | RU20INTR Index  | 3956 | 3.970% (SOFR plus a specified spread) | Monthly | 07/08/2026 | 54297 | 0 | (189) | 0 | (189) |
|  GST | Receive | RU20INTR Index  | 1326 | 3.770% (SOFR plus a specified spread) | Monthly | 05/20/2026 | 18200 | 0 | (23) | 0 | (23) |
|  | Receive | NDDUEAFE Index  | 105 | 3.950% (SOFR plus a specified spread) | Monthly | 06/10/2026 | 1100 | 0 | (4) | 0 | (4) |
|  JPM | Receive | ERAUSLT Index  | 9998 | 3.850% (SOFR plus a specified spread) | Monthly | 04/15/2026 | 83656 | 0 | (178) | 0 | (178) |
|  | Receive | ERAUSLT Index  | 21001 | 4.020% (SOFR plus a specified spread) | Monthly | 04/22/2026 | 15848 | 0 | (21) | 0 | (21) |
|  | Receive | RADMFXNT Index  | 23270 | 3.940% (SOFR plus a specified spread) | Monthly | 05/20/2026 | 56556 | 0 | (198) | 0 | (198) |
|  | Receive | RADMFENT Index  | 54167 | 3.950% (SOFR plus a specified spread) | Monthly | 06/03/2026 | 131649 | 0 | (462) | 0 | (462) |
|  | Receive | RADMFENT Index  | 25875 | 4.330% (SOFR plus a specified spread) | Monthly | 06/03/2026 | 56362 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(225) | 0 | (225) |
|  | Receive | NDDUEAFE Index  | 13553 | 3.925% (SOFR plus a specified spread) | Monthly | 07/08/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141943 | 0 | (501) | 0 | (501) |
|  | Receive | RADMFENT Index  | 16450 | 3.630% (SOFR less a specified spread) | Monthly | 07/08/2026 | 46868 | 0 | (135) | 0 | (135) |
|  | Receive | RADMFENT Index  | 884 | 3.950% (SOFR plus a specified spread) | Monthly | 07/08/2026 | 2149 | 0 | (8) | 0 | (8) |
|  | Receive | RADMFENT Index  | 79112 | 4.290% (SOFR plus a specified spread) | Monthly | 07/08/2026 | 172325 | 0 | (686) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(686) |
|  | Receive | RADMFENT Index  | 4994 | 3.660% (SOFR plus a specified spread) | Monthly | 07/15/2026 | 14228 | 0 | (45) | 0 | (45) |
|  | Receive | ERAUSLT Index  | 42247 | 4.250% (SOFR plus a specified spread) | Monthly | 08/05/2026 | 31882 | 0 | (113) | 0 | (113) |
|  | Receive | ERAUSLT Index  | 13583 | 4.180% (SOFR plus a specified spread) | Monthly | 12/09/2026 | 113653 | 0 | (412) | 0 | (412) |
|  | Receive | ERAUSLT Index  | 31603 | 4.280% (SOFR plus a specified spread) | Monthly | 12/09/2026 | 23849 | 0 | (85) | 0 | (85) |
|  MEI | Receive | ERAEMLN Index  | 68145 | 4.280% (SOFR plus a specified spread) | Monthly | 07/08/2026 | 198418 | 0 | (742) | 0 | (742) |
|  | Receive | ERAEMLN Index  | 2148 | 4.240% (SOFR plus a specified spread) | Monthly | 08/05/2026 | 6254 | 0 | (23) | 0 | (23) |
|  | Receive | ERADXULN Index  | 478 | 3.910% (SOFR plus a specified spread) | Monthly | 08/19/2026 | 1335 | 0 | (4) | 0 | (4) |
|  MYI | Receive | RU20INTR Index  | 470 | 3.930% (SOFR plus a specified spread) | Monthly | 05/05/2026 | 6451 | 0 | (22) | 0 | (22) |
|  | Receive | NDDUEAFE Index  | 954 | 3.930% (SOFR plus a specified spread) | Monthly | 05/20/2026 | 9991 | 0 | (35) | 0 | (35) |
|  | Receive | ERADXULN Index  | 47641 | 3.870% (SOFR plus a specified spread) | Monthly | 06/03/2026 | 133008 | 0 | (438) | 0 | (438) |
|  | Receive | NDDUEAFE Index  | 3376 | 3.940% (SOFR plus a specified spread) | Monthly | 06/03/2026 | 35357 | 0 | (125) | 0 | (125) |
|  | Receive | ERAUSLT Index  | 2835 | 4.080% (SOFR plus a specified spread) | Monthly | 06/10/2026 | 23721 | 0 | (76) | 0 | (76) |
|  | Receive | ERADXULN Index  | 6287 | 3.720% (SOFR plus a specified spread) | Monthly | 07/08/2026 | 17553 | 0 | (56) | 0 | (56) |
|  | Receive | NDDUEAFE Index  | 4349 | 3.890% (SOFR plus a specified spread) | Monthly | 07/08/2026 | 45548 | 0 | (159) | 0 | (159) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **39** |

---

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  | Receive | NDDUEAFE Index  | 967 | 4.005% (SOFR plus a specified spread) | Monthly | 11/18/2026 | 10128 | $0 | $(36) | $0 | $(36) |
|  UAG | Receive | NDDUEAFE Index  | 2783 | 4.005% (SOFR plus a specified spread) | Monthly | 11/18/2026 | 29147 | 0 | (105) | 0 | (105) |
|  |  |  |  |  |  |  |  | $0 | $(5919) | $0 | $(5919) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $13032 | $(7686) | $11422 | $(6076) |

---

#### 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> |
|  AZD | $202 | $0 | $0 | $202 | $0 | $0 | $0 | $0 | $202 | $0 | $202 |
|  BOA | 1299 | 5749 | 1359 | 8407 | (448) | (1282) | (182) | (1912) | 6495 | 2109 | 8604 |
|  BPS | 3551 | 487 | 2843 | 6881 | (1472) | (504) | (348) | (2324) | 4557 | 6749 | 11306 |
|  BRC | 730 | 3143 | 0 | 3873 | (215) | (35) | (310) | (560) | 3313 | 9605 | 12918 |
|  BSH | 1092 | 0 | 0 | 1092 | (1083) | 0 | 0 | (1083) | 9 | 12 | 21 |
|  CBK | 1692 | 0 | 2032 | 3724 | (2731) | 0 | (9) | (2740) | 984 | (519) | 465 |
|  CIB | 6 | 0 | 0 | 6 | (29) | 0 | (189) | (218) | (212) | 4896 | 4684 |
|  DUB | 588 | 20404 | 5 | 20997 | (1442) | (308) | 0 | (1750) | 19247 | 712 | 19959 |
|  FAR | 3530 | 0 | 0 | 3530 | (307) | 0 | 0 | (307) | 3223 | (3700) | (477) |
|  GLM | 1602 | 15559 | 0 | 17161 | (1646) | (246) | 0 | (1892) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15269 | 2484 | 17753 |
|  GSC | 0 | 461 | 0 | 461 | 0 | (480) | 0 | (480) | (19) | (370) | (389) |
|  GST | 0 | 1062 | 0 | 1062 | 0 | (349) | (28) | (377) | 685 | (890) | (205) |
|  JPM | 1435 | 3584 | 4469 | 9488 | (4419) | (789) | (3139) | (8347) | 1141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85061 |
|  MBC | 803 | 63 | 0 | 866 | (337) | (17) | 0 | (354) | 512 | (390) | 122 |
|  MEI | 0 | 0 | 0 | 0 | 0 | 0 | (769) | (769) | (769) | 19396 | 18627 |
|  MSC | 0 | 0 | 0 | 0 | 0 | (64) | 0 | (64) | (64) | 0 | (64) |
|  MYC | 0 | 2878 | 714 | 3592 | 0 | (23) | 0 | (23) | 3569 | (2800) | 769 |
|  MYI | 69 | 0 | 0 | 69 | (209) | 0 | (947) | (1156) | (1087) | 24536 | 23449 |
|  NGF | 58 | 0 | 0 | 58 | (33) | 0 | 0 | (33) | 25 | 0 | 25 |
|  RBC | 1 | 0 | 0 | 1 | (4) | 0 | 0 | (4) | (3) | 0 | (3) |
|  SAL | 0 | 0 | 0 | 0 | 0 | (103) | (50) | (153) | (153) | 0 | (153) |
|  SCX | 893 | 0 | 0 | 893 | (638) | 0 | 0 | (638) | 255 | (110) | 145 |
|  SOG | 4592 | 0 | 0 | 4592 | (433) | 0 | 0 | (433) | 4159 | (5570) | (1411) |
|  UAG | 173 | 0 | 0 | 173 | (476) | 0 | (105) | (581) | (408) | 3965 | 3557 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22316 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53390 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11422 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87128 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15922) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4200) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6076) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26198) |  |  |  |

---

(m) Securities with an aggregate market value of $158,384 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.

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

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

<sup>(6)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

---

| | | |
|:---|:---|:---|
| **40** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 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; Purchased Options  | $16 | $0 | $0 | $0 | $0 | $16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 2381 | 2381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4 | 0 | 0 | 4033 | 4037 |
|  | $16 | $4 | $0 | $0 | $6414 | $6434 |
|  Over 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 | $22316 | $0 | $22316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 1062 | 0 | 1258 | 51070 | 53390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 11422 | 0 | 0 | 0 | 11422 |
|  | $0 | $12484 | $0 | $23574 | $51070 | $87128 |
|  | $16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12488 | $0 | $23574 | $57484 | $93562 |
|  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  | $61 | $0 | $0 | $0 | $1636 | $1697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1755 | 0 | 0 | 2501 | 4256 |
|  | $61 | $1755 | $0 | $0 | $4137 | $5953 |
|  Over 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 | $15922 | $0 | $15922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 349 | 0 | 855 | 2996 | 4200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 157 | 5919 | 0 | 0 | 6076 |
|  | $0 | $506 | $5919 | $16777 | $2996 | $26198 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2261 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5919 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16777 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7133 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32151 |

---

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; Purchased Options  | $0 | $0 | $0 | $0 | $(5) | $(5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 1584 | 1584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | (902) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3009) | (3911) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (1122) | 0 | 0 | 11895 | 10773 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1122) | $(902) | $0 | $10465 | $8441 |
|  Over 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 | $(55484) | $0 | $(55484) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 57 | (2062) | (2005) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 875 | 0 | 295 | 2572 | 3742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3483 | 480834 | 0 | 0 | 484317 |
|  | $0 | $4358 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480834 | $(55132) | $510 | $430570 |
|  | $0 | $3236 | $479932 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55132) | $10975 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439011 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 41

------

Schedule of Investments PIMCO All Asset: Multi-RAE PLUS Fund (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** |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $(78) | $0 | $0 | $0 | $0 | $(78) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | (1059) | 0 | 0 | 0 | (5260) | (6319) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (2059) | 0 | 0 | (8866) | (10925) |
|  | $(1137) | $(2059) | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14125) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17321) |
|  Over 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 | $12046 | $0 | $12046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 74 | 0 | 356 | (4840) | (4410) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 714 | 0 | (194) | (886) | (366) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (1064) | 3099 | 0 | 0 | 2035 |
|  | $0 | $(276) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3099 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12208 | $(5726) | $9305 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1137) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2335) | $3099 | $12208 | $(19851) | $(8016) |

---

#### 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 | $2681 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330 | $5011 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 61262 | 1163 | 62425 |
| &nbsp;&nbsp; Industrials | 0 | 19836 | 0 | 19836 |
| &nbsp;&nbsp; Utilities | 0 | 7659 | 0 | 7659 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 1014 | 0 | 1014 |
| &nbsp;&nbsp; Illinois | 0 | 342 | 0 | 342 |
| &nbsp;&nbsp; Nebraska | 0 | 22 | 0 | 22 |
| &nbsp;&nbsp; Ohio | 0 | 55 | 0 | 55 |
| &nbsp;&nbsp; Pennsylvania | 0 | 6 | 0 | 6 |
| &nbsp;&nbsp; Washington | 0 | 650 | 0 | 650 |
|  U.S. Government Agencies | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1747374 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1747374 |
|  U.S. Treasury Obligations | 0 | 71319 | 0 | 71319 |
|  Non-Agency Mortgage-Backed Securities | 0 | 129619 | 0 | 129619 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 23621 | 0 | 23621 |
| &nbsp;&nbsp; CMBS Other | 0 | 57418 | 0 | 57418 |
| &nbsp;&nbsp; Home Equity Other | 0 | 281017 | 0 | 281017 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 8 | 0 | 8 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 43105 | 0 | 43105 |
| &nbsp;&nbsp; Other ABS | 0 | 94593 | 0 | 94593 |
|  Sovereign Issues | 0 | 203808 | 0 | 203808 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 26649 | 0 | 26649 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 470500 | 0 | 470500 |
| &nbsp;&nbsp; Egypt Treasury Bills | 0 | 32 | 0 | 32 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 4722 | 0 | 4722 |
| &nbsp;&nbsp; South Africa Treasury Bills | 0 | 794 | 0 | 794 |
| &nbsp;&nbsp; Turkey Treasury Bills | 0 | 1362 | 0 | 1362 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 149481 | 0 | 149481 |
|  | $0 | $3398949 | $3493 | $3402442 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 | $26650 | $0 | $0 | $26650 |
|  Total Investments | $26650 | $3398949 | $3493 | $3429092 |
|  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 | $(200689) | $0 | $(200689) |
|  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 | 1360 | 5074 | 0 | 6434 |
|  Over the counter | 0 | 87123 | 5 | 87128 |
|  | $1360 | $92197 | $5 | $93562 |
|  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 | (1332) | (4621) | 0 | (5953) |
|  Over the counter | 0 | (26198) | 0 | (26198) |
|  | $(1332) | $(30819) | $0 | $(32151) |
|  Total Financial Derivative Instruments | $28 | $61378 | $5 | $61411 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26678 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3259638 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3498 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3289814 |

---

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 All Authority: Multi-RAE PLUS Fund 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 191.8% | INVESTMENTS IN SECURITIES 191.8% | INVESTMENTS IN SECURITIES 191.8% |
| CORPORATE BONDS & NOTES 4.8% | CORPORATE BONDS & NOTES 4.8% | CORPORATE BONDS & NOTES 4.8% |
| BANKING & FINANCE 3.2% | BANKING & FINANCE 3.2% | BANKING & FINANCE 3.2% |
|  ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund |
|  5.450% due 09/09/2028 | 500 | 495 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.033% due 07/17/2030 | 700 | 693 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  6.224% due 05/09/2034 •  | 1000 | 1050 |
|  Credit Suisse AG AT1 Claim | 400 | 140 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  5.800% due 03/05/2027 | 400 | 402 |
|  7.350% due 11/04/2027 | 200 | 207 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  5.625% due 09/15/2034 | 100 | 99 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  5.558% due 07/09/2034 | 200 | 205 |
|  Takeoff Merger Sub, Inc. | Takeoff Merger Sub, Inc. | Takeoff Merger Sub, Inc. |
|  4.500% due 03/24/2029 | 400 | 398 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 02/15/2028 | 100 | 100 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.526% due 03/24/2028 •  | 700 | 694 |
|  |  | 4483 |
| INDUSTRIALS 1.1% | INDUSTRIALS 1.1% | INDUSTRIALS 1.1% |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.500% due 11/21/2033 | 200 | 213 |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 870 | 895 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  6.943% due 01/10/2030 | 40 | 42 |
|  Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA |
|  5.625% due 06/19/2047 | 300 | 211 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.350% due 02/12/2048 | 100 | 76 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  5.450% due 08/15/2038 | 94 | 96 |
|  Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC |
|  5.700% due 08/01/2035 | 100 | 101 |
|  |  | 1634 |
| UTILITIES 0.5% | UTILITIES 0.5% | UTILITIES 0.5% |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  4.500% due 07/01/2040 | 100 | 85 |
|  5.450% due 06/15/2027 | 100 | 101 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  4.650% due 10/01/2043 | 100 | 84 |
|  5.150% due 06/01/2029 | 400 | 406 |
|  |  | 676 |
|  Total Corporate Bonds & Notes (Cost $6,544) | Total Corporate Bonds & Notes (Cost $6,544) | 6793 |
| MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% | MUNICIPAL BONDS & NOTES 0.2% |
| WASHINGTON 0.2% | WASHINGTON 0.2% | WASHINGTON 0.2% |
|  Washington State Convention Center Public Facilities District Revenue Bonds, (BABs), Series 2010 | Washington State Convention Center Public Facilities District Revenue Bonds, (BABs), Series 2010 | Washington State Convention Center Public Facilities District Revenue Bonds, (BABs), Series 2010 |
|  6.790% due 07/01/2040 | 320 | 344 |
|  Total Municipal Bonds & Notes (Cost $338) | Total Municipal Bonds & Notes (Cost $338) | 344 |
| U.S. GOVERNMENT AGENCIES 110.6% | U.S. GOVERNMENT AGENCIES 110.6% | U.S. GOVERNMENT AGENCIES 110.6% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  5.000% due 10/01/2053 | 434 | 430 |
|  5.500% due 04/01/2054 - 09/01/2055 | 2352 | 2389 |
|  6.000% due 10/01/2055 | 197 | 202 |
|  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 ~ | 559 | 543 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.167% due 03/15/2037 •  | 23 | 23 |
|  4.487% due 08/15/2037 •  | 55 | 55 |
|  4.497% due 10/15/2037 •  | 8 | 9 |
|  4.507% due 05/15/2037 - 09/15/2037 •  | 59 | 60 |
|  4.602% due 11/25/2054 •  | 578 | 582 |
|  4.612% due 09/25/2055 •  | 2599 | 2620 |
|  4.862% due 08/25/2055 •  | 2417 | 2441 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.000% due 04/25/2041 | 311 | 300 |
|  4.126% due 07/25/2037 •  | 2 | 2 |
|  4.156% due 07/25/2037 •  | 4 | 4 |
|  4.176% due 09/25/2035 •  | 8 | 8 |
|  4.186% due 09/25/2035 •  | 17 | 17 |
|  4.496% due 06/25/2037 •  | 36 | 36 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  4.132% due 09/25/2042 •  | 2 | 2 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.500% due 03/20/2056 | 300 | 275 |
|  4.500% due 06/20/2055 (f) | 2940 | 2844 |
|  5.000% due 01/20/2055 | 391 | 388 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.823% due 07/20/2055 •  | 1325 | 1337 |
|  4.923% due 07/20/2054 •  | 3066 | 3083 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  3.500% due 04/01/2056 | 6000 | 5504 |
|  4.000% due 04/01/2056 | 6700 | 6277 |
|  4.500% due 06/01/2040 | 2180 | 2103 |
|  5.000% due 05/01/2056 | 4910 | 4853 |
|  5.500% due 06/01/2040 | 2860 | 2869 |
|  6.000% due 05/01/2056 | 2820 | 2865 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  4.430% due 05/01/2029 | 4 | 4 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 06/01/2040 - 04/01/2056 | 1230 | 1079 |
|  3.500% due 04/01/2056 | 160 | 147 |
|  4.000% due 04/01/2056 | 8780 | 8286 |
|  4.500% due 05/01/2056 | 3010 | 2902 |
|  5.000% due 04/01/2056 - 05/01/2056 | 16830 | 16598 |
|  5.500% due 04/01/2056 - 05/01/2056 | 10170 | 10207 |
|  6.000% due 05/01/2056 | 31540 | 32114 |
|  6.500% due 05/01/2056 - 06/01/2056 | 40900 | 42280 |
|  Total U.S. Government Agencies (Cost $156,279) | Total U.S. Government Agencies (Cost $156,279) | 155738 |
| 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 05/15/2044 (h)(j) | 2700 | 2619 |
|  4.875% due 08/15/2045 (j) | 59 | 59 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  0.500% due 10/31/2027 (j) | 300 | 285 |
|  0.625% due 12/31/2027 (j) | 100 | 95 |
|  3.875% due 07/31/2030 (j) | 2300 | 2296 |
|  4.250% due 08/15/2035 (j) | 96 | 96 |
|  Total U.S. Treasury Obligations (Cost $5,544) | Total U.S. Treasury Obligations (Cost $5,544) | 5450 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 14.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 14.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 14.4% |
|  Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust |
|  4.745% due 04/15/2035 •  | 187 | 187 |
|  Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust |
|  5.470% due 12/15/2036 •  | 1000 | 983 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  5.582% due 07/25/2035 ~ | 11 | 11 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.718% due 09/25/2035 ~ | 43 | 23 |
|  4.902% due 10/25/2035 ~ | 64 | 54 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  5.619% due 11/25/2034 ~ | 1 | 1 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
|  4.663% due 01/17/2039 •  | 2952 | 2952 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 09/25/2063 ~ | 582 | 522 |
|  4.912% due 05/25/2055 •  | 261 | 262 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.202% due 12/25/2035 ~ | 1 | 1 |
|  4.452% due 09/25/2036 ~ | 14 | 12 |
|  6.000% due 12/25/2036 | 23 | 9 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.787% due 11/25/2034 ~ | 15 | 15 |
|  CLNY Trust | CLNY Trust | CLNY Trust |
|  5.512% due 11/15/2038 •  | 1000 | 988 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.173% due 09/25/2046 •  | 78 | 77 |
|  4.353% due 02/25/2037 •  | 28 | 23 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.453% due 02/25/2036 •  | 194 | 196 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  5.900% due 09/25/2067 þ | 3582 | 3581 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.454% due 11/25/2035 ~ | 23 | 20 |
|  6.000% due 02/25/2036 | 455 | 158 |
|  6.000% due 07/25/2037 | 108 | 67 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.131% due 12/19/2036 •  | 9 | 8 |
|  4.271% due 06/19/2035 •  | 41 | 41 |
|  4.271% due 12/19/2036 •  | 189 | 186 |
|  4.316% due 06/19/2036 ~ | 113 | 57 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.026% due 06/25/2036 ~ | 186 | 166 |
|  4.153% due 02/25/2037 •  | 120 | 110 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.203% due 05/25/2036 ~ | 102 | 54 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  4.770% due 02/15/2035 •  | 847 | 836 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  3.934% due 10/25/2036 ~ | 45 | 32 |
|  4.198% due 10/25/2036 ~ | 6 | 3 |
|  4.625% due 07/25/2063 ~ | 794 | 774 |
|  5.250% due 11/25/2063 ~ | 648 | 644 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  6.000% due 09/25/2037 | 53 | 52 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  3.180% due 07/25/2035 ~ | 15 | 13 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.393% due 03/25/2037 •  | 158 | 36 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.838% due 09/25/2035 ~ | 41 | 32 |
|  5.449% due 05/25/2033 ~ | 1 | 1 |
|  Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust | Mortgage Equity Conversion Asset Trust |
|  4.260% due 05/25/2042 •  | 52 | 48 |
|  New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust |
|  4.709% due 04/15/2032 •  | 2300 | 2278 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  5.476% due 05/25/2035 þ | 4 | 2 |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  6.584% due 09/25/2058 þ | 588 | 589 |
|  RALI Trust | RALI Trust | RALI Trust |
|  4.093% due 02/25/2037 •  | 92 | 84 |
|  4.133% due 01/25/2037 •  | 143 | 128 |
|  4.153% due 07/25/2036 •  | 408 | 127 |
|  4.163% due 08/25/2036 •  | 168 | 156 |
|  4.173% due 09/25/2036 •  | 229 | 216 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  5.259% due 01/25/2035 •  | 2 | 2 |
|  5.939% due 02/25/2034 ~ | 1 | 0 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.786% due 06/25/2047 •  | 30 | 27 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  3.750% due 03/25/2058 ~ | 1135 | 1101 |
|  3.750% due 05/25/2058 ~ | 496 | 488 |
|  3.750% due 09/25/2062 | 915 | 872 |
|  Visio Trust | Visio Trust | Visio Trust |
|  6.598% due 10/25/2058 þ | 936 | 938 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.996% due 02/25/2037 ~ | 26 | 23 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **43** |

---

------

Schedule of Investments PIMCO All Authority: Multi-RAE PLUS Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **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 |
|  6.288% due 12/25/2036 ~ | 24 | 23 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $20,057) | Total Non-Agency Mortgage-Backed Securities (Cost $20,057) | 20289 |
| ASSET-BACKED SECURITIES 21.0% | ASSET-BACKED SECURITIES 21.0% | ASSET-BACKED SECURITIES 21.0% |
| AUTOMOBILE SEQUENTIAL 1.6% | AUTOMOBILE SEQUENTIAL 1.6% | AUTOMOBILE SEQUENTIAL 1.6% |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  5.620% due 01/10/2029 | 155 | 156 |
|  5.710% due 07/10/2028 | 238 | 239 |
|  FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust |
|  5.890% due 06/15/2030 | 197 | 198 |
|  Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust |
|  5.990% due 05/15/2028 | 22 | 22 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  5.960% due 10/16/2028 | 318 | 320 |
|  Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC | Hertz Vehicle Financing III LLC |
|  5.440% due 01/25/2029 | 1000 | 1015 |
|  Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V |
|  5.320% due 09/25/2030 | 99 | 99 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  5.630% due 01/16/2029 | 162 | 162 |
|  |  | 2211 |
| CMBS OTHER 1.3% | CMBS OTHER 1.3% | CMBS OTHER 1.3% |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  5.130% due 02/18/2043 •  | 600 | 601 |
|  Starwood Ltd. | Starwood Ltd. | Starwood Ltd. |
|  5.022% due 11/15/2038 •  | 291 | 290 |
|  TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. |
|  5.328% due 02/15/2039 •  | 917 | 920 |
|  |  | 1811 |
| HOME EQUITY OTHER 3.8% | HOME EQUITY OTHER 3.8% | HOME EQUITY OTHER 3.8% |
|  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 •  | 1 | 0 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.113% due 12/25/2036 •  | 688 | 387 |
|  4.153% due 01/25/2037 •  | 865 | 646 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.073% due 04/25/2047 •  | 72 | 71 |
|  4.333% due 03/25/2036 •  | 124 | 114 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  3.953% due 08/25/2036 •  | 1813 | 559 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  3.893% due 12/25/2046 •  | 257 | 127 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.093% due 05/25/2036 •  | 94 | 50 |
|  4.333% due 05/25/2046 •  | 645 | 190 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  3.893% due 01/25/2037 •  | 2402 | 662 |
|  4.213% due 05/25/2037 •  | 370 | 361 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.293% due 07/25/2037 •  | 366 | 75 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  3.923% due 02/25/2037 •  | 807 | 487 |
|  3.928% due 11/25/2036 •  | 692 | 439 |
|  4.003% due 01/25/2037 •  | 376 | 173 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  3.893% due 12/25/2036 •  | 388 | 185 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.586% due 11/25/2036 þ | 748 | 226 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.033% due 07/25/2036 •  | 183 | 69 |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.073% due 10/25/2036 •  | 170 | 159 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  4.693% due 10/25/2037 •  | 509 | 404 |
|  |  | 5384 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| WHOLE LOAN COLLATERAL 0.2% | WHOLE LOAN COLLATERAL 0.2% | WHOLE LOAN COLLATERAL 0.2% |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.113% due 04/25/2036 •  | 10 | 10 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  3.953% due 08/25/2036 •  | 345 | 111 |
|  4.753% due 01/25/2036 •  | 179 | 168 |
|  |  | 289 |
| OTHER ABS 14.1% | OTHER ABS 14.1% | OTHER ABS 14.1% |
|  Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. |
|  3.000% due 01/21/2040 | 300 | 287 |
|  ARES LXII CLO Ltd. | ARES LXII CLO Ltd. | ARES LXII CLO Ltd. |
|  4.738% due 01/25/2034 •  | 600 | 600 |
|  BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust |
|  5.930% due 10/17/2035 | 218 | 218 |
|  BlueMountain CLO XXXIV Ltd. | BlueMountain CLO XXXIV Ltd. | BlueMountain CLO XXXIV Ltd. |
|  4.818% due 04/20/2035 •  | 500 | 500 |
|  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 •  | 900 | 903 |
|  Cedar Funding VI CLO Ltd. | Cedar Funding VI CLO Ltd. | Cedar Funding VI CLO Ltd. |
|  4.758% due 04/20/2034 •  | 500 | 500 |
|  Contego CLO VIII DAC | Contego CLO VIII DAC | Contego CLO VIII DAC |
|  3.060% due 01/25/2034 •  | 2230 | 2578 |
|  Diameter Capital CLO 6 Ltd. | Diameter Capital CLO 6 Ltd. | Diameter Capital CLO 6 Ltd. |
|  5.282% due 04/15/2037 •  | 1000 | 1003 |
|  Euro-Galaxy V CLO DAC | Euro-Galaxy V CLO DAC | Euro-Galaxy V CLO DAC |
|  2.934% due 02/15/2034 •  | 2497 | 2890 |
|  Hayfin Emerald CLO VI DAC | Hayfin Emerald CLO VI DAC | Hayfin Emerald CLO VI DAC |
|  3.266% due 10/15/2038 •  | 500 | 578 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.099% due 04/25/2038 •  | 7 | 7 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  5.237% due 07/16/2040 •  | 710 | 711 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  4.530% due 04/20/2062 •  | 659 | 656 |
|  5.873% due 02/20/2041 •  | 148 | 152 |
|  6.640% due 02/20/2041 | 148 | 153 |
|  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 •  | 1000 | 1000 |
|  Northwoods Capital XIV-B Ltd. | Northwoods Capital XIV-B Ltd. | Northwoods Capital XIV-B Ltd. |
|  4.883% due 11/13/2031 •  | 434 | 434 |
|  SLM Private Education Loan Trust | SLM Private Education Loan Trust | SLM Private Education Loan Trust |
|  8.537% due 10/15/2041 •  | 1552 | 1630 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  1.070% due 01/15/2053 | 946 | 872 |
|  3.500% due 12/16/2041 | 1100 | 1081 |
|  4.517% due 01/15/2053 •  | 1048 | 1039 |
|  4.643% due 09/15/2054 •  | 559 | 557 |
|  4.772% due 07/15/2053 •  | 391 | 391 |
|  5.380% due 01/15/2053 | 443 | 448 |
|  5.522% due 05/16/2050 •  | 330 | 336 |
|  St. Paul's CLO VIII DAC | St. Paul's CLO VIII DAC | St. Paul's CLO VIII DAC |
|  2.786% due 07/17/2030 •  | 278 | 322 |
|  |  | 19846 |
|  Total Asset-Backed Securities (Cost $29,192) | Total Asset-Backed Securities (Cost $29,192) | 29541 |
| SOVEREIGN ISSUES 13.2% | SOVEREIGN ISSUES 13.2% | SOVEREIGN ISSUES 13.2% |
|  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 | 30000 | 32 |
|  5.800% due 10/01/2029 | 40000 | 44 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  5.000% due 06/15/2045 | 300 | 216 |
|  8.375% due 11/07/2054 (f) | 200 | 207 |
|  Colombia TES | Colombia TES | Colombia TES |
|  2.250% due 04/18/2029 (d) | 202635 | 48 |
|  6.500% due 01/22/2031 (d) | 243162 | 64 |
|  7.250% due 10/18/2034 | 847700 | 163 |
|  11.000% due 08/22/2029 | 7083500 | 1786 |
|  11.750% due 01/24/2035 | 6692100 | 1659 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  12.750% due 11/28/2040 |  | 1768200 | 469 |
|  13.250% due 02/09/2033 |  | 1530600 | 410 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | $— | 1000 | 1007 |
|  Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
|  0.000% due 07/31/2030 (b) |  | 270 | 226 |
|  Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds |
|  19.698% due 10/14/2030 |  | 11400 | 205 |
|  21.954% due 03/04/2028 |  | 13900 | 249 |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
|  6.625% due 03/22/2048 |  | 300 | 300 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  5.850% due 07/02/2032 | $— | 200 | 201 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  6.150% due 08/12/2032 |  | 700 | 210 |
|  6.850% due 08/12/2035 |  | 600 | 176 |
|  7.300% due 08/12/2033 |  | 3500 | 1102 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 |  | 3500 | 956 |
|  6.150% due 08/12/2032 |  | 14200 | 4267 |
|  6.950% due 08/12/2031 |  | 401 | 125 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  6.250% due 03/31/2036 |  | 31270 | 1485 |
|  7.000% due 02/28/2031 |  | 7890 | 437 |
|  8.000% due 01/31/2030 |  | 7100 | 415 |
|  8.250% due 03/31/2032 |  | 3200 | 185 |
|  8.500% due 01/31/2037 |  | 4400 | 243 |
|  8.875% due 02/28/2035 |  | 16800 | 976 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  6.750% due 07/11/2039 |  | 400 | 462 |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  39.740% (BISTREFI) due 08/19/2026 ~ |  | 100 | 2 |
|  39.740% (BISTREFI) due 05/17/2028 ~ |  | 10400 | 233 |
|  Total Sovereign Issues (Cost $17,779) | Total Sovereign Issues (Cost $17,779) | Total Sovereign Issues (Cost $17,779) | 18560 |
| SHORT-TERM INSTRUMENTS 23.7% | SHORT-TERM INSTRUMENTS 23.7% | SHORT-TERM INSTRUMENTS 23.7% | SHORT-TERM INSTRUMENTS 23.7% |
| COMMERCIAL PAPER 9.2% | COMMERCIAL PAPER 9.2% | COMMERCIAL PAPER 9.2% | COMMERCIAL PAPER 9.2% |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.300% due 04/21/2026 | $— | 1400 | 1397 |
|  ERAC USA Finance LLC | ERAC USA Finance LLC | ERAC USA Finance LLC | ERAC USA Finance LLC |
|  4.150% due 04/24/2026 |  | 1400 | 1396 |
|  Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. |
|  4.170% due 04/23/2026 |  | 1400 | 1396 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  4.150% due 05/04/2026 |  | 1400 | 1395 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  4.250% due 04/06/2026 |  | 1400 | 1399 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.350% due 04/23/2026 |  | 1700 | 1695 |
|  Jabil, Inc. | Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
|  4.200% due 04/02/2026 |  | 1500 | 1500 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  4.350% due 05/08/2026 |  | 1400 | 1394 |
|  Phillips 66 | Phillips 66 | Phillips 66 | Phillips 66 |
|  4.350% due 05/01/2026 |  | 1400 | 1395 |
|  |  |  | 12967 |
| REPURCHASE AGREEMENTS (e) 6.2% | REPURCHASE AGREEMENTS (e) 6.2% | REPURCHASE AGREEMENTS (e) 6.2% | REPURCHASE AGREEMENTS (e) 6.2% |
|  |  |  | 8800 |
| EGYPT TREASURY BILLS 0.0% | EGYPT TREASURY BILLS 0.0% | EGYPT TREASURY BILLS 0.0% | EGYPT TREASURY BILLS 0.0% |
|  24.060% due 10/20/2026 (b)(c) |  | 200 | 3 |
| SOUTH AFRICA TREASURY BILLS 0.1% | SOUTH AFRICA TREASURY BILLS 0.1% | SOUTH AFRICA TREASURY BILLS 0.1% | SOUTH AFRICA TREASURY BILLS 0.1% |
|  7.505% due 06/17/2026 (b)(c) |  | 1200 | 70 |
| TURKEY TREASURY BILLS 0.1% | TURKEY TREASURY BILLS 0.1% | TURKEY TREASURY BILLS 0.1% | TURKEY TREASURY BILLS 0.1% |
|  38.710% due 04/07/2026 (a)(b) |  | 5000 | 112 |

---

44 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)** |
| U.S. TREASURY BILLS 8.1% | U.S. TREASURY BILLS 8.1% | U.S. TREASURY BILLS 8.1% | U.S. TREASURY BILLS 8.1% | U.S. TREASURY BILLS 8.1% |
|  3.679% due 06/30/2026 - 07/21/2026 (a)(b)(j) | $— | 11542 | $— | 11438 |
| Total Short-Term Instruments<br>(Cost $33,390) | Total Short-Term Instruments<br>(Cost $33,390) | Total Short-Term Instruments<br>(Cost $33,390) |  | 33390 |
| Total Investments in Securities (Cost $269,123) | Total Investments in Securities (Cost $269,123) | Total Investments in Securities (Cost $269,123) |  | 270105 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 8.3% | INVESTMENTS IN AFFILIATES 8.3% | INVESTMENTS IN AFFILIATES 8.3% | INVESTMENTS IN AFFILIATES 8.3% |
| SHORT-TERM INSTRUMENTS 8.3% | SHORT-TERM INSTRUMENTS 8.3% | SHORT-TERM INSTRUMENTS 8.3% | SHORT-TERM INSTRUMENTS 8.3% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.3% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 1197323 | $— | 11661 |
| Total Short-Term Instruments<br>(Cost $11,660) | Total Short-Term Instruments<br>(Cost $11,660) |  | 11661 |

---

---

| | | |
|:---|:---|:---|
|  | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Total Investments in Affiliates (Cost $11,660) | $— | 11661 |
| Total Investments 200.1%<br> (Cost $280,783) | $— | 281766 |
|  Financial Derivative<br>Instruments (g)(i) 4.3%<br> (Cost or Premiums, net $6,297) |  | 6060 |
| Other Assets and Liabilities, net (104.4)% |  | (146984) |
| Net Assets 100.0% | $— | 140842 |

---

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

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

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

(b) Zero coupon security.

(c) Coupon represents a yield to maturity.

(d) Principal amount of security is adjusted for inflation.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 3.710% | 03/31/2026 | 04/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800 | U.S. Treasury Notes 4.125% due 03/31/2029 | $(8988) | $8800 | $8801 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8988) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8801 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing Rate<sup>(2)</sup> | Settlement Date | Maturity Date | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  MYI | 3.100% | 01/12/2026 | TBD<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214) | $(215) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(215) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (16.5)% | U.S. Government Agencies (16.5)% | U.S. Government Agencies (16.5)% | U.S. Government Agencies (16.5)% | U.S. Government Agencies (16.5)% | U.S. Government Agencies (16.5)% |
| &nbsp;&nbsp; Government National Mortgage Association, TBA | 3.000% | 04/01/2056 | $6300 | $(5737) | $(5625) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 04/01/2056 | 3880 | (3192) | (3126) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 04/01/2056 | 5230 | (4493) | (4398) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 04/01/2056 | 80 | (74) | (74) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 06/01/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10980 | (9947) | (10044) |
|  Total Short Sales (16.5)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23443) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23267) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 45

------

Schedule of Investments PIMCO All Authority: Multi-RAE PLUS Fund (Cont.)

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of March 31, 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 |  |  |  |  |  |  |
|  BOS | $8801 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8801 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8988) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187) |
|  MYI | 0 | (215) | 0 | (215) | 207 | (8) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8801 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(215) | $&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 | $0 | $0 | $(215) | $(215) |
|  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;(215) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(215) |
|  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  | $(215) |

---

(f) Securities with an aggregate market value of $207 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 $(2368) at a weighted average interest rate of 3.984%. 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;(g) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### PURCHASED OPTIONS:

#### FUTURE STYLED COMMODITY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Cost | Market<br>Value |
|  Call - CBOE California Carbon Allowances December 2026 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.000 | 12/15/2026 | 23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | $10 | $2 |
|  Total Purchased Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |

---

#### FUTURES CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month CORRA March Futures  | 06/2027 | 6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047 | $(3) | $1 | $0 |
|  3-Month SONIA March Futures  | 06/2027 | 44 | 13925 | 20 | 18 | 0 |
|  30-Day Federal Fund May Futures  | 05/2026 | 18 | 7227 | (29) | 0 | 0 |
|  Australia Government 10-Year Bond June Futures  | 06/2026 | 32 | 2379 | (14) | 22 | 0 |
|  California Carbon Allowance Vintage December Futures  | 12/2026 | 22 | 635 | (98) | 0 | (6) |
|  Euro-Bund June Futures  | 06/2026 | 75 | 10870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(272) | 79 | 0 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2026 | 36 | 7468 | (53) | 3 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 160 | 17309 | (92) | 21 | 0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 275 | 30538 | (583) | 65 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1124) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |

---

46 PRIVATE ACCOUNT PORTFOLIO SERIES 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 |
|  3-Month EURIBOR June Futures  | 06/2027 | 2 | $(562) | $4 | $0 | $(1) |
|  3-Month SOFR Active Contract March Futures  | 06/2027 | 2 | (482) | 2 | 0 | 0 |
|  Australia Government 3-Year Bond June Futures  | 06/2026 | 3 | (215) | 1 | 0 | (1) |
|  Euro-Oat June Futures  | 06/2026 | 79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10838) | 343 | 0 | (101) |
|  Japan Government 10-Year Bond June Futures  | 06/2026 | 8 | (6569) | 81 | 1 | (14) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 24 | (2724) | 12 | 0 | (7) |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 18 | (2098) | (24) | 0 | (4) |
|  |  |  |  | $419 | $1 | $(128) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(705) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134) |

---

#### 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>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2026<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  Bank of America Corp. | 1.000% | Quarterly | 12/20/2026 | 0.317% | $500 | $7 | $(4) | $3 | $0 | $0 |
|  British Telecommunications PLC | 1.000 | Quarterly | 06/20/2028 | 0.226 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Morgan Stanley | 1.000 | Quarterly | 06/20/2026 | 0.303 | $700 | 4 | (3) | 1 | 0 | 0 |
|  Volkswagen International Finance NV | 1.000 | Quarterly | 06/20/2028 | 0.426 | 300 | 2 | 2 | 4 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  CDX.IG-46 5-Year Index | (1.000)% | Quarterly | 06/20/2031 | $29410 | $(448) | $(70) | $(518) | $0 | $(64) |
|  CDX.IT-RAXX MAIN45 | (1.000) | Quarterly | 06/20/2031 | 140 | (2) | 0 | (2) | 0 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(450) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(520) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64) |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/<br>(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/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  CDX.HY-46 5-Year Index | 5.000% | Quarterly | 06/20/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.750% | Annual | 09/17/2030 | 14500 | $(74) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(304) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(378) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.320 | Annual | 10/20/2033 | 100 | (1) | 1 | 0 | 0 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.930 | Annual | 01/06/2035 | 100 | 0 | (4) | (4) | 0 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/17/2035 | 1700 | (50) | (23) | (73) | 7 | 0 |
|  Pay<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/16/2036 | 3100 | (36) | (126) | (162) | 12 | 0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/17/2055 | 880 | 41 | 14 | 55 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |
|  Pay<sup>(6)</sup> | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 09/16/2036 | 419600 | (27) | (34) | (61) | 9 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 2.000 | Annual | 06/18/2055 | 110000 | 2 | (136) | (134) | 0 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 2.500 | Annual | 12/17/2055 | 260000 | 0 | (167) | (167) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | $8410 | (6) | 7 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.982 | Annual | 09/30/2026 | 1300 | 0 | 2 | 2 | 0 | 0 |
|  Pay<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.150 | Annual | 08/25/2028 | 33260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133) | 36 | (97) | 5 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 02/28/2029 | 3380 | 0 | 25 | 25 | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 300 | (1) | (2) | (3) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 2200 | (31) | 20 | (11) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 8770 | (144) | 91 | (53) | 0 | (9) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 7750 | 31 | 12 | 42 | 0 | (8) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 3000 | 9 | (24) | (15) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2032 | 1140 | (12) | 10 | (2) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.742 | Annual | 03/26/2033 | 2700 | (13) | 17 | 4 | 3 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **47** |

---

------

Schedule of Investments PIMCO All Authority: Multi-RAE PLUS Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.721% | Annual | 04/01/2033 | $2700 | $(13) | $13 | $0 | $3 | $0 |
|  Pay<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/17/2033 | 40 | (1) | 0 | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 19020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243 | (191) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 2200 | 164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123) | 41 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 01/17/2034 | 100 | (1) | 2 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.231 | Annual | 09/18/2034 | 20 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 11/14/2034 | 200 | (1) | 2 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 11/14/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.793 | Annual | 11/19/2034 | 100 | (1) | 1 | 0 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.855 | Annual | 11/19/2034 | 100 | (1) | 1 | 0 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.865 | Annual | 11/20/2034 | 100 | (1) | 1 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 8750 | (55) | 96 | 41 | 0 | (10) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 | 200 | (1) | 3 | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 01/08/2035 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 01/08/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.896 | Annual | 01/08/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 | 200 | (1) | 2 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.013 | Annual | 01/15/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.071 | Annual | 01/15/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 | 50 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 50 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 200 | (1) | 0 | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 200 | (1) | (1) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 200 | (1) | (1) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/07/2035 | 200 | (1) | (1) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 15700 | 59 | 77 | 136 | 0 | (15) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | 1050 | (17) | 27 | 10 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.748 | Annual | 03/03/2036 | 200 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.775 | Annual | 03/03/2036 | 200 | (1) | 2 | 1 | 0 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/17/2036 | 669 | 11 | (3) | 8 | 0 | (1) |
|  Pay<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/17/2036 | 480 | (5) | 0 | (5) | 0 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/16/2036 | 3500 | (24) | 66 | 42 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 02/20/2049 | 2300 | 35 | 128 | 163 | 6 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.046 | Annual | 11/15/2052 | 1400 | 0 | (25) | (25) | 0 | (5) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.054 | Annual | 11/15/2052 | 1460 | 0 | (24) | (24) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 06/21/2053 | 2650 | 142 | 500 | 642 | 8 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 6800 | 106 | 649 | 755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 | 4740 | (405) | (123) | (528) | 0 | (18) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2055 | 1110 | 26 | 49 | 75 | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2056 | 530 | (22) | 9 | (13) | 0 | (2) |
|  Pay<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.110 | Annual | 08/25/2057 | 290 | (2) | 0 | (2) | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 13.926 | Maturity | 01/04/2027 | 800 | 0 | (1) | (1) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 | 9000 | 0 | (16) | (16) | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 14.009 | Maturity | 01/04/2027 | 2300 | 0 | (3) | (3) | 1 | 0 |
|  Pay | 1-Year BRL-CDI | 12.810 | Maturity | 01/02/2029 | 4700 | 0 | (16) | (16) | 6 | 0 |
|  Pay | 1-Year BRL-CDI | 12.975 | Maturity | 01/02/2029 | 12400 | 0 | (37) | (37) | 14 | 0 |
|  Pay | 1-Year BRL-CDI | 13.245 | Maturity | 01/02/2029 | 16600 | 0 | (42) | (42) | 19 | 0 |
|  Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 | 5800 | 0 | (27) | (27) | 0 | (3) |
|  Pay | 1-Year BRL-CDI | 13.320 | Maturity | 01/02/2029 | 400 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 12.985 | Maturity | 01/02/2031 | 3500 | 0 | (12) | (12) | 5 | 0 |
|  Pay<sup>(6)</sup> | 3-Month AUD-BBR-BBSW | 5.000 | Semi-Annual | 09/16/2036 | 1700 | 10 | (18) | (8) | 17 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.590 | Quarterly | 08/22/2029 | 2697000 | 0 | 67 | 67 | 0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.933 | Quarterly | 08/22/2029 | 2576450 | 0 | 57 | 57 | 0 | 0 |
|  Receive<sup>(6)</sup> | 3-Month PLN-WIBOR | 4.723 | Annual | 12/01/2035 | 800 | 0 | 3 | 3 | 1 | 0 |
|  Receive<sup>(6)</sup> | 3-Month PLN-WIBOR | 4.685 | Annual | 12/02/2035 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Pay<sup>(6)</sup> | 3-Month PLN-WIBOR | 5.230 | Annual | 04/02/2036 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 | 6900 | (2) | (143) | (145) | 52 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 | 700 | 13 | (31) | (18) | 6 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.590 | Semi-Annual | 10/01/2029 | 36000 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 4.676 | Semi-Annual | 09/01/2030 | 27000 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 3.760 | Annual | 11/01/2034 | 200 | 0 | 0 | 0 | 0 | 0 |
|  Pay<sup>(6)</sup> | 6-Month CZK-PRIBOR | 4.523 | Annual | 12/01/2035 | 4460 | 0 | (1) | (1) | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **48** | **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** |
|  Pay<sup>(6)</sup> | 6-Month CZK-PRIBOR | 4.485% | Annual | 12/02/2035 | 600 | $0 | $0 | $0 | $0 | $0 |
|  Receive<sup>(6)</sup> | 6-Month CZK-PRIBOR | 4.720 | Annual | 04/02/2036 | 500 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.280 | Annual | 03/04/2030 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.280 | Annual | 11/22/2033 | 100 | (1) | (2) | (3) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 3.305 | Annual | 11/27/2033 | 100 | (1) | (2) | (3) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 3.128 | Annual | 12/04/2033 | 100 | 0 | (2) | (2) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 3.063 | Annual | 12/06/2033 | 100 | 0 | (1) | (1) | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.990 | Annual | 12/08/2033 | 100 | 0 | 0 | 0 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.910 | Annual | 12/29/2033 | 100 | 0 | 0 | 0 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.650 | Annual | 01/08/2034 | 90 | 0 | 2 | 2 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.670 | Annual | 04/03/2034 | 100 | 0 | 1 | 1 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.710 | Annual | 08/06/2034 | 100 | 0 | 1 | 1 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.680 | Annual | 08/07/2034 | 100 | 0 | 1 | 1 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.590 | Annual | 08/19/2034 | 100 | 0 | 2 | 2 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 | 200 | (1) | 5 | 4 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 | 100 | 0 | 5 | 5 | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 | 100 | 0 | (6) | (6) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 | 100 | 0 | (6) | (6) | 1 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 | 100 | 0 | 6 | 6 | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 | 100 | 0 | (5) | (5) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 | 100 | 0 | (4) | (4) | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 | 100 | 0 | (5) | (5) | 1 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.510 | Annual | 04/09/2035 | 100 | 0 | 3 | 3 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.520 | Annual | 04/09/2035 | 100 | 0 | 3 | 3 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.550 | Annual | 04/16/2035 | 100 | 0 | 3 | 3 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.530 | Annual | 04/23/2035 | 100 | 0 | 3 | 3 | 0 | (1) |
|  Receive | 6-Month EUR-EURIBOR | 2.450 | Annual | 05/05/2035 | 100 | 0 | 4 | 4 | 0 | (1) |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 09/16/2036 | 7410 | (202) | (68) | (270) | 66 | 0 |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 09/16/2056 | 4990 | 116 | 10 | 126 | 0 | (56) |
|  Pay<sup>(6)</sup> | CAONREPO | 3.000 | Semi-Annual | 09/16/2036 | 800 | (15) | 1 | (14) | 2 | 0 |
|  Receive | CPURNSA | 2.503 | Maturity | 03/25/2030 | $1990 | 0 | 5 | 5 | 0 | (1) |
|  Receive | CPURNSA | 2.520 | Maturity | 03/27/2030 | 3100 | 0 | 4 | 4 | 0 | (2) |
|  Receive | CPURNSA | 2.544 | Maturity | 04/07/2030 | 2200 | (17) | 16 | (1) | 0 | (1) |
|  Receive | CPURNSA | 2.487 | Maturity | 04/03/2035 | 5400 | (59) | 30 | (29) | 0 | (2) |
|  |  |  |  |  |  | $626 | $347 | $972 | $323 | $(198) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262) |

---

#### 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;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262) | $(396) |

---

(h) Securities with an aggregate market value of $970 and cash of $4,531 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 Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **49** |

---

------

Schedule of Investments PIMCO All Authority: Multi-RAE PLUS Fund (Cont.)

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

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

<sup>(7)</sup> Unsettled variation margin asset of $3 for closed futures and unsettled variation margin asset of $2 for closed swap agreements is outstanding at period end. 

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | 13764 | $2637 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) |
|  | 04/2026 | 1763 | 1289 | 22 | 0 |
|  | 04/2026 | 684563 | 759 | 20 | 0 |
|  | 04/2026 | 414 | 60 | 0 | 0 |
|  | 04/2026 | 545138 | 142 | 0 | (6) |
|  | 04/2026 | 56 | 66 | 1 | 0 |
|  | 04/2026 | 2707969 | 160 | 0 | 0 |
|  | 04/2026 | 20636 | 220 | 2 | 0 |
|  | 04/2026 | 379440 | 255 | 3 | 0 |
|  | 04/2026 | 2387 | 40 | 1 | 0 |
|  | 04/2026 | 353 | 96 | 0 | 0 |
|  | 04/2026 | 192 | 150 | 1 | 0 |
|  | 04/2026 | 6384 | 200 | 1 | 0 |
|  | 04/2026 | $2639 | 13764 | 18 | 0 |
|  | 04/2026 | 729 | 658608 | 0 | (18) |
|  | 04/2026 | 20 | 138 | 0 | 0 |
|  | 04/2026 | 20 | 6720 | 0 | 0 |
|  | 04/2026 | 358 | 33331 | 0 | (4) |
|  | 04/2026 | 253 | 40377 | 1 | 0 |
|  | 04/2026 | 34 | 635 | 1 | 0 |
|  | 04/2026 | 117 | 407 | 0 | 0 |
|  | 04/2026 | 662 | 2431 | 0 | (8) |
|  | 05/2026 | 40255 | $253 | 0 | (1) |
|  | 06/2026 | 893 | 289 | 4 | 0 |
|  | 06/2026 | 3607 | 201 | 1 | 0 |
|  | 06/2026 | 100 | 59 | 1 | 0 |
|  | 06/2026 | 2074 | 609 | 16 | 0 |
|  | 06/2026 | $38 | 118 | 0 | 0 |
|  | 06/2026 | 21 | 200 | 0 | 0 |
|  BPS | 04/2026 | 22752 | $4353 | 0 | (40) |
|  | 04/2026 | 577091 | 632 | 9 | 0 |
|  | 04/2026 | 138 | 20 | 0 | 0 |
|  | 04/2026 | 715591 | 187 | 0 | (8) |
|  | 04/2026 | 860 | 278 | 5 | 0 |
|  | 04/2026 | 6528 | 69 | 0 | 0 |
|  | 04/2026 | 23800 | 150 | 0 | 0 |
|  | 04/2026 | 292121 | 195 | 1 | 0 |
|  | 04/2026 | 1210 | 329 | 4 | (1) |
|  | 04/2026 | 15876 | 491 | 9 | 0 |
|  | 04/2026 | 4089 | 128 | 0 | 0 |
|  | 04/2026 | $592 | 836 | 0 | (15) |
|  | 04/2026 | 4132 | 22752 | 261 | 0 |
|  | 04/2026 | 22 | 82771 | 0 | 0 |
|  | 04/2026 | 744 | 12592018 | 0 | (2) |
|  | 04/2026 | 142 | 449 | 1 | 0 |
|  | 04/2026 | 98 | 9114 | 0 | (2) |
|  | 04/2026 | 182 | 29000 | 1 | 0 |
|  | 04/2026 | 97 | 145103 | 0 | (1) |
|  | 04/2026 | 298 | 17709 | 0 | (6) |
|  | 04/2026 | 234 | 845 | 0 | (7) |
|  | 04/2026 | 260 | 8237 | 0 | (10) |
|  | 04/2026 | 410 | 13112 | 0 | (1) |
|  | 04/2026 | 3501 | $207 | 0 | 0 |
|  | 05/2026 | 448 | 142 | 0 | (1) |
|  | 05/2026 | 31423 | 332 | 0 | (1) |
|  | 05/2026 | 7154 | 222 | 0 | (1) |
|  | 05/2026 | $130 | 682 | 1 | 0 |
|  | 05/2026 | 166 | 2832004 | 0 | 0 |
|  | 05/2026 | 36 | 1182 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **50** | **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** |
|  | 06/2026 | 15 | $0 | $0 | $0 |
|  | 06/2026 | 506501 | 30 | 0 | 0 |
|  | 06/2026 | $614 | 561190 | 0 | (8) |
|  | 06/2026 | 505 | 8494810 | 0 | (5) |
|  | 08/2026 | 248 | 4117 | 0 | (7) |
|  BRC | 04/2026 | 424 | $54 | 0 | 0 |
|  | 04/2026 | 1006728 | 59 | 0 | 0 |
|  | 04/2026 | 79 | 20 | 0 | 0 |
|  | 04/2026 | 466 | 130 | 4 | 0 |
|  | 04/2026 | 4994 | 550 | 23 | 0 |
|  | 04/2026 | 52452 | 1154 | 0 | (12) |
|  | 04/2026 | 5260 | 164 | 0 | 0 |
|  | 04/2026 | $60 | 1006728 | 0 | (1) |
|  | 04/2026 | 49 | 195 | 0 | (1) |
|  | 04/2026 | 13 | 127 | 0 | 0 |
|  | 04/2026 | 30 | 108 | 0 | (1) |
|  | 04/2026 | 365 | 467 | 0 | (2) |
|  | 04/2026 | 258 | 11830 | 3 | 0 |
|  | 04/2026 | 20 | 641 | 0 | 0 |
|  | 04/2026 | 13428 | $821 | 28 | 0 |
|  | 05/2026 | 9929 | 213 | 0 | (1) |
|  | 05/2026 | $441 | 20446 | 0 | 0 |
|  | 07/2026 | 661 | 2508121 | 5 | 0 |
|  BSH | 04/2026 | 700 | $123 | 0 | (12) |
|  | 04/2026 | $134 | 700 | 1 | 0 |
|  | 04/2026 | 2949 | 2215 | 0 | (17) |
|  | 04/2026 | 1398 | 223175 | 8 | 0 |
|  | 04/2026 | 1310 | 2269 | 0 | (6) |
|  | 04/2026 | 634 | 2294 | 0 | (16) |
|  | 05/2026 | 2215 | $2948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | 0 |
|  | 05/2026 | 222503 | 1398 | 0 | (8) |
|  | 05/2026 | 2269 | 1311 | 6 | 0 |
|  | 05/2026 | 593 | 174 | 4 | 0 |
|  | 09/2026 | $596 | 524925 | 0 | (29) |
|  | 12/2026 | 2688 | $794 | 31 | 0 |
|  | 01/2027 | $262 | 891 | 0 | (10) |
|  CBK | 04/2026 | 211 | $149 | 3 | 0 |
|  | 04/2026 | 974 | 187 | 0 | (1) |
|  | 04/2026 | 36 | 26 | 1 | 0 |
|  | 04/2026 | 136628 | 150 | 2 | 0 |
|  | 04/2026 | 138 | 20 | 0 | 0 |
|  | 04/2026 | 510601 | 134 | 0 | (5) |
|  | 04/2026 | 301 | 350 | 2 | 0 |
|  | 04/2026 | 361 | 480 | 3 | 0 |
|  | 04/2026 | 2191752 | 130 | 1 | 0 |
|  | 04/2026 | 160610 | 1718 | 22 | 0 |
|  | 04/2026 | 26800 | 170 | 1 | 0 |
|  | 04/2026 | 128804 | 88 | 2 | 0 |
|  | 04/2026 | 380 | 40 | 1 | 0 |
|  | 04/2026 | 952 | 276 | 3 | 0 |
|  | 04/2026 | 4233 | 70 | 0 | 0 |
|  | 04/2026 | 965 | 104 | 2 | 0 |
|  | 04/2026 | 17 | 1 | 0 | 0 |
|  | 04/2026 | 3786 | 119 | 1 | 0 |
|  | 04/2026 | $186 | 974 | 2 | 0 |
|  | 04/2026 | 723 | 658608 | 0 | (12) |
|  | 04/2026 | 67 | 464 | 0 | 0 |
|  | 04/2026 | 1075 | 3956049 | 1 | 0 |
|  | 04/2026 | 1077 | 931 | 0 | (1) |
|  | 04/2026 | 59 | 1004386 | 0 | 0 |
|  | 04/2026 | 4661 | 429230 | 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119) |
|  | 04/2026 | 111 | 384 | 0 | (1) |
|  | 04/2026 | 11 | 39 | 0 | 0 |
|  | 04/2026 | 133 | 4341 | 0 | (1) |
|  | 05/2026 | 1297 | $374 | 2 | 0 |
|  | 05/2026 | 3120 | 101 | 6 | 0 |
|  | 06/2026 | 8467599 | 2254 | 1 | (15) |
|  | 06/2026 | 507 | 164 | 2 | 0 |
|  | 06/2026 | 197 | 57 | 0 | 0 |
|  | 06/2026 | $120 | 2017566 | 0 | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **51** |

---

------

Schedule of Investments PIMCO All Authority: Multi-RAE PLUS Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 06/2026 | $30 | 93 | $0 | $(1) |
|  | 06/2026 | 150 | 2700 | 0 | (1) |
|  | 06/2026 | 70 | 4251 | 0 | 0 |
|  | 07/2026 | 177407 | $47 | 0 | (1) |
|  | 07/2026 | 1452 | 430 | 16 | 0 |
|  | 08/2026 | $128 | 2279 | 5 | 0 |
|  | 09/2026 | 1457315 | $1628 | 54 | 0 |
|  | 09/2026 | 92407 | 24 | 0 | 0 |
|  | 09/2026 | $905 | 785659 | 0 | (56) |
|  | 09/2026 | 169 | 669045 | 6 | 0 |
|  | 09/2026 | 93 | 1669 | 0 | (2) |
|  | 10/2026 | 90 | 306 | 0 | (3) |
|  | 12/2026 | 346 | $99 | 1 | 0 |
|  | 01/2027 | 382 | 113 | 5 | 0 |
|  CIB | 04/2026 | 82 | 60 | 1 | 0 |
|  | 04/2026 | $216 | 295 | 0 | (4) |
|  | 06/2026 | 29 | 4600 | 0 | 0 |
|  DUB | 04/2026 | 1255 | $59 | 0 | 0 |
|  | 04/2026 | 2056 | 263 | 0 | 0 |
|  | 04/2026 | 1735 | 560 | 9 | 0 |
|  | 04/2026 | 62184 | 660 | 4 | (1) |
|  | 04/2026 | $2285 | 3331 | 13 | 0 |
|  | 04/2026 | 36 | 252 | 0 | 0 |
|  | 04/2026 | 21 | 7035 | 0 | 0 |
|  | 04/2026 | 728 | 68625 | 5 | (3) |
|  | 04/2026 | 35 | 119 | 0 | (1) |
|  | 04/2026 | 2738 | 3497 | 0 | (18) |
|  | 04/2026 | 157 | 5119 | 0 | (1) |
|  | 05/2026 | 3331 | $2284 | 0 | (13) |
|  | 05/2026 | 251 | 36 | 0 | 0 |
|  | 05/2026 | 3489 | 2738 | 18 | 0 |
|  | 06/2026 | 590273 | 158 | 0 | 0 |
|  | 06/2026 | 5108 | 157 | 1 | 0 |
|  | 06/2026 | $10 | 31 | 0 | 0 |
|  | 06/2026 | 123 | 425 | 0 | (1) |
|  | 09/2026 | 259 | $75 | 1 | 0 |
|  FAR | 04/2026 | 1710 | 1212 | 32 | 0 |
|  | 04/2026 | 3039 | 3935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | 0 |
|  | 04/2026 | 2520 | 3405 | 70 | 0 |
|  | 04/2026 | 95372 | 609 | 9 | 0 |
|  | 04/2026 | 39 | 10 | 0 | 0 |
|  | 04/2026 | 155 | 44 | 0 | 0 |
|  | 04/2026 | 519 | 144 | 4 | 0 |
|  | 04/2026 | 5 | 4 | 0 | 0 |
|  | 04/2026 | $3509 | 2796 | 0 | (12) |
|  | 04/2026 | 1741 | 277874 | 10 | 0 |
|  | 04/2026 | 20 | 78 | 0 | (1) |
|  | 04/2026 | 46 | 155 | 0 | (2) |
|  | 04/2026 | 825 | 7788 | 0 | (2) |
|  | 04/2026 | 15 | 19 | 0 | 0 |
|  | 05/2026 | 2786 | $3509 | 12 | 0 |
|  | 05/2026 | 745 | 236 | 0 | (2) |
|  | 05/2026 | 277034 | 1741 | 0 | (10) |
|  | 05/2026 | 7775 | 825 | 2 | 0 |
|  | 05/2026 | 19 | 15 | 0 | 0 |
|  | 06/2026 | 636 | 206 | 4 | 0 |
|  | 06/2026 | 4048 | 233 | 8 | 0 |
|  | 06/2026 | $152 | 2654 | 0 | (5) |
|  | 09/2026 | 156 | $46 | 2 | 0 |
|  | 09/2026 | $76 | 1337 | 0 | (2) |
|  GLM | 04/2026 | 16949 | $3168 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104) |
|  | 04/2026 | 91568 | 100 | 1 | 0 |
|  | 04/2026 | 109054 | 29 | 0 | (1) |
|  | 04/2026 | 862 | 277 | 3 | 0 |
|  | 04/2026 | 22176 | 240 | 5 | 0 |
|  | 04/2026 | 606 | 152 | 2 | 0 |
|  | 04/2026 | 470 | 140 | 5 | 0 |
|  | 04/2026 | 953 | 29 | 0 | 0 |
|  | 04/2026 | 1599 | 50 | 0 | 0 |
|  | 04/2026 | $3242 | 16949 | 30 | 0 |

---

---

| | | |
|:---|:---|:---|
| **52** | **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** |
|  | 04/2026 | $64 | 440 | $0 | $0 |
|  | 04/2026 | 12 | 4241 | 0 | 0 |
|  | 04/2026 | 22 | 373599 | 0 | 0 |
|  | 04/2026 | 40 | 3653 | 0 | (1) |
|  | 04/2026 | 351 | 6457 | 9 | 0 |
|  | 04/2026 | 445 | 1752 | 0 | (12) |
|  | 04/2026 | 135 | 470 | 1 | 0 |
|  | 04/2026 | 10 | 36 | 0 | 0 |
|  | 04/2026 | 199 | 6366 | 0 | (6) |
|  | 06/2026 | 85400 | $97 | 5 | 0 |
|  | 06/2026 | 509876 | 135 | 0 | (1) |
|  | 06/2026 | 1175198 | 70 | 1 | 0 |
|  | 06/2026 | 2901 | 89 | 0 | 0 |
|  | 06/2026 | $2166 | 11662 | 56 | 0 |
|  | 06/2026 | 158 | 2682350 | 0 | (1) |
|  | 06/2026 | 3071 | 53625 | 0 | (98) |
|  | 06/2026 | 100 | 369 | 0 | (1) |
|  JPM | 04/2026 | 19900 | $3376 | 0 | (466) |
|  | 04/2026 | 800 | 116 | 0 | 0 |
|  | 04/2026 | 760 | 36 | 0 | 0 |
|  | 04/2026 | 131 | 150 | 0 | (1) |
|  | 04/2026 | 2400 | 307 | 1 | 0 |
|  | 04/2026 | 32653 | 347 | 3 | 0 |
|  | 04/2026 | 103826 | 69 | 0 | 0 |
|  | 04/2026 | 17900 | 1000 | 2 | 0 |
|  | 04/2026 | 1060 | 293 | 8 | 0 |
|  | 04/2026 | 3681 | 2921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | 0 |
|  | 04/2026 | 5433 | 119 | 0 | (1) |
|  | 04/2026 | 1256 | 39 | 0 | 0 |
|  | 04/2026 | $3813 | 19900 | 29 | 0 |
|  | 04/2026 | 120 | 164 | 0 | (2) |
|  | 04/2026 | 38 | 265 | 0 | 0 |
|  | 04/2026 | 62 | 20684 | 0 | 0 |
|  | 04/2026 | 70 | 218 | 0 | 0 |
|  | 04/2026 | 347 | 32709 | 1 | 0 |
|  | 04/2026 | 59 | 88788 | 0 | 0 |
|  | 04/2026 | 100 | 1841 | 3 | 0 |
|  | 04/2026 | 324 | 556 | 0 | (5) |
|  | 04/2026 | 107 | 6470 | 0 | (1) |
|  | 04/2026 | 20 | 72 | 0 | (1) |
|  | 04/2026 | 60 | 77 | 0 | 0 |
|  | 04/2026 | 4 | 191 | 0 | 0 |
|  | 04/2026 | 39 | 1256 | 0 | 0 |
|  | 04/2026 | 38997 | $2333 | 32 | 0 |
|  | 05/2026 | 180 | 123 | 0 | (1) |
|  | 05/2026 | 264 | 38 | 0 | 0 |
|  | 05/2026 | 2498 | 385 | 0 | (2) |
|  | 05/2026 | 3457 | 193 | 1 | 0 |
|  | 05/2026 | 77 | 60 | 0 | 0 |
|  | 06/2026 | 100 | 71 | 2 | 0 |
|  | 06/2026 | 100 | 73 | 1 | 0 |
|  | 06/2026 | 27452 | 30 | 0 | 0 |
|  | 06/2026 | 626 | 202 | 2 | 0 |
|  | 06/2026 | 11566 | 647 | 6 | 0 |
|  | 06/2026 | 2407 | 40 | 0 | 0 |
|  | 06/2026 | $265 | 822 | 0 | (3) |
|  | 06/2026 | 10 | 1600 | 0 | 0 |
|  | 06/2026 | 1200 | $68 | 0 | (3) |
|  MBC | 04/2026 | 171 | 216 | 2 | 0 |
|  | 04/2026 | 3208 | 507 | 11 | 0 |
|  | 04/2026 | 341 | 394 | 1 | (1) |
|  | 04/2026 | 64069 | 696 | 19 | 0 |
|  | 04/2026 | 176099 | 1126 | 16 | 0 |
|  | 04/2026 | 5349 | 547 | 0 | (6) |
|  | 04/2026 | 1835 | 196 | 2 | 0 |
|  | 04/2026 | 105 | 82 | 1 | 0 |
|  | 04/2026 | 7519 | 237 | 8 | 0 |
|  | 04/2026 | $355 | 512 | 0 | (2) |
|  | 04/2026 | 414 | 324 | 0 | (9) |
|  | 04/2026 | 889 | 666 | 0 | (7) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **53** |

---

------

Schedule of Investments PIMCO All Authority: Multi-RAE PLUS Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2026 | $40 | 678453 | $0 | $0 |
|  | 04/2026 | 1240 | 197295 | 4 | (1) |
|  | 04/2026 | 939 | 1374304 | 0 | (25) |
|  | 04/2026 | 87 | 1605 | 3 | 0 |
|  | 04/2026 | 213 | 2036 | 0 | (3) |
|  | 05/2026 | 85635 | $537 | 0 | (4) |
|  | 05/2026 | 3242 | 105 | 6 | 0 |
|  | 05/2026 | $523 | 5114 | 6 | 0 |
|  | 06/2026 | 829816 | $221 | 0 | (1) |
|  | 06/2026 | 2087366 | 123 | 0 | 0 |
|  | 06/2026 | 236 | 13 | 0 | 0 |
|  MYI | 04/2026 | 354 | 90 | 3 | 0 |
|  | 04/2026 | $90 | 1891 | 0 | (1) |
|  | 04/2026 | 374 | 323 | 0 | 0 |
|  | 04/2026 | 103 | 317 | 0 | (3) |
|  | 04/2026 | 52 | 941 | 1 | 0 |
|  | 04/2026 | 422 | 1493 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) |
|  | 06/2026 | 41843 | $46 | 0 | 0 |
|  | 06/2026 | 200 | 233 | 1 | 0 |
|  | 06/2026 | 800 | 83 | 0 | 0 |
|  | 06/2026 | 500 | 54 | 1 | 0 |
|  | 06/2026 | $88 | 270 | 0 | (2) |
|  NGF | 04/2026 | 371 | 3569 | 0 | (3) |
|  | 04/2026 | 608 | 27791 | 9 | 0 |
|  | 05/2026 | 4821 | $104 | 0 | 0 |
|  RBC | 04/2026 | 6683 | 71 | 0 | 0 |
|  RYL | 04/2026 | $108 | 695 | 0 | 0 |
|  SCX | 04/2026 | 2197588 | $574 | 0 | (24) |
|  | 04/2026 | 85776 | 549 | 9 | 0 |
|  | 04/2026 | 331633 | 222 | 2 | 0 |
|  | 04/2026 | 2825 | 1689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | 0 |
|  | 04/2026 | 457 | 14 | 1 | 0 |
|  | 04/2026 | 2938 | 92 | 0 | 0 |
|  | 04/2026 | $1088 | 1506 | 0 | (5) |
|  | 04/2026 | 627 | 57258 | 0 | (23) |
|  | 04/2026 | 100 | 360 | 0 | (3) |
|  | 04/2026 | 1378 | 43965 | 0 | (4) |
|  | 05/2026 | 1504 | $1088 | 5 | 0 |
|  | 06/2026 | $225 | 3794707 | 0 | (2) |
|  SOG | 04/2026 | 69 | $10 | 0 | 0 |
|  | 04/2026 | 16364 | 19369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456 | 0 |
|  | 04/2026 | 985 | 126 | 0 | 0 |
|  | 04/2026 | 359484 | 2310 | 45 | 0 |
|  | 04/2026 | $112 | 89 | 0 | 0 |
|  | 04/2026 | 18393 | 15939 | 30 | 0 |
|  | 05/2026 | 89 | $112 | 0 | 0 |
|  | 05/2026 | 15939 | 18422 | 0 | (29) |
|  | 06/2026 | 672916 | 40 | 0 | 0 |
|  | 06/2026 | 480 | 156 | 3 | 0 |
|  | 06/2026 | 14485 | 4299 | 153 | 0 |
|  | 06/2026 | $117 | 100 | 0 | (1) |
|  | 06/2026 | 20 | 338154 | 0 | 0 |
|  | 06/2026 | 11 | 100 | 0 | 0 |
|  SSB | 04/2026 | 2758 | $1962 | 60 | 0 |
|  | 04/2026 | 421 | 3 | 0 | 0 |
|  | 06/2026 | 366 | 100 | 2 | 0 |
|  | 08/2026 | 9416097 | 2469 | 0 | (17) |
|  UAG | 04/2026 | 1537 | 73 | 1 | 0 |
|  | 04/2026 | 15564 | 169 | 5 | 0 |
|  | 04/2026 | 950 | 261 | 5 | 0 |
|  | 04/2026 | 77 | 60 | 0 | 0 |
|  | 04/2026 | 4972 | 153 | 2 | 0 |
|  | 04/2026 | $367 | 1327 | 0 | (10) |
|  | 04/2026 | 223 | 7195 | 0 | (5) |
|  | 06/2026 | 880950 | $231 | 0 | (5) |
|  | 06/2026 | 759 | 246 | 4 | 0 |
|  | 06/2026 | 300 | 17 | 0 | 0 |
|  | 06/2026 | $17 | 66130 | 1 | 0 |

---

---

| | | |
|:---|:---|:---|
| **54** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 06/2026 | $50 | ILS | 156 | $0 | $0 |
|  | 06/2026 | 200 | MXN | 3496 | 0 | (6) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2214 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1520) |

---

#### PURCHASED OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell<br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| GST | Put - OTC CDX.IG-45 5-Year Index | Buy | 0.650% | 05/20/2026 | 39500 | $74 | $74 |
|  | Put - OTC CDX.IG-45 5-Year Index | Buy | 0.650 | 06/17/2026 | 10600 | 19 | 25 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 |

---

#### 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 | 3500 | $5 | $5 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 5300 | 7 | 8 |
|  | Put - OTC USD versus KRW | KRW | 1400.000 | 07/09/2026 | 360 | 4 | 1 |
|  | Put - OTC USD versus KRW |  | 1400.000 | 07/13/2026 | 230 | 2 | 1 |
|  | Put - OTC USD versus ZAR | ZAR | 18.000 | 08/19/2026 | 1020 | 45 | 73 |
| GLM | Put - OTC USD versus BRL | BRL | 5.320 | 04/23/2026 | 530 | 8 | 16 |
|  | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 1000 | 1 | 1 |
| JPM | Put - OTC USD versus KRW | KRW | 1400.000 | 09/04/2026 | 240 | 3 | 1 |
| MBC | Call - OTC USD versus HKD | HKD | 7.800 | 08/14/2026 | 1800 | 2 | 3 |
|  | Call - OTC USD versus HKD |  | 7.800 | 08/24/2026 | 2000 | 3 | 3 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive <br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.093% | 01/04/2027 | 23000 | $16 | $35 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.268 | 04/02/2026 | 3000 | 7 | 0 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.146 | 04/15/2026 | 1400 | 11 | 0 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.443 | 06/18/2026 | 2100 | 13 | 10 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.449 | 04/06/2026 | 2800 | 4 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.095 | 04/06/2026 | 2250 | 7 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.972 | 08/04/2026 | 200 | 2 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.222 | 08/04/2026 | 100 | 1 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.965 | 08/05/2026 | 200 | 2 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.215 | 08/05/2026 | 100 | 1 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.067 | 08/12/2026 | 200 | 2 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.317 | 08/12/2026 | 100 | 1 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.075 | 08/14/2026 | 200 | 2 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.325 | 08/14/2026 | 100 | 1 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.750 | 09/04/2026 | 4200 | 3 | 10 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.427 | 08/06/2035 | 600 | 53 | 46 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.427 | 08/06/2035 | 600 | 53 | 52 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.656 | 08/20/2035 | 600 | 52 | 50 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.656 | 08/20/2035 | 600 | 52 | 49 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.693 | 08/27/2035 | 1000 | 86 | 84 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.693 | 08/27/2035 | 1000 | 86 | 80 |
| BPS Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.889 | 04/30/2026 | 2000 | 8 | 6 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.651 | 06/24/2026 | 1800 | 15 | 16 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.599 | 06/25/2026 | 2000 | 17 | 16 |
| BRC Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.110 | 08/23/2027 | 1900 | 153 | 115 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.110 | 08/23/2027 | 2400 | 194 | 164 |
| DUB Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.163 | 08/23/2027 | 139900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.163 | 08/23/2027 | 139900 | 703 | 903 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.174 | 04/27/2026 | 2300 | 17 | 1 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.628 | 08/20/2035 | 2700 | 234 | 221 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.628 | 08/21/2035 | 2200 | 190 | 180 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **55** |

---

------

Schedule of Investments PIMCO All Authority: Multi-RAE PLUS Fund (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive <br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Cost** | **Market<br>Value** |
| GLM Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.463% | 04/14/2026 | 2200 | $10 | $2 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.075 | 04/06/2026 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.033 | 05/07/2026 | 1100 | 6 | 5 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 07/31/2035 | 1600 | 141 | 124 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 07/31/2035 | 1600 | 141 | 137 |
| Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.110 | 08/23/2027 | 5400 | 436 | 328 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.110 | 08/23/2027 | 7100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484 |
| JPM Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.260 | 04/28/2026 | 2500 | 24 | 2 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.300 | 06/02/2026 | 2000 | 12 | 5 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.219 | 06/04/2026 | 1600 | 8 | 6 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.995 | 08/07/2026 | 200 | 2 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.245 | 08/07/2026 | 100 | 1 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.038 | 08/11/2026 | 200 | 2 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.288 | 08/11/2026 | 100 | 1 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 07/31/2035 | 2600 | 229 | 202 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 07/31/2035 | 2600 | 229 | 222 |
| Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.296 | 02/04/2028 | 1000 | 70 | 84 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.296 | 02/04/2028 | 1000 | 70 | 64 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.857 | 10/07/2026 | 24600 | 19 | 47 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.141 | 12/30/2026 | 24600 | 18 | 34 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.082 | 01/04/2027 | 24600 | 18 | 38 |
| Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.174 | 04/27/2026 | 200 | 1 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.255 | 08/03/2026 | 2800 | 36 | 8 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.505 | 08/03/2026 | 2500 | 50 | 15 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.255 | 08/03/2026 | 2500 | 37 | 16 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.048 | 08/10/2026 | 200 | 2 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.298 | 08/10/2026 | 100 | 1 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.485 | 08/07/2035 | 600 | 53 | 47 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.485 | 08/07/2035 | 600 | 53 | 51 |
| NGF Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.520 | 08/13/2035 | 1300 | 114 | 102 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 4.520 | 08/13/2035 | 1300 | 114 | 110 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5160 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4679 |

---

#### OPTIONS ON SECURITIES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| 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 | 13800 | $4 | $12 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5337 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4902 |

---

#### 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 | Call - OTC CDX.IG-45 5-Year Index | Buy | 0.500% | 05/20/2026 | 19600 | $(25) | $(6) |
|  | Call - OTC CDX.IG-45 5-Year Index | Buy | 0.525 | 05/20/2026 | 25900 | (48) | (16) |
|  | Put - OTC CDX.IG-45 5-Year Index | Sell | 0.850 | 05/20/2026 | 2700 | (3) | (2) |
|  | Call - OTC CDX.IG-45 5-Year Index | Buy | 0.500 | 06/17/2026 | 13300 | (19) | (5) |
|  | Call - OTC CDX.IG-45 5-Year Index | Buy | 0.550 | 06/17/2026 | 2300 | (4) | (3) |
|  |  |  |  |  |  | $(99) | $(32) |

---

#### 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 | 3500 | $(2) | $(1) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 5300 | (3) | (2) |
|  | Put - OTC USD versus KRW | KRW | 1350.000 | 07/09/2026 | 360 | (1) | 0 |
|  | Put - OTC USD versus KRW |  | 1350.000 | 07/13/2026 | 230 | (1) | 0 |
|  | Put - OTC USD versus ZAR | ZAR | 17.000 | 08/19/2026 | 2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66) |
| GLM | Put - OTC USD versus BRL | BRL | 5.120 | 04/23/2026 | 530 | (1) | (3) |
|  | Call - OTC USD versus BRL |  | 5.700 | 04/23/2026 | 530 | (4) | (1) |
|  | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 1000 | (1) | 0 |
| JPM | Put - OTC USD versus KRW | KRW | 1350.000 | 09/04/2026 | 240 | (1) | (1) |

---

---

| | | |
|:---|:---|:---|
| **56** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br>Price** | **Strike<br>Price** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| MBC | Call - OTC USD versus HKD | HKD | 7.850 | 08/14/2026 | 1800 | $(1) | $(1) |
|  | Call - OTC USD versus HKD |  | 7.850 | 08/24/2026 | 2000 | (1) | (1) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76) |

---

#### 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 | 3.768% | 04/02/2026 | 1500 | $(7) | $(1) |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.646 | 04/15/2026 | 1700 | (13) | (13) |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.783 | 06/18/2026 | 2100 | (13) | (20) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.049 | 04/06/2026 | 1800 | (4) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.620 | 04/20/2026 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.900 | 04/20/2026 | 100 | 0 | (1) |
| BPS Call - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.589 | 04/30/2026 | 2100 | (8) | (8) |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.951 | 06/24/2026 | 1800 | (16) | (11) |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.899 | 06/25/2026 | 2000 | (16) | (14) |
| BRC Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.088 | 05/06/2026 | 900 | (1) | (3) |
| DUB Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.674 | 04/27/2026 | 2400 | (17) | (20) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.084 | 05/06/2026 | 3000 | (3) | (10) |
| GLM Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.763 | 04/14/2026 | 2500 | (10) | (9) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.600 | 04/16/2026 | 200 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.900 | 04/16/2026 | 200 | (1) | (1) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695 | 04/27/2026 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.055 | 04/27/2026 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.733 | 05/07/2026 | 1300 | (7) | (6) |
| JPM Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.560 | 04/28/2026 | 2600 | (24) | (34) |
| Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.600 | 06/02/2026 | 2400 | (12) | (34) |
| MYC Put - OTC 7-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.674 | 04/27/2026 | 200 | (1) | (2) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188) |

---

#### 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 | 1500 | $(3) | $0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 6.000% due 05/01/2056 | 102.313 | 05/06/2026 | 1500 | (3) | (8) |
| MSC | Call - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 04/01/2056 | 94.234 | 04/06/2026 | 800 | (2) | (3) |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 5.000% due 06/01/2056 | 97.281 | 06/04/2026 | 700 | (2) | (2) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 5.000% due 06/01/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.281 | 06/04/2026 | 700 | (1) | (1) |
| SAL | Call - OTC Uniform Mortgage-Backed Security, TBA 4.000% due 04/01/2056 | 94.313 | 04/06/2026 | 800 | (2) | (2) |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 5.000% due 04/01/2056 | 96.859 | 04/06/2026 | 2500 | (7) | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 5.000% due 06/01/2056 | 96.102 | 06/04/2026 | 1600 | (8) | (3) |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 04/01/2056 | 101.113 | 04/06/2026 | 300 | (1) | (2) |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 6.000% due 04/01/2056 | 102.234 | 04/06/2026 | 500 | (1) | (2) |
|  |  |  |  |  | $(30) | $(23) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(342) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(319) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 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 |
| GST | Soft Bank Group,Inc. | 1.000% | Quarterly | 06/20/2026 | 1.662% | $100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 57

------

Schedule of Investments PIMCO All Authority: Multi-RAE PLUS Fund (Cont.)

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2030 | EUR 560 | $126 | $(14) | $112 | $0 |
| BPS | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 1190 | 274 | (36) | 238 | 0 |
| CBK | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 840 | 191 | (23) | 168 | 0 |
| JPM | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 1820 | 421 | (56) | 365 | 0 |
| MYC | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 290 | 67 | (9) | 58 | 0 |
| SAL | CMBX.NA.AAA.16 Index | 0.500 | Monthly | 04/17/2065 | $599 | (9) | 5 | 0 | (4) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(6)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(6)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Receive | RU20INTR Index | 368 | 4.090% (SOFR less a specified spread) | Monthly | 12/09/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5051 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) |
| BPS | Receive | RADMFENT Index<sup></sup> | 1492 | 4.240% (SOFR plus a specified spread) | Monthly | 04/15/2026 | 3250 | 0 | (13) | 0 | (13) |
|  | Receive | RADMFENT Index<sup></sup> | 4296 | 4.170% (SOFR plus a specified spread) | Monthly | 05/20/2026 | 9358 | 0 | (36) | 0 | (36) |
|  | Receive | RU20INTR Index | 32 | 3.770% (SOFR plus a specified spread) | Monthly | 06/03/2026 | 439 | 0 | (1) | 0 | (1) |
| CIB | Receive | RU20INTR Index | 309 | 3.970% (SOFR plus a specified spread) | Monthly | 07/08/2026 | 4241 | 0 | (15) | 0 | (15) |
| GST | Receive | RU20INTR Index | 30 | 3.770% (SOFR plus a specified spread) | Monthly | 05/20/2026 | 412 | 0 | (1) | 0 | (1) |
| JPM | Pay | S&P 500 Total<br>Return Index | 292 | 4.240% (SOFR plus a specified spread) | Monthly | 04/01/2026 | 4475 | 0 | 239 | 239 | 0 |
|  | Receive | ERAUSLT Index | 104 | 3.850% (SOFR plus a specified spread) | Monthly | 04/15/2026 | 870 | 0 | (2) | 0 | (2) |
|  | Receive | RADMFXNT Index<sup></sup> | 200 | 3.940% (SOFR plus a specified spread) | Monthly | 05/20/2026 | 486 | 0 | (2) | 0 | (2) |
|  | Receive | RADMFENT Index<sup></sup> | 724 | 3.950% (SOFR plus a specified spread) | Monthly | 06/03/2026 | 1760 | 0 | (6) | 0 | (6) |
|  | Receive | NDDUEAFE Index | 2251 | 3.925% (SOFR plus a specified spread) | Monthly | 07/08/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23575 | 0 | (83) | 0 | (83) |
|  | Receive | RADMFENT Index<sup></sup> | 740 | 3.950% (SOFR plus a specified spread) | Monthly | 07/08/2026 | 1799 | 0 | (6) | 0 | (6) |
|  | Receive | RADMFENT Index<sup></sup> | 6794 | 4.290% (SOFR plus a specified spread) | Monthly | 07/08/2026 | 14799 | 0 | (58) | 0 | (58) |
|  | Receive | RADMFENT Index<sup></sup> | 37 | 3.660% (SOFR plus a specified spread) | Monthly | 07/15/2026 | 105 | 0 | 0 | 0 | 0 |
|  | Receive | RADMFENT Index<sup></sup> | 5916 | 3.940% (SOFR plus a specified spread) | Monthly | 07/15/2026 | 14378 | 0 | (50) | 0 | (50) |
|  | Receive | ERADXULN Index | 682 | 4.040% (SOFR plus a specified spread) | Monthly | 09/23/2026 | 1904 | 0 | (7) | 0 | (7) |
|  | Receive | ERAUSLT Index | 1780 | 4.180% (SOFR plus a specified spread) | Monthly | 12/09/2026 | 14894 | 0 | (54) | 0 | (54) |
| MEI | Receive | ERAEMLN Index | 4762 | 4.280% (SOFR plus a specified spread) | Monthly | 07/08/2026 | 13865 | 0 | (52) | 0 | (52) |
|  | Receive | ERAEMLN Index | 1291 | 4.240% (SOFR plus a specified spread) | Monthly | 08/05/2026 | 3759 | 0 | (14) | 0 | (14) |
|  | Receive | ERADXULN Index | 490 | 3.910% (SOFR plus a specified spread) | Monthly | 08/19/2026 | 1368 | 0 | (5) | 0 | (5) |
| MYI | Receive | ERADXULT Index | 247 | 4.580% (SOFR plus a specified spread) | Monthly | 04/01/2026 | 1006 | 0 | (55) | 0 | (55) |
|  | Receive | RU20INTR Index | 23 | 3.930% (SOFR plus a specified spread) | Monthly | 05/05/2026 | 316 | 0 | (1) | 0 | (1) |
|  | Receive | NDDUEAFE Index | 255 | 3.930% (SOFR plus a specified spread) | Monthly | 05/20/2026 | 2671 | 0 | (9) | 0 | (9) |
|  | Receive | ERADXULN Index | 3775 | 3.870% (SOFR plus a specified spread) | Monthly | 06/03/2026 | 10539 | 0 | (35) | 0 | (35) |
|  | Receive | NDDUEAFE Index | 646 | 3.940% (SOFR plus a specified spread) | Monthly | 06/03/2026 | 6766 | 0 | (24) | 0 | (24) |

---

---

| | | |
|:---|:---|:---|
| **58** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  | Receive | ERAUSLT Index | 199 | 4.080% (SOFR plus a specified spread) | Monthly | 06/10/2026 | $1665 | $0 | $(5) | $0 | $(5) |
|  | Receive | NDDUEAFE Index<sup></sup> | 54 | 3.890% (SOFR plus a specified spread) | Monthly | 07/08/2026 | 566 | 0 | (2) | 0 | (2) |
|  | Receive | NDDUEAFE Index<sup></sup> | 100 | 4.005% (SOFR plus a specified spread) | Monthly | 11/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047 | 0 | (4) | 0 | (4) |
| UAG | Pay | S&P 500 Total<br>Return Index | 20 | 4.205% (SOFR plus a specified spread) | Monthly | 04/01/2026 | 306 | 0 | 16 | 16 | 0 |
|  |  |  |  |  |  |  |  | $0 | $(303) | $255 | $(558) |
|  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;1069 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(435) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(562) |

---

#### 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 | $93 | $504 | $112 | $709 | $(57) | $(113) | $(18) | $(188) | $521 | $302 | $823 |
|  BPS | 292 | 38 | 238 | 568 | (116) | (33) | (50) | (199) | 369 | 1277 | 1646 |
|  BRC | 63 | 279 | 0 | 342 | (18) | (3) | 0 | (21) | 321 | 0 | 321 |
|  BSH | 67 | 0 | 0 | 67 | (98) | 0 | 0 | (98) | (31) | 0 | (31) |
|  CBK | 148 | 0 | 168 | 316 | (220) | 0 | 0 | (220) | 96 | 0 | 96 |
|  CIB | 1 | 0 | 0 | 1 | (4) | 0 | (15) | (19) | (18) | 264 | 246 |
|  DUB | 51 | 1813 | 0 | 1864 | (38) | (30) | 0 | (68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1796 | 0 | 1796 |
|  FAR | 288 | 0 | 0 | 288 | (36) | 0 | 0 | (36) | 252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(260) | (8) |
|  GLM | 118 | 1097 | 0 | 1215 | (225) | (20) | 0 | (245) | 970 | 311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281 |
|  GST | 0 | 99 | 0 | 99 | 0 | (32) | (1) | (33) | 66 | (130) | (64) |
|  JPM | 149 | 586 | 604 | 1339 | (486) | (69) | (268) | (823) | 516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7802 | 8318 |
|  MBC | 79 | 6 | 0 | 85 | (59) | (2) | 0 | (61) | 24 | 0 | 24 |
|  MEI | 0 | 0 | 0 | 0 | 0 | 0 | (71) | (71) | (71) | 1535 | 1464 |
|  MSC | 0 | 0 | 0 | 0 | 0 | (6) | 0 | (6) | (6) | 0 | (6) |
|  MYC | 0 | 256 | 58 | 314 | 0 | (2) | 0 | (2) | 312 | (280) | 32 |
|  MYI | 6 | 0 | 0 | 6 | (26) | 0 | (135) | (161) | (155) | 2278 | 2123 |
|  NGF | 9 | 212 | 0 | 221 | (3) | 0 | 0 | (3) | 218 | 0 | 218 |
|  SAL | 0 | 12 | 0 | 12 | 0 | (9) | (4) | (13) | (1) | 0 | (1) |
|  SCX | 83 | 0 | 0 | 83 | (61) | 0 | 0 | (61) | 22 | 0 | 22 |
|  SOG | 687 | 0 | 0 | 687 | (30) | 0 | 0 | (30) | 657 | (660) | (3) |
|  SSB | 62 | 0 | 0 | 62 | (17) | 0 | 0 | (17) | 45 | 0 | 45 |
|  UAG | 18 | 0 | 16 | 34 | (26) | 0 | 0 | (26) | 8 | 0 | 8 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2214 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4902 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8312 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1520) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(319) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(562) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2401) |  |  |  |

---

(j) Securities with an aggregate market value of $13,769 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 Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

<sup>(6)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **59** |

---

------

Schedule of Investments PIMCO All Authority: Multi-RAE PLUS Fund (Cont.)

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 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; Purchased Options  | $2 | $0 | $0 | $0 | $0 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 213 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 7 | 0 | 0 | 323 | 330 |
|  | $2 | $7 | $0 | $0 | $536 | $545 |
|  Over 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 | $2214 | $0 | $2214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 99 | 0 | 112 | 4691 | 4902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 941 | 255 | 0 | 0 | 1196 |
|  | $0 | $1040 | $255 | $2326 | $4691 | $8312 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2326 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5227 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8857 |
|  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  | $6 | $0 | $0 | $0 | $128 | $134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 64 | 0 | 0 | 198 | 262 |
|  | $6 | $64 | $0 | $0 | $326 | $396 |
|  Over 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 | $1520 | $0 | $1520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 32 | 0 | 76 | 211 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4 | 558 | 0 | 0 | 562 |
|  | $0 | $36 | $558 | $1596 | $211 | $2401 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2797 |

---

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 | $144 | $144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | (187) | 0 | 562 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 200 | 0 | 0 | 679 | 879 |
|  | $0 | $200 | $(187) | $0 | $1385 | $1398 |
|  Over 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 | $(5107) | $0 | $(5107) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 5 | (148) | (143) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 81 | 0 | 27 | 173 | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 299 | 45056 | 0 | 0 | 45355 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | $45056 | $(5075) | $25 | $40386 |
|  | $0 | $580 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44869 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5075) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41784 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $(8) | $0 | $0 | $0 | $0 | $(8) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | (98) | 0 | 0 | 0 | (793) | (891) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (46) | 0 | 0 | (497) | (543) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106) | $(46) | $0 | $0 | $(1290) | $(1442) |

---

60 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** |
|  Over 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 | $1313 | $0 | $1313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 7 | 0 | 32 | (456) | (417) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 67 | 0 | (17) | (62) | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (100) | 238 | 0 | 0 | 138 |
|  | $0 | $(26) | $238 | $1328 | $(518) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1808) | $(420) |

---

#### 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 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $4483 | $0 | $4483 |
| &nbsp;&nbsp; Industrials | 0 | 1634 | 0 | 1634 |
| &nbsp;&nbsp; Utilities | 0 | 676 | 0 | 676 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Washington | 0 | 344 | 0 | 344 |
|  U.S. Government Agencies | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155738 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155738 |
|  U.S. Treasury Obligations | 0 | 5450 | 0 | 5450 |
|  Non-Agency Mortgage-Backed Securities | 0 | 20289 | 0 | 20289 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 2211 | 0 | 2211 |
| &nbsp;&nbsp; CMBS Other | 0 | 1811 | 0 | 1811 |
| &nbsp;&nbsp; Home Equity Other | 0 | 5384 | 0 | 5384 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 289 | 0 | 289 |
| &nbsp;&nbsp; Other ABS | 0 | 19846 | 0 | 19846 |
|  Sovereign Issues | 0 | 18560 | 0 | 18560 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 12967 | 0 | 12967 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 8800 | 0 | 8800 |
| &nbsp;&nbsp; Egypt Treasury Bills | 0 | 3 | 0 | 3 |
| &nbsp;&nbsp; South Africa Treasury Bills | 0 | 70 | 0 | 70 |
| &nbsp;&nbsp; Turkey Treasury Bills | 0 | 112 | 0 | 112 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 11438 | 0 | 11438 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $270105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $270105 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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;11661 | $0 | $0 | $11661 |
|  Total Investments | $11661 | $270105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $281766 |
|  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 | $(23267) | $0 | $(23267) |
|  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 | 123 | 417 | 0 | 540 |
|  Over the counter | 0 | 8312 | 0 | 8312 |
|  | $123 | $8729 | $0 | $8852 |
|  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 | (123) | (273) | 0 | (396) |
|  Over the counter | 0 | (2401) | 0 | (2401) |
|  | $(123) | $(2674) | $0 | $(2797) |
|  Total Financial Derivative Instruments | $0 | $6055 | $0 | $6055 |
|  Totals | $11661 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252893 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264554 |

---

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 | **61** |

---

------

Consolidated Schedule of Investments PIMCO All Asset: Multi-Real Fund

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 199.0% | INVESTMENTS IN SECURITIES 199.0% | INVESTMENTS IN SECURITIES 199.0% |
| CORPORATE BONDS & NOTES 1.1% | CORPORATE BONDS & NOTES 1.1% | CORPORATE BONDS & NOTES 1.1% |
| BANKING & FINANCE 0.5% | BANKING & FINANCE 0.5% | BANKING & FINANCE 0.5% |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  8.000% due 11/01/2031 | 176 | 196 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | 21 | 20 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  9.700% due 03/05/2045 | 1100 | 336 |
|  GSG Bidco Ltd. | GSG Bidco Ltd. | GSG Bidco Ltd. |
|  4.700% due 06/15/2031 | 1100 | 1261 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  6.000% due 03/29/2040 | 274 | 348 |
|  Jyske Realkredit AS | Jyske Realkredit AS | Jyske Realkredit AS |
|  0.500% due 10/01/2043 | 63 | 8 |
|  1.500% due 10/01/2053 | 2304 | 276 |
|  2.000% due 10/01/2053 | 3934 | 505 |
|  Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab | Nordea Kredit Realkreditaktieselskab |
|  1.500% due 10/01/2053 | 3909 | 457 |
|  Nykredit Realkredit AS | Nykredit Realkredit AS | Nykredit Realkredit AS |
|  2.000% due 10/01/2053 | 11 | 1 |
|  Realkredit Danmark AS | Realkredit Danmark AS | Realkredit Danmark AS |
|  1.500% due 10/01/2053 | 46205 | 5694 |
|  2.000% due 10/01/2053 | 1756 | 206 |
|  2.500% due 04/01/2047 | 1 | 0 |
|  3.000% due 10/01/2053 | 9717 | 1404 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  1.000% due 06/24/2027 •  | 100 | 115 |
|  2.125% due 11/15/2029 •  | 100 | 123 |
|  2.875% due 04/02/2032 •  | 100 | 111 |
|  |  | 11061 |
| INDUSTRIALS 0.6% | INDUSTRIALS 0.6% | INDUSTRIALS 0.6% |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 8800 | 9055 |
|  GSG Bidco Ltd. | GSG Bidco Ltd. | GSG Bidco Ltd. |
|  5.375% due 06/15/2036 | 1200 | 1377 |
|  6.375% due 06/15/2051 | 1600 | 1837 |
|  |  | 12269 |
| UTILITIES 0.0% | UTILITIES 0.0% | UTILITIES 0.0% |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  2.355% due 03/15/2032 | 46 | 40 |
|  5.401% due 07/02/2037 | 282 | 281 |
|  |  | 321 |
|  Total Corporate Bonds & Notes (Cost $25,196) | Total Corporate Bonds & Notes (Cost $25,196) | 23651 |
| U.S. GOVERNMENT AGENCIES 21.7% | U.S. GOVERNMENT AGENCIES 21.7% | U.S. GOVERNMENT AGENCIES 21.7% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  4.000% due 04/01/2050 - 01/01/2053 | 409 | 388 |
|  4.500% due 07/01/2052 - 08/01/2052 | 280 | 272 |
|  5.500% due 08/01/2054 | 29798 | 29974 |
|  6.000% due 02/01/2054 | 64 | 65 |
|  6.040% due 07/01/2036 •  | 4 | 4 |
|  6.181% due 10/01/2036 •  | 1 | 1 |
|  6.195% due 09/01/2036 •  | 1 | 1 |
|  6.500% due 10/01/2053 - 02/01/2054 | 290 | 300 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.167% due 07/15/2036 •  | 11 | 10 |
|  4.237% due 05/15/2032 •  | 68 | 67 |
|  4.387% due 12/15/2037 •  | 16 | 16 |
|  4.407% due 10/15/2037 •  | 31 | 31 |
|  4.602% due 11/25/2054 •  | 7799 | 7850 |
|  4.612% due 10/25/2054 - 03/25/2055 •  | 2642 | 2669 |
|  4.812% due 03/25/2055 •  | 2956 | 2977 |
|  4.962% due 03/25/2055 •  | 1429 | 1440 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS | Federal Home Loan Mortgage Corp. STRIPS |
|  4.237% due 09/15/2042 •  | 1 | 1 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.500% due 02/01/2045 - 05/01/2052 | 307 | 282 |
|  4.000% due 09/01/2048 - 08/01/2052 | 1685 | 1592 |
|  4.500% due 09/01/2052 | 531 | 515 |
|  5.114% due 09/01/2044 - 10/01/2044 •  | 1 | 1 |
|  6.000% due 03/01/2054 | 13792 | 14067 |
|  6.383% due 05/01/2038 •  | 134 | 139 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  4.026% due 06/25/2048 •  | 2621 | 2573 |
|  4.206% due 10/25/2036 •  | 1 | 1 |
|  4.226% due 08/25/2037 •  | 29 | 29 |
|  4.692% due 06/25/2055 •  | 1598 | 1614 |
|  4.812% due 03/25/2055 •  | 1627 | 1639 |
|  4.822% due 03/25/2055 •  | 1589 | 1602 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  0.000% due 10/16/2053 ~(a) | 70 | 0 |
|  3.500% due 06/20/2052-03/20/2056 | 61325 | 56562 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.082% due 10/20/2043 •  | 177 | 171 |
|  4.190% due 02/20/2049 •  | 297 | 292 |
|  4.573% due 07/20/2073 •  | 17651 | 17895 |
|  4.773% due 05/20/2073 •  | 376 | 385 |
|  4.843% due 09/20/2055 •  | 18988 | 19083 |
|  4.927% due 08/20/2068 •  | 514 | 519 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  5.160% due 02/01/2028 | 1 | 1 |
|  5.310% due 05/01/2027 | 1 | 1 |
|  5.510% due 11/01/2027 | 1 | 1 |
|  6.770% due 11/01/2028 | 1 | 1 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 04/01/2056 - 06/01/2056 | 67600 | 63721 |
|  4.500% due 05/01/2056 - 06/01/2056 | 94700 | 91278 |
|  6.000% due 06/01/2056 - 07/01/2056 | 101600 | 103401 |
|  6.500% due 05/01/2056 - 06/01/2056 | 54000 | 55820 |
|  Total U.S. Government Agencies<br>(Cost $479,004) | Total U.S. Government Agencies<br>(Cost $479,004) | 479251 |
| U.S. TREASURY OBLIGATIONS 107.5% | U.S. TREASURY OBLIGATIONS 107.5% | U.S. TREASURY OBLIGATIONS 107.5% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.875% due 08/15/2045 (o) | 288 | 287 |
|  U.S. Treasury Inflation Protected Securities (g) | U.S. Treasury Inflation Protected Securities (g) | U.S. Treasury Inflation Protected Securities (g) |
|  0.125% due 02/15/2051 (o) | 16126 | 8587 |
|  0.125% due 02/15/2052 (o) | 21146 | 10991 |
|  0.250% due 02/15/2050 | 23908 | 13550 |
|  0.625% due 02/15/2043 | 27776 | 20485 |
|  0.750% due 02/15/2042 | 35364 | 27274 |
|  0.750% due 02/15/2045 | 41156 | 29600 |
|  0.875% due 02/15/2047 | 32072 | 22772 |
|  1.000% due 02/15/2046 | 27038 | 20076 |
|  1.000% due 02/15/2048 | 25980 | 18680 |
|  1.000% due 02/15/2049 (o) | 26059 | 18467 |
|  1.375% due 02/15/2044 | 42084 | 34808 |
|  1.500% due 02/15/2053 | 32384 | 24851 |
|  1.750% due 01/15/2028 (m) | 18585 | 18856 |
|  2.125% due 02/15/2040 (o) | 7454 | 7303 |
|  2.125% due 02/15/2041 (k)(o) | 12308 | 11921 |
|  2.125% due 02/15/2054 | 29141 | 25721 |
|  2.375% due 01/15/2027 | 25319 | 25765 |
|  2.375% due 02/15/2055 (k) | 30404 | 28288 |
|  2.375% due 02/15/2056 (o) | 6021 | 5598 |
|  2.500% due 01/15/2029 (m) | 14239 | 14774 |
|  3.375% due 04/15/2032 (o) | 134 | 148 |
|  3.875% due 04/15/2029 (m)(o) | 924 | 997 |
|  0.125% due 07/15/2026 | 12816 | 13001 |
|  0.125% due 10/15/2026 (k) | 56174 | 56660 |
|  0.125% due 04/15/2027 (m) | 30984 | 30811 |
|  0.125% due 01/15/2030 (k) | 75526 | 72309 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.125% due 07/15/2030 (k) | $— | 72554 | 69086 |
|  0.125% due 01/15/2031 (k) |  | 39640 | 37280 |
|  0.125% due 07/15/2031 (k) |  | 76820 | 71798 |
|  0.125% due 01/15/2032 (k) |  | 112393 | 103471 |
|  0.250% due 07/15/2029 (k) |  | 60010 | 58382 |
|  0.375% due 01/15/2027 (k) |  | 45101 | 45193 |
|  0.375% due 07/15/2027 |  | 44105 | 44104 |
|  0.500% due 01/15/2028 (k) |  | 44819 | 44484 |
|  0.625% due 07/15/2032 (k) |  | 88761 | 83776 |
|  0.750% due 07/15/2028 (k) |  | 38738 | 38636 |
|  0.875% due 01/15/2029 (k)(m)(o) |  | 67736 | 67257 |
|  1.125% due 10/15/2030 (k) |  | 124769 | 123690 |
|  1.125% due 01/15/2033 (k) |  | 90289 | 86992 |
|  1.250% due 04/15/2028 (k)(m)(o) |  | 70692 | 70987 |
|  1.375% due 07/15/2033 (k)(o) |  | 79561 | 77802 |
|  1.625% due 10/15/2027 (k) |  | 59394 | 60334 |
|  1.625% due 10/15/2029 (k) |  | 78446 | 79712 |
|  1.625% due 04/15/2030 (k) |  | 87043 | 87943 |
|  1.750% due 01/15/2034 (k) |  | 75857 | 75566 |
|  1.875% due 07/15/2034 (k) |  | 106234 | 106797 |
|  1.875% due 07/15/2035 (k) |  | 100067 | 99609 |
|  1.875% due 01/15/2036 (k) |  | 28925 | 28586 |
|  2.125% due 04/15/2029 (k) |  | 75071 | 77093 |
|  2.125% due 01/15/2035 (k) |  | 95630 | 97276 |
|  2.375% due 10/15/2028 (k) |  | 75704 | 78397 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.250% due 08/15/2035 (o) |  | 451 | 449 |
|  Total U.S. Treasury Obligations<br>(Cost $2,387,125) | Total U.S. Treasury Obligations<br>(Cost $2,387,125) | Total U.S. Treasury Obligations<br>(Cost $2,387,125) | 2377280 |
| 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% |
|  Alliance Bancorp Trust | Alliance Bancorp Trust | Alliance Bancorp Trust | Alliance Bancorp Trust |
|  4.273% due 07/25/2037 •  |  | 1182 | 1063 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.322% due 05/20/2036 ~ |  | 19 | 17 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.686% due 07/25/2035 ~ |  | 46 | 28 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.203% due 07/25/2036 ~ |  | 9 | 7 |
|  4.335% due 02/25/2036 ~ |  | 20 | 19 |
|  5.377% due 01/25/2035 ~ |  | 3 | 3 |
|  6.470% due 01/25/2035 ~ |  | 6 | 6 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  5.538% due 02/25/2037 ~ |  | 6 | 6 |
|  6.447% due 02/25/2037 ~ |  | 2 | 2 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.551% due 08/20/2035 ~ |  | 69 | 65 |
|  4.656% due 11/20/2034 ~ |  | 8 | 7 |
|  5.500% due 01/25/2035 |  | 13 | 13 |
|  6.000% due 04/25/2036 |  | 38 | 18 |
|  CHL Reperforming Loan REMICS Trust | CHL Reperforming Loan REMICS Trust | CHL Reperforming Loan REMICS Trust | CHL Reperforming Loan REMICS Trust |
|  4.133% due 06/25/2035 •  |  | 2 | 2 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  6.033% due 03/25/2034 ~ |  | 4 | 4 |
|  6.040% due 11/25/2035 •  |  | 2 | 2 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  5.500% due 04/25/2035 |  | 865 | 710 |
|  5.500% due 11/25/2035 |  | 7 | 6 |
|  6.000% due 03/25/2037 |  | 647 | 205 |
|  6.500% due 09/25/2037 |  | 164 | 60 |
|  CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates |
|  4.493% due 10/25/2035 •  |  | 36 | 15 |
|  CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust |
|  4.945% due 10/26/2036 ~ |  | 2 | 2 |
|  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 |
|  4.629% due 04/25/2047 •  |  | 107 | 98 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  4.815% due 06/13/2045 •  |  | 28 | 38 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  4.647% due 04/25/2035 ~ | $— | 10 | 10 |
|  6.000% due 02/25/2037 |  | 58 | 20 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.443% due 09/20/2075 •  |  | 17974 | 18143 |

---

---

| | | |
|:---|:---|:---|
| **62** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.478% due 01/25/2036 ~ | $| 5 | 5 |
|  4.741% due 11/25/2035 ~ |  | 3 | 3 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.051% due 03/19/2037 •  |  | 53 | 50 |
|  4.201% due 12/19/2036 •  |  | 740 | 623 |
|  4.231% due 05/19/2035 •  |  | 35 | 34 |
|  4.411% due 11/19/2035 •  |  | 21 | 13 |
|  4.470% due 06/20/2035 •  |  | 27 | 26 |
|  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 ~ |  | 12 | 9 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.213% due 07/25/2036 •  |  | 67 | 66 |
|  4.353% due 07/25/2035 •  |  | 304 | 219 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.193% due 06/25/2037 •  |  | 801 | 291 |
|  6.810% due 08/25/2036 þ |  | 72 | 71 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  5.598% due 11/21/2034 ~ |  | 6 | 6 |
|  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 |
|  4.527% due 09/15/2030 •  |  | 1 | 1 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.796% due 06/25/2035 ~ |  | 7 | 7 |
|  4.987% due 12/25/2034 ~ |  | 3 | 2 |
|  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 ~ |  | 304 | 295 |
|  Project Cashmere | Project Cashmere | Project Cashmere | Project Cashmere |
|  4.543% due 12/30/2057 «(b) | AUD | 26400 | 18215 |
|  RALI Trust | RALI Trust | RALI Trust | RALI Trust |
|  6.000% due 09/25/2036 | $| 46 | 36 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.193% due 05/25/2035 •  |  | 130 | 75 |
|  5.750% due 03/25/2037 |  | 50 | 14 |
|  6.500% due 09/25/2036 |  | 868 | 246 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.732% due 11/25/2034 •  |  | 43 | 41 |
|  4.752% due 03/25/2036 ~ |  | 13 | 11 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.213% due 05/25/2036 •  |  | 5 | 4 |
|  4.471% due 05/19/2035 •  |  | 2 | 2 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  5.836% due 03/25/2037 •  |  | 140 | 100 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.266% due 08/25/2036 ~ |  | 1 | 1 |
|  4.533% due 11/25/2034 •  |  | 10 | 10 |
|  4.533% due 01/25/2045 •  |  | 13 | 13 |
|  4.593% due 01/25/2045 •  |  | 14 | 14 |
|  4.923% due 01/25/2035 ~ |  | 2 | 2 |
|  5.298% due 06/25/2034 ~ |  | 2 | 2 |
|  5.902% due 10/25/2034 ~ |  | 1 | 1 |
|  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 |
|  6.500% due 08/25/2035 |  | 8 | 7 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  5.715% due 04/25/2036 ~ |  | 10 | 10 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $41,239) | Total Non-Agency Mortgage-Backed Securities (Cost $41,239) | Total Non-Agency Mortgage-Backed Securities (Cost $41,239) | 41094 |
| ASSET-BACKED SECURITIES 7.4% | ASSET-BACKED SECURITIES 7.4% | ASSET-BACKED SECURITIES 7.4% | ASSET-BACKED SECURITIES 7.4% |
| CMBS OTHER 0.9% | CMBS OTHER 0.9% | CMBS OTHER 0.9% | CMBS OTHER 0.9% |
|  Acore Issuer LLC | Acore Issuer LLC | Acore Issuer LLC | Acore Issuer LLC |
|  5.125% due 08/20/2043 •  |  | 10800 | 10794 |
|  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 •  |  | 5400 | 5397 |
|  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 •  |  | 1404 | 1407 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  4.874% due 10/16/2036 •  |  | 2154 | 2155 |
|  Starwood Ltd. | Starwood Ltd. | Starwood Ltd. | Starwood Ltd. |
|  4.994% due 04/18/2038 •  |  | 705 | 705 |
|  |  |  | 20458 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| HOME EQUITY OTHER 1.3% | HOME EQUITY OTHER 1.3% | HOME EQUITY OTHER 1.3% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.693% due 12/25/2034 •  | 34 | 32 |
|  4.918% due 04/25/2035 •  | 2000 | 1842 |
|  Argent Mortgage Loan Trust | Argent Mortgage Loan Trust | Argent Mortgage Loan Trust |
|  4.273% due 05/25/2035 •  | 56 | 52 |
|  Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust | Asset-Backed Securities Corp. Home Equity Loan Trust |
|  4.253% due 11/25/2036 •  | 296 | 292 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.453% due 02/25/2036 •  | 471 | 468 |
|  BNC Mortgage Loan Trust | BNC Mortgage Loan Trust | BNC Mortgage Loan Trust |
|  4.113% due 11/25/2036 •  | 243 | 238 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.198% due 05/25/2037 •  | 2400 | 2246 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.293% due 03/25/2037 •  | 67 | 67 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  3.983% due 11/25/2037 •  | 1934 | 1866 |
|  4.073% due 05/25/2035 •  | 183 | 178 |
|  4.073% due 07/25/2037 •  | 54 | 50 |
|  4.193% due 09/25/2037 •  | 15 | 14 |
|  4.273% due 05/25/2036 •  | 634 | 538 |
|  4.573% due 11/25/2034 •  | 19 | 18 |
|  4.828% due 12/25/2035 •  | 258 | 255 |
|  5.518% due 11/25/2034 •  | 2920 | 2668 |
|  5.805% due 04/25/2036 ~ | 40 | 38 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.063% due 10/25/2036 •  | 84 | 78 |
|  4.073% due 01/25/2037 •  | 165 | 85 |
|  4.273% due 10/25/2036 •  | 614 | 243 |
|  4.633% due 03/25/2035 •  | 1701 | 1446 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.193% due 11/25/2036 •  | 78 | 36 |
|  4.528% due 09/25/2035 •  | 3 | 3 |
|  4.768% due 03/25/2035 •  | 86 | 84 |
|  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 •  | 75 | 59 |
|  4.843% due 11/25/2034 •  | 13 | 13 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.333% due 02/25/2036 •  | 15 | 15 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.033% due 08/25/2036 •  | 67 | 26 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.133% due 06/25/2036 •  | 173 | 163 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.213% due 02/25/2037 •  | 1255 | 348 |
|  4.513% due 10/25/2035 •  | 1223 | 1203 |
|  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 •  | 460 | 416 |
|  4.693% due 05/25/2034 •  | 1152 | 1125 |
|  4.828% due 07/25/2035 •  | 311 | 307 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.033% due 04/25/2037 •  | 2547 | 1264 |
|  4.073% due 01/25/2037 •  | 176 | 115 |
|  4.073% due 03/25/2037 •  | 135 | 90 |
|  Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust |
|  4.073% due 09/25/2037 •  | 3701 | 3314 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  4.653% due 06/25/2033 •  | 1139 | 1032 |
|  4.893% due 09/25/2037 •  | 726 | 286 |
|  5.294% due 01/25/2037 þ | 7262 | 2145 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.073% due 09/25/2036 •  | 728 | 725 |
|  4.273% due 08/25/2036 •  | 250 | 224 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.103% due 09/25/2037 •  | 37 | 36 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.468% due 10/25/2035 •  | 943 | 923 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  3.993% due 06/25/2037 •  | 619 | 429 |
|  4.743% due 10/25/2037 •  | 78 | 62 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.363% due 10/25/2036 •  | 111 | 111 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  6.193% due 12/25/2034 •  | 52 | 52 |
|  |  | 27320 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| MANUFACTURING HOUSE ABS OTHER 0.0% | MANUFACTURING HOUSE ABS OTHER 0.0% | MANUFACTURING HOUSE ABS OTHER 0.0% |
|  Lehman ABS Manufactured Housing Contract Trust | Lehman ABS Manufactured Housing Contract Trust | Lehman ABS Manufactured Housing Contract Trust |
|  7.170% due 04/15/2040 ~ | 751 | 718 |
| WHOLE LOAN COLLATERAL 0.6% | WHOLE LOAN COLLATERAL 0.6% | WHOLE LOAN COLLATERAL 0.6% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.793% due 09/25/2046 •  | 23 | 21 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  4.498% due 03/25/2037 •  | 4100 | 4011 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.288% due 10/25/2036 •  | 241 | 239 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.498% due 11/25/2036 •  | 325 | 320 |
|  4.663% due 09/25/2035 •  | 29 | 29 |
|  IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust |
|  3.933% due 07/25/2036 •  | 812 | 254 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.743% due 06/25/2036 þ | 120 | 117 |
|  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 |
|  4.553% due 12/25/2035 •  | 270 | 269 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.293% due 05/25/2036 •  | 777 | 417 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.113% due 09/25/2037 •  | 9538 | 4657 |
|  4.193% due 04/25/2037 •  | 2484 | 1842 |
|  |  | 12176 |
| OTHER ABS 4.6% | OTHER ABS 4.6% | OTHER ABS 4.6% |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  4.969% due 10/20/2031 •  | 12 | 11 |
|  AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. |
|  4.868% due 01/20/2035 •  | 3000 | 3001 |
|  Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. |
|  4.718% due 10/20/2034 •  | 2800 | 2801 |
|  Arbour CLO DAC | Arbour CLO DAC | Arbour CLO DAC |
|  3.314% due 05/15/2038 •  | 3500 | 4048 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  4.661% due 04/23/2035 •  | 6700 | 6702 |
|  Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC |
|  2.766% due 01/20/2032 •  | 131 | 151 |
|  3.277% due 01/22/2038 •  | 1400 | 1617 |
|  BlackRock European CLO VII DAC | BlackRock European CLO VII DAC | BlackRock European CLO VII DAC |
|  2.636% due 10/15/2031 •  | 269 | 312 |
|  BlueMountain Fuji EUR CLO V DAC | BlueMountain Fuji EUR CLO V DAC | BlueMountain Fuji EUR CLO V DAC |
|  2.926% due 01/15/2033 •  | 980 | 1134 |
|  Capital Four CLO IV DAC | Capital Four CLO IV DAC | Capital Four CLO IV DAC |
|  3.175% due 04/15/2038 •  | 800 | 922 |
|  Capital Four CLO X DAC | Capital Four CLO X DAC | Capital Four CLO X DAC |
|  3.279% due 10/25/2038 •  | 2000 | 2308 |
|  Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust |
|  5.022% due 10/16/2028 •  | 1000 | 1001 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  2.716% due 01/15/2031 •  | 378 | 438 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  4.758% due 07/20/2034 •  | 5700 | 5704 |
|  CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. |
|  4.868% due 01/20/2035 •  | 1900 | 1901 |
|  Crown Point CLO 7 Ltd. | Crown Point CLO 7 Ltd. | Crown Point CLO 7 Ltd. |
|  4.898% due 10/20/2031 •  | 49 | 49 |
|  Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC |
|  2.676% due 04/15/2033 •  | 533 | 617 |
|  Dryden 52 Euro CLO DAC | Dryden 52 Euro CLO DAC | Dryden 52 Euro CLO DAC |
|  2.844% due 05/15/2034 •  | 737 | 853 |
|  Euro-Galaxy III CLO DAC | Euro-Galaxy III CLO DAC | Euro-Galaxy III CLO DAC |
|  2.650% due 04/24/2034 •  | 257 | 297 |
|  Greywolf CLO IV Ltd. | Greywolf CLO IV Ltd. | Greywolf CLO IV Ltd. |
|  4.908% due 04/17/2034 •  | 1950 | 1952 |
|  Guggenheim CLO Ltd. | Guggenheim CLO Ltd. | Guggenheim CLO Ltd. |
|  4.822% due 01/15/2035 •  | 3400 | 3401 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **63** |

---

------

Consolidated Schedule of Investments PIMCO All Asset: Multi-Real Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Hayfin Emerald CLO V DAC | Hayfin Emerald CLO V DAC | Hayfin Emerald CLO V DAC |
|  3.194% due 11/17/2037 •  | 1100 | 1272 |
|  Hayfin Emerald CLO X DAC | Hayfin Emerald CLO X DAC | Hayfin Emerald CLO X DAC |
|  3.286% due 10/18/2039 •  | 4600 | 5314 |
|  Henley CLO VI DAC | Henley CLO VI DAC | Henley CLO VI DAC |
|  3.030% due 06/10/2034 •  | 1900 | 2193 |
|  Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. |
|  4.788% due 07/25/2034 •  | 4500 | 4504 |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  2.666% due 04/15/2031 •  | 336 | 389 |
|  KKR CLO 11 Ltd. | KKR CLO 11 Ltd. | KKR CLO 11 Ltd. |
|  5.114% due 01/15/2031 •  | 113 | 113 |
|  LCM 39 Ltd. | LCM 39 Ltd. | LCM 39 Ltd. |
|  4.703% due 10/15/2034 •  | 3000 | 3000 |
|  Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. |
|  4.672% due 10/15/2034 •  | 1200 | 1199 |
|  Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC | Man GLG Euro CLO V DAC |
|  2.840% due 12/15/2031 •  | 52 | 60 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.099% due 04/25/2038 •  | 16 | 16 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  4.610% due 02/21/2061 | 5371 | 5306 |
|  4.973% due 02/21/2061 •  | 2110 | 2121 |
|  Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. |
|  4.708% due 01/20/2035 •  | 1500 | 1500 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  2.866% due 10/15/2034 •  | 1085 | 1253 |
|  Providus CLO VII DAC | Providus CLO VII DAC | Providus CLO VII DAC |
|  3.181% due 07/15/2038 •  | 3500 | 4033 |
|  Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC | Rockford Tower Europe CLO DAC |
|  3.271% due 08/29/2036 •  | 1100 | 1271 |
|  Sculptor European CLO IV DAC | Sculptor European CLO IV DAC | Sculptor European CLO IV DAC |
|  3.238% due 04/27/2038 •  | 4800 | 5547 |
|  TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. | TCI-Symphony CLO Ltd. |
|  4.933% due 10/13/2032 •  | 1405 | 1407 |
|  Toro European CLO 2 DAC | Toro European CLO 2 DAC | Toro European CLO 2 DAC |
|  3.020% due 07/25/2034 •  | 3600 | 4160 |
|  Trinitas CLO XX Ltd. | Trinitas CLO XX Ltd. | Trinitas CLO XX Ltd. |
|  4.708% due 07/20/2035 •  | 3100 | 3101 |
|  Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. |
|  4.907% due 10/20/2033 •  | 1100 | 1101 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  4.798% due 07/20/2032 •  | 1263 | 1264 |
|  Voya Euro CLO IV DAC | Voya Euro CLO IV DAC | Voya Euro CLO IV DAC |
|  2.986% due 10/15/2034 •  | 10770 | 12425 |
|  |  | 101769 |
|  Total Asset-Backed Securities<br>(Cost $166,796) | Total Asset-Backed Securities<br>(Cost $166,796) | 162441 |
| SOVEREIGN ISSUES 7.3% | SOVEREIGN ISSUES 7.3% | SOVEREIGN ISSUES 7.3% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 07/01/2026 (e) | 119400 | 22323 |
|  0.000% due 10/01/2026 (e) | 192500 | 34816 |
|  Canada Government Real Return Bonds | Canada Government Real Return Bonds | Canada Government Real Return Bonds |
|  4.250% due 12/01/2026 | 1251 | 929 |
|  French Republic Government Bonds OAT | French Republic Government Bonds OAT | French Republic Government Bonds OAT |
|  0.100% due 07/25/2031 (g) | 5372 | 6022 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  0.400% due 05/15/2030 (g) | 2476 | 2834 |
|  1.800% due 05/15/2036 (g) | 931 | 1083 |
|  Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds | Japan Government CPI-Linked Bonds |
|  0.005% due 03/10/2034 (g) | 358102 | 2174 |
|  0.005% due 03/10/2035 (g) | 1349687 | 8126 |
|  0.100% due 03/10/2028 (g) | 1522731 | 9628 |
|  0.100% due 03/10/2029 (g) | 3255536 | 20451 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  3.400% due 12/20/2055 | 1850000 | 11138 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  5.850% due 07/02/2032 | 400 | 402 |
|  6.625% due 01/29/2038 | 400 | 409 |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  4.000% due 10/22/2031 | 31100 | 40145 |
|  Total Sovereign Issues (Cost $171,410) | Total Sovereign Issues (Cost $171,410) | 160480 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| COMMON STOCKS 0.2% | COMMON STOCKS 0.2% | COMMON STOCKS 0.2% | COMMON STOCKS 0.2% |
| CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% |
|  Hilton Worldwide Holdings, Inc. | 3072 | $— | 934 |
|  Marriott International, Inc. Class A | 2846 |  | 931 |
|  |  |  | 1865 |
| REAL ESTATE 0.1% | REAL ESTATE 0.1% | REAL ESTATE 0.1% | REAL ESTATE 0.1% |
|  CBRE Group, Inc. Class A (c) | 6936 |  | 940 |
|  Cushman & Wakefield Ltd. (c) | 68542 |  | 840 |
|  Jones Lang LaSalle, Inc. (c) | 3290 |  | 1001 |
|  |  |  | 2781 |
|  Total Common Stocks (Cost $5,117) | Total Common Stocks (Cost $5,117) |  | 4646 |
| PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.875% due 03/15/2028 •(h) | 223000 |  | 224 |
|  Total Preferred Securities (Cost $229) | Total Preferred Securities (Cost $229) |  | 224 |
| REAL ESTATE INVESTMENT TRUSTS 25.2% | REAL ESTATE INVESTMENT TRUSTS 25.2% | REAL ESTATE INVESTMENT TRUSTS 25.2% | REAL ESTATE INVESTMENT TRUSTS 25.2% |
| REAL ESTATE 25.2% | REAL ESTATE 25.2% | REAL ESTATE 25.2% | REAL ESTATE 25.2% |
|  Acadia Realty Trust | 66871 |  | 1279 |
|  Agree Realty Corp. | 52967 |  | 3993 |
|  Alexandria Real Estate Equities, Inc. | 79314 |  | 3682 |
|  American Assets Trust, Inc. | 4062 |  | 75 |
|  American Healthcare REIT, Inc. | 163175 |  | 7695 |
|  American Homes 4 Rent | 137988 |  | 3853 |
|  Americold Realty Trust, Inc. | 75976 |  | 871 |
|  Apartment Investment & Management Co. | 13644 |  | 56 |
|  Apple Hospitality REIT, Inc. | 112255 |  | 1292 |
|  AvalonBay Communities, Inc. | 68607 |  | 11207 |
|  Brandywine Realty Trust | 14213 |  | 38 |
|  Brixmor Property Group, Inc. | 133422 |  | 3843 |
|  Broadstone Net Lease, Inc. | 132378 |  | 2419 |
|  BXP, Inc. | 59121 |  | 3068 |
|  Camden Property Trust | 53332 |  | 5208 |
|  CareTrust REIT, Inc. | 150077 |  | 5500 |
|  Centerspace | 8483 |  | 487 |
|  Chiron Real Estate, Inc. | 6472 |  | 214 |
|  Community Healthcare Trust, Inc. | 2188 |  | 35 |
|  COPT Defense Properties | 57306 |  | 1754 |
|  Cousins Properties, Inc. | 84649 |  | 1911 |
|  CubeSmart | 116470 |  | 4269 |
|  Curbline Properties Corp. | 8491 |  | 219 |
|  DiamondRock Hospitality Co. | 102075 |  | 956 |
|  Digital Realty Trust, Inc. | 161870 |  | 29171 |
|  Diversified Healthcare Trust | 282168 |  | 1874 |
|  Douglas Emmett, Inc. | 14128 |  | 133 |
|  Easterly Government Properties, Inc. | 22314 |  | 478 |
|  EastGroup Properties, Inc. | 29379 |  | 5438 |
|  Elme Communities | 43576 |  | 88 |
|  Empire State Realty Trust, Inc. | 11857 |  | 62 |
|  EPR Properties | 39050 |  | 1951 |
|  Equinix, Inc. | 48237 |  | 47284 |
|  Equity LifeStyle Properties, Inc. | 91927 |  | 5738 |
|  Equity Residential | 167985 |  | 9936 |
|  Essential Properties Realty Trust, Inc. | 86113 |  | 2614 |
|  Essex Property Trust, Inc. | 25988 |  | 6289 |
|  Extra Space Storage, Inc. | 109871 |  | 14407 |
|  Federal Realty Investment Trust | 44329 |  | 4708 |
|  First Industrial Realty Trust, Inc. | 82275 |  | 4760 |
|  Four Corners Property Trust, Inc. | 9046 |  | 214 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Getty Realty Corp. | 4598 | $— | 146 |
|  Gladstone Commercial Corp. | 4196 |  | 48 |
|  Global Net Lease, Inc. | 101544 |  | 950 |
|  Healthcare Realty Trust, Inc. | 181784 |  | 3088 |
|  Healthpeak Properties, Inc. | 358429 |  | 5889 |
|  Highwoods Properties, Inc. | 35762 |  | 766 |
|  Host Hotels & Resorts, Inc. | 365526 |  | 7003 |
|  Hudson Pacific Properties, Inc. | 4995 |  | 29 |
|  Independence Realty Trust, Inc. | 67664 |  | 1007 |
|  Innovative Industrial Properties, Inc. | 14037 |  | 704 |
|  Invitation Homes, Inc. | 233583 |  | 5805 |
|  JBG SMITH Properties | 5001 |  | 73 |
|  Kilroy Realty Corp. | 39956 |  | 1127 |
|  Kimco Realty Corp. | 320642 |  | 7205 |
|  Kite Realty Group Trust | 88678 |  | 2177 |
|  LXP Industrial Trust | 29918 |  | 1384 |
|  Macerich Co. | 154992 |  | 2929 |
|  Medical Properties Trust, Inc. | 251167 |  | 1163 |
|  Mid-America Apartment Communities, Inc. | 59424 |  | 7257 |
|  Millrose Properties, Inc. | 66797 |  | 1870 |
|  National Health Investors, Inc. | 24115 |  | 1950 |
|  National Storage Affiliates Trust | 36617 |  | 1382 |
|  NET Lease Office Properties | 956 |  | 11 |
|  NETSTREIT Corp. | 7409 |  | 139 |
|  NexPoint Residential Trust, Inc. | 1861 |  | 46 |
|  NNN REIT, Inc. | 97803 |  | 4111 |
|  Omega Healthcare Investors, Inc. | 177888 |  | 7795 |
|  Park Hotels & Resorts, Inc. | 98250 |  | 1035 |
|  Pebblebrook Hotel Trust | 57484 |  | 726 |
|  Phillips Edison & Co., Inc. | 51511 |  | 1928 |
|  Piedmont Realty Trust, Inc. | 10372 |  | 68 |
|  Prologis, Inc. | 476903 |  | 63037 |
|  Public Storage | 81641 |  | 22115 |
|  Realty Income Corp. | 457780 |  | 28007 |
|  Regency Centers Corp. | 78107 |  | 5910 |
|  Rexford Industrial Realty, Inc. | 116026 |  | 3798 |
|  RLJ Lodging Trust | 75985 |  | 564 |
|  Ryman Hospitality Properties, Inc. | 31663 |  | 2922 |
|  Sabra Health Care REIT, Inc. | 106979 |  | 2057 |
|  Service Properties Trust | 80323 |  | 109 |
|  Sila Realty Trust, Inc. | 4777 |  | 113 |
|  Simon Property Group, Inc. | 168937 |  | 31512 |
|  SITE Centers Corp. | 4491 |  | 24 |
|  SL Green Realty Corp. | 26301 |  | 972 |
|  Smartstop Self Storage REIT, Inc. | 28323 |  | 858 |
|  STAG Industrial, Inc. | 95298 |  | 3436 |
|  Summit Hotel Properties, Inc. | 8887 |  | 39 |
|  Sun Communities, Inc. | 58582 |  | 7379 |
|  Sunstone Hotel Investors, Inc. | 93991 |  | 847 |
|  Tanger, Inc. | 58804 |  | 1998 |
|  Terreno Realty Corp. | 52741 |  | 3239 |
|  UDR, Inc. | 126198 |  | 4263 |
|  UMH Properties, Inc. | 6917 |  | 100 |
|  Universal Health Realty Income Trust | 1097 |  | 44 |
|  Urban Edge Properties | 10140 |  | 203 |
|  Ventas, Inc. | 268078 |  | 21923 |
|  Veris Residential, Inc. | 6899 |  | 130 |
|  Vornado Realty Trust | 54950 |  | 1428 |
|  Welltower, Inc. | 371312 |  | 73412 |
|  WP Carey, Inc. | 121563 |  | 8261 |
|  Xenia Hotels & Resorts, Inc. | 47820 |  | 709 |
|  Total Real Estate Investment Trusts (Cost $480,099) | Total Real Estate Investment Trusts (Cost $480,099) |  | 558289 |

---

64 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SHARES** | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SHORT-TERM INSTRUMENTS 26.7% | SHORT-TERM INSTRUMENTS 26.7% | SHORT-TERM INSTRUMENTS 26.7% | SHORT-TERM INSTRUMENTS 26.7% | SHORT-TERM INSTRUMENTS 26.7% |
| 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% (i) |  | 269862 | $— | 270 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| REPURCHASE AGREEMENTS (j) 26.3% | REPURCHASE AGREEMENTS (j) 26.3% | REPURCHASE AGREEMENTS (j) 26.3% |  |  |
|  |  |  |  | 582697 |
| TURKEY TREASURY BILLS 0.0% | TURKEY TREASURY BILLS 0.0% | TURKEY TREASURY BILLS 0.0% | TURKEY TREASURY BILLS 0.0% | TURKEY TREASURY BILLS 0.0% |
|  38.689% due 04/07/2026 (e)(f) |  | 30000 |  | 670 |
| U.S. TREASURY BILLS 0.4% | U.S. TREASURY BILLS 0.4% | U.S. TREASURY BILLS 0.4% | U.S. TREASURY BILLS 0.4% | U.S. TREASURY BILLS 0.4% |
|  3.698% due 04/16/2026 - 06/30/2026 (d)(e)(m)(o) | $— | 8953 |  | 8877 |
| Total Short-Term Instruments<br>(Cost $594,072) | Total Short-Term Instruments<br>(Cost $594,072) | Total Short-Term Instruments<br>(Cost $594,072) |  | 592514 |
| Total Investments in Securities (Cost $4,350,287) | Total Investments in Securities (Cost $4,350,287) | Total Investments in Securities (Cost $4,350,287) |  | 4399870 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 0.6% | INVESTMENTS IN AFFILIATES 0.6% | INVESTMENTS IN AFFILIATES 0.6% | INVESTMENTS IN AFFILIATES 0.6% |
| SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.6% |
|  PIMCO Short-Term Floating NAV Portfolio III | 1388400 | $— | 13522 |
| Total Short-Term Instruments (Cost $13,520) | Total Short-Term Instruments (Cost $13,520) |  | 13522 |
| Total Investments in Affiliates (Cost $13,520) | Total Investments in Affiliates (Cost $13,520) |  | 13522 |
| Total Investments 199.6% (Cost $4,363,807) | Total Investments 199.6% (Cost $4,363,807) | $— | 4413392 |
|  Financial Derivative<br>Instruments (l)(n) (0.3)%<br> (Cost or Premiums, net $(1776)) | Financial Derivative<br>Instruments (l)(n) (0.3)%<br> (Cost or Premiums, net $(1776)) |  | (5718) |
| Other Assets and Liabilities, net (99.3)% | Other Assets and Liabilities, net (99.3)% |  | (2196072) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 2211602 |

---

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

(g) Principal amount of security is adjusted for inflation.

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

(i) Coupon represents a 7-Day Yield.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 3.670% | 03/31/2026 | 04/01/2026 | $33500 | U.S. Treasury Notes 3.625% due 10/31/2030 | $(34267) | $33500 | $33504 |
|  | 3.680 | 04/01/2026 | 04/02/2026 | 197100 | U.S. Treasury Notes 3.875% due 07/31/2030 | (201078) | 197100 | 197100 |
|  | 3.690 | 03/23/2026 | 04/13/2026 | 75000 | U.S. Treasury Notes 1.375% due 10/31/2028 | (76831) | 75000 | 75069 |
|  | 3.710 | 03/31/2026 | 04/01/2026 | 194400 | U.S. Treasury Notes 3.875% due 07/31/2030 | (198575) | 194400 | 194420 |
| TOR | 2.230 | 03/12/2026 | 04/09/2026 | CAD 90,000 | Province of Nova Scotia 3.850% - 4.050% due 06/01/2033 - 06/01/2035 | (66266) | 64697 | 64777 |
| WAN | 3.710 | 03/31/2026 | 04/01/2026 | $18000 | U.S. Treasury Notes 3.500% due 10/31/2027 | (18377) | 18000 | 18002 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595394) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582697 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582872 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 65

------

Consolidated Schedule of Investments PIMCO All Asset: Multi-Real Fund (Cont.)

#### 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 |
|  BOO | 3.770% | 03/13/2026 | 04/07/2026 | $(501) | $(502) |
|  BOS | 3.720 | 03/26/2026 | 04/01/2026 | (3965) | (3967) |
|  | 3.770 | 03/31/2026 | 04/07/2026 | (517) | (518) |
|  BPS | 3.770 | 03/18/2026 | 04/22/2026 | (13610) | (13630) |
|  | 3.780 | 04/01/2026 | 04/07/2026 | (28756) | (28755) |
|  CIB | 3.780 | 03/11/2026 | 04/09/2026 | (191334) | (191756) |
|  CTR | 3.750 | 04/01/2026 | 04/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(868516) | (868516) |
|  | 3.790 | 03/31/2026 | 04/01/2026 | (889346) | (889346) |
|  FAR | 3.760 | 03/05/2026 | 04/16/2026 | (294592) | (295423) |
|  MSC | 3.700 | 03/25/2026 | 04/01/2026 | (24620) | (24638) |
|  | 3.790 | 03/24/2026 | 04/07/2026 | (12148) | (12158) |
|  NOM | 3.750 | 04/02/2026 | 04/16/2026 | (3995) | (3995) |
|  | 3.760 | 02/19/2026 | 04/02/2026 | (14789) | (14852) |
|  RCY | 3.770 | 02/06/2026 | 04/20/2026 | (190265) | (191341) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2539397) |

---

#### SALE-BUYBACK TRANSACTIONS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Borrowing<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Sale-Buyback<br>Transactions<sup>(3)</sup> |
|  MSC | 3.780% | 02/27/2026 | 04/06/2026 | $(1802) | $(1808) |
|  TDM | 3.770 | 03/10/2026 | 04/14/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12575) | (12604) |
|  | 3.770 | 03/12/2026 | 04/23/2026 | (7749) | (7766) |
|  | 3.770 | 03/20/2026 | 04/10/2026 | (6788) | (6797) |
|  | 3.770 | 03/23/2026 | 04/13/2026 | (14164) | (14177) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43152) |

---

#### 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<sup>(3)</sup> | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(4)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOO | $0 | $(502) | $0 | $(502) | $739 | $237 |
|  BOS | 500093 | (4485) | 0 | 495608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(506278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10670) |
|  BPS | 0 | (42385) | 0 | (42385) | 13625 | (28760) |
|  CIB | 0 | (191756) | 0 | (191756) | 191148 | (608) |
|  CTR | 0 | (1757862) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1757862) | 896163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(861699) |
|  FAR | 0 | (295423) | 0 | (295423) | 294865 | (558) |
|  MSC | 0 | (36796) | 0 | (36796) | 36799 | 3 |
|  NOM | 0 | (18847) | 0 | (18847) | 14724 | (4123) |
|  RCY | 0 | (191341) | 0 | (191341) | 190554 | (787) |
|  TOR | 64777 | 0 | 0 | 64777 | (66886) | (2109) |
|  WAN | 18002 | 0 | 0 | 18002 | (18377) | (375) |
|  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 |
|  MSC | 0 | 0 | (1808) | (1808) | 1785 | (23) |
|  TDM | 0 | 0 | (41344) | (41344) | 40876 | (468) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582872 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2539397) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43152) |  |  |  |

---

66 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

#### 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 | $(917951) | $(720180) | $0 | $0 | $(1638131) |
|  Total | $(917951) | $(720180) | $0 | $0 | $(1638131) |
|  Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions |
|  U.S. Treasury Obligations | 0 | (43152) | 0 | 0 | (43152) |
|  Total | $0 | $(43152) | $0 | $0 | $(43152) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(917951) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(763332) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(1681283) |
|  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;(1681283) |

---

(k) Securities with an aggregate market value of $1,685,493 and cash of $260 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 $(1431277) at a weighted average interest rate of 4.154%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Payable for sale-buyback transactions includes $(60) 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 $(901266) is outstanding at period end. 

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

#### PURCHASED OPTIONS:

#### COMMODITY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Cost | Market<br>Value |
|  Put - NYMEX Crude Oil June 2026 Futures | 56.000 | 05/14/2026 | 52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | $103 | $17 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |

---

#### FUTURE STYLED COMMODITY OPTIONS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | **Premiums<br>(Received)** | Market<br>Value |
|  Put - ICE Crude Oil June 2026 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.00 | 04/27/2026 | 66 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | $132 | $6 |
|  |  |  |  |  | $132 | $6 |
|  Total Purchase Options | Total Purchase Options | Total Purchase Options | Total Purchase Options | Total Purchase Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |

---

#### WRITTEN OPTIONS:

#### COMMODITY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Call - CME Silver December 2026 Futures | $65.000 | 11/24/2026 | 47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | $(2218) | $(4439) |
|  Put - CME Silver December 2026 Futures | 65.000 | 11/24/2026 | 47 | 235 | (2200) | (1710) |
|  Call - CME Silver December 2026 Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.000 | 11/24/2026 | 24 | 120 | (398) | (970) |
|  Call - CME Silver December 2026 Futures | 120.000 | 11/24/2026 | 19 | 95 | (199) | (534) |
|  Put - CME Silver May 2026 Futures | 80.000 | 04/27/2026 | 4 | 20 | (80) | (167) |
|  Call - NYMEX Crude Oil June 2026 Futures | 72.000 | 05/14/2026 | 52 | 52 | (102) | (1193) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5197) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9013) |

---

#### FUTURE STYLED COMMODITY OPTIONS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Call - ICE Crude Oil June 2026 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79.00 | 04/27/2026 | 66 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | $(132) | $(1733) |
|  |  |  |  |  | $(132) | $(1733) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5329) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10746) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 67

------

Consolidated Schedule of Investments PIMCO All Asset: Multi-Real Fund (Cont.)

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 10-Year Bond June Futures  | 06/2026 | 368 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27359 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164) | $257 | $0 |
|  Brent Crude August Futures  | 06/2026 | 99 | 8927 | 1053 | 0 | (455) |
|  Brent Crude December Futures  | 10/2026 | 40 | 3185 | 218 | 0 | (178) |
|  California Carbon Allowance Vintage December Futures  | 12/2026 | 2683 | 77458 | (7437) | 0 | (698) |
|  Carbon Emissions December Futures  | 12/2026 | 54 | 4526 | (151) | 54 | 0 |
|  Euro-Bobl June Futures  | 06/2026 | 98 | 13075 | (206) | 52 | 0 |
|  Euro-BTP Future June Futures  | 06/2026 | 669 | 89915 | (2357) | 1083 | 0 |
|  Euro-Schatz June Futures  | 06/2026 | 1029 | 125776 | (450) | 166 | (6) |
|  Gold 100 oz. June Futures  | 06/2026 | 25 | 11697 | 330 | 303 | 0 |
|  Hard Red Winter Wheat May Futures  | 05/2026 | 450 | 14299 | 1964 | 208 | 0 |
|  Iron Ore July Futures  | 07/2026 | 874 | 9070 | 20 | 0 | (70) |
|  Iron Ore May Futures  | 05/2026 | 216 | 2278 | 76 | 0 | (16) |
|  Natural Gas June Futures  | 05/2026 | 26 | 1305 | (5) | 25 | (110) |
|  Natural Gas May Futures  | 04/2026 | 88 | 2538 | (167) | 0 | (3) |
|  Natural Gas May Futures  | 04/2026 | 1 | 53 | 0 | 6 | (4) |
|  Silver December Futures  | 12/2026 | 29 | 11138 | (3333) | 646 | 0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 1177 | 130702 | (523) | 260 | 0 |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2026 | 232 | 26419 | (865) | 87 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 127 | 14803 | (474) | 28 | 0 |
|  WTI Crude December Futures  | 11/2026 | 44 | 3189 | 711 | 0 | (192) |
|  |  |  |  | $(11760) | $3175 | $(1732) |

---

#### 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 |
|  Brent Crude June Futures  | 04/2026 | 40 | $(4159) | $(681) | $137 | $0 |
|  Euro-Bund June Futures  | 06/2026 | 225 | (32610) | 2 | 358 | 0 |
|  Euro-Buxl 30-Year Bond June Futures  | 06/2026 | 5 | (637) | 8 | 0 | (12) |
|  Euro-Oat June Futures  | 06/2026 | 557 | (76414) | 2424 | 0 | (708) |
|  Japan Government 10-Year Bond June Futures  | 06/2026 | 56 | (45981) | 417 | 11 | (99) |
|  New York Harbor August Futures  | 07/2026 | 99 | (13623) | (1969) | 457 | 0 |
|  Silver May Futures  | 05/2026 | 35 | (13111) | 1363 | 0 | (761) |
|  U.S. Treasury 2-Year Note June Futures  | 06/2026 | 119 | (24686) | 212 | 0 | (9) |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 2385 | (258009) | 3601 | 0 | (336) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 348 | (39503) | 667 | 0 | (103) |
|  Wheat May Futures  | 05/2026 | 450 | (13866) | (1675) | 0 | (208) |
|  WTI Crude June Futures  | 05/2026 | 26 | (2422) | (962) | 74 | 0 |
|  WTI Crude September Futures  | 08/2026 | 18 | (1404) | 48 | 87 | 0 |
|  |  |  |  | $3455 | $1124 | $(2236) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $(8305) | $4299 | $(3968) |

---

#### 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 | 03/18/2028 | 44400 | $(936) | $80 | $(856) | $92 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/18/2031 | 69140 | (1469) | (1478) | (2947) | 220 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.550 | Annual | 09/14/2028 | 2480000 | 310 | 33 | 343 | 0 | (12) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 12/15/2031 | 2165000 | 886 | 91 | 977 | 0 | (29) |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.337 | Annual | 08/31/2030 | $1500 | 0 | 14 | 14 | 0 | (2) |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.369 | Annual | 08/31/2030 | 2000 | 0 | 16 | 16 | 0 | (2) |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.407 | Annual | 08/31/2030 | 700 | 0 | 5 | 5 | 0 | (1) |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.422 | Annual | 08/31/2030 | 3900 | 0 | 24 | 24 | 0 | (4) |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.564 | Annual | 01/31/2033 | 3700 | 0 | 31 | 31 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.640 | Annual | 08/15/2035 | 5700 | 11 | 77 | 88 | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 08/15/2035 | 5700 | (5) | 66 | 61 | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/15/2035 | 9688 | 25 | 67 | 92 | 0 | (8) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.758 | Annual | 08/15/2035 | 16800 | 0 | 101 | 101 | 0 | (15) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.768 | Annual | 08/15/2035 | 20700 | 0 | 108 | 108 | 0 | (18) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.777 | Annual | 08/15/2035 | 22600 | 0 | 103 | 103 | 0 | (20) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.801 | Annual | 08/15/2035 | 25400 | (2) | 70 | 68 | 0 | (22) |

---

---

| | | |
|:---|:---|:---|
| **68** | **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<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.712% | Annual | 11/15/2035 | $7500 | $0 | $81 | $81 | $0 | $(6) |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.998 | Annual | 11/15/2053 | 300 | 0 | 8 | 8 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.010 | Annual | 11/15/2053 | 25900 | 362 | 254 | 616 | 91 | 0 |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.010 | Annual | 11/15/2053 | 200 | 0 | 5 | 5 | 1 | 0 |
|  Receive<sup>(2)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 11/15/2053 | 600 | 0 | 14 | 14 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.075 | Annual | 11/15/2053 | 23396 | 174 | 131 | 305 | 83 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.865 | Annual | 02/13/2054 | 34900 | 4216 | 3270 | 7486 | 119 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 29800 | 1620 | 1797 | 3417 | 102 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.465 | Annual | 12/08/2027 | 35300 | (458) | 660 | 202 | 0 | (19) |
|  Pay<sup>(2)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 09/16/2036 | 153400 | (2299) | (3282) | (5581) | 1355 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 3.050 | Annual | 01/13/2056 | 12160 | 534 | (409) | 125 | 0 | (133) |
|  Receive<sup>(2)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 09/16/2056 | 60570 | 1031 | 495 | 1526 | 0 | (676) |
|  Receive | CPTFEMU | 2.000 | Maturity | 02/15/2027 | 8400 | (1) | 136 | 135 | 12 | 0 |
|  Receive | CPTFEMU | 1.636 | Maturity | 06/15/2027 | 25200 | 0 | 566 | 566 | 34 | 0 |
|  Receive | CPTFEMU | 2.359 | Maturity | 08/15/2030 | 3900 | 106 | 41 | 147 | 5 | 0 |
|  Receive | CPTFEMU | 2.049 | Maturity | 08/15/2034 | 3240 | 0 | 48 | 48 | 3 | 0 |
|  Receive | CPTFEMU | 2.034 | Maturity | 09/15/2034 | 13100 | (53) | 271 | 218 | 12 | 0 |
|  Pay | CPTFEMU | 2.580 | Maturity | 03/15/2052 | 500 | (33) | 37 | 4 | 2 | 0 |
|  Pay | CPTFEMU | 2.590 | Maturity | 03/15/2052 | 1900 | (119) | 139 | 20 | 9 | 0 |
|  Pay | CPTFEMU | 2.550 | Maturity | 04/15/2052 | 1500 | (95) | 106 | 11 | 7 | 0 |
|  Pay | CPTFEMU | 2.700 | Maturity | 04/15/2053 | 4600 | 246 | 295 | 541 | 28 | 0 |
|  Pay | CPTFEMU | 2.763 | Maturity | 09/15/2053 | 3300 | 247 | 215 | 462 | 20 | 0 |
|  Pay | CPTFEMU | 2.682 | Maturity | 10/15/2053 | 1500 | 73 | 96 | 169 | 8 | 0 |
|  Pay | CPTFEMU | 2.736 | Maturity | 10/15/2053 | 2400 | 161 | 152 | 313 | 14 | 0 |
|  Receive | CPURNSA | 2.813 | Maturity | 05/14/2026 | $3300 | 231 | 83 | 314 | 4 | 0 |
|  Receive | CPURNSA | 2.703 | Maturity | 05/25/2026 | 2240 | 167 | 63 | 230 | 5 | 0 |
|  Receive | CPURNSA | 2.690 | Maturity | 06/01/2026 | 4100 | 304 | 124 | 428 | 12 | 0 |
|  Pay | CPURNSA | 3.435 | Maturity | 08/01/2026 | 8500 | 0 | (32) | (32) | 11 | 0 |
|  Receive | CPURNSA | 2.573 | Maturity | 08/26/2028 | 4900 | 278 | 144 | 422 | 0 | (2) |
|  Receive | CPURNSA | 2.645 | Maturity | 09/10/2028 | 3100 | 152 | 88 | 240 | 0 | (2) |
|  Pay | CPURNSA | 2.006 | Maturity | 11/30/2030 | 8200 | (1072) | (261) | (1333) | 5 | 0 |
|  Receive | UKRPI | 3.365 | Maturity | 09/15/2027 | 14000 | 7 | 274 | 281 | 5 | 0 |
|  Pay | UKRPI | 3.500 | Maturity | 08/15/2034 | 10100 | 57 | (166) | (109) | 0 | (63) |
|  Pay | UKRPI | 3.466 | Maturity | 09/15/2034 | 4200 | 0 | (70) | (70) | 0 | (33) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4656 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4781 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9437 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2262 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1081) |

---

#### 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>(3)</sup> | Variation Margin<br>Asset<sup>(3)</sup> | | Market Value | Variation Margin<br>Liability<sup>(3)</sup> | Variation Margin<br>Liability<sup>(3)</sup> | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5923 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2262 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8208 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10746) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4069) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1081) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15896) |

---

(m) Securities with an aggregate market value of $22,150 and cash of $30,014 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2026.

<sup>(1)</sup> Future styled option variation margin asset of $230 and liablity of $(1) is outstanding at period end. 

<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> Unsettled variation margin asset of $1,624 and liability of $(101) for closed futures is outstanding at period end. 

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 04/2026 | 27217 | $19869 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | $0 |
|  | 04/2026 | 24 | 19 | 0 | 0 |
|  | 04/2026 | $85 | 116 | 0 | (1) |
|  BOA | 04/2026 | 7400 | $1417 | 0 | (11) |
|  | 04/2026 | 5090 | 738 | 0 | (1) |
|  | 04/2026 | 178 | 205 | 0 | (1) |
|  | 04/2026 | 567 | 762 | 12 | 0 |
|  | 04/2026 | 195376 | 2081 | 17 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **69** |

---

------

Consolidated Schedule of Investments PIMCO All Asset: Multi-Real Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2026 | 3903 | $25 | $1 | $0 |
|  | 04/2026 | 568716 | 389 | 10 | 0 |
|  | 04/2026 | 4093 | 1107 | 4 | 0 |
|  | 04/2026 | 1485 | 1171 | 16 | 0 |
|  | 04/2026 | $1411 | 7400 | 18 | 0 |
|  | 04/2026 | $270 | 1860 | 0 | 0 |
|  | 04/2026 | 2925 | 2541 | 15 | (3) |
|  | 04/2026 | 2081 | 195726 | 2 | 0 |
|  | 04/2026 | 3332 | 531693 | 18 | 0 |
|  | 04/2026 | 285 | 5258 | 8 | 0 |
|  | 05/2026 | 2252 | $2592 | 0 | (15) |
|  | 05/2026 | 530092 | 3332 | 0 | (18) |
|  | 05/2026 | $205 | 178 | 1 | 0 |
|  | 06/2026 | 6522 | $2111 | 32 | 0 |
|  | 06/2026 | 26594 | 1483 | 9 | 0 |
|  | 06/2026 | $118 | 625 | 1 | 0 |
|  | 06/2026 | 379 | 1181 | 0 | (2) |
|  | 10/2026 | 7900 | $1446 | 0 | (17) |
|  BPS | 04/2026 | 89925 | 16667 | 0 | (693) |
|  | 04/2026 | 93376 | 68759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1617 | (5) |
|  | 04/2026 | 1794 | 261 | 0 | 0 |
|  | 04/2026 | 89 | 118 | 0 | 0 |
|  | 04/2026 | 6423 | 2080 | 37 | 0 |
|  | 04/2026 | 1412275 | 940 | 3 | (2) |
|  | 04/2026 | 8317 | 4919 | 140 | 0 |
|  | 04/2026 | 1580 | 425 | 0 | (1) |
|  | 04/2026 | 188251 | 5823 | 111 | (3) |
|  | 04/2026 | $2277 | 3254 | 0 | (32) |
|  | 04/2026 | 17139 | 89925 | 223 | (2) |
|  | 04/2026 | 929 | 1257 | 0 | (26) |
|  | 04/2026 | 9165 | 155082032 | 1 | (30) |
|  | 04/2026 | 1533 | 4854 | 12 | 0 |
|  | 04/2026 | 1082 | 1615588 | 2 | (9) |
|  | 04/2026 | 3691 | 13308 | 0 | (107) |
|  | 04/2026 | 3 | 98 | 0 | 0 |
|  | 04/2026 | 5053 | 161520 | 1 | (13) |
|  | 04/2026 | 25136 | $1484 | 1 | 0 |
|  | 05/2026 | 4849 | 1533 | 0 | (12) |
|  | 05/2026 | 394255 | 4167 | 0 | (17) |
|  | 05/2026 | 90482 | 2808 | 0 | (13) |
|  | 05/2026 | $1630 | 8556 | 12 | 0 |
|  | 05/2026 | 2086 | 35501248 | 5 | 0 |
|  | 05/2026 | 414 | 13591 | 0 | (1) |
|  | 06/2026 | 2149 | 11421 | 27 | 0 |
|  | 06/2026 | 1025 | 17274339 | 0 | (10) |
|  | 07/2026 | 22000 | $4088 | 0 | (74) |
|  | 07/2026 | $6935 | 37255 | 112 | 0 |
|  | 10/2026 | 53000 | $9668 | 0 | (141) |
|  BRC | 04/2026 | 184 | 133 | 0 | 0 |
|  | 04/2026 | 177396 | 3851 | 0 | (63) |
|  | 04/2026 | $1035 | 1790 | 0 | (7) |
|  | 04/2026 | 1462 | 5261 | 0 | (45) |
|  | 04/2026 | 1534 | 13914 | 0 | (64) |
|  | 04/2026 | 19404 | 865000 | 39 | 0 |
|  | 04/2026 | 2760 | 45171 | 0 | (94) |
|  | 05/2026 | 51616 | $1107 | 0 | (7) |
|  | 05/2026 | $133 | 184 | 0 | 0 |
|  | 06/2026 | 80 | $26 | 0 | 0 |
|  BSH | 04/2026 | 109300 | 20064 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1037) |
|  | 04/2026 | $21046 | 109300 | 55 | 0 |
|  | 04/2026 | 28658 | 21528 | 0 | (164) |
|  | 04/2026 | 18409 | 2938839 | 109 | 0 |
|  | 04/2026 | 16026 | 27760 | 0 | (74) |
|  | 04/2026 | 4504 | 16292 | 0 | (116) |
|  | 05/2026 | 21528 | $28656 | 164 | 0 |
|  | 05/2026 | 2929986 | 18409 | 0 | (108) |
|  | 05/2026 | 27760 | 16044 | 75 | 0 |
|  | 10/2026 | 116600 | 21523 | 0 | (57) |
|  CBK | 04/2026 | 1791 | 260 | 0 | (1) |
|  | 04/2026 | 11060 | 12807 | 26 | (3) |
|  | 04/2026 | 526 | 701 | 5 | 0 |
|  | 04/2026 | 1491129 | 15955 | 207 | 0 |
|  | 04/2026 | 7370 | 759 | 0 | (3) |

---

---

| | | |
|:---|:---|:---|
| **70** | **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** |
|  | 04/2026 | 5915 | $634 | $9 | $0 |
|  | 04/2026 | 108 | 3 | 0 | 0 |
|  | 04/2026 | 8428 | 264 | 1 | 0 |
|  | 04/2026 | $392 | 531 | 0 | (10) |
|  | 04/2026 | 808 | 5569 | 0 | 0 |
|  | 04/2026 | 2001 | 1508 | 0 | (5) |
|  | 04/2026 | 36387 | 3356048 | 32 | (857) |
|  | 06/2026 | 7362168 | $1896 | 0 | (75) |
|  | 06/2026 | 6885 | 2225 | 31 | 0 |
|  | 06/2026 | $561 | 9432717 | 0 | (7) |
|  | 06/2026 | 2451 | 43341 | 0 | (47) |
|  | 08/2026 | 2168 | 8243351 | 7 | 0 |
|  | 09/2026 | 2261 | 8753709 | 34 | 0 |
|  | 09/2026 | 577 | 10330 | 0 | (9) |
|  CIB | 04/2026 | 45 | $33 | 1 | 0 |
|  DUB | 04/2026 | 2282 | 333 | 2 | 0 |
|  | 04/2026 | 12959 | 4186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | 0 |
|  | 04/2026 | 592606 | 6290 | 40 | (8) |
|  | 04/2026 | $11006 | 16044 | 63 | 0 |
|  | 04/2026 | 130 | 900 | 1 | 0 |
|  | 04/2026 | 6861 | 646872 | 46 | (31) |
|  | 04/2026 | 27406 | 35008 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(177) |
|  | 04/2026 | 1938 | 63288 | 0 | (17) |
|  | 05/2026 | 16044 | $11002 | 0 | (63) |
|  | 05/2026 | 898 | 130 | 0 | (1) |
|  | 05/2026 | 34930 | 27406 | 176 | 0 |
|  | 06/2026 | 63159 | 1938 | 11 | 0 |
|  FAR | 04/2026 | 22730 | 16141 | 459 | 0 |
|  | 04/2026 | 3847 | 4985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 | 0 |
|  | 04/2026 | 26117 | 35294 | 726 | 0 |
|  | 04/2026 | 902165 | 5774 | 89 | 0 |
|  | 04/2026 | 4 | 3 | 0 | 0 |
|  | 04/2026 | $3252 | 2591 | 0 | (11) |
|  | 04/2026 | 22927 | 3659125 | 129 | 0 |
|  | 04/2026 | 1624 | 5860 | 0 | (45) |
|  | 04/2026 | 148 | 189 | 0 | (1) |
|  | 05/2026 | 2582 | $3252 | 11 | 0 |
|  | 05/2026 | 8064 | 2548 | 0 | (20) |
|  | 05/2026 | 3648072 | 22927 | 0 | (128) |
|  | 05/2026 | 189 | 148 | 1 | 0 |
|  | 06/2026 | 4643 | 1506 | 26 | 0 |
|  | 06/2026 | $4939 | 86041 | 0 | (168) |
|  | 09/2026 | 469 | 8276 | 0 | (13) |
|  GLM | 04/2026 | 243782 | $43864 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3199) |
|  | 04/2026 | 6295 | 2025 | 22 | 0 |
|  | 04/2026 | 18143 | 199 | 7 | 0 |
|  | 04/2026 | $45978 | 243782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085 | 0 |
|  | 04/2026 | 737 | 5063 | 0 | (2) |
|  | 04/2026 | 253 | 4273067 | 0 | (1) |
|  | 04/2026 | 2416 | 219820 | 0 | (95) |
|  | 04/2026 | 2401 | 44268 | 68 | 0 |
|  | 04/2026 | 1586 | 5712 | 0 | (47) |
|  | 04/2026 | 1038 | 34053 | 0 | (4) |
|  | 05/2026 | 7 | 5 | 0 | 0 |
|  | 06/2026 | 3 | $0 | 0 | 0 |
|  | 06/2026 | 12087794 | 717 | 6 | 0 |
|  | 06/2026 | 33992 | 1038 | 1 | 0 |
|  | 06/2026 | $353 | 1877 | 5 | 0 |
|  | 06/2026 | 1263 | 21370756 | 0 | (6) |
|  | 06/2026 | 8182 | 143817 | 0 | (207) |
|  | 07/2026 | 75600 | $14033 | 0 | (267) |
|  | 07/2026 | $16863 | 91277 | 403 | 0 |
|  JPM | 04/2026 | 61347 | $10440 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1403) |
|  | 04/2026 | 3382 | 490 | 0 | (1) |
|  | 04/2026 | 309154 | 3288 | 23 | 0 |
|  | 04/2026 | 8857 | 2411 | 29 | (4) |
|  | 04/2026 | 33684 | 26729 | 529 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **71** |

---

------

Consolidated Schedule of Investments PIMCO All Asset: Multi-Real Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2026 | $11673 | 61347 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | $0 |
|  | 04/2026 | 137 | 947 | 1 | 0 |
|  | 04/2026 | 4926 | 4199 | 0 | (73) |
|  | 04/2026 | 3288 | 309683 | 7 | 0 |
|  | 04/2026 | 8489 | 152465 | 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
|  | 04/2026 | 6767 | 112997 | 0 | (98) |
|  | 04/2026 | 48166 | $2836 | 2 | (9) |
|  | 05/2026 | 424 | 291 | 0 | (2) |
|  | 05/2026 | 944 | 137 | 0 | (1) |
|  | 05/2026 | 58546 | 9032 | 0 | (38) |
|  | 05/2026 | $767 | 4047 | 9 | 0 |
|  | 06/2026 | 4342 | $1405 | 21 | 0 |
|  | 06/2026 | 29965 | 1670 | 9 | 0 |
|  | 06/2026 | $12 | 202824 | 0 | 0 |
|  | 06/2026 | 358 | 1112 | 0 | (4) |
|  | 07/2026 | 21800 | $4030 | 0 | (94) |
|  | 10/2026 | 15000 | 2731 | 0 | (45) |
|  MBC | 04/2026 | 477 | 333 | 4 | 0 |
|  | 04/2026 | 632 | 800 | 9 | 0 |
|  | 04/2026 | 58888 | 9317 | 209 | 0 |
|  | 04/2026 | 3866 | 4465 | 6 | (9) |
|  | 04/2026 | 294 | 394 | 5 | 0 |
|  | 04/2026 | 2963893 | 18800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) |
|  | 04/2026 | 2597358 | 1775 | 48 | 0 |
|  | 04/2026 | 1771 | 183 | 0 | 0 |
|  | 04/2026 | 2251 | 1343 | 50 | 0 |
|  | 04/2026 | 9535 | 1015 | 8 | 0 |
|  | 04/2026 | 69333 | 2181 | 76 | 0 |
|  | 04/2026 | $2740 | 3909 | 0 | (43) |
|  | 04/2026 | 2408 | 1886 | 0 | (50) |
|  | 04/2026 | 2548 | 2204 | 5 | (6) |
|  | 04/2026 | 6307 | 4710 | 0 | (72) |
|  | 04/2026 | 8804 | 1406092 | 56 | 0 |
|  | 04/2026 | 715 | 13189 | 21 | 0 |
|  | 04/2026 | 933 | 9134 | 10 | 0 |
|  | 05/2026 | 1127674 | $7073 | 0 | (53) |
|  | 05/2026 | 9134 | 933 | 0 | (10) |
|  | 05/2026 | $137 | 103 | 0 | (1) |
|  | 06/2026 | 3456 | $191 | 0 | 0 |
|  MYI | 04/2026 | 375 | 275 | 5 | 0 |
|  | 04/2026 | 43243 | 278 | 5 | 0 |
|  | 04/2026 | 850 | 240 | 11 | 0 |
|  | 06/2026 | 177268 | 11 | 0 | 0 |
|  SCX | 04/2026 | 163 | 120 | 3 | 0 |
|  | 04/2026 | 122 | 163 | 1 | 0 |
|  | 04/2026 | 709517 | 4548 | 78 | 0 |
|  | 04/2026 | 18982 | 11348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441 | 0 |
|  | 04/2026 | 5329 | 167 | 6 | 0 |
|  | 04/2026 | $19682 | 27250 | 0 | (93) |
|  | 04/2026 | 4738 | 431745 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178) |
|  | 04/2026 | 888 | 3213 | 0 | (23) |
|  | 04/2026 | 361 | 11515 | 0 | (1) |
|  | 05/2026 | 27212 | $19682 | 92 | 0 |
|  | 06/2026 | $2120 | 35751217 | 0 | (18) |
|  SOG | 04/2026 | 58877 | $69688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635 | 0 |
|  | 04/2026 | 3913429 | 25151 | 493 | 0 |
|  | 04/2026 | $75063 | 65037 | 120 | (9) |
|  | 04/2026 | 161 | 1538 | 2 | 0 |
|  | 05/2026 | 64695 | $74776 | 0 | (116) |
|  | 05/2026 | 1536 | 161 | 0 | (2) |
|  | 06/2026 | 3273 | 1061 | 17 | 0 |
|  UAG | 04/2026 | 3986 | 1083 | 10 | 0 |
|  | 04/2026 | $4602 | 16642 | 0 | (119) |
|  | 06/2026 | 9096255 | $2345 | 0 | (91) |
|  | 06/2026 | 5319 | 1721 | 25 | 0 |
|  | 06/2026 | 4407 | 246 | 1 | 0 |
|  | 06/2026 | $3081 | 53779 | 0 | (99) |
|  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;11603 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11428) |

---

72 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 |
|  GST | Put - OTC CDX.IG-45 5-Year Index | Sell | 0.850% | 05/20/2026 | 7800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |

---

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BRC Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.440% | 01/25/2027 | 7500 | $(67) | $(23) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.440 | 01/25/2027 | 7500 | (67) | (101) |
| GLM Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.350 | 01/07/2027 | 22700 | (206) | (59) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.350 | 01/07/2027 | 22700 | (206) | (340) |
| Call - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.500 | 01/14/2027 | 42700 | (391) | (154) |
| Put - OTC 2-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.500 | 01/14/2027 | 42700 | (392) | (543) |
|  |  |  |  |  |  | $(1329) | $(1220) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1338) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1227) |

---

#### SWAP AGREEMENTS:

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(2)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Swap Agreements,**<br> **at Value** | **Swap Agreements,**<br> **at Value** |
| Counterparty | Pay/Receive<sup>(2)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | Receive | MLPIREIL Index<sup>(5)</sup> | 1118548 | 4.290% (FEDL01 plus a specified spread) | Monthly | 06/10/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107021 | $0 | $1044 | $1044 | $0 |
|  | Pay | MLPIREIS Index<sup>(6)</sup> | 1139698 | 4.140% (FEDL01 plus a specified spread) | Monthly | 06/10/2026 | 106170 | 0 | 286 | 286 | 0 |
| BPS | Receive | BCOMF1NTC Index | 50337 | 0.120% | Monthly | 03/15/2027 | 6332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | (88) | 0 | (88) |
| CBK | Receive | DWRTFT Index | 11801 | 4.140% (SOFR plus a specified spread) | Monthly | 05/06/2026 | 173849 | 0 | (568) | 0 | (568) |
|  | Receive | DWRTFT Index | 7350 | 4.170% (SOFR plus a specified spread) | Monthly | 07/15/2026 | 108268 | 0 | (399) | 0 | (399) |
|  | Receive | DWRTFT Index | 7685 | 4.200% (SOFR plus a specified spread) | Monthly | 08/05/2026 | 113203 | 0 | (420) | 0 | (420) |
|  | Receive | DWRTFT Index | 9844 | 4.300% (SOFR plus a specified spread) | Monthly | 11/04/2026 | 145005 | 0 | (551) | 0 | (551) |
|  | Receive | DWRTFT Index | 432 | 4.340% (SOFR plus a specified spread) | Monthly | 11/04/2026 | 6363 | 0 | (24) | 0 | (24) |
| CIB | Receive | PIMCODB Index(7) | 1079763 | 0.000% | Monthly | 06/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283238 | 0 | 7629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7629 | 0 |
| GST | Receive | BCOMF1NTC Index<sup></sup> | 14108 | 3.820% (3-Month U.S. Treasury Bill rate plus a specified spread) | Monthly | 04/15/2026 | 4867 | 0 | (398) | 0 | (398) |
|  | Receive | PIMCODB Index(8) | 568036 | 0.000% | Monthly | 04/15/2026 | 77945 | 0 | 2356 | 2356 | 0 |
| JPM | Receive | DWRTFT Index | 11127 | 4.060% (SOFR plus a specified spread) | Monthly | 04/01/2026 | 171281 | 0 | (7827) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7827) |
|  | Receive | AMZX Index | 9354 | 4.000% (SOFR plus a specified spread) | Monthly | 07/08/2026 | 28157 | 0 | (93) | 0 | (93) |
|  | Receive | JMABNIC5 Index(9) | 716290 | 0.000% | Monthly | 07/15/2026 | 174113 | 0 | 984 | 984 | 0 |
|  | Receive | AMZX Index | 25842 | 4.070% (SOFR plus a specified spread) | Monthly | 11/04/2026 | 77788 | 0 | (261) | 0 | (261) |
|  | Receive | Alerian Midstream<br>Energy Total<br>Return Index | 72204 | 4.430% (SOFR less a specified spread) | Monthly | 12/09/2026 | 106469 | 0 | (378) | 0 | (378) |
| MAC | Receive | PIMCODB Index(10) | 597158 | 0.000% | Monthly | 08/17/2026 | 147162 | 0 | 2670 | 2670 | 0 |
| MYI | Receive | DWRTFT Index | 3965 | 4.250% (SOFR plus a specified spread) | Monthly | 11/04/2026 | 58406 | 0 | (219) | 0 | (219) |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3743 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14969 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11226) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **73** |

---

------

Consolidated Schedule of Investments PIMCO All Asset: Multi-Real Fund (Cont.)

#### VOLATILITY SWAPS

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<br>Volatility | Volatility<br>Strike | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<br>Volatility | Volatility<br>Strike | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  CBK | Pay<br> GOLDLNPM Index<sup>(3)</sup> | 4.951% | Maturity | 11/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22472 | $0 | $(579) | $0 | $(579) |
|  MYC | Pay<br> GOLDLNPM Index<sup>(3)</sup> | 4.431 | Maturity | 10/18/2027 | 4790 | 0 | (142) | 0 | (142) |
|  |  |  |  |  |  | $0 | $(721) | $0 | $(721) |
|  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;3022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14969 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11947) |

---

#### 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> |
|  AZD | $303 | $0 | $0 | $303 | $(1) | $0 | $0 | $(1) | $302 | $(320) | $(18) |
|  BOA | 164 | 0 | 1330 | 1494 | (68) | 0 | 0 | (68) | 1426 | (1201) | 225 |
|  BPS | 2304 | 0 | 0 | 2304 | (1191) | 0 | (88) | (1279) | 1025 | (1163) | (138) |
|  BRC | 39 | 0 | 0 | 39 | (280) | (124) | 0 | (404) | (365) | 459 | 94 |
|  BSH | 403 | 0 | 0 | 403 | (1556) | 0 | 0 | (1556) | (1153) | 997 | (156) |
|  CBK | 352 | 0 | 0 | 352 | (1017) | 0 | (2541) | (3558) | (3206) | 44902 | 41696 |
|  CIB | 1 | 0 | 7629 | 7630 | 0 | 0 | 0 | 0 | 7630 | (7660) | (30) |
|  DUB | 402 | 0 | 0 | 402 | (297) | 0 | 0 | (297) | 105 | 0 | 105 |
|  FAR | 1614 | 0 | 0 | 1614 | (386) | 0 | 0 | (386) | 1228 | (1470) | (242) |
|  GLM | 1597 | 0 | 0 | 1597 | (3828) | (1096) | 0 | (4924) | (3327) | 2187 | (1140) |
|  GST | 0 | 0 | 2356 | 2356 | 0 | (7) | (398) | (405) | 1951 | (2090) | (139) |
|  JPM | 825 | 0 | 984 | 1809 | (1788) | 0 | (8559) | (10347) | (8538) | 1122 | (7416) |
|  MAC | 0 | 0 | 2670 | 2670 | 0 | 0 | 0 | 0 | 2670 | (3120) | (450) |
|  MBC | 654 | 0 | 0 | 654 | (267) | 0 | 0 | (267) | 387 | (360) | 27 |
|  MYC | 0 | 0 | 0 | 0 | 0 | 0 | (142) | (142) | (142) | 0 | (142) |
|  MYI | 21 | 0 | 0 | 21 | 0 | 0 | (219) | (219) | (198) | 4950 | 4752 |
|  SCX | 621 | 0 | 0 | 621 | (313) | 0 | 0 | (313) | 308 | (310) | (2) |
|  SOG | 2267 | 0 | 0 | 2267 | (127) | 0 | 0 | (127) | 2140 | (2560) | (420) |
|  UAG | 36 | 0 | 0 | 36 | (309) | 0 | 0 | (309) | (273) | 278 | 5 |
|  Total Over the Counter | $11603 | $0 | $14969 | $26572 | $(11428) | $(1227) | $(11947) | $(24602) |  |  |  |

---

(o) Securities with an aggregate market value of $57,787 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> 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>(3)</sup> Variance Swap

<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. 

---

| | | |
|:---|:---|:---|
| **74** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

<sup>(5)</sup> The following table represents the top 50 individual positions and related values within the total return basket swap as of March 31, 2026: 

---

| | | |
|:---|:---|:---|
| Referenced Entity | **%**<br> **of Index** | Value |
|  Real Estate |  |  |
|  American Homes 4 Rent | 3.0% | $3211 |
|  American Tower Corp. | 7.0 | 7492 |
|  Apple Hospitality REIT, Inc. | 4.3 | 4602 |
|  Avalonbay Communities, Inc. | 3.4 | 3639 |
|  Camden Property Trust | 0.5 | 535 |
|  Crown Castle International Corp. | 6.5 | 6956 |
|  Cubesmart | 0.9 | 963 |
|  DiamondRock Hospitality Company | 1.4 | 1498 |
|  Digital Realty Trust, Inc. | 3.1 | 3318 |
|  EPR Properties | 0.2 | 214 |
|  Equinix, Inc. | 3.6 | 3853 |
|  Equity Lifestyle Properties, Inc. | 3.8 | 4067 |
|  Equity Residential | 3.8 | 4067 |
|  Essex Property Trust, Inc. | 0.7 | 749 |
|  Extra Space Storage, Inc. | 0.2 | 214 |
|  Federal Realty Investment Trust | 0.6 | 642 |
|  Gaming and Leisure Properties, Inc. | 5.1 | 5458 |
|  Healthcare Realty Trust Incorporated | 1.3 | 1391 |
|  Healthpeak Properties, Inc. | 3.0 | 3211 |
|  Host Hotels & Resorts, Inc. | 2.1 | 2247 |
|  Invitation Homes, Inc. | 5.6 | 5993 |
|  Kimco Realty Corporation | 3.6 | 3853 |
|  Kite Realty Group Trust | 4.3 | 4602 |
|  NNN REIT, Inc. | 1.6 | 1712 |
|  Park Hotels & Resorts, Inc. | 0.6 | 642 |
|  Phillips Edison & Company, Inc. | 0.0 |  |
|  Public Storage | 1.4 | 1498 |
|  Ryman Hospitality Properties, Inc. | 4.2 | 4495 |
|  SBA Communications Corporation | 6.7 | 7171 |
|  Simon Property Group, Inc. | 4.5 | 4816 |
|  Sun Communities, Inc. | 1.5 | 1605 |
|  The Macerich Co. | 2.1 | 2247 |
|  UDR, Inc. | 3.1 | 3318 |
|  VICI Properties, Inc. | 5.5 | 5886 |
|  Vornado Realty Trust | 0.8 | 856 |
|  Total Real Estate |  | $107021 |
|  Total Value |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107021 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 75

------

Consolidated Schedule of Investments PIMCO All Asset: Multi-Real Fund (Cont.)

<sup>(6)</sup> The following table represents the top 50 individual positions and related values within the total return basket swap as of March 31, 2026: 

---

| | | |
|:---|:---|:---|
| Referenced Entity | **%**<br> **of Index** | Value |
|  Real Estate |  |  |
|  Acadia Realty Trust | 1.1% | $1168 |
|  Agree Realty Corp. | 4.7 | 4990 |
|  American Assets Trust, Inc. | 1.6 | 1699 |
|  American Healhcare REIT, Inc. | 6.8 | 7220 |
|  Brixmor Property Group, Inc. | 2.7 | 2867 |
|  BXP, Inc. | 1.7 | 1805 |
|  Caretrust REIT, Inc. | 7.3 | 7750 |
|  Copt Defense Properties | 6.1 | 6476 |
|  Cousins Properties, Inc. | 2 | 2123 |
|  Curbline Properties Corp. | 3.5 | 3716 |
|  Douglas Emmett, Inc. | 1.8 | 1911 |
|  Eastgroup Properties, Inc. | 2.8 | 2973 |
|  Essential Properties Realty Trust, Inc. | 5.3 | 5627 |
|  First Industrial Realy Trust, Inc. | 2.1 | 2230 |
|  Highwoods Properties, Inc. | 2.5 | 2654 |
|  Independence Realty Trust, Inc. | 1.9 | 2017 |
|  JBG Smith Properties | 1.7 | 1805 |
|  Kilroy Realty Corporation | 1.6 | 1699 |
|  LXP Industrial Trust | 3.2 | 3397 |
|  Mid-America Apartment Communities, Inc. | 0.2 | 212 |
|  Omega Healthcare Investors, Inc. | 4.4 | 4671 |
|  Pebblebrook Hotel Trust | 1.7 | 1805 |
|  Prologics, Inc. | 2.9 | 3079 |
|  Realty Income Corporation | 1.7 | 1805 |
|  Regency Centers Corporation | 1.5 | 1593 |
|  Rexford Industrial Realty, Inc. | 0.5 | 531 |
|  Sabra Health Care REIT, Inc. | 1.4 | 1486 |
|  Stag Industrial, Inc. | 3 | 3185 |
|  Sunstone Hotel Investors, Inc. | 1.8 | 1911 |
|  Tanger, Inc. | 1.4 | 1486 |
|  Terreno Realty Corporation | 3.7 | 3928 |
|  Urban Edge Properties | 1 | 1062 |
|  Ventas, Inc. | 6.3 | 6689 |
|  Welltower, Inc. | 7.1 | 7538 |
|  WP Carey, Inc. | 1 | 1062 |
|  Total Real Estate |  | $106170 |
|  Total Value |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106170 |

---

76 PRIVATE ACCOUNT PORTFOLIO SERIES See Accompanying Notes

------

March 31, 2026

<sup>(7)</sup> The following table represents the individual positions within the total return swap as of March 31, 2026: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum May 2026 Futures | 10.1% | $28946 |
|  Aluminum September 2026 Futures | 3.3 | 9319 |
|  Arabica Coffee May 2026 Futures | 2.7 | 7732 |
|  Arabica Coffee September 2026 Futures | 2.7 | 7506 |
|  Brent Crude July 2026 Futures | 2.1 | 5835 |
|  Brent Crude September 2026 Futures | 3.6 | 10055 |
|  Copper May 2026 Futures | 4.8 | 13680 |
|  Copper September 2026 Futures | 0.2 | 538 |
|  Corn May 2026 Futures | 1.9 | 5325 |
|  Corn September 2026 Futures | 0.2 | 566 |
|  Cotton No. 02 December 2026 Futures | 0.2 | 453 |
|  Gas Oil May 2026 Futures | 2.0 | 5580 |
|  Gas Oil September 2026 Futures | 1.4 | 3965 |
|  Gold 100 oz. August 2026 Futures | 0.6 | 1728 |
|  Gold 100 oz. June 2026 Futures | 1.9 | 5325 |
|  Hard Red Winter Wheat September 2026 Futures | 2.4 | 6883 |
|  Lead May 2026 Futures | 0.6 | 1558 |
|  Lean Hogs August 2026 Futures | 4.0 | 11245 |
|  Live Cattle August 2026 Futures | 2.9 | 8214 |
|  Live Cattle June 2026 Futures | 3.7 | 10621 |
|  New York Harbor ULSD May 2026 Futures | 1.9 | 5495 |
|  New York Harbor ULSD September 2026 Futures | 4.0 | 11330 |
|  Nickel May 2026 Futures | 1.4 | 3852 |
|  Nickel September 2026 Futures | 2.5 | 7053 |
|  NYMEX — Natural Gas September 2026 Futures | 0.9 | 2549 |
|  RBOB Gasoline May 2026 Futures | 2.2 | 6316 |
|  RBOB Gasoline September 2026 Futures | 5.6 | 15833 |
|  Silver May 2026 Futures | 3.7 | 10621 |
|  Silver September 2026 Futures | 0.2 | 482 |
|  Soybean Meal December 2026 Futures | 3.1 | 8865 |
|  Soybean Meal May 2026 Futures | 1.9 | 5410 |
|  Soybean Oil December 2026 Futures | 0.7 | 2039 |
|  Soybean Oil May 2026 Futures | 2.4 | 6826 |
|  Soybeans May 2026 Futures | 3.0 | 8525 |
|  Soybeans November 2026 Futures | 6.2 | 17646 |
|  Sugar No. 11 October 2026 Futures | 0.4 | 1076 |
|  Wheat September 2026 Futures | 2.2 | 6090 |
|  WTI Crude May 2026 Futures | 1.9 | 5297 |
|  WTI Crude September 2026 Futures | 3.5 | 9800 |
|  Zinc May 2026 Futures | 3.7 | 10565 |
|  Zinc September 2026 Futures | 1.4 | 4022 |
|  Total Long Futures Contracts |  | $294766 |
|  Cash | (4.1)% | $(11528) |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283238 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **77** |

---

------

Consolidated Schedule of Investments PIMCO All Asset: Multi-Real Fund (Cont.)

<sup>(8)</sup> The following table represents the individual positions within the total return swap as of March 31, 2026: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum August 2026 Futures | 3.4% | $2649 |
|  Aluminum May 2026 Futures | 9.8 | 7598 |
|  Arabica Coffee May 2026 Futures | 3.0 | 2353 |
|  Arabica Coffee September 2026 Futures | 2.4 | 1903 |
|  Brent Crude June 2026 Futures | 2.2 | 1743 |
|  Brent Crude September 2026 Futures | 3.5 | 2767 |
|  Copper May 2026 Futures | 4.8 | 3737 |
|  Copper September 2026 Futures | 0.2 | 151 |
|  Corn May 2026 Futures | 0.9 | 697 |
|  Corn September 2026 Futures | 0.1 | 70 |
|  Cotton No. 02 December 2026 Futures | 0.2 | 124 |
|  Gas Oil August 2026 Futures | 1.4 | 1085 |
|  Gas Oil May 2026 Futures | 2.1 | 1657 |
|  Gold 100 oz. August 2026 Futures | 0.6 | 480 |
|  Gold 100 oz. June 2026 Futures | 1.9 | 1480 |
|  Hard Red Winter Wheat September 2026 Futures | 2.4 | 1844 |
|  Lead May 2026 Futures | 0.5 | 419 |
|  Lean Hogs August 2026 Futures | 3.8 | 2985 |
|  Live Cattle August 2026 Futures | 2.8 | 2205 |
|  Live Cattle June 2026 Futures | 3.7 | 2913 |
|  New York Harbor ULSD August 2026 Futures | 4.4 | 3431 |
|  New York Harbor ULSD May 2026 Futures | 2.1 | 1662 |
|  Nickel August 2026 Futures | 2.4 | 1853 |
|  Nickel May 2026 Futures | 1.3 | 1020 |
|  NYMEX — Natural Gas August 2026 Futures | 0.9 | 670 |
|  RBOB Gasoline August 2026 Futures | 5.7 | 4425 |
|  RBOB Gasoline May 2026 Futures | 2.4 | 1907 |
|  Silver May 2026 Futures | 3.9 | 3028 |
|  Silver September 2026 Futures | 0.2 | 141 |
|  Soybean Meal December 2026 Futures | 3.0 | 2309 |
|  Soybean Meal May 2026 Futures | 0.9 | 681 |
|  Soybean Oil December 2026 Futures | 0.7 | 564 |
|  Soybean Oil May 2026 Futures | 2.5 | 1921 |
|  Soybeans May 2026 Futures | 4.0 | 3116 |
|  Soybeans November 2026 Futures | 7.3 | 5685 |
|  Sugar No. 11 October 2026 Futures | 0.3 | 232 |
|  Wheat September 2026 Futures | 2.1 | 1607 |
|  WTI Crude August 2026 Futures | 3.5 | 2752 |
|  WTI Crude May 2026 Futures | 2.1 | 1674 |
|  Zinc August 2026 Futures | 0.3 | 206 |
|  Zinc May 2026 Futures | 3.0 | 2321 |
|  Total Long Futures Contracts |  | $80065 |
|  Cash | (2.7)% | $(2120) |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77945 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(9)</sup> The following table represents the individual positions within the total return swap as of March 31, 2026: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Brent Crude September 2026 Futures | 24.2% | $42147 |
|  Cotton No. 02 May 2026 Futures | 1.6 | 2799 |
|  Gas Oil August 2026 Futures | 5.5 | 9635 |
|  Gold 100 oz. June 2026 Futures | 14.6 | 25392 |
|  Live Cattle June 2026 Futures | 5.8 | 10164 |
|  LME — Copper May 2026 Futures | 6.6 | 11525 |
|  New York Harbor ULSD August 2026 Futures | 5.1 | 8924 |
|  Nickel May 2026 Futures | 3.0 | 5148 |
|  RBOB Gasoline August 2026 Futures | 4.8 | 8302 |
|  Silver May 2026 Futures | 3.6 | 6190 |
|  Soybean Meal May 2026 Futures | 9.8 | 17080 |
|  Soybeans May 2026 Futures | 12.5 | 21754 |
|  Sugar No. 11 May 2026 Futures | 2.9 | 4972 |
|  Total Long Futures Contracts |  | $174032 |
|  Cash | 0.0% | $81 |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174113 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

---

| | | |
|:---|:---|:---|
| **78** | **PRIVATE ACCOUNT PORTFOLIO SERIES** | See Accompanying Notes |

---

------

March 31, 2026

<sup>(10)</sup> The following table represents the individual positions within the total return swap as of March 31, 2026: 

---

| | | |
|:---|:---|:---|
| Referenced Commodity — Long Futures Contracts | **%**<br> **of Index** | **Notional**<br> **Amount\*** |
|  Aluminum June 2026 Futures | 10.4% | $15387 |
|  Aluminum September 2026 Futures | 3.3 | 4917 |
|  Arabica Coffee July 2026 Futures | 2.8 | 4082 |
|  Arabica Coffee September 2026 Futures | 2.7 | 3945 |
|  Brent Crude August 2026 Futures | 2.0 | 2890 |
|  Brent Crude November 2026 Futures | 3.4 | 4948 |
|  Copper July 2026 Futures | 4.8 | 7265 |
|  Copper September 2026 Futures | 0.2 | 288 |
|  Corn July 2026 Futures | 1.9 | 2772 |
|  Corn September 2026 Futures | 0.2 | 298 |
|  Cotton No. 02 December 2026 Futures | 0.2 | 230 |
|  Gas Oil August 2026 Futures | 2.0 | 2872 |
|  Gas Oil November 2026 Futures | 1.4 | 2022 |
|  Gold 100 oz. December 2026 Futures | 0.6 | 929 |
|  Gold 100 oz. June 2026 Futures | 1.9 | 2841 |
|  Hard Red Winter Wheat September 2026 Futures | 2.5 | 3622 |
|  Lead June 2026 Futures | 0.6 | 816 |
|  Lean Hogs October 2026 Futures | 3.9 | 5808 |
|  Live Cattle June 2026 Futures | 3.8 | 5607 |
|  Live Cattle October 2026 Futures | 2.9 | 4319 |
|  New York Harbor ULSD August 2026 Futures | 1.9 | 2766 |
|  New York Harbor ULSD November 2026 Futures | 3.9 | 5694 |
|  Nickel June 2026 Futures | 1.4 | 1996 |
|  Nickel September 2026 Futures | 2.5 | 3635 |
|  NYMEX — Natural Gas September 2026 Futures | 0.9 | 1294 |
|  RBOB Gasoline August 2026 Futures | 2.2 | 3197 |
|  RBOB Gasoline November 2026 Futures | 5.3 | 7913 |
|  Silver July 2026 Futures | 4.0 | 5876 |
|  Silver September 2026 Futures | 0.2 | 269 |
|  Soybean Meal December 2026 Futures | 3.2 | 4662 |
|  Soybean Meal July 2026 Futures | 1.9 | 2834 |
|  Soybean Oil December 2026 Futures | 0.7 | 1063 |
|  Soybean Oil July 2026 Futures | 2.4 | 3575 |
|  Soybeans July 2026 Futures | 3.0 | 4484 |
|  Soybeans November 2026 Futures | 6.2 | 9299 |
|  Sugar No. 11 October 2026 Futures | 0.4 | 553 |
|  Wheat September 2026 Futures | 2.2 | 3202 |
|  WTI Crude August 2026 Futures | 1.8 | 2608 |
|  WTI Crude November 2026 Futures | 3.3 | 4807 |
|  Zinc June 2026 Futures | 3.8 | 5575 |
|  Zinc September 2026 Futures | 1.5 | 2134 |
|  Total Long Futures Contracts |  | $153294 |
|  Cash | (4.2)% | $(6132) |
|  Total Notional Amount |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147162 |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

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

Fair Values of Financial Derivative Instruments on the Consolidated Statements of Assets and Liabilities as of 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; Purchased Options  | $23 | $0 | $0 | $0 | $0 | $23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 2010 | 0 | 1128 | 0 | 2785 | 5923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 2262 | 2262 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5047 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8208 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 79

------

Consolidated Schedule of Investments PIMCO All Asset: Multi-Real Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $11603 | $0 | $11603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 13639 | 0 | 1330 | 0 | 0 | 14969 |
|  | $13639 | $0 | $1330 | $11603 | $0 | $26572 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15672 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2458 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11603 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5047 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34780 |
|  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  | $10746 | $0 | $0 | $0 | $0 | $10746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 2796 | 0 | 0 | 0 | 1273 | 4069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1081 | 1081 |
|  | $13542 | $0 | $0 | $0 | $2354 | $15896 |
|  Over 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 | $11428 | $0 | $11428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 7 | 0 | 0 | 1220 | 1227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 1207 | 0 | 10740 | 0 | 0 | 11947 |
|  | $1207 | $7 | $10740 | $11428 | $1220 | $24602 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14749 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10740 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11428 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3574 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40498 |

---

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; Purchased Options  | $55 | $0 | $0 | $0 | $0 | $55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 1036 | 0 | 0 | 0 | 0 | 1036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | (80491) | 0 | 2265 | 0 | (547) | (78773) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 11202 | 11202 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79400) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $2265 | $0 | $10655 | $(66480) |
|  Over 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 | $(14278) | $0 | $(14278) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 843 | 843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 180807 | 0 | 62345 | 0 | 0 | 243152 |
|  | $180807 | $0 | $62345 | $(14278) | $843 | $229717 |
|  | $101407 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64610 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14278) | $11498 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163237 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $(65) | $0 | $0 | $0 | $0 | $(65) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | (5577) | 0 | 0 | 0 | 0 | (5577) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 3605 | 0 | 0 | 0 | 2709 | 6314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1701) | (1701) |
|  | $(2037) | $0 | $0 | $0 | $1008 | $(1029) |
|  Over 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 | $2043 | $0 | $2043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 2 | 0 | 0 | (626) | (624) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 3764 | 0 | (6466) | 0 | 0 | (2702) |
|  | $3764 | $2 | $(6466) | $2043 | $(626) | $(1283) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6466) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043 | $382 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2312) |

---

80 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 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 |
|  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 | $11061 | $0 | $11061 |
| &nbsp;&nbsp; Industrials | 0 | 12269 | 0 | 12269 |
| &nbsp;&nbsp; Utilities | 0 | 321 | 0 | 321 |
|  U.S. Government Agencies | 0 | 479251 | 0 | 479251 |
|  U.S. Treasury Obligations | 0 | 2377280 | 0 | 2377280 |
|  Non-Agency Mortgage-<br>Backed Securities | 0 | 22879 | 18215 | 41094 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; CMBS Other | 0 | 20458 | 0 | 20458 |
| &nbsp;&nbsp; Home Equity Other | 0 | 27320 | 0 | 27320 |
| &nbsp;&nbsp; Manufacturing House<br> ABS Other | 0 | 718 | 0 | 718 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 12176 | 0 | 12176 |
| &nbsp;&nbsp; Other ABS | 0 | 101769 | 0 | 101769 |
|  Sovereign Issues | 0 | 160480 | 0 | 160480 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Consumer Discretionary | 1865 | 0 | 0 | 1865 |
| &nbsp;&nbsp; Real Estate | 2781 | 0 | 0 | 2781 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 224 | 0 | 224 |
|  Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts |
| &nbsp;&nbsp; Real Estate | 558289 | 0 | 0 | 558289 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 270 | 0 | 0 | 270 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 582697 | 0 | 582697 |
| &nbsp;&nbsp; Turkey Treasury Bills | 0 | 670 | 0 | 670 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 8877 | 0 | 8877 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563205 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3818450 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18215 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4399870 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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<br> for Cash<br> Management Purposes | $13522 | $0 | $0 | $13522 |
|  Total Investments | $576727 | $3818450 | $18215 | $4413392 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or<br>centrally cleared | 3947 | 2637 | 0 | 6584 |
|  Over the counter | 0 | 26572 | 0 | 26572 |
|  | $3947 | $29209 | $0 | $33156 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or<br>centrally cleared | (14266) | (1529) | 0 | (15795) |
|  Over the counter | 0 | (24602) | 0 | (24602) |
|  | $(14266) | $(26131) | $0 | $(40397) |
|  Total Financial<br>Derivative Instruments | $(10319) | $3078 | $0 | $(7241) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566408 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3821528 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18215 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4406151 |

---

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 | **81** |

---

------

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 funds (each, a "Fund" and collectively, the "Funds") indicated on the cover of this report. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Funds. Research Affiliates, LLC ("Research Affiliates") serves as the sub-adviser to the Funds.

Shares of the Funds have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state. Each Fund issues its shares only in private placement transactions in accordance with Regulation D or other applicable exemptions under the Securities Act.

The PIMCO All Asset: Multi-Real Fund has established PIMCO All Asset: Multi-Real Fund (Cayman) Ltd., a Cayman Islands exempted company (the "Subsidiary"), which is wholly-owned and controlled by the Fund. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Subsidiary.

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

Each 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 offering memorandum supplement, act as the Funds' CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its offering memorandum, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's

single segment, is consistent with that presented within the Funds' financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP, including but not limited to ASC 946. The functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

---

| | |
|:---|:---|
| **82** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

March 31, 2026

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes A Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which a Fund invests. These foreign taxes, if any, are paid by a Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of March 31, 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 Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign

denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

(d) Distributions to Shareholders The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Distribution Frequency | Distribution Frequency | Distribution Frequency | Distribution Frequency |
| Fund Name | Declared | Declared | Distributed | Distributed |
|  PIMCO All Asset: Multi-RAE PLUS Fund |  | Quarterly |  | Quarterly |
|  PIMCO All Authority: Multi-RAE PLUS Fund |  | Quarterly |  | Quarterly |
|  PIMCO All Asset: Multi-Real Fund |  | Quarterly |  | Quarterly |

---

Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than annually. A Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund's annual financial statements presented under U.S. GAAP.

Separately, if a Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund's daily internal accounting records and practices, a Fund's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **83** |

---

------

Notes to Financial Statements (Cont.)

differences may include but are not limited to, for certain funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at a Fund's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(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 price of a Fund's shares is based on the Fund's net asset value ("NAV"). The NAV of a Fund, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, each Funds' shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Funds or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, each Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that each Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that a Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5

---

| | |
|:---|:---|
| **84** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

March 31, 2026

under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

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

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments

based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of a Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that a Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in each Fund's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which a Fund may transact.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by a Fund normally will be taken into account in calculating the NAV. A Fund's whole loan investments, including those originated by the Fund or through an alternative lending platform, generally are fair valued by the Valuation Designee in accordance with procedures approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of a Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **85** |

---

------

Notes to Financial Statements (Cont.)

ensure that fair values accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. The Funds' use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in each Fund's offering memorandum.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

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

---

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

---

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

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of a Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value

hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their

---

| | |
|:---|:---|
| **86** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

March 31, 2026

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-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). 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 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.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **87** |

---

------

Notes to Financial Statements (Cont.)

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

Physical commodities are valued using spot prices from established commodity exchanges as published by third-party Pricing Sources as of the

reporting date. In addition, warehouse receipts are generally valued by a third-party vendor using the front month futures discounted back to the reporting date. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Funds. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Funds' website at www.pimco.com, or upon request, as applicable. The tables below show the Funds' transactions in and earnings from investments in the affiliated funds for the period ended March 31, 2026 (amounts in thousands<sup>†</sup>):

#### Investments in PIMCO Short Asset Portfolio

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>03/31/2026 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO All Asset: Multi-RAE PLUS Fund | $0 | $192616 | $(166352) | $367 | $(22) | $26609 | $1499 | $0 |
|  PIMCO All Authority: Multi-RAE PLUS Fund | 4200 | 28139 | (32377) | 41 | (3) | 0 | 347 | 0 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>03/31/2026 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO All Asset: Multi-RAE PLUS Fund | $31 | $10809 | $(10800) | $1 | $0 | $41 | $109 | $0 |
|  PIMCO All Authority: Multi-RAE PLUS Fund | 0 | 11660 | 0 | 0 | 1 | 11661 | 18 | 0 |
|  PIMCO All Asset: Multi-Real Fund | 13351 | 1460325 | (1460100) | (55) | 1 | 13522 | 429 | 0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

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

(b) Investments in Securities

The Funds may utilize the investments and strategies described below to the extent permitted by each Fund's respective investment policies.

Delayed-Delivery Transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, a Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price

and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is

---

| | |
|:---|:---|
| **88** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

March 31, 2026

adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. A Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by a Fund. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When a Fund purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Funds may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Funds may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate a Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only

upon receipt of payments by the agent from the borrower. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, a Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Statements of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal payments. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases, syndicated bank loans, peer-to-peer loans and litigation finance loans. The Funds may invest in any level of the capital structure of an issuer of mortgage-backed or asset-backed securities, including the equity or "first loss" tranche.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are types of asset-backed securities. A CBO is a trust which is often backed by a diversified pool of high risk, below investment grade fixed income

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **89** |

---

------

Notes to Financial Statements (Cont.)

securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and each Fund's 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 Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Real Estate Investment Trusts ("REITs") are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is generally not taxed on the income distributed to shareholders. Distributions received from REITs may be characterized as income, capital gain or a return of capital. A return of capital is recorded by a Fund as a reduction to the cost basis of its investment in the REIT. REITs are subject to management fees and other expenses, and so a Fund that invests in REITs will bear its proportionate share of the costs of the REITs' operations.

Securities Issued by U.S. Government Agencies or Government-Sponsored 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

---

| | |
|:---|:---|
| **90** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

March 31, 2026

payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where a Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Funds to post collateral in connection with their TBA transactions. There is no similar requirement applicable to the Funds' TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Funds and impose added operational complexity.

Separate Trading of Registered Interest and Principal of Securities ("STRIPS") are U.S. Treasury fixed income securities in which the principal is separated, or stripped, from the interest and each takes the form of zero coupon securities. A STRIP is sold at a significant discount to face value and offers no interest payments; rather, investors receive payment at maturity. Zero coupon securities do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by a Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

**(c)** The PIMCO All Asset: Multi-Real Fund may acquire and hold physical commodities. Physical commodities are pursuant to warehouse

receipts providing proof of ownership of such commodities. Warehouse receipts may be negotiable or non-negotiable. Negotiable warehouse receipts allow transfer of ownership of that commodity without having to deliver the physical commodity.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on a Fund's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund's custodian or designated subcustodians (in the case of tri-party repurchase agreements). Traditionally, a Fund has used bilateral repurchase agreements wherein the underlying securities will be held by a Fund's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to a Fund.

(b) Reverse Repurchase AgreementsIn a reverse repurchase agreement, a Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. A Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Fund to counterparties are recorded as a

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **91** |

---

------

Notes to Financial Statements (Cont.)

component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by a Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. A Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by a Fund are reflected as a liability on the Statements of Assets and Liabilities. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop'. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statements of Operations. Interest payments based upon negotiated financing terms made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Short Sales Short sales are transactions in which a Fund sells a security that it does not own in anticipation that the market price of that security will decline. A Fund may make short sales of securities: (i) to offset potential declines in long positions in similar securities, (ii) to increase the flexibility of a Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When a Fund makes a short sale, it will often borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. A Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statements of Assets and Liabilities. Short sales expose a Fund to the risk that it will be required to cover its short position at a time when

the security or other asset has appreciated in value, thus resulting in losses to a Fund. A short sale is "against the box" if a Fund holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. A Fund will be subject to additional risks to the extent that it engages in short sales that are not "against the box." A Fund's loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

(e) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended March 31, 2026, the Funds did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds may enter into the financial derivative instruments described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds' financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The

---

| | |
|:---|:---|
| **92** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

March 31, 2026

financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by a Fund ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.

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

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund's exposure to the underlying instrument. Writing call options tends to decrease a Fund's exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. A Fund as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase a Fund's exposure to the underlying instrument. Purchasing put options tends to decrease a Fund's exposure to the underlying instrument. A Fund pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Commodity Options are options on commodity futures contracts ("Commodity Option"). The underlying instrument for the Commodity Option is not the commodity itself, but rather a futures contract for that commodity. The exercise of a Commodity Option will not include physical delivery of the underlying commodity but will result in a cash transfer for the amount of the difference between the current market value of the underlying futures contract and the strike price. For an option that is in-the-money, a Fund will normally offset its position rather than exercise the option to retain any remaining time value.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **93** |

---

------

Notes to Financial Statements (Cont.)

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 Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). A Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on

the Statements of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

For purposes of applying certain of a Fund's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund's investment policies and restrictions, a Fund will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund's other investment policies and restrictions. For example, a Fund may value credit default swaps at full exposure value for purposes of a Fund's credit quality guidelines (if any) because such value in general better reflects a Fund's actual economic exposure during the term of the credit default swap agreement. As a result, a Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund's offering memorandum. In this context, both the notional amount and the market value may be positive or negative depending on whether a Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation or disagree as to the meaning of

---

| | |
|:---|:---|
| **94** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

March 31, 2026

contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

A Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by the posting of collateral to a Fund to cover a Fund's exposure to the counterparty.

To the extent a Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or

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

(ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indexes are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indexes may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets and/or various credit ratings within each sector. Credit indexes are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedules of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **95** |

---

------

Notes to Financial Statements (Cont.)

likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indexes, the quoted market prices and resulting values, as well as the annual payment rate, serve as an indication of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which a Fund is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

Interest Rate Swap Agreement may be entered into to help hedge against interest rate risk exposure as the value of the fixed rate bonds that the Funds hold may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, a Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by a Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or ''cap'', (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or ''floor'', (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap

agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Fund would owe payments on any net positive total return and would receive payments in the event of a net negative total return.

Volatility Swap Agreements are also known as forward volatility agreements and volatility swaps, and are agreements in which the counterparties agree to make payments in connection with changes in the volatility (i.e., the magnitude of change over a specified period of time) of an underlying referenced instrument, such as a currency, rate, index, security or other financial instrument. Volatility swaps permit the parties to attempt to hedge volatility risk and/or take positions on the projected future volatility of an underlying referenced instrument. For example, a Fund may enter into a volatility swap in order to take the position that the referenced instrument's volatility will increase over a particular period of time. If the referenced instrument's volatility does increase over the specified time, a Fund will receive payment from its counterparty based upon the amount by which the referenced instrument's realized volatility level exceeds a volatility level agreed upon by the parties. If the referenced instrument's volatility does not increase over the specified time, a Fund will make a payment to the counterparty based upon the amount by which the referenced instrument's realized volatility level falls below the volatility level agreed upon by the parties. At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price volatility of the referenced instrument and the strike multiplied by the notional amount. As a receiver of the realized price volatility, a Fund would receive the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would owe the payoff amount when the volatility is less than the strike. As a payer of the realized price volatility, a Fund would owe the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would receive the payoff amount when the volatility is less than the strike. Payments on a volatility swap will be greater if they are based upon the mathematical square of volatility (i.e., the measured volatility multiplied by itself, which is referred to as "variance"). This type of volatility swap is frequently referred to as a variance swap.

---

| | |
|:---|:---|
| **96** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

March 31, 2026

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Risks | PIMCO All Asset:<br>Multi-RAE PLUS<br>Fund | PIMCO All Asset:<br>Multi-RAE PLUS<br>Fund | PIMCO All Authority:<br>Multi-RAE PLUS<br>Fund | PIMCO All Authority:<br>Multi-RAE PLUS<br>Fund | **PIMCO All Asset:<br>Multi-Real**<br> **Fund** | **PIMCO All Asset:<br>Multi-Real**<br> **Fund** |
|  Acquired Fund |  |  |  | X |  | X |
|  Small Fund |  | X |  | X |  | X |
|  Interest Rate |  | X |  | X |  | X |
|  Call |  | X |  | X |  | X |
|  Credit |  | X |  | X |  | X |
|  High Yield |  | X |  | X |  | X |
|  Market |  | X |  | X |  | X |
|  Issuer |  | X |  | X |  | X |
|  Liquidity |  | X |  | X |  | X |
|  Derivatives |  | X |  | X |  | X |
|  Futures Contract |  | X |  | X |  | X |
|  Equity |  | X |  | X |  | X |
|  Model |  | X |  | X |  | X |
|  Mortgage-Related and Other Asset-Backed Securities |  | X |  | X |  | X |
|  Collateralized Loan Obligations |  | X |  | X |  | X |
|  Extension |  | X |  | X |  | X |
|  Commodity |  |  |  |  |  | X |
|  MLP |  |  |  |  |  | X |
|  Prepayment |  | X |  | X |  | X |
|  Privately Issued Mortgage-Related Securities |  | X |  | X |  | X |
|  Real Estate |  |  |  |  |  | X |
|  Foreign (Non-U.S.) Investment |  | X |  | X |  | X |
|  Emerging Markets |  | X |  | X |  | X |
|  Sovereign Debt |  | X |  | X |  | X |
|  Currency |  | X |  | X |  | X |
|  Issuer Non-Diversification |  |  |  | X |  |  |
|  Leveraging |  | X |  | X |  | X |
|  Management |  | X |  | X |  | X |
|  Subsidiary |  |  |  |  |  | X |
|  Tax |  |  |  |  |  | X |
|  Short Exposure |  | X |  | X |  | X |
|  Convertibles Securities |  | X |  | X |  | X |
|  Inflation-Indexed Security |  |  |  |  |  | X |

---

Please see "Description of Principal Risks" in a Fund's offering memorandum for a more detailed description of the risks of investing in a Fund.

The following risks are principal risks of investing in a Fund.

Acquired Fund Risk is the risk that a Fund's performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that the ability of the Fund to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their respective investment objectives. Investments in Acquired Funds that are exchange-traded funds are also subject to market risk, tracking error, the potential for trading at a discount or premium to their net asset value, bid/ask spread costs as well as the risks of the underlying securities they hold. In addition, the Fund's

performance will be reduced by the Fund's proportionate amount of the expenses of any Acquired Funds in which it invests.

Small Fund Risk is the risk that a smaller fund may not achieve investment or trading efficiencies or may be limited in ability to participate in certain investment opportunities due to its size. Additionally, a smaller fund may be more adversely affected by large purchases or redemptions by investors.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Factors such as government and central bank policy, inflation, the economy, and the market for bonds can impact interest rates and yields.

ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 97

------

Notes to Financial Statements (Cont.)

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons including declining interest rates, changes in credit spreads and improvements in the issuer's credit quality. If an issuer calls a security that a Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that a Fund could experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract, 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 Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in 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 a Fund's shares may be constrained by the liquidity of the Fund's portfolio holdings.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate,

market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. Derivatives used for hedging or risk management may not operate as intended or may expose a 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 a Fund. A Fund's use of derivatives or other similar investments may result in losses to a Fund, a reduction in a Fund's returns and/or increased volatility. Non-centrally-cleared over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with a Fund's clearing broker or the clearinghouse. Changes in regulations relating to a registered fund's use of derivatives and related instruments could potentially limit or impact a Fund's ability to invest in derivatives, limit a Fund's ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and a Fund's performance.

Futures Contract Risk is the risk that, while the value of a futures contract tends to correlate with the value of the underlying asset that it represents, differences between the futures market and the market for the underlying asset may result in an imperfect correlation. Futures contracts may involve risks different from, and possibly greater than, the risks associated with investing directly in the underlying assets. The purchase or sale of a futures contract may result in losses in excess of the amount invested in the futures contract. In addition, futures contracts may expose a Fund to leverage risk, liquidity risk, market volatility, and margin requirements.

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.

---

| | |
|:---|:---|
| **98** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

March 31, 2026

Model Risk is the risk that a Fund's investment models used in making investment allocation decisions may not adequately take into account certain factors, or may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any of which may result in a decline in the value of an investment in a Fund. The performance of the investment models may be impacted by software or other technology malfunctions, human error, issues related to the potential use of artificial intelligence, programming inaccuracies, power loss, and other events or circumstances, which may be difficult to detect and may be beyond the control of a Fund.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. A Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks.

Collateralized Loan Obligations Risk is the risk that investing in collateralized loan obligations ("CLOs") and other similarly structured investments exposes a Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that a Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly.

Extension Risk is the risk that, in periods of rising interest rates, issuers of mortgage-related and other asset-backed securities may pay principal later than expected, which may reduce the value of a Fund's investment in such securities and may prevent a Fund from receiving higher interest rates on proceeds reinvested.

Commodity Risk is the risk that investing in commodity-linked derivative instruments and commodities, either directly or indirectly through the Subsidiary, may subject a Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation, interest rates, or supply and

demand factors affecting a particular industry or commodity market, such as drought, floods, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, sanctions, export controls, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments. Investments in commodities can also present risks associated with transportation and delivery, custody, storage and maintenance, illiquidity, and the unavailability of accurate market valuations of the commodity.

MLP Risk is the risk that investments in derivatives or other instruments related to master limited partnerships and limited liability companies that are treated as partnerships for U.S. federal income tax purposes ("MLPs") may trade infrequently and in limited volume, and these MLP units may be subject to abrupt or erratic price movements. MLPs that concentrate in the energy sector are subject to risks associated with the energy sector. Equity securities issued by MLPs are subject to the risks associated with all equity investments, including the risk that the value of such equity securities will decline due to general market or economic conditions, perceptions regarding MLPs or the energy sector, changes in interest rates, changes in a particular issuer's financial condition, or unfavorable or unanticipated poor performance of a particular issuer. Debt securities issued by MLPs are subject to the risks associated with all debt investments, including interest rate risk, prepayment risk, credit risk, and, as applicable, high yield securities risk.

Prepayment Risk is the risk that, in periods of declining interest rates, issuers of mortgage-related and other asset-backed securities may pay principal more quickly than expected, which results in a Fund foregoing future interest income on the portion of the principal repaid early and may result in a Fund being forced to reinvest investment proceeds at lower interest rates.

Real Estate Risk is the risk that a Fund's investments in real estate investment trusts ("REITs") or real estate-linked derivative instruments will subject the Fund to risks similar to those associated with direct ownership of real estate, including risks related to losses from casualty or condemnation, changes in local and general economic conditions, fluctuations in supply and demand, interest rate changes, zoning laws, regulatory limitations on rents, property taxes and operating expenses. The Fund's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, REITs that are privately held or not traded on a national securities exchange may subject the Fund to liquidity and valuation risk.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **99** |

---

------

Notes to Financial Statements (Cont.)

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

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 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 a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, and derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase a Fund's sensitivity to interest rate changes and other market risks.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO or Research Affiliates, including the use of quantitative models or methods, will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory

or tax restrictions, policies or developments may affect the investment techniques available to PIMCO or Research Affiliates in connection with managing a Fund and may cause PIMCO or Research Affiliates to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Fund will be achieved.

Subsidiary Risk is the risk that, by investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary's investments. The Subsidiary is not registered under the Act and may not be subject to all the investor protections of the Act. There is no guarantee that the investment objective of the Subsidiary will be achieved.

Tax Risk is the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is "qualifying income" under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of a Fund's taxable income or gains and distributions.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to a Fund.

Convertible Securities Risk is the risk that arises because convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk, market risk, liquidity risk and credit risk.

Inflation-Indexed Security Risk is the risk that inflation-indexed debt securities are subject to the actual or anticipated effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the value of an inflation-indexed security, including TIPS, tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are adjusted for inflation. There can be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income, even though the Fund will not receive the principal until maturity.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in

---

| | |
|:---|:---|
| **100** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

March 31, 2026

financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see a Fund's offering memorandum and offering memorandum supplement for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund's performance.

Market Disruptions Risk A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from actual or threatened war or armed conflicts, military conflicts, terrorism, 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 Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund's service providers, including PIMCO as a Fund's investment adviser, rely, and could otherwise disrupt a Fund's service providers' ability to fulfill their obligations to a Fund.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund itself is regulated. Such legislation or regulation could limit or preclude a Fund's ability to achieve its investment objective. 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 a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of a Fund's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by a Fund and the value of its investments, and limit and/or preclude a Fund's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk As the use of complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, a Fund, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. Disruptions or failures that affect service providers, counterparties, market participants or issuers of securities that are held by a Fund may adversely affect PIMCO or a Fund, including by causing losses or impairing PIMCO's or a Fund's operations. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **101** |

---

------

Notes to Financial Statements (Cont.)

fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

8. MASTER NETTING ARRANGEMENTS

A Fund may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern bilateral repurchase, reverse repurchase and certain sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. FCM customers, such as the Funds, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain

---

| | |
|:---|:---|
| **102** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

March 31, 2026

provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Funds are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for each Fund 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 Fund's respective 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 Fund are charged at the annual rate as noted in the following table (calculated as a percentage of each Fund's respective average daily net assets attributable to each Fund):

---

| | | |
|:---|:---|:---|
| Fund Name | Investment<br>Advisory<br>Fee | Supervisory and<br>Administrative<br>Fee |
|  PIMCO All Asset: Multi-RAE PLUS Fund | 0.64% | 0.25% |
|  PIMCO All Authority: Multi-RAE PLUS Fund | 0.64% | 0.25% |
|  PIMCO All Asset: Multi-Real Fund | 0.49% | 0.25% |

---

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

(c) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Funds 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 Fund, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares. The ratio of expenses to average net assets, as disclosed on the Financial Highlights, may differ from the annual fund 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 Fund is reflected on the Statements of Operations as Trustee fees.

(e) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive a portion of each Funds' Supervisory and Administrative Fee, or reimburse each Fund, to the extent that each Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the "Expense Limit"). 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.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **103** |

---

------

Notes to Financial Statements (Cont.)

As of March 31, 2026, the Fund below waived and/or reimbursed the following fees (amounts in thousands<sup>†</sup>):

---

| | |
|:---|:---|
| Fund Name | Waived Fees |
|  PIMCO All Authority: Multi-RAE PLUS Fund | $1 |

---

---

| | |
|:---|:---|
| <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 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. The recoverable amounts to PIMCO as of March 31, 2026 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Expiring within | Expiring within | Expiring within | |
| Fund Name | 12<br>months | 13-24<br>months | 25-36<br>months | Total |
|  PIMCO All Authority: Multi-RAE PLUS Fund | $2 | $2 | $1 | $5 |

---

---

| | |
|:---|:---|
| <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.

(g) Acquired Fund Fees and Expenses The Subsidiary has entered into a separate contract with PIMCO for the management of the Subsidiary's portfolio pursuant to which the Subsidiary pays PIMCO a management fee and administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. PIMCO has contractually agreed to waive the Fund's Investment Advisory Fee and the Supervisory and Administrative Fee it receives from the Fund in an amount equal to the management fee and administrative services fee, respectively, paid by the Subsidiary to PIMCO. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the Subsidiary is in place. The waiver is reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended March 31, 2026, the amount waived and/or reimbursed was $1,779,745. See Note 14, Basis for Consolidation in the Notes to Financial Statements for more information regarding the Subsidiary.

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

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust's investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as "portfolio turnover." Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by a Fund. Frequent and active trading of a Fund's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Fund's after-tax returns. The transaction costs associated with portfolio turnover may adversely affect a Fund's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended March 31, 2026 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Fund Name | Purchases | Sales | Purchases | Sales |
|  PIMCO All Asset: Multi-RAE PLUS Fund | $25967997 | $25532899 | $617952 | $748769 |
|  PIMCO All Authority: Multi-RAE PLUS Fund | 2234430 | 2186534 | 58329 | 72650 |
|  PIMCO All Asset: Multi-Real Fund | 5253424 | 4744483 | 347020 | 425340 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | |
|:---|:---|
| **104** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

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>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO All Asset:**<br> **Multi-RAE PLUS Fund** | **PIMCO All Asset:**<br> **Multi-RAE PLUS Fund** | **PIMCO All Asset:**<br> **Multi-RAE PLUS Fund** | **PIMCO All Asset:**<br> **Multi-RAE PLUS Fund** | PIMCO All Authority:<br>Multi-RAE PLUS Fund | PIMCO All Authority:<br>Multi-RAE PLUS Fund | PIMCO All Authority:<br>Multi-RAE PLUS Fund | PIMCO All Authority:<br>Multi-RAE PLUS Fund |
|  | 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** | 2224 | $24864 | 13563 | $141439 | 1479 | $15415 | 2480 | $22705 |
|  **Issued as reinvestment of distributions** | 38997 | 410040 | 22446 | 229003 | 4158 | 39749 | 11 | 97 |
|  **Cost of shares redeemed** | (85983) | (992964) | (73700) | (774224) | (9404) | (101482) | (13693) | (126986) |
|  **Net increase (decrease) resulting from Fund share transactions** | (44762) | $(558060) | (37691) | $(403782) | (3767) | $(46318) | (11202) | $(104184) |
|  | **PIMCO All Asset:**<br> **Multi-Real Fund** | **PIMCO All Asset:**<br> **Multi-Real Fund** | **PIMCO All Asset:**<br> **Multi-Real Fund** | **PIMCO All Asset:**<br> **Multi-Real Fund** |  |  |  |  |
|  | 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** | 137409 | $1196574 | 99167 | $888279 |  |  |  |  |
|  **Issued as reinvestment of distributions** | 9660 | 86654 | 17312 | 154922 |  |  |  |  |
|  **Cost of shares redeemed** | (130396) | (1160740) | (184484) | (1690919) |  |  |  |  |
|  **Net increase (decrease) resulting from Fund share transactions** | 16673 | $122488 | (68005) | $(647718) |  |  |  |  |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

The following table discloses the number of persons who owned of record or beneficially 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of March 31, 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**<br> **of outstanding shares** | **Shareholders that own 10% or more**<br> **of outstanding shares** | **Total percentage of portfolio held by**<br> **shareholders that own 10% or more**<br> **of outstanding shares** | **Total percentage of portfolio held by**<br> **shareholders that own 10% or more**<br> **of outstanding shares** |
| Fund Name | Non-Related Parties | Related Parties | Non-Related Parties | Related Parties |
|  PIMCO All Asset: Multi-RAE PLUS Fund | 0 | 1 | 0% | 98% |
|  PIMCO All Authority: Multi-RAE PLUS Fund | 0 | 1 | 0% | 100% |
|  PIMCO All Asset: Multi-Real Fund | 0 | 1 | 0% | 93% |

---

14. BASIS FOR CONSOLIDATION

The Subsidiary, a Cayman Islands exempted company, was incorporated on June 17, 2020, as a wholly owned subsidiary acting as an investment vehicle for the PIMCO All Asset: Multi-Real Fund in order to effect certain investments for the Fund consistent with the Fund's investment objectives and policies as specified in its offering memorandum and offering memorandum supplement. The Fund's investment portfolio has been consolidated and includes the portfolio holdings of the Fund and the Subsidiary. The consolidated financial statements include the accounts of the Fund and the Subsidiary, if any. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Fund and the Subsidiary, comprising the entire issued share capital of the Subsidiary, with the intent that the Fund will remain the sole shareholder and

retain all rights. Under the Memorandum and Articles of Association, shares issued by the Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary. The net assets of the Subsidiary as of period end represented 17.6% of the Fund's consolidated net assets.

15. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **105** |

---

------

Notes to Financial Statements (Cont.)

16. FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

A Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Funds' tax positions for all open tax years. As of March 31, 2026, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

In this reporting period, the Funds 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 Funds financial position or the results of its operations. For the annual period covered by this report, the funds did not pay any material federal, state or local income taxes or any material income taxes in foreign jurisdictions.

The Funds file U.S. federal, state and local tax returns as required. The Funds' tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

The Funds may gain exposure to the commodities markets primarily through investments in swap agreements, futures and options.

The Funds may also gain exposure indirectly to commodity markets by investing in the PIMCO All Asset: Multi Real Fund (Cayman) Ltd., which may invest without limit in commodity-linked swap agreements and other commodity-linked derivative instruments.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that a Fund must derive at least 90% of its gross income from certain qualifying sources of income. The Internal Revenue Service ("IRS") has issued a revenue ruling which holds that income derived from commodity index-linked derivatives, if

earned directly by a Fund, is not qualifying income under Subchapter M of the Code. The IRS has issued private letter rulings in which the IRS specifically concluded that income derived from an investment in a subsidiary that provides commodity-linked exposure through its investments will be qualifying income. Based on the reasoning in such rulings, a Fund will continue to seek to gain exposure to the commodity markets primarily through investments in the Subsidiary and perhaps through commodity-linked notes and through investments in the Subsidiary.

It should be noted, however, that the IRS currently has ceased the issuance of such rulings. In addition, the IRS also issued a revenue procedure, which states that the IRS will not in the future issue private letter rulings that would require a determination of whether an asset (such as a commodity index-linked note) is a "security" under the Act.

The IRS issued in September 2016 proposed regulations that would have generally treated a Fund's income inclusion (under Subpart F of the Code) with respect to the Subsidiary as qualifying income only if there were a distribution during the same taxable year out of the earnings and profits of the Subsidiary attributable to such income inclusion. In March 2019, the IRS issued final regulations (so modifying the proposed regulations) providing that (i) it will not rule on the determination of whether a financial instrument or position is a security under the Act; (ii) any earnings and profits paid out in the same taxable year as earned by a controlled foreign corporation to a Fund is treated as qualifying dividends; and (iii) that income inclusion by a Fund of its Subsidiary's earnings would be treated as other qualifying income if derived with respect to a Fund's business of investing in stock, securities, or currencies.

There can be no assurance that the IRS will not change its position that income derived from commodity-linked notes and wholly-owned subsidiaries is qualifying income. Furthermore, the tax treatment of commodity-linked notes, other commodity-linked derivatives, and a Fund's investments in the Subsidiary may otherwise be adversely affected by future legislation, court decisions, Treasury Regulations and/or guidance issued by the IRS. Such developments could affect the character, timing and/or amount of a Fund's taxable income or any distributions made by the Fund or result in the inability of the Fund to operate as described in its offering memorandum.

If, during a taxable year, the Subsidiary's taxable losses (and other deductible items) exceed its income and gains, the net loss will not pass through to the Fund as a deductible amount for income tax purposes. In the event the Subsidiary's taxable gains exceed its losses and other deductible items during a taxable year, the net gain will pass through to the Fund as ordinary income for Federal income tax purposes.

---

| | |
|:---|:---|
| **106** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

March 31, 2026

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 of<br>Distributable<br>Earnings |
|  PIMCO All Asset: Multi-RAE PLUS Fund | $223323 | $0 | $(65974) | $0 | $(80070) | $0 | $0 | $77279 |
|  PIMCO All Authority: Multi-RAE Plus Fund | 14313 | 0 | 44 | 0 | 0 | (217) | 0 | 14140 |
|  PIMCO All Asset: Multi-Real Fund | 253687 | 0 | 9591 | 0 | (360917) | 0 | 0 | (97639) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on: hyperinflationary investments, swap contracts, straddle loss deferrals, treasury inflation-protected securities (TIPS), passive foreign investment companies (PFICs), interest accrued on defaulted securities, return of capital distributions from underlying funds, constructive sales, controlled foreign corporation (CFC) transactions and short positions. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America.

<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 Funds elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2025 through March 31, 2026 and Ordinary losses realized during the period January 1, 2026 through March 31, 2026 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of March 31, 2026, the Funds had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO All Asset: Multi-RAE PLUS Fund | $14537 | $65533 |
|  PIMCO All Authority: Multi-RAE Plus Fund | 0 | 0 |
|  PIMCO All Asset: Multi-Real Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186468 |

---

---

| | |
|:---|:---|
| <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 All Asset: Multi-RAE PLUS Fund | $3350567 | $100501 | $(166175) | $(65674) |
|  PIMCO All Authority: Multi-RAE Plus Fund | 264158 | 8721 | (8672) | 49 |
|  PIMCO All Asset: Multi-Real Fund | 4395381 | 134877 | (124487) | 10390 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options, and/or forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on: hyperinflationary investments, swap contracts, straddle loss deferrals, treasury inflation-protected securities (TIPS), passive foreign investment companies (PFICs), interest accrued on defaulted securities, return of capital distributions from underlying funds, constructive sales, controlled foreign corporation (CFC) transactions and short positions. 

For the fiscal years ended March 31, 2026 and March 31, 2025, respectively, the Funds made the following tax basis distributions (amounts in thousands<sup>†</sup>):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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 All Asset: Multi-RAE PLUS Fund | $410040 | $0 | $0 | $229004 | $0 | $0 |
|  PIMCO All Authority: Multi-RAE Plus Fund | 39749 | 0 | 0 | 97 | 0 | 0 |
|  PIMCO All Asset: Multi-Real Fund | 86654 | 0 | 0 | 154922 | 0 | 0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **107** |

---

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Funds and Shareholders of PIMCO All Asset: Multi-RAE PLUS Fund, PIMCO All Authority: Multi-RAE PLUS Fund and PIMCO All Asset: Multi-Real Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (three of the funds constituting PIMCO Funds, hereafter collectively referred to as the "Funds") as of March 31, 2026, the related statements of operations, of changes in net assets and, for the fund indicated in the table below, of cash flows, for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds 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 fund indicated in the table below, its cash flows, for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

PIMCO All Asset: Multi-RAE PLUS Fund<sup>(1)</sup>

PIMCO All Authority: Multi-RAE PLUS Fund<sup>(1)</sup>

PIMCO All Asset: Multi-Real Fund<sup>(2)</sup>\*

<sup>(1)</sup> 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

<sup>(2)</sup> 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

\* The financial statements for PIMCO All Asset: Multi-Real Fund are presented on a consolidated basis

Basis for Opinions

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission.

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.

---

| | |
|:---|:---|
| **108** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| AZD | Australia and New Zealand Banking Group | GLM | Goldman Sachs Bank USA | RBC | Royal Bank of Canada |
| BOA | Bank of America N.A. | GSC | Goldman Sachs & Co. LLC | RCY | Royal Bank of Canada |
| BOO | BoA Securities, Inc (Repo Only) | GST | Goldman Sachs International | RYL | NatWest Markets Plc |
| BOS | BofA Securities, Inc. | JPM | JP Morgan Chase Bank N.A. | SAL | Citigroup Global Markets, Inc. |
| BPS | BNP Paribas S.A. | MAC | Macquarie Bank Limited | SCX | Standard Chartered Bank, London |
| BRC | Barclays Bank PLC | MBC | HSBC Bank Plc | SOG | Societe Generale Paris |
| BSH | Banco Santander S.A. - New York Branch | MEI | Merrill Lynch International | SSB | State Street Bank and Trust Co. |
| CBK | Citibank N.A. | MSC | Morgan Stanley & Co. LLC. | TDM | TD Securities (USA) LLC |
| CIB | Canadian Imperial Bank of Commerce | MYC | Morgan Stanley Bank, N.A. | TOR | The Toronto-Dominion Bank |
| CTR | Citigroup Global Markets, Inc.- FICC Rep | MYI | Morgan Stanley & Co. International PLC | UAG | UBS AG Stamford |
| DUB | Deutsche Bank AG | NGF | Nomura Global Financial Products, Inc. | WAN | Wells Fargo Bank, N.A.- FICC Rep |
| FAR | Wells Fargo Bank National Association | NOM | Nomura Securities International, Inc. |  |  |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | HKD | Hong Kong Dollar | NZD | New Zealand Dollar |
| BRL | Brazilian Real | HUF | Hungarian Forint | PEN | Peruvian New Sol |
| CAD | Canadian Dollar | IDR | Indonesian Rupiah | PHP | Philippine Peso |
| CHF | Swiss Franc | ILS | Israeli Shekel | PLN | Polish Zloty |
| CLP | Chilean Peso | INR | Indian Rupee | SEK | Swedish Krona |
| CNH | Chinese Renminbi (Offshore) | JPY | Japanese Yen | SGD | Singapore Dollar |
| COP | Colombian Peso | KRW | South Korean Won | 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 | NOK | Norwegian Krone |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| CBOE | Chicago Board Options Exchange | ICE | IntercontinentalExchange<sup>®</sup> | OTC | Over the Counter |
| CME | Chicago Mercantile Exchange | NYMEX | New York Mercantile Exchange |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| AMZX | Alerian MLP Total Return Index | ERADXULN | RAE Fundamental International Large Net Total Return Index | MLPIREIS | Merrill Lynch Custom Equity Index |
| BCOMF1NTC | Bloomberg Commodity Index 1-Month Forward Total Return Custom Index | ERADXULT | eRAFI International Large Strategy Index | MSMMUSTF | MSILF Money Market US Treasury Fund Index |
| BISTREFI | Turkish Lira Overnight Reference Rate | ERAEMLN | RAE Fundamental Emerging Markets Net Total Return Index | MUTKCALM | Tokyo Overnight Average Rate |
| Bobl | Bundesobligation, the German word for federal government bond | ERAUSLT | eRAFI U.S. Large Strategy Index | NDDUEAFE | MSCI EAFE Index |
| Brent | Brent Crude | EUR003M | 3 Month EUR Swap Rate | PIMCODB | PIMCO Custom Commodity Basket |
| CAONREPO | Canadian Overnight Repo Rate Average | EUR006M | 6 Month EUR Swap Rate | RADMFENT | RAFI Dynamic Multi-Factor Emerging Markets Equity ETF |
| CDX.HY | Credit Derivatives Index - High Yield | FEDL01 | Federal funds effective rate | RADMFXNT | RAFI Dynamic Multi-Factor Developed Ex-U.S. Index |
| CDX.IG | Credit Derivatives Index - Investment Grade | FHMMUSTF | Federated Hermes US Treasury Cash Reserves Fund Yield | RU20INTR | Russell 2000 Total Return Index |
| CMBX | Commercial Mortgage-Backed Index | GOLDLNPM | London Gold Market Fixing Ltd. PM | S&P 500 | Standard & Poor's 500 Index |
| CORRA | Canadian Overnight Repo Rate Average | IBR | Indicador Bancario de Referencia | SOFR | Secured Overnight Financing Rate |
| CPI | Consumer Price Index | JMABNIC5 | J.P. Morgan Custom Commodity Index | SONIA | Sterling Overnight Interbank Average Rate |
| CPTFEMU | Eurozone HICP ex-Tobacco Index | JMMMUSTF | JP Morgan Money Market US Treasury Fund Index | SONIO | Sterling Overnight Interbank Average Rate |
| CPURNSA | Consumer Price All Urban Non-Seasonally Adjusted Index | MLPIREIL | Merrill Lynch Custom Equity Index | UKRPI | United Kingdom Retail Prices Index |
| DWRTFT | Dow Jones Wilshire REIT Total Return Index |  |  |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | CLO | Collateralized Loan Obligation | PRIBOR | Prague Interbank Offered Rate |
| ALT | Alternate Loan Trust | CMBS | Collateralized Mortgage-Backed Security | REIT | Real Estate Investment Trust |
| BABs | Build America Bonds | DAC | Designated Activity Company | 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 | JSC | Joint Stock Company | TBD | To-Be-Determined |
| BRL-CDI | Brazil Interbank Deposit Rate | OAT | Obligations Assimilables du Trésor | WIBOR | Warsaw Interbank Offered Rate |
| BTP | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | OIS | Overnight Index Swap | WTI | West Texas Intermediate |
| CHILIBOR | Chile Interbank Offered Rate | oz. | Ounce |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **109** |

---

------

Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended March 31, 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 All Asset: Multi-RAE PLUS Fund |  |  |  |  |
| 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 | $2.3068 | $0.0000 | $0.0000 | $2.3068 |
|  March 2026 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
| PIMCO All Authority: Multi-RAE PLUS Fund |  |  |  |  |
| 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 | $2.7018 | $0.0000 | $0.0000 | $2.7018 |
|  March 2026 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
| PIMCO All Asset: Multi-Real Fund |  |  |  |  |
| 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 | $0.0831 | $0.0000 | $0.0000 | $0.0831 |
|  March 2026 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a funds 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. 

---

| | |
|:---|:---|
| **110** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Funds' fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a fund's dividend distribution that qualifies under tax law. The percentage of the following Funds' fiscal 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 Funds intend to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b).

Section 199A Dividends. The Funds intend to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Dividend<br>Received<br>Deduction % | Qualified<br>Dividend<br>Income % | Qualified<br>Interest<br>Income<br>(000s)<sup>†</sup> | Qualified<br>Short-Term<br>Capital Gains<br>(000s)<sup>†</sup> |
|  PIMCO All Asset: Multi-RAE PLUS Fund | 0.00% | 0.00% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153685 | $0 |
|  PIMCO All Authority: Multi-RAE Plus Fund | 2.16% | 2.16% | 13330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801 |
|  PIMCO All Asset: Multi-Real Fund | 0.00% | 0.00% | 64812 | 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 | **111** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **112** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **113** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **114** | **PRIVATE ACCOUNT PORTFOLIO SERIES** |

---

------

#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Investment Sub-Adviser

Research Affiliates, LLC

660 Newport Center Drive, Suite 300

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

------

![LOGO](g319366g75h91.jpg)

PAPSALLAFSTMAR_033126

------

![LOGO](g103545g13e39.jpg)

PIMCO FUNDS

## Annual Financial and Other Information
March 31, 2026

PIMCO Income Fund

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO Income Fund](#tx103545_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (Consolidated) (N-CSR Item 7)](#tx103545_2) | 6 |
| &nbsp;&nbsp; [Consolidated Statement of Assets and Liabilities (N-CSR Item 7)](#tx103545_3) | 8 |
| &nbsp;&nbsp; [Consolidated Statement of Operations (N-CSR Item 7)](#tx103545_4) | 10 |
| &nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets (N-CSR Item 7)](#tx103545_5) | 11 |
| &nbsp;&nbsp; [Consolidated Schedule of Investments (N-CSR Item 6)](#tx103545_6) | 12 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx103545_7) | 68 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx103545_8) | 89 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx103545_9) | 93 |
| &nbsp;&nbsp; [Glossary](#tx103545_10) | 94 |
| &nbsp;&nbsp; [Distribution Information](#tx103545_11) | 95 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx103545_12) | 97 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx103545_13) | 98 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx103545_14) | 99 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx103545_15) | 100 |

---

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 Income Fund

PIMCO Funds (the "Trust") is an open-end management investment company that includes the PIMCO Income Fund (the "Fund").

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Fund may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Fund performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Fund may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact the Fund's performance or cause the Fund to incur losses. As a result, the Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Fund.

The Fund may be subject to various risks as described in the Fund's prospectus and in the Principal and Other Risks note in the Notes to Financial Statements.

Classifications of the Fund's portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Schedule of Investments section of this report may differ from the classification used for the Fund's compliance calculations, including those used in the Fund's prospectus, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Fund is separately monitored for compliance with respect to prospectus and regulatory requirements.

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

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

---

------

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:

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Fund<br>Inception | Fund<br>Inception | Institutional<br>Class | Institutional<br>Class | I-2 | I-2 | I-3 | I-3 | Administrative<br>Class | Administrative<br>Class | Class A | Class A | Class C | Class C | Class R | Class R | Diversification<br>Status | Diversification<br>Status |
|  PIMCO Income Fund |  | 03/30/07 |  | 03/30/07 |  | 04/30/08 |  | 04/27/18 |  | 03/30/07 |  | 03/30/07 |  | 03/30/07 |  | 03/30/07 |  | Diversified |

---

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

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Fund. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Fund's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Fund creates a contract between or among any shareholder of the Fund, on the one hand, and the Trust, the Fund, a service provider to the Trust or the Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI

with respect to the Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Fund. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Fund, and information about how the Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Fund's website at www.pimco.com, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>3</sub> |

---

------

Important Information About the PIMCO Income Fund (Cont.)

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.

---

| | |
|:---|:---|
| **4** | **PIMCO INCOME FUND** |

---

------

(THIS PAGE INTENTIONALLY LEFT BLANK)

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>5</sub> |

---

------

Financial Highlights PIMCO Income Fund (Consolidated)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | Investment Operations | Less Distributions<sup>(c)</sup> | Less Distributions<sup>(c)</sup> | Less Distributions<sup>(c)</sup> | Less Distributions<sup>(c)</sup> |
| Selected Per Share Data for the Year or Period Ended^**:** | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $10.70 | $0.57 | $0.17 | $0.74 | $(0.60) | $0.00 | $(0.05) | $(0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.60 | 0.56 | 0.20 | 0.76 | (0.66) | 0.00 | 0.00 | (0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.46 | 0.52 | 0.28 | 0.80 | (0.66) | 0.00 | 0.00 | (0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.32 | 0.45 | (0.60) | (0.15) | (0.71) | 0.00 | 0.00 | (0.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.98 | 0.43 | (0.61) | (0.18) | (0.48) | 0.00 | 0.00 | (0.48) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 10.70 | 0.56 | 0.17 | 0.73 | (0.59) | 0.00 | (0.05) | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.60 | 0.55 | 0.20 | 0.75 | (0.65) | 0.00 | 0.00 | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.46 | 0.51 | 0.28 | 0.79 | (0.65) | 0.00 | 0.00 | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.32 | 0.44 | (0.60) | (0.16) | (0.70) | 0.00 | 0.00 | (0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.98 | 0.42 | (0.61) | (0.19) | (0.47) | 0.00 | 0.00 | (0.47) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 10.70 | 0.56 | 0.16 | 0.72 | (0.58) | 0.00 | (0.05) | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.60 | 0.54 | 0.20 | 0.74 | (0.64) | 0.00 | 0.00 | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.46 | 0.50 | 0.28 | 0.78 | (0.64) | 0.00 | 0.00 | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.32 | 0.43 | (0.60) | (0.17) | (0.69) | 0.00 | 0.00 | (0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.98 | 0.41 | (0.61) | (0.20) | (0.46) | 0.00 | 0.00 | (0.46) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 10.70 | 0.55 | 0.16 | 0.71 | (0.57) | 0.00 | (0.05) | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.60 | 0.53 | 0.20 | 0.73 | (0.63) | 0.00 | 0.00 | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.46 | 0.49 | 0.28 | 0.77 | (0.63) | 0.00 | 0.00 | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.32 | 0.42 | (0.60) | (0.18) | (0.68) | 0.00 | 0.00 | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.98 | 0.40 | (0.61) | (0.21) | (0.45) | 0.00 | 0.00 | (0.45) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 10.70 | 0.53 | 0.16 | 0.69 | (0.55) | 0.00 | (0.05) | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.60 | 0.52 | 0.20 | 0.72 | (0.62) | 0.00 | 0.00 | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.46 | 0.47 | 0.29 | 0.76 | (0.62) | 0.00 | 0.00 | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.32 | 0.40 | (0.60) | (0.20) | (0.66) | 0.00 | 0.00 | (0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.98 | 0.38 | (0.61) | (0.23) | (0.43) | 0.00 | 0.00 | (0.43) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 10.70 | 0.45 | 0.16 | 0.61 | (0.47) | 0.00 | (0.05) | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.60 | 0.44 | 0.20 | 0.64 | (0.54) | 0.00 | 0.00 | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.46 | 0.39 | 0.29 | 0.68 | (0.54) | 0.00 | 0.00 | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.32 | 0.32 | (0.60) | (0.28) | (0.58) | 0.00 | 0.00 | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.98 | 0.29 | (0.61) | (0.32) | (0.34) | 0.00 | 0.00 | (0.34) |
| Class R |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 10.70 | 0.50 | 0.17 | 0.67 | (0.53) | 0.00 | (0.05) | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 10.60 | 0.49 | 0.20 | 0.69 | (0.59) | 0.00 | 0.00 | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 10.46 | 0.45 | 0.28 | 0.73 | (0.59) | 0.00 | 0.00 | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 11.32 | 0.38 | (0.60) | (0.22) | (0.64) | 0.00 | 0.00 | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.98 | 0.35 | (0.61) | (0.26) | (0.40) | 0.00 | 0.00 | (0.40) |

---

---

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

---

<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Fund's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Fund. 

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

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financials Statements for more information.

<sup>(d)</sup> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Fund's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Fund. Additionally, excludes applicable initial sales charges and contingent deferred sales charges. 

---

| | | |
|:---|:---|:---|
| **6** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover**<br> **Rate** |
| $10.79 | 7.01% | $141115740 | 0.51% | 0.51% | 0.50% | 0.50% | 5.29% | 674% |
| 10.70 | 7.41 | 112687910 | 0.54 | 0.54 | 0.50 | 0.50 | 5.26 | 711 |
| 10.60 | 7.95 | 87738190 | 0.83 | 0.83 | 0.50 | 0.50 | 4.98 | 588 |
| 10.46 | (1.21) | 70579570 | 0.62 | 0.62 | 0.50 | 0.50 | 4.18 | 426 |
| 11.32 | (1.62) | 76380731 | 0.51 | 0.51 | 0.50 | 0.50 | 3.61 | 319 |
| 10.79 | 6.90 | 61334688 | 0.61 | 0.61 | 0.60 | 0.60 | 5.19 | 674 |
| 10.70 | 7.30 | 48953738 | 0.64 | 0.64 | 0.60 | 0.60 | 5.16 | 711 |
| 10.60 | 7.84 | 39812573 | 0.93 | 0.93 | 0.60 | 0.60 | 4.88 | 588 |
| 10.46 | (1.31) | 29893100 | 0.72 | 0.72 | 0.60 | 0.60 | 4.08 | 426 |
| 11.32 | (1.72) | 33996793 | 0.61 | 0.61 | 0.60 | 0.60 | 3.51 | 319 |
| 10.79 | 6.85 | 3503088 | 0.66 | 0.71 | 0.65 | 0.70 | 5.15 | 674 |
| 10.70 | 7.25 | 2748560 | 0.69 | 0.74 | 0.65 | 0.70 | 5.10 | 711 |
| 10.60 | 7.79 | 1997652 | 0.98 | 1.03 | 0.65 | 0.70 | 4.85 | 588 |
| 10.46 | (1.36) | 1594343 | 0.77 | 0.82 | 0.65 | 0.70 | 4.04 | 426 |
| 11.32 | (1.77) | 878330 | 0.66 | 0.71 | 0.65 | 0.70 | 3.46 | 319 |
| 10.79 | 6.74 | 324710 | 0.76 | 0.76 | 0.75 | 0.75 | 5.04 | 674 |
| 10.70 | 7.14 | 296163 | 0.79 | 0.79 | 0.75 | 0.75 | 5.02 | 711 |
| 10.60 | 7.68 | 269441 | 1.08 | 1.08 | 0.75 | 0.75 | 4.70 | 588 |
| 10.46 | (1.46) | 314410 | 0.87 | 0.87 | 0.75 | 0.75 | 3.92 | 426 |
| 11.32 | (1.87) | 377580 | 0.76 | 0.76 | 0.75 | 0.75 | 3.37 | 319 |
| 10.79 | 6.58 | 15074427 | 0.91 | 0.91 | 0.90 | 0.90 | 4.88 | 674 |
| 10.70 | 6.98 | 14268053 | 0.94 | 0.94 | 0.90 | 0.90 | 4.87 | 711 |
| 10.60 | 7.52 | 13708221 | 1.23 | 1.23 | 0.90 | 0.90 | 4.57 | 588 |
| 10.46 | (1.60) | 12780183 | 1.02 | 1.02 | 0.90 | 0.90 | 3.77 | 426 |
| 11.32 | (2.02) | 15042742 | 0.91 | 0.91 | 0.90 | 0.90 | 3.21 | 319 |
| 10.79 | 5.79 | 3617635 | 1.66 | 1.66 | 1.65 | 1.65 | 4.13 | 674 |
| 10.70 | 6.19 | 3698541 | 1.69 | 1.69 | 1.65 | 1.65 | 4.12 | 711 |
| 10.60 | 6.72 | 3772713 | 1.98 | 1.98 | 1.65 | 1.65 | 3.81 | 588 |
| 10.46 | (2.34) | 4164178 | 1.77 | 1.77 | 1.65 | 1.65 | 3.02 | 426 |
| 11.32 | (2.75) | 5616649 | 1.66 | 1.66 | 1.65 | 1.65 | 2.46 | 319 |
| 10.79 | 6.32 | 564457 | 1.16 | 1.16 | 1.15 | 1.15 | 4.63 | 674 |
| 10.70 | 6.72 | 504652 | 1.19 | 1.19 | 1.15 | 1.15 | 4.62 | 711 |
| 10.60 | 7.26 | 479264 | 1.48 | 1.48 | 1.15 | 1.15 | 4.32 | 588 |
| 10.46 | (1.85) | 449836 | 1.27 | 1.27 | 1.15 | 1.15 | 3.53 | 426 |
| 11.32 | (2.26) | 511456 | 1.16 | 1.16 | 1.15 | 1.15 | 2.96 | 319 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>7</sub> |

---

------

Consolidated Statement of Assets and Liabilities PIMCO Income Fund

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | (Amounts in thousands<sup>†</sup>, except per share amounts) |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $333008518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 1003340 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 609988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1690964 |
|  Cash | 16010 |
|  Deposits with counterparty | 29752 |
|  Foreign currency, at value | 708217 |
|  Receivable for investments sold | 2533593 |
|  Receivable for investments sold on a delayed-delivery basis | 23295 |
|  Receivable for TBA investments sold | 229198435 |
|  Receivable for Fund shares sold | 325313 |
|  Interest and/or dividends receivable | 1444486 |
|  Dividends receivable from Affiliates | 1637 |
|  Reimbursement receivable from PIMCO | 144 |
|  Other assets | 1462 |
|  **Total Assets** | 570595154 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $5094040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 3153617 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 216346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1511626 |
|  Payable for investments purchased | 1613208 |
|  Payable for investments in Affiliates purchased | 1667 |
|  Payable for investments purchased on a delayed-delivery basis | 1513618 |
|  Payable for TBA investments purchased | 329854283 |
|  Payable for unfunded loan commitments | 639306 |
|  Deposits from counterparty | 693321 |
|  Payable for Fund shares redeemed | 564612 |
|  Distributions payable | 78425 |
|  Accrued investment advisory fees | 46465 |
|  Accrued supervisory and administrative fees | 54477 |
|  Accrued distribution fees | 2431 |
|  Accrued servicing fees | 3984 |
|  Foreign capital gains tax payable | 18924 |
|  Other liabilities | 59 |
|  **Total Liabilities** | 345060409 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $225534745 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $237383828 |
|  Distributable earnings (accumulated loss) | (11849083) |
|  **Net Assets** | $225534745 |
|  Cost of investments in securities | $337857346 |
|  Cost of investments in Affiliates | $1467052 |
|  Cost of foreign currency held | $698193 |
|  Proceeds received on short sales | $3139634 |
|  Cost or premiums of financial derivative instruments, net | $1953038 |
|  \* Includes repurchase agreements of: | $412962 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>^</sup> See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2026

---

| | |
|:---|:---|
|  **Net Assets:** |  |
|  Institutional Class | $141115740 |
|  I-2 | 61334688 |
|  I-3 | 3503088 |
|  Administrative Class | 324710 |
|  Class A | 15074427 |
|  Class C | 3617635 |
|  Class R | 564457 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 13083246 |
|  I-2 | 5686506 |
|  I-3 | 324781 |
|  Administrative Class | 30105 |
|  Class A | 1397585 |
|  Class C | 335395 |
|  Class R | 52332 |
|  **Net Asset Value Per Share Outstanding:<sup>(a)</sup>** |  |
|  Institutional Class | $10.79 |
|  I-2 | 10.79 |
|  I-3 | 10.79 |
|  Administrative Class | 10.79 |
|  Class A | 10.79 |
|  Class C | 10.79 |
|  Class R | 10.79 |

---

<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> |

---

------

Consolidated Statement of Operations PIMCO Income Fund

---

| | |
|:---|:---|
| Year Ended March 31, 2026 | Year Ended March 31, 2026 |
| (Amounts in thousands<sup>†</sup>) | (Amounts in thousands<sup>†</sup>) |
|  **Investment Income:** |  |
|  Interest, net of foreign taxes\* | $11059777 |
|  Dividends, net of foreign taxes\*\* | 30869 |
|  Dividends from Investments in Affiliates | 633595 |
|  Miscellaneous income | 43649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 11767890 |
|  **Expenses:** |  |
|  Investment advisory fees | 506529 |
|  Supervisory and administrative fees | 595298 |
|  Distribution and/or servicing fees - Administrative Class | 751 |
|  Distribution and/or servicing fees - Class A | 36683 |
|  Distribution and/or servicing fees - Class C | 36202 |
|  Distribution and/or servicing fees - Class R | 2693 |
|  Trustee fees | 1224 |
|  Interest expense | 28705 |
|  Miscellaneous expense | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 1208984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (1520) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 1207464 |
|  **Net Investment Income (Loss)** | 10560426 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (348758) |
|  Investments in Affiliates | 11440 |
|  Exchange-traded or centrally cleared financial derivative instruments | 3008178 |
|  Over the counter financial derivative instruments | (1832304) |
|  Foreign currency | (588823) |
|  **Net Realized Gain (Loss)** | 249733 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 3974902 |
|  Investments in Affiliates | 21288 |
|  Exchange-traded or centrally cleared financial derivative instruments | (2325038) |
|  Over the counter financial derivative instruments | 247388 |
|  Foreign currency assets and liabilities | 146391 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 2064931 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $12875090 |
|  \* Foreign tax withholdings - Interest | $38376 |
|  \*\* Foreign tax withholdings - Dividends | $72 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

Consolidated Statements of Changes in Net Assets PIMCO Income Fund

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $10560426 | $8505544 |
|  Net realized gain (loss) | 249733 | 3632323 |
|  Net change in unrealized appreciation (depreciation) | 2064931 | (323384) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 12875090 | 11814483 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (6904512) | (6184155) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (2928821) | (2706428) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (162061) | (159781) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (15727) | (16473) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (746273) | (811997) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (157044) | (189425) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (26029) | (27295) |
|  Tax basis return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (595946) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (257486) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (14385) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (1420) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (69346) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (17106) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (2546) | 0 |
|  **Total Distributions<sup>(a)</sup>** | (11898702) | (10095554) |
|  **Fund Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | 41400740 | 33660634 |
|  **Total Increase (Decrease) in Net Assets** | 42377128 | 35379563 |
|  **Net Assets:** |  |  |
|  Beginning of year | 183157617 | 147778054 |
|  End of year | $225534745 | $183157617 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements. <sup></sup>

<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> |

---

------

Consolidated Schedule of Investments PIMCO Income Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 147.7% | INVESTMENTS IN SECURITIES 147.7% | INVESTMENTS IN SECURITIES 147.7% | INVESTMENTS IN SECURITIES 147.7% | INVESTMENTS IN SECURITIES 147.7% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 2.8% | LOAN PARTICIPATIONS AND ASSIGNMENTS 2.8% | LOAN PARTICIPATIONS AND ASSIGNMENTS 2.8% | LOAN PARTICIPATIONS AND ASSIGNMENTS 2.8% | LOAN PARTICIPATIONS AND ASSIGNMENTS 2.8% |
|  Alfa-Bank CJSC |  |  |  |  |
|  5.860% (EUR003M + 2.100%) due 10/21/2026 «~(m) | $— | 38289 | $— | 38289 |
|  Aligned Data Centers International LP | Aligned Data Centers International LP | Aligned Data Centers International LP | Aligned Data Centers International LP | Aligned Data Centers International LP |
|  7.223% due 12/18/2029 ~ |  | 468600 |  | 471642 |
|  Altice France SA |  |  |  |  |
|  6.391% (EUR003M + 4.375%) due 04/30/2028 ~ |  | 7973 |  | 9178 |
|  6.391% (EUR003M + 4.375%) due 10/30/2028 ~ |  | 29406 |  | 33837 |
|  7.797% (TSFR3M + 4.125%) due 04/30/2028 ~ | $— | 16372 |  | 16311 |
|  8.735% (TSFR3M + 5.063%) due 10/30/2028 ~ |  | 35340 |  | 35241 |
|  8.891% (EUR003M + 6.875%) due 05/30/2031 ~ |  | 11000 |  | 12768 |
|  9.047% (TSFR3M + 5.375%) due 05/14/2029 ~ | $— | 112190 |  | 111700 |
|  10.547% (TSFR3M + 6.875%) due 05/31/2031 ~ |  | 347731 |  | 349108 |
|  Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC | Avolon TLB Borrower 1 U.S. LLC |
|  5.425% (TSFR1M + 1.750%) due 06/24/2030 ~ |  | 7793 |  | 7817 |
|  Coreweave Compute Acquisition Co. IV LLC | Coreweave Compute Acquisition Co. IV LLC | Coreweave Compute Acquisition Co. IV LLC | Coreweave Compute Acquisition Co. IV LLC | Coreweave Compute Acquisition Co. IV LLC |
|  9.669% - 9.700% (TSFR3M + 6.000%) due 05/16/2029 «~ |  | 4250 |  | 4380 |
|  Databricks, Inc. |  |  |  |  |
|  1.000% due 01/05/2032 ~µ |  | 48024 |  | 47784 |
|  8.171% (TSFR1M + 4.500%) due 01/05/2032 ~ |  | 216976 |  | 215891 |
|  Dorchester LLC |  |  |  |  |
|  4.610% (EUR003M + 2.300%) due 01/04/2027 «~(m) |  | 82400 |  | 95242 |
|  Encina Private Credit LLC |  |  |  |  |
|  TBD% due 11/30/2026 ~ | $— | 2762 |  | 2283 |
|  Envalior Finance GmbH |  |  |  |  |
|  7.526% (EUR003M + 5.500%) due 03/29/2030 ~ |  | 118900 |  | 123602 |
|  Envision Healthcare Corp. | Envision Healthcare Corp. | Envision Healthcare Corp. | Envision Healthcare Corp. | Envision Healthcare Corp. |
|  11.641% (TSFR3M + 7.875%) due 07/20/2026 ~ | $— | 178896 |  | 178897 |
|  11.641% (TSFR3M + 7.875%) due 11/03/2028 «~ |  | 761088 |  | 783920 |
|  FPS Finance Co. 1 LLC |  |  |  |  |
|  6.610% (EUR003M + 2.950%) due 05/26/2028 «~ |  | 43300 |  | 43300 |
|  iHeartCommunications, Inc. |  |  |  |  |
|  9.557% (TSFR1M + 5.775%) due 05/01/2029 ~ |  | 1213 |  | 1067 |
|  Lealand Finance Co. BV |  |  |  |  |
|  6.782% (TSFR1M + 3.000%) due 06/30/2027 ~ |  | 2410 |  | 2018 |
|  Lealand Finance Co. BV (7.782% Cash) | Lealand Finance Co. BV (7.782% Cash) | Lealand Finance Co. BV (7.782% Cash) | Lealand Finance Co. BV (7.782% Cash) | Lealand Finance Co. BV (7.782% Cash) |
|  7.782% (TSFR1M + 4.000%) due 12/31/2027 ~ |  | 6554 |  | 5481 |
|  Mercury Aggregator LP |  |  |  |  |
|  TBD% due 04/03/2027 «~ |  | 27183 |  | 0 |
|  MH Sub I LLC |  |  |  |  |
|  7.918% (TSFR1M + 4.250%) due 05/03/2028 ~ |  | 1651 |  | 1424 |
|  7.918% (TSFR1M + 4.250%) due 12/31/2031 ~ |  | 1117 |  | 750 |
|  Nscale AS |  |  |  |  |
|  TBD% - 8.700% (TSFR3M + 5.000%) due 08/11/2032 «~µ |  | 113300 |  | 113300 |
|  OCS Group Holdings Ltd. |  |  |  |  |
|  8.980% due 11/28/2031 ~ |  | 7250 |  | 9563 |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  3.886% (EUR006M + 1.750%) due 03/05/2027 «~ |  | 144800 |  | 167546 |
|  4.546% (EUR006M + 2.450%) due 04/01/2027 ~ |  | 451800 |  | 526348 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Poseidon Bidco SASU |  |  |  |
|  7.504% (EUR006M + 5.000%) due 03/13/2030 ~ |  | 235200 | 81557 |
|  Project Flash |  |  |  |
|  0.563% - 5.933% (TSFR3M + 2.250%) due 04/30/2030 «~µ | $— | 1026187 | 1026188 |
|  0.563% - 5.933% (TSFR1M + 2.250%) due 04/30/2030 «~µ |  | 522021 | 522021 |
|  0.625% - 6.181% (TSFR1M + 2.500%) due 01/09/2028 «~µ |  | 108450 | 107672 |
|  Project Hudson II |  |  |  |
|  7.730% due 05/29/2026 «~ |  | 75800 | 76068 |
|  Project Quasar Pledgco SLU | Project Quasar Pledgco SLU | Project Quasar Pledgco SLU | Project Quasar Pledgco SLU |
|  5.190% (EUR001M + 3.250%) due 04/15/2026 «~ |  | 57389 | 65906 |
|  SCUR-Alpha 1503 GmbH | SCUR-Alpha 1503 GmbH | SCUR-Alpha 1503 GmbH | SCUR-Alpha 1503 GmbH |
|  9.167% (TSFR3M + 5.500%) due 03/29/2030 ~ | $— | 210239 | 185012 |
|  Softbank Vision Fund II |  |  |  |
|  7.350% (TSFR3M + 3.650%) due 04/25/2029 «~ |  | 408438 | 415259 |
|  Subcalidora 2 |  |  |  |
|  7.877% (EUR003M + 5.750%) due 08/14/2029 «~ |  | 129849 | 146699 |
|  Syniverse Holdings, Inc. |  |  |  |
|  10.700% (TSFR3M + 7.000%) due 05/13/2027 ~ | $— | 55200 | 51129 |
|  TransDigm, Inc. |  |  |  |
|  5.918% (TSFR1M + 2.250%) due 03/22/2030 ~ |  | 19699 | 19721 |
|  6.168% (TSFR1M + 2.500%) due 02/28/2031 ~ |  | 76382 | 76479 |
|  Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO | Turkiye Vakiflar Bankasi TAO |
|  5.150% (EUR003M + 3.000%) due 12/15/2028 «~ |  | 20200 | 23246 |
|  U.S. Renal Care, Inc. |  |  |  |
|  8.782% (TSFR1M + 5.000%) due 06/28/2028 ~ | $— | 24146 | 22805 |
|  Virgin Media Investment Holdings Ltd. | Virgin Media Investment Holdings Ltd. | Virgin Media Investment Holdings Ltd. | Virgin Media Investment Holdings Ltd. |
|  6.978% due 08/01/2030 ~ |  | 33499 | 42565 |
|  Westmoreland Coal Co. |  |  |  |
|  8.000% due 03/15/2029 ~ | $— | 4061 | 1767 |
|  Total Loan Participations and Assignments (Cost $6,374,317) | Total Loan Participations and Assignments (Cost $6,374,317) | Total Loan Participations and Assignments (Cost $6,374,317) | 6272781 |
| CORPORATE BONDS & NOTES 7.8% | CORPORATE BONDS & NOTES 7.8% | CORPORATE BONDS & NOTES 7.8% | CORPORATE BONDS & NOTES 7.8% |
| BANKING & FINANCE 2.6% | BANKING & FINANCE 2.6% | BANKING & FINANCE 2.6% | BANKING & FINANCE 2.6% |
|  123 Lights Re Ltd. |  |  |  |
|  14.510% (FHMMUSTF + 11.000%) due 09/14/2031 ~ |  | 6700 | 6916 |
|  Alamo Re Ltd. |  |  |  |
|  11.944% (FHMMUSTF + 8.434%) due 06/07/2027 ~ |  | 33700 | 34930 |
|  15.390% (FHMMUSTF + 11.880%) due 06/08/2026 ~ |  | 34840 | 35519 |
|  Ambac Assurance Corp. |  |  |  |
|  5.100% due 12/31/2099 (l) |  | 352 | 466 |
|  Andretti Acquisition Corp. II | Andretti Acquisition Corp. II | Andretti Acquisition Corp. II | Andretti Acquisition Corp. II |
|  4.360% due 06/26/2026 « |  | 352716 | 388491 |
|  Armor RE II Ltd. |  |  |  |
|  12.060% (BRMMUSDF + 8.500%) due 01/07/2032 ~ | $— | 5200 | 5514 |
|  13.760% (BRMMUSDF + 10.200%) due 05/07/2031 ~ |  | 13000 | 13686 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 | $— | 50661 | $— | 48960 |
|  Banco Santander SA |  |  |  |  |
|  4.250% due 04/11/2027 |  | 28400 |  | 28374 |
|  6.527% due 11/07/2027 •  |  | 95200 |  | 96401 |
|  6.607% due 11/07/2028 |  | 61400 |  | 64542 |
|  Bank of America Corp. |  |  |  |  |
|  5.202% due 04/25/2029 •(o) |  | 9100 |  | 9231 |
|  Barclays PLC |  |  |  |  |
|  4.972% due 05/16/2029 •  |  | 54550 |  | 54891 |
|  5.674% due 03/12/2028 •  |  | 20700 |  | 20898 |
|  5.690% due 03/12/2030 •  |  | 51700 |  | 53134 |
|  6.490% due 09/13/2029 •  |  | 25800 |  | 26870 |
|  6.496% due 09/13/2027 •  |  | 61695 |  | 62197 |
|  7.437% due 11/02/2033 •  |  | 2848 |  | 3186 |
|  Bayou Re Ltd. |  |  |  |  |
|  11.872% (BNMMDTSC + 8.332%) due 04/30/2031 ~ |  | 5800 |  | 6026 |
|  22.040% (BNMMDTSC + 18.500%) due 04/30/2031 ~ |  | 6700 |  | 7205 |
|  Blue Ridge Re Ltd. |  |  |  |  |
|  7.010% (FHMMUSTF + 3.500%) due 01/08/2029 ~ |  | 4800 |  | 4829 |
|  8.760% (FHMMUSTF + 5.250%) due 01/08/2031 ~ |  | 22908 |  | 23123 |
|  9.510% (FHMMUSTF + 6.000%) due 01/08/2029 ~ |  | 1500 |  | 1484 |
|  11.510% (FHMMUSTF + 8.000%) due 01/08/2029 ~ |  | 250 |  | 246 |
|  BNP Paribas SA |  |  |  |  |
|  5.497% due 05/20/2030 •  |  | 7200 |  | 7378 |
|  Bonanza RE Ltd. |  |  |  |  |
|  3.659% (MSMMUSTF + 0.000%) due 01/08/2027 ~ |  | 9600 |  | 8146 |
|  BPCE SA |  |  |  |  |
|  5.716% due 01/18/2030 •  |  | 34200 |  | 35065 |
|  5.936% due 05/30/2035 •  |  | 8600 |  | 8801 |
|  6.612% due 10/19/2027 •  |  | 28400 |  | 28718 |
|  6.714% due 10/19/2029 •  |  | 66000 |  | 69053 |
|  7.003% due 10/19/2034 •  |  | 42300 |  | 46249 |
|  CaixaBank SA |  |  |  |  |
|  6.684% due 09/13/2027 •  |  | 41400 |  | 41789 |
|  Cape Lookout Re Ltd. |  |  |  |  |
|  8.760% (FHMMUSTF + 5.250%) due 03/21/2033 ~ |  | 12200 |  | 12200 |
|  9.510% (FHMMUSTF + 6.000%) due 03/21/2033 ~ |  | 12050 |  | 12050 |
|  10.410% (FHMMUSTF + 6.900%) due 03/13/2032 ~ |  | 42300 |  | 44157 |
|  12.239% (GSMMUSTF + 8.702%) due 04/05/2027 ~ |  | 9550 |  | 9699 |
|  Charles River Re Ltd. |  |  |  |  |
|  11.172% (BNMMDTSC + 7.632%) due 05/10/2031 ~ |  | 2700 |  | 2779 |
|  Citrus Re Ltd. |  |  |  |  |
|  8.922% (T-BILL 3MO + 5.250%) due 06/07/2033 ~ |  | 5450 |  | 5450 |
|  9.910% (T-BILL 3MO + 6.250%) due 06/07/2033 ~ |  | 5050 |  | 5050 |
|  Cooperatieve Rabobank UA |  |  |  |  |
|  4.655% due 08/22/2028 •  |  | 300 |  | 301 |
|  CoStar Group, Inc. |  |  |  |  |
|  2.800% due 07/15/2030 |  | 29567 |  | 26749 |
|  Credicorp Capital Sociedad Titulizadora SA |  |  |  |  |
|  9.700% due 03/05/2045 |  | 140900 |  | 43081 |
|  10.100% due 12/15/2043 |  | 65500 |  | 20422 |
|  Credit Suisse AG AT1 Claim | $— | 272096 |  | 95233 |
|  Danske Bank AS |  |  |  |  |
|  5.427% due 03/01/2028 •  |  | 18500 |  | 18678 |
|  Deloitte LLP |  |  |  |  |
|  5.250% due 01/30/2030 (m) |  | 37300 |  | 37475 |
|  5.410% due 01/30/2032 (m) |  | 36700 |  | 36814 |
|  Deutsche Bank AG |  |  |  |  |
|  2.552% due 01/07/2028 •  |  | 8850 |  | 8713 |
|  6.720% due 01/18/2029 •  |  | 6776 |  | 7023 |

---

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO INCOME FUND** | 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)** |
|  East Lane Re VII Ltd. |  |  |  |  |
|  12.160% (BRMMUSDF + 8.500%) due 03/31/2032 ~ | $— | 22100 | $— | 22138 |
|  EPR Properties |  |  |  |  |
|  4.500% due 06/01/2027 |  | 500 |  | 498 |
|  4.750% due 12/15/2026 |  | 2445 |  | 2444 |
|  4.950% due 04/15/2028 |  | 3980 |  | 3975 |
|  Everglades Re II Ltd. |  |  |  |  |
|  14.041% (GSMMUSTI + 10.500%) due 05/13/2027 ~ |  | 49280 |  | 49945 |
|  15.041% (GSMMUSTI + 11.500%) due 05/13/2031 ~ |  | 48900 |  | 49658 |
|  16.291% (GSMMUSTI + 12.750%) due 05/13/2027 ~ |  | 31200 |  | 31746 |
|  FFC Senior Note Lease-Backed Pass-Through Trust | FFC Senior Note Lease-Backed Pass-Through Trust | FFC Senior Note Lease-Backed Pass-Through Trust | FFC Senior Note Lease-Backed Pass-Through Trust | FFC Senior Note Lease-Backed Pass-Through Trust |
|  5.141% due 07/10/2053 « |  | 46584 |  | 38100 |
|  Ford Motor Credit Co. LLC |  |  |  |  |
|  2.700% due 08/10/2026 |  | 39225 |  | 38939 |
|  2.900% due 02/16/2028 |  | 27259 |  | 26149 |
|  4.125% due 08/17/2027 |  | 2700 |  | 2666 |
|  4.950% due 05/28/2027 |  | 3700 |  | 3700 |
|  5.918% due 03/20/2028 (o) |  | 21973 |  | 22260 |
|  6.798% due 11/07/2028 (o) |  | 11573 |  | 11983 |
|  6.800% due 05/12/2028 |  | 26077 |  | 26868 |
|  7.350% due 11/04/2027 |  | 7300 |  | 7537 |
|  Gateway Re Ltd. |  |  |  |  |
|  5.560% (BRMMUSDF + 2.000%) due 07/06/2029 ~ |  | 10900 |  | 10900 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  3.250% due 01/15/2032 |  | 4800 |  | 4284 |
|  4.000% due 01/15/2031 |  | 5300 |  | 5028 |
|  5.300% due 01/15/2029 (o) |  | 29811 |  | 30160 |
|  Golden Bear Re Ltd. |  |  |  |  |
|  13.162% (T-BILL 1MO + 9.500%) due 03/08/2032 ~ |  | 16200 |  | 16200 |
|  13.412% (JMMMUSTF + 9.750%) due 01/08/2029 ~ |  | 39500 |  | 40217 |
|  Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC |
|  3.700% due 03/15/2028 |  | 26267 |  | 25858 |
|  Greengrove RE Ltd. |  |  |  |  |
|  11.290% (BNMMDTSC + 7.750%) due 04/08/2032 ~ |  | 10600 |  | 10987 |
|  GSG Bidco Ltd. |  |  |  |  |
|  4.700% due 06/15/2031 |  | 126300 |  | 144817 |
|  Handshake Re Ltd. |  |  |  |  |
|  8.060% (JMMMUSTF + 4.500%) due 01/08/2030 ~ | $— | 2800 |  | 2784 |
|  Hardwood Funding LLC |  |  |  |  |
|  4.840% due 06/07/2028 (m) |  | 18500 |  | 18522 |
|  4.980% due 06/07/2030 «(m) |  | 12000 |  | 12035 |
|  Herbie Re Ltd. |  |  |  |  |
|  7.780% (MSMMUSTF + 4.250%) due 01/07/2030 ~ |  | 4600 |  | 4607 |
|  Hestia Re Ltd. |  |  |  |  |
|  10.290% (BNMMDTSC + 6.750%) due 03/13/2032 ~ |  | 3400 |  | 3454 |
|  11.790% (BNMMDTSC + 8.250%) due 03/13/2032 ~ |  | 3600 |  | 3679 |
|  Hexagon IV RE Ltd. |  |  |  |  |
|  10.454% (EUR003M + 8.428%) due 01/07/2031 ~ |  | 21312 |  | 25857 |
|  HSBC Holdings PLC |  |  |  |  |
|  4.041% due 03/13/2028 •  | $— | 11280 |  | 11230 |
|  4.583% due 06/19/2029 •  |  | 73000 |  | 72961 |
|  Integrity RE III Ltd. |  |  |  |  |
|  6.010% (FHMMUSTF + 2.500%) due 06/07/2029 ~ |  | 6300 |  | 6300 |
|  11.510% (FHMMUSTF + 8.000%) due 06/06/2027 ~ |  | 1350 |  | 1375 |
|  13.260% (FHMMUSTF + 9.750%) due 06/06/2027 ~ |  | 900 |  | 920 |
|  15.760% (FHMMUSTF + 12.250%) due 06/06/2028 ~ |  | 6000 |  | 6233 |
|  29.010% (FHMMUSTF + 25.500%) due 06/06/2027 ~ |  | 10100 |  | 11099 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Integrity Re Ltd. |  |  |  |  |
|  14.064% (FHMMUSTF + 10.554%) due 06/06/2026 ~ | $— | 7000 | $— | 7116 |
|  16.832% (FHMMUSTF + 13.322%) due 06/06/2026 ~ |  | 12305 |  | 12563 |
|  20.744% (FHMMUSTF + 17.234%) due 06/08/2026 ~ |  | 21550 |  | 22186 |
|  26.306% (FHMMUSTF + 22.796%) due 06/08/2026 ~ |  | 7600 |  | 7893 |
|  Intesa Sanpaolo SpA |  |  |  |  |
|  7.200% due 11/28/2033 |  | 44166 |  | 49519 |
|  Kizuna RE III Pte. Ltd. |  |  |  |  |
|  6.412% (T-BILL 3MO + 2.750%) due 04/09/2029 ~ |  | 6121 |  | 6228 |
|  Kona Spc Ltd. |  |  |  |  |
|  5.718% due 09/15/2026 «•  |  | 51000 |  | 59336 |
|  Lloyds Banking Group PLC |  |  |  |  |
|  5.462% due 01/05/2028 •  | $— | 20100 |  | 20251 |
|  Locke Tavern Re Ltd. |  |  |  |  |
|  4.060% (JMMMUSTF + 3.250%) due 04/11/2033 ~ |  | 7400 |  | 7400 |
|  4.060% (JMMMUSTF + 4.250%) due 04/11/2033 ~ |  | 6700 |  | 6700 |
|  Longleaf Pine Re Ltd. |  |  |  |  |
|  21.473% (GSMMUSTI + 17.932%) due 05/27/2031 ~ |  | 25200 |  | 26678 |
|  Luca RE Ltd. |  |  |  |  |
|  10.810% (JMMMUSTF + 7.250%) due 07/22/2031 ~ |  | 20700 |  | 21332 |
|  Mayflower Re Ltd. |  |  |  |  |
|  10.023% (FHMMUSTF + 6.513%) due 07/08/2030 ~ |  | 700 |  | 709 |
|  MMcapS Funding XVIII Ltd. |  |  |  |  |
|  4.262% (US0003M + 0.290%) due 12/26/2039 ~ |  | 14635 |  | 14343 |
|  4.472% (US0003M + 0.500%) due 12/26/2039 ~ |  | 10100 |  | 8938 |
|  MMIFS Re Ltd. |  |  |  |  |
|  5.151% (CAONINDX + 2.900%) due 01/10/2033 ~ |  | 8700 |  | 6255 |
|  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 |
|  4.213% due 02/08/2030 •  | $— | 42300 |  | 41877 |
|  Nationwide Building Society |  |  |  |  |
|  2.972% due 02/16/2028 •  |  | 342 |  | 337 |
|  3.960% due 07/18/2030 •  |  | 57892 |  | 56608 |
|  4.302% due 03/08/2029 •(o) |  | 56000 |  | 55649 |
|  6.557% due 10/18/2027 •  |  | 30400 |  | 30746 |
|  Nature Coast Re Ltd. |  |  |  |  |
|  11.661% (T-BILL 3MO + 8.000%) due 02/26/2030 ~ |  | 13800 |  | 13761 |
|  13.291% (GSMMUSTI + 9.750%) due 04/10/2033 ~ |  | 8750 |  | 9058 |
|  13.541% (GSMMUSTI + 10.000%) due 12/07/2030 ~ |  | 22346 |  | 22734 |
|  NatWest Group PLC |  |  |  |  |
|  3.073% due 05/22/2028 •  |  | 1188 |  | 1169 |
|  4.445% due 05/08/2030 •  |  | 163400 |  | 162471 |
|  4.892% due 05/18/2029 •  |  | 6900 |  | 6950 |
|  4.905% (SOFRRATE + 1.250%) due 03/01/2028 ~ |  | 24300 |  | 24406 |
|  5.076% due 01/27/2030 •  |  | 177653 |  | 179668 |
|  5.583% due 03/01/2028 •  |  | 42300 |  | 42724 |
|  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 |
|  2.450% due 09/15/2028 |  | 4200 |  | 3842 |
|  2.750% due 03/09/2028 |  | 38100 |  | 35645 |
|  5.625% due 09/29/2028 |  | 3600 |  | 3535 |
|  5.698% (SOFRINDX + 2.050%) due 09/13/2027 ~ |  | 33000 |  | 32739 |
|  Nomura Holdings, Inc. |  |  |  |  |
|  2.172% due 07/14/2028 |  | 51800 |  | 49089 |
|  Orange Capital RE DAC |  |  |  |  |
|  8.026% (EUR003M + 6.000%) due 01/17/2029 ~ |  | 2400 |  | 2915 |
|  10.356% (EUR003M + 8.330%) due 01/08/2027 ~ |  | 19700 |  | 23686 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Palm RE Ltd. |  |  |
|  11.290% (BNMMDTSC + 7.750%) due 06/07/2032 ~ | 5800 | 5979 |
|  13.240% (BNMMDTSC + 9.700%) due 06/09/2031 ~ | 1700 | 1779 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (h) | 142178 | 111331 |
|  Polestar Re Ltd. |  |  |
|  10.661% (BRMMUSDF + 7.000%) due 01/08/2029 ~ | 3500 | 3508 |
|  12.661% (BRMMUSDF + 9.000%) due 01/08/2029 ~ | 3500 | 3500 |
|  14.150% (BRMMUSDF + 10.590%) due 01/07/2028 ~ | 16100 | 16876 |
|  14.161% (BRMMUSDF + 10.500%) due 01/08/2029 ~ | 500 | 501 |
|  16.810% (BRMMUSDF + 13.250%) due 01/07/2027 ~ | 73700 | 76206 |
|  Preferred Term Securities VIII Ltd./Preferred Term Securities VIII, Inc. | Preferred Term Securities VIII Ltd./Preferred Term Securities VIII, Inc. | Preferred Term Securities VIII Ltd./Preferred Term Securities VIII, Inc. |
|  4.850% (US0003M + 0.900%) due 01/03/2033 ~ | 2648 | 2648 |
|  Preferred Term Securities XII Ltd./Preferred Term Securities XII, Inc. | Preferred Term Securities XII Ltd./Preferred Term Securities XII, Inc. | Preferred Term Securities XII Ltd./Preferred Term Securities XII, Inc. |
|  4.825% (US0003M + 0.880%) due 12/24/2033 ~ | 2289 | 2284 |
|  Preferred Term Securities XIX Ltd./Preferred Term Securities XIX, Inc. | Preferred Term Securities XIX Ltd./Preferred Term Securities XIX, Inc. | Preferred Term Securities XIX Ltd./Preferred Term Securities XIX, Inc. |
|  4.366% (US0003M + 0.430%) due 12/22/2035 ~ | 28471 | 27333 |
|  Preferred Term Securities XVI Ltd./Preferred Term Securities XVI, Inc. | Preferred Term Securities XVI Ltd./Preferred Term Securities XVI, Inc. | Preferred Term Securities XVI Ltd./Preferred Term Securities XVI, Inc. |
|  4.516% (US0003M + 0.580%) due 03/23/2035 ~ | 8863 | 8530 |
|  Preferred Term Securities XVII Ltd./Preferred Term Securities XVII, Inc. | Preferred Term Securities XVII Ltd./Preferred Term Securities XVII, Inc. | Preferred Term Securities XVII Ltd./Preferred Term Securities XVII, Inc. |
|  4.336% (US0003M + 0.400%) due 06/23/2035 ~ | 7106 | 6910 |
|  4.445% (US0003M + 0.500%) due 06/23/2035 ~ | 10965 | 10225 |
|  Preferred Term Securities XVIII Ltd./Preferred Term Securities XVIII, Inc. | Preferred Term Securities XVIII Ltd./Preferred Term Securities XVIII, Inc. | Preferred Term Securities XVIII Ltd./Preferred Term Securities XVIII, Inc. |
|  4.416% (US0003M + 0.480%) due 09/23/2035 ~ | 13973 | 13449 |
|  4.686% (US0003M + 0.750%) due 09/23/2035 ~ | 20535 | 18481 |
|  Preferred Term Securities XX Ltd./Preferred Term Securities XX, Inc. | Preferred Term Securities XX Ltd./Preferred Term Securities XX, Inc. | Preferred Term Securities XX Ltd./Preferred Term Securities XX, Inc. |
|  4.336% (US0003M + 0.400%) due 03/22/2038 ~ | 37144 | 35751 |
|  4.386% (US0003M + 0.450%) due 03/22/2038 ~ | 7004 | 6391 |
|  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. |
|  4.336% (US0003M + 0.400%) due 03/22/2038 ~ | 25153 | 23266 |
|  Preferred Term Securities XXII Ltd./Preferred Term Securities XXII, Inc. | Preferred Term Securities XXII Ltd./Preferred Term Securities XXII, Inc. | Preferred Term Securities XXII Ltd./Preferred Term Securities XXII, Inc. |
|  4.336% (US0003M + 0.400%) due 09/22/2036 ~ | 27674 | 26567 |
|  Preferred Term Securities XXIII Ltd./Preferred Term Securities XXIII, Inc. | Preferred Term Securities XXIII Ltd./Preferred Term Securities XXIII, Inc. | Preferred Term Securities XXIII Ltd./Preferred Term Securities XXIII, Inc. |
|  4.246% (US0003M + 0.310%) due 12/22/2036 ~ | 44100 | 42998 |
|  4.316% (US0003M + 0.380%) due 12/22/2036 ~ | 1139 | 968 |
|  4.326% (US0003M + 0.390%) due 12/22/2036 ~ | 2901 | 2771 |
|  4.556% (US0003M + 0.620%) due 12/22/2036 ~ | 30848 | 28998 |
|  Preferred Term Securities XXIV Ltd./Preferred Term Securities XXIV, Inc. | Preferred Term Securities XXIV Ltd./Preferred Term Securities XXIV, Inc. | Preferred Term Securities XXIV Ltd./Preferred Term Securities XXIV, Inc. |
|  4.236% (US0003M + 0.300%) due 03/22/2037 ~ | 42694 | 40879 |
|  4.316% (US0003M + 0.380%) due 03/22/2037 ~ | 45472 | 41039 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>13</sub> |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Preferred Term Securities XXV Ltd./Preferred Term Securities XXV, Inc. | Preferred Term Securities XXV Ltd./Preferred Term Securities XXV, Inc. | Preferred Term Securities XXV Ltd./Preferred Term Securities XXV, Inc. | Preferred Term Securities XXV Ltd./Preferred Term Securities XXV, Inc. | Preferred Term Securities XXV Ltd./Preferred Term Securities XXV, Inc. |
|  4.286% (US0003M + 0.350%) due 06/22/2037 ~ | $— | 48367 | $— | 43530 |
|  Preferred Term Securities XXVI Ltd./Preferred Term Securities XXVI, Inc. | Preferred Term Securities XXVI Ltd./Preferred Term Securities XXVI, Inc. | Preferred Term Securities XXVI Ltd./Preferred Term Securities XXVI, Inc. | Preferred Term Securities XXVI Ltd./Preferred Term Securities XXVI, Inc. | Preferred Term Securities XXVI Ltd./Preferred Term Securities XXVI, Inc. |
|  4.236% (US0003M + 0.300%) due 09/22/2037 ~ |  | 64 |  | 61 |
|  4.306% (US0003M + 0.370%) due 09/22/2037 ~ |  | 41645 |  | 37480 |
|  Preferred Term Securities XXVII Ltd./Preferred Term Securities XXVII, Inc. | Preferred Term Securities XXVII Ltd./Preferred Term Securities XXVII, Inc. | Preferred Term Securities XXVII Ltd./Preferred Term Securities XXVII, Inc. | Preferred Term Securities XXVII Ltd./Preferred Term Securities XXVII, Inc. | Preferred Term Securities XXVII Ltd./Preferred Term Securities XXVII, Inc. |
|  4.236% (US0003M + 0.300%) due 12/22/2037 ~ |  | 10081 |  | 9602 |
|  4.336% (US0003M + 0.400%) due 12/22/2037 ~ |  | 2118 |  | 1901 |
|  Preferred Term Securities XXVIII Ltd./Preferred Term Securities XXVIII, Inc. | Preferred Term Securities XXVIII Ltd./Preferred Term Securities XXVIII, Inc. | Preferred Term Securities XXVIII Ltd./Preferred Term Securities XXVIII, Inc. | Preferred Term Securities XXVIII Ltd./Preferred Term Securities XXVIII, Inc. | Preferred Term Securities XXVIII Ltd./Preferred Term Securities XXVIII, Inc. |
|  4.536% (US0003M + 0.600%) due 03/22/2038 ~ |  | 16804 |  | 15207 |
|  4.836% (US0003M + 0.900%) due 03/22/2038 ~ |  | 13793 |  | 13724 |
|  Purple Re Ltd. |  |  |  |  |
|  6.060% (JMMMUSTF + 2.500%) due 06/07/2033 ~ |  | 9650 |  | 9650 |
|  12.686% (JMMMUSTF + 9.126%) due 06/07/2027 ~ |  | 20100 |  | 20735 |
|  Pyramid Funding Ltd. |  |  |  |  |
|  5.062% due 03/28/2035 « |  | 210627 |  | 238065 |
|  Quercus II Re DAC |  |  |  |  |
|  13.079% (EUR003M + 11.000%) due 01/07/2031 ~ |  | 12700 |  | 14678 |
|  Quercus Re DAC |  |  |  |  |
|  10.020% (EUR003M + 8.000%) due 01/06/2031 ~ |  | 3800 |  | 4541 |
|  RNHB BV |  |  |  |  |
|  0.000% due 01/28/2027 « |  | 21408 |  | 25071 |
|  0.000% due 10/28/2027 |  | 20195 |  | 23596 |
|  0.000% due 04/28/2028 « |  | 10673 |  | 13063 |
|  0.000% due 10/28/2028 |  | 22876 |  | 26614 |
|  6.760% due 03/01/2027 |  | 11700 |  | 13458 |
|  Sabine Re Ltd. |  |  |  |  |
|  12.060% (BNMMDTSC + 8.520%) due 04/07/2031 ~ | $— | 6600 |  | 6809 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  2.469% due 01/11/2028 •  |  | 12330 |  | 12128 |
|  3.823% due 11/03/2028 •  |  | 31580 |  | 31184 |
|  6.534% due 01/10/2029 •  |  | 6200 |  | 6399 |
|  SLM Student Loan Trust |  |  |  |  |
|  2.700% (EUR003M + 0.550%) due 12/15/2033 ~ |  | 399 |  | 435 |
|  Societe Generale SA |  |  |  |  |
|  5.250% due 02/19/2027 | $— | 500 |  | 503 |
|  6.691% due 01/10/2034 •  |  | 128000 |  | 136789 |
|  Standard Chartered PLC |  |  |  |  |
|  6.750% due 02/08/2028 •  |  | 3035 |  | 3089 |
|  Taranis Reinsurance DAC |  |  |  |  |
|  8.339% (EUR003M + 6.310%) due 01/07/2031 ~ |  | 13300 |  | 15725 |
|  11.019% (EUR003M + 8.990%) due 01/08/2031 ~ |  | 18600 |  | 22865 |
|  Thames Ssnm Unfunded Comm | Thames Ssnm Unfunded Comm | Thames Ssnm Unfunded Comm | Thames Ssnm Unfunded Comm | Thames Ssnm Unfunded Comm |
|  9.750% due 10/10/2027 |  | 15790 |  | 20064 |
|  Titanium 2l Bondco SARL |  |  |  |  |
|  6.250% due 01/14/2031 |  | 2955 |  | 555 |
|  Torrey Pines Re Ltd. |  |  |  |  |
|  9.596% (JMMMUSTF + 6.036%) due 06/07/2027 ~ | $— | 15100 |  | 15613 |
|  10.666% (JMMMUSTF + 7.106%) due 06/07/2027 ~ |  | 8900 |  | 9226 |
|  12.938% (BRMMUSDF + 9.378%) due 06/05/2026 ~ |  | 5400 |  | 5450 |
|  Tremont Re Ltd. |  |  |  |  |
|  7.661% (T-BILL 1MO + 4.000%) due 03/22/2033 ~ |  | 4900 |  | 4900 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  U.S. Capital Funding VI Ltd./U.S. Capital Funding VI Corp. | U.S. Capital Funding VI Ltd./U.S. Capital Funding VI Corp. | U.S. Capital Funding VI Ltd./U.S. Capital Funding VI Corp. | U.S. Capital Funding VI Ltd./U.S. Capital Funding VI Corp. | U.S. Capital Funding VI Ltd./U.S. Capital Funding VI Corp. |
|  4.191% due 07/10/2043 •  | $— | 38142 | $— | 34518 |
|  UBS Group AG |  |  |  |  |
|  3.091% due 05/14/2032 •  |  | 75585 |  | 69342 |
|  3.869% due 01/12/2029 •  |  | 7400 |  | 7317 |
|  4.194% due 04/01/2031 •  |  | 31069 |  | 30406 |
|  5.428% due 02/08/2030 •  |  | 19800 |  | 20231 |
|  5.959% due 01/12/2034 •  |  | 99100 |  | 103447 |
|  6.246% due 09/22/2029 •  |  | 92400 |  | 96045 |
|  6.327% due 12/22/2027 •  |  | 95300 |  | 96576 |
|  Ursa Re II Ltd. |  |  |  |  |
|  8.661% (MSMMUSTF + 5.000%) due 12/07/2029 ~ |  | 3200 |  | 3177 |
|  11.411% (MSMMUSTF + 7.750%) due 06/07/2028 ~ |  | 17200 |  | 17366 |
|  Ursa Re Ltd. |  |  |  |  |
|  9.040% (BNMMDTSC + 5.500%) due 12/07/2026 ~ |  | 38700 |  | 39273 |
|  11.041% (GSMMUSTI + 7.500%) due 02/22/2028 ~ |  | 25300 |  | 25869 |
|  12.290% (BNMMDTSC + 8.750%) due 12/07/2026 ~ |  | 49500 |  | 50822 |
|  VB DPR Finance Co. |  |  |  |  |
|  6.833% due 03/15/2035 «(m) |  | 52500 |  | 53070 |
|  Veraison Re Ltd. |  |  |  |  |
|  6.441% (GSMMUSTI + 2.900%) due 03/08/2029 ~ |  | 11400 |  | 11405 |
|  7.691% (GSMMUSTI + 4.150%) due 03/08/2034 ~ |  | 3500 |  | 3502 |
|  8.541% (GSMMUSTI + 5.000%) due 03/08/2033 ~ |  | 3550 |  | 3612 |
|  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. | VICI Properties LP/VICI Note Co., Inc. |
|  3.875% due 02/15/2029 |  | 5805 |  | 5643 |
|  4.500% due 09/01/2026 |  | 16083 |  | 16066 |
|  4.500% due 01/15/2028 (o) |  | 3495 |  | 3476 |
|  5.750% due 02/01/2027 |  | 12316 |  | 12389 |
|  Vitality Re XVI Ltd. |  |  |  |  |
|  5.280% (MSMMUSTF + 1.750%) due 01/08/2030 ~ |  | 5700 |  | 5670 |
|  7.280% (MSMMUSTF + 3.750%) due 01/08/2030 ~ |  | 4500 |  | 4478 |
|  Vitality Re XVII Ltd. |  |  |  |  |
|  5.541% (GSMMUSTI + 2.000%) due 01/08/2031 ~ |  | 21400 |  | 21401 |
|  5.941% (GSMMUSTI + 2.400%) due 01/08/2031 ~ |  | 8800 |  | 8800 |
|  7.541% (GSMMUSTI + 4.000%) due 01/08/2031 ~ |  | 2300 |  | 2300 |
|  Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC |
|  8.500% due 05/09/2026 ^«(e) |  | 17721 |  | 0 |
|  Windmill III Re DAC |  |  |  |  |
|  7.236% (EUR003M + 5.210%) due 07/05/2028 ~ |  | 400 |  | 479 |
|  Windrose Re Ltd. |  |  |  |  |
|  8.790% (HSMMUSTF + 5.250%) due 02/11/2033 ~ | $— | 6400 |  | 6381 |
|  Winston RE Ltd. |  |  |  |  |
|  10.040% (BNMMDTSC + 6.500%) due 02/21/2028 ~ |  | 1800 |  | 1842 |
|  15.230% (BNMMDTSC + 11.690%) due 02/26/2031 ~ |  | 4800 |  | 5010 |
|  Yellow Tulip Assetco BV |  |  |  |  |
|  0.000% due 07/30/2036 « |  | 45750 |  | 52880 |
|  Yellow Tulip Bidco BV |  |  |  |  |
|  0.000% due 07/30/2036 |  | 47123 |  | 16183 |
|  |  |  |  | 5704215 |
| INDUSTRIALS 4.5% |  |  |  |  |
|  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 | $— | 23908 |  | 23928 |
|  Altice France SA |  |  |  |  |
|  6.500% due 10/15/2031 |  | 1576 |  | 1496 |
|  6.500% due 04/15/2032 |  | 20296 |  | 19248 |
|  6.875% due 10/15/2030 |  | 26921 |  | 25775 |
|  6.875% due 07/15/2032 |  | 4872 |  | 4621 |
|  9.500% due 11/01/2029 |  | 34558 |  | 34945 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Amdocs Ltd. |  |  |  |
|  2.538% due 06/15/2030 | $— | 23200 | 21006 |
|  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 |  | 24118 | 21614 |
|  3.000% due 04/15/2030 |  | 14629 | 14190 |
|  3.150% due 08/15/2033 (o) |  | 1214 | 1133 |
|  3.200% due 12/15/2029 |  | 8134 | 7933 |
|  3.350% due 04/15/2031 |  | 17372 | 16814 |
|  3.375% due 11/01/2028 |  | 29603 | 29245 |
|  3.575% due 07/15/2029 |  | 7136 | 7042 |
|  3.600% due 03/22/2029 |  | 2588 | 2559 |
|  3.650% due 02/15/2029 |  | 9173 | 8931 |
|  3.650% due 12/15/2029 |  | 2923 | 2836 |
|  3.700% due 04/01/2028 |  | 12647 | 12605 |
|  Bayer U.S. Finance LLC |  |  |  |
|  6.375% due 11/21/2030 |  | 5400 | 5680 |
|  Beignet Investor LLC |  |  |  |
|  6.581% due 05/30/2049 |  | 4107935 | 4226779 |
|  Bioceanico Sovereign Certificate Ltd. | Bioceanico Sovereign Certificate Ltd. | Bioceanico Sovereign Certificate Ltd. | Bioceanico Sovereign Certificate Ltd. |
|  0.000% due 06/05/2034 (h) |  | 1826 | 1491 |
|  Boeing Co. |  |  |  |
|  2.950% due 02/01/2030 |  | 19314 | 18182 |
|  3.200% due 03/01/2029 |  | 10000 | 9647 |
|  3.450% due 11/01/2028 |  | 4404 | 4303 |
|  3.625% due 02/01/2031 |  | 40180 | 38230 |
|  5.040% due 05/01/2027 |  | 125660 | 126389 |
|  5.150% due 05/01/2030 (o) |  | 28190 | 28672 |
|  6.259% due 05/01/2027 |  | 71656 | 72913 |
|  6.298% due 05/01/2029 |  | 73606 | 77295 |
|  6.388% due 05/01/2031 |  | 25500 | 27203 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  2.900% due 09/15/2036 |  | 10810 | 9938 |
|  3.300% due 06/15/2034 |  | 2035 | 1929 |
|  3.800% due 03/20/2033 |  | 3189 | 3116 |
|  Carvana Co. |  |  |  |
|  9.000% due 06/01/2030 |  | 222865 | 231994 |
|  9.000% due 06/01/2031 (o) |  | 244918 | 265000 |
|  CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. |
|  2.670% due 12/01/2026 |  | 64300 | 63562 |
|  3.276% due 12/01/2028 |  | 16500 | 15860 |
|  3.569% due 12/01/2031 |  | 38900 | 35573 |
|  Centene Corp. |  |  |  |
|  2.450% due 07/15/2028 |  | 7500 | 6989 |
|  4.625% due 12/15/2029 |  | 6100 | 5795 |
|  Claritev Corp. (6.500% Cash and 0.750% PIK) | Claritev Corp. (6.500% Cash and 0.750% PIK) | Claritev Corp. (6.500% Cash and 0.750% PIK) | Claritev Corp. (6.500% Cash and 0.750% PIK) |
|  7.250% due 03/31/2031 (d) |  | 34353 | 22330 |
|  CLN Magnetto Group |  |  |  |
|  7.490% due 10/25/2031 « |  | 148000 | 148756 |
|  CommonSpirit Health |  |  |  |
|  4.352% due 09/01/2030 |  | 42900 | 42286 |
|  CVS Pass-Through Trust |  |  |  |
|  4.163% due 08/11/2036 |  | 4339 | 4061 |
|  5.773% due 01/10/2033 |  | 3165 | 3211 |
|  5.880% due 01/10/2028 |  | 313 | 314 |
|  7.507% due 01/10/2032 |  | 2691 | 2842 |
|  DISH DBS Corp. |  |  |  |
|  5.250% due 12/01/2026 |  | 284326 | 282051 |
|  5.750% due 12/01/2028 |  | 252793 | 244652 |
|  Energy Transfer LP |  |  |  |
|  4.400% due 03/15/2027 |  | 4145 | 4144 |
|  4.950% due 05/15/2028 |  | 4355 | 4395 |
|  Flora Food Management BV | Flora Food Management BV | Flora Food Management BV | Flora Food Management BV |
|  6.875% due 07/02/2029 |  | 72600 | 78867 |
|  7.500% due 10/31/2030 |  | 213400 | 244467 |
|  Gazprom PJSC Via Gaz Capital SA | Gazprom PJSC Via Gaz Capital SA | Gazprom PJSC Via Gaz Capital SA | Gazprom PJSC Via Gaz Capital SA |
|  4.950% due 03/23/2027 | $— | 24600 | 22140 |
|  4.950% due 02/06/2028 |  | 15900 | 13674 |
|  7.288% due 08/16/2037 |  | 30730 | 23047 |
|  8.625% due 04/28/2034 |  | 141090 | 116399 |
|  Greene King Finance PLC |  |  |  |
|  5.106% due 03/15/2034 |  | 987 | 1273 |
|  5.665% (SONIO/N + 1.919%) due 12/15/2034 ~ |  | 427 | 530 |
|  GSG Bidco Ltd. |  |  |  |
|  5.375% due 06/15/2036 |  | 109800 | 126040 |
|  6.375% due 06/15/2051 |  | 170400 | 195609 |

---

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Imperial Brands Finance PLC |  |  |  |
|  3.500% due 07/26/2026 | $— | 906 | 903 |
|  JetBlue Pass-Through Trust |  |  |  |
|  2.750% due 11/15/2033 |  | 2141 | 1902 |
|  4.000% due 05/15/2034 |  | 47770 | 45355 |
|  Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC |
|  4.360% (SOFRRATE + 0.712%) due 12/15/2030 ~ |  | 21 | 20 |
|  6.013% due 12/15/2030 |  | 2930 | 3882 |
|  MPH Acquisition Holdings LLC |  |  |  |
|  5.750% due 12/31/2030 (o) | $— | 5061 | 3877 |
|  MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) | MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) | MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) | MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) |
|  11.500% due 12/31/2030 (d) |  | 8137 | 7364 |
|  National Football League |  |  |  |
|  5.480% due 10/05/2028 (m) |  | 76800 | 77592 |
|  Nissan Motor Co. Ltd. |  |  |  |
|  4.345% due 09/17/2027 |  | 71663 | 69766 |
|  4.810% due 09/17/2030 |  | 161702 | 146977 |
|  7.500% due 07/17/2030 |  | 81250 | 81944 |
|  7.750% due 07/17/2032 |  | 22825 | 23136 |
|  NPC Ukrenergo |  |  |  |
|  6.875% due 11/09/2028 |  | 3480 | 3210 |
|  Petroleos de Venezuela SA |  |  |  |
|  5.375% due 04/12/2027 ^(e) |  | 108730 | 36403 |
|  5.500% due 04/12/2037 ^(e) |  | 117045 | 39409 |
|  6.000% due 11/15/2026 ^(e) |  | 67067 | 23078 |
|  9.750% due 05/17/2035 ^(e) |  | 52840 | 22077 |
|  Petroleos Mexicanos |  |  |  |
|  5.950% due 01/28/2031 |  | 176125 | 168525 |
|  6.700% due 02/16/2032 |  | 412739 | 404282 |
|  6.750% due 09/21/2047 |  | 71382 | 57016 |
|  6.950% due 01/28/2060 |  | 57150 | 45078 |
|  7.690% due 01/23/2050 |  | 16197 | 14037 |
|  Prime Property Fund LLC |  |  |  |
|  5.250% due 09/30/2029 (m) |  | 34500 | 34542 |
|  5.440% due 09/30/2031 «(m) |  | 34500 | 34311 |
|  Prosus NV |  |  |  |
|  1.288% due 07/13/2029 |  | 19700 | 21051 |
|  1.985% due 07/13/2033 |  | 26300 | 26115 |
|  2.085% due 01/19/2030 |  | 27600 | 29935 |
|  2.778% due 01/19/2034 |  | 20944 | 21596 |
|  3.061% due 07/13/2031 | $— | 47100 | 42222 |
|  4.193% due 01/19/2032 |  | 28000 | 26373 |
|  Rolls-Royce PLC |  |  |  |
|  3.375% due 06/18/2026 |  | 3835 | 5065 |
|  5.750% due 10/15/2027 |  | 29673 | 39666 |
|  Russian Railways Via RZD Capital PLC | Russian Railways Via RZD Capital PLC | Russian Railways Via RZD Capital PLC | Russian Railways Via RZD Capital PLC |
|  7.487% due 03/25/2031 ^(e) |  | 60389 | 55952 |
|  Saudi Arabian Oil Co. |  |  |  |
|  4.750% due 06/02/2030 | $— | 167100 | 165696 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  3.375% due 08/15/2031 |  | 115 | 108 |
|  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 | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC |
|  5.152% due 03/20/2028 |  | 12426 | 12490 |
|  Textron, Inc. |  |  |  |
|  3.650% due 03/15/2027 |  | 12300 | 12215 |
|  Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
|  9.750% due 10/10/2027 |  | 68092 | 98515 |
|  Times Square Hotel Trust |  |  |  |
|  8.528% due 08/01/2026 | $— | 103 | 103 |
|  Topaz Solar Farms LLC |  |  |  |
|  4.875% due 09/30/2039 |  | 7530 | 6814 |
|  5.750% due 09/30/2039 |  | 56349 | 56098 |
|  U.S. Renal Care, Inc. |  |  |  |
|  10.625% due 06/28/2028 |  | 5107 | 4265 |
|  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 |  | 7727 | 7118 |
|  3.500% due 09/01/2031 |  | 2732 | 2658 |
|  4.000% due 10/11/2027 |  | 2187 | 2185 |
|  4.150% due 02/25/2033 |  | 3010 | 2950 |
|  5.875% due 04/15/2029 |  | 74887 | 76187 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Valaris Ltd. |  |  |  |
|  8.375% due 04/30/2030 (o) | $| 956 | 991 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  3.875% due 08/15/2029 |  | 31870 | 30308 |
|  3.875% due 11/01/2033 |  | 10800 | 9576 |
|  4.125% due 08/15/2031 |  | 10300 | 9559 |
|  Venture Global LNG, Inc. |  |  |  |
|  7.000% due 01/15/2030 |  | 102040 | 104240 |
|  8.125% due 06/01/2028 (o) |  | 258000 | 263990 |
|  9.500% due 02/01/2029 |  | 215900 | 233560 |
|  9.875% due 02/01/2032 |  | 67050 | 72044 |
|  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 |  | 101800 | 104750 |
|  6.500% due 01/15/2034 |  | 31080 | 32419 |
|  6.750% due 01/15/2036 |  | 34700 | 36775 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  5.300% due 03/22/2027 (o) |  | 100000 | 100854 |
|  Yellowstone Energy LP |  |  |  |
|  5.750% due 12/31/2026 |  | 762 | 754 |
|  |  |  | 10173432 |
| UTILITIES 0.7% |  |  |  |
|  Edison International | Edison International | Edison International | Edison International |
|  6.250% due 03/15/2030 (o) |  | 40350 | 41833 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 |  | 3358 | 3300 |
|  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 | EUR | 137850 | 123484 |
|  2.950% due 01/27/2029 | $| 93400 | 70517 |
|  3.000% due 06/29/2027 |  | 12000 | 10368 |
|  ONEOK, Inc. |  |  |  |
|  5.550% due 11/01/2026 |  | 300 | 302 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.100% due 08/01/2027 |  | 44031 | 42690 |
|  2.500% due 02/01/2031 |  | 51959 | 46580 |
|  3.000% due 06/15/2028 |  | 85600 | 82865 |
|  3.250% due 06/01/2031 |  | 86160 | 79507 |
|  3.300% due 03/15/2027 |  | 83737 | 82761 |
|  3.300% due 12/01/2027 |  | 164659 | 161296 |
|  3.750% due 07/01/2028 |  | 176652 | 173604 |
|  4.200% due 03/01/2029 |  | 65400 | 64644 |
|  4.250% due 03/15/2046 |  | 50021 | 38045 |
|  4.300% due 03/15/2045 |  | 21683 | 16958 |
|  4.400% due 03/01/2032 |  | 67000 | 64631 |
|  4.450% due 04/15/2042 |  | 46785 | 38633 |
|  4.550% due 07/01/2030 |  | 346519 | 341944 |
|  4.600% due 06/15/2043 |  | 37654 | 31130 |
|  4.650% due 08/01/2028 |  | 19885 | 19918 |
|  5.450% due 06/15/2027 |  | 23667 | 23907 |
|  5.900% due 06/15/2032 |  | 20000 | 20730 |
|  6.400% due 06/15/2033 (o) |  | 4948 | 5254 |
|  Peru LNG SRL |  |  |  |
|  5.375% due 03/22/2030 |  | 934 | 907 |
|  Rio Oil Finance Trust |  |  |  |
|  8.200% due 04/06/2028 |  | 11514 | 11875 |
|  9.750% due 01/06/2027 |  | 4510 | 4613 |
|  Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. |
|  8.750% due 03/15/2032 |  | 25100 | 29858 |
|  |  |  | 1632154 |
|  Total Corporate Bonds & Notes (Cost $17,465,989) | Total Corporate Bonds & Notes (Cost $17,465,989) | Total Corporate Bonds & Notes (Cost $17,465,989) | 17509801 |
| CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  CIFI Holdings Group Co. Ltd. | CIFI Holdings Group Co. Ltd. | CIFI Holdings Group Co. Ltd. | CIFI Holdings Group Co. Ltd. |
|  0.000% due 06/30/2029 (h)(m) |  | 23881 | 866 |
|  Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. |
|  0.000% due 12/31/2031 (h)(m) |  | 29761 | 3330 |
|  Total Convertible Bonds & Notes (Cost $6,361) | Total Convertible Bonds & Notes (Cost $6,361) | Total Convertible Bonds & Notes (Cost $6,361) | 4196 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| MUNICIPAL BONDS & NOTES 0.0% | MUNICIPAL BONDS & NOTES 0.0% | MUNICIPAL BONDS & NOTES 0.0% | MUNICIPAL BONDS & NOTES 0.0% | MUNICIPAL BONDS & NOTES 0.0% |
| CALIFORNIA 0.0% | CALIFORNIA 0.0% | CALIFORNIA 0.0% | CALIFORNIA 0.0% | CALIFORNIA 0.0% |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  3.000% due 06/01/2046 | $— | 4580 | $— | 4189 |
|  3.850% due 06/01/2050 |  | 2675 |  | 2446 |
|  4.214% due 06/01/2050 |  | 26895 |  | 20396 |
|  |  |  |  | 27031 |
| ILLINOIS 0.0% | ILLINOIS 0.0% | ILLINOIS 0.0% | ILLINOIS 0.0% | ILLINOIS 0.0% |
|  Illinois State General Obligation Bonds, (BABs), Series 2010 | Illinois State General Obligation Bonds, (BABs), Series 2010 | Illinois State General Obligation Bonds, (BABs), Series 2010 | Illinois State General Obligation Bonds, (BABs), Series 2010 | Illinois State General Obligation Bonds, (BABs), Series 2010 |
|  6.725% due 04/01/2035 |  | 54 |  | 57 |
|  Total Municipal Bonds & Notes (Cost $34,204) | Total Municipal Bonds & Notes (Cost $34,204) | Total Municipal Bonds & Notes (Cost $34,204) |  | 27088 |
| U.S. GOVERNMENT AGENCIES 61.7% | U.S. GOVERNMENT AGENCIES 61.7% | U.S. GOVERNMENT AGENCIES 61.7% | U.S. GOVERNMENT AGENCIES 61.7% | U.S. GOVERNMENT AGENCIES 61.7% |
|  Colombia TES |  |  |  |  |
|  11.000% due 08/22/2029 |  | 2225000000 |  | 560991 |
|  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. |
|  1.500% due 05/01/2041 | $— | 671 |  | 570 |
|  2.000% due 03/01/2028 |  | 19 |  | 18 |
|  2.500% due 08/01/2027 - 10/01/2051 |  | 100153 |  | 89025 |
|  3.000% due 11/01/2026 - 04/01/2052 |  | 391195 |  | 351997 |
|  3.500% due 08/01/2038 - 03/01/2051 |  | 335703 |  | 312910 |
|  4.000% due 10/01/2038 - 03/01/2053 |  | 104279 |  | 99931 |
|  4.500% due 06/01/2038 - 08/01/2053 |  | 9293 |  | 9113 |
|  5.000% due 05/01/2026 - 02/01/2056 |  | 12954812 |  | 12788310 |
|  5.500% due 04/01/2027 - 01/01/2056 |  | 2297627 |  | 2325753 |
|  5.839% due 04/01/2036 •  |  | 2 |  | 2 |
|  5.875% due 11/01/2031 •  |  | 3 |  | 3 |
|  5.903% due 05/01/2029 •  |  | 1 |  | 1 |
|  5.933% due 12/01/2034 •  |  | 1 |  | 1 |
|  5.971% due 01/01/2033 •  |  | 3 |  | 3 |
|  5.995% due 08/01/2034 •  |  | 1 |  | 1 |
|  6.000% due 07/01/2026 - 10/01/2055 |  | 158472 |  | 162997 |
|  6.040% due 07/01/2034 •  |  | 13 |  | 13 |
|  6.099% due 10/01/2032 •  |  | 5 |  | 5 |
|  6.102% due 05/01/2035 - 06/01/2037 •  |  | 9 |  | 8 |
|  6.196% due 03/01/2031 •  |  | 3 |  | 3 |
|  6.221% due 07/01/2033 •  |  | 1 |  | 2 |
|  6.234% due 01/01/2035 •  |  | 16 |  | 16 |
|  6.245% due 12/01/2037 •  |  | 1 |  | 1 |
|  6.262% due 03/01/2032 •  |  | 25 |  | 26 |
|  6.298% due 09/01/2033 •  |  | 17 |  | 18 |
|  6.355% due 09/01/2031 •  |  | 34 |  | 34 |
|  6.363% due 09/01/2034 •  |  | 20 |  | 21 |
|  6.375% due 09/01/2032 •  |  | 15 |  | 16 |
|  6.378% due 09/01/2033 •  |  | 1 |  | 1 |
|  6.409% due 12/01/2033 •  |  | 12 |  | 13 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **15** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.427% due 01/01/2035 •  | $— | 8 | $— | 8 |
|  6.473% due 05/01/2033 •  |  | 3 |  | 3 |
|  6.500% due 10/01/2028 - 06/01/2055 |  | 317414 |  | 329777 |
|  6.508% due 09/01/2037 •  |  | 1 |  | 1 |
|  6.560% due 09/01/2037 •  |  | 1 |  | 1 |
|  6.646% due 11/01/2035 •  |  | 28 |  | 28 |
|  6.690% due 07/01/2033 •  |  | 1 |  | 1 |
|  7.000% due 01/01/2043 - 07/01/2055 |  | 342322 |  | 360056 |
|  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 |
|  1.133% due 09/25/2030 ~(a) |  | 197367 |  | 7830 |
|  1.361% due 06/25/2030 ~(a) |  | 85744 |  | 3939 |
|  1.426% due 05/25/2030 ~(a) |  | 302091 |  | 15238 |
|  3.941% due 09/25/2035 ~(a) |  | 57621 |  | 8245 |
|  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 - 08/15/2057 (b)(h) |  | 118076 |  | 78303 |
|  1.248% due 12/15/2042 •  |  | 1364 |  | 1087 |
|  2.142% due 01/15/2038 ~(a) |  | 8524 |  | 404 |
|  2.163% due 11/15/2037 •(a) |  | 3068 |  | 280 |
|  2.263% due 08/15/2037 •(a) |  | 425 |  | 38 |
|  2.327% due 01/15/2041 •  |  | 678 |  | 621 |
|  2.413% due 06/15/2038 - 01/15/2042 •(a) |  | 2118 |  | 190 |
|  2.653% due 03/15/2037 •(a) |  | 2136 |  | 201 |
|  2.663% due 03/15/2037 - 06/15/2039 •(a) |  | 999 |  | 96 |
|  2.763% due 09/15/2036 •(a) |  | 781 |  | 66 |
|  2.783% due 09/15/2036 •(a) |  | 498 |  | 48 |
|  2.863% due 04/15/2036 - 05/15/2036 •(a) |  | 2880 |  | 323 |
|  2.963% due 01/15/2037 •(a) |  | 331 |  | 30 |
|  3.000% due 03/15/2027 - 12/15/2032 (a) |  | 342 |  | 7 |
|  3.287% due 02/15/2040 •  |  | 365 |  | 340 |
|  3.363% due 08/15/2036 •(a) |  | 854 |  | 92 |
|  3.500% due 08/15/2042 |  | 6151 |  | 5798 |
|  4.000% due 01/15/2041 |  | 3396 |  | 3324 |
|  4.000% due 09/15/2048 (a) |  | 412 |  | 64 |
|  4.187% due 12/15/2046 •  |  | 13414 |  | 13183 |
|  4.237% due 06/15/2049 •  |  | 7295 |  | 7185 |
|  5.000% due 01/15/2034 - 05/15/2038 |  | 1602 |  | 1623 |
|  5.500% due 08/15/2036 - 06/15/2041 |  | 10924 |  | 11248 |
|  6.000% due 02/15/2031 - 02/15/2032 |  | 261 |  | 268 |
|  6.500% due 04/15/2029 - 11/25/2049 |  | 3713 |  | 3884 |
|  7.000% due 06/15/2029 - 03/15/2032 |  | 21 |  | 22 |
|  7.250% due 09/15/2030 |  | 2 |  | 2 |
|  7.500% due 09/15/2030 |  | 26 |  | 27 |
|  8.500% due 06/15/2031 |  | 13 |  | 15 |
|  8.527% due 12/15/2031 - 02/15/2032 •  |  | 194 |  | 211 |
|  11.085% due 10/15/2031 •  |  | 9 |  | 10 |
|  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 |
|  3.000% due 12/15/2042 - 10/15/2047 (a) |  | 29473 |  | 4393 |
|  3.461% due 11/15/2043 •  |  | 7606 |  | 7558 |
|  3.500% due 12/15/2042 (a) |  | 3010 |  | 483 |
|  3.621% due 08/15/2044 •  |  | 3905 |  | 3756 |
|  4.000% due 09/15/2048 (a) |  | 3472 |  | 444 |
|  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 •  |  | 3 |  | 3 |
|  5.259% due 07/25/2044 •  |  | 3 |  | 3 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  1.500% due 12/01/2040 - 06/01/2051 |  | 777 |  | 652 |
|  2.000% due 10/01/2026 - 11/01/2051 |  | 11724 |  | 9620 |
|  2.500% due 02/01/2028 - 09/01/2051 |  | 51910 |  | 44327 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.000% due 07/01/2026 - 11/01/2051 | $— | 1920082 | $— | 1732552 |
|  3.500% due 04/01/2026 - 06/01/2051 |  | 434787 |  | 405763 |
|  3.564% due 04/01/2027 •  |  | 6 |  | 6 |
|  4.000% due 05/01/2026 - 01/01/2059 |  | 895841 |  | 859412 |
|  4.145% due 03/01/2033 •  |  | 3 |  | 3 |
|  4.500% due 04/01/2028 - 09/01/2053 |  | 40394 |  | 39695 |
|  5.000% due 06/01/2026 - 02/01/2056 |  | 8349377 |  | 8243870 |
|  5.114% due 10/01/2044 •  |  | 1 |  | 1 |
|  5.314% due 02/01/2034 - 10/01/2040 •  |  | 180 |  | 183 |
|  5.340% due 12/01/2035 •  |  | 11 |  | 11 |
|  5.500% due 06/01/2048 - 01/01/2056 |  | 1869473 |  | 1890588 |
|  5.679% due 08/01/2033 •  |  | 4 |  | 4 |
|  5.828% due 04/01/2032 •  |  | 3 |  | 3 |
|  5.840% due 12/01/2033 •  |  | 5 |  | 5 |
|  5.880% due 11/01/2033 •  |  | 3 |  | 4 |
|  6.000% due 01/01/2027 - 11/01/2055 |  | 507667 |  | 524629 |
|  6.135% due 07/01/2032 •  |  | 3 |  | 3 |
|  6.145% due 09/01/2031 •  |  | 11 |  | 11 |
|  6.249% due 09/01/2035 •  |  | 2 |  | 2 |
|  6.254% due 09/01/2030 •  |  | 2 |  | 2 |
|  6.319% due 10/01/2032 •  |  | 1 |  | 1 |
|  6.343% due 03/01/2033 •  |  | 16 |  | 17 |
|  6.436% due 10/01/2036 •  |  | 1 |  | 1 |
|  6.500% due 07/01/2026 - 05/01/2055 |  | 113189 |  | 117839 |
|  6.635% due 04/01/2033 •  |  | 1 |  | 1 |
|  7.000% due 07/01/2034 - 04/01/2055 |  | 107696 |  | 113446 |
|  Federal National Mortgage Association Benchmark REMICS | Federal National Mortgage Association Benchmark REMICS | Federal National Mortgage Association Benchmark REMICS | Federal National Mortgage Association Benchmark REMICS | Federal National Mortgage Association Benchmark REMICS |
|  5.500% due 04/25/2037 |  | 2814 |  | 2884 |
|  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 |
|  3.903% due 09/25/2031 •  |  | 352 |  | 336 |
|  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 |
|  0.410% due 09/25/2042 •  |  | 819 |  | 453 |
|  1.179% due 11/25/2042 •  |  | 1597 |  | 1074 |
|  2.074% due 03/25/2041 •(a) |  | 1500 |  | 141 |
|  2.224% due 11/25/2049 •(a) |  | 16760 |  | 2129 |
|  2.254% due 06/25/2037 •(a) |  | 244 |  | 25 |
|  2.274% due 03/25/2037 - 03/25/2049 •(a) |  | 5064 |  | 592 |
|  2.294% due 12/25/2036 - 02/25/2037 •(a) |  | 828 |  | 61 |
|  2.324% due 04/25/2037 •(a) |  | 407 |  | 43 |
|  2.334% due 04/25/2037 •(a) |  | 633 |  | 48 |
|  2.374% due 08/25/2035 - 02/25/2043 •(a) |  | 2508 |  | 252 |
|  2.500% due 04/25/2042 - 08/25/2042 |  | 8261 |  | 7982 |
|  2.524% due 01/25/2038 •(a) |  | 993 |  | 87 |
|  2.574% due 01/25/2040 •(a) |  | 930 |  | 69 |
|  2.604% due 03/25/2037 •(a) |  | 1189 |  | 109 |
|  2.624% due 05/25/2037 •(a) |  | 369 |  | 30 |
|  2.634% due 06/25/2037 •(a) |  | 1421 |  | 161 |
|  2.664% due 04/25/2037 •(a) |  | 864 |  | 104 |
|  2.674% due 12/25/2037 •(a) |  | 821 |  | 79 |
|  2.774% due 10/25/2036 - 06/25/2040 •(a) |  | 935 |  | 88 |
|  2.824% due 11/25/2035 •(a) |  | 9 |  | 0 |
|  2.874% due 11/25/2036 •(a) |  | 255 |  | 10 |
|  2.924% due 03/25/2036 •(a) |  | 391 |  | 28 |
|  3.000% due 06/25/2027 - 06/25/2042 (a) |  | 4023 |  | 117 |
|  3.014% due 04/25/2037 •(a) |  | 653 |  | 82 |
|  3.224% due 02/25/2038 •(a) |  | 2925 |  | 343 |
|  3.424% due 02/25/2037 •(a) |  | 227 |  | 26 |
|  3.842% due 12/25/2036 •  |  | 14 |  | 14 |
|  3.902% due 03/25/2034 •  |  | 1 |  | 1 |
|  4.000% due 12/25/2042 - 12/25/2047 (a) |  | 872 |  | 71 |
|  4.176% due 06/25/2029 - 08/25/2036 •  |  | 2 |  | 2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.226% due 06/25/2049 •  | $— | 3268 | $— | 3206 |
|  4.500% due 12/25/2039 - 07/25/2040 |  | 2761 |  | 2736 |
|  4.500% due 12/25/2042 (a) |  | 646 |  | 100 |
|  4.581% due 12/25/2050 •  |  | 10224 |  | 10184 |
|  5.000% due 08/25/2033 - 10/25/2041 |  | 11328 |  | 11442 |
|  5.500% due 11/25/2032 |  | 772 |  | 788 |
|  6.000% due 06/25/2029 - 09/25/2031 |  | 286 |  | 292 |
|  6.500% due 10/25/2031 - 02/25/2033 |  | 19 |  | 20 |
|  6.940% due 03/25/2038 •  |  | 229 |  | 244 |
|  7.000% due 06/25/2032 - 01/25/2048 |  | 51 |  | 52 |
|  7.500% due 11/25/2030 - 12/25/2030 |  | 1 |  | 0 |
|  8.500% due 06/25/2030 |  | 26 |  | 28 |
|  Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
|  6.500% due 06/25/2028 |  | 1 |  | 1 |
|  7.500% due 06/25/2042 ~ |  | 7 |  | 7 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  4.126% due 03/25/2044 •  |  | 1 |  | 1 |
|  5.000% due 06/25/2043 |  | 13 |  | 13 |
|  7.500% due 06/25/2042 |  | 10 |  | 11 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  0.000% due 10/16/2053 ~(a) |  | 828 |  | 0 |
|  0.022% due 08/16/2048 ~(a) |  | 2621 |  | 1 |
|  1.086% due 03/16/2051 ~(a) |  | 575 |  | 0 |
|  3.000% due 01/20/2042 - 11/20/2048 |  | 388 |  | 352 |
|  3.500% due 01/20/2045 - 03/20/2056 |  | 4139556 |  | 3808866 |
|  4.000% due 06/20/2039 - 06/20/2054 |  | 156008 |  | 147379 |
|  4.500% due 07/20/2032 - 02/20/2049 |  | 76184 |  | 74942 |
|  5.125% due 12/20/2026 - 12/20/2033 •  |  | 14 |  | 14 |
|  5.375% due 08/20/2027 - 10/20/2029 •  |  | 12 |  | 12 |
|  5.625% due 01/20/2027 - 01/20/2035 •  |  | 65 |  | 64 |
|  5.875% due 08/20/2033 •  |  | 2 |  | 2 |
|  6.100% due 06/15/2028 - 01/15/2029 |  | 68 |  | 69 |
|  6.490% due 01/15/2028 - 01/15/2029 |  | 64 |  | 65 |
|  6.500% due 01/20/2055 - 05/20/2055 |  | 336442 |  | 349875 |
|  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 |
|  2.410% due 10/20/2047 •(a) |  | 6470 |  | 853 |
|  3.500% due 03/20/2043 (a) |  | 228 |  | 33 |
|  4.000% due 03/20/2043 (a) |  | 688 |  | 73 |
|  4.183% due 10/20/2062 •  |  | 492 |  | 491 |
|  4.253% due 03/20/2063 •  |  | 75 |  | 75 |
|  4.533% due 11/20/2065 - 08/20/2066 •  |  | 7900 |  | 7922 |
|  4.553% due 10/20/2066 •  |  | 2302 |  | 2310 |
|  4.563% due 09/20/2066 •  |  | 1126 |  | 1129 |
|  4.583% due 05/20/2066 - 09/20/2066 •  |  | 16592 |  | 16654 |
|  4.613% due 08/20/2066 •  |  | 2553 |  | 2564 |
|  4.633% due 04/20/2066 - 11/20/2066 •  |  | 6319 |  | 6345 |
|  4.783% due 03/20/2066 - 01/20/2067 •  |  | 6769 |  | 6812 |
|  4.933% due 03/20/2066 •  |  | 1858 |  | 1872 |
|  4.977% due 04/20/2068 •  |  | 15378 |  | 15682 |
|  5.000% due 07/20/2033 |  | 71 |  | 71 |
|  5.500% due 04/20/2037 |  | 141 |  | 142 |
|  5.592% due 04/20/2067 •  |  | 8346 |  | 8454 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.000% due 05/01/2056 |  | 85000 |  | 70195 |
|  2.500% due 05/01/2056 |  | 110550 |  | 95064 |
|  3.000% due 04/01/2056 - 05/01/2056 |  | 402200 |  | 358865 |
|  3.500% due 03/01/2056 - 04/01/2056 |  | 112464 |  | 103206 |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.000% due 04/01/2056 - 05/01/2056 | 865276 | 810145 |
|  4.500% due 06/01/2040 - 05/01/2056 | 2194878 | 2118338 |
|  5.000% due 06/01/2040 - 05/01/2056 | 685875 | 677532 |
|  5.500% due 06/01/2040 - 05/01/2056 | 329600 | 330786 |
|  6.000% due 06/01/2040 - 05/01/2056 | 2181700 | 2215498 |
|  6.500% due 05/01/2056 | 2012145 | 2085345 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  5.370% due 04/01/2028 | 31 | 31 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  2.500% due 04/01/2041 | 2950 | 2788 |
|  3.000% due 06/01/2040 - 04/01/2041 | 834957 | 769153 |
|  3.500% due 06/01/2056 | 1063865 | 973191 |
|  4.000% due 04/01/2056 - 06/01/2056 | 9642203 | 9085888 |
|  4.500% due 04/01/2056 - 06/01/2056 | 4185420 | 4034761 |
|  5.000% due 04/01/2056 - 06/01/2056 | 7059360 | 6954666 |
|  5.500% due 04/01/2056 - 06/01/2056 | 12666929 | 12705810 |
|  6.000% due 06/01/2056 - 07/01/2056 | 29920488 | 30451337 |
|  6.500% due 05/01/2056 - 06/01/2056 | 27592333 | 28522150 |
|  7.000% due 04/01/2056 - 05/01/2056 | 702900 | 739547 |
|  Total U.S. Government Agencies (Cost $139,817,593) | Total U.S. Government Agencies (Cost $139,817,593) | 139159196 |
| U.S. TREASURY OBLIGATIONS 12.4% | U.S. TREASURY OBLIGATIONS 12.4% | U.S. TREASURY OBLIGATIONS 12.4% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.250% due 08/15/2054 (s) | 338200 | 302980 |
|  4.500% due 11/15/2054 | 1910600 | 1785366 |
|  4.625% due 11/15/2045 (o) | 794356 | 766305 |
|  4.625% due 02/15/2046 (s) | 119800 | 115504 |
|  4.625% due 05/15/2054 | 1587700 | 1514269 |
|  4.750% due 02/15/2056 (o) | 3803169 | 3709872 |
|  U.S. Treasury Inflation Protected Securities (k) | U.S. Treasury Inflation Protected Securities (k) | U.S. Treasury Inflation Protected Securities (k) |
|  0.250% due 02/15/2050 | 207730 | 117737 |
|  0.625% due 02/15/2043 | 33835 | 24955 |
|  0.750% due 02/15/2042 (q) | 268636 | 207186 |
|  0.750% due 02/15/2045 | 179441 | 129058 |
|  0.875% due 02/15/2047 | 217445 | 154393 |
|  1.000% due 02/15/2046 (q) | 171360 | 127236 |
|  1.000% due 02/15/2048 | 250178 | 179883 |
|  1.000% due 02/15/2049 (q) | 627951 | 445009 |
|  1.375% due 02/15/2044 | 136245 | 112688 |
|  1.500% due 02/15/2053 | 341347 | 261945 |
|  2.125% due 02/15/2040 | 76286 | 74736 |
|  2.125% due 02/15/2041 | 19157 | 18555 |
|  2.500% due 01/15/2029 (q) | 27155 | 28176 |
|  0.125% due 07/15/2026 (q) | 680948 | 690800 |
|  0.125% due 10/15/2026 (q) | 1016728 | 1025530 |
|  0.125% due 01/15/2031 (q) | 24486 | 23029 |
|  0.125% due 07/15/2031 (q) | 116716 | 109086 |
|  0.125% due 01/15/2032 (q) | 100778 | 92778 |
|  0.250% due 07/15/2029 (q) | 1520872 | 1479611 |
|  0.375% due 01/15/2027 (q) | 23577 | 23625 |
|  0.500% due 01/15/2028 (q) | 6178 | 6132 |
|  0.625% due 07/15/2032 (q) | 1217473 | 1149088 |
|  0.750% due 07/15/2028 (q) | 351369 | 350440 |
|  1.125% due 01/15/2033 (q) | 265518 | 255820 |
|  1.375% due 07/15/2033 | 2629923 | 2571759 |
|  1.625% due 04/15/2030 (q) | 1259568 | 1272586 |
|  1.750% due 01/15/2034 (q) | 543590 | 541502 |
|  1.875% due 07/15/2034 (s) | 4158364 | 4180388 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.000% due 07/31/2032 (o)(s) | 3746703 | 3728335 |
|  4.125% due 02/15/2036 (o)(s) | 282800 | 278403 |
|  4.250% due 08/15/2035 (s) | 175693 | 175062 |
|  Total U.S. Treasury Obligations (Cost $29,389,711) | Total U.S. Treasury Obligations (Cost $29,389,711) | 28029827 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 28.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 28.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 28.0% |
|  20 Times Square Trust | 20 Times Square Trust | 20 Times Square Trust |
|  3.100% due 05/15/2035 ~ | 99790 | 91722 |
|  ACRA Trust | ACRA Trust | ACRA Trust |
|  5.608% due 10/25/2064 þ | 12608 | 12649 |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  4.033% due 08/25/2036 •  | 4703 | 1616 |
|  4.070% due 01/25/2036 ~ | 18 | 17 |
|  4.153% due 08/25/2036 •  | 101 | 38 |
|  4.213% due 06/25/2037 •  | 213 | 268 |
|  4.293% due 03/25/2036 •  | 650 | 150 |
|  4.313% due 01/25/2036 •  | 1862 | 1807 |
|  4.333% due 11/25/2035 •  | 1896 | 1850 |
|  4.333% due 01/25/2036 •  | 330 | 316 |
|  4.360% due 02/25/2036 ~ | 1130 | 710 |
|  4.388% due 07/25/2035 ~ | 127 | 125 |
|  4.392% due 11/25/2035 ~ | 23 | 19 |
|  4.743% due 08/25/2035 •  | 1729 | 1581 |
|  4.757% due 11/25/2035 ~ | 1266 | 890 |
|  4.786% due 07/25/2035 ~ | 2 | 2 |
|  4.848% due 08/25/2036 ~ | 1419 | 1216 |
|  4.897% due 01/25/2036 ~ | 3554 | 2792 |
|  4.898% due 09/25/2035 ~ | 223 | 191 |
|  4.943% due 01/25/2035 •  | 3101 | 2838 |
|  5.247% due 03/25/2036 ~ | 9577 | 2157 |
|  5.529% due 01/25/2036 ~ | 455 | 434 |
|  5.530% due 05/25/2035 ~ | 945 | 931 |
|  6.071% due 01/25/2035 ~ | 96 | 93 |
|  6.211% due 08/25/2036 ~ | 3210 | 201 |
|  6.297% due 07/25/2035 ~ | 473 | 474 |
|  Alba PLC | Alba PLC | Alba PLC |
|  4.035% due 12/15/2038 •  | 396 | 516 |
|  4.105% due 03/17/2039 •  | 2140 | 2736 |
|  American General Mortgage Loan Trust | American General Mortgage Loan Trust | American General Mortgage Loan Trust |
|  0.000% due 09/25/2048 (h) | 102451 | 89286 |
|  0.000% due 03/25/2058 (h) | 61061 | 47544 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  3.983% due 05/25/2046 •  | 4623 | 4145 |
|  3.983% due 12/25/2046 •  | 19246 | 16879 |
|  4.003% due 10/25/2046 •  | 148 | 75 |
|  4.173% due 09/25/2046 •  | 12609 | 12254 |
|  4.173% due 06/25/2047 •  | 1088 | 1054 |
|  4.559% due 02/25/2047 •  | 25303 | 8539 |
|  4.779% due 11/25/2046 •  | 143001 | 33568 |
|  6.750% due 06/25/2037 þ | 8083 | 7229 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  4.073% due 03/25/2046 •  | 5567 | 5080 |
|  4.113% due 06/25/2046 •  | 11161 | 1870 |
|  4.153% due 12/25/2046 •  | 4467 | 3855 |
|  4.173% due 12/25/2046 •  | 1326 | 1264 |
|  4.193% due 03/25/2046 •  | 6029 | 5482 |
|  4.393% due 11/25/2045 •  | 129 | 91 |
|  4.535% due 10/25/2034 •  | 279 | 279 |
|  5.674% due 09/25/2035 •  | 26587 | 9771 |
|  5.799% due 12/25/2035 •  | 258 | 79 |
|  5.799% due 11/25/2045 •  | 17572 | 6798 |
|  5.908% due 09/25/2035 þ | 17336 | 9259 |
|  6.000% due 06/25/2035 þ | 14153 | 9830 |
|  Angel Oak Mortgage Trust | Angel Oak Mortgage Trust | Angel Oak Mortgage Trust |
|  2.387% due 07/25/2066 ~ | 3345 | 2560 |
|  4.800% due 11/25/2067 þ | 27195 | 27062 |
|  5.338% due 05/27/2069 þ | 15078 | 15096 |
|  5.985% due 01/25/2069 þ | 3760 | 3778 |
|  6.197% due 01/25/2069 þ | 26770 | 26983 |
|  6.500% due 12/25/2067 þ | 10402 | 10445 |
|  Aran Funding DAC | Aran Funding DAC | Aran Funding DAC |
|  3.040% due 12/24/2065 •  | 99431 | 114821 |
|  Atlas Funding PLC | Atlas Funding PLC | Atlas Funding PLC |
|  4.884% due 01/20/2061 •  | 4529 | 6006 |
|  ATLX Trust | ATLX Trust | ATLX Trust |
|  3.850% due 04/25/2063 þ | 13387 | 13011 |
|  3.850% due 04/25/2064 þ | 3035 | 2955 |
|  Avon Finance | Avon Finance | Avon Finance |
|  4.645% due 12/28/2049 •  | 58366 | 77315 |
|  5.495% due 12/28/2049 •  | 15118 | 20050 |
|  6.245% due 12/28/2049 •  | 14835 | 19709 |
|  6.745% due 12/28/2049 •  | 8841 | 11726 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Avon Finance No. 3 PLC | Avon Finance No. 3 PLC | Avon Finance No. 3 PLC | Avon Finance No. 3 PLC | Avon Finance No. 3 PLC |
|  0.000% due 11/28/2050 (b)(h) |  | 16523 | $— | 20251 |
|  0.000% due 11/28/2050 (a) |  | 9500 |  | 1 |
|  4.845% due 11/28/2050 •  |  | 284272 |  | 376893 |
|  5.495% due 11/28/2050 •  |  | 31368 |  | 41587 |
|  6.245% due 11/28/2050 •  |  | 18535 |  | 24608 |
|  6.745% due 11/28/2050 •  |  | 10550 |  | 13986 |
|  7.245% due 11/28/2050 •  |  | 11976 |  | 15878 |
|  7.745% due 11/28/2050 •  |  | 12096 |  | 16019 |
|  BAMLL Commercial Mortgage Pass-Through Certificates | BAMLL Commercial Mortgage Pass-Through Certificates | BAMLL Commercial Mortgage Pass-Through Certificates | BAMLL Commercial Mortgage Pass-Through Certificates | BAMLL Commercial Mortgage Pass-Through Certificates |
|  3.110% due 04/25/2050 « | $— | 128128 |  | 125055 |
|  3.110% due 08/25/2052 « |  | 45364 |  | 40654 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  0.795% due 07/07/2043 ~(a) |  | 863 |  | 6 |
|  2.847% due 04/20/2042 |  | 160580 |  | 132011 |
|  4.185% due 08/15/2046 ~ |  | 5000 |  | 4534 |
|  4.837% due 09/15/2038 •  |  | 200 |  | 193 |
|  BAMLL Trust | BAMLL Trust | BAMLL Trust | BAMLL Trust | BAMLL Trust |
|  4.260% due 05/25/2056 ~ |  | 1208883 |  | 1168283 |
|  Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust |
|  4.193% due 06/25/2046 •  |  | 1267 |  | 1033 |
|  5.500% due 10/25/2033 |  | 1553 |  | 1564 |
|  5.500% due 12/25/2035 |  | 39 |  | 36 |
|  6.000% due 07/25/2034 |  | 6302 |  | 6299 |
|  6.000% due 03/25/2036 |  | 974 |  | 907 |
|  6.000% due 06/25/2046 |  | 80 |  | 70 |
|  6.000% due 07/25/2046 |  | 181 |  | 153 |
|  6.000% due 12/26/2049 |  | 207 |  | 163 |
|  Banc of America Funding Corp. | Banc of America Funding Corp. | Banc of America Funding Corp. | Banc of America Funding Corp. | Banc of America Funding Corp. |
|  4.426% due 09/25/2048 ~ |  | 9101 |  | 8643 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  2.765% due 12/20/2034 ~ |  | 92 |  | 78 |
|  2.996% due 03/20/2036 ~ |  | 364 |  | 300 |
|  3.556% due 05/26/2037 ~ |  | 27351 |  | 21370 |
|  3.620% due 04/20/2036 ~ |  | 262 |  | 217 |
|  3.923% due 10/25/2036 •  |  | 3330 |  | 2861 |
|  4.005% due 05/26/2037 •  |  | 2826 |  | 2536 |
|  4.009% due 06/20/2047 ~ |  | 860 |  | 759 |
|  4.093% due 03/25/2037 •  |  | 2051 |  | 1445 |
|  4.110% due 02/20/2047 •  |  | 1856 |  | 1758 |
|  4.163% due 06/25/2037 •  |  | 1164 |  | 898 |
|  4.170% due 07/20/2036 •  |  | 3109 |  | 3111 |
|  4.170% due 10/20/2036 •  |  | 2469 |  | 1947 |
|  4.174% due 03/20/2036 ~ |  | 25 |  | 22 |
|  4.193% due 08/25/2036 •  |  | 944 |  | 784 |
|  4.210% due 06/20/2047 •  |  | 6701 |  | 5574 |
|  4.240% due 05/20/2035 •  |  | 3326 |  | 3310 |
|  4.293% due 07/25/2036 •  |  | 14 |  | 10 |
|  4.302% due 11/20/2035 ~ |  | 1345 |  | 1141 |
|  4.322% due 05/20/2036 ~ |  | 1162 |  | 1031 |
|  4.350% due 05/20/2036 •  |  | 63090 |  | 14133 |
|  4.353% due 07/25/2037 •  |  | 9441 |  | 9058 |
|  4.356% due 10/20/2046 ~ |  | 186 |  | 151 |
|  4.364% due 11/20/2035 ~ |  | 2188 |  | 1946 |
|  4.373% due 07/25/2037 •  |  | 6186 |  | 5944 |
|  4.410% due 09/20/2035 •  |  | 2227 |  | 1768 |
|  4.441% due 09/20/2035 ~ |  | 5 |  | 5 |
|  4.497% due 09/20/2035 ~ |  | 79 |  | 68 |
|  4.534% due 11/20/2035 ~ |  | 1156 |  | 1007 |
|  4.534% due 03/20/2036 ~ |  | 191 |  | 171 |
|  4.547% due 05/20/2036 ~ |  | 53 |  | 47 |
|  4.574% due 04/20/2035 ~ |  | 65 |  | 61 |
|  4.593% due 05/25/2037 •  |  | 787 |  | 719 |
|  4.598% due 09/20/2046 ~ |  | 495 |  | 452 |
|  4.751% due 01/20/2047 ~ |  | 44 |  | 38 |
|  4.840% due 04/20/2035 •  |  | 9079 |  | 8429 |
|  5.240% due 11/20/2035 ~ |  | 1312 |  | 1140 |
|  5.243% due 05/25/2035 ~ |  | 6 |  | 5 |
|  5.289% due 06/20/2035 •  |  | 310 |  | 243 |
|  5.383% due 05/20/2034 ~ |  | 283 |  | 260 |
|  5.499% due 05/20/2035 ~ |  | 1258 |  | 1113 |
|  5.500% due 09/25/2034 |  | 10 |  | 9 |
|  5.500% due 12/20/2034 |  | 106 |  | 105 |
|  5.500% due 04/25/2035 |  | 59 |  | 59 |
|  5.500% due 03/25/2036 |  | 30 |  | 27 |
|  5.750% due 01/25/2037 |  | 1984 |  | 1699 |
|  5.765% due 12/20/2036 ~ |  | 591 |  | 586 |
|  5.950% due 07/20/2036 ~ |  | 566 |  | 574 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **17** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.000% due 05/20/2033 | $— | 12 | $— | 12 |
|  6.000% due 02/25/2034 |  | 272 |  | 262 |
|  6.000% due 09/25/2036 |  | 2023 |  | 1724 |
|  6.000% due 08/25/2037 |  | 2330 |  | 1878 |
|  6.000% due 10/26/2037 ~ |  | 3940 |  | 3666 |
|  6.388% due 04/25/2037 þ |  | 167 |  | 142 |
|  6.738% due 10/20/2035 ~ |  | 520 |  | 504 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  2.623% due 07/25/2035 ~ |  | 529 |  | 342 |
|  3.155% due 08/25/2035 ~ |  | 569 |  | 533 |
|  3.193% due 12/25/2032 ~ |  | 131 |  | 113 |
|  3.497% due 06/25/2035 ~ |  | 309 |  | 227 |
|  3.766% due 02/25/2035 ~ |  | 269 |  | 234 |
|  4.309% due 02/25/2036 ~ |  | 1334 |  | 1218 |
|  4.497% due 10/25/2035 ~ |  | 1744 |  | 1656 |
|  4.691% due 01/25/2036 ~ |  | 442 |  | 393 |
|  4.758% due 02/25/2035 ~ |  | 60 |  | 59 |
|  4.944% due 11/20/2046 ~ |  | 10 |  | 9 |
|  5.029% due 05/25/2035 ~ |  | 649 |  | 557 |
|  5.054% due 09/25/2035 ~ |  | 175 |  | 158 |
|  5.055% due 12/25/2035 ~ |  | 1146 |  | 1061 |
|  5.092% due 11/25/2035 ~ |  | 920 |  | 847 |
|  5.103% due 01/25/2036 ~ |  | 824 |  | 746 |
|  5.270% due 08/25/2035 ~ |  | 854 |  | 828 |
|  5.296% due 06/25/2035 ~ |  | 50 |  | 46 |
|  5.339% due 05/25/2035 ~ |  | 1384 |  | 1241 |
|  5.448% due 09/25/2035 ~ |  | 1328 |  | 1170 |
|  5.500% due 03/25/2035 |  | 1370 |  | 1253 |
|  5.500% due 09/25/2035 |  | 930 |  | 811 |
|  5.518% due 03/25/2033 ~ |  | 58 |  | 55 |
|  5.582% due 07/25/2035 ~ |  | 358 |  | 344 |
|  5.625% due 01/25/2035 ~ |  | 3460 |  | 3349 |
|  5.788% due 04/25/2035 ~ |  | 73 |  | 73 |
|  5.800% due 07/25/2034 ~ |  | 148 |  | 143 |
|  6.000% due 12/25/2033 ~ |  | 17 |  | 16 |
|  6.000% due 09/25/2037 |  | 66 |  | 54 |
|  6.000% due 07/25/2046 •  |  | 1471 |  | 1292 |
|  6.315% due 02/25/2035 ~ |  | 79 |  | 78 |
|  6.358% due 01/25/2034 ~ |  | 264 |  | 265 |
|  6.371% due 12/25/2033 ~ |  | 143 |  | 143 |
|  6.429% due 05/25/2034 ~ |  | 186 |  | 179 |
|  6.453% due 04/25/2033 ~ |  | 126 |  | 116 |
|  6.620% due 11/25/2035 ~ |  | 56 |  | 53 |
|  6.623% due 11/25/2033 ~ |  | 24 |  | 24 |
|  6.659% due 09/25/2033 ~ |  | 642 |  | 621 |
|  6.870% due 06/25/2034 ~ |  | 66 |  | 65 |
|  Banc of America Re-REMICS Trust | Banc of America Re-REMICS Trust | Banc of America Re-REMICS Trust | Banc of America Re-REMICS Trust | Banc of America Re-REMICS Trust |
|  4.476% due 11/15/2046 |  | 361411 |  | 359034 |
|  4.476% due 08/15/2053 |  | 160044 |  | 145080 |
|  Bank | Bank | Bank | Bank | Bank |
|  0.306% due 02/15/2061 ~(a) |  | 215517 |  | 1320 |
|  Bank of America Mortgage Trust | Bank of America Mortgage Trust | Bank of America Mortgage Trust | Bank of America Mortgage Trust | Bank of America Mortgage Trust |
|  5.750% due 07/20/2032 ~ |  | 13 |  | 12 |
|  Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust |
|  0.000% due 07/25/2053 ~ |  | 152048 |  | 152377 |
|  0.000% due 03/25/2064 ~ |  | 3 |  | 3 |
|  0.000% due 09/25/2065 ~ |  | 216884 |  | 223938 |
|  8.682% due 03/25/2064 ~ |  | 128017 |  | 130264 |
|  Barrow Funding PLC | Barrow Funding PLC | Barrow Funding PLC | Barrow Funding PLC | Barrow Funding PLC |
|  0.000% due 11/16/2062 (h) |  | 34588 |  | 36077 |
|  4.745% due 11/16/2062 •  |  | 354385 |  | 469142 |
|  5.645% due 11/16/2062 •  |  | 42391 |  | 56540 |
|  6.145% due 11/16/2062 •  |  | 21161 |  | 28170 |
|  6.945% due 11/16/2062 •  |  | 14131 |  | 18843 |
|  8.245% due 11/16/2062 •  |  | 7101 |  | 9477 |
|  9.745% due 11/16/2062 •  |  | 7030 |  | 9381 |
|  Bayview Commercial Asset Trust | Bayview Commercial Asset Trust | Bayview Commercial Asset Trust | Bayview Commercial Asset Trust | Bayview Commercial Asset Trust |
|  4.213% due 01/25/2037 •  | $— | 23 |  | 22 |
|  BBCCRE Trust | BBCCRE Trust | BBCCRE Trust | BBCCRE Trust | BBCCRE Trust |
|  3.966% due 08/10/2033 |  | 5500 |  | 5142 |
|  BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust |
|  4.763% due 02/15/2059 |  | 17000 |  | 17001 |
|  5.248% due 02/15/2059 |  | 40200 |  | 41062 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  0.000% due 11/26/2036 •  |  | 4773 |  | 1385 |
|  0.000% due 12/27/2049 ~ |  | 83 |  | 13 |
|  3.426% due 08/26/2036 ~ |  | 8257 |  | 7546 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.780% due 09/27/2037 •  | $— | 2374 | $— | 2264 |
|  3.866% due 06/26/2037 ~ |  | 4430 |  | 3983 |
|  3.866% due 06/27/2037 ~ |  | 3753 |  | 3284 |
|  3.868% due 06/26/2037 ~ |  | 668 |  | 590 |
|  3.894% due 07/26/2036 ~ |  | 7877 |  | 3229 |
|  4.062% due 06/25/2047 ~ |  | 1152 |  | 979 |
|  4.065% due 05/26/2047 ~ |  | 2956 |  | 2483 |
|  4.133% due 01/25/2037 •  |  | 227 |  | 215 |
|  4.148% due 03/26/2035 ~ |  | 350 |  | 337 |
|  4.149% due 11/27/2047 ~ |  | 18978 |  | 14788 |
|  4.153% due 03/25/2037 •  |  | 2138 |  | 2007 |
|  4.163% due 10/26/2035 ~ |  | 2228 |  | 2259 |
|  4.173% due 10/25/2036 •  |  | 934 |  | 985 |
|  4.182% due 07/26/2036 ~ |  | 134 |  | 112 |
|  4.233% due 05/25/2047 •  |  | 2218 |  | 2033 |
|  4.348% due 05/26/2037 •  |  | 1878 |  | 1825 |
|  4.367% due 04/26/2037 ~ |  | 4486 |  | 1993 |
|  4.382% due 02/26/2036 ~ |  | 993 |  | 944 |
|  4.426% due 10/26/2035 ~ |  | 1385 |  | 975 |
|  4.428% due 05/26/2037 •  |  | 6744 |  | 4739 |
|  4.489% due 12/20/2035 ~ |  | 9041 |  | 3799 |
|  4.493% due 05/27/2037 ~ |  | 4165 |  | 3765 |
|  4.741% due 11/26/2035 ~ |  | 106 |  | 103 |
|  5.103% due 01/26/2036 ~ |  | 627 |  | 499 |
|  5.250% due 02/26/2036 ~ |  | 654 |  | 239 |
|  5.250% due 04/26/2037 |  | 1261 |  | 676 |
|  5.710% due 02/26/2036 ~ |  | 9 |  | 8 |
|  5.750% due 04/25/2037 |  | 4828 |  | 1968 |
|  6.000% due 07/26/2036 ~ |  | 7016 |  | 3556 |
|  6.000% due 08/26/2037 ~ |  | 5369 |  | 4998 |
|  6.193% due 10/25/2047 •  |  | 3783 |  | 2852 |
|  6.250% due 12/26/2036 ~ |  | 4203 |  | 3739 |
|  BCP Trust | BCP Trust | BCP Trust | BCP Trust | BCP Trust |
|  4.586% due 06/15/2038 •  |  | 2300 |  | 2097 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  3.179% due 04/25/2035 ~ |  | 240 |  | 201 |
|  3.250% due 02/25/2034 ~ |  | 30 |  | 29 |
|  3.746% due 04/25/2035 ~ |  | 242 |  | 222 |
|  3.946% due 03/25/2036 ~ |  | 4916 |  | 4069 |
|  4.031% due 04/25/2035 ~ |  | 222 |  | 218 |
|  4.047% due 08/25/2036 ~ |  | 10722 |  | 7077 |
|  4.055% due 11/25/2035 ~ |  | 4539 |  | 2348 |
|  4.074% due 05/25/2036 ~ |  | 8425 |  | 6058 |
|  4.113% due 02/25/2034 •  |  | 26 |  | 25 |
|  4.113% due 08/25/2036 •  |  | 7694 |  | 6981 |
|  4.113% due 11/25/2036 •  |  | 3649 |  | 3377 |
|  4.113% due 06/25/2046 •  |  | 5848 |  | 5415 |
|  4.126% due 11/25/2036 ~ |  | 1981 |  | 835 |
|  4.132% due 08/25/2036 ~ |  | 2652 |  | 1186 |
|  4.133% due 12/25/2046 •  |  | 2019 |  | 1866 |
|  4.173% due 05/25/2036 •  |  | 6071 |  | 5324 |
|  4.233% due 04/25/2036 •  |  | 2532 |  | 2313 |
|  4.269% due 09/25/2035 ~ |  | 806 |  | 329 |
|  4.273% due 02/25/2036 •  |  | 1140 |  | 1096 |
|  4.330% due 11/25/2036 ~ |  | 3928 |  | 2153 |
|  4.357% due 05/25/2036 ~ |  | 7979 |  | 3478 |
|  4.375% due 02/25/2036 ~ |  | 963 |  | 672 |
|  4.382% due 02/25/2036 ~ |  | 5105 |  | 4202 |
|  4.433% due 04/25/2034 •  |  | 27 |  | 26 |
|  4.539% due 05/25/2036 ~ |  | 5557 |  | 2632 |
|  4.567% due 11/25/2035 ~ |  | 6401 |  | 4836 |
|  4.591% due 01/25/2047 ~ |  | 1484 |  | 715 |
|  4.625% due 09/25/2035 ~ |  | 3750 |  | 1609 |
|  4.635% due 06/25/2034 ~ |  | 225 |  | 217 |
|  4.648% due 06/25/2034 •  |  | 531 |  | 587 |
|  4.658% due 02/25/2034 ~ |  | 30 |  | 29 |
|  4.668% due 05/25/2035 ~ |  | 173 |  | 170 |
|  4.686% due 07/25/2035 ~ |  | 6519 |  | 3932 |
|  4.718% due 09/25/2035 ~ |  | 2966 |  | 1553 |
|  4.723% due 11/25/2034 •  |  | 3785 |  | 3243 |
|  4.768% due 07/25/2035 •  |  | 1477 |  | 1482 |
|  4.902% due 10/25/2035 ~ |  | 8444 |  | 7038 |
|  4.918% due 01/25/2035 •  |  | 3680 |  | 3551 |
|  5.003% due 01/25/2036 ~ |  | 7898 |  | 7569 |
|  5.030% due 05/25/2036 ~ |  | 9 |  | 5 |
|  5.042% due 01/25/2036 ~ |  | 1965 |  | 1885 |
|  5.052% due 02/25/2036 ~ |  | 511 |  | 483 |
|  5.065% due 07/25/2035 ~ |  | 14825 |  | 8537 |
|  5.140% due 04/25/2035 ~ |  | 71 |  | 69 |
|  5.152% due 01/25/2035 ~ |  | 202 |  | 187 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.158% due 05/25/2035 ~ | $— | 97 | $— | 94 |
|  5.166% due 05/25/2035 ~ |  | 499 |  | 482 |
|  5.219% due 01/25/2035 ~ |  | 41 |  | 40 |
|  5.231% due 01/25/2034 ~ |  | 81 |  | 80 |
|  5.443% due 09/25/2034 •  |  | 4686 |  | 4706 |
|  5.504% due 09/25/2035 ~ |  | 3275 |  | 2542 |
|  5.518% due 07/25/2034 •  |  | 881 |  | 1133 |
|  5.724% due 08/25/2034 ~ |  | 404 |  | 398 |
|  6.000% due 09/25/2034 ~ |  | 66 |  | 65 |
|  6.044% due 12/25/2033 ~ |  | 150 |  | 148 |
|  6.201% due 09/25/2034 ~ |  | 19 |  | 19 |
|  6.643% due 07/25/2034 •  |  | 3609 |  | 3508 |
|  Bear Stearns ALT-A Trust II | Bear Stearns ALT-A Trust II | Bear Stearns ALT-A Trust II | Bear Stearns ALT-A Trust II | Bear Stearns ALT-A Trust II |
|  4.164% due 09/25/2047 ~ |  | 17407 |  | 8137 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  3.784% due 07/25/2036 ~ |  | 1413 |  | 1242 |
|  3.825% due 11/25/2034 ~ |  | 627 |  | 576 |
|  4.036% due 08/25/2047 ~ |  | 666 |  | 592 |
|  4.043% due 09/25/2034 ~ |  | 488 |  | 449 |
|  4.065% due 05/25/2047 ~ |  | 1677 |  | 1522 |
|  4.242% due 06/25/2047 ~ |  | 4255 |  | 3855 |
|  4.307% due 04/25/2034 ~ |  | 345 |  | 321 |
|  4.335% due 02/25/2036 ~ |  | 238 |  | 222 |
|  4.454% due 08/25/2047 ~ |  | 2770 |  | 2458 |
|  4.503% due 03/25/2035 ~ |  | 307 |  | 283 |
|  4.505% due 02/25/2047 ~ |  | 2341 |  | 2117 |
|  4.512% due 02/25/2036 ~ |  | 4 |  | 3 |
|  4.553% due 02/25/2034 ~ |  | 112 |  | 107 |
|  4.572% due 02/25/2047 ~ |  | 1620 |  | 1469 |
|  4.631% due 07/25/2034 ~ |  | 66 |  | 63 |
|  4.663% due 02/25/2035 ~ |  | 339 |  | 336 |
|  4.717% due 07/25/2033 ~ |  | 46 |  | 43 |
|  4.769% due 04/25/2034 ~ |  | 135 |  | 132 |
|  4.846% due 08/25/2035 ~ |  | 644 |  | 563 |
|  4.865% due 08/25/2035 ~ |  | 124 |  | 116 |
|  4.875% due 01/25/2035 ~ |  | 243 |  | 237 |
|  4.991% due 01/25/2035 ~ |  | 60 |  | 59 |
|  5.287% due 02/25/2036 ~ |  | 959 |  | 888 |
|  5.456% due 05/25/2037 ~ |  | 2624 |  | 2328 |
|  5.750% due 10/25/2033 ~ |  | 69 |  | 64 |
|  5.851% due 08/25/2035 ~ |  | 517 |  | 517 |
|  5.939% due 08/25/2035 •  |  | 2948 |  | 1917 |
|  5.950% due 02/25/2036 •  |  | 24 |  | 23 |
|  5.977% due 11/25/2034 ~ |  | 8 |  | 8 |
|  6.062% due 02/25/2036 ~ |  | 31 |  | 30 |
|  6.183% due 11/25/2034 ~ |  | 145 |  | 140 |
|  6.273% due 12/25/2046 •  |  | 3687 |  | 3113 |
|  6.298% due 12/25/2046 •  |  | 1313 |  | 1180 |
|  6.363% due 01/25/2035 ~ |  | 13 |  | 12 |
|  6.420% due 10/25/2035 •  |  | 733 |  | 711 |
|  6.514% due 02/25/2036 ~ |  | 867 |  | 783 |
|  6.516% due 05/25/2034 ~ |  | 9 |  | 9 |
|  7.250% due 07/25/2034 ~ |  | 16 |  | 16 |
|  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 06/25/2037 •  |  | 32521 |  | 31009 |
|  4.113% due 12/25/2046 •  |  | 2449 |  | 2201 |
|  4.133% due 03/25/2037 •  |  | 37377 |  | 34475 |
|  4.153% due 06/25/2037 •  |  | 6237 |  | 5940 |
|  4.193% due 11/25/2036 •  |  | 11255 |  | 10583 |
|  4.193% due 02/25/2037 •  |  | 6923 |  | 6570 |
|  4.193% due 09/25/2046 •  |  | 12710 |  | 11270 |
|  4.213% due 12/25/2036 •  |  | 3262 |  | 3226 |
|  4.233% due 08/25/2036 •  |  | 6540 |  | 6285 |
|  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 ~ |  | 85 |  | 66 |
|  4.788% due 01/26/2036 ~ |  | 3352 |  | 2399 |
|  7.000% due 07/25/2037 ~ |  | 29892 |  | 9347 |
|  Beckett Mortgages DAC | Beckett Mortgages DAC | Beckett Mortgages DAC | Beckett Mortgages DAC | Beckett Mortgages DAC |
|  0.000% due 07/20/2071 (h) |  | 1729 |  | 14082 |
|  2.735% due 07/20/2071 •  |  | 349950 |  | 404540 |
|  3.035% due 07/20/2071 •  |  | 16901 |  | 19494 |
|  3.285% due 07/20/2071 •  |  | 14913 |  | 17203 |
|  3.535% due 07/20/2071 •  |  | 7954 |  | 9110 |
|  4.785% due 07/20/2071 •  |  | 3977 |  | 4629 |
|  6.085% due 07/20/2071 •  |  | 3977 |  | 4636 |
|  8.585% due 07/20/2071 •  |  | 3182 |  | 3564 |
|  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 •  | $— | 88 |  | 56 |
|  4.389% due 01/22/2045 •  |  | 333 |  | 322 |

---

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  0.570% due 07/15/2053 ~(a) | 68256 | 1436 |
|  1.403% due 12/17/2053 ~(a) | 205713 | 10465 |
|  1.742% due 07/15/2053 ~(a) | 79201 | 4065 |
|  BINOM Securitization Trust | BINOM Securitization Trust | BINOM Securitization Trust |
|  4.441% due 08/25/2057 ~ | 78355 | 76359 |
|  Bletchley Park Funding PLC | Bletchley Park Funding PLC | Bletchley Park Funding PLC |
|  4.604% due 07/27/2070 •  | 15070 | 19973 |
|  BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust |
|  4.737% due 08/15/2038 •  | 5581 | 5311 |
|  BWAY Mortgage Trust | BWAY Mortgage Trust | BWAY Mortgage Trust |
|  5.037% due 09/15/2036 •  | 3000 | 2953 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
|  4.685% due 02/15/2039 •  | 2384 | 2385 |
|  BX Trust | BX Trust | BX Trust |
|  4.837% due 02/15/2036 •  | 12386 | 12385 |
|  5.164% due 04/15/2037 •  | 1956 | 1958 |
|  BXP Trust | BXP Trust | BXP Trust |
|  3.379% due 06/13/2039 | 28700 | 28221 |
|  CALI Mortgage Trust | CALI Mortgage Trust | CALI Mortgage Trust |
|  3.957% due 03/10/2039 | 9000 | 8668 |
|  Canada Square Funding PLC | Canada Square Funding PLC | Canada Square Funding PLC |
|  5.408% (SONIO/N + 1.663%) due 06/17/2058 ~ | 287 | 384 |
|  Cascade Funding Mortgage Trust | Cascade Funding Mortgage Trust | Cascade Funding Mortgage Trust |
|  3.000% due 03/25/2035 ~ | 29956 | 29491 |
|  4.000% due 10/25/2054 ~ | 54519 | 53284 |
|  Cendant Mortgage Capital LLC CDMC Mortgage Pass-Through Certificates | Cendant Mortgage Capital LLC CDMC Mortgage Pass-Through Certificates | Cendant Mortgage Capital LLC CDMC Mortgage Pass-Through Certificates |
|  4.982% due 07/25/2033 •  | 34 | 33 |
|  CFCRE Commercial Mortgage Trust | CFCRE Commercial Mortgage Trust | CFCRE Commercial Mortgage Trust |
|  1.194% due 11/10/2049 ~(a) | 114512 | 215 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 03/25/2063 ~ | 72109 | 64836 |
|  3.250% due 09/25/2063 ~ | 71209 | 63872 |
|  3.250% due 03/25/2064 ~ | 44059 | 38990 |
|  3.250% due 08/25/2064 ~ | 32921 | 29283 |
|  3.250% due 09/25/2064 ~ | 42208 | 37541 |
|  3.375% due 12/25/2064 ~ | 13107 | 11738 |
|  3.375% due 04/25/2065 ~ | 31198 | 28051 |
|  3.500% due 06/25/2062 ~ | 34888 | 32161 |
|  4.912% due 09/25/2055 •  | 31100 | 31180 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.011% due 03/25/2037 ~ | 2347 | 2205 |
|  4.046% due 01/25/2036 ~ | 200 | 179 |
|  4.193% due 05/25/2036 •  | 8 | 2 |
|  4.202% due 12/25/2035 ~ | 9 | 9 |
|  4.452% due 09/25/2036 ~ | 6 | 5 |
|  4.740% due 12/25/2037 ~ | 228 | 200 |
|  5.500% due 11/25/2035 | 529 | 366 |
|  5.834% due 06/25/2035 ~ | 13 | 13 |
|  6.000% due 10/25/2036 | 448 | 160 |
|  6.000% due 11/25/2036 | 2032 | 822 |
|  6.000% due 12/25/2036 | 1004 | 386 |
|  6.000% due 02/25/2037 | 1503 | 572 |
|  6.000% due 03/25/2037 | 683 | 347 |
|  6.000% due 05/25/2037 | 11186 | 4487 |
|  6.000% due 06/25/2037 | 4748 | 1745 |
|  6.000% due 07/25/2037 | 693 | 287 |
|  6.152% due 06/25/2035 ~ | 1 | 1 |
|  6.250% due 10/25/2036 | 4087 | 1461 |
|  6.517% due 02/25/2037 ~ | 10 | 10 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  4.061% due 09/25/2036 ~ | 2927 | 2563 |
|  4.353% due 05/25/2037 •  | 8070 | 7780 |
|  4.393% due 07/25/2037 •  | 8001 | 7099 |
|  6.300% due 06/25/2036 ~ | 7936 | 6837 |
|  ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates |
|  4.204% due 08/25/2037 þ | 3471 | 2954 |
|  4.453% due 08/25/2037 •  | 5175 | 4353 |
|  4.473% due 08/25/2037 •  | 3345 | 3050 |
|  Chester A PLC | Chester A PLC | Chester A PLC |
|  0.000% due 03/17/2046 (h) | 116570 | 149762 |
|  1.000% due 05/20/2046 | 9 | 42474 |
|  5.145% due 03/17/2046 •  | 74148 | 98364 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.995% due 03/17/2046 •  |  | 125536 | $— | 166597 |
|  6.895% due 03/17/2046 •  |  | 116569 |  | 154824 |
|  7.745% due 03/17/2046 •  |  | 71735 |  | 95337 |
|  8.245% due 03/17/2046 •  |  | 35868 |  | 47642 |
|  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 |
|  3.943% due 01/25/2036 •  | $— | 1258 |  | 1223 |
|  3.973% due 05/25/2036 •  |  | 73 |  | 72 |
|  3.973% due 08/25/2047 •  |  | 2628 |  | 2349 |
|  4.023% due 05/25/2036 •  |  | 143 |  | 139 |
|  4.073% due 01/25/2035 •  |  | 51 |  | 51 |
|  4.093% due 08/25/2035 •  |  | 159 |  | 157 |
|  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 |
|  3.123% due 02/25/2035 ~ |  | 3725 |  | 3104 |
|  3.270% due 04/20/2036 ~ |  | 186 |  | 163 |
|  3.400% due 03/25/2035 ~ |  | 159 |  | 126 |
|  3.598% due 04/25/2035 ~ |  | 345 |  | 231 |
|  3.614% due 02/25/2034 ~ |  | 134 |  | 129 |
|  3.634% due 05/25/2047 ~ |  | 921 |  | 802 |
|  3.712% due 07/19/2033 ~ |  | 272 |  | 265 |
|  3.922% due 09/20/2035 ~ |  | 2873 |  | 2695 |
|  3.951% due 09/25/2037 ~ |  | 446 |  | 409 |
|  4.001% due 05/20/2036 ~ |  | 11171 |  | 10522 |
|  4.011% due 04/25/2047 ~ |  | 1575 |  | 1613 |
|  4.063% due 04/25/2035 •  |  | 774 |  | 741 |
|  4.093% due 04/25/2037 •  |  | 3644 |  | 1162 |
|  4.096% due 09/20/2036 ~ |  | 512 |  | 460 |
|  4.135% due 02/25/2047 ~ |  | 5751 |  | 5315 |
|  4.143% due 11/25/2035 •  |  | 3484 |  | 966 |
|  4.143% due 05/25/2037 •  |  | 2546 |  | 878 |
|  4.143% due 08/25/2037 •  |  | 3698 |  | 1078 |
|  4.147% due 03/25/2037 ~ |  | 89 |  | 78 |
|  4.154% due 05/20/2036 ~ |  | 1598 |  | 1430 |
|  4.193% due 10/25/2035 •  |  | 1059 |  | 435 |
|  4.193% due 04/25/2046 •  |  | 228 |  | 210 |
|  4.229% due 05/19/2033 ~ |  | 96 |  | 91 |
|  4.253% due 05/25/2035 •  |  | 161 |  | 143 |
|  4.273% due 03/25/2036 •  |  | 4436 |  | 4229 |
|  4.293% due 05/25/2036 •  |  | 1840 |  | 523 |
|  4.300% due 05/20/2036 ~ |  | 1750 |  | 1682 |
|  4.303% due 05/20/2036 ~ |  | 971 |  | 891 |
|  4.303% due 11/25/2037 ~ |  | 9054 |  | 8241 |
|  4.333% due 03/25/2035 •  |  | 165 |  | 157 |
|  4.336% due 11/25/2037 ~ |  | 12057 |  | 11451 |
|  4.343% due 05/25/2033 •  |  | 17 |  | 16 |
|  4.373% due 04/25/2035 •  |  | 2423 |  | 2344 |
|  4.392% due 11/20/2035 ~ |  | 366 |  | 344 |
|  4.393% due 03/25/2035 •  |  | 1034 |  | 486 |
|  4.393% due 05/25/2035 •  |  | 8921 |  | 7969 |
|  4.421% due 04/20/2036 ~ |  | 764 |  | 709 |
|  4.433% due 03/25/2035 •  |  | 9085 |  | 8169 |
|  4.445% due 11/25/2037 ~ |  | 12121 |  | 11383 |
|  4.453% due 02/25/2035 •  |  | 209 |  | 199 |
|  4.457% due 10/20/2034 ~ |  | 475 |  | 437 |
|  4.466% due 04/25/2037 ~ |  | 1042 |  | 979 |
|  4.473% due 02/25/2035 •  |  | 492 |  | 467 |
|  4.476% due 02/20/2036 ~ |  | 2152 |  | 1943 |
|  4.493% due 03/25/2035 •  |  | 1674 |  | 734 |
|  4.493% due 02/25/2036 •  |  | 1 |  | 0 |
|  4.503% due 10/20/2035 ~ |  | 597 |  | 593 |
|  4.514% due 06/20/2036 ~ |  | 3520 |  | 3340 |
|  4.533% due 02/25/2035 •  |  | 4261 |  | 4039 |
|  4.551% due 08/20/2035 ~ |  | 2776 |  | 2639 |
|  4.553% due 09/25/2034 •  |  | 36 |  | 35 |
|  4.578% due 11/20/2035 ~ |  | 11192 |  | 9921 |
|  4.592% due 09/25/2047 ~ |  | 634 |  | 576 |
|  4.656% due 11/20/2034 ~ |  | 800 |  | 773 |
|  4.657% due 01/25/2036 ~ |  | 1655 |  | 1587 |
|  4.682% due 03/20/2036 ~ |  | 2745 |  | 2579 |
|  4.790% due 03/25/2035 ~ |  | 48 |  | 46 |
|  4.867% due 09/25/2034 ~ |  | 13 |  | 12 |
|  4.943% due 07/25/2034 ~ |  | 44 |  | 42 |
|  4.945% due 05/20/2034 ~ |  | 23 |  | 22 |
|  4.972% due 09/25/2034 ~ |  | 78 |  | 77 |
|  5.021% due 11/20/2035 ~ |  | 524 |  | 472 |
|  5.023% due 02/20/2035 ~ |  | 38 |  | 38 |
|  5.044% due 09/20/2035 ~ |  | 4891 |  | 4722 |
|  5.082% due 05/20/2035 ~ |  | 1177 |  | 1156 |
|  5.158% due 09/20/2034 ~ |  | 51 |  | 50 |
|  5.236% due 11/20/2034 ~ |  | 834 |  | 809 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.250% due 12/25/2027 | $— | 350 | $— | 201 |
|  5.250% due 07/25/2034 |  | 94 |  | 94 |
|  5.332% due 12/19/2033 ~ |  | 3 |  | 3 |
|  5.500% due 04/25/2035 |  | 10 |  | 9 |
|  5.500% due 05/25/2035 |  | 1529 |  | 1256 |
|  5.500% due 08/25/2035 |  | 3359 |  | 1681 |
|  5.500% due 09/25/2035 |  | 1821 |  | 1085 |
|  5.500% due 10/25/2035 |  | 3590 |  | 1783 |
|  5.500% due 11/25/2035 |  | 210 |  | 102 |
|  5.500% due 12/25/2035 |  | 31 |  | 16 |
|  5.500% due 01/25/2036 |  | 602 |  | 345 |
|  5.590% due 06/25/2047 ~ |  | 2102 |  | 2086 |
|  5.750% due 08/25/2034 |  | 112 |  | 110 |
|  5.750% due 02/25/2036 |  | 378 |  | 142 |
|  5.750% due 02/25/2037 |  | 186 |  | 74 |
|  5.750% due 03/25/2037 |  | 1945 |  | 768 |
|  5.750% due 05/25/2037 |  | 5383 |  | 2480 |
|  5.750% due 07/25/2037 |  | 1725 |  | 761 |
|  5.850% due 05/25/2036 |  | 2089 |  | 774 |
|  6.000% due 12/25/2035 |  | 11 |  | 6 |
|  6.000% due 04/25/2036 |  | 1426 |  | 677 |
|  6.000% due 02/25/2037 |  | 5657 |  | 2201 |
|  6.000% due 03/25/2037 |  | 3412 |  | 1385 |
|  6.000% due 04/25/2037 |  | 260 |  | 115 |
|  6.000% due 05/25/2037 |  | 2875 |  | 1118 |
|  6.000% due 07/25/2037 |  | 6273 |  | 2465 |
|  6.000% due 08/25/2037 |  | 5126 |  | 2131 |
|  6.000% due 09/25/2037 |  | 1881 |  | 885 |
|  6.000% due 10/25/2037 |  | 4266 |  | 2895 |
|  6.000% due 01/25/2038 |  | 7989 |  | 3248 |
|  6.007% due 02/20/2036 •  |  | 1947 |  | 1810 |
|  6.116% due 02/25/2034 ~ |  | 1 |  | 1 |
|  6.148% due 02/20/2036 •  |  | 455 |  | 430 |
|  6.179% due 10/25/2033 ~ |  | 12 |  | 12 |
|  6.224% due 02/20/2036 •  |  | 478 |  | 428 |
|  6.228% due 05/25/2034 ~ |  | 34 |  | 34 |
|  6.241% due 02/25/2034 ~ |  | 75 |  | 72 |
|  6.250% due 09/25/2036 |  | 2031 |  | 752 |
|  6.250% due 10/25/2036 |  | 93 |  | 39 |
|  6.449% due 02/20/2036 •  |  | 2985 |  | 2828 |
|  6.500% due 11/25/2036 |  | 7524 |  | 1854 |
|  6.500% due 05/25/2037 |  | 198 |  | 83 |
|  6.500% due 10/25/2037 |  | 14591 |  | 5387 |
|  6.500% due 11/25/2037 |  | 3313 |  | 975 |
|  6.500% due 12/25/2037 |  | 20729 |  | 7448 |
|  6.500% due 11/25/2047 |  | 12577 |  | 5968 |
|  6.529% due 12/25/2033 ~ |  | 25 |  | 26 |
|  6.582% due 10/20/2034 ~ |  | 794 |  | 796 |
|  6.959% due 06/25/2034 ~ |  | 305 |  | 312 |
|  CHL Reperforming Loan REMICS Trust | CHL Reperforming Loan REMICS Trust | CHL Reperforming Loan REMICS Trust | CHL Reperforming Loan REMICS Trust | CHL Reperforming Loan REMICS Trust |
|  4.193% due 11/25/2034 •  |  | 2215 |  | 2146 |
|  4.193% due 09/25/2035 •  |  | 351 |  | 296 |
|  5.709% due 01/25/2034 |  | 11851 |  | 11276 |
|  CIM Trust |  |  |  |  |
|  3.265% due 10/25/2059 ~ |  | 17191 |  | 13062 |
|  3.637% due 07/25/2058 ~ |  | 15069 |  | 13212 |
|  4.050% due 12/25/2061 ~ |  | 19311 |  | 15235 |
|  4.500% due 12/25/2059 ~ |  | 10152 |  | 9822 |
|  4.750% due 06/25/2064 ~ |  | 19202 |  | 18897 |
|  5.000% due 05/25/2062 ~ |  | 16219 |  | 16128 |
|  5.000% due 02/25/2099 þ |  | 20298 |  | 20101 |
|  5.016% due 09/25/2059 ~ |  | 7242 |  | 7135 |
|  5.105% due 06/25/2064 ~ |  | 77946 |  | 71829 |
|  5.352% due 07/25/2061 ~ |  | 5661 |  | 5583 |
|  6.639% due 12/25/2067 þ |  | 18273 |  | 18298 |
|  Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust |
|  5.750% due 06/25/2036 |  | 72 |  | 65 |
|  6.000% due 08/25/2036 |  | 1963 |  | 1803 |
|  Citicorp Mortgage Securities, Inc. | Citicorp Mortgage Securities, Inc. | Citicorp Mortgage Securities, Inc. | Citicorp Mortgage Securities, Inc. | Citicorp Mortgage Securities, Inc. |
|  4.243% due 02/25/2035 •  |  | 229 |  | 214 |
|  Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust | Citigroup Commercial Mortgage Trust |
|  1.354% due 10/10/2049 ~(a) |  | 206785 |  | 120 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  0.000% due 11/25/2064 ~ |  | 410960 |  | 338210 |
|  0.000% due 02/25/2065 «~ |  | 2103 |  | 2103 |
|  3.375% due 10/25/2062 þ |  | 81750 |  | 75128 |
|  3.400% due 10/01/2075 |  | 300774 |  | 277552 |
|  5.032% due 02/25/2065 ~ |  | 797500 |  | 782266 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **19** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  0.000% due 09/25/2037 ~ | $— | 809 | $— | 88 |
|  0.000% due 03/25/2052 ~ |  | 352594 |  | 300734 |
|  0.000% due 01/01/2054 ~ |  | 206036 |  | 213313 |
|  0.000% due 10/25/2054 ~ |  | 61780 |  | 64314 |
|  0.000% due 09/25/2060 ~ |  | 109377 |  | 81626 |
|  0.000% due 09/25/2060 ~(a) |  | 619525 |  | 24800 |
|  0.000% due 10/25/2060 ~ |  | 60274 |  | 37148 |
|  0.000% due 10/25/2060 ~(a) |  | 788477 |  | 38296 |
|  0.000% due 05/01/2061 ~ |  | 37145 |  | 21450 |
|  0.000% due 05/01/2061 ~(a) |  | 870295 |  | 30489 |
|  0.000% due 08/01/2061 ~ |  | 22749 |  | 16370 |
|  0.000% due 08/01/2061 ~(a) |  | 929533 |  | 90405 |
|  0.000% due 12/25/2061 ~ |  | 363009 |  | 293674 |
|  0.000% due 02/01/2062 ~ |  | 665884 |  | 541837 |
|  0.000% due 03/01/2062 ~ |  | 697214 |  | 582754 |
|  0.000% due 07/25/2062 ~ |  | 1042660 |  | 845605 |
|  0.000% due 10/25/2062 ~ |  | 365319 |  | 327357 |
|  0.000% due 02/25/2063 ~ |  | 894786 |  | 730351 |
|  0.000% due 10/25/2063 ~ |  | 315379 |  | 230875 |
|  0.000% due 09/25/2064 ~ |  | 489274 |  | 412983 |
|  0.000% due 02/25/2065 ~ |  | 365004 |  | 317688 |
|  0.000% due 03/01/2065 ~ |  | 27782 |  | 14829 |
|  0.000% due 03/01/2065 ~(a) |  | 1651212 |  | 53146 |
|  0.000% due 09/25/2068 ~ |  | 407730 |  | 331196 |
|  0.000% due 03/01/2070 ~ |  | 19053 |  | 14985 |
|  0.000% due 03/01/2070 ~(a) |  | 219141 |  | 16865 |
|  0.000% due 09/25/2076 ~ |  | 242742 |  | 200356 |
|  0.000% due 01/25/2082 (a) |  | 289 |  | 281 |
|  0.110% due 10/25/2060 ~(a) |  | 691924 |  | 3765 |
|  0.150% due 09/25/2060 ~(a) |  | 559169 |  | 2435 |
|  0.150% due 05/01/2061 ~(a) |  | 776805 |  | 6035 |
|  0.150% due 03/01/2070 ~(a) |  | 202328 |  | 889 |
|  0.151% due 03/01/2065 ~(a) |  | 1248157 |  | 9061 |
|  0.170% due 08/01/2061 ~(a) |  | 840455 |  | 2281 |
|  1.749% due 03/01/2065 ~ |  | 1385801 |  | 1195129 |
|  1.970% due 10/25/2060 ~ |  | 581495 |  | 527080 |
|  2.132% due 09/25/2060 ~ |  | 388370 |  | 357538 |
|  2.147% due 08/01/2061 ~ |  | 699781 |  | 641472 |
|  2.223% due 05/01/2061 ~ |  | 679254 |  | 601055 |
|  2.223% due 03/01/2070 ~ |  | 148654 |  | 140085 |
|  2.807% due 10/25/2035 ~ |  | 1383 |  | 621 |
|  3.125% due 05/01/2061 ~ |  | 44369 |  | 34186 |
|  3.216% due 03/01/2065 ~ |  | 103877 |  | 76343 |
|  3.250% due 08/01/2061 ~ |  | 48403 |  | 41240 |
|  3.398% due 05/25/2047 ~ |  | 11856 |  | 9653 |
|  3.500% due 05/01/2061 ~ |  | 30998 |  | 23916 |
|  3.750% due 08/01/2061 ~ |  | 35744 |  | 31065 |
|  3.751% due 05/01/2061 ~ |  | 23096 |  | 17424 |
|  3.807% due 10/25/2060 ~ |  | 66433 |  | 56176 |
|  3.863% due 01/25/2037 •  |  | 106 |  | 95 |
|  3.865% due 03/25/2037 ~ |  | 5117 |  | 3772 |
|  3.909% due 10/25/2046 ~ |  | 1014 |  | 909 |
|  3.923% due 06/25/2036 •  |  | 296 |  | 285 |
|  3.975% due 09/25/2060 ~ |  | 66282 |  | 57006 |
|  4.000% due 01/25/2066 ~ |  | 7535 |  | 6705 |
|  4.059% due 09/25/2037 ~ |  | 199 |  | 200 |
|  4.068% due 08/25/2036 •  |  | 27425 |  | 10843 |
|  4.113% due 09/25/2036 •  |  | 1505 |  | 1443 |
|  4.123% due 12/25/2034 •  |  | 224 |  | 216 |
|  4.143% due 11/25/2036 •  |  | 2283 |  | 1819 |
|  4.145% due 01/25/2082 ~ |  | 198001 |  | 170838 |
|  4.152% due 12/25/2035 ~ |  | 174 |  | 107 |
|  4.202% due 05/20/2047 •  |  | 5462 |  | 4923 |
|  4.229% due 08/01/2061 ~ |  | 28297 |  | 24797 |
|  4.293% due 09/25/2036 •  |  | 233 |  | 224 |
|  4.320% due 12/25/2035 ~ |  | 3937 |  | 3530 |
|  4.400% due 09/25/2064 ~ |  | 77221 |  | 65423 |
|  4.451% due 09/25/2037 ~ |  | 3300 |  | 3026 |
|  4.461% due 03/01/2070 ~ |  | 21753 |  | 20649 |
|  4.495% due 03/25/2037 ~ |  | 776 |  | 721 |
|  4.532% due 08/25/2035 •  |  | 1023 |  | 1013 |
|  4.625% due 11/25/2036 ~ |  | 1075 |  | 940 |
|  4.667% due 06/25/2036 ~ |  | 353 |  | 343 |
|  4.743% due 09/25/2037 •  |  | 1402 |  | 1317 |
|  4.777% due 03/25/2035 ~ |  | 5998 |  | 5883 |
|  4.854% due 04/25/2035 ~ |  | 667 |  | 644 |
|  4.919% due 11/25/2036 ~ |  | 2736 |  | 1774 |
|  4.930% due 03/25/2036 •  |  | 778 |  | 753 |
|  5.004% due 03/25/2036 ~ |  | 474 |  | 468 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.100% due 10/25/2035 ~ | $— | 12 | $— | 9 |
|  5.167% due 03/25/2037 ~ |  | 423 |  | 386 |
|  5.250% due 03/25/2037 |  | 1529 |  | 1153 |
|  5.354% due 11/25/2036 ~ |  | 2228 |  | 1981 |
|  5.365% due 05/25/2035 ~ |  | 398 |  | 384 |
|  5.387% due 08/25/2035 ~ |  | 111 |  | 107 |
|  5.500% due 11/25/2035 |  | 613 |  | 621 |
|  5.584% due 06/25/2036 ~ |  | 1375 |  | 1307 |
|  5.748% due 08/25/2035 ~ |  | 9 |  | 10 |
|  5.750% due 04/25/2047 |  | 3627 |  | 1841 |
|  6.000% due 05/25/2035 |  | 1275 |  | 1294 |
|  6.000% due 05/25/2037 |  | 1944 |  | 1591 |
|  6.000% due 08/25/2037 ~ |  | 10766 |  | 4287 |
|  6.033% due 03/25/2034 ~ |  | 143 |  | 134 |
|  6.050% due 03/25/2036 •  |  | 75 |  | 76 |
|  6.250% due 11/25/2037 ~ |  | 1953 |  | 735 |
|  6.490% due 05/25/2035 •  |  | 3 |  | 4 |
|  6.500% due 10/25/2036 ~ |  | 5316 |  | 2555 |
|  Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates |
|  3.891% due 09/25/2035 ~ |  | 196 |  | 144 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  1.657% due 02/25/2037 •(a) |  | 1145 |  | 91 |
|  4.343% due 01/25/2037 •  |  | 6106 |  | 5042 |
|  5.750% due 12/25/2036 |  | 197 |  | 175 |
|  5.750% due 03/25/2037 |  | 321 |  | 283 |
|  5.750% due 04/25/2037 |  | 2626 |  | 2329 |
|  6.000% due 07/25/2036 |  | 170 |  | 151 |
|  6.000% due 09/25/2036 |  | 2910 |  | 2702 |
|  6.000% due 11/25/2036 |  | 4640 |  | 4410 |
|  6.000% due 05/25/2037 |  | 6039 |  | 5532 |
|  6.000% due 06/25/2037 |  | 2315 |  | 2125 |
|  6.000% due 10/25/2037 |  | 1294 |  | 1204 |
|  CLNY Trust | CLNY Trust | CLNY Trust | CLNY Trust | CLNY Trust |
|  5.163% due 11/15/2038 •  |  | 1009 |  | 999 |
|  5.710% due 11/15/2038 •  |  | 15102 |  | 14624 |
|  CNL Commercial Mortgage Loan Trust | CNL Commercial Mortgage Loan Trust | CNL Commercial Mortgage Loan Trust | CNL Commercial Mortgage Loan Trust | CNL Commercial Mortgage Loan Trust |
|  4.287% due 05/15/2031 •  |  | 64 |  | 63 |
|  COLT Mortgage Loan Trust |  |  |  |  |
|  5.903% due 12/25/2068 þ |  | 10856 |  | 10896 |
|  6.393% due 06/25/2069 þ |  | 20656 |  | 20865 |
|  6.421% due 05/25/2069 þ |  | 4982 |  | 5032 |
|  COLT Trust | COLT Trust | COLT Trust | COLT Trust | COLT Trust |
|  1.665% due 09/25/2061 ~ |  | 19619 |  | 18105 |
|  COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
|  0.552% due 08/10/2047 ~(a) |  | 23136 |  | 75 |
|  1.285% due 10/10/2049 ~(a) |  | 174793 |  | 55 |
|  2.819% due 01/10/2039 |  | 2200 |  | 2137 |
|  3.140% due 10/10/2036 |  | 13000 |  | 12605 |
|  4.228% due 05/10/2051 |  | 1400 |  | 1374 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  1.157% due 11/25/2035 •(a) |  | 2410 |  | 160 |
|  1.307% due 11/25/2035 •(a) |  | 2034 |  | 135 |
|  1.457% due 08/25/2036 •(a) |  | 7173 |  | 607 |
|  3.036% due 06/25/2046 ~ |  | 3040 |  | 2850 |
|  3.186% due 06/25/2037 ~ |  | 70 |  | 59 |
|  3.495% due 05/25/2035 ~ |  | 1511 |  | 1198 |
|  3.970% due 02/20/2047 •  |  | 12841 |  | 10505 |
|  3.980% due 03/20/2047 •  |  | 12966 |  | 11376 |
|  3.985% due 12/20/2046 •  |  | 24791 |  | 22397 |
|  4.000% due 02/20/2047 •  |  | 4187 |  | 3448 |
|  4.003% due 04/25/2047 •  |  | 9587 |  | 8576 |
|  4.033% due 06/25/2036 •  |  | 5891 |  | 5704 |
|  4.063% due 04/25/2047 •  |  | 9785 |  | 8777 |
|  4.073% due 06/25/2037 •  |  | 11766 |  | 10921 |
|  4.083% due 06/25/2047 •  |  | 8553 |  | 7135 |
|  4.093% due 06/25/2035 •  |  | 2808 |  | 1729 |
|  4.093% due 07/25/2035 •  |  | 1940 |  | 1174 |
|  4.093% due 08/25/2035 •  |  | 856 |  | 523 |
|  4.093% due 05/25/2037 •  |  | 3366 |  | 1308 |
|  4.101% due 08/25/2036 ~ |  | 243 |  | 230 |
|  4.113% due 06/25/2036 •  |  | 8177 |  | 7269 |
|  4.113% due 11/25/2036 •  |  | 6464 |  | 6553 |
|  4.113% due 01/25/2037 •  |  | 15377 |  | 13974 |
|  4.113% due 05/25/2037 •  |  | 3366 |  | 1313 |
|  4.113% due 07/25/2046 •  |  | 3195 |  | 3233 |
|  4.113% due 09/25/2047 •  |  | 11435 |  | 10774 |
|  4.123% due 05/25/2037 •  |  | 6227 |  | 2431 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.132% due 09/25/2034 •  | $— | 95 | $— | 88 |
|  4.143% due 06/25/2035 •  |  | 2549 |  | 1720 |
|  4.143% due 07/25/2036 •  |  | 13211 |  | 4724 |
|  4.143% due 11/25/2036 •  |  | 3854 |  | 1585 |
|  4.143% due 03/01/2038 •  |  | 3752 |  | 2690 |
|  4.153% due 11/25/2036 •  |  | 1411 |  | 2064 |
|  4.153% due 05/25/2047 •  |  | 4274 |  | 3994 |
|  4.163% due 02/25/2037 •  |  | 286 |  | 76 |
|  4.173% due 08/25/2046 •  |  | 8992 |  | 8050 |
|  4.173% due 09/25/2046 •  |  | 13633 |  | 13436 |
|  4.173% due 10/25/2046 •  |  | 1773 |  | 1687 |
|  4.190% due 07/20/2046 •  |  | 3488 |  | 3074 |
|  4.193% due 03/25/2035 •  |  | 1205 |  | 1141 |
|  4.193% due 02/25/2036 •  |  | 1048 |  | 916 |
|  4.193% due 06/25/2036 •  |  | 59 |  | 23 |
|  4.193% due 12/25/2036 •  |  | 326 |  | 67 |
|  4.193% due 08/25/2037 •  |  | 1865 |  | 1151 |
|  4.210% due 03/20/2046 •  |  | 3163 |  | 3005 |
|  4.210% due 05/20/2046 •  |  | 15578 |  | 14198 |
|  4.210% due 09/20/2046 •  |  | 6513 |  | 6315 |
|  4.213% due 05/25/2035 •  |  | 2036 |  | 1987 |
|  4.213% due 07/25/2046 •  |  | 9842 |  | 9135 |
|  4.233% due 05/25/2035 •  |  | 1015 |  | 967 |
|  4.233% due 09/25/2047 •  |  | 9990 |  | 9587 |
|  4.264% due 06/25/2037 ~ |  | 1218 |  | 1205 |
|  4.273% due 01/25/2037 •  |  | 23096 |  | 20347 |
|  4.293% due 04/25/2034 •  |  | 477 |  | 459 |
|  4.293% due 05/25/2035 •  |  | 7619 |  | 5573 |
|  4.293% due 12/25/2035 •  |  | 23317 |  | 14198 |
|  4.293% due 04/25/2036 •  |  | 6063 |  | 2083 |
|  4.313% due 07/25/2035 •  |  | 1145 |  | 1053 |
|  4.313% due 08/25/2035 •  |  | 4471 |  | 4428 |
|  4.329% due 03/25/2047 •  |  | 2222 |  | 1786 |
|  4.333% due 02/25/2036 •  |  | 1750 |  | 1523 |
|  4.333% due 07/25/2036 •  |  | 1427 |  | 1326 |
|  4.333% due 08/25/2047 •  |  | 40477 |  | 36283 |
|  4.343% due 11/25/2035 •  |  | 2410 |  | 1123 |
|  4.353% due 08/25/2035 •  |  | 2943 |  | 2868 |
|  4.353% due 12/25/2035 •  |  | 252 |  | 241 |
|  4.353% due 02/25/2037 •  |  | 8305 |  | 6971 |
|  4.353% due 10/25/2046 •  |  | 1795 |  | 1719 |
|  4.353% due 08/25/2047 •  |  | 1449 |  | 1234 |
|  4.373% due 02/25/2036 •  |  | 4933 |  | 4648 |
|  4.373% due 05/25/2036 •  |  | 3079 |  | 2779 |
|  4.393% due 12/25/2035 •  |  | 16519 |  | 12768 |
|  4.413% due 08/25/2035 •  |  | 467 |  | 449 |
|  4.413% due 11/25/2035 •  |  | 2963 |  | 2786 |
|  4.430% due 11/20/2035 •  |  | 4001 |  | 3624 |
|  4.450% due 11/20/2035 •  |  | 22113 |  | 21295 |
|  4.453% due 09/25/2035 •  |  | 562 |  | 416 |
|  4.453% due 10/25/2035 •  |  | 1141 |  | 758 |
|  4.474% due 02/25/2037 ~ |  | 386 |  | 347 |
|  4.493% due 09/25/2035 •  |  | 6076 |  | 5698 |
|  4.493% due 12/25/2035 •  |  | 9522 |  | 9031 |
|  4.543% due 01/25/2036 •  |  | 3083 |  | 1804 |
|  4.593% due 08/25/2035 •  |  | 964 |  | 493 |
|  4.593% due 01/25/2036 •  |  | 1134 |  | 1052 |
|  4.645% due 11/25/2035 ~ |  | 146 |  | 138 |
|  4.666% due 03/25/2047 ~ |  | 4600 |  | 4384 |
|  4.687% due 12/25/2035 ~ |  | 51 |  | 49 |
|  4.709% due 11/25/2046 •  |  | 520 |  | 480 |
|  4.760% due 12/25/2035 ~ |  | 29 |  | 30 |
|  4.793% due 08/25/2035 •  |  | 3267 |  | 1659 |
|  4.799% due 06/25/2046 •  |  | 1733 |  | 1653 |
|  4.813% due 10/25/2034 •  |  | 2589 |  | 2579 |
|  4.841% due 08/25/2034 ~ |  | 1311 |  | 1254 |
|  4.859% due 12/25/2035 •  |  | 5357 |  | 4785 |
|  5.000% due 08/25/2035 |  | 2253 |  | 1463 |
|  5.169% due 07/20/2035 •  |  | 823 |  | 779 |
|  5.201% due 09/25/2034 ~ |  | 907 |  | 871 |
|  5.209% due 08/25/2035 •  |  | 1424 |  | 1242 |
|  5.253% due 11/25/2035 •  |  | 5736 |  | 5451 |
|  5.259% due 08/25/2035 •  |  | 75 |  | 73 |
|  5.333% due 11/25/2035 •  |  | 2404 |  | 2239 |
|  5.342% due 12/25/2034 ~ |  | 3059 |  | 3086 |
|  5.419% due 08/25/2035 •  |  | 2413 |  | 2251 |
|  5.443% due 08/25/2034 •  |  | 1770 |  | 1751 |
|  5.443% due 10/25/2034 •  |  | 1871 |  | 1862 |
|  5.500% due 01/25/2035 |  | 10863 |  | 10881 |
|  5.500% due 02/25/2035 |  | 223 |  | 218 |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO INCOME FUND** | 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)** |
|  5.500% due 03/25/2035 | $— | 12715 | $— | 11214 |
|  5.500% due 05/25/2035 |  | 8729 |  | 6857 |
|  5.500% due 06/25/2035 |  | 1817 |  | 1104 |
|  5.500% due 07/25/2035 |  | 2087 |  | 1662 |
|  5.500% due 08/25/2035 |  | 2441 |  | 2071 |
|  5.500% due 09/25/2035 |  | 18504 |  | 12762 |
|  5.500% due 10/25/2035 |  | 2010 |  | 1103 |
|  5.500% due 11/25/2035 |  | 9034 |  | 5619 |
|  5.500% due 12/25/2035 |  | 7478 |  | 3500 |
|  5.500% due 01/25/2036 |  | 4038 |  | 2895 |
|  5.500% due 02/25/2036 |  | 25419 |  | 14948 |
|  5.504% due 06/25/2035 •  |  | 165 |  | 154 |
|  5.750% due 05/25/2036 |  | 249 |  | 90 |
|  5.750% due 08/25/2036 |  | 3325 |  | 1613 |
|  5.750% due 03/25/2037 |  | 3318 |  | 1636 |
|  5.750% due 06/25/2037 |  | 2858 |  | 1201 |
|  5.750% due 07/25/2037 |  | 760 |  | 418 |
|  5.750% due 04/25/2047 |  | 1914 |  | 956 |
|  5.765% due 11/25/2035 þ |  | 2952 |  | 1282 |
|  5.909% due 10/20/2035 •  |  | 12035 |  | 8643 |
|  5.929% due 10/20/2035 •  |  | 3036 |  | 2789 |
|  6.000% due 11/25/2034 |  | 5395 |  | 5581 |
|  6.000% due 02/25/2035 |  | 15012 |  | 11529 |
|  6.000% due 02/25/2036 |  | 26467 |  | 13626 |
|  6.000% due 03/25/2036 |  | 8787 |  | 3839 |
|  6.000% due 04/25/2036 |  | 12419 |  | 5535 |
|  6.000% due 05/25/2036 |  | 14835 |  | 7102 |
|  6.000% due 06/25/2036 |  | 7033 |  | 3643 |
|  6.000% due 07/25/2036 |  | 7016 |  | 3570 |
|  6.000% due 08/25/2036 |  | 3524 |  | 1921 |
|  6.000% due 11/25/2036 |  | 3802 |  | 1863 |
|  6.000% due 01/25/2037 |  | 752 |  | 612 |
|  6.000% due 02/25/2037 |  | 3285 |  | 1094 |
|  6.000% due 03/25/2037 |  | 3538 |  | 1185 |
|  6.000% due 04/25/2037 |  | 7401 |  | 3102 |
|  6.000% due 05/25/2037 |  | 13997 |  | 5692 |
|  6.000% due 06/25/2037 |  | 479 |  | 210 |
|  6.000% due 08/25/2037 •  |  | 5087 |  | 2301 |
|  6.000% due 01/25/2047 |  | 5675 |  | 2972 |
|  6.074% due 11/25/2035 þ |  | 1531 |  | 664 |
|  6.250% due 10/25/2036 |  | 4547 |  | 2106 |
|  6.250% due 11/25/2036 |  | 4364 |  | 1987 |
|  6.250% due 12/25/2036 |  | 2933 |  | 1136 |
|  6.250% due 11/25/2046 |  | 1989 |  | 868 |
|  6.500% due 05/25/2036 |  | 2518 |  | 1110 |
|  6.500% due 06/25/2036 |  | 823 |  | 366 |
|  6.500% due 08/25/2036 |  | 2433 |  | 692 |
|  6.500% due 09/25/2036 |  | 6700 |  | 3175 |
|  6.500% due 12/25/2036 |  | 2364 |  | 952 |
|  6.500% due 08/25/2037 |  | 9608 |  | 4002 |
|  6.500% due 09/25/2037 |  | 17755 |  | 6533 |
|  6.500% due 11/25/2037 |  | 7768 |  | 3274 |
|  7.000% due 08/25/2034 |  | 155 |  | 166 |
|  7.000% due 09/25/2036 |  | 24306 |  | 4702 |
|  7.250% due 08/25/2032 |  | 22 |  | 23 |
|  7.500% due 12/25/2034 |  | 104 |  | 12 |
|  Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization | Countrywide Alternative Loan Trust Resecuritization |
|  6.000% due 05/25/2036 |  | 49 |  | 26 |
|  6.000% due 08/25/2037 ~ |  | 1098 |  | 488 |
|  10.706% due 08/25/2037 ~ |  | 805 |  | 340 |
|  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. |
|  2.597% due 01/25/2033 ~ |  | 353 |  | 328 |
|  3.567% due 09/25/2032 ~ |  | 116 |  | 105 |
|  4.443% due 11/25/2031 •  |  | 371 |  | 199 |
|  4.443% due 09/25/2035 •  |  | 2151 |  | 1390 |
|  4.943% due 11/25/2034 •  |  | 2476 |  | 2382 |
|  5.232% due 11/25/2031 •  |  | 173 |  | 89 |
|  5.250% due 09/25/2035 |  | 394 |  | 301 |
|  5.470% due 11/25/2032 ~ |  | 102 |  | 98 |
|  5.579% due 06/25/2046 ~ |  | 110866 |  | 104054 |
|  6.000% due 09/25/2033 |  | 18 |  | 18 |
|  6.000% due 01/25/2036 |  | 2539 |  | 1492 |
|  6.428% due 04/25/2033 ~ |  | 233 |  | 232 |
|  6.500% due 01/25/2036 |  | 353 |  | 74 |
|  7.000% due 01/25/2036 |  | 4856 |  | 779 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  5.003% due 11/25/2070 ~ |  | 14855 |  | 14792 |
|  5.036% due 11/25/2070 ~ |  | 45747 |  | 45579 |
|  5.129% due 09/25/2069 ~ |  | 7120 |  | 7126 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.549% due 12/25/2069 ~ | $— | 13873 | $— | 13926 |
|  6.093% due 04/25/2069 þ |  | 18792 |  | 18910 |
|  6.147% due 07/25/2069 þ |  | 17967 |  | 18117 |
|  6.272% due 06/25/2069 þ |  | 25129 |  | 25336 |
|  6.615% due 03/25/2068 þ |  | 14726 |  | 14753 |
|  CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust |
|  5.737% due 05/25/2037 ~ |  | 13342 |  | 2765 |
|  6.589% due 12/25/2036 þ |  | 15219 |  | 1880 |
|  6.672% due 06/25/2036 þ |  | 191 |  | 47 |
|  CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates |
|  4.143% due 10/25/2035 •  |  | 2878 |  | 2432 |
|  5.062% due 01/25/2034 ~ |  | 43 |  | 42 |
|  5.500% due 08/25/2034 |  | 170 |  | 158 |
|  5.500% due 06/25/2035 |  | 2945 |  | 1985 |
|  5.500% due 10/25/2035 |  | 2388 |  | 854 |
|  6.000% due 11/25/2035 |  | 227 |  | 48 |
|  6.553% due 10/25/2033 ~ |  | 9 |  | 9 |
|  CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
|  4.143% due 11/25/2036 •  |  | 1288 |  | 699 |
|  4.293% due 07/25/2036 •  |  | 12991 |  | 4242 |
|  5.000% due 04/25/2037 |  | 194 |  | 157 |
|  5.500% due 03/25/2037 |  | 6115 |  | 2758 |
|  5.587% due 04/25/2037 ~ |  | 11289 |  | 2686 |
|  5.746% due 04/25/2037 ~ |  | 37485 |  | 8972 |
|  6.000% due 08/25/2036 |  | 3271 |  | 1402 |
|  6.000% due 02/25/2037 |  | 1496 |  | 781 |
|  6.000% due 06/25/2037 |  | 2110 |  | 324 |
|  6.079% due 04/25/2037 þ |  | 20418 |  | 5552 |
|  6.250% due 06/25/2036 |  | 7484 |  | 4134 |
|  6.250% due 08/25/2036 |  | 644 |  | 227 |
|  CSMC Trust |  |  |  |  |
|  0.000% due 12/25/2054 (h) |  | 18 |  | 18 |
|  0.000% due 02/25/2056 (h) |  | 183 |  | 180 |
|  0.000% due 02/25/2056 ~ |  | 584641 |  | 534214 |
|  0.000% due 07/25/2057 (h) |  | 229 |  | 222 |
|  0.000% due 07/25/2057 ~ |  | 10400 |  | 8056 |
|  0.000% due 09/25/2057 ~ |  | 14 |  | 14 |
|  0.000% due 01/25/2058 (h) |  | 165 |  | 160 |
|  0.000% due 04/25/2058 (a) |  | 10 |  | 10 |
|  0.000% due 07/25/2058 (h) |  | 505 |  | 487 |
|  0.000% due 01/27/2059 (h) |  | 300 |  | 293 |
|  0.000% due 01/27/2059 (a) |  | 616350 |  | 0 |
|  0.000% due 04/25/2059 ~(a) |  | 297994 |  | 18 |
|  0.000% due 09/25/2059 ~ |  | 265 |  | 257 |
|  0.000% due 10/25/2060 (h) |  | 239 |  | 235 |
|  0.000% due 02/25/2061 ~(a) |  | 252917 |  | 1604 |
|  0.000% due 05/25/2061 ~ |  | 183 |  | 181 |
|  0.000% due 11/25/2076 (a) |  | 716578 |  | 0 |
|  0.000% due 11/25/2076 (h) |  | 1099 |  | 991 |
|  0.388% due 02/25/2061 ~(a) |  | 219001 |  | 3802 |
|  0.393% due 05/25/2061 ~(a) |  | 376884 |  | 6496 |
|  1.421% due 05/25/2061 ~(a) |  | 427239 |  | 17912 |
|  1.650% due 05/25/2061 ~ |  | 248315 |  | 221089 |
|  2.000% due 01/25/2060 ~ |  | 14577 |  | 13170 |
|  2.000% due 10/25/2060 ~ |  | 19531 |  | 17668 |
|  2.100% due 05/25/2061 ~ |  | 40232 |  | 30220 |
|  2.250% due 02/25/2061 ~ |  | 96801 |  | 92092 |
|  2.450% due 05/25/2061 ~ |  | 33691 |  | 24709 |
|  2.500% due 02/25/2061 ~ |  | 27143 |  | 23107 |
|  2.562% due 12/25/2048 ~ |  | 199702 |  | 182058 |
|  2.681% due 07/25/2057 ~ |  | 384503 |  | 349132 |
|  2.800% due 05/25/2061 ~ |  | 28457 |  | 20182 |
|  2.839% due 07/25/2057 ~ |  | 37104 |  | 29267 |
|  3.000% due 02/25/2061 ~ |  | 20262 |  | 16920 |
|  3.041% due 02/25/2056 ~ |  | 357326 |  | 201433 |
|  3.119% due 07/25/2057 ~ |  | 217372 |  | 121081 |
|  3.202% due 07/25/2058 ~ |  | 2236739 |  | 1770494 |
|  3.214% due 07/25/2058 ~ |  | 117723 |  | 93778 |
|  3.250% due 04/25/2059 ~ |  | 113478 |  | 109191 |
|  3.340% due 02/27/2047 ~ |  | 86685 |  | 31893 |
|  3.384% due 10/25/2060 ~ |  | 1208167 |  | 971462 |
|  3.415% due 01/27/2059 ~ |  | 370137 |  | 351666 |
|  3.431% due 11/10/2032 |  | 8800 |  | 7458 |
|  3.452% due 10/27/2036 ~ |  | 34900 |  | 8998 |
|  3.500% due 04/26/2038 ~ |  | 790 |  | 777 |
|  3.525% due 01/25/2058 ~ |  | 135522 |  | 109843 |
|  3.557% due 04/25/2059 ~ |  | 182996 |  | 137519 |
|  3.597% due 05/25/2061 ~ |  | 76541 |  | 44309 |
|  3.601% due 11/25/2076 ~ |  | 424978 |  | 406158 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.629% due 11/30/2037 ~ | $— | 4084 | $— | 3779 |
|  3.718% due 02/25/2061 ~ |  | 108000 |  | 72736 |
|  3.769% due 01/27/2059 ~ |  | 237467 |  | 162664 |
|  3.801% due 11/25/2076 ~ |  | 287305 |  | 193152 |
|  3.904% due 04/25/2062 ~ |  | 23738 |  | 22732 |
|  3.912% due 09/25/2057 ~ |  | 4137 |  | 3530 |
|  3.927% due 09/25/2057 ~ |  | 21900 |  | 20788 |
|  4.000% due 08/27/2037 ~ |  | 5620 |  | 5470 |
|  4.000% due 08/01/2057 ~ |  | 14850 |  | 13968 |
|  4.013% due 05/27/2037 •  |  | 6509 |  | 5884 |
|  4.068% due 10/27/2036 •  |  | 1835 |  | 1458 |
|  4.186% due 08/27/2037 ~ |  | 7001 |  | 6335 |
|  4.208% due 04/27/2036 ~ |  | 7329 |  | 6562 |
|  4.208% due 05/27/2036 ~ |  | 1271 |  | 1145 |
|  4.238% due 10/27/2036 •  |  | 2435 |  | 711 |
|  4.253% due 09/25/2057 ~ |  | 474981 |  | 413786 |
|  4.268% due 05/27/2037 •  |  | 24787 |  | 10415 |
|  4.286% due 12/25/2054 ~ |  | 141127 |  | 113374 |
|  4.288% due 02/27/2046 •  |  | 8600 |  | 1964 |
|  4.324% due 04/27/2037 ~ |  | 8027 |  | 3841 |
|  4.547% due 05/25/2067 ~ |  | 13558 |  | 13523 |
|  4.574% due 04/26/2047 ~ |  | 7546 |  | 4212 |
|  4.671% due 04/25/2058 ~ |  | 199026 |  | 187836 |
|  4.699% due 05/27/2053 ~ |  | 79265 |  | 71669 |
|  4.818% due 07/27/2037 •  |  | 850 |  | 818 |
|  4.919% due 11/26/2036 ~ |  | 2400 |  | 1547 |
|  5.093% due 09/25/2059 ~ |  | 239994 |  | 224627 |
|  5.187% due 07/15/2038 •  |  | 28700 |  | 25496 |
|  5.244% due 08/27/2036 ~ |  | 4453 |  | 3632 |
|  5.561% due 04/25/2036 ~ |  | 3786 |  | 2685 |
|  6.192% due 09/26/2036 ~ |  | 322 |  | 305 |
|  6.611% due 06/01/2050 ~ |  | 450234 |  | 448885 |
|  7.000% due 08/26/2036 |  | 1444 |  | 355 |
|  7.330% due 07/25/2049 ~ |  | 449281 |  | 487701 |
|  CSMC Trust Capital Certificates | CSMC Trust Capital Certificates | CSMC Trust Capital Certificates | CSMC Trust Capital Certificates | CSMC Trust Capital Certificates |
|  6.000% due 04/26/2037 ~ |  | 380 |  | 378 |
|  CSMCM Trust |  |  |  |  |
|  0.000% due 07/25/2049 ~ |  | 29991 |  | 24471 |
|  0.000% due 01/27/2059 ~ |  | 25583 |  | 20965 |
|  0.000% due 09/25/2059 ~ |  | 22588 |  | 19089 |
|  0.000% due 10/27/2060 ~(a) |  | 50870 |  | 39288 |
|  0.000% due 10/27/2060 ~ |  | 6481 |  | 5342 |
|  3.139% due 02/25/2061 |  | 10665 |  | 8640 |
|  3.500% due 05/25/2061 |  | 17989 |  | 14469 |
|  3.657% due 07/25/2049 |  | 18917 |  | 21915 |
|  4.232% due 09/25/2057 ~ |  | 20136 |  | 17129 |
|  4.286% due 06/25/2048 ~ |  | 513892 |  | 439080 |
|  13.182% due 10/25/2058 ~ |  | 8409 |  | 7062 |
|  CSWF Corp. |  |  |  |  |
|  4.854% due 06/15/2034 •  |  | 173 |  | 170 |
|  Cupressus Mortgages Holdco SARL | Cupressus Mortgages Holdco SARL | Cupressus Mortgages Holdco SARL | Cupressus Mortgages Holdco SARL | Cupressus Mortgages Holdco SARL |
|  1.000% due 10/24/2050 « |  | 2000 |  | 605 |
|  DBGS Mortgage Trust |  |  |  |  |
|  3.843% due 04/10/2037 | $— | 2690 |  | 2533 |
|  5.332% due 10/15/2039 •  |  | 26500 |  | 26447 |
|  DBJPM Mortgage Trust | DBJPM Mortgage Trust | DBJPM Mortgage Trust | DBJPM Mortgage Trust | DBJPM Mortgage Trust |
|  1.578% due 09/15/2053 ~(a) |  | 48880 |  | 1956 |
|  DC Commercial Mortgage Trust | DC Commercial Mortgage Trust | DC Commercial Mortgage Trust | DC Commercial Mortgage Trust | DC Commercial Mortgage Trust |
|  6.314% due 09/12/2040 |  | 18400 |  | 18771 |
|  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 ~ |  | 14939 |  | 14907 |
|  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 •  |  | 6034 |  | 5774 |
|  3.943% due 02/25/2047 •  |  | 4071 |  | 2276 |
|  4.033% due 08/25/2036 •  |  | 2609 |  | 2425 |
|  4.033% due 01/25/2047 •  |  | 2123 |  | 2071 |
|  4.053% due 12/25/2036 •  |  | 2871 |  | 976 |
|  4.053% due 08/25/2047 •  |  | 24559 |  | 23322 |
|  4.093% due 12/25/2036 •  |  | 1391 |  | 1298 |
|  4.093% due 03/25/2037 •  |  | 15781 |  | 15174 |
|  4.113% due 03/25/2037 •  |  | 14099 |  | 6565 |
|  4.143% due 04/25/2035 •  |  | 1233 |  | 1129 |
|  4.173% due 08/25/2036 •  |  | 3010 |  | 2782 |
|  4.173% due 10/25/2036 •  |  | 12687 |  | 3385 |
|  4.173% due 12/25/2036 •  |  | 2871 |  | 901 |
|  4.173% due 08/25/2047 •  |  | 7815 |  | 7338 |
|  4.193% due 02/25/2047 •  |  | 6282 |  | 6038 |
|  4.273% due 01/25/2047 •  |  | 1728 |  | 1563 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **21** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.353% due 08/25/2036 •  | $— | 5840 | $— | 5338 |
|  4.376% due 10/25/2035 ~ |  | 143 |  | 121 |
|  4.453% due 08/25/2037 •  |  | 5389 |  | 4434 |
|  4.493% due 06/25/2037 •  |  | 31210 |  | 26755 |
|  4.629% due 04/25/2047 •  |  | 12997 |  | 11986 |
|  5.143% due 11/25/2035 •  |  | 888 |  | 1827 |
|  5.250% due 09/25/2035 ~ |  | 2333 |  | 2119 |
|  5.293% due 10/25/2047 •  |  | 21442 |  | 16873 |
|  5.500% due 11/25/2035 ~ |  | 15 |  | 31 |
|  5.500% due 11/25/2035 |  | 1721 |  | 758 |
|  5.500% due 12/25/2035 |  | 1073 |  | 917 |
|  Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust |
|  4.093% due 04/25/2037 •  |  | 20097 |  | 14256 |
|  5.431% due 02/25/2036 ~ |  | 1380 |  | 1263 |
|  5.530% due 02/25/2036 ~ |  | 2372 |  | 2170 |
|  5.650% due 10/25/2036 ~ |  | 7201 |  | 6285 |
|  5.734% due 06/25/2036 ~ |  | 5122 |  | 4686 |
|  5.900% due 10/25/2036 ~ |  | 3085 |  | 2689 |
|  6.369% due 10/25/2036 þ |  | 494 |  | 430 |
|  6.386% due 10/25/2036 þ |  | 78 |  | 68 |
|  6.420% due 07/25/2036 ~ |  | 4503 |  | 3925 |
|  6.600% due 10/25/2036 þ |  | 2146 |  | 1872 |
|  Deutsche Mortgage Securities, Inc. Mortgage Loan Trust | Deutsche Mortgage Securities, Inc. Mortgage Loan Trust | Deutsche Mortgage Securities, Inc. Mortgage Loan Trust | Deutsche Mortgage Securities, Inc. Mortgage Loan Trust | Deutsche Mortgage Securities, Inc. Mortgage Loan Trust |
|  6.273% due 06/25/2034 ~ |  | 3 |  | 3 |
|  Dilosk RMBS No. 10 STS DAC | Dilosk RMBS No. 10 STS DAC | Dilosk RMBS No. 10 STS DAC | Dilosk RMBS No. 10 STS DAC | Dilosk RMBS No. 10 STS DAC |
|  2.861% due 09/24/2060 •  |  | 11016 |  | 12735 |
|  Domi BV | Domi BV | Domi BV | Domi BV | Domi BV |
|  2.830% due 06/15/2056 •  |  | 11605 |  | 13409 |
|  DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust |
|  3.931% due 03/19/2037 •  | $— | 19253 |  | 16399 |
|  3.971% due 04/19/2047 •  |  | 60 |  | 62 |
|  3.991% due 10/19/2036 •  |  | 17453 |  | 11868 |
|  4.211% due 03/19/2045 •  |  | 761 |  | 733 |
|  4.291% due 02/19/2045 •  |  | 386 |  | 385 |
|  4.451% due 09/19/2045 •  |  | 1196 |  | 628 |
|  4.571% due 11/19/2044 •  |  | 1411 |  | 1343 |
|  4.591% due 11/19/2044 •  |  | 27 |  | 25 |
|  4.611% due 09/19/2044 •  |  | 1814 |  | 1674 |
|  4.799% due 04/19/2046 •  |  | 8051 |  | 6529 |
|  4.909% due 07/19/2044 ~ |  | 203 |  | 195 |
|  5.027% due 07/19/2044 ~ |  | 4 |  | 4 |
|  Durham Mortgages A PLC | Durham Mortgages A PLC | Durham Mortgages A PLC | Durham Mortgages A PLC | Durham Mortgages A PLC |
|  0.000% due 05/28/2054 (b)(h) |  | 50495 |  | 60579 |
|  0.000% due 05/28/2054 (h) |  | 10 |  | 4161 |
|  4.545% due 05/28/2054 •  |  | 639555 |  | 847803 |
|  4.895% due 05/28/2054 •  |  | 51843 |  | 68597 |
|  5.045% due 05/28/2054 •  |  | 44096 |  | 58270 |
|  5.645% due 05/28/2054 •  |  | 36945 |  | 48718 |
|  6.945% due 05/28/2054 •  |  | 25027 |  | 32973 |
|  7.945% due 05/28/2054 •  |  | 10725 |  | 14091 |
|  Durham Mortgages B PLC | Durham Mortgages B PLC | Durham Mortgages B PLC | Durham Mortgages B PLC | Durham Mortgages B PLC |
|  0.000% due 05/28/2055 (b)(h) |  | 55498 |  | 62912 |
|  0.000% due 05/28/2055 (h) |  | 10 |  | 18 |
|  4.645% due 05/28/2055 •  |  | 536752 |  | 710899 |
|  4.895% due 05/28/2055 •  |  | 45040 |  | 59463 |
|  5.045% due 05/28/2055 •  |  | 46041 |  | 60662 |
|  5.495% due 05/28/2055 •  |  | 33530 |  | 44061 |
|  6.445% due 05/28/2055 •  |  | 28025 |  | 36762 |
|  7.245% due 05/28/2055 •  |  | 27523 |  | 37651 |
|  Dutch Mortgage Finance BV | Dutch Mortgage Finance BV | Dutch Mortgage Finance BV | Dutch Mortgage Finance BV | Dutch Mortgage Finance BV |
|  0.000% due 08/22/2059 (h) |  | 1830 |  | 23739 |
|  0.000% due 08/22/2067 ~ |  | 1830 |  | 62626 |
|  2.774% due 08/22/2059 •  |  | 575793 |  | 666261 |
|  2.774% due 08/22/2067 •  |  | 789935 |  | 914136 |
|  3.074% due 08/22/2059 •  |  | 25898 |  | 30006 |
|  3.074% due 08/22/2067 •  |  | 66160 |  | 76553 |
|  3.374% due 08/22/2059 •  |  | 20718 |  | 24010 |
|  3.474% due 08/22/2067 •  |  | 46312 |  | 53689 |
|  3.724% due 08/22/2059 •  |  | 13812 |  | 16009 |
|  4.124% due 08/22/2067 •  |  | 44327 |  | 51403 |
|  5.024% due 08/22/2059 •  |  | 10359 |  | 12000 |
|  5.524% due 08/22/2067 •  |  | 28448 |  | 32159 |
|  6.274% due 08/22/2059 •  |  | 13813 |  | 15998 |
|  6.774% due 08/22/2059 •  |  | 10403 |  | 12040 |
|  7.524% due 08/22/2067 •  |  | 19849 |  | 22425 |
|  Dutch Mortgage Warehouse Finance BV | Dutch Mortgage Warehouse Finance BV | Dutch Mortgage Warehouse Finance BV | Dutch Mortgage Warehouse Finance BV | Dutch Mortgage Warehouse Finance BV |
|  0.000% due 07/31/2027 «~ |  | 61488 |  | 71071 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Dutch Property Finance BV | Dutch Property Finance BV | Dutch Property Finance BV |
|  2.938% due 04/28/2064 •  | 4211 | 4883 |
|  E-MAC NL BV | E-MAC NL BV | E-MAC NL BV |
|  4.290% due 07/25/2036 •  | 148 | 169 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  4.914% due 12/25/2060 þ | 21167 | 20981 |
|  5.100% due 10/25/2070 þ | 21903 | 21826 |
|  5.522% due 01/26/2060 þ | 13435 | 13483 |
|  5.655% due 02/25/2060 þ | 21494 | 21615 |
|  5.726% due 01/25/2060 þ | 12764 | 12837 |
|  5.732% due 02/25/2068 þ | 6395 | 6388 |
|  EMF-U.K. PLC | EMF-U.K. PLC | EMF-U.K. PLC |
|  4.845% due 03/13/2046 •  | 7687 | 10196 |
|  Eucalyptus Mortgages Ltd. | Eucalyptus Mortgages Ltd. | Eucalyptus Mortgages Ltd. |
|  1.000% due 10/24/2050 « | 113947 | 91321 |
|  Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC | Eurohome U.K. Mortgages PLC |
|  4.015% due 06/15/2044 •  | 73 | 96 |
|  4.165% due 06/15/2044 •  | 5200 | 6831 |
|  4.215% due 09/15/2044 •  | 1360 | 1792 |
|  Eurosail PLC | Eurosail PLC | Eurosail PLC |
|  4.315% due 09/10/2044 •  | 877 | 1156 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  4.105% due 03/13/2045 •  | 6877 | 9058 |
|  4.265% due 09/13/2045 •  | 8208 | 10821 |
|  4.635% due 09/13/2045 •  | 15358 | 19882 |
|  4.815% due 06/13/2045 •  | 763 | 1010 |
|  Finance of America HECM Buyout | Finance of America HECM Buyout | Finance of America HECM Buyout |
|  4.250% due 03/25/2029 «~ | 161700 | 159335 |
|  4.500% due 11/25/2035 ~ | 92303 | 91439 |
|  Finance of America Structured Securities Trust | Finance of America Structured Securities Trust | Finance of America Structured Securities Trust |
|  3.500% due 09/25/2055 þ | 856241 | 834246 |
|  3.500% due 03/25/2056 «þ | 279000 | 269638 |
|  3.500% due 11/25/2074 | 134791 | 130919 |
|  3.500% due 02/25/2075 | 151355 | 146739 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  1.757% due 04/25/2037 •(a) | 2342 | 171 |
|  4.138% due 01/25/2036 ~ | 2338 | 1114 |
|  4.163% due 02/25/2037 •  | 155 | 39 |
|  4.274% due 02/25/2036 ~ | 48 | 34 |
|  4.439% due 02/25/2036 ~ | 826 | 674 |
|  4.502% due 08/25/2035 ~ | 523 | 431 |
|  4.543% due 04/25/2036 •  | 1242 | 376 |
|  4.647% due 04/25/2035 ~ | 2445 | 2427 |
|  4.753% due 09/25/2036 ~ | 1955 | 1480 |
|  4.817% due 09/25/2035 ~ | 1370 | 1222 |
|  4.867% due 04/25/2036 ~ | 506 | 417 |
|  4.898% due 08/25/2034 ~ | 45 | 46 |
|  5.038% due 08/25/2035 ~ | 3 | 2 |
|  5.389% due 12/25/2035 ~ | 694 | 524 |
|  5.421% due 02/25/2035 ~ | 280 | 270 |
|  5.477% due 03/25/2035 ~ | 145 | 143 |
|  5.750% due 02/25/2036 | 2250 | 850 |
|  6.000% due 11/25/2036 | 917 | 218 |
|  6.250% due 11/25/2036 | 1768 | 438 |
|  6.250% due 08/25/2037 | 80 | 26 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  0.000% due 10/25/2035 ~ | 37 | 0 |
|  4.442% due 01/25/2037 ~ | 288 | 128 |
|  4.529% due 11/25/2037 ~ | 23 | 9 |
|  4.643% due 10/25/2035 ~ | 308 | 282 |
|  4.930% due 05/25/2037 ~ | 1408 | 551 |
|  5.707% due 11/25/2037 ~ | 788 | 566 |
|  5.750% due 05/25/2037 | 131 | 38 |
|  5.994% due 08/25/2035 ~ | 31 | 20 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.618% due 01/25/2034 •  | 851 | 819 |
|  GCAT Trust | GCAT Trust | GCAT Trust |
|  3.450% due 10/25/2068 ~ | 1000 | 941 |
|  4.250% due 05/25/2067 ~ | 15432 | 14580 |
|  6.007% due 01/25/2059 þ | 9801 | 9848 |
|  6.085% due 06/25/2059 þ | 13435 | 13537 |
|  GMAC Commercial Mortgage Asset Corp. | GMAC Commercial Mortgage Asset Corp. | GMAC Commercial Mortgage Asset Corp. |
|  5.550% due 08/10/2038 | 4269 | 4176 |
|  GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust |
|  3.319% due 11/19/2035 ~ | 67 | 34 |
|  3.546% due 03/18/2035 ~ | 2 | 2 |
|  3.723% due 11/19/2035 ~ | 39 | 35 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.872% due 03/18/2035 ~ | $— | 167 | $— | 152 |
|  6.645% due 03/18/2035 ~ |  | 58 |  | 59 |
|  7.500% due 05/25/2035 ~ |  | 294 |  | 281 |
|  Grace Trust | Grace Trust | Grace Trust | Grace Trust | Grace Trust |
|  0.301% due 12/10/2040 ~(a) |  | 174400 |  | 2216 |
|  Great Hall Mortgages No. 1 PLC | Great Hall Mortgages No. 1 PLC | Great Hall Mortgages No. 1 PLC | Great Hall Mortgages No. 1 PLC | Great Hall Mortgages No. 1 PLC |
|  4.165% due 06/18/2039 •  |  | 17355 |  | 22730 |
|  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 •  | $— | 4848 |  | 4540 |
|  4.193% due 03/25/2047 •  |  | 7920 |  | 7573 |
|  4.213% due 04/25/2036 •  |  | 7188 |  | 6568 |
|  4.233% due 10/25/2046 •  |  | 7259 |  | 7127 |
|  4.313% due 10/25/2045 •  |  | 137 |  | 130 |
|  4.333% due 11/25/2045 •  |  | 23 |  | 22 |
|  4.413% due 10/25/2045 •  |  | 1404 |  | 1316 |
|  4.433% due 09/25/2046 •  |  | 4468 |  | 3703 |
|  GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust |
|  4.253% due 06/25/2045 •  |  | 1093 |  | 873 |
|  4.273% due 08/25/2045 •  |  | 124 |  | 106 |
|  Grifonas Finance No. 1 PLC | Grifonas Finance No. 1 PLC | Grifonas Finance No. 1 PLC | Grifonas Finance No. 1 PLC | Grifonas Finance No. 1 PLC |
|  2.419% due 08/28/2039 •  |  | 7480 |  | 8499 |
|  Grosvenor Square RMBS PLC | Grosvenor Square RMBS PLC | Grosvenor Square RMBS PLC | Grosvenor Square RMBS PLC | Grosvenor Square RMBS PLC |
|  0.000% due 03/14/2053 (h) |  | 1 |  | 19720 |
|  5.545% due 03/14/2053 •  |  | 33295 |  | 44123 |
|  6.745% due 03/14/2053 •  |  | 64660 |  | 85686 |
|  7.745% due 03/14/2053 •  |  | 30790 |  | 40806 |
|  8.745% due 03/14/2053 •  |  | 24633 |  | 32630 |
|  10.245% due 03/14/2053 •  |  | 15395 |  | 20396 |
|  11.745% due 03/14/2053 •  |  | 9237 |  | 12229 |
|  12.745% due 03/14/2053 •  |  | 9236 |  | 12206 |
|  14.245% due 03/14/2053 •  |  | 7039 |  | 9315 |
|  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 |
|  2.856% due 05/10/2034 | $— | 40306 |  | 36489 |
|  4.920% due 07/15/2035 •  |  | 6688 |  | 4414 |
|  5.040% due 12/15/2036 •  |  | 2446 |  | 2444 |
|  GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust |
|  0.499% due 11/10/2049 ~(a) |  | 99790 |  | 57 |
|  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 ~ |  | 12600 |  | 10861 |
|  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 |
|  0.000% due 11/25/2055 «~ |  | 31 |  | 31 |
|  0.000% due 11/25/2055 «(h) |  | 17 |  | 17 |
|  0.000% due 11/25/2055 ~ |  | 139 |  | 133 |
|  0.000% due 06/25/2061 ~ |  | 240 |  | 230 |
|  0.000% due 06/25/2061 ~(a) |  | 548792 |  | 25133 |
|  0.000% due 01/25/2062 ~(a) |  | 547 |  | 536 |
|  0.000% due 02/27/2062 (h) |  | 561 |  | 455 |
|  0.000% due 02/25/2063 (h) |  | 1289 |  | 1219 |
|  0.000% due 07/25/2063 (h) |  | 338 |  | 330 |
|  0.000% due 01/25/2064 (b)(h) |  | 51 |  | 51 |
|  0.000% due 03/25/2064 (h) |  | 462 |  | 456 |
|  0.000% due 07/25/2064 (b)(h) |  | 135 |  | 133 |
|  0.000% due 06/25/2065 (b)(h) |  | 966 |  | 947 |
|  0.000% due 08/25/2065 (b)(h) |  | 537 |  | 522 |
|  0.000% due 10/25/2065 (b)(h) |  | 771 |  | 745 |
|  0.000% due 12/27/2067 ~(a) |  | 2903 |  | 2531 |
|  0.000% due 08/25/2071 ~ |  | 751 |  | 634 |
|  0.010% due 10/01/2075 « |  | 1383 |  | 1387 |
|  0.661% due 03/25/2052 ~(a) |  | 229332 |  | 9046 |
|  1.909% due 06/25/2061 ~ |  | 204583 |  | 187008 |
|  2.500% due 03/25/2052 ~ |  | 227407 |  | 189397 |
|  2.553% due 03/25/2052 ~ |  | 3749 |  | 1761 |
|  3.161% due 03/25/2052 ~ |  | 18321 |  | 15820 |
|  3.203% due 01/25/2064 ~ |  | 115988 |  | 98311 |
|  3.640% due 07/25/2064 ~ |  | 175667 |  | 148667 |
|  3.750% due 07/25/2061 ~ |  | 22413 |  | 21878 |
|  3.757% due 03/25/2064 ~ |  | 541327 |  | 456552 |
|  3.771% due 10/25/2065 ~ |  | 296013 |  | 258975 |
|  3.814% due 02/25/2063 ~ |  | 314178 |  | 271282 |
|  3.900% due 09/25/2061 þ |  | 19310 |  | 18872 |
|  3.999% due 08/25/2065 ~ |  | 140869 |  | 126177 |
|  4.006% due 06/25/2061 ~ |  | 55798 |  | 43878 |
|  4.007% due 06/25/2065 ~ |  | 476062 |  | 418121 |
|  4.029% due 07/25/2064 ~ |  | 68542 |  | 60688 |
|  4.095% due 01/25/2062 ~ |  | 684509 |  | 646544 |
|  4.100% due 07/25/2065 þ |  | 51936 |  | 50487 |
|  4.189% due 02/27/2062 ~ |  | 314173 |  | 275355 |
|  4.430% due 04/25/2086 « |  | 36294 |  | 33764 |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO INCOME FUND** | 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)** |
|  4.472% due 07/25/2063 ~ | $— | 362013 | $— | 334089 |
|  4.637% due 12/27/2067 ~ |  | 509891 |  | 433646 |
|  4.638% due 08/25/2071 ~ |  | 87430 |  | 81187 |
|  4.750% due 10/01/2075 « |  | 200000 |  | 186062 |
|  4.899% due 05/25/2056 þ |  | 9076 |  | 9004 |
|  4.918% due 03/25/2065 ~ |  | 399728 |  | 393154 |
|  5.013% due 07/25/2065 þ |  | 24920 |  | 24804 |
|  5.226% due 11/25/2055 ~ |  | 414284 |  | 415414 |
|  5.547% due 11/25/2055 ~ |  | 612008 |  | 622491 |
|  5.616% due 11/25/2055 « |  | 404733 |  | 402173 |
|  6.320% due 04/25/2065 ~ |  | 182638 |  | 185744 |
|  6.528% due 06/25/2063 ~ |  | 305165 |  | 306835 |
|  7.009% due 03/25/2064 ~ |  | 272460 |  | 275549 |
|  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 |
|  4.193% due 02/25/2036 •  |  | 3124 |  | 3001 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.143% due 01/25/2035 •  |  | 12112 |  | 10512 |
|  4.143% due 03/25/2035 •  |  | 1959 |  | 1830 |
|  4.193% due 06/25/2034 •  |  | 18835 |  | 17017 |
|  7.051% due 10/20/2032 ~ |  | 6723 |  | 6328 |
|  GSMSC Pass-Through Trust | GSMSC Pass-Through Trust | GSMSC Pass-Through Trust | GSMSC Pass-Through Trust | GSMSC Pass-Through Trust |
|  7.500% due 10/25/2036 ~ |  | 1004 |  | 107 |
|  13.154% due 09/25/2036 ~ |  | 704 |  | 185 |
|  GSMSC Resecuritization Trust | GSMSC Resecuritization Trust | GSMSC Resecuritization Trust | GSMSC Resecuritization Trust | GSMSC Resecuritization Trust |
|  3.878% due 04/26/2037 •  |  | 41231 |  | 21746 |
|  3.933% due 10/26/2036 •  |  | 16027 |  | 15282 |
|  4.058% due 02/26/2037 •  |  | 16850 |  | 15849 |
|  4.148% due 11/26/2036 •  |  | 11949 |  | 6514 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  3.669% due 01/25/2035 ~ |  | 8 |  | 7 |
|  3.823% due 08/25/2034 ~ |  | 176 |  | 166 |
|  4.061% due 04/25/2036 ~ |  | 633 |  | 372 |
|  4.093% due 01/25/2035 •  |  | 29 |  | 27 |
|  4.093% due 08/25/2035 •  |  | 238 |  | 231 |
|  4.111% due 05/25/2035 ~ |  | 453 |  | 333 |
|  4.111% due 11/25/2035 ~ |  | 7 |  | 7 |
|  4.143% due 06/25/2035 •  |  | 475 |  | 456 |
|  4.185% due 05/25/2037 ~ |  | 1103 |  | 964 |
|  4.233% due 08/25/2046 •  |  | 43701 |  | 8640 |
|  4.238% due 05/25/2037 ~ |  | 889 |  | 466 |
|  4.243% due 07/25/2037 •  |  | 135 |  | 30 |
|  4.250% due 03/25/2032 |  | 34 |  | 33 |
|  4.313% due 08/25/2046 •  |  | 34126 |  | 7266 |
|  4.351% due 03/25/2037 ~ |  | 64 |  | 61 |
|  4.386% due 01/25/2036 ~ |  | 3 |  | 4 |
|  4.413% due 08/25/2034 ~ |  | 20 |  | 19 |
|  4.422% due 04/25/2035 ~ |  | 46 |  | 44 |
|  4.478% due 01/25/2036 ~ |  | 2131 |  | 2023 |
|  4.627% due 10/25/2035 ~ |  | 1260 |  | 617 |
|  4.723% due 05/25/2037 ~ |  | 6311 |  | 4061 |
|  4.732% due 12/25/2034 ~ |  | 741 |  | 88 |
|  4.741% due 11/25/2035 ~ |  | 5 |  | 5 |
|  4.858% due 07/25/2035 ~ |  | 714 |  | 399 |
|  4.904% due 04/25/2035 ~ |  | 20 |  | 19 |
|  4.917% due 08/25/2034 ~ |  | 90 |  | 86 |
|  4.966% due 11/25/2035 ~ |  | 1003 |  | 431 |
|  5.000% due 07/25/2036 |  | 5 |  | 0 |
|  5.100% due 09/25/2035 ~ |  | 999 |  | 912 |
|  5.270% due 05/25/2034 •  |  | 42 |  | 38 |
|  5.276% due 09/25/2034 ~ |  | 4 |  | 4 |
|  5.500% due 03/25/2036 |  | 615 |  | 850 |
|  5.500% due 01/25/2037 |  | 123 |  | 785 |
|  5.750% due 02/25/2036 |  | 227 |  | 198 |
|  5.825% due 10/25/2035 ~ |  | 113 |  | 109 |
|  5.880% due 04/25/2032 •  |  | 5 |  | 5 |
|  6.000% due 11/25/2035 |  | 239 |  | 73 |
|  6.000% due 02/25/2036 |  | 342 |  | 136 |
|  6.000% due 03/25/2036 |  | 10100 |  | 3257 |
|  6.000% due 06/25/2036 |  | 143 |  | 484 |
|  6.000% due 07/25/2036 |  | 1511 |  | 822 |
|  6.000% due 09/25/2036 |  | 1257 |  | 473 |
|  6.000% due 01/25/2037 |  | 36 |  | 21 |
|  6.033% due 05/25/2035 ~ |  | 353 |  | 260 |
|  6.118% due 11/25/2035 ~ |  | 150 |  | 73 |
|  6.250% due 10/25/2036 |  | 8941 |  | 8275 |
|  6.281% due 07/25/2035 ~ |  | 919 |  | 463 |
|  6.289% due 05/25/2035 ~ |  | 1866 |  | 1592 |
|  6.290% due 09/25/2034 ~ |  | 208 |  | 211 |
|  6.449% due 01/25/2035 ~ |  | 128 |  | 123 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.500% due 09/25/2036 | $— | 1174 | $— | 479 |
|  6.500% due 10/25/2036 |  | 541 |  | 183 |
|  7.000% due 07/25/2035 ~ |  | 137 |  | 136 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  3.933% due 08/19/2036 ~ |  | 208 |  | 178 |
|  3.953% due 05/25/2038 •  |  | 8448 |  | 6868 |
|  3.971% due 11/19/2036 •  |  | 8262 |  | 7419 |
|  3.989% due 07/21/2036 •  |  | 5285 |  | 2550 |
|  4.011% due 07/19/2047 •  |  | 6774 |  | 6879 |
|  4.051% due 03/19/2037 •  |  | 17436 |  | 16326 |
|  4.091% due 01/25/2047 •  |  | 7975 |  | 7622 |
|  4.131% due 12/19/2036 •  |  | 1377 |  | 1256 |
|  4.171% due 09/19/2037 •  |  | 13744 |  | 12170 |
|  4.171% due 02/19/2046 •  |  | 982 |  | 927 |
|  4.191% due 05/19/2037 •  |  | 30474 |  | 25670 |
|  4.201% due 12/19/2036 •  |  | 38574 |  | 32462 |
|  4.211% due 11/19/2036 •  |  | 9998 |  | 9535 |
|  4.271% due 01/19/2036 •  |  | 46 |  | 48 |
|  4.271% due 12/19/2036 •  |  | 12895 |  | 12666 |
|  4.291% due 01/19/2036 •  |  | 334 |  | 214 |
|  4.299% due 06/19/2036 ~ |  | 238 |  | 95 |
|  4.331% due 03/19/2035 •  |  | 917 |  | 894 |
|  4.331% due 07/19/2045 •  |  | 7074 |  | 6585 |
|  4.350% due 10/20/2045 •  |  | 5593 |  | 3974 |
|  4.351% due 02/19/2036 •  |  | 3510 |  | 1428 |
|  4.361% due 06/19/2045 •  |  | 11821 |  | 6285 |
|  4.371% due 07/19/2045 •  |  | 1268 |  | 1135 |
|  4.411% due 11/19/2035 •  |  | 325 |  | 205 |
|  4.411% due 08/19/2045 •  |  | 171 |  | 164 |
|  4.431% due 01/19/2035 •  |  | 120 |  | 96 |
|  4.451% due 09/19/2035 •  |  | 837 |  | 489 |
|  4.491% due 01/19/2035 •  |  | 675 |  | 646 |
|  4.551% due 01/19/2035 •  |  | 128 |  | 120 |
|  4.571% due 12/19/2034 •  |  | 1911 |  | 1665 |
|  4.591% due 11/19/2034 •  |  | 66 |  | 63 |
|  4.591% due 12/19/2034 •  |  | 21 |  | 18 |
|  4.611% due 12/19/2034 •  |  | 9458 |  | 7872 |
|  4.646% due 06/19/2036 ~ |  | 96 |  | 43 |
|  4.651% due 11/19/2034 •  |  | 9188 |  | 6284 |
|  4.679% due 06/19/2045 •  |  | 3106 |  | 1197 |
|  4.685% due 07/19/2035 ~ |  | 3238 |  | 2434 |
|  4.709% due 12/19/2036 •  |  | 4565 |  | 4277 |
|  4.907% due 06/19/2034 •  |  | 12 |  | 12 |
|  5.033% due 12/19/2035 ~ |  | 1268 |  | 593 |
|  5.085% due 11/19/2034 ~ |  | 14 |  | 14 |
|  5.331% due 02/19/2036 •  |  | 441 |  | 184 |
|  5.699% due 08/19/2034 ~ |  | 706 |  | 696 |
|  5.793% due 10/25/2037 •  |  | 9539 |  | 9064 |
|  5.825% due 11/19/2034 ~ |  | 180 |  | 175 |
|  5.859% due 01/19/2036 •  |  | 8100 |  | 3007 |
|  5.859% due 10/20/2045 •  |  | 1864 |  | 1408 |
|  Hilton USA Trust | Hilton USA Trust | Hilton USA Trust | Hilton USA Trust | Hilton USA Trust |
|  0.475% due 11/05/2038 ~(a) |  | 118960 |  | 47 |
|  2.828% due 11/05/2035 |  | 71800 |  | 61561 |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  4.313% due 01/25/2036 •  |  | 1611 |  | 1582 |
|  4.413% due 03/25/2035 •  |  | 194 |  | 159 |
|  4.673% due 04/25/2037 ~ |  | 2920 |  | 2663 |
|  4.768% due 12/25/2034 •  |  | 125 |  | 120 |
|  4.918% due 03/25/2035 •  |  | 58 |  | 43 |
|  4.993% due 03/25/2035 •  |  | 78 |  | 51 |
|  HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust |
|  3.745% due 09/25/2037 ~ |  | 768 |  | 663 |
|  4.382% due 09/25/2037 ~ |  | 9559 |  | 7989 |
|  4.979% due 01/25/2037 ~ |  | 2059 |  | 1586 |
|  5.280% due 01/25/2037 ~ |  | 607 |  | 354 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.753% due 07/25/2035 •  |  | 589 |  | 565 |
|  4.783% due 07/25/2035 •  |  | 1617 |  | 1532 |
|  IM Pastor 4 FTA | IM Pastor 4 FTA | IM Pastor 4 FTA | IM Pastor 4 FTA | IM Pastor 4 FTA |
|  2.248% due 03/22/2044 •  |  | 6657 |  | 6934 |
|  Impac CMB Trust |  |  |  |  |
|  4.073% due 10/25/2035 •  | $— | 3460 |  | 3267 |
|  4.313% due 04/25/2035 •  |  | 748 |  | 747 |
|  4.433% due 03/25/2035 •  |  | 2759 |  | 2713 |
|  4.513% due 05/25/2035 •  |  | 22 |  | 21 |
|  5.287% due 09/25/2034 þ |  | 1022 |  | 1047 |
|  5.382% due 09/25/2034 þ |  | 414 |  | 476 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Impac Secured Assets CMN Owner Trust | Impac Secured Assets CMN Owner Trust | Impac Secured Assets CMN Owner Trust | Impac Secured Assets CMN Owner Trust | Impac Secured Assets CMN Owner Trust |
|  5.450% due 03/25/2033 ~ | $— | 792 | $— | 787 |
|  Impac Secured Assets Trust |  |  |  |  |
|  4.193% due 05/25/2036 •  |  | 4 |  | 4 |
|  4.273% due 03/25/2037 •  |  | 22469 |  | 20150 |
|  4.273% due 09/25/2037 •  |  | 6728 |  | 5970 |
|  4.313% due 01/25/2037 •  |  | 14222 |  | 12591 |
|  4.493% due 05/25/2036 •  |  | 273 |  | 261 |
|  4.513% due 09/25/2037 •  |  | 6963 |  | 6210 |
|  4.553% due 05/25/2037 •  |  | 9025 |  | 7805 |
|  5.893% due 05/25/2036 •  |  | 214 |  | 216 |
|  IndyMac IMJA Mortgage Loan Trust | IndyMac IMJA Mortgage Loan Trust | IndyMac IMJA Mortgage Loan Trust | IndyMac IMJA Mortgage Loan Trust | IndyMac IMJA Mortgage Loan Trust |
|  6.250% due 11/25/2037 |  | 1847 |  | 692 |
|  IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust | IndyMac IMSC Mortgage Loan Trust |
|  6.000% due 06/25/2037 |  | 9918 |  | 5771 |
|  6.500% due 09/25/2037 |  | 90 |  | 45 |
|  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 ~ |  | 204 |  | 155 |
|  3.214% due 09/25/2037 ~ |  | 8693 |  | 3373 |
|  3.354% due 11/25/2037 ~ |  | 5504 |  | 4534 |
|  3.465% due 09/25/2036 ~ |  | 2303 |  | 1755 |
|  3.659% due 01/25/2036 ~ |  | 1457 |  | 1145 |
|  3.885% due 03/25/2037 ~ |  | 686 |  | 502 |
|  4.438% due 08/25/2037 ~ |  | 1072 |  | 1023 |
|  5.248% due 01/25/2036 ~ |  | 58 |  | 55 |
|  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 |
|  3.075% due 09/25/2035 ~ |  | 2706 |  | 1813 |
|  3.179% due 06/25/2037 ~ |  | 8378 |  | 6880 |
|  3.192% due 06/25/2037 ~ |  | 3867 |  | 2170 |
|  3.250% due 01/25/2036 ~ |  | 18 |  | 17 |
|  3.281% due 05/25/2036 ~ |  | 11996 |  | 8067 |
|  3.295% due 06/25/2035 ~ |  | 41 |  | 32 |
|  3.309% due 07/25/2037 ~ |  | 16204 |  | 10644 |
|  3.314% due 05/25/2037 ~ |  | 2798 |  | 2274 |
|  3.369% due 08/25/2037 ~ |  | 50 |  | 36 |
|  3.381% due 06/25/2036 ~ |  | 176 |  | 106 |
|  3.407% due 01/25/2035 ~ |  | 291 |  | 267 |
|  3.417% due 06/25/2036 ~ |  | 418 |  | 364 |
|  3.429% due 05/25/2037 •  |  | 35245 |  | 28381 |
|  3.503% due 02/25/2036 ~ |  | 2044 |  | 1474 |
|  3.533% due 06/25/2036 ~ |  | 18136 |  | 12563 |
|  3.588% due 05/25/2036 ~ |  | 6714 |  | 6526 |
|  3.606% due 10/25/2035 ~ |  | 4241 |  | 3389 |
|  3.626% due 08/25/2035 ~ |  | 5209 |  | 3847 |
|  3.631% due 05/25/2035 ~ |  | 1207 |  | 1076 |
|  3.702% due 12/25/2035 ~ |  | 1840 |  | 1005 |
|  3.706% due 11/25/2035 ~ |  | 1746 |  | 1694 |
|  3.791% due 09/25/2036 ~ |  | 54 |  | 34 |
|  3.811% due 12/25/2035 ~ |  | 959 |  | 509 |
|  3.817% due 05/25/2037 ~ |  | 14299 |  | 9493 |
|  3.844% due 09/25/2035 ~ |  | 4221 |  | 3432 |
|  3.944% due 07/25/2036 ~ |  | 5036 |  | 3270 |
|  4.033% due 07/25/2036 •  |  | 4589 |  | 4607 |
|  4.053% due 10/25/2036 •  |  | 43 |  | 40 |
|  4.093% due 06/25/2037 •  |  | 7882 |  | 2449 |
|  4.153% due 01/25/2037 •  |  | 2981 |  | 2693 |
|  4.173% due 09/25/2046 •  |  | 5449 |  | 5109 |
|  4.193% due 10/25/2036 •  |  | 1704 |  | 1563 |
|  4.193% due 06/25/2046 •  |  | 10238 |  | 9297 |
|  4.193% due 11/25/2046 •  |  | 17735 |  | 17276 |
|  4.213% due 04/25/2046 •  |  | 5121 |  | 4810 |
|  4.213% due 05/25/2046 •  |  | 22104 |  | 20578 |
|  4.233% due 04/25/2046 •  |  | 4156 |  | 3904 |
|  4.238% due 03/25/2035 ~ |  | 11 |  | 10 |
|  4.242% due 11/25/2035 ~ |  | 5394 |  | 3773 |
|  4.253% due 04/25/2035 •  |  | 1069 |  | 1027 |
|  4.253% due 09/25/2046 •  |  | 4208 |  | 4361 |
|  4.271% due 08/25/2035 ~ |  | 1203 |  | 1060 |
|  4.273% due 04/25/2035 •  |  | 3663 |  | 3036 |
|  4.273% due 07/25/2035 •  |  | 919 |  | 869 |
|  4.273% due 06/25/2037 •  |  | 10526 |  | 9975 |
|  4.278% due 12/25/2035 ~ |  | 4220 |  | 2873 |
|  4.279% due 06/25/2036 ~ |  | 2950 |  | 2204 |
|  4.293% due 02/25/2037 •  |  | 27884 |  | 18445 |
|  4.313% due 06/25/2035 •  |  | 2655 |  | 2130 |
|  4.313% due 07/25/2035 •  |  | 10344 |  | 6902 |
|  4.353% due 07/25/2035 •  |  | 1326 |  | 1176 |
|  4.373% due 11/25/2036 •  |  | 5020 |  | 4867 |
|  4.425% due 01/25/2037 ~ |  | 2828 |  | 2439 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **23** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.433% due 02/25/2035 •  | $— | 720 | $— | 684 |
|  4.433% due 07/25/2045 •  |  | 2024 |  | 1522 |
|  4.473% due 02/25/2035 •  |  | 538 |  | 489 |
|  4.493% due 01/25/2035 •  |  | 1194 |  | 929 |
|  4.508% due 11/25/2035 ~ |  | 2108 |  | 1260 |
|  4.593% due 08/25/2034 •  |  | 45 |  | 42 |
|  4.593% due 11/25/2034 •  |  | 4 |  | 3 |
|  4.593% due 07/25/2046 •  |  | 997 |  | 906 |
|  4.673% due 09/25/2034 •  |  | 46 |  | 41 |
|  4.922% due 07/25/2035 ~ |  | 4013 |  | 2090 |
|  5.102% due 04/25/2035 ~ |  | 6 |  | 6 |
|  5.353% due 10/25/2036 •  |  | 6599 |  | 3257 |
|  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 |
|  4.153% due 06/25/2037 •  |  | 28521 |  | 14481 |
|  4.193% due 06/25/2037 •  |  | 10256 |  | 3721 |
|  4.203% due 05/25/2036 ~ |  | 528 |  | 281 |
|  4.429% due 01/25/2036 ~ |  | 1645 |  | 1013 |
|  5.007% due 11/25/2036 ~ |  | 2931 |  | 1430 |
|  5.843% due 05/26/2037 ~ |  | 23505 |  | 1752 |
|  6.000% due 03/25/2036 |  | 1485 |  | 693 |
|  6.000% due 12/27/2036 |  | 20062 |  | 9291 |
|  6.460% due 12/25/2036 þ |  | 1444 |  | 1508 |
|  6.500% due 03/25/2036 |  | 3721 |  | 1866 |
|  6.500% due 12/25/2036 þ |  | 35723 |  | 31016 |
|  6.810% due 08/25/2036 þ |  | 7908 |  | 7809 |
|  6.920% due 08/25/2036 þ |  | 18823 |  | 15547 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  0.236% due 03/05/2042 ~(a) |  | 158100 |  | 740 |
|  0.360% due 10/05/2040 ~(a) |  | 217800 |  | 1917 |
|  1.259% due 08/15/2049 ~(a) |  | 108263 |  | 53 |
|  1.974% due 01/05/2040 |  | 15870 |  | 14730 |
|  2.287% due 03/05/2042 |  | 33500 |  | 31498 |
|  4.128% due 07/05/2031 |  | 27783 |  | 22966 |
|  4.519% due 04/15/2037 •  |  | 55959 |  | 55425 |
|  4.797% due 06/15/2038 •  |  | 19290 |  | 18671 |
|  5.087% due 03/15/2036 •  |  | 5000 |  | 4652 |
|  7.235% due 10/05/2040 |  | 70400 |  | 72872 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  0.000% due 02/25/2055 ~ |  | 117472 |  | 126936 |
|  0.000% due 10/25/2055 ~ |  | 111654 |  | 119198 |
|  0.000% due 01/25/2056 ~ |  | 299869 |  | 320082 |
|  3.934% due 10/25/2036 ~ |  | 535 |  | 373 |
|  4.198% due 10/25/2036 ~ |  | 162 |  | 89 |
|  4.391% due 01/25/2037 ~ |  | 218 |  | 181 |
|  4.412% due 05/25/2036 ~ |  | 1598 |  | 1307 |
|  4.422% due 06/25/2036 ~ |  | 232 |  | 155 |
|  4.518% due 06/25/2036 ~ |  | 95 |  | 62 |
|  4.538% due 04/25/2037 ~ |  | 3209 |  | 2649 |
|  4.592% due 10/25/2033 ~ |  | 9 |  | 8 |
|  4.624% due 06/25/2037 ~ |  | 182 |  | 143 |
|  4.625% due 07/25/2063 ~ |  | 29035 |  | 28273 |
|  4.707% due 08/25/2036 ~ |  | 4093 |  | 3277 |
|  4.723% due 08/25/2035 ~ |  | 1 |  | 1 |
|  4.730% due 11/25/2035 ~ |  | 2699 |  | 2106 |
|  4.733% due 05/25/2036 ~ |  | 395 |  | 337 |
|  4.735% due 08/25/2036 ~ |  | 1517 |  | 1172 |
|  4.750% due 01/25/2063 ~ |  | 10375 |  | 10219 |
|  4.787% due 06/25/2066 ~ |  | 43294 |  | 42965 |
|  4.790% due 05/25/2036 ~ |  | 581 |  | 490 |
|  4.869% due 06/25/2037 ~ |  | 2054 |  | 1554 |
|  4.912% due 03/25/2055 •  |  | 38574 |  | 38674 |
|  4.915% due 04/25/2036 ~ |  | 3557 |  | 3070 |
|  4.923% due 06/25/2036 ~ |  | 1435 |  | 954 |
|  4.954% due 03/25/2066 ~ |  | 5936 |  | 5916 |
|  4.968% due 07/25/2035 ~ |  | 64 |  | 60 |
|  4.968% due 11/25/2035 ~ |  | 650 |  | 503 |
|  4.971% due 07/25/2035 ~ |  | 3 |  | 3 |
|  4.985% due 02/25/2036 ~ |  | 1195 |  | 817 |
|  5.012% due 02/25/2055 •  |  | 24519 |  | 24581 |
|  5.094% due 08/25/2035 ~ |  | 500 |  | 447 |
|  5.132% due 02/25/2035 ~ |  | 5 |  | 5 |
|  5.153% due 10/25/2037 ~ |  | 3459 |  | 2645 |
|  5.173% due 12/26/2037 ~ |  | 3148 |  | 2448 |
|  5.182% due 09/25/2035 ~ |  | 92 |  | 90 |
|  5.182% due 04/25/2037 ~ |  | 350 |  | 248 |
|  5.198% due 11/25/2035 ~ |  | 92 |  | 75 |
|  5.235% due 02/25/2034 ~ |  | 2 |  | 2 |
|  5.250% due 11/25/2063 ~ |  | 720 |  | 716 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.252% due 10/25/2035 ~ | $— | 131 | $— | 85 |
|  5.267% due 10/25/2035 ~ |  | 134 |  | 129 |
|  5.337% due 04/25/2035 ~ |  | 58 |  | 57 |
|  5.426% due 08/25/2036 ~ |  | 316 |  | 257 |
|  5.431% due 06/25/2035 ~ |  | 427 |  | 430 |
|  5.460% due 04/25/2036 ~ |  | 450 |  | 407 |
|  5.500% due 09/25/2035 |  | 1904 |  | 1395 |
|  5.500% due 01/25/2036 |  | 601 |  | 254 |
|  5.500% due 08/25/2037 |  | 2010 |  | 744 |
|  5.548% due 04/25/2035 ~ |  | 22 |  | 22 |
|  5.561% due 09/25/2055 þ |  | 29606 |  | 29590 |
|  5.571% due 07/25/2035 ~ |  | 427 |  | 419 |
|  5.750% due 03/25/2037 |  | 338 |  | 116 |
|  5.818% due 07/25/2035 ~ |  | 109 |  | 108 |
|  5.821% due 10/25/2035 ~ |  | 4 |  | 3 |
|  5.839% due 08/25/2035 ~ |  | 260 |  | 257 |
|  5.860% due 10/25/2036 ~ |  | 556 |  | 421 |
|  5.862% due 06/25/2035 ~ |  | 28 |  | 22 |
|  5.990% due 07/25/2064 ~ |  | 12285 |  | 12355 |
|  6.000% due 10/25/2034 |  | 1243 |  | 791 |
|  6.000% due 07/25/2036 |  | 2130 |  | 868 |
|  6.000% due 06/25/2037 |  | 10898 |  | 4124 |
|  6.000% due 08/25/2037 |  | 14355 |  | 5797 |
|  6.178% due 07/25/2035 ~ |  | 14 |  | 15 |
|  6.276% due 08/25/2056 ~ |  | 287059 |  | 291220 |
|  6.500% due 09/25/2035 |  | 118 |  | 70 |
|  6.617% due 01/25/2056 ~ |  | 148109 |  | 151541 |
|  7.000% due 08/25/2037 |  | 757 |  | 351 |
|  7.317% due 12/25/2055 ~ |  | 179020 |  | 180641 |
|  7.418% due 10/25/2055 ~ |  | 196840 |  | 198834 |
|  7.446% due 04/25/2056 ~ |  | 235656 |  | 237884 |
|  8.658% due 04/25/2056 ~ |  | 260269 |  | 278981 |
|  8.836% due 09/25/2056 ~ |  | 279154 |  | 300038 |
|  JP Morgan Re-REMICS |  |  |  |  |
|  2.708% due 11/26/2036 •  |  | 6535 |  | 6418 |
|  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 ~ |  | 41845 |  | 39116 |
|  4.337% due 01/25/2063 ~ |  | 4147 |  | 3986 |
|  JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust |
|  0.659% due 12/15/2049 ~(a) |  | 146960 |  | 163 |
|  Jubilee Place 6 BV | Jubilee Place 6 BV | Jubilee Place 6 BV | Jubilee Place 6 BV | Jubilee Place 6 BV |
|  2.957% due 09/17/2060 •  |  | 5846 |  | 6771 |
|  Kentmere PLC | Kentmere PLC | Kentmere PLC | Kentmere PLC | Kentmere PLC |
|  0.000% due 01/28/2051 (h) |  | 23182 |  | 22823 |
|  4.545% due 01/28/2051 •  |  | 152627 |  | 202178 |
|  Kinbane 2 DAC | Kinbane 2 DAC | Kinbane 2 DAC | Kinbane 2 DAC | Kinbane 2 DAC |
|  3.019% due 01/24/2063 ~ |  | 56069 |  | 64849 |
|  3.019% due 08/24/2075 ~ |  | 38066 |  | 43985 |
|  Kirkby RMBS PLC | Kirkby RMBS PLC | Kirkby RMBS PLC | Kirkby RMBS PLC | Kirkby RMBS PLC |
|  0.000% due 02/22/2045 ~ |  | 6 |  | 11758 |
|  2.250% due 02/22/2045 |  | 26742 |  | 22689 |
|  4.664% due 02/22/2045 •  |  | 75247 |  | 99374 |
|  5.864% due 02/22/2045 •  |  | 82543 |  | 106818 |
|  Landmark Mortgage Securities No. 2 PLC | Landmark Mortgage Securities No. 2 PLC | Landmark Mortgage Securities No. 2 PLC | Landmark Mortgage Securities No. 2 PLC | Landmark Mortgage Securities No. 2 PLC |
|  2.272% due 06/17/2039 •  |  | 589 |  | 671 |
|  4.065% due 06/17/2039 •  |  | 2490 |  | 3261 |
|  Landmark Mortgage Securities No. 3 PLC | Landmark Mortgage Securities No. 3 PLC | Landmark Mortgage Securities No. 3 PLC | Landmark Mortgage Securities No. 3 PLC | Landmark Mortgage Securities No. 3 PLC |
|  4.143% due 04/17/2044 •  |  | 14383 |  | 18704 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  0.000% due 12/25/2053 (b)(h) | $— | 366 |  | 360 |
|  0.000% due 12/25/2056 ~(a) |  | 681955 |  | 4460 |
|  0.000% due 07/25/2057 (h) |  | 417 |  | 406 |
|  0.000% due 07/25/2057 ~ |  | 185444 |  | 175023 |
|  0.000% due 04/25/2058 ~ |  | 301 |  | 288 |
|  0.000% due 08/26/2058 (h) |  | 706 |  | 631 |
|  0.000% due 01/28/2070 ~ |  | 3273 |  | 2264 |
|  0.125% due 12/26/2057 ~(a) |  | 318748 |  | 1409 |
|  1.290% due 12/26/2057 ~(a) |  | 43302 |  | 284 |
|  3.105% due 12/25/2056 ~ |  | 679258 |  | 537085 |
|  3.750% due 04/25/2058 ~ |  | 81629 |  | 79990 |
|  3.876% due 06/25/2057 ~ |  | 87736 |  | 82372 |
|  4.000% due 02/25/2058 ~ |  | 78182 |  | 78006 |
|  4.000% due 04/25/2058 ~ |  | 106604 |  | 96774 |
|  4.125% due 04/25/2058 ~ |  | 51618 |  | 29105 |
|  4.250% due 02/25/2058 ~ |  | 132996 |  | 129848 |
|  4.250% due 08/26/2058 ~ |  | 313562 |  | 306634 |
|  4.315% due 02/25/2058 ~ |  | 132995 |  | 97005 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.378% due 08/26/2058 ~ | $— | 178636 | $— | 136992 |
|  4.500% due 02/25/2058 ~ |  | 132996 |  | 124261 |
|  4.540% due 12/26/2057 ~ |  | 273617 |  | 225853 |
|  4.658% due 01/25/2058 ~ |  | 139243 |  | 125877 |
|  5.650% due 11/25/2060 þ |  | 12754 |  | 12772 |
|  5.662% due 01/28/2070 ~ |  | 328427 |  | 327485 |
|  5.806% due 12/25/2053 ~ |  | 1162629 |  | 1184758 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  2.907% due 03/25/2037 •(a) |  | 11884 |  | 1821 |
|  4.113% due 10/25/2036 •  |  | 6320 |  | 1283 |
|  4.213% due 12/25/2036 •  |  | 5850 |  | 1092 |
|  4.324% due 12/25/2035 ~ |  | 2881 |  | 425 |
|  4.393% due 07/25/2036 •  |  | 4805 |  | 1752 |
|  4.584% due 07/25/2037 ~ |  | 2630 |  | 1336 |
|  4.693% due 12/25/2035 •  |  | 537 |  | 280 |
|  5.081% due 01/25/2036 ~ |  | 531 |  | 510 |
|  5.500% due 12/25/2035 |  | 24 |  | 12 |
|  5.724% due 04/25/2036 ~ |  | 2728 |  | 1660 |
|  5.750% due 12/25/2035 |  | 3084 |  | 1828 |
|  6.000% due 01/25/2036 |  | 79 |  | 71 |
|  6.000% due 08/25/2037 |  | 979 |  | 930 |
|  6.500% due 09/25/2037 |  | 4650 |  | 1766 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.033% due 08/25/2036 •  |  | 1613 |  | 1932 |
|  4.173% due 12/25/2036 •  |  | 2286 |  | 1898 |
|  4.173% due 11/25/2046 •  |  | 115 |  | 104 |
|  4.193% due 08/25/2046 •  |  | 5248 |  | 5684 |
|  4.193% due 11/25/2046 •  |  | 7611 |  | 7227 |
|  4.193% due 03/25/2047 •  |  | 46884 |  | 41311 |
|  4.193% due 07/25/2047 •  |  | 6395 |  | 6440 |
|  4.203% due 08/25/2046 •  |  | 4112 |  | 3799 |
|  4.213% due 09/25/2046 •  |  | 66 |  | 67 |
|  4.273% due 03/25/2047 •  |  | 9612 |  | 8572 |
|  4.393% due 12/25/2035 •  |  | 5 |  | 4 |
|  4.393% due 08/25/2037 •  |  | 19852 |  | 16662 |
|  4.893% due 07/25/2047 •  |  | 25835 |  | 19521 |
|  5.359% due 03/25/2047 •  |  | 5824 |  | 5390 |
|  5.610% due 07/25/2035 þ |  | 510 |  | 459 |
|  Ludgate Funding PLC | Ludgate Funding PLC | Ludgate Funding PLC | Ludgate Funding PLC | Ludgate Funding PLC |
|  2.176% due 01/01/2061 •  |  | 1217 |  | 1377 |
|  4.024% due 01/01/2061 •  |  | 12305 |  | 15878 |
|  4.055% due 12/01/2060 •  |  | 4490 |  | 5888 |
|  4.464% due 01/01/2061 •  |  | 2378 |  | 3124 |
|  Lugo Funding DAC | Lugo Funding DAC | Lugo Funding DAC | Lugo Funding DAC | Lugo Funding DAC |
|  3.041% due 05/26/2066 •  |  | 154591 |  | 178505 |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  2.870% due 04/25/2036 ~ | $— | 2649 |  | 1614 |
|  4.113% due 11/25/2036 •  |  | 1555 |  | 1408 |
|  4.133% due 12/25/2036 •  |  | 7710 |  | 6914 |
|  4.193% due 02/25/2046 •  |  | 16657 |  | 12142 |
|  4.353% due 05/25/2037 •  |  | 2310 |  | 2274 |
|  Lura Funding DAC | Lura Funding DAC | Lura Funding DAC | Lura Funding DAC | Lura Funding DAC |
|  0.000% due 08/27/2079 «(h) |  | 44809 |  | 31206 |
|  0.000% due 08/27/2079 «•  |  | 300929 |  | 345411 |
|  LUX | LUX | LUX | LUX | LUX |
|  6.363% due 08/15/2040 •  | $— | 36100 |  | 36324 |
|  Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust |
|  0.205% due 09/10/2039 ~(a) |  | 807900 |  | 1684 |
|  Mansard Mortgages PLC | Mansard Mortgages PLC | Mansard Mortgages PLC | Mansard Mortgages PLC | Mansard Mortgages PLC |
|  4.515% due 12/15/2049 •  |  | 2324 |  | 3078 |
|  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 |
|  3.180% due 07/25/2035 ~ | $— | 584 |  | 521 |
|  3.409% due 07/25/2035 ~ |  | 131 |  | 119 |
|  3.422% due 09/25/2035 ~ |  | 727 |  | 436 |
|  3.620% due 04/25/2035 ~ |  | 1498 |  | 1382 |
|  3.737% due 09/25/2033 ~ |  | 244 |  | 235 |
|  3.830% due 10/25/2034 ~ |  | 117 |  | 108 |
|  4.273% due 05/25/2037 •  |  | 704 |  | 279 |
|  4.283% due 12/25/2032 ~ |  | 265 |  | 260 |
|  4.473% due 05/25/2047 •  |  | 5237 |  | 4407 |
|  4.657% due 11/25/2036 ~ |  | 36 |  | 18 |
|  4.893% due 09/25/2037 •  |  | 20328 |  | 7758 |
|  4.912% due 04/25/2034 ~ |  | 367 |  | 369 |
|  5.017% due 09/25/2034 ~ |  | 22 |  | 21 |
|  5.598% due 11/21/2034 ~ |  | 94 |  | 94 |
|  5.610% due 01/25/2036 ~ |  | 1084 |  | 1057 |
|  5.629% due 05/25/2034 ~ |  | 228 |  | 221 |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO INCOME FUND** | 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)** |
|  5.906% due 09/25/2034 ~ | $— | 362 | $— | 326 |
|  6.000% due 09/25/2033 ~ |  | 7 |  | 7 |
|  6.159% due 12/21/2034 ~ |  | 31 |  | 29 |
|  6.236% due 04/21/2034 ~ |  | 3213 |  | 3177 |
|  6.250% due 12/25/2033 ~ |  | 12 |  | 12 |
|  6.266% due 05/25/2034 ~ |  | 53 |  | 52 |
|  6.375% due 07/25/2034 ~ |  | 70 |  | 69 |
|  6.625% due 10/25/2032 ~ |  | 29 |  | 28 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  5.500% due 07/25/2034 |  | 527 |  | 532 |
|  5.500% due 08/25/2034 |  | 1120 |  | 1107 |
|  5.500% due 04/25/2035 |  | 225 |  | 127 |
|  5.750% due 11/25/2033 |  | 1386 |  | 1347 |
|  7.000% due 06/25/2034 |  | 5 |  | 5 |
|  MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust |
|  5.500% due 06/26/2034 |  | 6 |  | 6 |
|  6.000% due 06/25/2036 |  | 123 |  | 65 |
|  6.000% due 06/25/2036 •  |  | 976 |  | 527 |
|  6.250% due 01/25/2038 |  | 3698 |  | 1836 |
|  MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust |
|  4.143% due 05/25/2035 •  |  | 1382 |  | 641 |
|  4.153% due 07/25/2035 •  |  | 14482 |  | 6575 |
|  4.314% due 05/25/2036 ~ |  | 119 |  | 97 |
|  MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust |
|  4.500% due 02/25/2033 |  | 83 |  | 80 |
|  5.455% due 10/25/2032 ~ |  | 2 |  | 2 |
|  6.250% due 05/25/2032 ~ |  | 13 |  | 13 |
|  6.375% due 10/25/2032 ~ |  | 29 |  | 29 |
|  6.500% due 08/25/2032 ~ |  | 14 |  | 14 |
|  6.532% due 10/25/2032 ~ |  | 7 |  | 7 |
|  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 •  |  | 32 |  | 31 |
|  4.527% due 09/15/2030 •  |  | 30 |  | 19 |
|  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 |
|  3.933% due 01/25/2037 •  |  | 49088 |  | 14664 |
|  4.013% due 03/25/2037 •  |  | 24119 |  | 5588 |
|  4.093% due 01/25/2037 •  |  | 6218 |  | 1858 |
|  4.193% due 03/25/2037 •  |  | 17212 |  | 4433 |
|  4.213% due 03/25/2037 •  |  | 13880 |  | 2214 |
|  4.385% due 06/25/2037 ~ |  | 20101 |  | 8657 |
|  4.393% due 03/25/2037 •  |  | 206 |  | 47 |
|  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 ~ |  | 255 |  | 227 |
|  3.798% due 09/25/2036 ~ |  | 5289 |  | 3998 |
|  3.838% due 09/25/2037 ~ |  | 2935 |  | 2556 |
|  4.093% due 09/25/2037 •  |  | 4909 |  | 2757 |
|  4.253% due 04/25/2029 •  |  | 163 |  | 152 |
|  4.253% due 03/25/2030 •  |  | 30 |  | 30 |
|  4.253% due 09/25/2037 •  |  | 8841 |  | 4995 |
|  4.265% due 05/25/2034 ~ |  | 43 |  | 39 |
|  4.342% due 03/25/2036 ~ |  | 1407 |  | 645 |
|  4.453% due 06/25/2028 •  |  | 188 |  | 175 |
|  4.453% due 11/25/2029 •  |  | 321 |  | 281 |
|  4.473% due 04/25/2028 •  |  | 1 |  | 1 |
|  4.633% due 01/25/2030 •  |  | 1 |  | 1 |
|  4.663% due 07/25/2030 •  |  | 53 |  | 53 |
|  4.678% due 04/25/2035 ~ |  | 480 |  | 440 |
|  4.680% due 03/25/2030 •  |  | 64 |  | 55 |
|  4.713% due 01/25/2029 •  |  | 49 |  | 43 |
|  4.750% due 07/25/2033 ~ |  | 49 |  | 48 |
|  4.838% due 09/25/2035 ~ |  | 26 |  | 20 |
|  4.860% due 10/25/2028 •  |  | 4 |  | 4 |
|  4.880% due 11/25/2029 •  |  | 7 |  | 7 |
|  5.028% due 06/25/2037 ~ |  | 3538 |  | 3397 |
|  5.135% due 02/25/2035 ~ |  | 522 |  | 500 |
|  5.144% due 05/25/2029 ~ |  | 30 |  | 28 |
|  5.146% due 07/25/2035 ~ |  | 281 |  | 121 |
|  5.170% due 02/25/2036 ~ |  | 784 |  | 771 |
|  5.489% due 07/25/2035 ~ |  | 244 |  | 228 |
|  5.559% due 12/25/2035 ~ |  | 532 |  | 513 |
|  5.622% due 05/25/2036 ~ |  | 471 |  | 468 |
|  5.639% due 12/25/2035 ~ |  | 1590 |  | 664 |
|  5.651% due 05/25/2036 ~ |  | 136 |  | 135 |
|  5.728% due 09/25/2029 ~ |  | 16 |  | 16 |
|  5.733% due 10/25/2036 ~ |  | 6655 |  | 5602 |
|  5.844% due 02/25/2034 ~ |  | 23 |  | 22 |
|  5.880% due 12/25/2034 ~ |  | 45 |  | 44 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.900% due 02/25/2033 ~ | $— | 7 | $— | 7 |
|  5.911% due 01/25/2029 ~ |  | 887 |  | 887 |
|  6.000% due 01/25/2029 ~ |  | 1 |  | 1 |
|  6.053% due 09/25/2033 ~ |  | 209 |  | 204 |
|  6.174% due 12/25/2034 ~ |  | 3 |  | 3 |
|  6.196% due 07/25/2033 ~ |  | 21 |  | 20 |
|  6.250% due 05/25/2036 ~ |  | 2 |  | 2 |
|  6.250% due 10/25/2036 |  | 1503 |  | 512 |
|  6.595% due 07/25/2034 ~ |  | 248 |  | 245 |
|  Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust | Merrill Lynch Mortgage-Backed Securities Trust |
|  4.599% due 06/25/2037 ~ |  | 3263 |  | 1870 |
|  5.920% due 08/25/2036 •  |  | 2471 |  | 2131 |
|  Merrion Square Residential DAC | Merrion Square Residential DAC | Merrion Square Residential DAC | Merrion Square Residential DAC | Merrion Square Residential DAC |
|  3.019% due 03/24/2081 •  |  | 78113 |  | 90550 |
|  MF1 Trust | MF1 Trust | MF1 Trust | MF1 Trust | MF1 Trust |
|  4.743% due 12/15/2034 •  | $— | 5140 |  | 5121 |
|  MFA Trust |  |  |  |  |
|  2.855% due 07/25/2060 ~ |  | 5200 |  | 4314 |
|  4.250% due 02/25/2066 ~ |  | 3223 |  | 3076 |
|  4.400% due 03/25/2068 þ |  | 50514 |  | 50250 |
|  6.105% due 12/25/2068 þ |  | 12961 |  | 13035 |
|  6.775% due 10/25/2058 þ |  | 16545 |  | 16654 |
|  MKT Mortgage Trust | MKT Mortgage Trust | MKT Mortgage Trust | MKT Mortgage Trust | MKT Mortgage Trust |
|  2.694% due 02/12/2040 |  | 16065 |  | 14525 |
|  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 |
|  0.652% due 11/12/2049 ~(a) |  | 24 |  | 0 |
|  0.854% due 07/15/2053 ~(a) |  | 54413 |  | 1862 |
|  1.780% due 07/15/2053 ~(a) |  | 95742 |  | 5726 |
|  2.428% due 04/05/2042 ~ |  | 2000 |  | 1773 |
|  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 |
|  2.184% due 06/25/2037 ~ |  | 10405 |  | 5421 |
|  3.468% due 07/25/2035 ~ |  | 116 |  | 105 |
|  3.500% due 11/25/2037 ~ |  | 809 |  | 708 |
|  3.625% due 01/25/2035 ~ |  | 107 |  | 98 |
|  3.665% due 12/25/2037 ~ |  | 3198 |  | 2053 |
|  3.874% due 05/25/2036 ~ |  | 6939 |  | 3703 |
|  4.073% due 01/25/2036 •  |  | 914 |  | 481 |
|  4.093% due 08/25/2035 •  |  | 1060 |  | 547 |
|  4.121% due 08/25/2034 ~ |  | 280 |  | 256 |
|  4.212% due 09/25/2035 ~ |  | 30 |  | 19 |
|  4.653% due 11/25/2035 ~ |  | 62 |  | 22 |
|  4.762% due 07/25/2034 ~ |  | 52 |  | 48 |
|  4.804% due 08/25/2034 ~ |  | 1 |  | 1 |
|  5.185% due 10/25/2034 ~ |  | 17 |  | 17 |
|  5.269% due 09/25/2034 ~ |  | 642 |  | 637 |
|  5.500% due 11/25/2035 |  | 34 |  | 29 |
|  5.627% due 10/25/2034 ~ |  | 20 |  | 20 |
|  5.699% due 06/25/2036 ~ |  | 67 |  | 67 |
|  5.843% due 09/25/2034 ~ |  | 372 |  | 366 |
|  6.000% due 08/25/2037 |  | 272 |  | 85 |
|  6.000% due 10/25/2037 |  | 6349 |  | 3288 |
|  6.084% due 07/25/2034 ~ |  | 52 |  | 54 |
|  6.276% due 09/25/2034 ~ |  | 202 |  | 198 |
|  7.013% due 08/25/2036 þ |  | 5677 |  | 1091 |
|  Morgan Stanley Re-REMICS Trust | Morgan Stanley Re-REMICS Trust | Morgan Stanley Re-REMICS Trust | Morgan Stanley Re-REMICS Trust | Morgan Stanley Re-REMICS Trust |
|  5.250% due 05/26/2037 ~ |  | 6948 |  | 2988 |
|  6.250% due 08/26/2047 ~ |  | 10485 |  | 5239 |
|  12.173% due 07/26/2036 •  |  | 2413 |  | 1635 |
|  Morgan Stanley Resecuritization Trust | Morgan Stanley Resecuritization Trust | Morgan Stanley Resecuritization Trust | Morgan Stanley Resecuritization Trust | Morgan Stanley Resecuritization Trust |
|  3.250% due 06/26/2047 •  |  | 32840 |  | 29134 |
|  3.503% due 06/26/2047 •  |  | 366 |  | 320 |
|  3.685% due 04/26/2047 •  |  | 23447 |  | 16829 |
|  4.523% due 12/27/2046 •  |  | 14227 |  | 11374 |
|  4.702% due 04/26/2047 ~ |  | 2556 |  | 1206 |
|  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 |
|  0.000% due 07/25/2065 (a) |  | 817 |  | 762 |
|  0.000% due 07/25/2065 ~ |  | 224898 |  | 193988 |
|  0.000% due 09/25/2065 ~ |  | 203349 |  | 183131 |
|  0.000% due 11/25/2069 ~ |  | 209686 |  | 215545 |
|  4.000% due 01/25/2064 þ |  | 161523 |  | 156171 |
|  4.000% due 06/25/2064 þ |  | 27974 |  | 27236 |
|  4.963% due 09/25/2070 ~ |  | 27883 |  | 27846 |
|  5.016% due 09/25/2070 ~ |  | 34035 |  | 33990 |
|  5.021% due 11/25/2070 þ |  | 49636 |  | 49543 |
|  5.530% due 05/25/2070 ~ |  | 8109 |  | 8137 |
|  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 •  |  | 15616 |  | 14339 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust |
|  4.213% due 04/25/2036 •  | 8306 | 7110 |
|  MortgageIT Securities Corp. Mortgage Loan Trust | MortgageIT Securities Corp. Mortgage Loan Trust | MortgageIT Securities Corp. Mortgage Loan Trust |
|  4.093% due 06/25/2047 •  | 1203 | 1032 |
|  4.253% due 06/25/2047 •  | 9935 | 8685 |
|  MortgageIT Trust |  |  |
|  4.293% due 11/25/2035 •  | 10296 | 8432 |
|  4.393% due 08/25/2035 •  | 508 | 511 |
|  MSJP |  |  |
|  0.403% due 09/05/2047 ~(a) | 31700 | 586 |
|  0.890% due 09/05/2047 ~(a) | 46563 | 755 |
|  NAAC Reperforming Loan REMICS Trust | NAAC Reperforming Loan REMICS Trust | NAAC Reperforming Loan REMICS Trust |
|  6.500% due 03/25/2034 | 322 | 295 |
|  7.500% due 03/25/2034 | 1129 | 1064 |
|  NAAC Reperforming Loan REMICS Trust Certificates | NAAC Reperforming Loan REMICS Trust Certificates | NAAC Reperforming Loan REMICS Trust Certificates |
|  6.500% due 02/25/2035 | 958 | 829 |
|  Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
|  3.047% due 08/15/2036 | 10000 | 9198 |
|  3.821% due 02/15/2039 | 34500 | 32247 |
|  New Century Alternative Mortgage Loan Trust | New Century Alternative Mortgage Loan Trust | New Century Alternative Mortgage Loan Trust |
|  6.667% due 07/25/2036 þ | 1010 | 188 |
|  New Orleans Hotel Trust |  |  |
|  4.709% due 04/15/2032 •  | 1100 | 1089 |
|  5.009% due 04/15/2032 •  | 14615 | 14439 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 1061 | 1030 |
|  3.000% due 07/25/2059 ~ | 9300 | 8672 |
|  3.311% due 12/25/2057 ~ | 5989 | 5783 |
|  3.417% due 02/25/2058 ~ | 5270 | 5117 |
|  3.461% due 08/25/2059 ~ | 13652 | 12786 |
|  3.649% due 08/27/2057 ~ | 7470 | 7306 |
|  3.749% due 09/25/2057 ~ | 14769 | 13999 |
|  3.750% due 11/25/2058 ~ | 14160 | 13676 |
|  3.840% due 12/25/2057 ~ | 7659 | 7293 |
|  4.000% due 08/25/2059 ~ | 40693 | 39054 |
|  4.000% due 10/25/2059 ~ | 9296 | 9050 |
|  4.137% due 10/25/2059 ~ | 29004 | 28211 |
|  4.211% due 08/25/2059 ~ | 55921 | 53989 |
|  4.250% due 12/25/2058 ~ | 12950 | 12676 |
|  4.472% due 12/25/2058 ~ | 13600 | 13305 |
|  4.500% due 02/25/2057 ~ | 1260 | 1248 |
|  4.500% due 12/25/2057 ~ | 13554 | 13242 |
|  4.500% due 02/25/2058 ~ | 3593 | 3568 |
|  4.750% due 02/25/2057 ~ | 8284 | 8172 |
|  4.827% due 05/25/2058 ~ | 13858 | 13538 |
|  5.085% due 10/25/2065 ~ | 11995 | 11975 |
|  6.864% due 10/25/2063 þ | 92049 | 92798 |
|  New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust |
|  4.453% due 08/25/2035 •  | 214 | 196 |
|  Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC |
|  2.750% due 12/15/2050 •  | 1616 | 1859 |
|  3.400% due 12/15/2050 •  | 1590 | 1764 |
|  3.650% due 12/15/2050 •  | 2660 | 2967 |
|  4.034% due 12/01/2050 •  | 715 | 936 |
|  4.865% due 12/15/2050 •  | 8440 | 11060 |
|  5.115% due 12/15/2050 •  | 2385 | 3055 |
|  NLT Trust | NLT Trust | NLT Trust |
|  3.200% due 10/25/2062 ~ | 12711 | 11739 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  4.113% due 10/25/2036 •  | 1741 | 1586 |
|  4.155% due 10/25/2035 ~ | 177 | 160 |
|  4.353% due 04/25/2037 •  | 38 | 40 |
|  4.437% due 02/25/2036 ~ | 513 | 340 |
|  4.793% due 05/25/2035 •  | 6565 | 5945 |
|  4.860% due 02/25/2036 ~ | 1279 | 906 |
|  5.210% due 02/25/2036 ~ | 242 | 178 |
|  5.506% due 08/25/2034 ~ | 562 | 554 |
|  6.000% due 05/25/2033 | 1 | 1 |
|  6.215% due 08/25/2036 ~ | 3884 | 989 |
|  6.431% due 08/25/2036 ~ | 9648 | 2456 |
|  7.000% due 04/25/2033 | 5 | 5 |
|  Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust |
|  0.000% due 08/27/2047 ~ | 79481 | 59522 |
|  2.753% due 10/25/2036 ~ | 5848 | 3271 |
|  3.981% due 10/26/2036 •  | 2882 | 2543 |
|  4.693% due 07/25/2036 •  | 2208 | 2150 |
|  6.000% due 07/26/2037 | 14301 | 5094 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **25** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  0.427% due 09/25/2046 •  | 64225 | 25782 |
|  NRPL Trust |  |  |
|  0.000% due 05/01/2058 (h) | 311 | 302 |
|  0.000% due 05/01/2058 ~ | 210131 | 191059 |
|  0.000% due 09/25/2062 (h) | 350 | 345 |
|  0.000% due 09/25/2063 (h) | 94 | 93 |
|  0.000% due 11/25/2063 (h) | 363 | 345 |
|  3.773% due 09/25/2063 ~ | 154979 | 131872 |
|  4.411% due 11/25/2063 ~ | 172367 | 152656 |
|  4.477% due 09/25/2062 ~ | 150565 | 131915 |
|  NRPLM Trust | NRPLM Trust | NRPLM Trust |
|  0.000% due 09/27/2063 ~ | 6525 | 5133 |
|  4.439% due 11/25/2063 ~ | 7287 | 6013 |
|  4.459% due 09/27/2062 | 6387 | 5171 |
|  NYMT Loan Trust | NYMT Loan Trust | NYMT Loan Trust |
|  3.215% due 07/25/2061 | 3000 | 2612 |
|  3.750% due 02/25/2068 ~ | 10541 | 9770 |
|  3.750% due 11/25/2069 ~ | 43741 | 42155 |
|  5.379% due 06/25/2069 ~ | 17632 | 17684 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  4.882% due 11/15/2038 •  | 26300 | 26260 |
|  OBX Trust | OBX Trust | OBX Trust |
|  3.620% due 03/25/2053 ~ | 35323 | 35381 |
|  3.703% due 04/25/2053 ~ | 53654 | 53444 |
|  4.270% due 01/25/2062 ~ | 4271 | 4212 |
|  4.940% due 09/25/2062 þ | 63249 | 62873 |
|  5.110% due 08/25/2062 þ | 14805 | 14765 |
|  5.928% due 11/25/2063 þ | 14124 | 14177 |
|  6.030% due 01/25/2064 þ | 18568 | 18717 |
|  6.113% due 03/25/2063 þ | 26898 | 26861 |
|  6.233% due 05/25/2064 þ | 14889 | 15024 |
|  6.465% due 10/25/2063 þ | 22357 | 22517 |
|  6.520% due 07/25/2063 þ | 18559 | 18592 |
|  6.567% due 06/25/2063 þ | 22779 | 22803 |
|  6.844% due 04/25/2063 þ | 10972 | 11032 |
|  7.045% due 09/25/2063 þ | 20093 | 20219 |
|  7.159% due 10/25/2063 þ | 28678 | 28910 |
|  Oceanview Mortgage Trust | Oceanview Mortgage Trust | Oceanview Mortgage Trust |
|  4.462% due 11/25/2054 •  | 9050 | 9057 |
|  PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust | PHH Alternative Mortgage Trust |
|  4.493% due 07/25/2037 •  | 586 | 575 |
|  6.000% due 02/25/2037 | 1935 | 1615 |
|  Pretium Mortgage Credit Partners LLC | Pretium Mortgage Credit Partners LLC | Pretium Mortgage Credit Partners LLC |
|  3.900% due 10/25/2063 ~ | 16707 | 15970 |
|  4.000% due 08/25/2064 þ | 8617 | 8369 |
|  4.000% due 03/25/2065 þ | 116147 | 112557 |
|  4.000% due 07/25/2069 þ | 3584 | 3488 |
|  4.075% due 06/25/2064 ~ | 17556 | 16599 |
|  4.150% due 04/25/2065 þ | 33217 | 32357 |
|  4.150% due 01/25/2070 þ | 90359 | 87636 |
|  5.250% due 10/25/2055 | 170699 | 170075 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  7.000% due 07/25/2034 | 50 | 48 |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  5.101% due 10/25/2060 þ | 8053 | 8039 |
|  6.333% due 03/25/2059 þ | 12695 | 12795 |
|  6.431% due 05/25/2059 þ | 593 | 599 |
|  6.584% due 09/25/2058 þ | 20274 | 20330 |
|  7.225% due 11/25/2058 þ | 11962 | 12069 |
|  Proteus RMBS DAC |  |  |
|  0.000% due 10/29/2054 ~ | 1219 | 0 |
|  0.000% due 10/29/2054 (b)(h) | 85302 | 68801 |
|  2.939% due 10/29/2054 •  | 57749 | 65695 |
|  3.389% due 10/29/2054 •  | 52929 | 59710 |
|  3.689% due 10/29/2054 •  | 38495 | 43035 |
|  4.669% due 10/29/2054 •  | 28871 | 32216 |
|  6.539% due 10/29/2054 •  | 24059 | 26771 |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  3.750% due 03/25/2054 þ | 6216 | 6095 |
|  3.750% due 04/25/2055 þ | 20483 | 19961 |
|  4.000% due 06/25/2053 þ | 26512 | 26250 |
|  4.000% due 11/25/2053 þ | 2727 | 2691 |
|  4.000% due 01/25/2054 þ | 1512 | 1493 |
|  4.000% due 05/25/2054 þ | 615 | 606 |
|  4.000% due 07/25/2054 þ | 622 | 613 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.000% due 08/25/2054 þ | $— | 594 | $— | 584 |
|  4.000% due 11/25/2054 þ |  | 24186 |  | 23639 |
|  4.000% due 10/25/2064 þ |  | 54917 |  | 53671 |
|  4.200% due 12/25/2064 þ |  | 11529 |  | 11365 |
|  4.500% due 08/25/2055 þ |  | 13429 |  | 13220 |
|  4.500% due 06/25/2065 þ |  | 144497 |  | 141505 |
|  4.839% due 10/25/2055 þ |  | 5669 |  | 5612 |
|  4.942% due 12/25/2055 þ |  | 34098 |  | 33816 |
|  5.089% due 02/25/2031 þ |  | 45616 |  | 45647 |
|  5.185% due 02/25/2031 þ |  | 96186 |  | 95244 |
|  5.250% due 07/25/2055 þ |  | 9360 |  | 9349 |
|  5.385% due 10/25/2030 þ |  | 45734 |  | 45561 |
|  5.500% due 03/25/2056 ~ |  | 31500 |  | 31653 |
|  5.503% due 08/25/2030 þ |  | 81715 |  | 81505 |
|  5.699% due 11/25/2029 þ |  | 7263 |  | 7274 |
|  5.729% due 07/25/2030 þ |  | 15579 |  | 15559 |
|  5.774% due 08/25/2028 þ |  | 28907 |  | 28867 |
|  5.870% due 11/25/2029 þ |  | 21441 |  | 21465 |
|  5.897% due 12/25/2029 þ |  | 18962 |  | 18957 |
|  6.179% due 06/25/2030 þ |  | 26852 |  | 26824 |
|  PRPM Trust | PRPM Trust | PRPM Trust | PRPM Trust | PRPM Trust |
|  4.845% due 01/25/2056 þ |  | 26729 |  | 26600 |
|  5.228% due 08/25/2069 þ |  | 7868 |  | 7858 |
|  5.674% due 12/26/2069 þ |  | 12487 |  | 12540 |
|  5.802% due 11/25/2069 þ |  | 29153 |  | 29330 |
|  6.221% due 11/25/2068 þ |  | 4085 |  | 4114 |
|  6.250% due 08/25/2068 þ |  | 20339 |  | 20384 |
|  6.255% due 05/25/2030 þ |  | 6386 |  | 6373 |
|  6.265% due 12/25/2068 þ |  | 6638 |  | 6679 |
|  6.327% due 06/25/2069 þ |  | 13801 |  | 13932 |
|  RALI Trust | RALI Trust | RALI Trust | RALI Trust | RALI Trust |
|  1.995% due 12/26/2034 ~ |  | 116 |  | 47 |
|  3.943% due 02/25/2047 •  |  | 30974 |  | 9058 |
|  3.968% due 11/25/2037 ~ |  | 6079 |  | 5139 |
|  4.039% due 08/25/2035 ~ |  | 534 |  | 183 |
|  4.043% due 02/25/2036 •  |  | 5290 |  | 3401 |
|  4.093% due 08/25/2035 •  |  | 2067 |  | 1412 |
|  4.093% due 04/25/2037 •  |  | 2085 |  | 1576 |
|  4.093% due 02/25/2047 •  |  | 6612 |  | 6166 |
|  4.123% due 03/25/2037 •  |  | 153 |  | 27 |
|  4.133% due 01/25/2037 •  |  | 1759 |  | 1574 |
|  4.143% due 01/25/2036 •  |  | 1721 |  | 1226 |
|  4.153% due 05/25/2036 •  |  | 4711 |  | 4353 |
|  4.153% due 07/25/2036 •  |  | 21041 |  | 6572 |
|  4.153% due 09/25/2036 •  |  | 4719 |  | 4461 |
|  4.153% due 11/25/2036 •  |  | 1648 |  | 820 |
|  4.153% due 01/25/2037 •  |  | 436 |  | 297 |
|  4.153% due 06/25/2046 •  |  | 40046 |  | 8091 |
|  4.173% due 09/25/2036 •  |  | 2197 |  | 2072 |
|  4.193% due 06/25/2036 •  |  | 97 |  | 70 |
|  4.193% due 05/25/2047 •  |  | 4027 |  | 3808 |
|  4.203% due 09/25/2046 •  |  | 1611 |  | 1637 |
|  4.223% due 05/25/2046 •  |  | 10483 |  | 9498 |
|  4.313% due 12/25/2045 •  |  | 8494 |  | 7092 |
|  4.333% due 02/25/2046 •  |  | 3876 |  | 1349 |
|  4.333% due 05/25/2046 •  |  | 556 |  | 425 |
|  4.353% due 12/25/2045 •  |  | 283 |  | 155 |
|  4.393% due 04/25/2036 •  |  | 15051 |  | 13547 |
|  4.393% due 08/25/2036 •  |  | 2709 |  | 2148 |
|  4.493% due 11/25/2035 •  |  | 1696 |  | 1409 |
|  4.859% due 01/25/2046 •  |  | 8626 |  | 6691 |
|  4.938% due 08/25/2035 ~ |  | 1548 |  | 1305 |
|  5.083% due 12/25/2035 ~ |  | 761 |  | 702 |
|  5.102% due 07/25/2035 ~ |  | 2198 |  | 1094 |
|  5.117% due 04/25/2035 ~ |  | 6712 |  | 4591 |
|  5.165% due 12/25/2035 ~ |  | 5558 |  | 4912 |
|  5.219% due 09/25/2045 •  |  | 220 |  | 191 |
|  5.271% due 07/25/2035 ~ |  | 597 |  | 565 |
|  5.359% due 08/25/2035 •  |  | 133 |  | 103 |
|  5.500% due 08/25/2035 |  | 897 |  | 652 |
|  5.500% due 03/25/2037 |  | 463 |  | 383 |
|  5.500% due 06/25/2037 |  | 2650 |  | 2086 |
|  5.513% due 07/25/2035 ~ |  | 4252 |  | 2900 |
|  5.750% due 01/25/2037 |  | 1670 |  | 1258 |
|  6.000% due 08/25/2035 |  | 263 |  | 234 |
|  6.000% due 10/25/2035 |  | 5258 |  | 1466 |
|  6.000% due 12/25/2035 |  | 3858 |  | 3357 |
|  6.000% due 06/25/2036 |  | 237 |  | 189 |
|  6.000% due 08/25/2036 |  | 12786 |  | 10783 |
|  6.000% due 09/25/2036 |  | 1549 |  | 1242 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.000% due 01/25/2037 | $— | 1203 | $— | 923 |
|  6.000% due 02/25/2037 |  | 6413 |  | 5243 |
|  6.000% due 03/25/2037 |  | 4866 |  | 4201 |
|  6.000% due 05/25/2037 |  | 5616 |  | 4694 |
|  6.000% due 06/25/2037 |  | 10074 |  | 8184 |
|  6.500% due 08/25/2036 |  | 10612 |  | 8862 |
|  6.500% due 02/25/2037 |  | 3574 |  | 3013 |
|  6.750% due 06/25/2037 |  | 6070 |  | 2198 |
|  6.979% due 08/25/2047 •  |  | 62315 |  | 7954 |
|  RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust |
|  4.028% due 06/27/2036 •  |  | 1000 |  | 903 |
|  4.108% due 12/26/2036 ~ |  | 9323 |  | 8924 |
|  4.125% due 09/28/2047 ~ |  | 67775 |  | 47138 |
|  4.206% due 02/28/2047 ~ |  | 10026 |  | 6729 |
|  4.257% due 12/26/2036 ~ |  | 1060 |  | 896 |
|  4.288% due 02/26/2037 •  |  | 7085 |  | 5249 |
|  4.288% due 03/26/2037 •  |  | 21558 |  | 18645 |
|  4.428% due 08/26/2045 •  |  | 74 |  | 73 |
|  4.494% due 10/26/2036 ~ |  | 5468 |  | 5176 |
|  4.539% due 03/26/2036 ~ |  | 4141 |  | 2692 |
|  5.244% due 01/26/2036 •  |  | 1106 |  | 1062 |
|  5.291% due 12/26/2037 •  |  | 15632 |  | 13556 |
|  5.538% due 12/26/2037 •  |  | 17255 |  | 14966 |
|  Regal Trust IV | Regal Trust IV | Regal Trust IV | Regal Trust IV | Regal Trust IV |
|  4.329% due 09/29/2031 •  |  | 13 |  | 13 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  7.000% due 11/25/2031 |  | 33 |  | 29 |
|  7.500% due 07/25/2032 |  | 294 |  | 78 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  2.897% due 04/25/2037 •(a) |  | 9699 |  | 1138 |
|  4.093% due 07/25/2035 •  |  | 2733 |  | 1156 |
|  4.103% due 04/25/2037 •  |  | 9699 |  | 1761 |
|  4.143% due 06/25/2036 •  |  | 5915 |  | 1505 |
|  4.243% due 11/25/2034 •  |  | 516 |  | 462 |
|  4.343% due 08/25/2033 •  |  | 378 |  | 342 |
|  4.433% due 01/25/2034 ~ |  | 63 |  | 60 |
|  4.493% due 07/25/2036 •  |  | 3963 |  | 2471 |
|  5.250% due 09/25/2033 |  | 256 |  | 255 |
|  5.500% due 07/25/2035 |  | 4803 |  | 2754 |
|  5.500% due 09/25/2035 |  | 18166 |  | 7446 |
|  6.000% due 02/25/2036 |  | 17708 |  | 7067 |
|  6.000% due 09/25/2036 |  | 4445 |  | 1247 |
|  6.000% due 11/25/2036 |  | 6418 |  | 2106 |
|  6.000% due 01/25/2037 |  | 3334 |  | 1030 |
|  6.000% due 03/25/2037 |  | 6689 |  | 2021 |
|  6.000% due 04/25/2037 |  | 516 |  | 247 |
|  6.000% due 05/25/2037 |  | 6308 |  | 3040 |
|  6.000% due 07/25/2037 |  | 9885 |  | 3523 |
|  6.000% due 08/25/2037 |  | 613 |  | 274 |
|  6.250% due 11/25/2036 |  | 11798 |  | 4031 |
|  6.500% due 09/25/2036 |  | 3198 |  | 906 |
|  6.500% due 04/25/2037 |  | 19161 |  | 5064 |
|  Residential Mortgage Securities 33 PLC | Residential Mortgage Securities 33 PLC | Residential Mortgage Securities 33 PLC | Residential Mortgage Securities 33 PLC | Residential Mortgage Securities 33 PLC |
|  0.000% due 06/20/2048 (h) |  | 950 |  | 17 |
|  4.746% due 06/20/2048 •  |  | 188774 |  | 250342 |
|  5.246% due 06/20/2048 •  |  | 28170 |  | 37365 |
|  5.646% due 06/20/2048 •  |  | 24420 |  | 32445 |
|  6.496% due 06/20/2048 •  |  | 12198 |  | 16259 |
|  7.746% due 06/20/2048 •  |  | 11272 |  | 14985 |
|  8.746% due 06/20/2048 •  |  | 9398 |  | 12450 |
|  10.246% due 06/20/2048 •  |  | 21625 |  | 28568 |
|  Resloc U.K. PLC | Resloc U.K. PLC | Resloc U.K. PLC | Resloc U.K. PLC | Resloc U.K. PLC |
|  2.310% due 12/15/2043 •  |  | 3114 |  | 3509 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  4.157% due 08/25/2035 ~ | $— | 1369 |  | 534 |
|  5.428% due 11/25/2036 ~ |  | 946 |  | 805 |
|  5.500% due 03/25/2036 |  | 202 |  | 161 |
|  5.500% due 03/25/2037 |  | 1677 |  | 1154 |
|  5.512% due 09/25/2036 ~ |  | 5 |  | 4 |
|  5.675% due 10/25/2037 ~ |  | 1408 |  | 1305 |
|  5.709% due 07/27/2037 ~ |  | 80 |  | 62 |
|  5.732% due 10/25/2037 ~ |  | 4073 |  | 2461 |
|  5.750% due 09/25/2036 |  | 225 |  | 173 |
|  5.843% due 04/25/2037 ~ |  | 201 |  | 175 |
|  6.000% due 04/25/2037 •  |  | 45 |  | 34 |
|  6.000% due 04/25/2037 |  | 863 |  | 661 |
|  6.000% due 10/25/2037 |  | 289 |  | 129 |
|  6.500% due 03/25/2032 |  | 15 |  | 15 |

---

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ripon Investments Financing Ltd. | Ripon Investments Financing Ltd. | Ripon Investments Financing Ltd. |
|  0.000% due 11/29/2052 «(m) | 4644 | 6065 |
|  Ripon Mortgages PLC | Ripon Mortgages PLC | Ripon Mortgages PLC |
|  0.000% due 08/28/2056 ~(a) | 2143 | 903 |
|  0.000% due 08/28/2056 (h) | 73909 | 98436 |
|  4.445% due 08/28/2056 •  | 599735 | 793571 |
|  4.745% due 08/28/2056 •  | 98285 | 130201 |
|  4.945% due 08/28/2056 •  | 85685 | 113085 |
|  5.345% due 08/28/2056 •  | 44102 | 58240 |
|  6.245% due 08/28/2056 •  | 18901 | 24785 |
|  6.745% due 08/28/2056 •  | 933 | 1231 |
|  7.745% due 08/28/2056 •  | 16380 | 21588 |
|  RMAC No. 3 PLC | RMAC No. 3 PLC | RMAC No. 3 PLC |
|  4.945% due 02/15/2047 •  | 5927 | 7853 |
|  RMAC Securities No. 1 PLC | RMAC Securities No. 1 PLC | RMAC Securities No. 1 PLC |
|  2.288% due 06/12/2044 •  | 908 | 1025 |
|  2.408% due 06/12/2044 •  | 1806 | 2011 |
|  4.015% due 06/12/2044 •  | 6198 | 8076 |
|  4.035% due 06/12/2044 •  | 29331 | 38094 |
|  4.061% due 06/12/2044 •  | 15197 | 14767 |
|  Ronda RMBS DAC | Ronda RMBS DAC | Ronda RMBS DAC |
|  0.000% due 10/28/2075 (h) | 7181 | 6302 |
|  2.780% due 10/28/2075 •  | 227812 | 261620 |
|  3.480% due 10/28/2075 •  | 18271 | 20837 |
|  3.980% due 10/28/2075 •  | 16443 | 18756 |
|  4.480% due 10/28/2075 •  | 10962 | 12390 |
|  4.980% due 10/28/2075 •  | 11876 | 13236 |
|  5.480% due 10/28/2075 •  | 5481 | 6016 |
|  8.000% due 10/28/2075 | 63034 | 21787 |
|  Roundstone Securities No. 2 DAC | Roundstone Securities No. 2 DAC | Roundstone Securities No. 2 DAC |
|  0.000% due 06/28/2058 ~ | 2 | 0 |
|  1.000% due 06/28/2058 ~ | 23143 | 24509 |
|  3.035% due 06/28/2058 •  | 347993 | 402517 |
|  3.135% due 06/28/2058 •  | 39593 | 45748 |
|  3.335% due 06/28/2058 •  | 33617 | 38739 |
|  4.000% due 06/28/2058 ~ | 63499 | 18596 |
|  4.135% due 06/28/2058 •  | 28014 | 32214 |
|  5.135% due 06/28/2058 •  | 16808 | 19258 |
|  5.635% due 06/28/2058 •  | 8964 | 10153 |
|  Santander Mortgage Asset Receivable Trust | Santander Mortgage Asset Receivable Trust | Santander Mortgage Asset Receivable Trust |
|  5.176% due 03/25/2066 ~ | 28900 | 28858 |
|  5.545% due 01/25/2065 þ | 1603 | 1609 |
|  Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust | Seasoned Credit Risk Transfer Trust |
|  5.000% due 11/25/2064 ~ | 7100 | 6095 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  3.064% due 07/20/2037 ~ | 2242 | 1648 |
|  3.122% due 08/20/2047 ~ | 2300 | 1549 |
|  3.538% due 09/20/2046 ~ | 164 | 107 |
|  4.107% due 02/20/2047 ~ | 1096 | 839 |
|  4.217% due 07/20/2037 ~ | 380 | 301 |
|  4.249% due 09/20/2046 ~ | 1318 | 727 |
|  4.410% due 08/20/2034 •  | 91 | 84 |
|  4.435% due 11/25/2063 ~ | 19344 | 19329 |
|  4.450% due 06/20/2033 •  | 13 | 13 |
|  4.470% due 10/20/2034 •  | 972 | 899 |
|  4.490% due 07/20/2033 •  | 75 | 76 |
|  4.550% due 04/20/2033 •  | 14 | 13 |
|  4.555% due 10/20/2034 •  | 13 | 10 |
|  4.590% due 10/20/2027 •  | 2 | 2 |
|  4.674% due 04/25/2056 ~ | 28100 | 27463 |
|  4.818% due 11/20/2034 •  | 55 | 52 |
|  4.823% due 04/20/2033 •  | 104 | 102 |
|  5.046% due 10/25/2055 ~ | 12286 | 12288 |
|  SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
|  4.937% due 05/15/2038 •  | 1900 | 1898 |
|  SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust | SMRT Commercial Mortgage Trust |
|  4.673% due 01/15/2039 •  | 74604 | 74573 |
|  SRT Issuer I LLC | SRT Issuer I LLC | SRT Issuer I LLC |
|  0.000% due 10/01/2031 «•  | 136738 | 137028 |
|  STARM Mortgage Loan Trust | STARM Mortgage Loan Trust | STARM Mortgage Loan Trust |
|  4.290% due 06/25/2037 ~ | 1732 | 1569 |
|  5.350% due 04/25/2037 ~ | 899 | 510 |
|  5.644% due 02/25/2037 ~ | 1328 | 1144 |
|  Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC | Stratton Mortgage Funding PLC |
|  4.645% due 06/28/2050 •  | 23533 | 31147 |
|  4.895% due 06/20/2060 •  | 110195 | 146003 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  3.059% due 04/25/2034 ~ | $— | 2 | $— | 1 |
|  3.688% due 08/25/2036 ~ |  | 9324 |  | 7261 |
|  3.737% due 05/25/2036 ~ |  | 4215 |  | 3294 |
|  3.849% due 05/25/2036 ~ |  | 3227 |  | 1779 |
|  3.871% due 02/25/2036 ~ |  | 285 |  | 246 |
|  3.906% due 11/25/2035 ~ |  | 110 |  | 103 |
|  3.990% due 03/25/2035 ~ |  | 7171 |  | 6028 |
|  4.093% due 09/25/2034 •  |  | 124 |  | 117 |
|  4.093% due 02/25/2037 •  |  | 1326 |  | 1350 |
|  4.113% due 12/25/2036 •  |  | 1254 |  | 1266 |
|  4.153% due 07/25/2035 •  |  | 360 |  | 172 |
|  4.186% due 08/25/2047 ~ |  | 1429 |  | 1347 |
|  4.219% due 01/25/2036 ~ |  | 2398 |  | 1267 |
|  4.243% due 09/25/2036 ~ |  | 5669 |  | 3817 |
|  4.251% due 07/25/2037 ~ |  | 23 |  | 15 |
|  4.293% due 10/25/2034 •  |  | 215 |  | 196 |
|  4.302% due 09/25/2036 ~ |  | 5485 |  | 5119 |
|  4.343% due 01/25/2035 •  |  | 9 |  | 9 |
|  4.348% due 11/25/2035 ~ |  | 22 |  | 21 |
|  4.410% due 01/25/2037 ~ |  | 2347 |  | 1702 |
|  4.423% due 04/25/2035 ~ |  | 26 |  | 24 |
|  4.423% due 06/25/2036 ~ |  | 2216 |  | 1267 |
|  4.438% due 04/25/2035 •  |  | 364 |  | 381 |
|  4.443% due 08/25/2035 ~ |  | 613 |  | 534 |
|  4.577% due 11/25/2035 ~ |  | 187 |  | 121 |
|  4.597% due 12/25/2035 ~ |  | 126 |  | 72 |
|  4.600% due 02/25/2036 ~ |  | 4313 |  | 2254 |
|  4.636% due 02/25/2035 ~ |  | 427 |  | 413 |
|  4.638% due 07/25/2035 ~ |  | 1114 |  | 988 |
|  4.648% due 12/25/2034 ~ |  | 15 |  | 14 |
|  4.672% due 05/25/2035 ~ |  | 786 |  | 654 |
|  4.676% due 09/25/2035 ~ |  | 558 |  | 501 |
|  4.752% due 03/25/2036 ~ |  | 404 |  | 323 |
|  4.827% due 12/25/2035 ~ |  | 64 |  | 43 |
|  4.931% due 09/25/2036 ~ |  | 1977 |  | 1187 |
|  5.046% due 09/25/2034 ~ |  | 150 |  | 148 |
|  5.119% due 10/25/2035 ~ |  | 761 |  | 711 |
|  5.176% due 10/25/2034 ~ |  | 410 |  | 394 |
|  5.213% due 05/25/2035 ~ |  | 2396 |  | 1675 |
|  5.238% due 03/25/2035 ~ |  | 157 |  | 144 |
|  5.244% due 10/25/2034 ~ |  | 15 |  | 15 |
|  5.444% due 07/25/2034 ~ |  | 612 |  | 605 |
|  5.495% due 11/25/2034 ~ |  | 1001 |  | 970 |
|  5.549% due 10/25/2037 •  |  | 2505 |  | 2308 |
|  5.628% due 12/25/2034 ~ |  | 42 |  | 42 |
|  5.706% due 01/25/2035 ~ |  | 481 |  | 476 |
|  5.708% due 02/25/2034 ~ |  | 192 |  | 183 |
|  5.798% due 04/25/2034 ~ |  | 6 |  | 6 |
|  5.799% due 02/25/2034 ~ |  | 140 |  | 138 |
|  6.093% due 12/25/2037 •  |  | 7954 |  | 6931 |
|  6.302% due 03/25/2034 ~ |  | 178 |  | 175 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  3.469% due 05/25/2047 ~ |  | 20839 |  | 16763 |
|  3.636% due 05/25/2045 ~ |  | 45 |  | 38 |
|  3.913% due 08/25/2036 •  |  | 3818 |  | 3407 |
|  4.113% due 01/25/2037 •  |  | 1745 |  | 1599 |
|  4.153% due 06/25/2036 •  |  | 4756 |  | 3989 |
|  4.153% due 01/25/2037 •  |  | 4139 |  | 3774 |
|  4.153% due 07/25/2046 •  |  | 4460 |  | 4048 |
|  4.173% due 06/25/2036 •  |  | 926 |  | 914 |
|  4.173% due 07/25/2046 •  |  | 11014 |  | 8134 |
|  4.193% due 05/25/2036 •  |  | 5801 |  | 4870 |
|  4.193% due 10/25/2036 •  |  | 1624 |  | 1463 |
|  4.213% due 04/25/2036 •  |  | 4329 |  | 3993 |
|  4.213% due 05/25/2036 •  |  | 100 |  | 71 |
|  4.213% due 08/25/2036 •  |  | 12058 |  | 10173 |
|  4.213% due 05/25/2046 •  |  | 81 |  | 58 |
|  4.213% due 09/25/2047 •  |  | 8329 |  | 7726 |
|  4.233% due 09/25/2047 •  |  | 6874 |  | 6235 |
|  4.253% due 02/25/2036 •  |  | 24406 |  | 21682 |
|  4.253% due 07/25/2036 •  |  | 6 |  | 3 |
|  4.253% due 05/25/2045 •  |  | 2303 |  | 2211 |
|  4.291% due 07/19/2035 •  |  | 644 |  | 605 |
|  4.353% due 02/25/2036 •  |  | 5244 |  | 4493 |
|  4.393% due 08/25/2036 •  |  | 3340 |  | 2743 |
|  4.471% due 05/19/2035 •  |  | 346 |  | 334 |
|  4.772% due 05/25/2036 ~ |  | 149 |  | 27 |
|  4.893% due 09/25/2047 •  |  | 10745 |  | 9429 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.319% due 03/25/2046 •  | $— | 20 | $— | 18 |
|  5.493% due 05/25/2047 •  |  | 2381 |  | 1980 |
|  5.610% due 02/19/2035 ~ |  | 1 |  | 1 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.143% due 03/25/2035 •  |  | 1819 |  | 1632 |
|  4.143% due 04/25/2035 •  |  | 175 |  | 159 |
|  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 |
|  4.513% due 11/25/2035 •  |  | 969 |  | 815 |
|  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 |
|  3.304% due 09/25/2033 ~ |  | 62 |  | 51 |
|  4.457% due 09/25/2033 ~ |  | 379 |  | 350 |
|  4.695% due 01/25/2034 ~ |  | 27 |  | 26 |
|  5.092% due 09/25/2033 ~ |  | 40 |  | 38 |
|  5.252% due 11/25/2033 ~ |  | 11 |  | 11 |
|  5.279% due 03/25/2033 ~ |  | 28 |  | 28 |
|  5.316% due 11/25/2033 ~ |  | 408 |  | 398 |
|  5.470% due 12/25/2033 ~ |  | 535 |  | 535 |
|  5.731% due 12/25/2033 ~ |  | 716 |  | 701 |
|  5.798% due 12/25/2033 ~ |  | 143 |  | 141 |
|  6.019% due 03/25/2033 ~ |  | 434 |  | 394 |
|  6.119% due 01/25/2034 ~ |  | 4 |  | 4 |
|  6.164% due 07/25/2033 ~ |  | 44 |  | 43 |
|  6.193% due 11/25/2033 ~ |  | 143 |  | 146 |
|  6.793% due 07/25/2032 •  |  | 764 |  | 712 |
|  6.996% due 11/25/2032 ~ |  | 51 |  | 52 |
|  Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust |
|  5.500% due 04/25/2035 |  | 677 |  | 636 |
|  5.750% due 04/25/2035 |  | 4596 |  | 2025 |
|  Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust |
|  4.353% due 10/25/2037 •  |  | 43031 |  | 12490 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  2.902% due 03/25/2044 ~ |  | 778 |  | 764 |
|  4.333% due 03/25/2044 •  |  | 21 |  | 21 |
|  4.399% due 10/25/2043 ~ |  | 609 |  | 555 |
|  4.405% due 04/25/2038 ~ |  | 7611 |  | 4770 |
|  4.424% due 03/25/2044 ~ |  | 2014 |  | 1976 |
|  4.702% due 04/25/2036 •  |  | 3181 |  | 3008 |
|  4.822% due 04/25/2045 ~ |  | 81 |  | 80 |
|  5.103% due 04/25/2038 ~ |  | 5329 |  | 4214 |
|  5.114% due 10/25/2043 ~ |  | 96 |  | 91 |
|  5.218% due 12/25/2044 ~ |  | 3471 |  | 3348 |
|  Tib Finance PLC | Tib Finance PLC | Tib Finance PLC | Tib Finance PLC | Tib Finance PLC |
|  7.111% due 11/15/2034 «(m) |  | 60100 |  | 58622 |
|  Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC |
|  4.669% due 07/20/2053 •  |  | 364497 |  | 482750 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.900% due 10/25/2059 ~ | $— | 2019 |  | 1943 |
|  3.000% due 10/25/2057 ~ |  | 8700 |  | 8384 |
|  3.000% due 06/25/2058 ~ |  | 16981 |  | 13594 |
|  3.750% due 03/25/2058 ~ |  | 24668 |  | 21850 |
|  3.750% due 09/25/2062 |  | 85001 |  | 80998 |
|  3.875% due 01/25/2063 ~ |  | 8504 |  | 7334 |
|  4.057% due 04/25/2055 ~ |  | 20000 |  | 19526 |
|  4.067% due 04/25/2056 ~ |  | 1000 |  | 948 |
|  4.103% due 01/25/2066 ~ |  | 65460 |  | 64624 |
|  4.207% due 03/25/2054 ~ |  | 24000 |  | 23452 |
|  4.546% due 10/27/2064 ~ |  | 61979 |  | 62077 |
|  4.612% due 10/25/2064 ~ |  | 147172 |  | 146004 |
|  5.012% due 07/25/2065 ~ |  | 36424 |  | 36277 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  4.644% (SONIO/N + 0.900%) due 07/15/2059 ~ |  | 135994 |  | 180100 |
|  Uropa Securities PLC | Uropa Securities PLC | Uropa Securities PLC | Uropa Securities PLC | Uropa Securities PLC |
|  2.231% due 10/10/2040 •  |  | 1608 |  | 1840 |
|  4.063% due 10/10/2040 •  |  | 4795 |  | 6299 |
|  4.113% due 10/10/2040 •  |  | 1983 |  | 2581 |
|  Valley Funding PLC | Valley Funding PLC | Valley Funding PLC | Valley Funding PLC | Valley Funding PLC |
|  0.000% due 05/16/2066 (h) |  | 47873 |  | 58175 |
|  4.745% due 05/16/2066 •  |  | 231586 |  | 306004 |
|  5.245% due 05/16/2066 •  |  | 29536 |  | 39049 |
|  5.745% due 05/16/2066 •  |  | 30820 |  | 40693 |
|  6.745% due 05/16/2066 •  |  | 15924 |  | 21035 |
|  7.745% due 05/16/2066 •  |  | 10274 |  | 13583 |
|  9.245% due 05/16/2066 •  |  | 5650 |  | 7505 |
|  VASA Trust | VASA Trust | VASA Trust | VASA Trust | VASA Trust |
|  4.687% due 07/15/2039 •  | $— | 17800 |  | 17492 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **27** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  4.260% due 02/25/2067 þ | $— | 21356 | $— | 20554 |
|  4.832% due 10/25/2067 ~ |  | 36942 |  | 36645 |
|  4.858% due 12/25/2070 þ |  | 52284 |  | 52138 |
|  5.086% due 07/25/2067 ~ |  | 44049 |  | 43941 |
|  5.218% due 09/25/2069 ~ |  | 21695 |  | 21765 |
|  5.364% due 10/25/2069 ~ |  | 13766 |  | 13797 |
|  5.389% due 10/25/2067 ~ |  | 58000 |  | 58043 |
|  5.402% due 05/25/2065 þ |  | 27253 |  | 27340 |
|  5.799% due 07/25/2069 þ |  | 23246 |  | 23390 |
|  5.811% due 05/25/2068 þ |  | 16858 |  | 16830 |
|  5.930% due 03/25/2068 þ |  | 16170 |  | 16129 |
|  6.116% due 03/25/2069 þ |  | 39331 |  | 39591 |
|  6.192% due 06/25/2069 þ |  | 23877 |  | 24099 |
|  6.218% due 06/25/2069 þ |  | 21017 |  | 21202 |
|  6.259% due 12/25/2068 þ |  | 11353 |  | 11417 |
|  6.338% due 04/25/2069 þ |  | 15560 |  | 15699 |
|  6.443% due 08/25/2068 þ |  | 16882 |  | 16909 |
|  6.476% due 06/25/2068 þ |  | 10413 |  | 10417 |
|  6.665% due 09/25/2068 þ |  | 34870 |  | 35033 |
|  6.876% due 11/25/2068 ~ |  | 11326 |  | 11423 |
|  7.070% due 10/25/2068 þ |  | 34884 |  | 35148 |
|  Visio Trust | Visio Trust | Visio Trust | Visio Trust | Visio Trust |
|  6.598% due 10/25/2058 þ |  | 13770 |  | 13802 |
|  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 |
|  1.682% due 01/25/2037 •  |  | 21487 |  | 7250 |
|  1.746% due 08/25/2036 •  |  | 18236 |  | 5868 |
|  2.857% due 05/20/2036 ~ |  | 234 |  | 223 |
|  6.280% due 08/20/2035 ~ |  | 230 |  | 229 |
|  6.627% due 10/20/2035 ~ |  | 24 |  | 24 |
|  6.710% due 10/20/2035 ~ |  | 350 |  | 345 |
|  6.738% due 10/20/2035 ~ |  | 47 |  | 46 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.134% due 05/25/2037 ~ |  | 4269 |  | 3548 |
|  3.313% due 06/25/2037 ~ |  | 10715 |  | 8828 |
|  3.412% due 01/25/2037 ~ |  | 1558 |  | 1361 |
|  3.456% due 01/25/2037 ~ |  | 2703 |  | 2293 |
|  3.534% due 01/25/2037 ~ |  | 4669 |  | 4099 |
|  3.660% due 10/25/2036 ~ |  | 455 |  | 418 |
|  3.785% due 10/25/2036 ~ |  | 109 |  | 100 |
|  3.799% due 03/25/2037 ~ |  | 11501 |  | 10078 |
|  3.829% due 12/25/2046 •  |  | 6363 |  | 5631 |
|  3.830% due 11/25/2036 ~ |  | 327 |  | 289 |
|  3.867% due 05/25/2037 ~ |  | 465 |  | 413 |
|  3.868% due 06/25/2037 ~ |  | 2505 |  | 2211 |
|  3.878% due 03/25/2037 ~ |  | 5298 |  | 4770 |
|  3.988% due 11/25/2036 ~ |  | 1351 |  | 1231 |
|  3.996% due 02/25/2037 ~ |  | 1370 |  | 1194 |
|  4.010% due 06/25/2037 ~ |  | 1038 |  | 928 |
|  4.022% due 05/25/2046 •  |  | 7824 |  | 7167 |
|  4.089% due 02/25/2037 ~ |  | 6567 |  | 5984 |
|  4.108% due 12/25/2036 ~ |  | 2140 |  | 1979 |
|  4.118% due 12/25/2036 ~ |  | 26 |  | 23 |
|  4.127% due 02/25/2037 ~ |  | 11545 |  | 10881 |
|  4.159% due 07/25/2037 ~ |  | 35765 |  | 33165 |
|  4.204% due 04/25/2037 ~ |  | 6075 |  | 5611 |
|  4.205% due 02/25/2037 ~ |  | 5334 |  | 4992 |
|  4.213% due 01/25/2036 ~ |  | 462 |  | 436 |
|  4.253% due 04/25/2045 •  |  | 4615 |  | 4510 |
|  4.260% due 01/25/2036 ~ |  | 153 |  | 151 |
|  4.313% due 11/25/2045 •  |  | 1350 |  | 1280 |
|  4.333% due 12/25/2045 •  |  | 1359 |  | 1268 |
|  4.365% due 03/25/2036 ~ |  | 1164 |  | 1066 |
|  4.373% due 07/25/2045 •  |  | 2547 |  | 2464 |
|  4.373% due 12/25/2045 •  |  | 1908 |  | 1764 |
|  4.413% due 01/25/2045 •  |  | 232 |  | 233 |
|  4.422% due 09/25/2036 ~ |  | 3979 |  | 3785 |
|  4.425% due 08/25/2036 ~ |  | 7478 |  | 6815 |
|  4.433% due 08/25/2045 •  |  | 11063 |  | 10577 |
|  4.453% due 01/25/2045 •  |  | 1139 |  | 1146 |
|  4.467% due 08/25/2046 ~ |  | 34 |  | 32 |
|  4.473% due 01/25/2045 •  |  | 1419 |  | 1383 |
|  4.477% due 09/25/2035 ~ |  | 147 |  | 140 |
|  4.483% due 10/25/2035 ~ |  | 1287 |  | 1186 |
|  4.493% due 01/25/2045 •  |  | 19 |  | 20 |
|  4.513% due 11/25/2034 •  |  | 1938 |  | 1929 |
|  4.533% due 11/25/2034 •  |  | 663 |  | 653 |
|  4.553% due 01/25/2045 •  |  | 537 |  | 541 |
|  4.559% due 02/25/2047 •  |  | 11149 |  | 10472 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.559% due 03/25/2047 •  | $— | 13458 | $— | 12118 |
|  4.573% due 10/25/2044 •  |  | 522 |  | 516 |
|  4.589% due 01/25/2047 •  |  | 541 |  | 526 |
|  4.593% due 10/25/2044 •  |  | 676 |  | 656 |
|  4.599% due 01/25/2047 •  |  | 2396 |  | 2243 |
|  4.609% due 06/25/2047 •  |  | 6850 |  | 5925 |
|  4.616% due 03/25/2035 ~ |  | 385 |  | 376 |
|  4.619% due 04/25/2047 •  |  | 1409 |  | 1302 |
|  4.641% due 12/25/2035 ~ |  | 6865 |  | 6523 |
|  4.647% due 07/25/2037 ~ |  | 1196 |  | 1101 |
|  4.650% due 01/25/2036 ~ |  | 694 |  | 672 |
|  4.673% due 11/25/2034 •  |  | 13 |  | 13 |
|  4.673% due 07/25/2044 •  |  | 2107 |  | 2050 |
|  4.693% due 08/25/2045 •  |  | 1178 |  | 1174 |
|  4.699% due 11/25/2046 •  |  | 4840 |  | 4238 |
|  4.739% due 10/25/2046 •  |  | 21242 |  | 18950 |
|  4.819% due 09/25/2046 •  |  | 3180 |  | 2703 |
|  4.839% due 06/25/2046 •  |  | 395 |  | 376 |
|  4.839% due 07/25/2046 •  |  | 3208 |  | 3105 |
|  4.849% due 06/25/2046 •  |  | 985 |  | 922 |
|  4.859% due 02/25/2046 •  |  | 4603 |  | 4097 |
|  4.907% due 07/25/2046 •  |  | 4968 |  | 4613 |
|  4.923% due 01/25/2035 ~ |  | 622 |  | 609 |
|  4.943% due 06/25/2033 •  |  | 176 |  | 174 |
|  5.059% due 11/25/2042 •  |  | 56 |  | 55 |
|  5.179% due 08/25/2034 ~ |  | 211 |  | 202 |
|  5.180% due 02/25/2033 ~ |  | 107 |  | 106 |
|  5.259% due 08/25/2042 •  |  | 32 |  | 32 |
|  5.302% due 09/25/2033 ~ |  | 543 |  | 536 |
|  5.343% due 11/25/2033 •  |  | 236 |  | 228 |
|  5.353% due 10/25/2045 •  |  | 411 |  | 405 |
|  5.623% due 08/25/2033 ~ |  | 101 |  | 100 |
|  6.075% due 12/25/2032 ~ |  | 73 |  | 72 |
|  6.113% due 06/25/2033 ~ |  | 238 |  | 235 |
|  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 ~ |  | 61 |  | 60 |
|  Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC |
|  0.000% due 12/21/2049 (h) |  | 7 |  | 37735 |
|  4.695% due 12/21/2049 •  |  | 82668 |  | 109495 |
|  5.395% due 12/21/2049 •  |  | 46014 |  | 60968 |
|  5.895% due 12/21/2049 •  |  | 23010 |  | 30294 |
|  6.395% due 12/21/2049 •  |  | 13146 |  | 17274 |
|  6.895% due 12/21/2049 •  |  | 13146 |  | 17128 |
|  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 |
|  3.889% due 09/25/2036 þ | $— | 26738 |  | 6927 |
|  4.022% due 10/25/2036 þ |  | 6163 |  | 1584 |
|  4.069% due 10/25/2036 þ |  | 52 |  | 18 |
|  4.173% due 07/25/2046 •  |  | 201 |  | 173 |
|  4.193% due 07/25/2035 •  |  | 529 |  | 462 |
|  4.243% due 05/25/2035 •  |  | 2365 |  | 1998 |
|  4.253% due 12/25/2036 •  |  | 2247 |  | 1894 |
|  4.313% due 12/25/2035 •  |  | 1175 |  | 1042 |
|  4.393% due 03/25/2036 •  |  | 704 |  | 645 |
|  4.559% due 01/25/2047 •  |  | 12625 |  | 11166 |
|  4.559% due 04/25/2047 •  |  | 2888 |  | 2430 |
|  4.579% due 12/25/2046 •  |  | 4110 |  | 3447 |
|  4.629% due 04/25/2047 •  |  | 4068 |  | 3435 |
|  4.709% due 10/25/2046 •  |  | 9326 |  | 8303 |
|  4.779% due 09/25/2046 •  |  | 12471 |  | 10598 |
|  4.799% due 04/25/2046 •  |  | 21084 |  | 19492 |
|  4.829% due 05/25/2046 •  |  | 1791 |  | 1612 |
|  5.243% due 09/25/2035 •  |  | 280 |  | 245 |
|  5.500% due 06/25/2035 |  | 884 |  | 775 |
|  5.500% due 08/25/2035 |  | 731 |  | 655 |
|  5.500% due 11/25/2035 |  | 289 |  | 238 |
|  5.500% due 04/25/2037 |  | 4063 |  | 3994 |
|  5.750% due 11/25/2035 |  | 362 |  | 343 |
|  5.750% due 01/25/2036 |  | 2420 |  | 2073 |
|  6.000% due 11/25/2035 |  | 887 |  | 881 |
|  6.000% due 04/25/2036 |  | 1682 |  | 1478 |
|  6.000% due 04/25/2037 |  | 3852 |  | 3373 |
|  6.500% due 11/25/2035 |  | 453 |  | 323 |
|  6.500% due 03/25/2036 |  | 7990 |  | 6410 |
|  6.500% due 07/25/2036 þ |  | 1336 |  | 272 |
|  6.500% due 08/25/2036 |  | 12501 |  | 11062 |
|  6.721% due 07/25/2036 þ |  | 20439 |  | 4165 |
|  6.949% due 07/25/2036 þ |  | 1859 |  | 379 |
|  7.000% due 05/25/2036 þ |  | 2425 |  | 2137 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust | Washington Mutual MSC Mortgage Pass-Through Certificates Trust |
|  3.725% due 06/25/2033 ~ | 115 | 108 |
|  4.999% due 05/25/2033 ~ | 379 | 385 |
|  7.500% due 04/25/2033 | 3 | 3 |
|  Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust |
|  6.000% due 07/25/2037 | 279 | 254 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  0.928% due 01/15/2052 ~(a) | 111228 | 2192 |
|  1.555% due 10/15/2049 ~(a) | 208476 | 439 |
|  5.266% due 10/15/2042 •  | 54900 | 54853 |
|  5.315% due 07/15/2037 •  | 48500 | 48457 |
|  Wells Fargo Mortgage Loan Trust | Wells Fargo Mortgage Loan Trust | Wells Fargo Mortgage Loan Trust |
|  4.148% due 09/27/2047 •  | 13116 | 12282 |
|  4.486% due 12/27/2046 ~ | 11219 | 5333 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  5.715% due 04/25/2036 ~ | 1101 | 1098 |
|  5.800% due 04/25/2037 ~ | 56 | 50 |
|  5.865% due 11/25/2037 ~ | 11 | 10 |
|  5.918% due 01/25/2038 ~ | 2860 | 2625 |
|  5.971% due 10/25/2036 ~ | 735 | 691 |
|  6.000% due 06/25/2036 | 240 | 214 |
|  6.000% due 06/25/2037 | 287 | 268 |
|  6.000% due 11/25/2037 | 449 | 438 |
|  6.086% due 04/25/2036 ~ | 420 | 415 |
|  6.192% due 08/25/2036 ~ | 286 | 271 |
|  6.458% due 08/25/2035 ~ | 48 | 47 |
|  6.487% due 10/25/2036 ~ | 958 | 887 |
|  6.689% due 10/25/2034 ~ | 10 | 9 |
|  WSTN Trust | WSTN Trust | WSTN Trust |
|  6.297% due 07/05/2037 ~ | 66300 | 67018 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $65,525,225) | Total Non-Agency Mortgage-Backed Securities (Cost $65,525,225) | 63196206 |
| ASSET-BACKED SECURITIES 20.5% | ASSET-BACKED SECURITIES 20.5% | ASSET-BACKED SECURITIES 20.5% |
| 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 | 4082 | 4110 |
|  5.215% due 09/15/2032 | 2653 | 2672 |
|  Bumper NL BV | Bumper NL BV | Bumper NL BV |
|  2.560% due 03/21/2036 •  | 5222 | 6042 |
|  CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust |
|  4.352% due 05/15/2028 •  | 15523 | 15537 |
|  4.402% due 09/15/2027 •  | 166 | 166 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  2.900% due 03/10/2028 | 3072 | 3021 |
|  4.550% due 01/10/2028 | 1440 | 1436 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  6.040% due 07/16/2029 | 16493 | 16599 |
|  6.270% due 10/15/2029 | 19691 | 19831 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  5.750% due 07/17/2028 | 14899 | 14938 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  4.890% due 04/16/2029 | 23400 | 23511 |
|  5.080% due 01/16/2029 | 13000 | 13051 |
|  Golden Bar Securitisation SRL | Golden Bar Securitisation SRL | Golden Bar Securitisation SRL |
|  3.158% due 09/22/2043 •  | 12359 | 14351 |
|  Red & Black Auto Italy SRL | Red & Black Auto Italy SRL | Red & Black Auto Italy SRL |
|  2.717% due 07/28/2036 •  | 5231 | 6064 |
|  Santander Bank Auto Credit-Linked Notes | Santander Bank Auto Credit-Linked Notes | Santander Bank Auto Credit-Linked Notes |
|  4.965% due 01/18/2033 | 1451 | 1460 |
|  5.141% due 01/18/2033 | 3373 | 3394 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  4.930% due 09/17/2029 | 37500 | 37731 |
|  5.240% due 05/15/2028 | 4065 | 4067 |
|  5.470% due 12/16/2030 | 79500 | 80381 |
|  5.610% due 07/17/2028 | 19163 | 19200 |
|  5.770% due 11/15/2030 | 110000 | 111623 |
|  Taupe Funding Trust I | Taupe Funding Trust I | Taupe Funding Trust I |
|  0.000% due 08/20/2031 «(h) | 95 | 18598 |
|  6.160% due 08/20/2031 | 12607 | 12747 |
|  |  | 430530 |

---

28 PIMCO INCOME FUND See Accompanying Notes

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| AUTOMOBILE SEQUENTIAL 1.8% | AUTOMOBILE SEQUENTIAL 1.8% | AUTOMOBILE SEQUENTIAL 1.8% |
|  Ally Auto Receivables Trust | Ally Auto Receivables Trust | Ally Auto Receivables Trust |
|  4.140% due 07/16/2029 | 33147 | 33171 |
|  Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes |
|  4.970% due 09/15/2032 | 7449 | 7501 |
|  American Credit Acceptance Receivables Trust | American Credit Acceptance Receivables Trust | American Credit Acceptance Receivables Trust |
|  4.730% due 01/12/2029 | 6403 | 6411 |
|  American Heritage Auto Receivables Issuer Trust | American Heritage Auto Receivables Issuer Trust | American Heritage Auto Receivables Issuer Trust |
|  4.480% due 08/15/2028 | 17083 | 17101 |
|  American Heritage Auto Receivables Trust | American Heritage Auto Receivables Trust | American Heritage Auto Receivables Trust |
|  4.830% due 03/15/2028 | 3887 | 3892 |
|  AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust |
|  4.220% due 03/19/2029 | 49600 | 49639 |
|  5.430% due 01/18/2029 | 53704 | 54031 |
|  ARI Fleet Lease Trust | ARI Fleet Lease Trust | ARI Fleet Lease Trust |
|  4.380% due 01/17/2034 | 22019 | 22053 |
|  Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust |
|  4.920% due 05/15/2029 | 4232 | 4245 |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  5.130% due 10/20/2028 | 86416 | 87231 |
|  5.440% due 02/22/2028 | 16865 | 16991 |
|  5.780% due 04/20/2028 | 35413 | 35862 |
|  6.120% due 04/20/2027 | 7288 | 7295 |
|  Bank of America Auto Trust | Bank of America Auto Trust | Bank of America Auto Trust |
|  5.530% due 02/15/2028 | 5269 | 5296 |
|  Bayview Opportunity Master Fund VII Trust | Bayview Opportunity Master Fund VII Trust | Bayview Opportunity Master Fund VII Trust |
|  5.660% due 03/15/2028 | 4461 | 4468 |
|  BMW Canada Auto Trust | BMW Canada Auto Trust | BMW Canada Auto Trust |
|  4.844% due 07/20/2027 | 3231 | 2328 |
|  BMW Vehicle Lease Trust | BMW Vehicle Lease Trust | BMW Vehicle Lease Trust |
|  4.180% due 10/25/2027 | 60900 | 60949 |
|  BofA Auto Trust | BofA Auto Trust | BofA Auto Trust |
|  5.350% due 11/15/2028 | 12554 | 12640 |
|  Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust |
|  4.100% due 07/17/2028 | 16000 | 16001 |
|  4.720% due 09/15/2028 | 17746 | 17770 |
|  4.730% due 02/15/2028 | 6688 | 6694 |
|  5.340% due 04/17/2028 | 1144 | 1144 |
|  CarMax Auto Owner Trust | CarMax Auto Owner Trust | CarMax Auto Owner Trust |
|  4.670% due 12/15/2027 | 5690 | 5694 |
|  4.920% due 10/16/2028 | 4651 | 4678 |
|  5.340% due 08/16/2027 | 300 | 300 |
|  5.500% due 01/16/2029 | 64494 | 65143 |
|  6.000% due 07/17/2028 | 5232 | 5285 |
|  CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust |
|  4.190% due 03/15/2029 | 58800 | 58806 |
|  4.760% due 05/15/2028 | 19131 | 19171 |
|  5.400% due 11/15/2028 | 7100 | 7144 |
|  5.780% due 09/15/2027 | 287 | 288 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  4.070% due 02/12/2029 | 92254 | 92194 |
|  4.260% due 10/10/2029 | 37406 | 37409 |
|  4.310% due 09/10/2030 | 26200 | 26177 |
|  4.500% due 06/12/2028 | 5505 | 5508 |
|  4.530% due 01/10/2029 | 46089 | 46133 |
|  4.550% due 05/10/2030 | 91400 | 91736 |
|  4.640% due 01/10/2030 | 34764 | 34876 |
|  4.680% due 02/10/2028 | 8972 | 8987 |
|  4.740% due 12/10/2030 | 20300 | 20455 |
|  4.740% due 04/10/2031 | 61238 | 61939 |
|  4.780% due 05/10/2028 | 2838 | 2841 |
|  4.850% due 06/12/2028 | 2000 | 2007 |
|  4.910% due 08/10/2029 | 14300 | 14382 |
|  5.050% due 04/10/2029 | 10546 | 10593 |
|  5.080% due 03/11/2030 | 23200 | 23508 |
|  5.210% due 06/10/2030 | 28000 | 28479 |
|  5.330% due 07/10/2029 | 26633 | 26814 |
|  5.380% due 03/12/2029 | 38537 | 38970 |
|  5.420% due 04/10/2028 | 10328 | 10344 |
|  5.620% due 01/10/2029 | 5792 | 5829 |
|  5.710% due 07/10/2028 | 8991 | 9010 |
|  5.710% due 07/10/2029 | 20000 | 20366 |
|  5.740% due 11/13/2029 | 9100 | 9289 |
|  5.820% due 08/10/2028 | 7532 | 7568 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.160% due 10/10/2028 | $— | 4766 | $— | 4800 |
|  6.160% due 09/10/2029 |  | 15200 |  | 15610 |
|  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 |  | 27000 |  | 27017 |
|  4.400% due 11/26/2027 |  | 29 |  | 29 |
|  5.220% due 07/25/2029 |  | 47225 |  | 47637 |
|  5.520% due 06/25/2029 |  | 110091 |  | 111252 |
|  Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust | Citizens Auto Receivables Trust |
|  5.840% due 01/18/2028 |  | 8020 |  | 8051 |
|  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 |  | 81553 |  | 81516 |
|  4.710% due 03/15/2029 |  | 17879 |  | 17916 |
|  4.910% due 06/15/2028 |  | 2055 |  | 2055 |
|  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 |  | 74300 |  | 74262 |
|  4.290% due 10/16/2028 |  | 85718 |  | 85744 |
|  4.500% due 09/15/2028 |  | 20463 |  | 20473 |
|  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 |  | 5334 |  | 5356 |
|  6.260% due 11/15/2029 |  | 4000 |  | 4067 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  4.560% due 11/20/2028 |  | 30300 |  | 30483 |
|  4.650% due 10/20/2027 |  | 14257 |  | 14299 |
|  4.690% due 07/20/2027 |  | 16097 |  | 16134 |
|  4.820% due 02/20/2029 |  | 17800 |  | 17964 |
|  4.980% due 08/21/2028 |  | 14600 |  | 14726 |
|  5.310% due 04/20/2027 |  | 4790 |  | 4801 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  4.080% due 09/15/2028 |  | 31000 |  | 30990 |
|  4.530% due 03/15/2028 |  | 25564 |  | 25584 |
|  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 |  | 10012 |  | 10023 |
|  FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust |
|  5.460% due 04/15/2030 |  | 6700 |  | 6812 |
|  5.540% due 04/16/2029 |  | 14420 |  | 14518 |
|  FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust |
|  4.920% due 02/15/2031 |  | 29187 |  | 29186 |
|  4.940% due 11/15/2030 |  | 15010 |  | 14979 |
|  5.690% due 02/15/2030 |  | 10617 |  | 10682 |
|  5.890% due 06/15/2030 |  | 8066 |  | 8123 |
|  6.790% due 10/15/2029 |  | 6449 |  | 6503 |
|  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 |  | 4624 |  | 4651 |
|  Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust | Flagship Credit Auto Trust |
|  4.880% due 11/15/2028 |  | 2934 |  | 2936 |
|  5.640% due 03/15/2028 |  | 2214 |  | 2215 |
|  Ford Auto Securitization Trust | Ford Auto Securitization Trust | Ford Auto Securitization Trust | Ford Auto Securitization Trust | Ford Auto Securitization Trust |
|  5.053% due 07/15/2028 |  | 15979 |  | 11598 |
|  Ford Auto Securitization Trust II | Ford Auto Securitization Trust II | Ford Auto Securitization Trust II | Ford Auto Securitization Trust II | Ford Auto Securitization Trust II |
|  3.724% due 11/15/2028 |  | 28597 |  | 20642 |
|  3.843% due 09/15/2030 |  | 29300 |  | 21066 |
|  Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust |
|  5.490% due 01/16/2029 | $— | 4608 |  | 4619 |
|  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 |  | 44457 |  | 44507 |
|  4.750% due 07/17/2028 |  | 11582 |  | 11595 |
|  5.020% due 04/17/2028 |  | 3783 |  | 3785 |
|  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 |  | 12700 |  | 12667 |
|  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 |  | 19781 |  | 19826 |
|  4.460% due 10/15/2030 |  | 11889 |  | 11904 |
|  5.240% due 03/15/2030 |  | 6317 |  | 6353 |
|  5.580% due 06/17/2030 |  | 13611 |  | 13727 |
|  5.590% due 10/15/2029 |  | 4351 |  | 4389 |
|  5.960% due 10/16/2028 |  | 15796 |  | 15890 |
|  6.370% due 06/15/2028 |  | 2184 |  | 2188 |
|  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 |
|  4.210% due 10/20/2027 |  | 35283 |  | 35298 |
|  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 |
|  4.470% due 02/16/2028 |  | 6111 |  | 6117 |
|  5.130% due 04/16/2029 |  | 74458 |  | 75004 |
|  GMF Canada Leasing Trust | GMF Canada Leasing Trust | GMF Canada Leasing Trust | GMF Canada Leasing Trust | GMF Canada Leasing Trust |
|  4.827% due 08/20/2029 |  | 15778 |  | 11405 |
|  Huntington Auto Trust | Huntington Auto Trust | Huntington Auto Trust | Huntington Auto Trust | Huntington Auto Trust |
|  5.230% due 01/16/2029 | $— | 41080 |  | 41381 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.410% due 05/15/2029 | 77000 | 77300 |
|  4.840% due 03/15/2029 | 57200 | 57548 |
|  5.540% due 10/16/2028 | 7607 | 7664 |
|  LAD Auto Receivables Trust | LAD Auto Receivables Trust | LAD Auto Receivables Trust |
|  4.520% due 03/15/2029 | 12497 | 12525 |
|  4.600% due 12/15/2027 | 5071 | 5072 |
|  5.460% due 07/16/2029 | 5700 | 5762 |
|  5.610% due 08/15/2028 | 5803 | 5825 |
|  Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust |
|  4.970% due 10/15/2029 | 10788 | 10798 |
|  5.100% due 10/15/2030 | 8498 | 8520 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  5.220% due 02/17/2032 | 35699 | 36044 |
|  Mercedes-Benz Auto Receivables Trust | Mercedes-Benz Auto Receivables Trust | Mercedes-Benz Auto Receivables Trust |
|  5.950% due 11/15/2028 | 9767 | 9869 |
|  Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust | Nissan Auto Receivables Owner Trust |
|  4.340% due 03/15/2029 | 39800 | 39884 |
|  5.280% due 12/15/2028 | 13903 | 13998 |
|  5.930% due 03/15/2028 | 856 | 861 |
|  Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust |
|  4.940% due 05/20/2030 | 8063 | 8090 |
|  Oscar U.S. Funding XIII LLC | Oscar U.S. Funding XIII LLC | Oscar U.S. Funding XIII LLC |
|  1.270% due 09/11/2028 | 683 | 679 |
|  Oscar U.S. Funding XVII LLC | Oscar U.S. Funding XVII LLC | Oscar U.S. Funding XVII LLC |
|  4.470% due 03/12/2029 | 9300 | 9336 |
|  4.630% due 12/10/2027 | 9518 | 9522 |
|  PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust |
|  4.120% due 09/15/2028 | 9872 | 9874 |
|  4.700% due 06/15/2029 | 25035 | 25110 |
|  Porsche Innovative Lease Owner Trust | Porsche Innovative Lease Owner Trust | Porsche Innovative Lease Owner Trust |
|  4.350% due 10/20/2027 | 35399 | 35421 |
|  4.670% due 11/22/2027 | 35313 | 35381 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  4.731% due 07/27/2026 | 324 | 324 |
|  4.811% due 07/27/2026 | 8518 | 8522 |
|  5.124% due 04/25/2034 | 29600 | 29699 |
|  Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V |
|  5.320% due 09/25/2030 | 8487 | 8533 |
|  Santander Bank Auto Credit-Linked Notes | Santander Bank Auto Credit-Linked Notes | Santander Bank Auto Credit-Linked Notes |
|  4.911% due 01/18/2033 | 1655 | 1665 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  4.280% due 01/15/2029 | 89768 | 89821 |
|  4.620% due 11/15/2028 | 11717 | 11730 |
|  4.630% due 10/16/2028 | 86825 | 86979 |
|  4.710% due 06/15/2028 | 35938 | 35963 |
|  4.850% due 01/16/2029 | 46779 | 46867 |
|  5.630% due 01/16/2029 | 28084 | 28161 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  4.680% due 04/20/2027 | 2307 | 2308 |
|  4.830% due 04/20/2028 | 34100 | 34210 |
|  5.560% due 11/22/2027 | 33381 | 33485 |
|  6.520% due 04/20/2028 | 9947 | 9960 |
|  SBNA Auto Receivables Trust | SBNA Auto Receivables Trust | SBNA Auto Receivables Trust |
|  5.210% due 04/16/2029 | 12600 | 12687 |
|  5.320% due 12/15/2028 | 12863 | 12894 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  4.670% due 11/15/2028 | 19728 | 19764 |
|  5.110% due 06/15/2029 | 35062 | 35231 |
|  5.160% due 05/15/2030 | 36300 | 36766 |
|  5.700% due 10/16/2028 | 9772 | 9822 |
|  5.700% due 08/15/2029 | 12200 | 12406 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  4.550% due 06/20/2030 | 41300 | 41464 |
|  4.650% due 05/22/2028 | 15287 | 15301 |
|  4.710% due 05/22/2028 | 232 | 232 |
|  4.940% due 01/21/2031 | 3650 | 3687 |
|  4.950% due 05/21/2029 | 9687 | 9735 |
|  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 | 66600 | 66570 |
|  Taupe Funding Trust I | Taupe Funding Trust I | Taupe Funding Trust I |
|  5.860% due 01/21/2031 | 26556 | 26606 |
|  5.940% due 01/21/2031 | 69065 | 69606 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **29** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Tesla Electric Vehicle Trust | Tesla Electric Vehicle Trust | Tesla Electric Vehicle Trust |
|  5.380% due 06/20/2028 | 33346 | 33584 |
|  5.380% due 02/20/2029 | 15000 | 15203 |
|  Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
|  4.400% due 06/15/2029 | 56100 | 56321 |
|  5.330% due 01/16/2029 | 31400 | 31682 |
|  5.540% due 08/15/2028 | 3679 | 3713 |
|  Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust | Tricolor Auto Securitization Trust |
|  6.360% due 12/15/2027 | 1669 | 1550 |
|  Veros Auto Receivables Trust | Veros Auto Receivables Trust | Veros Auto Receivables Trust |
|  6.280% due 11/15/2027 | 519 | 520 |
|  Volkswagen Auto Loan Enhanced Trust | Volkswagen Auto Loan Enhanced Trust | Volkswagen Auto Loan Enhanced Trust |
|  5.020% due 06/20/2028 | 3930 | 3945 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  4.020% due 09/15/2028 | 54800 | 54746 |
|  4.660% due 09/15/2028 | 78981 | 79134 |
|  4.710% due 04/17/2028 | 28800 | 28870 |
|  4.820% due 09/15/2027 | 6634 | 6636 |
|  5.560% due 02/15/2028 | 12844 | 12870 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  4.430% due 12/17/2029 | 69100 | 69301 |
|  5.270% due 09/17/2029 | 20619 | 20786 |
|  5.610% due 02/15/2028 | 1345 | 1348 |
|  World Omni Select Auto Trust | World Omni Select Auto Trust | World Omni Select Auto Trust |
|  4.140% due 05/15/2030 | 50047 | 50069 |
|  4.980% due 02/15/2030 | 18511 | 18572 |
|  |  | 4136104 |
| CASINO SERVICES 0.0% | CASINO SERVICES 0.0% | CASINO SERVICES 0.0% |
|  Gateway Casinos & Entertainment Ltd. | Gateway Casinos & Entertainment Ltd. | Gateway Casinos & Entertainment Ltd. |
|  5.000% due 03/12/2038 « | 71073 | 47620 |
| CMBS OTHER 0.8% | CMBS OTHER 0.8% | CMBS OTHER 0.8% |
|  Acore Issuer LLC | Acore Issuer LLC | Acore Issuer LLC |
|  5.125% due 08/20/2043 •  | 133800 | 133718 |
|  ACREC LLC | ACREC LLC | ACREC LLC |
|  5.130% due 01/18/2043 •  | 82600 | 82559 |
|  ACRES Commercial Realty Issuer LLC | ACRES Commercial Realty Issuer LLC | ACRES Commercial Realty Issuer LLC |
|  0.000% due 08/18/2044 •  | 76800 | 76751 |
|  ACRES LLC | ACRES LLC | ACRES LLC |
|  5.299% due 08/18/2040 •  | 111600 | 112001 |
|  AREIT Ltd. | AREIT Ltd. | AREIT Ltd. |
|  5.790% due 08/17/2041 •  | 11537 | 11552 |
|  BDS LLC | BDS LLC | BDS LLC |
|  4.959% due 10/17/2042 •  | 500 | 498 |
|  BRSP Ltd. | BRSP Ltd. | BRSP Ltd. |
|  5.127% due 08/19/2043 •  | 150600 | 150325 |
|  FS Rialto Issuer LLC | FS Rialto Issuer LLC | FS Rialto Issuer LLC |
|  0.000% due 01/19/2044 •  | 85850 | 85866 |
|  Greystone CRE Notes LLC | Greystone CRE Notes LLC | Greystone CRE Notes LLC |
|  5.154% due 01/15/2043 •  | 20000 | 20008 |
|  GS REFT Issuer Ltd. | GS REFT Issuer Ltd. | GS REFT Issuer Ltd. |
|  5.170% due 04/19/2043 •  | 104185 | 104446 |
|  KREF Ltd. | KREF Ltd. | KREF Ltd. |
|  5.127% due 02/17/2039 •  | 6402 | 6406 |
|  LMNT CRE LLC | LMNT CRE LLC | LMNT CRE LLC |
|  5.225% due 07/21/2043 •  | 136000 | 136082 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.222% due 01/17/2037 •  | 2342 | 2339 |
|  LRECS LLC | LRECS LLC | LRECS LLC |
|  5.177% due 08/19/2043 •  | 239200 | 238784 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  5.000% due 02/18/2040 •  | 110200 | 109915 |
|  5.130% due 02/18/2043 •  | 194700 | 194930 |
|  5.410% due 03/19/2039 •  | 38000 | 38018 |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  5.169% due 12/18/2042 •  | 4260 | 4260 |
|  5.180% due 08/18/2043 •  | 96350 | 96461 |
|  5.501% due 09/17/2039 •  | 37851 | 37934 |
|  Starwood LLC | Starwood LLC | Starwood LLC |
|  5.127% due 11/19/2042 •  | 176500 | 176512 |
|  |  | 1819365 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CREDIT CARD OTHER 0.2% | CREDIT CARD OTHER 0.2% | CREDIT CARD OTHER 0.2% | CREDIT CARD OTHER 0.2% | CREDIT CARD OTHER 0.2% |
|  Golden Credit Card Trust | Golden Credit Card Trust | Golden Credit Card Trust | Golden Credit Card Trust | Golden Credit Card Trust |
|  1.140% due 08/15/2028 | $— | 179500 | $— | 177557 |
|  1.970% due 01/15/2029 |  | 220500 |  | 216778 |
|  |  |  |  | 394335 |
| HOME EQUITY OTHER 4.1% | HOME EQUITY OTHER 4.1% | HOME EQUITY OTHER 4.1% | HOME EQUITY OTHER 4.1% | HOME EQUITY OTHER 4.1% |
|  Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust |
|  4.708% due 10/25/2035 •  |  | 9557 |  | 9165 |
|  5.818% due 01/25/2035 •  |  | 171 |  | 170 |
|  6.493% due 01/25/2035 •  |  | 7500 |  | 6113 |
|  ABFC Trust | ABFC Trust | ABFC Trust | ABFC Trust | ABFC Trust |
|  4.053% due 01/25/2037 •  |  | 38548 |  | 27761 |
|  4.073% due 10/25/2036 •  |  | 32790 |  | 28950 |
|  4.073% due 11/25/2036 •  |  | 5736 |  | 3436 |
|  4.113% due 11/25/2036 •  |  | 12962 |  | 5220 |
|  4.213% due 09/25/2036 •  |  | 33224 |  | 29499 |
|  4.293% due 11/25/2036 •  |  | 2417 |  | 973 |
|  4.453% due 03/25/2035 •  |  | 1766 |  | 1746 |
|  4.493% due 06/25/2034 •  |  | 1428 |  | 1436 |
|  4.573% due 09/25/2033 •  |  | 577 |  | 566 |
|  4.693% due 02/25/2034 •  |  | 1300 |  | 1331 |
|  4.768% due 06/25/2035 •  |  | 11185 |  | 10752 |
|  4.793% due 06/25/2037 •  |  | 2137 |  | 1837 |
|  4.798% due 03/25/2035 •  |  | 1539 |  | 1431 |
|  4.918% due 12/25/2032 •  |  | 17 |  | 17 |
|  5.563% due 12/25/2033 •  |  | 4412 |  | 4659 |
|  5.968% due 01/25/2034 •  |  | 316 |  | 208 |
|  6.493% due 07/25/2033 •  |  | 276 |  | 280 |
|  Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust |
|  4.013% due 02/25/2037 •  |  | 14366 |  | 14320 |
|  4.063% due 09/25/2036 •  |  | 1486 |  | 1437 |
|  4.063% due 02/25/2037 •  |  | 5000 |  | 4824 |
|  4.093% due 07/25/2034 •  |  | 1170 |  | 1169 |
|  4.663% due 09/25/2035 •  |  | 1660 |  | 1620 |
|  4.693% due 10/25/2034 •  |  | 9 |  | 18 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  3.913% due 10/25/2036 •  |  | 149 |  | 57 |
|  3.933% due 11/25/2036 •  |  | 7277 |  | 2976 |
|  3.973% due 07/25/2036 •  |  | 36762 |  | 8952 |
|  4.033% due 11/25/2036 •  |  | 26300 |  | 10758 |
|  4.033% due 12/25/2036 •  |  | 9061 |  | 3292 |
|  4.033% due 01/25/2037 •  |  | 980 |  | 597 |
|  4.053% due 12/25/2036 •  |  | 89991 |  | 46542 |
|  4.073% due 06/25/2036 •  |  | 8550 |  | 8341 |
|  4.073% due 07/25/2036 •  |  | 40121 |  | 32701 |
|  4.073% due 10/25/2036 •  |  | 38647 |  | 18581 |
|  4.073% due 12/25/2036 •  |  | 19202 |  | 12314 |
|  4.093% due 04/25/2036 •  |  | 2814 |  | 2768 |
|  4.093% due 07/25/2036 •  |  | 33749 |  | 9266 |
|  4.133% due 11/25/2036 •  |  | 5858 |  | 2394 |
|  4.133% due 01/25/2037 •  |  | 1046 |  | 637 |
|  4.173% due 02/25/2036 •  |  | 1650 |  | 1647 |
|  4.233% due 08/25/2036 •  |  | 19305 |  | 18438 |
|  4.233% due 11/25/2036 •  |  | 7867 |  | 3215 |
|  4.233% due 12/25/2036 •  |  | 7551 |  | 2370 |
|  4.233% due 01/25/2037 •  |  | 19048 |  | 4011 |
|  4.233% due 05/25/2037 •  |  | 19475 |  | 2888 |
|  4.273% due 07/25/2036 •  |  | 17227 |  | 4928 |
|  4.293% due 07/25/2036 •  |  | 31241 |  | 7607 |
|  4.293% due 01/25/2037 •  |  | 980 |  | 597 |
|  4.333% due 08/25/2036 •  |  | 6414 |  | 5703 |
|  4.393% due 02/25/2036 •  |  | 45 |  | 45 |
|  4.453% due 08/25/2035 •  |  | 1473 |  | 1459 |
|  4.453% due 11/25/2035 •  |  | 135 |  | 157 |
|  4.693% due 09/25/2033 •  |  | 930 |  | 925 |
|  4.693% due 12/25/2034 •  |  | 819 |  | 755 |
|  4.723% due 02/25/2036 •  |  | 1183 |  | 1126 |
|  4.753% due 08/25/2035 •  |  | 1722 |  | 1497 |
|  4.768% due 06/25/2034 •  |  | 5286 |  | 5074 |
|  4.783% due 05/25/2035 •  |  | 3377 |  | 2774 |
|  4.798% due 07/25/2035 •  |  | 8447 |  | 8377 |
|  4.828% due 06/25/2035 •  |  | 4149 |  | 4050 |
|  4.843% due 12/25/2033 •  |  | 584 |  | 601 |
|  4.918% due 04/25/2035 •  |  | 3371 |  | 3105 |
|  4.963% due 07/25/2033 •  |  | 1024 |  | 975 |
|  6.988% due 06/25/2034 •  |  | 819 |  | 704 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust |
|  4.273% due 01/25/2037 •  | $— | 5109 | $— | 3897 |
|  4.438% due 12/25/2035 •  |  | 6880 |  | 6559 |
|  4.543% due 03/25/2035 •  |  | 9221 |  | 8338 |
|  4.583% due 03/25/2035 •  |  | 2347 |  | 1150 |
|  4.793% due 03/25/2035 •  |  | 213 |  | 205 |
|  Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates | Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates | Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates | Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates | Aegis Asset-Backed Securities Trust Mortgage Pass-Through Certificates |
|  4.498% due 10/25/2035 •  |  | 3956 |  | 3854 |
|  4.693% due 09/25/2034 •  |  | 424 |  | 520 |
|  4.843% due 01/25/2034 •  |  | 302 |  | 305 |
|  5.518% due 10/25/2034 •  |  | 2528 |  | 2798 |
|  5.623% due 12/25/2034 •  |  | 5544 |  | 5120 |
|  5.893% due 12/25/2034 •  |  | 108 |  | 14 |
|  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 09/27/2027 •  |  | 5 |  | 5 |
|  4.443% due 09/22/2028 •  |  | 10 |  | 10 |
|  4.673% due 02/25/2029 •  |  | 62 |  | 61 |
|  Ameriquest Mortgage Securities Trust | Ameriquest Mortgage Securities Trust | Ameriquest Mortgage Securities Trust | Ameriquest Mortgage Securities Trust | Ameriquest Mortgage Securities Trust |
|  3.893% due 10/25/2036 •  |  | 7059 |  | 2145 |
|  3.953% due 10/25/2036 •  |  | 8922 |  | 2711 |
|  3.968% due 10/25/2036 •  |  | 3022 |  | 1711 |
|  4.033% due 10/25/2036 •  |  | 21115 |  | 6415 |
|  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 |
|  3.105% due 06/25/2033 •  |  | 733 |  | 722 |
|  3.674% due 04/25/2034 •  |  | 981 |  | 983 |
|  3.685% due 05/25/2034 þ |  | 5525 |  | 4733 |
|  4.348% due 04/25/2036 •  |  | 7468 |  | 7386 |
|  4.433% due 11/25/2034 •  |  | 10851 |  | 9765 |
|  4.453% due 03/25/2036 •  |  | 11988 |  | 11303 |
|  4.543% due 01/25/2036 •  |  | 3323 |  | 3294 |
|  4.663% due 01/25/2036 •  |  | 14093 |  | 13892 |
|  4.708% due 01/25/2035 •  |  | 145 |  | 152 |
|  4.753% due 10/25/2035 •  |  | 2718 |  | 2643 |
|  4.768% due 05/25/2035 •  |  | 7355 |  | 7208 |
|  4.768% due 07/25/2035 •  |  | 10513 |  | 10278 |
|  4.768% due 09/25/2035 •  |  | 12785 |  | 12218 |
|  4.813% due 09/25/2034 •  |  | 130 |  | 130 |
|  4.813% due 01/25/2035 •  |  | 2072 |  | 2051 |
|  4.843% due 05/25/2035 •  |  | 4588 |  | 4336 |
|  4.843% due 07/25/2035 •  |  | 9000 |  | 8350 |
|  4.888% due 09/25/2034 •  |  | 11378 |  | 10806 |
|  4.963% due 03/25/2035 •  |  | 6952 |  | 6523 |
|  5.068% due 08/25/2035 •  |  | 2782 |  | 2729 |
|  5.353% due 01/25/2035 •  |  | 2184 |  | 2100 |
|  5.473% due 01/25/2035 •  |  | 5609 |  | 5181 |
|  5.518% due 05/25/2034 •  |  | 7990 |  | 7956 |
|  5.518% due 08/25/2035 •  |  | 14800 |  | 14118 |
|  5.548% due 10/25/2034 •  |  | 1657 |  | 1595 |
|  5.668% due 07/25/2034 •  |  | 744 |  | 743 |
|  5.773% due 05/25/2035 •  |  | 1000 |  | 895 |
|  6.568% due 03/25/2033 •  |  | 45 |  | 37 |
|  7.168% due 11/25/2032 •  |  | 1005 |  | 1071 |
|  7.318% due 11/25/2032 •  |  | 3 |  | 2 |
|  9.043% due 02/25/2033 •  |  | 851 |  | 821 |
|  Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust | Amortizing Residential Collateral Trust |
|  4.493% due 10/25/2031 •  |  | 5 |  | 5 |
|  4.618% due 08/25/2031 •  |  | 205 |  | 228 |
|  5.193% due 01/25/2033 •  |  | 19 |  | 20 |
|  5.593% due 07/25/2032 •  |  | 7 |  | 9 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  3.903% due 09/25/2036 •  |  | 9022 |  | 2919 |
|  3.973% due 07/25/2036 •  |  | 7794 |  | 2095 |
|  4.033% due 09/25/2036 •  |  | 4036 |  | 1306 |
|  4.093% due 06/25/2036 •  |  | 31014 |  | 8256 |
|  4.093% due 07/25/2036 •  |  | 82464 |  | 51208 |
|  4.113% due 05/25/2036 •  |  | 5158 |  | 1218 |
|  4.143% due 04/25/2036 •  |  | 17494 |  | 9539 |
|  4.153% due 04/25/2036 •  |  | 6399 |  | 1951 |
|  4.173% due 03/25/2036 •  |  | 13390 |  | 12581 |
|  4.273% due 06/25/2036 •  |  | 5307 |  | 1413 |
|  4.273% due 07/25/2036 •  |  | 5095 |  | 1369 |
|  4.333% due 05/25/2036 •  |  | 14964 |  | 3534 |
|  4.353% due 04/25/2036 •  |  | 6363 |  | 1939 |
|  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 |
|  4.103% due 10/25/2034 •  |  | 409 |  | 399 |
|  4.483% due 11/25/2035 •  |  | 25774 |  | 23097 |

---

---

| | | |
|:---|:---|:---|
| **30** | **PIMCO INCOME FUND** | 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)** |
|  4.528% due 10/25/2035 •  | $— | 96 | $— | 96 |
|  4.553% due 02/25/2036 •  |  | 2577 |  | 2116 |
|  4.918% due 11/25/2034 •  |  | 619 |  | 633 |
|  5.593% due 11/25/2034 •  |  | 3311 |  | 3155 |
|  5.668% due 11/25/2034 •  |  | 2189 |  | 1957 |
|  5.893% due 11/25/2034 •  |  | 88 |  | 105 |
|  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 |
|  3.308% due 03/25/2036 •  |  | 10524 |  | 9820 |
|  3.871% due 12/25/2036 •  |  | 1374 |  | 1348 |
|  3.891% due 01/25/2036 •  |  | 17736 |  | 16451 |
|  3.921% due 12/25/2036 •  |  | 12769 |  | 12221 |
|  4.083% due 11/25/2036 •  |  | 4395 |  | 4335 |
|  4.138% due 11/25/2036 •  |  | 35401 |  | 35230 |
|  4.693% due 06/25/2035 •  |  | 2707 |  | 2680 |
|  4.753% due 11/25/2035 •  |  | 16330 |  | 14580 |
|  4.768% due 10/25/2034 •  |  | 3552 |  | 3608 |
|  4.813% due 05/25/2035 •  |  | 4131 |  | 4102 |
|  4.813% due 07/25/2035 •  |  | 1988 |  | 1950 |
|  4.873% due 04/25/2035 •  |  | 3982 |  | 3714 |
|  4.888% due 02/25/2035 •  |  | 34 |  | 36 |
|  4.903% due 07/25/2035 •  |  | 3794 |  | 3490 |
|  5.437% due 03/15/2032 •  |  | 15 |  | 18 |
|  5.638% due 05/25/2035 •  |  | 7217 |  | 6932 |
|  Basic Asset-Backed Securities Trust | Basic Asset-Backed Securities Trust | Basic Asset-Backed Securities Trust | Basic Asset-Backed Securities Trust | Basic Asset-Backed Securities Trust |
|  4.363% due 04/25/2036 •  |  | 7286 |  | 6956 |
|  Bayview Financial Acquisition Trust | Bayview Financial Acquisition Trust | Bayview Financial Acquisition Trust | Bayview Financial Acquisition Trust | Bayview Financial Acquisition Trust |
|  4.313% due 05/28/2037 •  |  | 2651 |  | 2543 |
|  Bayview Financial Asset Trust | Bayview Financial Asset Trust | Bayview Financial Asset Trust | Bayview Financial Asset Trust | Bayview Financial Asset Trust |
|  4.243% due 03/25/2037 •  |  | 3018 |  | 3048 |
|  4.593% due 03/25/2037 •  |  | 1568 |  | 1589 |
|  4.693% due 03/25/2037 •  |  | 1641 |  | 1664 |
|  4.943% due 03/25/2037 •  |  | 892 |  | 905 |
|  5.293% due 03/25/2037 •  |  | 826 |  | 847 |
|  Bayview Financial Mortgage Pass-Through Trust | Bayview Financial Mortgage Pass-Through Trust | Bayview Financial Mortgage Pass-Through Trust | Bayview Financial Mortgage Pass-Through Trust | Bayview Financial Mortgage Pass-Through Trust |
|  4.658% due 04/28/2036 •  |  | 3087 |  | 3109 |
|  Bayview Financial Revolving Asset Trust | Bayview Financial Revolving Asset Trust | Bayview Financial Revolving Asset Trust | Bayview Financial Revolving Asset Trust | Bayview Financial Revolving Asset Trust |
|  4.718% due 12/28/2040 •  |  | 532 |  | 531 |
|  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 •  |  | 10 |  | 11 |
|  4.073% due 04/25/2037 •  |  | 4260 |  | 4132 |
|  4.093% due 11/25/2036 •  |  | 677 |  | 663 |
|  4.093% due 06/25/2047 •  |  | 164 |  | 164 |
|  4.113% due 08/25/2036 •  |  | 2709 |  | 2652 |
|  4.133% due 12/25/2036 •  |  | 3797 |  | 3798 |
|  4.243% due 06/25/2036 •  |  | 32 |  | 32 |
|  4.273% due 02/25/2037 •  |  | 23887 |  | 23319 |
|  4.293% due 01/25/2037 •  |  | 7430 |  | 7311 |
|  4.313% due 02/25/2037 •  |  | 6316 |  | 6254 |
|  4.333% due 05/25/2036 •  |  | 19175 |  | 18741 |
|  4.363% due 04/25/2036 •  |  | 11802 |  | 11698 |
|  4.468% due 12/25/2035 •  |  | 3228 |  | 3214 |
|  4.493% due 05/25/2037 •  |  | 14775 |  | 12834 |
|  4.573% due 12/25/2035 •  |  | 340 |  | 340 |
|  4.743% due 10/25/2037 •  |  | 5547 |  | 5407 |
|  4.793% due 10/25/2037 •  |  | 6578 |  | 6458 |
|  4.798% due 06/25/2035 •  |  | 1922 |  | 1900 |
|  4.813% due 04/25/2035 •  |  | 2704 |  | 2732 |
|  4.813% due 10/25/2035 •  |  | 2996 |  | 3009 |
|  4.843% due 11/25/2035 •  |  | 18899 |  | 19665 |
|  4.843% due 08/25/2037 •  |  | 629 |  | 572 |
|  4.873% due 06/25/2035 •  |  | 2792 |  | 2802 |
|  5.188% due 01/25/2035 •  |  | 805 |  | 815 |
|  5.393% due 08/25/2037 •  |  | 29266 |  | 25847 |
|  5.668% due 12/25/2034 •  |  | 12252 |  | 12395 |
|  5.761% due 01/25/2035 •  |  | 3537 |  | 3564 |
|  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 |
|  4.243% due 01/25/2047 •  |  | 7526 |  | 7487 |
|  4.553% due 01/25/2037 •  |  | 281 |  | 281 |
|  4.633% due 08/25/2036 •  |  | 1345 |  | 1329 |
|  4.768% due 02/25/2034 •  |  | 930 |  | 958 |
|  4.793% due 11/25/2042 •  |  | 265 |  | 265 |
|  5.039% due 02/25/2036 •  |  | 6061 |  | 6047 |
|  6.418% due 09/25/2035 •  |  | 3559 |  | 3608 |
|  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 |
|  5.793% due 03/25/2037 •  |  | 1514 |  | 1493 |
|  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 •  |  | 5108 |  | 4763 |
|  4.113% due 11/25/2036 •  |  | 297 |  | 291 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.153% due 10/25/2036 •  | $— | 6973 | $— | 4642 |
|  4.413% due 11/25/2036 •  |  | 40973 |  | 21981 |
|  C-BASS Mortgage Loan Asset-Backed Certificates | C-BASS Mortgage Loan Asset-Backed Certificates | C-BASS Mortgage Loan Asset-Backed Certificates | C-BASS Mortgage Loan Asset-Backed Certificates | C-BASS Mortgage Loan Asset-Backed Certificates |
|  3.519% due 11/25/2035 •  |  | 2616 |  | 2529 |
|  C-BASS Trust | C-BASS Trust | C-BASS Trust | C-BASS Trust | C-BASS Trust |
|  3.208% due 04/25/2037 •  |  | 1947 |  | 1164 |
|  3.304% due 01/25/2037 •  |  | 450 |  | 131 |
|  3.454% due 07/25/2036 •  |  | 12279 |  | 11844 |
|  3.913% due 11/25/2036 •  |  | 56 |  | 26 |
|  4.073% due 10/25/2036 •  |  | 9921 |  | 7296 |
|  4.253% due 11/25/2036 •  |  | 4974 |  | 2304 |
|  4.273% due 10/25/2036 •  |  | 1723 |  | 1211 |
|  Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust |
|  3.943% due 04/25/2036 •  |  | 10777 |  | 10665 |
|  3.953% due 10/25/2036 •  |  | 12393 |  | 10116 |
|  4.013% due 01/25/2037 •  |  | 23866 |  | 18860 |
|  4.043% due 10/25/2036 •  |  | 4083 |  | 3336 |
|  4.053% due 02/25/2037 •  |  | 7091 |  | 6850 |
|  4.093% due 08/25/2036 •  |  | 3586 |  | 3498 |
|  4.213% due 12/26/2036 •  |  | 8317 |  | 7267 |
|  4.333% due 02/25/2036 •  |  | 8262 |  | 7808 |
|  4.543% due 10/25/2035 •  |  | 555 |  | 550 |
|  4.588% due 09/25/2035 •  |  | 823 |  | 827 |
|  4.783% due 06/25/2035 •  |  | 2165 |  | 2184 |
|  4.843% due 05/25/2035 •  |  | 3076 |  | 3012 |
|  5.818% due 05/25/2035 •  |  | 8994 |  | 8806 |
|  CDC Mortgage Capital Trust | CDC Mortgage Capital Trust | CDC Mortgage Capital Trust | CDC Mortgage Capital Trust | CDC Mortgage Capital Trust |
|  4.708% due 11/25/2034 •  |  | 10 |  | 13 |
|  5.593% due 06/25/2034 •  |  | 134 |  | 134 |
|  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 |
|  4.093% due 01/25/2032 •  |  | 14 |  | 14 |
|  4.253% due 07/25/2032 •  |  | 30 |  | 28 |
|  4.273% due 06/25/2036 •  |  | 16005 |  | 15915 |
|  4.393% due 01/25/2034 •  |  | 189 |  | 202 |
|  4.443% due 09/25/2032 •  |  | 156 |  | 157 |
|  4.483% due 03/25/2035 •  |  | 613 |  | 613 |
|  4.513% due 06/25/2034 •  |  | 28 |  | 28 |
|  4.588% due 06/25/2034 •  |  | 68 |  | 67 |
|  4.618% due 01/25/2035 •  |  | 851 |  | 844 |
|  4.723% due 09/25/2034 •  |  | 2379 |  | 2354 |
|  4.753% due 10/25/2035 •  |  | 2584 |  | 2585 |
|  4.798% due 06/25/2034 •  |  | 290 |  | 284 |
|  4.918% due 03/25/2035 •  |  | 871 |  | 774 |
|  4.993% due 01/25/2035 •  |  | 1291 |  | 1264 |
|  5.523% due 03/25/2033 •  |  | 54 |  | 55 |
|  5.593% due 10/25/2035 •  |  | 12568 |  | 12227 |
|  6.260% due 09/25/2034 þ |  | 768 |  | 759 |
|  Chase Funding Loan Acquisition Trust | Chase Funding Loan Acquisition Trust | Chase Funding Loan Acquisition Trust | Chase Funding Loan Acquisition Trust | Chase Funding Loan Acquisition Trust |
|  4.648% due 06/25/2034 •  |  | 5102 |  | 5087 |
|  4.835% due 12/25/2032 þ |  | 419 |  | 419 |
|  Chase Funding Trust | Chase Funding Trust | Chase Funding Trust | Chase Funding Trust | Chase Funding Trust |
|  4.293% due 05/25/2032 •  |  | 19 |  | 19 |
|  4.393% due 07/25/2033 •  |  | 5 |  | 5 |
|  4.725% due 05/25/2033 |  | 3596 |  | 3443 |
|  5.160% due 03/25/2033 þ |  | 1236 |  | 1236 |
|  CHEC Loan Trust | CHEC Loan Trust | CHEC Loan Trust | CHEC Loan Trust | CHEC Loan Trust |
|  4.753% due 06/25/2034 •  |  | 66 |  | 71 |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  5.293% due 10/25/2037 •  |  | 25277 |  | 25644 |
|  Citicorp Residential Mortgage Trust | Citicorp Residential Mortgage Trust | Citicorp Residential Mortgage Trust | Citicorp Residential Mortgage Trust | Citicorp Residential Mortgage Trust |
|  4.363% due 11/25/2036 þ |  | 990 |  | 977 |
|  4.420% due 06/25/2037 þ |  | 12779 |  | 12616 |
|  4.474% due 09/25/2036 þ |  | 15002 |  | 14605 |
|  Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates | Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates | Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates | Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates | Citigroup Mortgage Loan Trust Asset-Backed Pass-Through Certificates |
|  4.738% due 10/25/2034 •  |  | 2750 |  | 2714 |
|  5.368% due 10/25/2034 •  |  | 499 |  | 443 |
|  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. |
|  3.853% due 07/25/2045 •  |  | 1124 |  | 796 |
|  3.953% due 01/25/2037 •  |  | 9909 |  | 7395 |
|  3.963% due 05/25/2037 •  |  | 31637 |  | 24178 |
|  3.983% due 05/25/2037 •  |  | 28176 |  | 19135 |
|  3.993% due 12/25/2036 •  |  | 2960 |  | 2070 |
|  4.053% due 03/25/2037 •  |  | 23465 |  | 21457 |
|  4.073% due 12/25/2036 •  |  | 3299 |  | 3245 |
|  4.113% due 09/25/2036 •  |  | 4100 |  | 3779 |
|  4.113% due 12/25/2036 •  |  | 6005 |  | 4203 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.153% due 01/25/2037 •  | $— | 59194 | $— | 44186 |
|  4.168% due 12/25/2036 •  |  | 14644 |  | 14040 |
|  4.198% due 05/25/2037 •  |  | 38635 |  | 36161 |
|  4.213% due 12/25/2036 •  |  | 4308 |  | 4286 |
|  4.243% due 08/25/2036 •  |  | 4813 |  | 4754 |
|  4.293% due 08/25/2036 •  |  | 2568 |  | 2549 |
|  4.293% due 01/25/2037 •  |  | 19271 |  | 14381 |
|  4.313% due 03/25/2036 •  |  | 2945 |  | 2722 |
|  4.393% due 12/25/2035 •  |  | 10030 |  | 9798 |
|  4.423% due 02/25/2035 •  |  | 979 |  | 935 |
|  4.468% due 10/25/2035 •  |  | 110 |  | 110 |
|  4.483% due 10/25/2035 •  |  | 3900 |  | 3707 |
|  4.498% due 01/25/2036 •  |  | 1468 |  | 1470 |
|  4.528% due 09/25/2035 •  |  | 211 |  | 211 |
|  4.693% due 09/25/2035 •  |  | 6350 |  | 6187 |
|  7.250% due 10/25/2037 þ |  | 11052 |  | 10696 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.083% due 05/25/2047 •  |  | 872 |  | 845 |
|  4.193% due 02/25/2037 •  |  | 1349 |  | 1296 |
|  4.228% due 11/25/2036 •  |  | 12103 |  | 11718 |
|  4.233% due 07/25/2034 •  |  | 3130 |  | 3086 |
|  4.273% due 03/25/2037 •  |  | 19680 |  | 18530 |
|  4.273% due 04/25/2037 •  |  | 4582 |  | 4131 |
|  4.288% due 03/25/2037 •  |  | 17443 |  | 21429 |
|  4.293% due 01/25/2046 •  |  | 25234 |  | 24147 |
|  4.393% due 06/25/2033 •  |  | 1 |  | 1 |
|  4.473% due 12/25/2036 •  |  | 6535 |  | 5481 |
|  4.493% due 12/25/2033 •  |  | 285 |  | 289 |
|  4.693% due 09/25/2034 •  |  | 175 |  | 173 |
|  4.693% due 03/25/2047 •  |  | 4903 |  | 3749 |
|  4.843% due 07/25/2033 •  |  | 55 |  | 55 |
|  4.888% due 05/25/2035 •  |  | 1019 |  | 1012 |
|  4.993% due 10/25/2035 •  |  | 1281 |  | 1279 |
|  5.368% due 08/25/2034 •  |  | 8825 |  | 8314 |
|  5.818% due 01/25/2035 •  |  | 4674 |  | 4612 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  3.627% due 04/25/2035 •  |  | 375 |  | 373 |
|  3.933% due 08/25/2037 •  |  | 51490 |  | 46357 |
|  3.973% due 06/25/2047 •  |  | 3727 |  | 3595 |
|  3.983% due 11/25/2037 •  |  | 9601 |  | 9266 |
|  3.993% due 06/25/2047 •  |  | 16259 |  | 14680 |
|  4.023% due 10/25/2047 •  |  | 26 |  | 26 |
|  4.043% due 02/25/2036 •  |  | 4788 |  | 4681 |
|  4.043% due 06/25/2047 •  |  | 14524 |  | 14205 |
|  4.053% due 12/25/2036 •  |  | 7657 |  | 7194 |
|  4.053% due 11/25/2037 •  |  | 38313 |  | 36478 |
|  4.053% due 04/25/2046 •  |  | 16696 |  | 15846 |
|  4.073% due 05/25/2035 •  |  | 10916 |  | 10632 |
|  4.073% due 06/25/2035 •  |  | 10920 |  | 10127 |
|  4.073% due 02/25/2037 •  |  | 14551 |  | 14025 |
|  4.073% due 03/25/2037 •  |  | 10909 |  | 10788 |
|  4.073% due 05/25/2037 •  |  | 23999 |  | 23074 |
|  4.073% due 06/25/2037 •  |  | 12575 |  | 11791 |
|  4.073% due 07/25/2037 •  |  | 35589 |  | 33062 |
|  4.073% due 04/25/2047 •  |  | 8677 |  | 8527 |
|  4.073% due 06/25/2047 •  |  | 33973 |  | 32326 |
|  4.083% due 10/25/2047 •  |  | 10000 |  | 8838 |
|  4.118% due 07/25/2034 ~ |  | 992 |  | 708 |
|  4.118% due 08/25/2034 ~ |  | 2442 |  | 2094 |
|  4.153% due 11/25/2047 •  |  | 16262 |  | 15722 |
|  4.193% due 09/25/2037 •  |  | 22369 |  | 20991 |
|  4.193% due 09/25/2047 •  |  | 21196 |  | 20110 |
|  4.228% due 02/25/2037 •  |  | 15117 |  | 16254 |
|  4.233% due 05/25/2037 •  |  | 1575 |  | 1537 |
|  4.233% due 06/25/2037 •  |  | 2830 |  | 2790 |
|  4.233% due 09/25/2037 •  |  | 3708 |  | 4011 |
|  4.233% due 06/25/2047 •  |  | 40950 |  | 39124 |
|  4.233% due 09/25/2047 •  |  | 4168 |  | 4341 |
|  4.242% due 10/25/2046 ~ |  | 113 |  | 119 |
|  4.243% due 02/25/2037 •  |  | 413 |  | 413 |
|  4.253% due 05/25/2037 •  |  | 9905 |  | 9303 |
|  4.253% due 07/25/2037 •  |  | 44772 |  | 40217 |
|  4.273% due 09/25/2036 •  |  | 14410 |  | 13664 |
|  4.273% due 02/25/2037 •  |  | 12274 |  | 11965 |
|  4.273% due 12/25/2046 •  |  | 11116 |  | 10880 |
|  4.293% due 01/25/2037 •  |  | 6829 |  | 6790 |
|  4.293% due 04/25/2046 •  |  | 1312 |  | 1286 |
|  4.293% due 11/25/2047 •  |  | 17974 |  | 16852 |
|  4.313% due 12/25/2036 •  |  | 1839 |  | 1777 |
|  4.313% due 09/25/2046 •  |  | 9396 |  | 9083 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **31** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.318% due 08/25/2036 •  | $— | 872 | $— | 862 |
|  4.348% due 04/25/2036 •  |  | 2159 |  | 2154 |
|  4.373% due 06/25/2037 •  |  | 6270 |  | 6183 |
|  4.433% due 05/25/2047 •  |  | 19696 |  | 14703 |
|  4.453% due 08/25/2035 •  |  | 3410 |  | 3386 |
|  4.493% due 03/25/2036 •  |  | 4205 |  | 3850 |
|  4.498% due 09/25/2035 •  |  | 5338 |  | 5286 |
|  4.513% due 08/25/2035 •  |  | 8200 |  | 7725 |
|  4.528% due 04/25/2036 •  |  | 13758 |  | 13728 |
|  4.533% due 12/25/2034 •  |  | 578 |  | 569 |
|  4.558% due 02/25/2036 •  |  | 3049 |  | 3047 |
|  4.573% due 11/25/2034 •  |  | 247 |  | 242 |
|  4.633% due 10/25/2047 •  |  | 7776 |  | 7606 |
|  4.693% due 11/25/2034 •  |  | 224 |  | 222 |
|  4.693% due 05/25/2036 •  |  | 184 |  | 182 |
|  4.783% due 02/25/2036 •  |  | 6000 |  | 5504 |
|  4.843% due 11/25/2034 •  |  | 18 |  | 27 |
|  4.873% due 05/25/2036 •  |  | 22800 |  | 22427 |
|  4.888% due 04/25/2036 •  |  | 11300 |  | 11093 |
|  4.903% due 08/25/2035 •  |  | 1092 |  | 1085 |
|  4.918% due 11/25/2035 •  |  | 2656 |  | 2647 |
|  4.933% due 01/25/2036 •  |  | 7533 |  | 7527 |
|  4.943% due 05/25/2035 •  |  | 188 |  | 188 |
|  4.963% due 04/25/2036 •  |  | 15370 |  | 14010 |
|  5.050% due 02/25/2036 ~ |  | 3 |  | 3 |
|  5.093% due 08/25/2035 •  |  | 3250 |  | 3197 |
|  5.115% due 10/25/2035 ~ |  | 5000 |  | 4621 |
|  5.270% due 02/25/2035 ~ |  | 3538 |  | 3472 |
|  5.443% due 06/25/2035 •  |  | 3937 |  | 3936 |
|  5.572% due 11/25/2034 ~ |  | 1888 |  | 1851 |
|  5.623% due 12/25/2035 •  |  | 9836 |  | 9186 |
|  5.668% due 07/25/2035 •  |  | 5528 |  | 5518 |
|  5.743% due 08/25/2035 •  |  | 2000 |  | 1908 |
|  6.193% due 10/25/2034 •  |  | 570 |  | 566 |
|  Countrywide Asset-Backed Notes Trust | Countrywide Asset-Backed Notes Trust | Countrywide Asset-Backed Notes Trust | Countrywide Asset-Backed Notes Trust | Countrywide Asset-Backed Notes Trust |
|  4.453% due 07/25/2036 •  |  | 56 |  | 56 |
|  5.668% due 12/25/2034 •  |  | 708 |  | 833 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  4.413% due 01/25/2032 •  |  | 3 |  | 3 |
|  4.776% due 08/25/2032 •  |  | 85 |  | 80 |
|  4.843% due 02/25/2035 •  |  | 2340 |  | 2339 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  3.197% due 08/25/2035 •  |  | 5951 |  | 5769 |
|  3.341% due 12/25/2035 •  |  | 19631 |  | 18296 |
|  3.596% due 10/25/2034 •  |  | 1388 |  | 1317 |
|  3.672% due 12/25/2035 •  |  | 1709 |  | 1663 |
|  3.908% due 07/25/2037 •  |  | 3921 |  | 2624 |
|  4.008% due 07/25/2037 •  |  | 3625 |  | 2425 |
|  4.128% due 07/25/2037 •  |  | 3837 |  | 2568 |
|  4.708% due 01/25/2034 •  |  | 742 |  | 809 |
|  6.780% due 05/25/2035 þ |  | 1528 |  | 1416 |
|  DFC HEL Trust | DFC HEL Trust | DFC HEL Trust | DFC HEL Trust | DFC HEL Trust |
|  5.668% due 12/25/2031 •  |  | 1110 |  | 1064 |
|  Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust |
|  4.843% due 05/25/2037 •  |  | 23852 |  | 23665 |
|  5.293% due 05/25/2037 •  |  | 988 |  | 981 |
|  5.393% due 05/25/2037 •  |  | 35744 |  | 33054 |
|  EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
|  4.533% due 05/25/2040 •  |  | 25 |  | 24 |
|  4.893% due 08/25/2040 •  |  | 210 |  | 213 |
|  4.893% due 11/25/2041 •  |  | 28 |  | 28 |
|  Encore Credit Receivables Trust | Encore Credit Receivables Trust | Encore Credit Receivables Trust | Encore Credit Receivables Trust | Encore Credit Receivables Trust |
|  4.483% due 07/25/2035 •  |  | 6385 |  | 6305 |
|  4.693% due 10/25/2035 •  |  | 1059 |  | 1059 |
|  4.693% due 01/25/2036 •  |  | 5474 |  | 5372 |
|  EquiFirst Loan Securitization Trust | EquiFirst Loan Securitization Trust | EquiFirst Loan Securitization Trust | EquiFirst Loan Securitization Trust | EquiFirst Loan Securitization Trust |
|  4.133% due 04/25/2037 •  |  | 21810 |  | 20541 |
|  EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust |
|  4.798% due 04/25/2035 •  |  | 16 |  | 16 |
|  4.858% due 04/25/2035 •  |  | 1904 |  | 1876 |
|  5.518% due 12/25/2034 •  |  | 653 |  | 646 |
|  5.593% due 04/25/2035 •  |  | 4623 |  | 4284 |
|  6.268% due 12/25/2034 •  |  | 501 |  | 479 |
|  7.693% due 12/25/2034 •  |  | 995 |  | 887 |
|  FBR Securitization Trust | FBR Securitization Trust | FBR Securitization Trust | FBR Securitization Trust | FBR Securitization Trust |
|  4.498% due 11/25/2035 •  |  | 174 |  | 173 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust |
|  4.028% due 11/25/2036 •  | $— | 1503 | $— | 989 |
|  4.073% due 07/25/2036 •  |  | 12648 |  | 9911 |
|  4.173% due 05/25/2036 •  |  | 19299 |  | 14813 |
|  4.268% due 11/25/2036 •  |  | 8996 |  | 5920 |
|  4.438% due 02/25/2036 •  |  | 5458 |  | 4885 |
|  4.963% due 03/25/2035 •  |  | 2059 |  | 1809 |
|  6.493% due 02/25/2035 •  |  | 4403 |  | 2888 |
|  Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust |
|  4.843% due 09/25/2033 •  |  | 56 |  | 55 |
|  Finance of America Structured Securities Trust | Finance of America Structured Securities Trust | Finance of America Structured Securities Trust | Finance of America Structured Securities Trust | Finance of America Structured Securities Trust |
|  3.500% due 07/25/2075 þ |  | 557996 |  | 545037 |
|  Financial Asset Securities Corp. AAA Trust | Financial Asset Securities Corp. AAA Trust | Financial Asset Securities Corp. AAA Trust | Financial Asset Securities Corp. AAA Trust | Financial Asset Securities Corp. AAA Trust |
|  4.201% due 02/27/2035 •  |  | 1077 |  | 1025 |
|  First NLC Trust | First NLC Trust | First NLC Trust | First NLC Trust | First NLC Trust |
|  2.904% due 05/25/2035 •  |  | 1078 |  | 0 |
|  3.863% due 08/25/2037 •  |  | 3900 |  | 1971 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  3.893% due 08/25/2036 •  |  | 4535 |  | 1399 |
|  3.953% due 08/25/2036 •  |  | 30071 |  | 9273 |
|  4.033% due 08/25/2036 •  |  | 7698 |  | 2374 |
|  4.053% due 11/25/2036 •  |  | 19929 |  | 6949 |
|  4.063% due 10/25/2036 •  |  | 7672 |  | 7122 |
|  4.093% due 10/25/2036 •  |  | 4786 |  | 1889 |
|  4.133% due 02/25/2036 •  |  | 3902 |  | 3831 |
|  4.133% due 02/25/2037 •  |  | 17041 |  | 5060 |
|  4.233% due 01/25/2037 •  |  | 21252 |  | 9738 |
|  4.293% due 05/25/2036 •  |  | 6402 |  | 4217 |
|  4.333% due 04/25/2036 •  |  | 26780 |  | 24368 |
|  4.408% due 11/25/2035 •  |  | 2622 |  | 2450 |
|  4.468% due 01/25/2036 •  |  | 44985 |  | 38728 |
|  4.663% due 11/25/2034 •  |  | 1740 |  | 1587 |
|  4.723% due 06/25/2035 •  |  | 1125 |  | 1064 |
|  4.753% due 04/25/2035 •  |  | 5257 |  | 4695 |
|  4.798% due 04/25/2035 •  |  | 5109 |  | 690 |
|  4.843% due 11/25/2034 •  |  | 3663 |  | 3561 |
|  4.858% due 06/25/2035 •  |  | 1502 |  | 1502 |
|  4.948% due 06/25/2035 •  |  | 22416 |  | 19290 |
|  GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust |
|  3.873% due 08/25/2036 •  |  | 2 |  | 1 |
|  4.053% due 08/25/2036 •  |  | 1921 |  | 1807 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  3.913% due 05/25/2036 •  |  | 5950 |  | 1193 |
|  3.933% due 03/25/2036 •  |  | 19 |  | 6 |
|  3.993% due 03/25/2037 •  |  | 29327 |  | 7930 |
|  4.033% due 06/25/2036 •  |  | 57989 |  | 10372 |
|  4.113% due 06/25/2036 •  |  | 33722 |  | 6052 |
|  4.133% due 10/25/2036 •  |  | 35160 |  | 8143 |
|  4.133% due 02/25/2037 •  |  | 7657 |  | 2086 |
|  4.153% due 03/25/2036 •  |  | 18585 |  | 5917 |
|  4.153% due 05/25/2036 •  |  | 21035 |  | 4249 |
|  4.153% due 11/25/2036 •  |  | 16305 |  | 3777 |
|  4.173% due 03/25/2036 •  |  | 11921 |  | 3818 |
|  4.233% due 05/25/2047 •  |  | 4861 |  | 2853 |
|  4.253% due 04/25/2047 •  |  | 3182 |  | 1381 |
|  4.273% due 06/25/2036 •  |  | 2512 |  | 614 |
|  4.293% due 01/25/2036 •  |  | 4068 |  | 1267 |
|  4.333% due 03/25/2036 •  |  | 21050 |  | 9542 |
|  4.433% due 04/25/2047 •  |  | 9772 |  | 4223 |
|  4.528% due 06/25/2035 •  |  | 1937 |  | 1936 |
|  4.588% due 08/25/2035 •  |  | 4304 |  | 4296 |
|  4.768% due 06/25/2034 •  |  | 330 |  | 329 |
|  5.344% due 09/25/2035 ~ |  | 140 |  | 90 |
|  5.679% due 09/25/2036 ~ |  | 8815 |  | 2211 |
|  5.772% due 11/25/2036 ~ |  | 6739 |  | 1801 |
|  5.917% due 03/25/2037 ~ |  | 32749 |  | 5693 |
|  6.000% due 11/25/2037 |  | 524 |  | 251 |
|  6.376% due 09/25/2036 þ |  | 7926 |  | 1983 |
|  6.423% due 11/25/2036 þ |  | 19562 |  | 5226 |
|  6.483% due 03/25/2037 þ |  | 9076 |  | 2379 |
|  6.500% due 10/25/2037 |  | 4891 |  | 2649 |
|  6.500% due 11/25/2037 |  | 12530 |  | 4264 |
|  6.692% due 09/25/2036 þ |  | 8678 |  | 2169 |
|  6.948% due 06/25/2036 þ |  | 18054 |  | 3885 |
|  GSAA Trust | GSAA Trust | GSAA Trust | GSAA Trust | GSAA Trust |
|  6.720% due 04/25/2034 þ |  | 1393 |  | 1381 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  2.609% due 10/25/2036 •  | $— | 1494 | $— | 6 |
|  3.883% due 01/25/2037 •  |  | 5666 |  | 3488 |
|  3.933% due 12/25/2036 •  |  | 594 |  | 294 |
|  3.953% due 08/25/2036 •  |  | 4011 |  | 3479 |
|  3.953% due 11/25/2036 •  |  | 864 |  | 399 |
|  3.973% due 11/25/2035 •  |  | 178 |  | 13 |
|  4.033% due 12/25/2036 •  |  | 873 |  | 432 |
|  4.053% due 12/25/2046 •  |  | 4647 |  | 2459 |
|  4.073% due 06/25/2036 •  |  | 2138 |  | 2119 |
|  4.073% due 08/25/2036 •  |  | 3428 |  | 3384 |
|  4.073% due 11/25/2036 •  |  | 53397 |  | 24616 |
|  4.093% due 06/25/2036 •  |  | 25428 |  | 13952 |
|  4.093% due 12/25/2036 •  |  | 322 |  | 321 |
|  4.113% due 04/25/2036 •  |  | 1664 |  | 1088 |
|  4.133% due 12/25/2036 •  |  | 4621 |  | 2284 |
|  4.133% due 01/25/2037 •  |  | 778 |  | 769 |
|  4.193% due 11/25/2036 •  |  | 11801 |  | 5454 |
|  4.243% due 06/25/2036 •  |  | 7100 |  | 6242 |
|  4.273% due 06/25/2036 •  |  | 3082 |  | 1682 |
|  4.273% due 08/25/2036 •  |  | 19854 |  | 18474 |
|  4.313% due 02/25/2046 •  |  | 390 |  | 369 |
|  4.333% due 02/25/2036 •  |  | 6561 |  | 6423 |
|  4.333% due 03/25/2047 •  |  | 10656 |  | 7887 |
|  4.438% due 11/25/2035 •  |  | 7589 |  | 7588 |
|  4.468% due 11/25/2035 •  |  | 46 |  | 46 |
|  4.533% due 03/25/2047 •  |  | 1817 |  | 1345 |
|  4.573% due 07/25/2045 •  |  | 486 |  | 507 |
|  4.678% due 07/25/2045 •  |  | 6976 |  | 6652 |
|  4.693% due 11/25/2035 •  |  | 2168 |  | 2142 |
|  4.738% due 11/25/2035 •  |  | 4016 |  | 3710 |
|  4.768% due 03/25/2035 •  |  | 2723 |  | 2643 |
|  5.518% due 12/25/2034 •  |  | 4478 |  | 4345 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.093% due 10/25/2036 •  |  | 5 |  | 5 |
|  4.093% due 11/25/2036 •  |  | 152 |  | 151 |
|  4.363% due 05/25/2036 •  |  | 13592 |  | 13733 |
|  4.393% due 07/25/2036 •  |  | 4612 |  | 4429 |
|  4.408% due 04/25/2036 •  |  | 195 |  | 194 |
|  4.453% due 04/25/2036 •  |  | 7057 |  | 6911 |
|  4.498% due 01/25/2036 •  |  | 2797 |  | 2709 |
|  4.498% due 02/25/2036 •  |  | 14725 |  | 17278 |
|  4.498% due 04/25/2036 •  |  | 10812 |  | 10765 |
|  4.553% due 11/25/2032 •  |  | 128 |  | 121 |
|  4.738% due 11/25/2035 •  |  | 5656 |  | 5590 |
|  4.738% due 12/25/2035 •  |  | 2810 |  | 2754 |
|  4.805% due 10/25/2035 •  |  | 2110 |  | 2111 |
|  4.858% due 08/25/2035 •  |  | 2610 |  | 2616 |
|  4.993% due 06/25/2032 •  |  | 16 |  | 16 |
|  4.993% due 07/25/2035 •  |  | 4182 |  | 4174 |
|  5.293% due 03/25/2035 •  |  | 771 |  | 760 |
|  5.393% due 03/25/2035 •  |  | 1629 |  | 1584 |
|  5.443% due 12/25/2034 •  |  | 1215 |  | 1217 |
|  5.993% due 06/25/2034 •  |  | 1610 |  | 1627 |
|  6.343% due 03/25/2033 •  |  | 3044 |  | 2947 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  3.953% due 11/25/2036 •  |  | 6983 |  | 6508 |
|  3.983% due 04/25/2037 •  |  | 1094 |  | 745 |
|  4.013% due 04/25/2037 •  |  | 34492 |  | 27297 |
|  4.033% due 11/25/2036 •  |  | 7998 |  | 6700 |
|  4.113% due 04/25/2037 •  |  | 6911 |  | 6209 |
|  4.113% due 07/25/2037 •  |  | 333 |  | 186 |
|  4.133% due 04/25/2037 •  |  | 2981 |  | 2105 |
|  4.173% due 07/25/2037 •  |  | 43533 |  | 17072 |
|  4.193% due 07/25/2037 •  |  | 14242 |  | 7950 |
|  4.273% due 08/25/2036 •  |  | 11951 |  | 11106 |
|  4.353% due 06/25/2036 •  |  | 7219 |  | 6752 |
|  4.393% due 03/25/2036 •  |  | 17290 |  | 15952 |
|  4.453% due 03/25/2036 •  |  | 13952 |  | 13263 |
|  4.573% due 10/25/2035 •  |  | 13050 |  | 12498 |
|  4.858% due 08/25/2035 •  |  | 8950 |  | 8816 |
|  HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust |
|  6.230% due 12/25/2036 þ |  | 11802 |  | 3601 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  3.893% due 10/25/2036 •  |  | 2097 |  | 712 |
|  3.933% due 12/25/2036 •  |  | 25549 |  | 22519 |
|  4.013% due 10/25/2036 •  |  | 14513 |  | 4957 |
|  4.073% due 10/25/2036 •  |  | 4197 |  | 1109 |

---

---

| | | |
|:---|:---|:---|
| **32** | **PIMCO INCOME FUND** | 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)** |
|  4.073% due 01/25/2037 •  | $— | 42539 | $— | 32689 |
|  4.113% due 10/25/2036 •  |  | 7397 |  | 2537 |
|  4.133% due 12/25/2036 •  |  | 25147 |  | 5713 |
|  4.168% due 05/25/2037 •  |  | 1422 |  | 1426 |
|  4.173% due 04/25/2037 •  |  | 13191 |  | 6574 |
|  4.273% due 10/25/2036 •  |  | 1648 |  | 568 |
|  4.288% due 02/25/2036 •  |  | 3865 |  | 3796 |
|  4.313% due 04/25/2037 •  |  | 6664 |  | 3329 |
|  4.318% due 02/25/2036 •  |  | 16250 |  | 14483 |
|  4.378% due 12/25/2035 •  |  | 4904 |  | 4763 |
|  4.408% due 01/25/2036 •  |  | 6993 |  | 6786 |
|  4.573% due 01/25/2036 •  |  | 5700 |  | 5072 |
|  IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust | IXIS Real Estate Capital Trust |
|  3.853% due 05/25/2037 •  |  | 5048 |  | 1020 |
|  3.903% due 05/25/2037 •  |  | 10019 |  | 2023 |
|  3.953% due 05/25/2037 •  |  | 31294 |  | 6319 |
|  4.093% due 01/25/2037 •  |  | 74182 |  | 23878 |
|  4.113% due 08/25/2036 •  |  | 57139 |  | 15311 |
|  4.193% due 03/25/2036 •  |  | 9109 |  | 4742 |
|  4.313% due 08/25/2036 •  |  | 29011 |  | 7773 |
|  4.738% due 02/25/2035 •  |  | 221 |  | 227 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  2.945% due 10/25/2035 •  |  | 6100 |  | 5485 |
|  4.303% due 02/25/2036 •  |  | 1797 |  | 1786 |
|  4.333% due 03/25/2036 •  |  | 30751 |  | 29148 |
|  4.378% due 05/25/2035 •  |  | 117 |  | 116 |
|  4.378% due 01/25/2036 •  |  | 9169 |  | 9351 |
|  4.438% due 05/25/2035 •  |  | 16317 |  | 14205 |
|  4.498% due 09/25/2035 •  |  | 2518 |  | 2544 |
|  4.723% due 06/25/2035 •  |  | 16467 |  | 15794 |
|  4.768% due 12/25/2035 •  |  | 8591 |  | 8194 |
|  4.858% due 06/25/2035 •  |  | 11812 |  | 10115 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.013% due 08/25/2036 •  |  | 1915 |  | 1460 |
|  4.023% due 05/25/2037 •  |  | 20122 |  | 19873 |
|  4.033% due 05/25/2037 •  |  | 32875 |  | 30712 |
|  4.053% due 08/25/2036 •  |  | 790 |  | 787 |
|  4.063% due 07/25/2036 •  |  | 18867 |  | 17234 |
|  4.073% due 11/25/2036 •  |  | 8101 |  | 7740 |
|  4.113% due 03/25/2037 •  |  | 549 |  | 548 |
|  4.198% due 07/25/2036 •  |  | 9771 |  | 9682 |
|  4.228% due 05/25/2036 •  |  | 21093 |  | 19739 |
|  4.273% due 04/25/2036 •  |  | 12701 |  | 13325 |
|  4.273% due 08/25/2036 •  |  | 16114 |  | 12328 |
|  4.453% due 07/25/2036 •  |  | 3200 |  | 3062 |
|  4.545% due 11/25/2036 •  |  | 1794 |  | 1894 |
|  4.588% due 01/25/2037 •  |  | 2350 |  | 2110 |
|  6.330% due 07/25/2036 þ |  | 4695 |  | 1185 |
|  6.910% due 07/25/2036 þ |  | 6694 |  | 1687 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  3.973% due 09/25/2036 •  |  | 9607 |  | 2383 |
|  3.993% due 12/25/2036 •  |  | 13386 |  | 4575 |
|  4.013% due 11/25/2036 •  |  | 6478 |  | 1929 |
|  4.033% due 08/25/2036 •  |  | 5335 |  | 2106 |
|  4.083% due 07/25/2036 •  |  | 11618 |  | 8313 |
|  4.093% due 05/25/2036 •  |  | 41878 |  | 22053 |
|  4.093% due 06/25/2036 •  |  | 51905 |  | 24380 |
|  4.093% due 07/25/2036 •  |  | 8714 |  | 3563 |
|  4.093% due 09/25/2036 •  |  | 34742 |  | 22488 |
|  4.103% due 08/25/2036 •  |  | 24192 |  | 12594 |
|  4.103% due 10/25/2036 •  |  | 38547 |  | 20975 |
|  4.113% due 05/25/2036 •  |  | 8244 |  | 2384 |
|  4.113% due 08/25/2036 •  |  | 53766 |  | 21240 |
|  4.113% due 09/25/2036 •  |  | 2850 |  | 709 |
|  4.113% due 10/25/2036 •  |  | 46326 |  | 14104 |
|  4.113% due 12/25/2036 •  |  | 20775 |  | 14168 |
|  4.113% due 05/25/2046 •  |  | 5172 |  | 4942 |
|  4.133% due 12/25/2036 •  |  | 32136 |  | 10997 |
|  4.173% due 03/25/2046 •  |  | 67825 |  | 22300 |
|  4.193% due 01/25/2036 •  |  | 11025 |  | 10710 |
|  4.233% due 02/25/2036 •  |  | 5660 |  | 5627 |
|  4.233% due 11/25/2036 •  |  | 11691 |  | 3479 |
|  4.253% due 12/25/2036 •  |  | 22067 |  | 7560 |
|  4.273% due 08/25/2036 •  |  | 20590 |  | 8151 |
|  4.313% due 05/25/2036 •  |  | 25074 |  | 7284 |
|  4.393% due 01/25/2036 •  |  | 28503 |  | 26337 |
|  4.423% due 01/25/2046 •  |  | 34491 |  | 33702 |
|  4.573% due 08/25/2035 •  |  | 239 |  | 237 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.588% due 06/25/2034 •  | $— | 692 | $— | 692 |
|  4.648% due 07/25/2034 •  |  | 1164 |  | 1175 |
|  4.918% due 07/25/2033 •  |  | 1598 |  | 1598 |
|  4.993% due 11/25/2034 •  |  | 2911 |  | 2816 |
|  5.023% due 06/25/2033 •  |  | 1271 |  | 1340 |
|  5.218% due 02/25/2035 •  |  | 8445 |  | 7929 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  3.328% due 10/25/2036 •  |  | 20967 |  | 10005 |
|  3.893% due 08/25/2036 •  |  | 4582 |  | 1556 |
|  3.893% due 10/25/2036 •  |  | 36148 |  | 11522 |
|  3.893% due 11/25/2036 •  |  | 287 |  | 82 |
|  3.893% due 01/25/2037 •  |  | 38701 |  | 10663 |
|  3.993% due 08/25/2036 •  |  | 9664 |  | 2726 |
|  3.993% due 11/25/2036 •  |  | 12540 |  | 7353 |
|  3.993% due 01/25/2037 •  |  | 30760 |  | 8474 |
|  4.013% due 08/25/2036 •  |  | 6311 |  | 2196 |
|  4.033% due 10/25/2036 •  |  | 29807 |  | 9524 |
|  4.053% due 10/25/2036 •  |  | 28697 |  | 12732 |
|  4.083% due 10/25/2036 •  |  | 50073 |  | 19032 |
|  4.083% due 01/25/2037 •  |  | 24612 |  | 6328 |
|  4.093% due 03/25/2036 •  |  | 6002 |  | 3544 |
|  4.093% due 04/25/2036 •  |  | 23913 |  | 4723 |
|  4.093% due 08/25/2036 •  |  | 46268 |  | 14427 |
|  4.093% due 05/25/2037 •  |  | 5433 |  | 4936 |
|  4.113% due 08/25/2036 •  |  | 7736 |  | 2648 |
|  4.113% due 01/25/2037 •  |  | 33966 |  | 9357 |
|  4.193% due 04/25/2036 •  |  | 61930 |  | 9292 |
|  4.213% due 11/25/2036 •  |  | 17414 |  | 4948 |
|  4.213% due 05/25/2037 •  |  | 579 |  | 566 |
|  4.233% due 11/25/2036 •  |  | 2325 |  | 1363 |
|  4.253% due 01/25/2037 •  |  | 21168 |  | 5831 |
|  4.273% due 06/25/2036 •  |  | 3668 |  | 1215 |
|  4.273% due 08/25/2036 •  |  | 47436 |  | 15029 |
|  4.283% due 10/25/2036 •  |  | 5564 |  | 2125 |
|  4.313% due 06/25/2036 •  |  | 1395 |  | 1324 |
|  4.333% due 02/25/2036 •  |  | 8707 |  | 3100 |
|  4.363% due 01/25/2036 •  |  | 1139 |  | 1147 |
|  4.408% due 01/25/2036 •  |  | 11910 |  | 10848 |
|  4.543% due 03/25/2035 •  |  | 7178 |  | 6792 |
|  4.543% due 10/25/2035 •  |  | 9591 |  | 9545 |
|  4.768% due 05/25/2035 •  |  | 166 |  | 188 |
|  4.798% due 03/25/2035 •  |  | 2666 |  | 2692 |
|  4.843% due 05/25/2035 •  |  | 2000 |  | 2009 |
|  4.943% due 08/25/2037 •  |  | 15343 |  | 13702 |
|  8.443% due 05/25/2033 •  |  | 2516 |  | 2440 |
|  MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust |
|  4.313% due 02/25/2036 •  |  | 825 |  | 816 |
|  4.533% due 01/25/2037 •  |  | 8959 |  | 3466 |
|  Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust |
|  4.133% due 04/25/2037 •  |  | 32655 |  | 11896 |
|  4.133% due 05/25/2037 •  |  | 13090 |  | 9550 |
|  4.273% due 05/25/2037 •  |  | 23117 |  | 16968 |
|  4.293% due 04/25/2037 •  |  | 20002 |  | 7323 |
|  4.433% due 05/25/2037 •  |  | 14445 |  | 10664 |
|  5.493% due 10/25/2037 •  |  | 24214 |  | 14822 |
|  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 |
|  3.813% due 03/25/2037 þ |  | 21195 |  | 3937 |
|  3.913% due 11/25/2037 •  |  | 5571 |  | 1680 |
|  3.933% due 04/25/2047 •  |  | 7986 |  | 3026 |
|  3.993% due 05/25/2037 •  |  | 2776 |  | 299 |
|  3.993% due 07/25/2037 •  |  | 3550 |  | 720 |
|  4.033% due 10/25/2037 •  |  | 19882 |  | 2821 |
|  4.073% due 11/25/2037 •  |  | 13447 |  | 6485 |
|  4.083% due 08/25/2037 •  |  | 6042 |  | 5601 |
|  4.093% due 06/25/2037 •  |  | 13756 |  | 3554 |
|  4.093% due 08/25/2037 •  |  | 1442 |  | 1439 |
|  4.093% due 09/25/2037 •  |  | 42028 |  | 11849 |
|  4.093% due 11/25/2037 •  |  | 20927 |  | 6341 |
|  4.113% due 03/25/2037 •  |  | 4936 |  | 1266 |
|  4.113% due 04/25/2037 •  |  | 8846 |  | 3997 |
|  4.113% due 05/25/2037 •  |  | 5355 |  | 3115 |
|  4.113% due 07/25/2037 •  |  | 2365 |  | 1368 |
|  4.123% due 03/25/2037 •  |  | 19017 |  | 6019 |
|  4.163% due 05/25/2037 •  |  | 6840 |  | 1979 |
|  4.173% due 04/25/2047 •  |  | 22331 |  | 8461 |
|  4.273% due 08/25/2037 •  |  | 971 |  | 845 |
|  4.293% due 03/25/2037 •  |  | 23619 |  | 18623 |
|  4.333% due 04/25/2047 •  |  | 1352 |  | 512 |
|  4.393% due 12/25/2036 •  |  | 10057 |  | 9739 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.393% due 01/25/2037 •  | $— | 13588 | $— | 12577 |
|  4.543% due 09/25/2035 •  |  | 1503 |  | 1485 |
|  4.588% due 09/25/2035 •  |  | 43 |  | 42 |
|  4.663% due 05/25/2036 •  |  | 3889 |  | 3322 |
|  4.693% due 02/25/2047 •  |  | 21235 |  | 12259 |
|  4.723% due 07/25/2035 •  |  | 5097 |  | 5145 |
|  4.738% due 02/25/2036 •  |  | 1161 |  | 1173 |
|  4.768% due 04/25/2036 •  |  | 1052 |  | 1046 |
|  4.798% due 06/25/2036 •  |  | 2607 |  | 2165 |
|  4.828% due 02/25/2036 •  |  | 498 |  | 493 |
|  4.918% due 08/25/2036 •  |  | 604 |  | 843 |
|  6.268% due 06/25/2034 •  |  | 202 |  | 201 |
|  7.356% due 04/25/2035 •  |  | 260 |  | 222 |
|  MESA Trust | MESA Trust | MESA Trust | MESA Trust | MESA Trust |
|  7.018% due 11/25/2031 •  |  | 635 |  | 548 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  3.853% due 05/25/2037 •  |  | 4051 |  | 3719 |
|  3.893% due 10/25/2036 •  |  | 3780 |  | 1649 |
|  3.893% due 11/25/2036 •  |  | 1392 |  | 821 |
|  3.903% due 03/25/2037 •  |  | 2584 |  | 1045 |
|  3.923% due 10/25/2036 •  |  | 12371 |  | 11194 |
|  3.923% due 12/25/2036 •  |  | 38168 |  | 23860 |
|  3.923% due 01/25/2037 •  |  | 19475 |  | 8952 |
|  3.933% due 10/25/2036 •  |  | 32933 |  | 14370 |
|  3.933% due 11/25/2036 •  |  | 2908 |  | 1388 |
|  3.933% due 05/25/2037 •  |  | 18967 |  | 16282 |
|  3.943% due 10/25/2036 •  |  | 13590 |  | 7092 |
|  3.943% due 12/25/2036 •  |  | 3720 |  | 1871 |
|  3.953% due 09/25/2036 •  |  | 209 |  | 88 |
|  3.973% due 02/25/2037 •  |  | 23312 |  | 7294 |
|  3.973% due 03/25/2037 •  |  | 23011 |  | 9307 |
|  3.973% due 05/25/2037 •  |  | 20320 |  | 18647 |
|  3.983% due 05/25/2037 •  |  | 11409 |  | 8704 |
|  3.993% due 09/25/2036 •  |  | 2481 |  | 1043 |
|  3.993% due 02/25/2037 •  |  | 8029 |  | 3515 |
|  3.993% due 05/25/2037 •  |  | 3139 |  | 1753 |
|  4.013% due 10/25/2036 •  |  | 1166 |  | 509 |
|  4.013% due 11/25/2036 •  |  | 9704 |  | 4630 |
|  4.023% due 10/25/2036 •  |  | 7763 |  | 4050 |
|  4.023% due 02/25/2037 •  |  | 28322 |  | 8860 |
|  4.043% due 12/25/2036 •  |  | 4016 |  | 2019 |
|  4.043% due 03/25/2037 •  |  | 38267 |  | 15477 |
|  4.043% due 05/25/2037 •  |  | 14609 |  | 13407 |
|  4.053% due 09/25/2036 •  |  | 40033 |  | 17333 |
|  4.053% due 02/25/2037 •  |  | 19479 |  | 8527 |
|  4.053% due 05/25/2037 •  |  | 9173 |  | 6999 |
|  4.073% due 08/25/2036 •  |  | 25283 |  | 12578 |
|  4.093% due 06/25/2036 •  |  | 4695 |  | 2315 |
|  4.093% due 09/25/2036 •  |  | 13045 |  | 4477 |
|  4.113% due 09/25/2036 •  |  | 22028 |  | 9252 |
|  4.123% due 02/25/2037 •  |  | 6672 |  | 2920 |
|  4.253% due 09/25/2036 •  |  | 3350 |  | 1406 |
|  4.288% due 03/25/2036 •  |  | 7151 |  | 6143 |
|  4.293% due 04/25/2036 •  |  | 10521 |  | 10223 |
|  4.293% due 08/25/2036 •  |  | 10161 |  | 5050 |
|  4.333% due 03/25/2036 •  |  | 3202 |  | 3142 |
|  4.393% due 12/25/2035 •  |  | 15498 |  | 14704 |
|  4.413% due 12/25/2035 •  |  | 3559 |  | 3524 |
|  4.453% due 01/25/2035 •  |  | 774 |  | 782 |
|  4.468% due 09/25/2035 •  |  | 249 |  | 239 |
|  4.498% due 02/25/2035 •  |  | 192 |  | 191 |
|  4.533% due 01/25/2034 •  |  | 3897 |  | 3949 |
|  4.573% due 01/25/2035 •  |  | 2769 |  | 2836 |
|  4.603% due 04/25/2034 •  |  | 1760 |  | 1820 |
|  4.618% due 08/25/2034 •  |  | 91 |  | 90 |
|  4.678% due 11/25/2034 •  |  | 1524 |  | 1477 |
|  4.693% due 05/25/2034 •  |  | 7782 |  | 8413 |
|  4.693% due 08/25/2034 •  |  | 9736 |  | 10306 |
|  4.708% due 07/25/2034 •  |  | 1300 |  | 1329 |
|  4.708% due 09/25/2034 •  |  | 6179 |  | 6329 |
|  4.723% due 07/25/2035 •  |  | 1980 |  | 1953 |
|  4.753% due 03/25/2035 •  |  | 4049 |  | 3927 |
|  4.768% due 07/25/2034 •  |  | 221 |  | 238 |
|  4.768% due 07/25/2035 •  |  | 3750 |  | 3390 |
|  4.783% due 06/25/2035 •  |  | 284 |  | 284 |
|  4.828% due 01/25/2035 •  |  | 2114 |  | 2026 |
|  4.828% due 03/25/2035 •  |  | 2526 |  | 2339 |
|  4.828% due 07/25/2035 •  |  | 1710 |  | 1688 |
|  4.853% due 09/25/2034 •  |  | 323 |  | 346 |
|  4.888% due 01/25/2035 •  |  | 2614 |  | 2345 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **33** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.043% due 07/25/2037 •  | $— | 14010 | $— | 12529 |
|  7.593% due 02/25/2047 •  |  | 22067 |  | 18216 |
|  Morgan Stanley Capital I, Inc. Trust | Morgan Stanley Capital I, Inc. Trust | Morgan Stanley Capital I, Inc. Trust | Morgan Stanley Capital I, Inc. Trust | Morgan Stanley Capital I, Inc. Trust |
|  4.153% due 03/25/2036 •  |  | 1900 |  | 1585 |
|  4.333% due 03/25/2036 •  |  | 66932 |  | 55777 |
|  4.348% due 01/25/2036 •  |  | 15700 |  | 13398 |
|  4.373% due 01/25/2036 •  |  | 5867 |  | 5746 |
|  4.373% due 02/25/2036 •  |  | 916 |  | 915 |
|  Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust |
|  5.143% due 02/25/2033 •  |  | 163 |  | 178 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  3.893% due 12/25/2036 •  |  | 3031 |  | 1443 |
|  3.893% due 04/25/2037 •  |  | 5561 |  | 2845 |
|  3.933% due 12/25/2036 •  |  | 37249 |  | 17745 |
|  3.963% due 04/25/2037 •  |  | 7857 |  | 4019 |
|  4.113% due 04/25/2036 •  |  | 6257 |  | 4312 |
|  4.143% due 04/25/2037 •  |  | 16541 |  | 8464 |
|  4.303% due 02/25/2036 •  |  | 581 |  | 553 |
|  4.313% due 04/25/2036 •  |  | 9540 |  | 6585 |
|  4.783% due 05/25/2035 •  |  | 2667 |  | 2655 |
|  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 |
|  3.863% due 11/25/2036 •  |  | 7531 |  | 2451 |
|  3.903% due 11/25/2036 •  |  | 27938 |  | 9095 |
|  3.943% due 11/25/2036 •  |  | 1431 |  | 466 |
|  4.013% due 11/25/2036 •  |  | 19103 |  | 6219 |
|  4.093% due 07/25/2036 •  |  | 6114 |  | 2357 |
|  4.253% due 07/25/2036 •  |  | 23792 |  | 9227 |
|  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 |
|  4.133% due 10/25/2036 •  |  | 2093 |  | 579 |
|  4.133% due 11/25/2036 •  |  | 19361 |  | 3429 |
|  5.750% due 04/25/2037 ~ |  | 2059 |  | 974 |
|  6.000% due 02/25/2037 ~ |  | 99 |  | 92 |
|  6.122% due 01/25/2047 þ |  | 74 |  | 69 |
|  6.254% due 01/25/2047 þ |  | 5407 |  | 2468 |
|  6.263% due 01/25/2047 þ |  | 6847 |  | 1915 |
|  6.419% due 09/25/2046 þ |  | 12921 |  | 2583 |
|  6.465% due 09/25/2046 þ |  | 3402 |  | 1093 |
|  6.604% due 09/25/2046 þ |  | 9012 |  | 1800 |
|  Morgan Stanley Structured Trust | Morgan Stanley Structured Trust | Morgan Stanley Structured Trust | Morgan Stanley Structured Trust | Morgan Stanley Structured Trust |
|  4.093% due 06/25/2037 •  |  | 40034 |  | 37268 |
|  Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust |
|  4.143% due 06/25/2037 •  |  | 135 |  | 134 |
|  4.168% due 06/25/2037 •  |  | 2527 |  | 2272 |
|  4.198% due 03/25/2037 •  |  | 1636 |  | 1632 |
|  4.213% due 03/25/2037 •  |  | 11347 |  | 11091 |
|  4.243% due 03/25/2037 •  |  | 8000 |  | 7403 |
|  4.293% due 06/25/2037 •  |  | 201 |  | 198 |
|  4.333% due 09/25/2036 •  |  | 22775 |  | 22571 |
|  4.348% due 09/25/2036 •  |  | 1338 |  | 1287 |
|  4.408% due 04/25/2037 •  |  | 17031 |  | 16313 |
|  4.433% due 04/25/2037 •  |  | 1189 |  | 1185 |
|  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 •  |  | 5082 |  | 5082 |
|  4.438% due 12/25/2035 •  |  | 4298 |  | 4184 |
|  4.528% due 10/25/2035 •  |  | 35480 |  | 31949 |
|  4.533% due 08/25/2034 •  |  | 78 |  | 77 |
|  4.558% due 02/25/2035 •  |  | 10344 |  | 10217 |
|  4.573% due 03/25/2035 •  |  | 807 |  | 808 |
|  4.738% due 09/25/2035 •  |  | 7242 |  | 7224 |
|  4.768% due 06/25/2035 •  |  | 4529 |  | 4538 |
|  4.798% due 07/25/2035 •  |  | 6620 |  | 6629 |
|  4.843% due 11/25/2033 þ |  | 34 |  | 31 |
|  4.843% due 07/25/2035 •  |  | 32115 |  | 32194 |
|  4.858% due 03/25/2035 •  |  | 2853 |  | 2880 |
|  4.918% due 03/25/2035 •  |  | 3758 |  | 3786 |
|  Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust | Newcastle Mortgage Securities Trust |
|  3.983% due 04/25/2037 •  |  | 10498 |  | 10213 |
|  4.023% due 04/25/2037 •  |  | 1065 |  | 1061 |
|  4.133% due 04/25/2037 •  |  | 14485 |  | 13781 |
|  4.293% due 04/25/2037 •  |  | 7785 |  | 6924 |
|  4.513% due 03/25/2036 •  |  | 5500 |  | 5446 |
|  4.648% due 03/25/2036 •  |  | 16347 |  | 15769 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  4.093% due 07/25/2036 •  |  | 17337 |  | 16447 |
|  4.228% due 03/25/2036 •  |  | 30 |  | 30 |
|  4.273% due 03/25/2036 •  |  | 4024 |  | 3965 |
|  4.423% due 02/25/2036 •  |  | 2005 |  | 1833 |
|  4.453% due 11/25/2035 •  |  | 6341 |  | 6170 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  3.973% due 09/25/2037 •  | $— | 24234 | $— | 23501 |
|  4.053% due 03/25/2037 •  |  | 80898 |  | 53111 |
|  4.093% due 06/25/2036 •  |  | 1121 |  | 839 |
|  4.133% due 01/25/2037 •  |  | 1063 |  | 349 |
|  4.483% due 01/25/2036 •  |  | 10516 |  | 9989 |
|  4.528% due 01/25/2036 •  |  | 12356 |  | 11950 |
|  4.618% due 06/25/2034 •  |  | 58 |  | 56 |
|  4.678% due 01/25/2036 •  |  | 3000 |  | 2591 |
|  4.708% due 10/25/2035 •  |  | 9694 |  | 9491 |
|  4.963% due 06/25/2035 •  |  | 18691 |  | 18704 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  3.913% due 03/25/2037 •  |  | 632 |  | 624 |
|  3.923% due 07/25/2037 •  |  | 3372 |  | 2187 |
|  3.963% due 05/25/2037 •  |  | 5757 |  | 3115 |
|  3.973% due 04/25/2037 •  |  | 19652 |  | 11144 |
|  3.973% due 07/25/2037 •  |  | 3961 |  | 2568 |
|  3.983% due 07/25/2037 •  |  | 788 |  | 714 |
|  3.993% due 07/25/2036 •  |  | 7194 |  | 4307 |
|  4.013% due 04/25/2037 •  |  | 95226 |  | 67565 |
|  4.013% due 05/25/2037 •  |  | 86588 |  | 52520 |
|  4.033% due 04/25/2037 •  |  | 6401 |  | 3454 |
|  4.073% due 01/25/2037 •  |  | 25712 |  | 16183 |
|  4.073% due 02/25/2037 •  |  | 27807 |  | 15364 |
|  4.073% due 03/25/2037 •  |  | 49147 |  | 29648 |
|  4.093% due 03/25/2037 •  |  | 35842 |  | 17489 |
|  4.093% due 05/25/2037 •  |  | 6584 |  | 3562 |
|  4.103% due 04/25/2037 •  |  | 2767 |  | 1592 |
|  4.293% due 03/25/2037 •  |  | 4423 |  | 2158 |
|  4.363% due 01/25/2036 •  |  | 54206 |  | 43942 |
|  4.588% due 05/25/2034 •  |  | 1577 |  | 1623 |
|  4.663% due 05/25/2035 •  |  | 3941 |  | 3481 |
|  4.693% due 01/25/2034 •  |  | 8475 |  | 8094 |
|  5.218% due 11/25/2034 •  |  | 2 |  | 3 |
|  Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates |
|  4.423% due 12/25/2035 •  |  | 1819 |  | 1791 |
|  4.453% due 12/25/2035 •  |  | 8709 |  | 7858 |
|  4.483% due 11/25/2035 •  |  | 6958 |  | 6780 |
|  4.528% due 11/25/2035 •  |  | 5889 |  | 5203 |
|  4.648% due 10/25/2032 •  |  | 939 |  | 1150 |
|  Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust |
|  3.155% due 10/25/2035 þ |  | 5699 |  | 3147 |
|  3.383% due 06/25/2036 •  |  | 4469 |  | 3942 |
|  4.073% due 10/25/2037 •  |  | 7372 |  | 8195 |
|  4.093% due 07/25/2037 •  |  | 13181 |  | 12303 |
|  4.288% due 03/25/2037 •  |  | 9245 |  | 9934 |
|  4.313% due 07/25/2037 •  |  | 6114 |  | 5708 |
|  4.693% due 10/25/2036 •  |  | 5098 |  | 5074 |
|  4.813% due 03/25/2036 •  |  | 3067 |  | 2736 |
|  Park Place Securities, Inc. | Park Place Securities, Inc. | Park Place Securities, Inc. | Park Place Securities, Inc. | Park Place Securities, Inc. |
|  4.738% due 09/25/2035 •  |  | 4000 |  | 3624 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates |
|  4.009% due 07/25/2035 •  |  | 36903 |  | 34293 |
|  4.528% due 08/25/2035 •  |  | 35 |  | 36 |
|  4.528% due 09/25/2035 •  |  | 841 |  | 831 |
|  4.573% due 08/25/2035 •  |  | 4000 |  | 3856 |
|  4.723% due 05/25/2035 •  |  | 21907 |  | 21004 |
|  4.798% due 06/25/2035 •  |  | 8888 |  | 8692 |
|  4.828% due 05/25/2035 •  |  | 4784 |  | 4011 |
|  4.843% due 10/25/2034 •  |  | 1656 |  | 1647 |
|  4.843% due 06/25/2035 •  |  | 4641 |  | 4149 |
|  4.963% due 03/25/2035 •  |  | 17052 |  | 16128 |
|  5.113% due 01/25/2036 •  |  | 5311 |  | 5157 |
|  5.368% due 02/25/2035 •  |  | 8054 |  | 7987 |
|  5.518% due 02/25/2035 •  |  | 3247 |  | 3042 |
|  5.563% due 10/25/2034 •  |  | 17186 |  | 16425 |
|  5.593% due 09/25/2034 •  |  | 2610 |  | 2562 |
|  5.593% due 12/25/2034 •  |  | 12329 |  | 12345 |
|  5.668% due 10/25/2034 •  |  | 3846 |  | 3419 |
|  5.668% due 12/25/2034 •  |  | 8426 |  | 8101 |
|  5.743% due 02/25/2035 •  |  | 17714 |  | 14674 |
|  5.893% due 09/25/2034 •  |  | 3062 |  | 2756 |
|  People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust |
|  5.518% due 10/25/2034 •  |  | 4024 |  | 3730 |
|  People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust |
|  3.923% due 09/25/2036 •  |  | 27489 |  | 4759 |
|  3.933% due 09/25/2036 •  |  | 24315 |  | 5687 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust |
|  4.103% due 06/25/2047 •  | $— | 6966 | $— | 6576 |
|  4.288% due 07/25/2036 •  |  | 1519 |  | 1461 |
|  4.333% due 05/25/2036 •  |  | 2171 |  | 2095 |
|  4.663% due 02/25/2036 •  |  | 1007 |  | 972 |
|  5.917% due 04/25/2035 þ |  | 1133 |  | 1125 |
|  Quest Trust | Quest Trust | Quest Trust | Quest Trust | Quest Trust |
|  7.168% due 03/25/2035 •  |  | 5985 |  | 5088 |
|  RAAC Trust | RAAC Trust | RAAC Trust | RAAC Trust | RAAC Trust |
|  4.293% due 02/25/2037 •  |  | 2406 |  | 2364 |
|  4.493% due 11/25/2046 •  |  | 911 |  | 852 |
|  4.553% due 10/25/2046 •  |  | 4859 |  | 4795 |
|  4.768% due 02/25/2046 •  |  | 16296 |  | 16267 |
|  5.443% due 05/25/2039 •  |  | 1035 |  | 1078 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  4.795% due 09/25/2055 þ |  | 72835 |  | 72276 |
|  4.827% due 01/25/2056 þ |  | 31397 |  | 31183 |
|  4.894% due 11/25/2055 þ |  | 149400 |  | 148530 |
|  4.966% due 11/25/2055 þ |  | 48122 |  | 47885 |
|  5.158% due 10/25/2044 þ |  | 20154 |  | 20144 |
|  5.344% due 09/25/2044 þ |  | 17497 |  | 17522 |
|  5.472% due 06/25/2055 þ |  | 60484 |  | 60729 |
|  5.553% due 03/25/2055 þ |  | 36918 |  | 37151 |
|  5.582% due 12/25/2044 þ |  | 32909 |  | 33065 |
|  5.653% due 01/25/2045 þ |  | 34327 |  | 34520 |
|  5.846% due 08/25/2044 þ |  | 32488 |  | 32676 |
|  6.025% due 02/25/2044 ~ |  | 7158 |  | 7193 |
|  6.141% due 04/25/2044 ~ |  | 37272 |  | 37524 |
|  6.147% due 06/25/2044 þ |  | 45610 |  | 45957 |
|  6.808% due 09/25/2043 ~ |  | 5514 |  | 5540 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  3.723% due 08/25/2033 •  |  | 481 |  | 445 |
|  5.512% due 04/25/2037 þ |  | 6555 |  | 1566 |
|  5.580% due 11/25/2036 þ |  | 12329 |  | 3726 |
|  5.612% due 04/25/2037 þ |  | 853 |  | 207 |
|  5.675% due 06/25/2037 þ |  | 3891 |  | 906 |
|  5.731% due 11/25/2036 þ |  | 548 |  | 170 |
|  5.744% due 06/25/2037 þ |  | 137503 |  | 32438 |
|  5.761% due 04/25/2037 þ |  | 2781 |  | 695 |
|  5.797% due 08/25/2036 þ |  | 662 |  | 221 |
|  5.812% due 11/25/2036 þ |  | 9025 |  | 2841 |
|  5.879% due 06/25/2037 þ |  | 8523 |  | 2060 |
|  5.893% due 06/25/2037 þ |  | 6639 |  | 1608 |
|  5.906% due 06/25/2037 þ |  | 23928 |  | 5810 |
|  6.011% due 05/25/2036 þ |  | 9006 |  | 4100 |
|  6.115% due 08/25/2036 þ |  | 17329 |  | 6105 |
|  6.120% due 11/25/2036 þ |  | 683 |  | 227 |
|  6.203% due 06/25/2037 þ |  | 38172 |  | 9917 |
|  6.566% due 02/25/2036 þ |  | 270 |  | 232 |
|  7.750% due 09/25/2037 þ |  | 28642 |  | 10885 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.138% due 12/25/2036 •  |  | 15000 |  | 14408 |
|  4.186% due 12/25/2035 •  |  | 17963 |  | 16551 |
|  4.233% due 12/25/2035 •  |  | 14754 |  | 13610 |
|  4.333% due 02/25/2036 •  |  | 1065 |  | 1034 |
|  4.438% due 02/25/2036 •  |  | 1833 |  | 1807 |
|  4.543% due 04/25/2034 •  |  | 1889 |  | 1885 |
|  4.663% due 04/25/2034 •  |  | 654 |  | 655 |
|  4.663% due 10/25/2035 •  |  | 10948 |  | 10683 |
|  4.678% due 11/25/2035 •  |  | 7000 |  | 6642 |
|  4.738% due 09/25/2035 •  |  | 6822 |  | 6760 |
|  4.738% due 10/25/2035 •  |  | 700 |  | 617 |
|  4.843% due 08/25/2035 •  |  | 921 |  | 915 |
|  4.858% due 07/25/2035 •  |  | 4295 |  | 4274 |
|  5.368% due 04/25/2034 •  |  | 1545 |  | 1561 |
|  5.473% due 08/25/2035 •  |  | 12534 |  | 11894 |
|  5.773% due 04/25/2034 •  |  | 2821 |  | 2925 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.013% due 02/25/2037 •  |  | 4949 |  | 4822 |
|  4.033% due 10/25/2036 •  |  | 15272 |  | 15037 |
|  4.043% due 11/25/2036 •  |  | 56292 |  | 48847 |
|  4.073% due 07/25/2036 •  |  | 13612 |  | 13449 |
|  4.073% due 09/25/2036 •  |  | 733 |  | 730 |
|  4.133% due 11/25/2036 •  |  | 6055 |  | 5710 |
|  4.213% due 04/25/2037 •  |  | 4147 |  | 4062 |
|  4.233% due 01/25/2037 •  |  | 3655 |  | 3589 |
|  4.303% due 04/25/2036 •  |  | 23954 |  | 22355 |
|  4.313% due 07/25/2036 •  |  | 8559 |  | 7795 |

---

---

| | | |
|:---|:---|:---|
| **34** | **PIMCO INCOME FUND** | 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)** |
|  4.333% due 07/25/2036 •  | $— | 18053 | $— | 16151 |
|  4.353% due 04/25/2036 •  |  | 1451 |  | 1449 |
|  4.393% due 02/25/2036 •  |  | 2942 |  | 2923 |
|  4.408% due 11/25/2035 •  |  | 12642 |  | 12225 |
|  4.453% due 10/25/2035 •  |  | 7963 |  | 7775 |
|  4.473% due 04/25/2037 •  |  | 24942 |  | 24316 |
|  4.473% due 05/25/2037 •  |  | 281 |  | 281 |
|  4.498% due 09/25/2035 •  |  | 5609 |  | 5407 |
|  4.498% due 11/25/2035 •  |  | 193 |  | 189 |
|  4.513% due 01/25/2036 •  |  | 1275 |  | 1270 |
|  4.543% due 04/25/2034 •  |  | 810 |  | 800 |
|  4.633% due 09/25/2034 •  |  | 387 |  | 378 |
|  4.663% due 11/25/2035 •  |  | 10475 |  | 9435 |
|  4.678% due 12/25/2035 •  |  | 1516 |  | 1413 |
|  4.693% due 11/25/2035 •  |  | 5403 |  | 5349 |
|  4.753% due 08/25/2035 •  |  | 1774 |  | 1767 |
|  4.828% due 08/25/2035 •  |  | 4230 |  | 4174 |
|  5.038% due 03/25/2035 •  |  | 530 |  | 528 |
|  5.518% due 11/25/2034 •  |  | 31 |  | 31 |
|  5.518% due 08/25/2035 •  |  | 4551 |  | 4453 |
|  5.593% due 01/25/2034 •  |  | 2107 |  | 2159 |
|  5.593% due 04/25/2035 •  |  | 1982 |  | 1926 |
|  5.743% due 11/25/2034 •  |  | 802 |  | 803 |
|  5.980% due 09/25/2034 ~ |  | 895 |  | 837 |
|  6.268% due 11/25/2034 •  |  | 1948 |  | 1961 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  1.582% due 11/25/2035 •  |  | 12898 |  | 9976 |
|  2.405% due 05/25/2035 •  |  | 1658 |  | 1380 |
|  3.776% due 03/25/2031 •  |  | 142 |  | 112 |
|  3.973% due 05/25/2037 •  |  | 20951 |  | 15560 |
|  4.073% due 12/25/2033 •  |  | 1039 |  | 1003 |
|  4.103% due 09/25/2037 •  |  | 6452 |  | 6286 |
|  4.283% due 09/25/2047 •  |  | 4148 |  | 3634 |
|  4.468% due 11/25/2037 •  |  | 6494 |  | 6347 |
|  4.513% due 11/25/2037 •  |  | 4873 |  | 4292 |
|  4.723% due 11/25/2037 •  |  | 5426 |  | 4689 |
|  4.768% due 12/26/2034 •  |  | 186 |  | 173 |
|  5.543% due 12/25/2037 •  |  | 4643 |  | 4183 |
|  8.668% due 12/26/2034 •  |  | 532 |  | 68 |
|  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 |
|  3.893% due 07/25/2036 •  |  | 18809 |  | 7128 |
|  3.913% due 12/25/2036 •  |  | 436 |  | 91 |
|  3.943% due 07/25/2036 •  |  | 18763 |  | 7110 |
|  4.033% due 07/25/2036 •  |  | 3433 |  | 1301 |
|  4.053% due 12/25/2036 •  |  | 5546 |  | 5283 |
|  4.073% due 06/25/2036 •  |  | 6608 |  | 4520 |
|  4.073% due 07/25/2036 •  |  | 9339 |  | 8094 |
|  4.093% due 09/25/2036 •  |  | 3681 |  | 1217 |
|  4.113% due 07/25/2036 •  |  | 4939 |  | 1589 |
|  4.113% due 12/25/2036 •  |  | 28149 |  | 5841 |
|  4.193% due 12/25/2036 •  |  | 64024 |  | 22975 |
|  4.243% due 02/25/2037 •  |  | 31531 |  | 29243 |
|  4.293% due 06/25/2036 •  |  | 14957 |  | 10232 |
|  4.438% due 10/25/2035 •  |  | 3065 |  | 2549 |
|  4.468% due 01/25/2035 •  |  | 682 |  | 626 |
|  4.513% due 10/25/2035 •  |  | 963 |  | 861 |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.073% due 10/25/2036 •  |  | 12607 |  | 11817 |
|  4.113% due 07/25/2036 •  |  | 8406 |  | 1742 |
|  4.253% due 07/25/2036 •  |  | 7867 |  | 1638 |
|  4.333% due 02/25/2036 •  |  | 1130 |  | 553 |
|  4.498% due 10/25/2035 •  |  | 2000 |  | 1906 |
|  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 •  |  | 3633 |  | 2452 |
|  3.943% due 06/25/2037 •  |  | 10097 |  | 6815 |
|  3.963% due 07/25/2037 •  |  | 1214 |  | 1092 |
|  3.963% due 08/25/2037 •  |  | 7456 |  | 6604 |
|  3.993% due 06/25/2037 •  |  | 117572 |  | 81479 |
|  4.003% due 06/25/2037 •  |  | 14886 |  | 10047 |
|  4.013% due 01/25/2037 •  |  | 543 |  | 397 |
|  4.013% due 02/25/2037 •  |  | 177 |  | 47 |
|  4.073% due 06/25/2037 •  |  | 4449 |  | 3003 |
|  4.093% due 03/25/2037 •  |  | 6914 |  | 6601 |
|  4.099% due 04/25/2035 •  |  | 464 |  | 456 |
|  4.113% due 01/25/2037 •  |  | 27437 |  | 20044 |
|  4.133% due 11/25/2036 •  |  | 58098 |  | 15364 |
|  4.198% due 12/25/2036 •  |  | 7564 |  | 7447 |
|  4.253% due 06/25/2036 •  |  | 3172 |  | 3100 |
|  4.258% due 02/25/2036 •  |  | 9630 |  | 9142 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.258% due 06/25/2036 •  | $— | 1209 | $— | 1087 |
|  4.273% due 07/25/2036 •  |  | 8389 |  | 7853 |
|  4.273% due 01/25/2037 •  |  | 11941 |  | 8723 |
|  4.293% due 10/25/2036 •  |  | 17691 |  | 17152 |
|  4.293% due 11/25/2036 •  |  | 5778 |  | 5549 |
|  4.311% due 03/25/2036 •  |  | 878 |  | 792 |
|  4.348% due 03/25/2036 •  |  | 14097 |  | 13870 |
|  4.393% due 01/25/2037 •  |  | 13882 |  | 13618 |
|  4.483% due 12/25/2035 •  |  | 6827 |  | 6416 |
|  4.533% due 02/25/2037 •  |  | 18914 |  | 5029 |
|  4.543% due 06/25/2035 •  |  | 17535 |  | 16002 |
|  4.543% due 03/25/2036 •  |  | 236 |  | 235 |
|  4.648% due 01/25/2035 •  |  | 94 |  | 81 |
|  4.693% due 10/25/2037 •  |  | 1665 |  | 1322 |
|  4.743% due 09/25/2037 •  |  | 2923 |  | 2513 |
|  4.768% due 08/25/2035 •  |  | 8802 |  | 6895 |
|  4.768% due 11/25/2035 •  |  | 3610 |  | 3590 |
|  4.828% due 05/25/2035 •  |  | 3135 |  | 3146 |
|  4.873% due 07/25/2035 •  |  | 502 |  | 502 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.053% due 07/25/2036 •  |  | 25979 |  | 19121 |
|  4.073% due 06/25/2036 •  |  | 7885 |  | 7680 |
|  4.138% due 07/25/2036 •  |  | 29956 |  | 17467 |
|  4.393% due 01/25/2036 •  |  | 162 |  | 161 |
|  4.408% due 01/25/2036 •  |  | 42227 |  | 35779 |
|  4.413% due 01/25/2036 •  |  | 27364 |  | 26077 |
|  4.423% due 11/25/2035 •  |  | 7621 |  | 7533 |
|  4.513% due 04/25/2033 •  |  | 58 |  | 66 |
|  4.513% due 04/25/2035 •  |  | 155 |  | 154 |
|  4.513% due 07/25/2035 •  |  | 10759 |  | 10408 |
|  4.513% due 10/25/2035 •  |  | 12753 |  | 12609 |
|  4.528% due 09/25/2035 •  |  | 17665 |  | 16247 |
|  4.543% due 07/25/2035 •  |  | 2005 |  | 1986 |
|  4.558% due 08/25/2035 •  |  | 10250 |  | 10080 |
|  4.573% due 02/25/2035 •  |  | 3328 |  | 3309 |
|  4.573% due 03/25/2035 •  |  | 5861 |  | 5715 |
|  4.618% due 05/25/2034 •  |  | 202 |  | 198 |
|  4.693% due 04/25/2035 •  |  | 17440 |  | 16664 |
|  4.723% due 09/25/2034 •  |  | 229 |  | 202 |
|  4.723% due 06/25/2035 •  |  | 1138 |  | 1112 |
|  4.743% due 07/25/2033 •  |  | 513 |  | 504 |
|  4.743% due 08/25/2033 •  |  | 2250 |  | 2200 |
|  4.768% due 01/25/2035 •  |  | 5004 |  | 4845 |
|  4.768% due 05/25/2035 •  |  | 25492 |  | 24109 |
|  4.873% due 05/25/2035 •  |  | 1184 |  | 809 |
|  4.918% due 07/25/2033 •  |  | 233 |  | 233 |
|  5.068% due 11/25/2034 •  |  | 5203 |  | 5552 |
|  5.068% due 12/25/2034 •  |  | 512 |  | 505 |
|  5.293% due 11/25/2034 •  |  | 1058 |  | 1246 |
|  5.518% due 10/25/2034 •  |  | 2171 |  | 2155 |
|  5.518% due 11/25/2034 •  |  | 1948 |  | 2140 |
|  6.118% due 11/25/2034 •  |  | 96 |  | 109 |
|  6.418% due 08/25/2033 •  |  | 2 |  | 2 |
|  6.568% due 10/25/2033 •  |  | 98 |  | 117 |
|  6.793% due 06/25/2033 •  |  | 2235 |  | 2335 |
|  6.793% due 11/25/2034 •  |  | 2222 |  | 2253 |
|  6.943% due 08/25/2033 •  |  | 1046 |  | 965 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.498% due 02/25/2035 •  |  | 2710 |  | 2751 |
|  4.543% due 02/25/2035 •  |  | 2425 |  | 2324 |
|  4.887% due 02/25/2035 •  |  | 4989 |  | 5436 |
|  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 |
|  3.933% due 08/25/2046 •  |  | 12161 |  | 11837 |
|  3.943% due 09/25/2036 •  |  | 3277 |  | 3201 |
|  3.953% due 03/25/2036 •  |  | 8920 |  | 8634 |
|  4.013% due 10/25/2037 •  |  | 31390 |  | 19813 |
|  4.023% due 05/25/2047 •  |  | 1146 |  | 1134 |
|  4.053% due 05/25/2036 •  |  | 5376 |  | 5332 |
|  4.093% due 03/25/2037 •  |  | 15158 |  | 10325 |
|  4.103% due 08/25/2046 •  |  | 2946 |  | 2764 |
|  4.113% due 04/25/2036 •  |  | 1540 |  | 1537 |
|  4.113% due 01/25/2037 •  |  | 11419 |  | 10974 |
|  4.153% due 03/25/2037 •  |  | 3398 |  | 1247 |
|  4.213% due 02/25/2037 •  |  | 2387 |  | 2354 |
|  4.228% due 07/25/2036 •  |  | 43249 |  | 43762 |
|  4.228% due 09/25/2036 •  |  | 42568 |  | 41948 |
|  4.253% due 01/25/2037 •  |  | 33673 |  | 19406 |
|  4.273% due 01/25/2037 •  |  | 4121 |  | 3945 |
|  4.293% due 03/25/2037 •  |  | 14773 |  | 5427 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.293% due 11/25/2037 •  | $— | 5750 | $— | 5395 |
|  4.318% due 07/25/2036 •  |  | 2203 |  | 2141 |
|  4.333% due 04/25/2036 •  |  | 3781 |  | 3726 |
|  4.363% due 10/25/2036 •  |  | 2697 |  | 2700 |
|  4.393% due 01/25/2037 •  |  | 11486 |  | 9530 |
|  4.393% due 03/25/2037 •  |  | 5087 |  | 1869 |
|  4.413% due 05/25/2036 •  |  | 16110 |  | 15992 |
|  4.413% due 02/25/2037 •  |  | 1601 |  | 1555 |
|  4.468% due 04/25/2035 •  |  | 4302 |  | 4397 |
|  4.468% due 06/25/2035 •  |  | 2274 |  | 2220 |
|  4.498% due 02/25/2036 •  |  | 6352 |  | 6342 |
|  4.588% due 02/25/2036 •  |  | 4889 |  | 4832 |
|  4.693% due 05/25/2035 •  |  | 447 |  | 448 |
|  4.738% due 05/25/2035 •  |  | 115 |  | 115 |
|  4.768% due 05/25/2035 •  |  | 7853 |  | 7710 |
|  4.783% due 05/25/2035 •  |  | 444 |  | 439 |
|  4.798% due 11/25/2035 •  |  | 475 |  | 475 |
|  4.843% due 05/25/2035 •  |  | 4070 |  | 3769 |
|  4.893% due 10/25/2037 •  |  | 84081 |  | 36416 |
|  4.963% due 02/25/2035 •  |  | 234 |  | 217 |
|  5.443% due 05/25/2035 •  |  | 35 |  | 35 |
|  5.893% due 11/25/2035 •  |  | 3000 |  | 2979 |
|  6.418% due 11/25/2035 •  |  | 3197 |  | 3181 |
|  7.168% due 08/25/2037 •  |  | 22510 |  | 21269 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates |
|  4.618% due 01/25/2035 •  |  | 736 |  | 769 |
|  Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust |
|  4.333% due 05/25/2031 •  |  | 2413 |  | 1684 |
|  4.483% due 09/25/2035 •  |  | 5652 |  | 5475 |
|  5.972% due 05/25/2031 ~ |  | 4264 |  | 3013 |
|  Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust | Terwin Mortgage Trust |
|  4.133% due 07/25/2037 •  |  | 1218 |  | 1204 |
|  4.333% due 07/25/2037 •  |  | 4960 |  | 4586 |
|  4.333% due 08/25/2037 •  |  | 17134 |  | 7493 |
|  4.413% due 04/25/2037 •  |  | 11518 |  | 11277 |
|  4.593% due 09/25/2036 •  |  | 8821 |  | 3323 |
|  4.768% due 07/25/2035 •  |  | 6127 |  | 4792 |
|  4.918% due 04/25/2036 •  |  | 21 |  | 21 |
|  4.993% due 04/25/2036 •  |  | 1857 |  | 1854 |
|  6.043% due 10/25/2038 •  |  | 529 |  | 532 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  4.720% due 02/25/2066 þ |  | 23493 |  | 23206 |
|  5.091% due 10/25/2065 þ |  | 48917 |  | 48704 |
|  5.278% due 08/25/2065 þ |  | 60443 |  | 60420 |
|  5.348% due 07/25/2065 þ |  | 24268 |  | 24287 |
|  5.725% due 11/25/2064 þ |  | 26885 |  | 27001 |
|  5.848% due 01/25/2064 ~ |  | 23160 |  | 23216 |
|  6.125% due 02/25/2064 ~ |  | 13844 |  | 13911 |
|  6.290% due 05/25/2064 ~ |  | 43939 |  | 44326 |
|  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 |
|  4.483% due 10/25/2035 •  |  | 3205 |  | 2992 |
|  WaMu Asset-Backed Certificates Trust | WaMu Asset-Backed Certificates Trust | WaMu Asset-Backed Certificates Trust | WaMu Asset-Backed Certificates Trust | WaMu Asset-Backed Certificates Trust |
|  3.963% due 07/25/2047 •  |  | 10605 |  | 6210 |
|  4.013% due 04/25/2037 •  |  | 40 |  | 14 |
|  4.018% due 05/25/2037 •  |  | 24541 |  | 23462 |
|  4.033% due 05/25/2037 •  |  | 16426 |  | 14884 |
|  4.043% due 05/25/2037 •  |  | 12768 |  | 11575 |
|  4.093% due 01/25/2037 •  |  | 26714 |  | 23554 |
|  Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust |
|  3.913% due 10/25/2036 •  |  | 113 |  | 39 |
|  4.093% due 05/25/2036 •  |  | 8234 |  | 6515 |
|  4.153% due 10/25/2036 •  |  | 11380 |  | 3952 |
|  4.273% due 08/25/2036 •  |  | 8084 |  | 5279 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  4.228% due 07/25/2036 •  |  | 1135 |  | 1134 |
|  4.253% due 04/25/2037 •  |  | 4087 |  | 4060 |
|  4.273% due 07/25/2036 •  |  | 6795 |  | 6676 |
|  4.303% due 05/25/2036 •  |  | 2776 |  | 2767 |
|  4.348% due 05/25/2036 •  |  | 3440 |  | 3354 |
|  4.393% due 04/25/2037 •  |  | 5000 |  | 3711 |
|  5.518% due 11/25/2035 •  |  | 137 |  | 137 |
|  6.343% due 11/25/2035 •  |  | 12883 |  | 12699 |
|  |  |  |  | 9105920 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 35

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| HOME EQUITY SEQUENTIAL 0.1% | HOME EQUITY SEQUENTIAL 0.1% | HOME EQUITY SEQUENTIAL 0.1% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.013% due 01/25/2037 •  | 8716 | 4877 |
|  4.113% due 01/25/2037 •  | 48920 | 27372 |
|  4.233% due 01/25/2037 •  | 29228 | 16352 |
|  BNC Mortgage Loan Trust | BNC Mortgage Loan Trust | BNC Mortgage Loan Trust |
|  4.020% due 10/25/2036 •  | 28210 | 18029 |
|  C-BASS Trust | C-BASS Trust | C-BASS Trust |
|  3.084% due 01/25/2037 þ | 25687 | 6975 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  5.989% due 10/25/2046 ~ | 4 | 4 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  3.118% due 12/25/2035 þ | 4237 | 4193 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  3.893% due 03/25/2047 •  | 90 | 61 |
|  4.102% due 10/25/2030 þ | 2946 | 1439 |
|  4.102% due 01/25/2037 þ | 505 | 247 |
|  4.251% due 11/25/2036 •  | 3429 | 3190 |
|  4.272% due 07/25/2036 •  | 919 | 917 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  3.973% due 02/25/2037 •  | 2743 | 519 |
|  4.093% due 02/25/2037 •  | 3265 | 618 |
|  4.253% due 02/25/2037 •  | 2702 | 511 |
|  4.273% due 04/25/2037 •  | 49817 | 13097 |
|  4.513% due 04/25/2037 •  | 7124 | 1875 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  4.843% due 11/25/2033 ~ | 3 | 3 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.273% due 10/25/2046 •  | 2734 | 2459 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.313% due 05/25/2036 •  | 13748 | 5401 |
|  4.393% due 03/25/2036 •  | 9971 | 5235 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.273% due 01/25/2037 •  | 14384 | 9140 |
|  4.393% due 12/25/2035 •  | 10267 | 9511 |
|  4.413% due 12/25/2036 •  | 38715 | 23751 |
|  5.893% due 08/25/2037 •  | 7000 | 6961 |
|  Structured Asset Securities Corp. Pass-Through Certificates | Structured Asset Securities Corp. Pass-Through Certificates | Structured Asset Securities Corp. Pass-Through Certificates |
|  3.450% due 02/25/2032 | 41 | 7 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  4.961% due 01/25/2066 þ | 37323 | 37117 |
|  Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust | Wells Fargo Home Equity Asset-Backed Securities Trust |
|  4.213% due 03/25/2037 •  | 220 | 219 |
|  4.433% due 03/25/2037 •  | 5871 | 5484 |
|  |  | 205564 |
| MANUFACTURING HOUSE ABS OTHER 0.0% | MANUFACTURING HOUSE ABS OTHER 0.0% | MANUFACTURING HOUSE ABS OTHER 0.0% |
|  ABSC Manufactured Housing Contract Resecuritization Trust | ABSC Manufactured Housing Contract Resecuritization Trust | ABSC Manufactured Housing Contract Resecuritization Trust |
|  8.400% due 12/02/2030 ~ | 3077 | 3095 |
|  BankAmerica Manufactured Housing Contract Trust | BankAmerica Manufactured Housing Contract Trust | BankAmerica Manufactured Housing Contract Trust |
|  7.174% due 12/31/2049 ~ | 5000 | 330 |
|  BCMSC Trust | BCMSC Trust | BCMSC Trust |
|  7.935% due 12/15/2030 ~ | 1383 | 1416 |
|  Conseco Finance Corp. | Conseco Finance Corp. | Conseco Finance Corp. |
|  7.220% due 03/15/2028 ~ | 88 | 88 |
|  Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. |
|  8.060% due 09/01/2029 ~ | 7260 | 831 |
|  GreenPoint Manufactured Housing | GreenPoint Manufactured Housing | GreenPoint Manufactured Housing |
|  7.284% due 06/08/2031 •  | 3108 | 3096 |
|  |  | 8856 |
| MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% |
|  BCMSC Trust | BCMSC Trust | BCMSC Trust |
|  7.575% due 06/15/2030 ~ | 16139 | 873 |
|  Cascade MH Asset Trust | Cascade MH Asset Trust | Cascade MH Asset Trust |
|  5.695% due 11/25/2056 ~ | 5035 | 5100 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Conseco Finance Corp. | Conseco Finance Corp. | Conseco Finance Corp. |
|  6.440% due 12/01/2030 | 130 | 131 |
|  7.860% due 03/01/2030 ~ | 11049 | 2704 |
|  Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. |
|  7.360% due 06/01/2030 ~ | 49144 | 11319 |
|  7.490% due 07/01/2031 þ | 5111 | 5182 |
|  7.770% due 09/01/2031 þ | 2601 | 2640 |
|  7.960% due 05/01/2031 | 21173 | 3642 |
|  7.970% due 05/01/2032 | 7164 | 824 |
|  8.200% due 05/01/2031 | 29477 | 5221 |
|  8.260% due 12/01/2030 ~ | 74286 | 11397 |
|  8.310% due 05/01/2032 ~ | 40754 | 4889 |
|  8.850% due 12/01/2030 ~ | 1831 | 195 |
|  Mid-State Trust XI | Mid-State Trust XI | Mid-State Trust XI |
|  4.864% due 07/15/2038 | 68 | 68 |
|  Newcastle Investment Trust | Newcastle Investment Trust | Newcastle Investment Trust |
|  0.000% due 05/01/2033 ~ | 27493 | 27161 |
|  Oakwood Mortgage Investors, Inc. | Oakwood Mortgage Investors, Inc. | Oakwood Mortgage Investors, Inc. |
|  7.945% due 03/15/2049 ~ | 2929 | 295 |
|  |  | 81641 |
| WHOLE LOAN COLLATERAL 0.9% | WHOLE LOAN COLLATERAL 0.9% | WHOLE LOAN COLLATERAL 0.9% |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.093% due 02/25/2037 •  | 20777 | 16266 |
|  4.193% due 12/25/2034 •  | 573 | 504 |
|  4.253% due 04/25/2036 •  | 3898 | 4269 |
|  4.293% due 05/25/2036 •  | 23137 | 5030 |
|  4.318% due 04/25/2035 •  | 374 | 352 |
|  4.393% due 12/25/2035 •  | 2506 | 1158 |
|  5.250% due 06/25/2034 þ | 1130 | 1095 |
|  5.500% due 06/25/2034 þ | 121 | 117 |
|  5.500% due 08/25/2035 ~ | 2413 | 1363 |
|  5.750% due 10/25/2034 þ | 1519 | 1462 |
|  6.000% due 10/25/2035 þ | 4398 | 2575 |
|  6.750% due 12/25/2036 þ | 910 | 1044 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.593% due 09/25/2046 •  | 1942 | 1839 |
|  4.893% due 10/25/2033 •  | 9 | 10 |
|  4.909% due 07/25/2036 •  | 534 | 479 |
|  4.972% due 10/25/2036 ~ | 28 | 14 |
|  4.973% due 01/25/2034 •  | 1868 | 1439 |
|  5.125% due 03/25/2034 þ | 123 | 220 |
|  5.500% due 01/25/2034 þ | 3025 | 2481 |
|  5.500% due 08/25/2036 | 60 | 61 |
|  5.750% due 10/25/2033 þ | 21 | 26 |
|  5.750% due 01/25/2034 þ | 2628 | 2155 |
|  6.000% due 08/25/2036 | 1804 | 1805 |
|  6.043% due 04/25/2036 •  | 3818 | 4002 |
|  6.500% due 08/25/2036 | 3103 | 892 |
|  Bravo Mortgage Asset Trust | Bravo Mortgage Asset Trust | Bravo Mortgage Asset Trust |
|  4.393% due 07/25/2036 •  | 21568 | 19716 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.193% due 11/25/2046 •  | 6012 | 5964 |
|  4.213% due 06/25/2037 •  | 6302 | 5847 |
|  4.243% due 01/25/2037 •  | 2500 | 2422 |
|  4.273% due 11/25/2036 •  | 2500 | 2385 |
|  4.468% due 03/25/2037 •  | 16039 | 15979 |
|  4.493% due 11/25/2046 •  | 12375 | 10651 |
|  5.293% due 07/25/2037 •  | 8380 | 8333 |
|  5.749% due 08/25/2035 þ | 13 | 12 |
|  5.830% due 11/25/2034 þ | 1571 | 1574 |
|  6.485% due 05/25/2036 þ | 10719 | 3754 |
|  6.582% due 03/25/2036 þ | 1686 | 758 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.273% due 04/25/2036 •  | 5776 | 5349 |
|  4.473% due 03/25/2036 •  | 23313 | 20872 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  3.898% due 09/25/2036 •  | 4781 | 4559 |
|  3.908% due 07/25/2036 •  | 189 | 182 |
|  3.913% due 11/25/2036 •  | 11980 | 11326 |
|  3.943% due 12/25/2036 •  | 6222 | 5482 |
|  3.953% due 11/25/2036 •  | 13 | 14 |
|  4.073% due 12/25/2036 •  | 4527 | 1770 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.073% due 03/25/2037 •  | $— | 18910 | $— | 10120 |
|  4.093% due 05/25/2036 •  |  | 828 |  | 822 |
|  4.093% due 08/25/2036 •  |  | 17550 |  | 16788 |
|  4.103% due 09/25/2036 •  |  | 24819 |  | 23430 |
|  4.103% due 11/25/2036 •  |  | 3900 |  | 3424 |
|  4.113% due 12/25/2037 •  |  | 12743 |  | 11868 |
|  4.173% due 02/25/2036 •  |  | 9203 |  | 8764 |
|  4.213% due 12/25/2037 •  |  | 10158 |  | 9456 |
|  4.228% due 04/25/2036 •  |  | 9023 |  | 8760 |
|  4.233% due 01/25/2038 •  |  | 257 |  | 141 |
|  4.253% due 07/25/2036 •  |  | 12142 |  | 11913 |
|  4.333% due 03/25/2036 •  |  | 15639 |  | 15203 |
|  4.363% due 02/25/2036 •  |  | 21490 |  | 20517 |
|  4.487% due 04/25/2035 •  |  | 2351 |  | 2294 |
|  4.498% due 11/25/2036 •  |  | 5385 |  | 5293 |
|  4.513% due 11/25/2035 •  |  | 15398 |  | 14627 |
|  4.573% due 06/25/2036 •  |  | 7191 |  | 7059 |
|  4.603% due 10/25/2035 •  |  | 5655 |  | 6887 |
|  4.618% due 05/25/2034 •  |  | 1671 |  | 1648 |
|  4.693% due 07/25/2035 •  |  | 3612 |  | 3601 |
|  4.738% due 09/25/2035 •  |  | 9774 |  | 9219 |
|  4.743% due 07/25/2033 •  |  | 1925 |  | 1928 |
|  4.768% due 05/25/2035 •  |  | 10688 |  | 10432 |
|  4.798% due 09/25/2035 •  |  | 30600 |  | 29843 |
|  4.918% due 12/25/2034 •  |  | 215 |  | 253 |
|  4.978% due 12/25/2034 •  |  | 2042 |  | 2089 |
|  5.068% due 07/25/2034 •  |  | 379 |  | 379 |
|  5.218% due 10/25/2034 •  |  | 626 |  | 632 |
|  5.293% due 03/25/2034 •  |  | 211 |  | 210 |
|  5.503% due 05/25/2034 •  |  | 60 |  | 59 |
|  5.593% due 09/25/2034 •  |  | 581 |  | 645 |
|  5.668% due 07/25/2034 •  |  | 849 |  | 858 |
|  6.268% due 03/25/2034 •  |  | 1398 |  | 1357 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  3.782% due 11/25/2034 •  |  | 1032 |  | 1009 |
|  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 |
|  4.113% due 07/25/2036 •  |  | 25384 |  | 7910 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  3.963% due 02/25/2037 •  |  | 20065 |  | 17490 |
|  3.973% due 02/25/2037 •  |  | 10477 |  | 10142 |
|  4.113% due 05/25/2036 •  |  | 11910 |  | 10608 |
|  4.253% due 02/25/2037 •  |  | 7182 |  | 5910 |
|  4.313% due 11/25/2035 •  |  | 1189 |  | 982 |
|  4.353% due 05/25/2036 •  |  | 1383 |  | 1396 |
|  4.543% due 10/25/2035 •  |  | 310 |  | 375 |
|  4.553% due 11/25/2035 •  |  | 3868 |  | 3207 |
|  4.968% due 01/25/2036 þ |  | 4101 |  | 3662 |
|  5.782% due 11/25/2035 •  |  | 3065 |  | 1806 |
|  6.640% due 04/25/2036 þ |  | 5169 |  | 5115 |
|  7.000% due 02/25/2037 ~ |  | 1867 |  | 1955 |
|  Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates |
|  4.813% due 07/25/2035 •  |  | 6091 |  | 6077 |
|  4.843% due 04/25/2035 •  |  | 789 |  | 789 |
|  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 |
|  4.968% due 02/25/2056 þ |  | 72052 |  | 71515 |
|  5.151% due 02/25/2056 þ |  | 43972 |  | 43659 |
|  5.180% due 01/25/2056 þ |  | 113924 |  | 113087 |
|  5.184% due 11/25/2055 þ |  | 165865 |  | 164839 |
|  5.193% due 10/25/2055 þ |  | 128127 |  | 128224 |
|  5.265% due 12/25/2055 þ |  | 125019 |  | 124267 |
|  5.342% due 12/25/2055 þ |  | 164919 |  | 164432 |
|  5.391% due 08/25/2055 þ |  | 48467 |  | 48545 |
|  5.510% due 04/25/2056 þ |  | 111000 |  | 111080 |
|  5.657% due 08/25/2055 þ |  | 37840 |  | 37940 |
|  5.732% due 08/25/2055 þ |  | 26081 |  | 26156 |
|  5.744% due 06/25/2055 þ |  | 27410 |  | 27472 |
|  RAAC Trust | RAAC Trust | RAAC Trust | RAAC Trust | RAAC Trust |
|  4.393% due 09/25/2045 •  |  | 772 |  | 766 |
|  5.293% due 09/25/2047 •  |  | 5638 |  | 5713 |
|  RCO X Mortgage LLC | RCO X Mortgage LLC | RCO X Mortgage LLC | RCO X Mortgage LLC | RCO X Mortgage LLC |
|  5.418% due 10/25/2030 þ |  | 87348 |  | 87181 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.143% due 08/25/2036 •  |  | 12001 |  | 12032 |
|  4.143% due 10/25/2036 •  |  | 1471 |  | 1450 |

---

---

| | | |
|:---|:---|:---|
| **36** | **PIMCO INCOME FUND** | 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)** |
|  4.183% due 02/25/2037 •  | $— | 13613 | $— | 13181 |
|  4.318% due 07/25/2036 •  |  | 6129 |  | 6034 |
|  4.603% due 07/25/2035 •  |  | 6268 |  | 6207 |
|  4.663% due 02/25/2034 •  |  | 121 |  | 124 |
|  4.693% due 09/25/2035 •  |  | 3000 |  | 2662 |
|  4.783% due 10/25/2033 •  |  | 1021 |  | 1024 |
|  4.813% due 06/25/2035 •  |  | 193 |  | 193 |
|  4.873% due 03/25/2035 •  |  | 6697 |  | 6712 |
|  4.888% due 05/25/2035 •  |  | 4750 |  | 4974 |
|  4.918% due 06/25/2035 •  |  | 2100 |  | 2075 |
|  4.948% due 02/25/2035 •  |  | 4885 |  | 4896 |
|  4.993% due 01/25/2035 •  |  | 3450 |  | 3364 |
|  5.068% due 02/25/2035 •  |  | 466 |  | 409 |
|  5.125% due 12/25/2034 •  |  | 542 |  | 504 |
|  5.228% due 12/25/2034 þ |  | 215 |  | 200 |
|  5.418% due 04/25/2034 •  |  | 3843 |  | 3508 |
|  5.492% due 01/25/2035 þ |  | 433 |  | 358 |
|  5.518% due 08/25/2034 •  |  | 1153 |  | 1163 |
|  5.670% due 10/25/2034 þ |  | 418 |  | 426 |
|  5.698% due 02/25/2034 •  |  | 370 |  | 343 |
|  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 08/25/2036 •  |  | 6209 |  | 2002 |
|  3.953% due 11/25/2036 •  |  | 133 |  | 35 |
|  4.073% due 08/25/2036 •  |  | 34417 |  | 14373 |
|  4.113% due 09/25/2036 •  |  | 16452 |  | 11838 |
|  4.113% due 10/25/2036 •  |  | 60182 |  | 19705 |
|  4.113% due 11/25/2036 •  |  | 6966 |  | 1822 |
|  4.133% due 08/25/2036 •  |  | 32385 |  | 10442 |
|  4.293% due 05/25/2036 •  |  | 6080 |  | 3263 |
|  4.373% due 12/25/2035 •  |  | 1363 |  | 1347 |
|  4.393% due 11/25/2035 •  |  | 23081 |  | 20175 |
|  4.393% due 12/25/2035 •  |  | 13206 |  | 10694 |
|  4.753% due 01/25/2036 •  |  | 406 |  | 382 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.073% due 09/25/2037 •  |  | 16677 |  | 15874 |
|  4.073% due 11/25/2037 •  |  | 4830 |  | 3913 |
|  4.093% due 06/25/2037 •  |  | 1543 |  | 943 |
|  4.213% due 11/25/2037 •  |  | 8589 |  | 4725 |
|  4.273% due 03/25/2037 •  |  | 26616 |  | 12558 |
|  4.273% due 09/25/2037 •  |  | 14226 |  | 4795 |
|  4.293% due 06/25/2037 •  |  | 3267 |  | 1618 |
|  4.333% due 04/25/2037 •  |  | 2090 |  | 1551 |
|  4.963% due 12/25/2035 •  |  | 3626 |  | 3651 |
|  VCAT LLC | VCAT LLC | VCAT LLC | VCAT LLC | VCAT LLC |
|  5.062% due 02/25/2056 þ |  | 35691 |  | 35557 |
|  5.101% due 01/25/2056 þ |  | 21599 |  | 21494 |
|  5.889% due 02/25/2055 þ |  | 41153 |  | 41235 |
|  |  |  |  | 1967266 |
| OTHER ABS 12.4% |  |  |  |  |
|  37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. | 37 Capital CLO 1 Ltd. |
|  4.952% due 10/15/2034 •  |  | 38400 |  | 38453 |
|  37 Capital CLO 4 Ltd. | 37 Capital CLO 4 Ltd. | 37 Capital CLO 4 Ltd. | 37 Capital CLO 4 Ltd. | 37 Capital CLO 4 Ltd. |
|  4.762% due 04/15/2035 •  |  | 76900 |  | 76923 |
|  37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. |
|  4.962% due 07/15/2034 •  |  | 26050 |  | 26076 |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  4.871% due 10/23/2034 •  |  | 25550 |  | 25585 |
|  Academic Loan Funding Trust | Academic Loan Funding Trust | Academic Loan Funding Trust | Academic Loan Funding Trust | Academic Loan Funding Trust |
|  4.576% due 12/26/2044 •  |  | 1104 |  | 1087 |
|  ACHV ABS Trust | ACHV ABS Trust | ACHV ABS Trust | ACHV ABS Trust | ACHV ABS Trust |
|  4.760% due 04/26/2032 |  | 2741 |  | 2747 |
|  5.010% due 12/26/2031 |  | 1826 |  | 1838 |
|  5.040% due 04/26/2032 |  | 3899 |  | 3910 |
|  5.070% due 10/27/2031 |  | 3213 |  | 3225 |
|  5.900% due 04/25/2031 |  | 306 |  | 307 |
|  Affirm Master Trust | Affirm Master Trust | Affirm Master Trust | Affirm Master Trust | Affirm Master Trust |
|  4.450% due 10/16/2034 |  | 45110 |  | 44956 |
|  4.670% due 07/15/2033 |  | 82500 |  | 82779 |
|  4.990% due 02/15/2033 |  | 97700 |  | 98327 |
|  AGL CLO 14 Ltd. | AGL CLO 14 Ltd. | AGL CLO 14 Ltd. | AGL CLO 14 Ltd. | AGL CLO 14 Ltd. |
|  4.800% due 12/02/2034 •  |  | 32100 |  | 32133 |
|  ALESCO Preferred Funding III Ltd. | ALESCO Preferred Funding III Ltd. | ALESCO Preferred Funding III Ltd. | ALESCO Preferred Funding III Ltd. | ALESCO Preferred Funding III Ltd. |
|  4.684% due 05/01/2034 •  |  | 2162 |  | 2162 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ALESCO Preferred Funding IV Ltd. | ALESCO Preferred Funding IV Ltd. | ALESCO Preferred Funding IV Ltd. |
|  4.628% due 07/30/2034 •  | 4897 | 4689 |
|  ALESCO Preferred Funding IX Ltd. | ALESCO Preferred Funding IX Ltd. | ALESCO Preferred Funding IX Ltd. |
|  4.309% due 06/23/2036 •  | 9032 | 8955 |
|  4.399% due 06/23/2036 •  | 27500 | 26194 |
|  ALESCO Preferred Funding V Ltd. | ALESCO Preferred Funding V Ltd. | ALESCO Preferred Funding V Ltd. |
|  0.000% due 12/23/2034 ~ | 3248 | 2775 |
|  4.599% due 12/23/2034 •  | 2121 | 2105 |
|  ALESCO Preferred Funding VI Ltd. | ALESCO Preferred Funding VI Ltd. | ALESCO Preferred Funding VI Ltd. |
|  4.549% due 03/23/2035 •  | 5000 | 4813 |
|  ALESCO Preferred Funding VIII Ltd. | ALESCO Preferred Funding VIII Ltd. | ALESCO Preferred Funding VIII Ltd. |
|  4.419% due 12/23/2035 •  | 20821 | 19624 |
|  ALESCO Preferred Funding X Ltd. | ALESCO Preferred Funding X Ltd. | ALESCO Preferred Funding X Ltd. |
|  4.289% due 09/23/2036 •  | 6103 | 5996 |
|  4.449% due 09/23/2036 •  | 12000 | 10801 |
|  ALESCO Preferred Funding XI Ltd. | ALESCO Preferred Funding XI Ltd. | ALESCO Preferred Funding XI Ltd. |
|  4.399% due 12/23/2036 •  | 6125 | 5849 |
|  ALESCO Preferred Funding XII Ltd. | ALESCO Preferred Funding XII Ltd. | ALESCO Preferred Funding XII Ltd. |
|  4.254% due 07/15/2037 •  | 4573 | 4436 |
|  4.334% due 07/15/2037 •  | 27000 | 25043 |
|  ALESCO Preferred Funding XIV Ltd. | ALESCO Preferred Funding XIV Ltd. | ALESCO Preferred Funding XIV Ltd. |
|  4.269% due 09/23/2037 •  | 9937 | 9415 |
|  4.349% due 09/23/2037 •  | 2255 | 2013 |
|  ALESCO Preferred Funding XVII Ltd. | ALESCO Preferred Funding XVII Ltd. | ALESCO Preferred Funding XVII Ltd. |
|  4.699% due 09/23/2038 •  | 35523 | 34990 |
|  4.899% due 09/23/2038 •  | 10000 | 9480 |
|  AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. | AMMC CLO 24 Ltd. |
|  4.868% due 01/20/2035 •  | 35200 | 35212 |
|  AMMC CLO 27 Ltd. | AMMC CLO 27 Ltd. | AMMC CLO 27 Ltd. |
|  4.748% due 01/20/2037 •  | 45500 | 45503 |
|  Anchorage Capital CLO 20 Ltd. | Anchorage Capital CLO 20 Ltd. | Anchorage Capital CLO 20 Ltd. |
|  4.768% due 01/20/2035 •  | 19700 | 19706 |
|  Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. |
|  4.718% due 10/20/2034 •  | 75350 | 75381 |
|  Anchorage Capital CLO 28 Ltd. | Anchorage Capital CLO 28 Ltd. | Anchorage Capital CLO 28 Ltd. |
|  4.829% due 04/20/2037 •  | 135200 | 134891 |
|  Anchorage Credit Funding 10 Ltd. | Anchorage Credit Funding 10 Ltd. | Anchorage Credit Funding 10 Ltd. |
|  3.619% due 04/25/2038 | 19296 | 18853 |
|  4.169% due 04/25/2038 | 2000 | 1912 |
|  Anchorage Credit Funding 11 Ltd. | Anchorage Credit Funding 11 Ltd. | Anchorage Credit Funding 11 Ltd. |
|  3.400% due 04/25/2038 | 93598 | 91113 |
|  Anchorage Credit Funding 12 Ltd. | Anchorage Credit Funding 12 Ltd. | Anchorage Credit Funding 12 Ltd. |
|  3.177% due 10/25/2038 | 5328 | 5166 |
|  Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. | Anchorage Credit Funding 13 Ltd. |
|  2.875% due 07/27/2039 | 2000 | 1917 |
|  Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. | Anchorage Credit Funding 14 Ltd. |
|  3.000% due 01/21/2040 | 2000 | 1911 |
|  Anchorage Credit Funding 18 Ltd. | Anchorage Credit Funding 18 Ltd. | Anchorage Credit Funding 18 Ltd. |
|  5.327% due 10/22/2040 | 118100 | 117118 |
|  5.702% due 10/22/2040 | 23500 | 23347 |
|  Anchorage Credit Funding 19 Ltd. | Anchorage Credit Funding 19 Ltd. | Anchorage Credit Funding 19 Ltd. |
|  5.036% due 10/25/2040 | 103400 | 102498 |
|  Anchorage Credit Funding 20 Ltd. | Anchorage Credit Funding 20 Ltd. | Anchorage Credit Funding 20 Ltd. |
|  4.896% due 04/25/2042 (c) | 124200 | 124200 |
|  5.196% due 04/25/2042 (c) | 21800 | 21800 |
|  Anchorage Credit Funding 3 Ltd. | Anchorage Credit Funding 3 Ltd. | Anchorage Credit Funding 3 Ltd. |
|  2.871% due 01/28/2039 | 9700 | 9273 |
|  Anchorage Credit Funding 4 Ltd. | Anchorage Credit Funding 4 Ltd. | Anchorage Credit Funding 4 Ltd. |
|  2.723% due 04/27/2039 | 1000 | 955 |
|  Anchorage Credit Funding 8 Ltd. | Anchorage Credit Funding 8 Ltd. | Anchorage Credit Funding 8 Ltd. |
|  4.430% due 07/25/2037 | 12826 | 12702 |
|  Anchorage Credit Funding 9 Ltd. | Anchorage Credit Funding 9 Ltd. | Anchorage Credit Funding 9 Ltd. |
|  3.793% due 10/25/2037 | 20668 | 20388 |
|  Apex Credit CLO Ltd. | Apex Credit CLO Ltd. | Apex Credit CLO Ltd. |
|  5.468% due 04/20/2036 •  | 76200 | 76321 |
|  Apidos CLO XI | Apidos CLO XI | Apidos CLO XI |
|  4.908% due 04/17/2034 •  | 86100 | 86212 |
|  Apidos CLO XXIV | Apidos CLO XXIV | Apidos CLO XXIV |
|  4.879% due 10/20/2030 •  | 337 | 337 |
|  Aqua Finance Issuer Trust | Aqua Finance Issuer Trust | Aqua Finance Issuer Trust |
|  4.760% due 04/17/2051 | 24000 | 23901 |
|  4.790% due 05/17/2051 | 31193 | 31357 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Arbour CLO DAC | Arbour CLO DAC | Arbour CLO DAC |
|  3.314% due 05/15/2038 •  | 20750 | 23999 |
|  Arbour CLO VI DAC | Arbour CLO VI DAC | Arbour CLO VI DAC |
|  3.134% due 11/15/2037 •  | 54500 | 63004 |
|  Arbour CLO VII DAC | Arbour CLO VII DAC | Arbour CLO VII DAC |
|  3.330% due 12/15/2038 •  | 93400 | 108145 |
|  4.200% due 12/15/2038 •  | 3200 | 3707 |
|  Arbour CLO XIII DAC | Arbour CLO XIII DAC | Arbour CLO XIII DAC |
|  3.154% due 08/15/2038 •  | 67700 | 78015 |
|  Arcano Euro CLO II DAC | Arcano Euro CLO II DAC | Arcano Euro CLO II DAC |
|  3.280% due 07/25/2039 •  | 91300 | 105540 |
|  ARES European CLO XIV DAC | ARES European CLO XIV DAC | ARES European CLO XIV DAC |
|  3.063% due 10/21/2034 •  | 18142 | 20992 |
|  ARES LIX CLO Ltd. | ARES LIX CLO Ltd. | ARES LIX CLO Ltd. |
|  4.960% due 04/25/2034 •  | 12800 | 12818 |
|  ARES LXII CLO Ltd. | ARES LXII CLO Ltd. | ARES LXII CLO Ltd. |
|  4.738% due 01/25/2034 •  | 117300 | 117338 |
|  ARES LXV CLO Ltd. | ARES LXV CLO Ltd. | ARES LXV CLO Ltd. |
|  4.788% due 07/25/2034 •  | 57900 | 57916 |
|  5.168% due 07/25/2034 •  | 11200 | 11209 |
|  ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. | ARES XLIV CLO Ltd. |
|  4.802% due 04/15/2034 •  | 124950 | 125083 |
|  ARES XXVII CLO Ltd. | ARES XXVII CLO Ltd. | ARES XXVII CLO Ltd. |
|  4.821% due 10/28/2034 •  | 84300 | 84402 |
|  Ascent Education Funding Trust | Ascent Education Funding Trust | Ascent Education Funding Trust |
|  6.140% due 10/25/2050 | 9405 | 9602 |
|  Atlantic Avenue Ltd. | Atlantic Avenue Ltd. | Atlantic Avenue Ltd. |
|  4.928% due 01/20/2035 •  | 83300 | 83345 |
|  5.152% due 10/15/2038 •  | 90700 | 90913 |
|  Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. | Atlas Senior Loan Fund XV Ltd. |
|  4.891% due 10/23/2032 •  | 41188 | 41257 |
|  Atlas Senior Loan Fund XVI Ltd. | Atlas Senior Loan Fund XVI Ltd. | Atlas Senior Loan Fund XVI Ltd. |
|  4.768% due 01/20/2034 •  | 78700 | 78752 |
|  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 •  | 97600 | 97478 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  4.661% due 04/23/2035 •  | 63700 | 63716 |
|  4.819% due 04/22/2035 •  | 23700 | 23694 |
|  4.821% due 10/23/2034 •  | 22500 | 22527 |
|  4.830% due 07/17/2035 •  | 64800 | 64813 |
|  Barings Euro CLO DAC | Barings Euro CLO DAC | Barings Euro CLO DAC |
|  3.269% due 10/21/2038 •  | 81300 | 93916 |
|  3.426% due 08/15/2039 •  | 59500 | 68641 |
|  3.979% due 10/21/2038 •  | 16600 | 19196 |
|  4.850% due 10/21/2038 | 11500 | 13273 |
|  Benefit Street Partners CLO XXII Ltd. | Benefit Street Partners CLO XXII Ltd. | Benefit Street Partners CLO XXII Ltd. |
|  4.818% due 04/20/2035 •  | 34100 | 34109 |
|  Benefit Street Partners CLO XXV Ltd. | Benefit Street Partners CLO XXV Ltd. | Benefit Street Partners CLO XXV Ltd. |
|  4.672% due 01/15/2035 •  | 7000 | 7003 |
|  BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust |
|  4.820% due 04/17/2036 | 12701 | 12735 |
|  4.840% due 09/17/2036 | 36668 | 36784 |
|  5.260% due 04/17/2036 | 21122 | 21257 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  4.853% due 11/15/2030 •  | 1895 | 1897 |
|  4.858% due 10/25/2030 •  | 21562 | 21584 |
|  BlueMountain CLO XXXIV Ltd. | BlueMountain CLO XXXIV Ltd. | BlueMountain CLO XXXIV Ltd. |
|  4.818% due 04/20/2035 •  | 117200 | 117228 |
|  Bosphorus CLO IX DAC | Bosphorus CLO IX DAC | Bosphorus CLO IX DAC |
|  0.000% due 04/15/2038 •(c) | 62400 | 72125 |
|  Boyce Park CLO Ltd. | Boyce Park CLO Ltd. | Boyce Park CLO Ltd. |
|  4.668% due 04/21/2035 •  | 104600 | 104631 |
|  Bryant Park Funding Ltd. | Bryant Park Funding Ltd. | Bryant Park Funding Ltd. |
|  5.292% due 04/15/2037 •  | 43000 | 43111 |
|  Buckingham CDO II Ltd. | Buckingham CDO II Ltd. | Buckingham CDO II Ltd. |
|  6.930% due 04/05/2041 •  | 643393 | 36538 |
|  Buckingham CDO III Ltd. | Buckingham CDO III Ltd. | Buckingham CDO III Ltd. |
|  7.000% due 09/05/2051 •  | 990065 | 693 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **37** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Cairn CLO XI DAC | Cairn CLO XI DAC | Cairn CLO XI DAC |
|  3.187% due 01/15/2040 •  | 64750 | 74801 |
|  4.057% due 01/15/2040 •  | 11900 | 13775 |
|  Camber 4 PLC | Camber 4 PLC | Camber 4 PLC |
|  5.785% due 11/09/2053 ^•(e) | 198149 | 20 |
|  Canyon CLO Ltd. | Canyon CLO Ltd. | Canyon CLO Ltd. |
|  4.752% due 07/15/2034 •  | 4400 | 4405 |
|  4.772% due 10/15/2034 •  | 7000 | 7000 |
|  Capital Four CLO IV DAC | Capital Four CLO IV DAC | Capital Four CLO IV DAC |
|  3.175% due 04/15/2038 •  | 44800 | 51625 |
|  Capital Four CLO X DAC | Capital Four CLO X DAC | Capital Four CLO X DAC |
|  3.279% due 10/25/2038 •  | 63300 | 73038 |
|  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 •  | 100000 | 99850 |
|  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 •  | 37500 | 37622 |
|  Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust |
|  4.772% due 08/16/2029 •  | 51000 | 50950 |
|  5.022% due 10/16/2028 •  | 129300 | 129405 |
|  5.272% due 10/16/2028 •  | 10100 | 10107 |
|  Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. | Carlyle Global Market Strategies CLO Ltd. |
|  4.758% due 07/20/2034 •  | 108200 | 108270 |
|  Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. |
|  4.748% due 01/25/2035 •  | 19200 | 19162 |
|  4.778% due 10/20/2034 •  | 6500 | 6500 |
|  CarVal CLO I Ltd. | CarVal CLO I Ltd. | CarVal CLO I Ltd. |
|  4.901% due 07/16/2031 •  | 24413 | 24438 |
|  CarVal CLO III Ltd. | CarVal CLO III Ltd. | CarVal CLO III Ltd. |
|  4.658% due 07/20/2032 •  | 60486 | 60448 |
|  CCG Receivables Trust | CCG Receivables Trust | CCG Receivables Trust |
|  5.820% due 09/16/2030 | 345 | 346 |
|  Cedar Funding VI CLO Ltd. | Cedar Funding VI CLO Ltd. | Cedar Funding VI CLO Ltd. |
|  4.758% due 04/20/2034 •  | 71000 | 71052 |
|  Centerbridge Credit Funding 1 Ltd. | Centerbridge Credit Funding 1 Ltd. | Centerbridge Credit Funding 1 Ltd. |
|  3.164% due 07/25/2039 | 8700 | 8433 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  4.988% due 04/17/2035 •  | 13000 | 13006 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  5.312% due 06/25/2054 •  | 48671 | 49005 |
|  5.330% due 05/25/2055 | 31538 | 31704 |
|  5.562% due 05/25/2055 •  | 33060 | 33670 |
|  5.820% due 05/25/2055 | 15744 | 15931 |
|  6.060% due 05/25/2055 | 13791 | 14021 |
|  6.500% due 06/25/2054 | 48809 | 50697 |
|  6.890% due 05/25/2055 | 3560 | 3635 |
|  7.330% due 06/25/2054 | 17696 | 18391 |
|  7.580% due 06/25/2054 | 13929 | 14509 |
|  8.210% due 06/25/2054 | 3358 | 3532 |
|  8.490% due 05/25/2055 | 4482 | 4642 |
|  10.120% due 06/25/2054 | 4746 | 5015 |
|  Cologix Canadian Issuer LP | Cologix Canadian Issuer LP | Cologix Canadian Issuer LP |
|  4.940% due 01/25/2052 | 20400 | 14583 |
|  Commonbond Student Loan Trust | Commonbond Student Loan Trust | Commonbond Student Loan Trust |
|  1.980% due 08/25/2050 | 558 | 502 |
|  Consumer Loan Finance Issuer Trust | Consumer Loan Finance Issuer Trust | Consumer Loan Finance Issuer Trust |
|  0.000% due 11/25/2053 «(h) | 167645 | 73823 |
|  0.000% due 11/25/2054 «(h) | 38442 | 20142 |
|  5.150% due 11/25/2054 | 28026 | 28125 |
|  5.350% due 11/25/2054 | 159337 | 161626 |
|  5.450% due 11/25/2054 | 36853 | 37195 |
|  5.750% due 11/25/2054 | 18428 | 18549 |
|  6.250% due 11/25/2053 | 10882 | 10893 |
|  6.400% due 11/25/2053 | 610576 | 627591 |
|  6.600% due 11/25/2054 | 23822 | 23874 |
|  6.950% due 11/25/2053 | 111171 | 114560 |
|  7.400% due 11/25/2053 | 111171 | 114778 |
|  8.750% due 11/25/2054 | 13840 | 13954 |
|  9.100% due 11/25/2053 | 64833 | 67143 |
|  9.350% due 11/25/2053 | 60214 | 60785 |
|  Contego CLO III BV | Contego CLO III BV | Contego CLO III BV |
|  3.297% due 04/15/2038 •  | 85000 | 98190 |
|  CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. | CQS U.S. CLO Ltd. |
|  4.868% due 01/20/2035 •  | 48400 | 48416 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Crossroads Asset Trust | Crossroads Asset Trust | Crossroads Asset Trust |
|  4.910% due 02/20/2032 | 3006 | 3022 |
|  Cumulus Static CLO DAC | Cumulus Static CLO DAC | Cumulus Static CLO DAC |
|  3.184% due 11/15/2033 •  | 41333 | 47838 |
|  CVC Cordatus Loan Fund XII DAC | CVC Cordatus Loan Fund XII DAC | CVC Cordatus Loan Fund XII DAC |
|  3.285% due 01/23/2039 •  | 52500 | 60601 |
|  CVC Cordatus Loan Fund XXX DAC | CVC Cordatus Loan Fund XXX DAC | CVC Cordatus Loan Fund XXX DAC |
|  3.229% due 05/15/2037 •  | 14000 | 16172 |
|  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 •  | 82731 | 95512 |
|  Davis Square Funding V Ltd. | Davis Square Funding V Ltd. | Davis Square Funding V Ltd. |
|  5.220% due 10/08/2040 •  | 583584 | 188309 |
|  5.360% due 10/08/2040 •  | 44806 | 10243 |
|  5.540% due 10/08/2040 •  | 52400 | 13513 |
|  Dell Equipment Finance Trust | Dell Equipment Finance Trust | Dell Equipment Finance Trust |
|  4.690% due 08/22/2030 | 19260 | 19281 |
|  Diameter Capital CLO 6 Ltd. | Diameter Capital CLO 6 Ltd. | Diameter Capital CLO 6 Ltd. |
|  5.282% due 04/15/2037 •  | 137400 | 137810 |
|  Diamond Infrastructure Funding LLC | Diamond Infrastructure Funding LLC | Diamond Infrastructure Funding LLC |
|  1.760% due 04/15/2049 | 3500 | 3422 |
|  DLLMT LLC | DLLMT LLC | DLLMT LLC |
|  4.030% due 07/20/2028 | 5300 | 5297 |
|  5.080% due 02/22/2027 | 3702 | 3704 |
|  Dryden 43 Senior Loan Fund | Dryden 43 Senior Loan Fund | Dryden 43 Senior Loan Fund |
|  4.738% due 04/20/2034 •  | 2000 | 2002 |
|  Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund |
|  4.818% due 10/19/2029 •  | 1727 | 1729 |
|  Dryden 86 CLO Ltd. | Dryden 86 CLO Ltd. | Dryden 86 CLO Ltd. |
|  4.798% due 07/17/2034 •  | 14630 | 14645 |
|  Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. | Dryden 95 CLO Ltd. |
|  4.696% due 08/20/2034 •  | 100200 | 100222 |
|  Dryden Euro CLO | Dryden Euro CLO | Dryden Euro CLO |
|  3.286% due 10/18/2039 •  | 76700 | 88603 |
|  5.000% due 10/18/2039 | 12000 | 13857 |
|  Duke Funding High Grade III Ltd. | Duke Funding High Grade III Ltd. | Duke Funding High Grade III Ltd. |
|  5.100% due 08/02/2049 •  | 776047 | 5584 |
|  5.190% due 08/02/2049 •  | 285269 | 2130 |
|  5.304% due 08/02/2049 •  | 102000 | 10 |
|  Education Funding Trust | Education Funding Trust | Education Funding Trust |
|  3.557% due 02/01/2050 | 45372 | 39827 |
|  4.714% due 02/01/2050 | 25287 | 25228 |
|  Elevation CLO Ltd. | Elevation CLO Ltd. | Elevation CLO Ltd. |
|  4.798% due 07/25/2034 •  | 72500 | 72574 |
|  4.968% due 01/25/2035 •  | 77200 | 77243 |
|  5.268% due 01/25/2035 •  | 8500 | 8507 |
|  5.518% due 01/25/2035 •  | 13400 | 13322 |
|  Elmwood CLO 15 Ltd. | Elmwood CLO 15 Ltd. | Elmwood CLO 15 Ltd. |
|  4.819% due 04/22/2035 •  | 30600 | 30608 |
|  Fair Oaks Loan Funding V DAC | Fair Oaks Loan Funding V DAC | Fair Oaks Loan Funding V DAC |
|  3.251% due 10/15/2036 •  | 27900 | 32230 |
|  Flatiron CLO 19 Ltd. | Flatiron CLO 19 Ltd. | Flatiron CLO 19 Ltd. |
|  4.833% due 11/16/2034 •  | 24808 | 24827 |
|  Fortress Credit BSL VII Ltd. | Fortress Credit BSL VII Ltd. | Fortress Credit BSL VII Ltd. |
|  4.761% due 07/23/2032 •  | 8150 | 8158 |
|  Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. |
|  4.768% due 04/20/2033 •  | 29870 | 29886 |
|  Fortress Credit BSL XX Ltd. | Fortress Credit BSL XX Ltd. | Fortress Credit BSL XX Ltd. |
|  4.911% due 01/23/2037 •  | 60100 | 60127 |
|  Foundation Finance Trust | Foundation Finance Trust | Foundation Finance Trust |
|  4.670% due 04/15/2052 | 12260 | 12196 |
|  Galaxy XXII CLO Ltd. | Galaxy XXII CLO Ltd. | Galaxy XXII CLO Ltd. |
|  4.683% due 04/16/2034 •  | 30600 | 30588 |
|  Goal Structured Solutions Trust | Goal Structured Solutions Trust | Goal Structured Solutions Trust |
|  4.426% due 09/25/2041 •  | 4755 | 4697 |
|  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 •  | 89700 | 89728 |
|  GoodLeap Home Improvement Solutions Trust | GoodLeap Home Improvement Solutions Trust | GoodLeap Home Improvement Solutions Trust |
|  5.320% due 06/20/2049 | 39498 | 39759 |
|  GoodLeap Sustainable Home Solutions Trust | GoodLeap Sustainable Home Solutions Trust | GoodLeap Sustainable Home Solutions Trust |
|  6.500% due 07/20/2055 | 7462 | 7320 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GreatAmerica Leasing Receivables Funding LLC | GreatAmerica Leasing Receivables Funding LLC | GreatAmerica Leasing Receivables Funding LLC |
|  5.280% due 03/15/2027 | 5356 | 5369 |
|  GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust |
|  4.340% due 12/27/2060 | 21746 | 21763 |
|  4.520% due 12/27/2060 | 36161 | 36141 |
|  4.590% due 12/27/2060 | 18500 | 18463 |
|  4.890% due 06/25/2060 | 17239 | 17230 |
|  4.930% due 06/25/2060 | 11377 | 11418 |
|  5.020% due 06/25/2060 | 13800 | 13965 |
|  5.120% due 03/25/2060 | 8804 | 8827 |
|  5.150% due 10/27/2059 | 10377 | 10474 |
|  5.220% due 03/25/2060 | 9990 | 10055 |
|  5.250% due 10/27/2059 | 451 | 452 |
|  5.320% due 03/25/2060 | 22100 | 22478 |
|  5.390% due 03/25/2060 | 13900 | 13971 |
|  5.550% due 06/25/2059 | 8400 | 8549 |
|  5.690% due 03/25/2060 | 7300 | 7344 |
|  5.880% due 06/25/2059 | 1965 | 1969 |
|  Greywolf CLO III Ltd. | Greywolf CLO III Ltd. | Greywolf CLO III Ltd. |
|  4.899% due 04/22/2033 •  | 49502 | 49550 |
|  5.519% due 04/22/2033 •  | 32300 | 32360 |
|  Greywolf CLO IV Ltd. | Greywolf CLO IV Ltd. | Greywolf CLO IV Ltd. |
|  4.908% due 04/17/2034 •  | 38100 | 38149 |
|  Grosvenor Place CLO DAC | Grosvenor Place CLO DAC | Grosvenor Place CLO DAC |
|  3.256% due 01/15/2039 •  | 78600 | 90882 |
|  3.383% due 08/15/2039 •  | 63400 | 73279 |
|  Guggenheim CLO Ltd. | Guggenheim CLO Ltd. | Guggenheim CLO Ltd. |
|  4.822% due 01/15/2035 •  | 81900 | 81928 |
|  Harvest CLO XVI DAC | Harvest CLO XVI DAC | Harvest CLO XVI DAC |
|  3.336% due 10/15/2038 •  | 48600 | 56138 |
|  Harvest U.S. CLO Ltd. | Harvest U.S. CLO Ltd. | Harvest U.S. CLO Ltd. |
|  4.822% due 01/15/2037 •  | 142800 | 142694 |
|  Hayfin Emerald CLO V DAC | Hayfin Emerald CLO V DAC | Hayfin Emerald CLO V DAC |
|  3.194% due 11/17/2037 •  | 88800 | 102683 |
|  Hayfin Emerald CLO VI DAC | Hayfin Emerald CLO VI DAC | Hayfin Emerald CLO VI DAC |
|  3.266% due 10/15/2038 •  | 88600 | 102350 |
|  Hayfin Emerald CLO X DAC | Hayfin Emerald CLO X DAC | Hayfin Emerald CLO X DAC |
|  3.286% due 10/18/2039 •  | 55000 | 63535 |
|  Hayfin Emerald CLO XIV DAC | Hayfin Emerald CLO XIV DAC | Hayfin Emerald CLO XIV DAC |
|  3.237% due 01/22/2039 •  | 85000 | 98238 |
|  Hildene TruPS Securitization Ltd. | Hildene TruPS Securitization Ltd. | Hildene TruPS Securitization Ltd. |
|  5.686% due 05/22/2039 •  | 2119 | 2119 |
|  Home Partners of America Trust | Home Partners of America Trust | Home Partners of America Trust |
|  1.698% due 09/17/2041 | 6572 | 6015 |
|  1.901% due 12/17/2026 | 14236 | 13972 |
|  Hout Bay Corp. | Hout Bay Corp. | Hout Bay Corp. |
|  4.716% due 07/05/2041 •  | 463545 | 72544 |
|  4.916% due 07/05/2041 •  | 34165 | 43 |
|  5.046% due 07/05/2041 ^•(e) | 4046 | 0 |
|  ICG Euro CLO DAC | ICG Euro CLO DAC | ICG Euro CLO DAC |
|  3.320% (EUR003M + 1.290%) due 01/26/2038 ~ | 55900 | 64599 |
|  3.920% (EUR003M + 1.890%) due 01/26/2038 ~ | 6900 | 7977 |
|  ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. | ICG U.S. CLO Ltd. |
|  4.661% due 01/16/2033 •  | 14721 | 14732 |
|  4.818% due 10/20/2034 •  | 75900 | 75993 |
|  4.938% due 04/17/2034 •  | 12100 | 12115 |
|  IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. |
|  4.971% due 12/31/2035 •  | 108245 | 108377 |
|  Indigo Credit Management II DAC | Indigo Credit Management II DAC | Indigo Credit Management II DAC |
|  3.216% due 07/15/2038 •  | 93500 | 108056 |
|  Invesco CLO Ltd. | Invesco CLO Ltd. | Invesco CLO Ltd. |
|  4.818% due 07/20/2035 •  | 47800 | 47820 |
|  Invesco Euro CLO III DAC | Invesco Euro CLO III DAC | Invesco Euro CLO III DAC |
|  3.136% due 10/30/2038 •  | 70200 | 81100 |
|  Invesco Euro CLO V DAC | Invesco Euro CLO V DAC | Invesco Euro CLO V DAC |
|  3.036% due 01/15/2034 •  | 78394 | 90708 |
|  Invesco Euro CLO XI DAC | Invesco Euro CLO XI DAC | Invesco Euro CLO XI DAC |
|  3.287% due 10/22/2036 •  | 57900 | 66884 |
|  Invesco Euro CLO XII DAC | Invesco Euro CLO XII DAC | Invesco Euro CLO XII DAC |
|  3.277% due 07/15/2037 •  | 60700 | 69968 |

---

---

| | | |
|:---|:---|:---|
| **38** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. | Jamestown CLO XVI Ltd. |
|  4.788% due 07/25/2034 •  | 83300 | 83371 |
|  Jamestown CLO XVIII Ltd. |  |  |
|  4.938% due 07/25/2035 •  | 79100 | 79206 |
|  Jupiter High-Grade CDO III Ltd. | Jupiter High-Grade CDO III Ltd. | Jupiter High-Grade CDO III Ltd. |
|  9.565% due 06/08/2042 «•  | 34500 | 0 |
|  KGS-Alpha SBA COOF Trust | KGS-Alpha SBA COOF Trust | KGS-Alpha SBA COOF Trust |
|  1.090% due 04/25/2038 «~(a) | 4736 | 95 |
|  KKR CLO 16 Ltd. | KKR CLO 16 Ltd. | KKR CLO 16 Ltd. |
|  4.808% due 10/20/2034 •  | 181600 | 181785 |
|  KKR CLO 17 Ltd. | KKR CLO 17 Ltd. | KKR CLO 17 Ltd. |
|  5.014% due 04/15/2034 •  | 6000 | 6007 |
|  KKR CLO 21 Ltd. | KKR CLO 21 Ltd. | KKR CLO 21 Ltd. |
|  4.934% due 04/15/2031 •  | 707 | 707 |
|  KKR CLO 27 Ltd. | KKR CLO 27 Ltd. | KKR CLO 27 Ltd. |
|  4.782% due 01/15/2035 •  | 34200 | 34209 |
|  KKR CLO 33 Ltd. | KKR CLO 33 Ltd. | KKR CLO 33 Ltd. |
|  4.748% due 07/20/2034 •  | 27700 | 27728 |
|  KKR CLO 36 Ltd. | KKR CLO 36 Ltd. | KKR CLO 36 Ltd. |
|  4.822% due 10/15/2034 •  | 113700 | 113839 |
|  KKR CLO 38 Ltd. | KKR CLO 38 Ltd. | KKR CLO 38 Ltd. |
|  4.829% due 01/15/2038 •  | 29400 | 29374 |
|  KKR CLO 41 Ltd. | KKR CLO 41 Ltd. | KKR CLO 41 Ltd. |
|  5.002% due 04/15/2035 •  | 5750 | 5753 |
|  KKR CLO 42 Ltd. | KKR CLO 42 Ltd. | KKR CLO 42 Ltd. |
|  4.818% due 07/20/2034 •  | 95400 | 95516 |
|  Labrador Aviation Finance Ltd. | Labrador Aviation Finance Ltd. | Labrador Aviation Finance Ltd. |
|  4.300% due 01/15/2042 | 466 | 478 |
|  LCM 31 Ltd. | LCM 31 Ltd. | LCM 31 Ltd. |
|  4.948% due 07/20/2034 •  | 42800 | 42856 |
|  LCM 34 Ltd. | LCM 34 Ltd. | LCM 34 Ltd. |
|  4.848% due 10/20/2034 •  | 1300 | 1302 |
|  LCM 35 Ltd. | LCM 35 Ltd. | LCM 35 Ltd. |
|  4.752% due 10/15/2034 •  | 109450 | 109286 |
|  LCM 36 Ltd. | LCM 36 Ltd. | LCM 36 Ltd. |
|  4.742% due 01/15/2034 •  | 1000 | 1000 |
|  LCM 39 Ltd. | LCM 39 Ltd. | LCM 39 Ltd. |
|  4.703% due 10/15/2034 •  | 38400 | 38406 |
|  LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust |
|  5.700% due 07/15/2029 | 317 | 317 |
|  Lendmark Funding Trust | Lendmark Funding Trust | Lendmark Funding Trust |
|  4.470% due 02/21/2034 | 18900 | 18876 |
|  5.530% due 06/21/2032 | 20100 | 20263 |
|  Lyra Music Assets Delaware LP | Lyra Music Assets Delaware LP | Lyra Music Assets Delaware LP |
|  5.760% due 12/22/2064 | 95813 | 96421 |
|  M&T Equipment Notes | M&T Equipment Notes | M&T Equipment Notes |
|  4.990% due 08/18/2031 | 15198 | 15230 |
|  Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. | Madison Park Funding XLIX Ltd. |
|  4.718% due 10/19/2034 •  | 76700 | 76733 |
|  Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. |
|  4.672% due 10/15/2034 •  | 120200 | 120122 |
|  Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. | Madison Park Funding XXXIX Ltd. |
|  4.919% due 10/22/2034 •  | 10200 | 10214 |
|  Madison Park Funding XXXVI Ltd. | Madison Park Funding XXXVI Ltd. | Madison Park Funding XXXVI Ltd. |
|  4.732% due 04/15/2035 •  | 2000 | 2001 |
|  Marble Point CLO XXII Ltd. | Marble Point CLO XXII Ltd. | Marble Point CLO XXII Ltd. |
|  4.888% due 07/25/2034 •  | 87800 | 87756 |
|  Marble Point CLO XXIV Ltd. | Marble Point CLO XXIV Ltd. | Marble Point CLO XXIV Ltd. |
|  4.753% due 04/20/2035 •  | 122300 | 122333 |
|  Margay CLO II DAC | Margay CLO II DAC | Margay CLO II DAC |
|  3.244% due 07/15/2037 •  | 36000 | 41514 |
|  Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust |
|  7.130% due 12/15/2033 | 4575 | 4602 |
|  Marzio Finance SRL | Marzio Finance SRL | Marzio Finance SRL |
|  2.784% due 09/28/2049 •  | 4793 | 5564 |
|  Mercury CDO Ltd. | Mercury CDO Ltd. | Mercury CDO Ltd. |
|  4.781% due 12/08/2040 •  | 6000 | 193 |
|  MMcapS Funding XVII Ltd. | MMcapS Funding XVII Ltd. | MMcapS Funding XVII Ltd. |
|  4.379% due 12/01/2035 •  | 8266 | 8200 |
|  Mountain View CLO LLC | Mountain View CLO LLC | Mountain View CLO LLC |
|  4.547% due 04/14/2033 •  | 31300 | 31271 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Mountain View CLO XIV Ltd. | Mountain View CLO XIV Ltd. | Mountain View CLO XIV Ltd. |
|  6.813% due 10/15/2034 •  | 78100 | 78196 |
|  MV Credit Euro CLO III DAC | MV Credit Euro CLO III DAC | MV Credit Euro CLO III DAC |
|  3.284% due 02/15/2038 •  | 48300 | 55827 |
|  National Collegiate V Commutation Trust | National Collegiate V Commutation Trust | National Collegiate V Commutation Trust |
|  0.000% due 03/25/2038 •  | 61425 | 9213 |
|  Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. |
|  4.862% due 01/15/2036 •  | 59800 | 59803 |
|  Navesink CLO 6 Ltd. | Navesink CLO 6 Ltd. | Navesink CLO 6 Ltd. |
|  0.000% due 04/15/2037 •  | 142300 | 142300 |
|  Navient Education Loan Trust | Navient Education Loan Trust | Navient Education Loan Trust |
|  5.020% due 07/15/2055 | 27104 | 27184 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  2.460% due 11/15/2068 | 6308 | 6120 |
|  5.237% due 07/16/2040 •  | 6202 | 6212 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  1.330% due 04/15/2069 | 13577 | 12466 |
|  1.690% due 05/15/2069 | 155 | 148 |
|  3.238% due 11/15/2045 ~ | 94379 | 89577 |
|  4.837% due 12/15/2059 •  | 3080 | 3083 |
|  Navient Refinance Loan Trust | Navient Refinance Loan Trust | Navient Refinance Loan Trust |
|  5.150% due 02/16/2055 | 15612 | 15699 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  5.372% due 03/15/2072 •  | 41966 | 42218 |
|  7.230% due 03/15/2072 | 52400 | 56572 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  4.610% due 02/21/2061 | 512716 | 506504 |
|  4.670% due 06/22/2065 | 331545 | 328238 |
|  4.840% due 05/17/2055 | 179213 | 178557 |
|  4.973% due 02/21/2061 •  | 161603 | 162457 |
|  5.022% due 05/17/2055 •  | 163794 | 164846 |
|  5.023% due 06/22/2065 •  | 251909 | 254040 |
|  5.873% due 02/20/2041 •  | 29362 | 29994 |
|  6.640% due 02/20/2041 | 28473 | 29453 |
|  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 •  | 62500 | 62533 |
|  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 •  | 73800 | 73848 |
|  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 •  | 80900 | 80910 |
|  Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. |
|  4.788% due 07/20/2034 •  | 79700 | 79769 |
|  Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. | Northwoods Capital XII-B Ltd. |
|  4.864% due 06/15/2031 •  | 13519 | 13533 |
|  Northwoods Capital XIV-B Ltd. | Northwoods Capital XIV-B Ltd. | Northwoods Capital XIV-B Ltd. |
|  4.883% due 11/13/2031 •  | 1084 | 1086 |
|  Ocean Trails CLO X | Ocean Trails CLO X | Ocean Trails CLO X |
|  5.372% due 10/15/2034 •  | 7750 | 7758 |
|  Ocean Trails CLO XI | Ocean Trails CLO XI | Ocean Trails CLO XI |
|  4.698% due 07/20/2034 •  | 43800 | 43807 |
|  OCP Euro CLO DAC | OCP Euro CLO DAC | OCP Euro CLO DAC |
|  3.256% due 10/20/2039 •  | 22600 | 26111 |
|  3.266% due 07/20/2036 •  | 83600 | 96561 |
|  Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. | Octagon Investment Partners 40 Ltd. |
|  4.708% due 01/20/2035 •  | 108600 | 108635 |
|  OFSI BSL X Ltd. | OFSI BSL X Ltd. | OFSI BSL X Ltd. |
|  4.938% due 04/20/2034 •  | 62000 | 62080 |
|  OneMain Financial Issuance Trust | OneMain Financial Issuance Trust | OneMain Financial Issuance Trust |
|  1.750% due 09/14/2035 | 10645 | 10502 |
|  5.172% due 09/15/2036 •  | 18764 | 18891 |
|  5.940% due 05/15/2034 | 314 | 315 |
|  Oportun Funding Trust | Oportun Funding Trust | Oportun Funding Trust |
|  4.960% due 08/16/2032 | 3698 | 3700 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  0.000% due 04/15/2032 «~ | 8513 | 3361 |
|  4.865% due 10/15/2032 | 36090 | 36140 |
|  4.961% due 10/15/2032 | 6396 | 6403 |
|  5.065% due 03/15/2032 | 5835 | 5846 |
|  5.092% due 07/15/2032 | 9794 | 9828 |
|  5.108% due 03/15/2033 | 11400 | 11425 |
|  5.156% due 07/15/2032 | 8411 | 8426 |
|  5.183% due 06/15/2032 | 10098 | 10130 |
|  5.331% due 01/15/2032 | 4988 | 5001 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.617% due 04/15/2032 « | $— | 3679 | $— | 3681 |
|  5.637% due 07/15/2032 |  | 4750 |  | 4779 |
|  5.750% due 06/15/2032 |  | 10569 |  | 10614 |
|  5.823% due 04/15/2032 « |  | 5435 |  | 5438 |
|  5.871% due 07/15/2032 |  | 5976 |  | 5997 |
|  5.992% due 06/15/2032 |  | 3620 |  | 3635 |
|  6.261% due 04/15/2032 « |  | 5726 |  | 5725 |
|  6.278% due 10/15/2031 |  | 3560 |  | 3567 |
|  10.273% due 04/15/2032 « |  | 7048 |  | 6874 |
|  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 |  | 3574 |  | 3580 |
|  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 |  | 3561 |  | 3573 |
|  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 |  | 15804 |  | 15877 |
|  6.258% due 10/15/2031 |  | 8064 |  | 8069 |
|  6.319% due 08/15/2031 |  | 3530 |  | 3532 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  0.000% due 10/15/2035 «•(c) |  | 96600 |  | 111655 |
|  2.866% due 10/15/2034 •  |  | 112155 |  | 129536 |
|  2.954% due 05/15/2033 •  |  | 26443 |  | 30596 |
|  2.954% due 08/15/2033 •  |  | 37713 |  | 43632 |
|  2.974% due 05/15/2034 •  |  | 78352 |  | 90663 |
|  2.984% due 05/15/2034 •  |  | 44768 |  | 51802 |
|  3.047% due 07/15/2035 •  |  | 58800 |  | 67972 |
|  3.566% due 10/15/2034 •  |  | 22500 |  | 26020 |
|  3.634% due 05/15/2033 •  |  | 1000 |  | 1158 |
|  3.917% due 07/15/2035 •  |  | 20700 |  | 23959 |
|  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 •  | $— | 101448 |  | 101430 |
|  4.480% due 10/15/2032 •  |  | 33865 |  | 33860 |
|  4.489% due 01/15/2033 •  |  | 118500 |  | 118364 |
|  4.660% due 01/15/2034 •  |  | 22000 |  | 22009 |
|  Penta CLO 9 DAC | Penta CLO 9 DAC | Penta CLO 9 DAC | Penta CLO 9 DAC | Penta CLO 9 DAC |
|  2.880% due 07/25/2036 •  |  | 55500 |  | 63985 |
|  Performer Funding 1 PLC | Performer Funding 1 PLC | Performer Funding 1 PLC | Performer Funding 1 PLC | Performer Funding 1 PLC |
|  0.000% due 06/21/2035 (h) |  | 164391 |  | 129882 |
|  5.733% due 06/21/2035 •  |  | 96405 |  | 127614 |
|  6.733% due 06/21/2035 •  |  | 129635 |  | 171870 |
|  7.733% due 06/21/2035 •  |  | 86490 |  | 115551 |
|  9.233% due 06/21/2035 •  |  | 37025 |  | 49457 |
|  11.233% due 06/21/2035 •  |  | 55585 |  | 74248 |
|  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 •  | $— | 45000 |  | 45062 |
|  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 •  |  | 46500 |  | 46562 |
|  Pikes Peak CLO 6 | Pikes Peak CLO 6 | Pikes Peak CLO 6 | Pikes Peak CLO 6 | Pikes Peak CLO 6 |
|  4.595% due 05/18/2034 •  |  | 20000 |  | 19988 |
|  Post CLO Ltd. | Post CLO Ltd. | Post CLO Ltd. | Post CLO Ltd. | Post CLO Ltd. |
|  4.752% due 10/15/2034 •  |  | 46800 |  | 46848 |
|  4.762% due 04/20/2035 •  |  | 94400 |  | 94421 |
|  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 •  |  | 52000 |  | 52047 |
|  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 •  |  | 93200 |  | 93310 |
|  Progress Residential Trust | Progress Residential Trust | Progress Residential Trust | Progress Residential Trust | Progress Residential Trust |
|  2.013% due 11/17/2040 |  | 6012 |  | 5644 |
|  2.709% due 02/17/2041 |  | 10560 |  | 9996 |
|  Project Panama SPV LLC | Project Panama SPV LLC | Project Panama SPV LLC | Project Panama SPV LLC | Project Panama SPV LLC |
|  7.200% due 01/03/2029 « |  | 174657 |  | 175663 |
|  Providus CLO II DAC | Providus CLO II DAC | Providus CLO II DAC | Providus CLO II DAC | Providus CLO II DAC |
|  3.176% due 10/15/2038 •  |  | 69000 |  | 79771 |
|  Providus CLO V DAC | Providus CLO V DAC | Providus CLO V DAC | Providus CLO V DAC | Providus CLO V DAC |
|  3.214% due 11/15/2039 •  |  | 55900 |  | 64575 |
|  Providus CLO VII DAC | Providus CLO VII DAC | Providus CLO VII DAC | Providus CLO VII DAC | Providus CLO VII DAC |
|  3.181% due 07/15/2038 •  |  | 43100 |  | 49668 |
|  Rad CLO 10 Ltd. | Rad CLO 10 Ltd. | Rad CLO 10 Ltd. | Rad CLO 10 Ltd. | Rad CLO 10 Ltd. |
|  5.103% due 04/23/2034 •  | $— | 14510 |  | 14529 |
|  RCKT Trust | RCKT Trust | RCKT Trust | RCKT Trust | RCKT Trust |
|  4.480% due 11/27/2034 |  | 4244 |  | 4245 |
|  4.900% due 07/25/2034 |  | 4568 |  | 4578 |
|  Reach ABS Trust | Reach ABS Trust | Reach ABS Trust | Reach ABS Trust | Reach ABS Trust |
|  4.320% due 02/15/2033 |  | 34113 |  | 34122 |
|  4.930% due 08/18/2032 |  | 39081 |  | 39246 |
|  4.960% due 08/16/2032 |  | 8812 |  | 8828 |
|  5.880% due 07/15/2031 |  | 1388 |  | 1390 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **39** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Regional Management Issuance Trust | Regional Management Issuance Trust | Regional Management Issuance Trust |
|  5.110% due 12/15/2033 | 20700 | 20785 |
|  5.830% due 07/15/2036 | 10500 | 10650 |
|  Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. |
|  4.798% due 07/20/2034 •  | 33500 | 33535 |
|  4.868% due 07/20/2035 •  | 70700 | 70735 |
|  Romark CLO - IV Ltd. | Romark CLO - IV Ltd. | Romark CLO - IV Ltd. |
|  4.790% due 07/10/2034 •  | 79000 | 79083 |
|  Romark CLO V Ltd. | Romark CLO V Ltd. | Romark CLO V Ltd. |
|  4.862% due 01/15/2035 •  | 110400 | 110330 |
|  Romark Credit Funding II Ltd. | Romark Credit Funding II Ltd. | Romark Credit Funding II Ltd. |
|  2.625% due 10/25/2039 | 6000 | 5713 |
|  Romark Credit Funding III Ltd. | Romark Credit Funding III Ltd. | Romark Credit Funding III Ltd. |
|  5.539% due 09/15/2042 | 27400 | 27438 |
|  Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. |
|  5.423% due 07/29/2043 | 93100 | 93602 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  4.842% due 04/15/2038 •  | 127800 | 127492 |
|  Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. | Sculptor CLO XXVII Ltd. |
|  4.809% due 04/20/2037 •  | 120000 | 119902 |
|  Sculptor European CLO IV DAC | Sculptor European CLO IV DAC | Sculptor European CLO IV DAC |
|  3.238% due 04/27/2038 •  | 102300 | 118215 |
|  Shackleton CLO Ltd. | Shackleton CLO Ltd. | Shackleton CLO Ltd. |
|  4.868% due 07/20/2034 •  | 66800 | 66889 |
|  Sierra Madre Funding Ltd. | Sierra Madre Funding Ltd. | Sierra Madre Funding Ltd. |
|  4.184% due 09/07/2039 •  | 18683 | 10001 |
|  Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. |
|  4.708% due 01/20/2035 •  | 59400 | 59420 |
|  SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust |
|  4.206% due 12/15/2039 •  | 210 | 206 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  2.430% due 10/25/2039 •  | 3425 | 3691 |
|  4.576% due 01/25/2075 •  | 17700 | 17627 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  0.000% due 03/15/2052 «(h) | 5840 | 7442 |
|  0.000% due 09/15/2053 (h) | 3 | 1002 |
|  0.000% due 11/16/2054 | 46 | 228 |
|  0.000% due 02/16/2055 «(h) | 34 | 31024 |
|  0.000% due 03/15/2055 «(h) | 47 | 623 |
|  0.000% due 10/16/2056 «(h) | 13 | 4850 |
|  0.000% due 10/15/2058 «(h) | 23 | 5789 |
|  3.940% due 02/16/2055 | 173903 | 168670 |
|  4.550% due 02/16/2055 | 68640 | 66927 |
|  4.643% due 09/15/2054 •  | 2164 | 2159 |
|  4.772% due 06/17/2052 •  | 9419 | 9415 |
|  4.772% due 07/15/2053 •  | 102627 | 102571 |
|  4.780% due 03/15/2055 | 35479 | 35131 |
|  4.849% due 11/16/2054 « | 115422 | 115422 |
|  4.872% due 03/15/2055 •  | 77785 | 77930 |
|  4.950% due 02/16/2055 | 19967 | 19541 |
|  4.960% due 03/15/2055 | 700427 | 705963 |
|  4.972% due 03/15/2052 •  | 40610 | 40685 |
|  4.990% due 10/16/2056 | 201371 | 201961 |
|  5.020% due 03/17/2053 | 70464 | 70568 |
|  5.022% due 10/16/2056 •  | 10695 | 10795 |
|  5.030% due 03/15/2056 (c) | 606660 | 607392 |
|  5.060% due 03/16/2054 | 31667 | 31901 |
|  5.090% due 10/16/2056 | 10230 | 10316 |
|  5.100% due 03/15/2055 | 35479 | 35744 |
|  5.122% due 02/16/2055 •  | 171612 | 173332 |
|  5.122% due 03/15/2056 •  | 56474 | 57035 |
|  5.130% due 04/15/2054 | 36452 | 36748 |
|  5.190% due 11/16/2054 « | 846445 | 841332 |
|  5.240% due 03/15/2056 | 45734 | 46186 |
|  5.260% due 03/15/2055 | 71359 | 69027 |
|  5.322% due 09/15/2053 •  | 99708 | 101489 |
|  5.370% due 10/15/2058 | 89523 | 90819 |
|  5.380% due 07/15/2053 | 128236 | 130225 |
|  5.472% due 10/16/2056 •  | 307233 | 313721 |
|  5.472% due 10/15/2058 •  | 137269 | 139894 |
|  5.500% due 06/17/2052 | 38250 | 39035 |
|  5.522% due 05/16/2050 •  | 4935 | 5017 |
|  5.550% due 03/15/2052 | 40610 | 41806 |
|  5.670% due 11/15/2052 | 1462 | 1492 |
|  5.71% due 11/16/2054 « | 50890 | 50492 |
|  5.770% due 10/16/2056 | 109491 | 111000 |
|  5.950% due 02/16/2055 | 19264 | 19377 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.14% due 11/16/2054 « | $— | 10179 | $— | 10088 |
|  6.150% due 09/15/2053 |  | 61421 |  | 64139 |
|  6.150% due 10/15/2058 |  | 30190 |  | 31010 |
|  6.250% due 03/15/2052 |  | 7688 |  | 8009 |
|  6.360% due 10/16/2056 |  | 19950 |  | 20402 |
|  6.500% due 03/15/2052 |  | 4315 |  | 4537 |
|  6.580% due 10/15/2058 |  | 6185 |  | 6321 |
|  6.930% due 09/15/2053 |  | 42557 |  | 44723 |
|  6.93% due 11/16/2054 « |  | 81426 |  | 80750 |
|  7.230% due 10/15/2058 |  | 30238 |  | 30822 |
|  7.540% due 09/15/2053 |  | 8999 |  | 9427 |
|  7.560% due 10/16/2056 |  | 64173 |  | 66220 |
|  8.290% due 03/15/2052 |  | 4600 |  | 4827 |
|  8.870% due 09/15/2053 |  | 18543 |  | 19879 |
|  SoFi Alternative Trust | SoFi Alternative Trust | SoFi Alternative Trust | SoFi Alternative Trust | SoFi Alternative Trust |
|  0.000% due 02/15/2046 «(h) |  | 1000 |  | 13712 |
|  0.576% due 06/15/2050 ~ |  | 83869 |  | 79901 |
|  1.170% due 02/15/2046 |  | 100899 |  | 95446 |
|  2.550% due 02/15/2046 |  | 54100 |  | 46581 |
|  5.521% due 05/16/2050 ~ |  | 49264 |  | 47094 |
|  SoFi Consumer Loan Program LLC | SoFi Consumer Loan Program LLC | SoFi Consumer Loan Program LLC | SoFi Consumer Loan Program LLC | SoFi Consumer Loan Program LLC |
|  0.010% due 06/15/2034 « |  | 35522 |  | 43203 |
|  0.010% due 10/25/2034 « |  | 22911 |  | 30270 |
|  4.190% due 10/25/2034 |  | 110857 |  | 110670 |
|  4.530% due 10/25/2034 |  | 17045 |  | 16963 |
|  4.620% due 06/15/2034 |  | 146961 |  | 147286 |
|  4.900% due 10/25/2034 |  | 13240 |  | 13211 |
|  4.970% due 06/15/2034 |  | 26600 |  | 26768 |
|  5.190% due 06/15/2034 |  | 20600 |  | 20740 |
|  5.200% due 10/25/2034 |  | 9770 |  | 9749 |
|  5.590% due 06/15/2034 |  | 15200 |  | 15367 |
|  SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust |
|  0.000% due 03/27/2034 «(h) |  | 11634 |  | 11471 |
|  4.240% due 08/25/2035 |  | 40070 |  | 40014 |
|  4.470% due 08/15/2034 |  | 41055 |  | 41067 |
|  4.800% due 02/27/2034 |  | 11139 |  | 11165 |
|  4.910% due 03/27/2034 |  | 39904 |  | 40047 |
|  5.250% due 03/27/2034 |  | 9528 |  | 9609 |
|  5.770% due 03/27/2034 |  | 7392 |  | 7514 |
|  6.260% due 03/27/2034 |  | 5461 |  | 5578 |
|  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 •  |  | 308 |  | 308 |
|  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 •  |  | 13000 |  | 13017 |
|  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 •  |  | 15700 |  | 15721 |
|  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 •  |  | 32792 |  | 32775 |
|  SRT Issuer II LLC | SRT Issuer II LLC | SRT Issuer II LLC | SRT Issuer II LLC | SRT Issuer II LLC |
|  6.771% due 12/02/2031 «•(m) |  | 167500 |  | 167654 |
|  Sunbit Asset Securitization Trust | Sunbit Asset Securitization Trust | Sunbit Asset Securitization Trust | Sunbit Asset Securitization Trust | Sunbit Asset Securitization Trust |
|  5.360% due 07/15/2030 |  | 31900 |  | 31950 |
|  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 •  |  | 125540 |  | 125454 |
|  Symphony CLO 52 Ltd. | Symphony CLO 52 Ltd. | Symphony CLO 52 Ltd. | Symphony CLO 52 Ltd. | Symphony CLO 52 Ltd. |
|  4.815% due 01/20/2036 •  |  | 86900 |  | 86893 |
|  Symphony CLO XXII Ltd. | Symphony CLO XXII Ltd. | Symphony CLO XXII Ltd. | Symphony CLO XXII Ltd. | Symphony CLO XXII Ltd. |
|  4.848% due 04/18/2033 •  |  | 25112 |  | 25134 |
|  Symphony CLO XXIV Ltd. | Symphony CLO XXIV Ltd. | Symphony CLO XXIV Ltd. | Symphony CLO XXIV Ltd. | Symphony CLO XXIV Ltd. |
|  4.801% due 10/23/2035 •  |  | 53600 |  | 53533 |
|  Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. | Symphony CLO XXIX Ltd. |
|  4.822% due 10/15/2035 •  |  | 41000 |  | 40949 |
|  Symphony CLO XXV Ltd. | Symphony CLO XXV Ltd. | Symphony CLO XXV Ltd. | Symphony CLO XXV Ltd. | Symphony CLO XXV Ltd. |
|  4.718% due 04/19/2034 •  |  | 117400 |  | 117465 |
|  Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. | Symphony CLO XXXII Ltd. |
|  4.821% due 10/23/2035 |  | 58900 |  | 58905 |
|  T-Mobile U.S. Trust | T-Mobile U.S. Trust | T-Mobile U.S. Trust | T-Mobile U.S. Trust | T-Mobile U.S. Trust |
|  4.250% due 05/21/2029 |  | 29700 |  | 29756 |
|  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 •  |  | 84500 |  | 84606 |
|  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 |  | 5995 |  | 5999 |
|  5.290% due 06/20/2050 |  | 8300 |  | 8275 |
|  Thayer Park CLO Ltd. | Thayer Park CLO Ltd. | Thayer Park CLO Ltd. | Thayer Park CLO Ltd. | Thayer Park CLO Ltd. |
|  4.668% due 04/20/2034 •  |  | 45800 |  | 45781 |

---

---

| | | |
|:---|:---|:---|
|  | **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 •  | 134200 | 134378 |
|  Tikehau CLO IX DAC | Tikehau CLO IX DAC | Tikehau CLO IX DAC |
|  3.246% due 01/20/2037 •  | 83700 | 96732 |
|  Tikehau CLO V DAC | Tikehau CLO V DAC | Tikehau CLO V DAC |
|  3.216% due 10/15/2038 •  | 74250 | 85797 |
|  Toro European CLO 3 DAC | Toro European CLO 3 DAC | Toro European CLO 3 DAC |
|  3.006% due 07/15/2034 •  | 17400 | 20110 |
|  Trainer Wortham CBO V Ltd. | Trainer Wortham CBO V Ltd. | Trainer Wortham CBO V Ltd. |
|  4.513% due 01/04/2040 •  | 4690 | 1674 |
|  Tralee CLO V Ltd. | Tralee CLO V Ltd. | Tralee CLO V Ltd. |
|  4.748% due 10/20/2034 •  | 84000 | 83874 |
|  Trapeza CDO IX Ltd. | Trapeza CDO IX Ltd. | Trapeza CDO IX Ltd. |
|  4.262% due 01/27/2040 •  | 11302 | 11132 |
|  Trapeza CDO XII Ltd. | Trapeza CDO XII Ltd. | Trapeza CDO XII Ltd. |
|  4.261% due 04/06/2042 •  | 8093 | 7344 |
|  Trapeza CDO XIII Ltd. | Trapeza CDO XIII Ltd. | Trapeza CDO XIII Ltd. |
|  4.202% due 11/09/2042 •  | 10734 | 10412 |
|  4.252% due 11/09/2042 •  | 14000 | 12180 |
|  Triaxx Prime CDO Ltd. | Triaxx Prime CDO Ltd. | Triaxx Prime CDO Ltd. |
|  4.763% due 10/02/2039 ^•(e) | 5843 | 50 |
|  Tricon American Homes Trust | Tricon American Homes Trust | Tricon American Homes Trust |
|  1.482% due 11/17/2039 | 15461 | 14732 |
|  Trimaran CAVU Ltd. | Trimaran CAVU Ltd. | Trimaran CAVU Ltd. |
|  4.667% due 10/25/2034 •  | 90600 | 90581 |
|  Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. |
|  4.778% due 01/25/2034 •  | 42100 | 42132 |
|  Trinitas CLO VII Ltd. | Trinitas CLO VII Ltd. | Trinitas CLO VII Ltd. |
|  4.728% due 01/25/2035 •  | 5000 | 5002 |
|  Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. |
|  4.818% due 10/20/2034 •  | 74000 | 74090 |
|  Trinitas CLO XX Ltd. | Trinitas CLO XX Ltd. | Trinitas CLO XX Ltd. |
|  4.708% due 07/20/2035 •  | 5500 | 5501 |
|  Trinitas Euro CLO I DAC | Trinitas Euro CLO I DAC | Trinitas Euro CLO I DAC |
|  3.226% due 07/15/2039 •  | 47800 | 55234 |
|  Tropic CDO V Ltd. | Tropic CDO V Ltd. | Tropic CDO V Ltd. |
|  4.224% due 07/15/2036 •  | 16632 | 16133 |
|  4.254% due 07/15/2036 •  | 27592 | 26764 |
|  Trysail CLO Ltd. | Trysail CLO Ltd. | Trysail CLO Ltd. |
|  4.907% due 10/20/2033 •  | 28700 | 28739 |
|  U.S. Capital Funding V Ltd. | U.S. Capital Funding V Ltd. | U.S. Capital Funding V Ltd. |
|  4.191% due 10/10/2040 •  | 26140 | 25159 |
|  Unity-Peace Park CLO Ltd. | Unity-Peace Park CLO Ltd. | Unity-Peace Park CLO Ltd. |
|  4.723% due 04/20/2035 •  | 150600 | 150642 |
|  Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust |
|  4.300% due 05/20/2030 | 989 | 987 |
|  7.900% due 10/20/2028 | 2194 | 2211 |
|  Upstart Personal Consumer Trust | Upstart Personal Consumer Trust | Upstart Personal Consumer Trust |
|  12.110% due 11/20/2031 « | 85263 | 85614 |
|  Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust |
|  4.600% due 09/20/2035 | 22481 | 22488 |
|  5.020% due 09/20/2035 | 5700 | 5707 |
|  6.330% due 04/20/2035 | 5000 | 5081 |
|  Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust | Upstart Structured Pass-Through Trust |
|  4.250% due 06/17/2030 | 1152 | 1150 |
|  UPX HIL Issuer Trust | UPX HIL Issuer Trust | UPX HIL Issuer Trust |
|  5.160% due 01/25/2047 | 11001 | 10964 |
|  Valerie Asset Ltd. | Valerie Asset Ltd. | Valerie Asset Ltd. |
|  5.219% due 09/15/2050 «(m) | 927665 | 907929 |
|  5.267% due 09/15/2050 «(m) | 126021 | 112707 |
|  Venture 44 CLO Ltd. | Venture 44 CLO Ltd. | Venture 44 CLO Ltd. |
|  4.808% due 10/20/2034 •  | 14700 | 14715 |
|  Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. | Verdelite Static CLO Ltd. |
|  4.798% due 07/20/2032 •  | 63194 | 63259 |
|  Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. |
|  4.818% due 04/20/2034 •  | 78300 | 78396 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  4.728% due 04/20/2034 •  | 137800 | 137902 |
|  4.868% due 07/20/2032 •  | 1500 | 1500 |
|  5.192% due 04/15/2037 •  | 13330 | 13364 |
|  WATR I Issuer Trust | WATR I Issuer Trust | WATR I Issuer Trust |
|  0.010% due 06/17/2050 « | 10556 | 18245 |
|  0.010% due 09/16/2050 « | 7528 | 13311 |

---

---

| | | |
|:---|:---|:---|
| **40** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.010% due 02/17/2051 « | $— | 14776 | 20229 |
|  4.790% due 09/16/20500 « |  | 42872 | 42402 |
|  4.940% due 02/17/2051 « |  | 69070 | 69070 |
|  5.040% due 09/16/2050 « |  | 13653 | 13510 |
|  5.230% due 02/17/2051 « |  | 22966 | 22966 |
|  5.240% due 09/16/2050 « |  | 9040 | 8944 |
|  5.250% due 06/17/2050 « |  | 61805 | 61831 |
|  5.480% due 02/17/2051 « |  | 13031 | 13031 |
|  5.560% due 06/17/2050 « |  | 15970 | 16024 |
|  5.810% due 06/17/2050 « |  | 10020 | 10068 |
|  6.160% due 09/16/2050 « |  | 9410 | 9307 |
|  6.210% due 02/17/2051 « |  | 20884 | 20884 |
|  6.770% due 06/17/2050 « |  | 17130 | 17225 |
|  Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. |
|  4.822% due 07/15/2034 •  |  | 58600 | 58657 |
|  4.848% due 04/20/2034 •  |  | 44500 | 44550 |
|  Whetstone Park CLO Ltd. | Whetstone Park CLO Ltd. | Whetstone Park CLO Ltd. | Whetstone Park CLO Ltd. |
|  4.738% due 01/20/2035 •  |  | 30800 | 30785 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  4.732% due 10/15/2034 •  |  | 65695 | 65735 |
|  4.778% due 07/20/2034 •  |  | 94550 | 94614 |
|  |  |  | 27929417 |
|  Total Asset-Backed Securities (Cost $47,597,375) | Total Asset-Backed Securities (Cost $47,597,375) | Total Asset-Backed Securities (Cost $47,597,375) | 46126618 |
| SOVEREIGN ISSUES 12.7% | SOVEREIGN ISSUES 12.7% | SOVEREIGN ISSUES 12.7% | SOVEREIGN ISSUES 12.7% |
|  Argentina Bonar Bonds | Argentina Bonar Bonds | Argentina Bonar Bonds | Argentina Bonar Bonds |
|  0.750% due 07/09/2030 þ |  | 154880 | 125896 |
|  4.125% due 07/09/2035 þ |  | 142285 | 99558 |
|  Argentina Republic Government International Bonds | Argentina Republic Government International Bonds | Argentina Republic Government International Bonds | Argentina Republic Government International Bonds |
|  0.750% due 07/09/2030 þ |  | 221891 | 186361 |
|  1.000% due 07/09/2029 |  | 25507 | 22443 |
|  3.500% due 07/09/2041 þ |  | 383591 | 257390 |
|  4.125% due 07/09/2035 þ |  | 449771 | 326084 |
|  4.125% due 07/09/2046 þ |  | 14573 | 10033 |
|  5.000% due 01/09/2038 þ |  | 113563 | 85854 |
|  Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos |
|  4.700% due 09/01/2030 |  | 26845000 | 28278 |
|  5.000% due 03/01/2035 |  | 18000000 | 18685 |
|  5.800% due 10/01/2029 |  | 41135000 | 45225 |
|  5.800% due 10/01/2034 |  | 2290000 | 2512 |
|  6.000% due 04/01/2033 |  | 34090000 | 37870 |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (h) |  | 87900 | 16960 |
|  0.000% due 07/01/2026 (h) |  | 35725662 | 6679368 |
|  0.000% due 10/01/2026 (h) |  | 16092435 | 2910487 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  3.750% due 09/19/2028 |  | 61900 | 70166 |
|  5.000% due 09/19/2032 |  | 47250 | 51556 |
|  5.375% due 01/21/2029 | $— | 202400 | 200781 |
|  5.625% due 02/19/2036 |  | 62100 | 65779 |
|  5.750% due 11/26/2034 |  | 99400 | 108543 |
|  6.500% due 11/26/2038 |  | 119700 | 131941 |
|  Colombia TES | Colombia TES | Colombia TES | Colombia TES |
|  6.000% due 04/28/2028 |  | 216000000 | 50838 |
|  7.750% due 09/18/2030 |  | 242000000 | 52830 |
|  11.000% due 08/22/2029 |  | 1969819500 | 496652 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  11.750% due 01/24/2035 | $— | 1423305200 | $— | 352889 |
|  12.750% due 11/28/2040 |  | 1508432300 |  | 399810 |
|  13.250% due 02/09/2033 |  | 1339054200 |  | 359017 |
|  Costa Rica Government International Bonds | Costa Rica Government International Bonds | Costa Rica Government International Bonds | Costa Rica Government International Bonds | Costa Rica Government International Bonds |
|  5.500% due 11/21/2030 |  | 169000 |  | 199962 |
|  Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC |
|  18.400% due 10/16/2028 |  | 1337000 |  | 2875 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | $— | 969400 |  | 975701 |
|  Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds |
|  19.698% due 10/14/2030 |  | 30258800 |  | 545063 |
|  21.954% due 03/04/2028 |  | 23763600 |  | 425679 |
|  Hellenic Republic Government Bonds | Hellenic Republic Government Bonds | Hellenic Republic Government Bonds | Hellenic Republic Government Bonds | Hellenic Republic Government Bonds |
|  2.000% due 04/22/2027 |  | 29093 |  | 33503 |
|  3.900% due 01/30/2033 |  | 46724 |  | 55513 |
|  4.000% due 01/30/2037 |  | 78168 |  | 91169 |
|  4.200% due 01/30/2042 |  | 33323 |  | 38524 |
|  Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
|  5.375% due 09/26/2030 | $— | 33900 |  | 34178 |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  5.375% due 03/12/2029 |  | 100400 |  | 101998 |
|  5.375% due 02/19/2030 |  | 221800 |  | 225354 |
|  5.625% due 02/19/2035 |  | 8900 |  | 9065 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  1.800% due 03/20/2054 |  | 9930000 |  | 42331 |
|  2.100% due 09/20/2054 |  | 37213650 |  | 170082 |
|  2.200% due 06/20/2054 |  | 4413000 |  | 20705 |
|  2.300% due 12/20/2054 |  | 34670450 |  | 165827 |
|  2.400% due 03/20/2055 |  | 41277900 |  | 201811 |
|  3.200% due 09/20/2055 |  | 225835150 |  | 1307924 |
|  3.400% due 12/20/2055 |  | 84684000 |  | 509849 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  2.400% due 03/20/2045 |  | 19652000 |  | 109422 |
|  2.700% due 09/20/2045 |  | 29963250 |  | 173823 |
|  Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds |
|  4.016% due 10/09/2028 | $— | 200000 |  | 197290 |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos | Mexico Bonos | Mexico Bonos |
|  7.500% due 05/26/2033 |  | 451600 |  | 23137 |
|  7.750% due 05/29/2031 |  | 5392900 |  | 287052 |
|  7.750% due 11/23/2034 |  | 5735230 |  | 292969 |
|  8.500% due 03/01/2029 |  | 8892700 |  | 497536 |
|  8.500% due 05/31/2029 |  | 2444800 |  | 136428 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  4.625% due 05/04/2033 |  | 76200 |  | 87303 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  2.750% due 11/27/2031 (k) |  | 8807 |  | 440 |
|  3.000% due 12/03/2026 (k) |  | 20549 |  | 1144 |
|  4.000% due 11/30/2028 (k) |  | 103647 |  | 5739 |
|  4.000% due 08/24/2034 (k) |  | 3584 |  | 187 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  5.350% due 08/12/2040 |  | 24900 |  | 6007 |
|  5.400% due 08/12/2034 |  | 60700 |  | 16573 |
|  6.150% due 08/12/2032 |  | 159768 |  | 48013 |
|  7.300% due 08/12/2033 |  | 1767972 |  | 556683 |
|  7.600% due 08/12/2039 |  | 715171 |  | 213320 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 |  | 150680 |  | 41139 |
|  6.150% due 08/12/2032 |  | 2069891 |  | 622044 |
|  6.900% due 08/12/2037 |  | 448008 |  | 128019 |
|  6.950% due 08/12/2031 |  | 1748155 |  | 544842 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  7.000% due 02/28/2031 |  | 8563050 |  | 474288 |
|  8.000% due 01/31/2030 |  | 1169600 |  | 68379 |
|  8.500% due 01/31/2037 |  | 5129300 |  | 283327 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  8.875% due 02/28/2035 |  | 14073100 | $— | 817377 |
|  9.000% due 01/31/2040 |  | 1294400 |  | 71991 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  1.750% due 07/13/2030 |  | 55700 |  | 56730 |
|  2.000% due 04/14/2033 (o) |  | 18200 |  | 16527 |
|  2.750% due 04/14/2041 |  | 9000 |  | 6536 |
|  2.875% due 04/13/2042 |  | 26100 |  | 18919 |
|  5.125% due 09/24/2031 |  | 96400 |  | 110660 |
|  5.250% due 03/10/2030 |  | 129850 |  | 152352 |
|  5.250% due 05/30/2032 |  | 78250 |  | 89337 |
|  5.375% due 03/22/2031 |  | 61680 |  | 71889 |
|  5.375% due 06/07/2033 |  | 134300 |  | 151296 |
|  5.500% due 09/18/2028 (o) |  | 12000 |  | 14329 |
|  5.625% due 05/30/2037 |  | 34800 |  | 37895 |
|  5.875% due 07/11/2032 |  | 300000 |  | 351752 |
|  6.250% due 09/10/2034 |  | 76400 |  | 89730 |
|  6.375% due 09/18/2033 |  | 13300 |  | 15825 |
|  6.750% due 07/11/2039 |  | 153300 |  | 177210 |
|  Russia Foreign Bonds - Eurobond | Russia Foreign Bonds - Eurobond | Russia Foreign Bonds - Eurobond | Russia Foreign Bonds - Eurobond | Russia Foreign Bonds - Eurobond |
|  5.100% due 03/28/2035 « | $— | 5600 |  | 0 |
|  5.250% due 06/23/2047 « |  | 560200 |  | 0 |
|  5.625% due 04/04/2042 |  | 405400 |  | 283780 |
|  5.875% due 09/16/2043 |  | 124400 |  | 85144 |
|  Turkiye Government Bond | Turkiye Government Bond | Turkiye Government Bond | Turkiye Government Bond | Turkiye Government Bond |
|  39.665% (BISTREFI) due 04/08/2026 ~ |  | 10940000 |  | 246145 |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  32.600% due 02/10/2027 (o) |  | 11800000 |  | 250322 |
|  36.000% due 08/12/2026 |  | 23947970 |  | 530169 |
|  36.780% due 10/13/2027 (o) |  | 12750000 |  | 277123 |
|  37.840% due 07/14/2027 |  | 13360000 |  | 292678 |
|  39.740% (BISTREFI) due 05/20/2026 ~ |  | 72900 |  | 1641 |
|  39.740% (BISTREFI) due 08/19/2026 ~ |  | 1702700 |  | 38322 |
|  39.740% (BISTREFI) due 05/17/2028 ~ |  | 12055300 |  | 270330 |
|  40.299% (BISTREFI) due 09/06/2028 ~ |  | 577600 |  | 12946 |
|  41.000% due 05/05/2027 |  | 9370000 |  | 211253 |
|  Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds |
|  5.250% due 03/13/2030 | $— | 211900 |  | 202715 |
|  6.125% due 10/24/2028 |  | 76500 |  | 76779 |
|  7.625% due 04/26/2029 |  | 253315 |  | 261997 |
|  Turkiye Ihracat Kredi Bankasi AS | Turkiye Ihracat Kredi Bankasi AS | Turkiye Ihracat Kredi Bankasi AS | Turkiye Ihracat Kredi Bankasi AS | Turkiye Ihracat Kredi Bankasi AS |
|  6.875% due 07/03/2028 |  | 18400 |  | 18651 |
|  Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds |
|  0.000% due 02/01/2030 þ(j) |  | 971 |  | 572 |
|  0.000% due 02/01/2034 þ(j) |  | 3627 |  | 1563 |
|  0.000% due 02/01/2035 þ(j) |  | 3065 |  | 1422 |
|  0.000% due 02/01/2036 þ(j) |  | 2555 |  | 1183 |
|  4.500% due 02/01/2034 þ |  | 4646 |  | 2490 |
|  4.500% due 02/01/2035 þ |  | 6423 |  | 3378 |
|  4.500% due 02/01/2036 þ |  | 6702 |  | 3458 |
|  Venezuela Government International Bonds | Venezuela Government International Bonds | Venezuela Government International Bonds | Venezuela Government International Bonds | Venezuela Government International Bonds |
|  6.000% due 12/09/2049 ^(e) |  | 67641 |  | 26042 |
|  7.000% due 03/31/2038 ^(e) |  | 9028 |  | 3724 |
|  7.650% due 04/21/2035 ^(e) |  | 40703 |  | 17197 |
|  9.250% due 09/15/2027 ^(e) |  | 73603 |  | 35329 |
|  9.250% due 05/07/2028 ^(e) |  | 101687 |  | 46776 |
|  11.750% due 10/21/2026 ^(e) |  | 9360 |  | 4844 |
|  11.950% due 08/05/2031 ^(e) |  | 75700 |  | 38985 |
|  Total Sovereign Issues (Cost $27,942,388) | Total Sovereign Issues (Cost $27,942,388) | Total Sovereign Issues (Cost $27,942,388) |  | 28663336 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 41

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| COMMON STOCKS 0.1% | COMMON STOCKS 0.1% | COMMON STOCKS 0.1% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  SES SA «(f) | 7981591 | 119724 |
|  Uniti Group, Inc. (f) | 681286 | 6390 |
|  |  | 126114 |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
|  SSB Manufacturing Co. «(f)(m) | 1460 | 0 |
| CONSUMER STAPLES 0.0% | CONSUMER STAPLES 0.0% | CONSUMER STAPLES 0.0% |
|  Dreamwell, Inc. «(f)(m) | 1460 | 12 |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  UBS Group AG | 245819 | 9585 |
|  XBP Global Holdings, Inc. (f) | 94691 | 417 |
|  |  | 10002 |
| HEALTH CARE 0.0% | HEALTH CARE 0.0% | HEALTH CARE 0.0% |
|  BONDHOLDCO Class A «(f)(m) | 8220 | 0 |
|  BONDHOLDCO Class B «(f)(m) | 8220 | 0 |
|  BONDHOLDCO Class C «(f)(m) | 8220 | 0 |
|  BONDHOLDCO Class D «(f)(m) | 8220 | 0 |
|  BONDHOLDCO Class E «(f)(m) | 8220 | 0 |
|  BONDHOLDCO Class F «(f)(m) | 8220 | 0 |
|  BONDHOLDCO Class G «(f)(m) | 8220 | 0 |
|  BONDHOLDCO Class H «(f)(m) | 8220 | 0 |
|  BONDHOLDCO Class I «(f)(m) | 8220 | 0 |
|  BONDHOLDCO Class J «(f)(m) | 8220 | 0 |
|  |  | 0 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Drillco Holdings Luxembourg SA «(m) | 39510 | 909 |
|  Foresea Holdings SA | 230111 | 5292 |
|  Luxco Co. Ltd. «(f)(m) | 536954 | 9930 |
|  Westmoreland Mining Holdings «(f)(m) | 143733 | 86 |
|  Westmoreland Mining LLC «(f)(m) | 452949 | 1925 |
|  |  | 18142 |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
|  Country Garden Holdings Co. Ltd. (f) | 14110232 | 578 |
|  MNSN Holdings, Inc. «(f)(m) | 438 | 27 |
|  |  | 605 |
|  Total Common Stocks (Cost $82,455) | Total Common Stocks (Cost $82,455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154875 |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  Windstream Holdings II LLC - Exp. 08/01/2035 | 1195360 | 11200 |
| ENERGY 0.0% |  |  |
|  Constellation Oil Services Holding SA - Exp. 06/10/2071 «(m) | 3 | 0 |
|  Total Warrants (Cost $7,282) | Total Warrants (Cost $7,282) | 11200 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| 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% |
|  ADLER Group SA « |  | 520871 | 0 |
|  AGFC Capital Trust I | AGFC Capital Trust I | AGFC Capital Trust I | AGFC Capital Trust I |
|  5.684% (US0003M + 1.750%) due 01/15/2067 ~ |  | 105720000 | 66207 |
|  Brighthouse Holdings LLC | Brighthouse Holdings LLC | Brighthouse Holdings LLC | Brighthouse Holdings LLC |
|  6.500% due 07/27/2037 þ(l) |  | 5245000 | 4465 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  6.500% due 12/31/2099 þ(l) |  | 183949925 | 235597 |
|  Encina Private Credit LLC « |  | 24670 | 0 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  10.250% ~ |  | 96300 | 16315 |
|  Windstream Holdings II LLC | Windstream Holdings II LLC | Windstream Holdings II LLC | Windstream Holdings II LLC |
|  11.000% |  | 39145 | 41657 |
|  |  |  | 364241 |
| 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 |  | 500 | 236 |
|  Total Preferred Securities (Cost $364,678) | Total Preferred Securities (Cost $364,678) | Total Preferred Securities (Cost $364,678) | 364477 |
| REAL ESTATE INVESTMENT TRUSTS 0.1% | REAL ESTATE INVESTMENT TRUSTS 0.1% | REAL ESTATE INVESTMENT TRUSTS 0.1% | REAL ESTATE INVESTMENT TRUSTS 0.1% |
| REAL ESTATE 0.1% | REAL ESTATE 0.1% | REAL ESTATE 0.1% | REAL ESTATE 0.1% |
|  VICI Properties, Inc. |  | 11625222 | 317602 |
|  Total Real Estate Investment Trusts (Cost $147,565) | Total Real Estate Investment Trusts (Cost $147,565) | Total Real Estate Investment Trusts (Cost $147,565) | 317602 |
| SHORT-TERM INSTRUMENTS 1.4% | SHORT-TERM INSTRUMENTS 1.4% | SHORT-TERM INSTRUMENTS 1.4% | SHORT-TERM INSTRUMENTS 1.4% |
| REPURCHASE AGREEMENTS (n) 0.2% | REPURCHASE AGREEMENTS (n) 0.2% | REPURCHASE AGREEMENTS (n) 0.2% | REPURCHASE AGREEMENTS (n) 0.2% |
|  |  |  | 412962 |
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| SHORT-TERM NOTES 0.1% | SHORT-TERM NOTES 0.1% | SHORT-TERM NOTES 0.1% | SHORT-TERM NOTES 0.1% |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  32.950% due 01/06/2027 (h)(i) | TRY | 2000000 | 34276 |
|  33.160% due 01/06/2027 (h)(i) |  | 2500000 | 42844 |
|  33.499% due 01/06/2027 (h)(i) |  | 1000000 | 17138 |
|  33.600% due 01/06/2027 (h)(i) |  | 1000000 | 17138 |
|  33.900% due 01/06/2027 (h)(i) |  | 1250000 | 21422 |
|  34.300% due 01/06/2027 (h)(i) |  | 3500000 | 59982 |
|  |  |  | 192800 |
| EGYPT TREASURY BILLS 0.0% | EGYPT TREASURY BILLS 0.0% | EGYPT TREASURY BILLS 0.0% | EGYPT TREASURY BILLS 0.0% |
|  24.442% due 08/04/2026 - 10/20/2026 (g)(h) | EGP | 433850 | 7314 |
| NIGERIA TREASURY BILLS 0.8% | NIGERIA TREASURY BILLS 0.8% | NIGERIA TREASURY BILLS 0.8% | NIGERIA TREASURY BILLS 0.8% |
|  23.987% due 06/11/2026 - 01/28/2027 (g)(h) | NGN | 2845239451 | 1846358 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SOUTH AFRICA TREASURY BILLS 0.3% | SOUTH AFRICA TREASURY BILLS 0.3% | SOUTH AFRICA TREASURY BILLS 0.3% | SOUTH AFRICA TREASURY BILLS 0.3% | SOUTH AFRICA TREASURY BILLS 0.3% |
|  7.285% due 04/22/2026 - 01/27/2027 (g)(h) |  | 11113990 | $— | 639637 |
| TURKEY TREASURY BILLS 0.0% | TURKEY TREASURY BILLS 0.0% | TURKEY TREASURY BILLS 0.0% | TURKEY TREASURY BILLS 0.0% | TURKEY TREASURY BILLS 0.0% |
|  32.320% due 06/17/2026 (g)(h) |  | 3100000 |  | 64806 |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |
|  3.671% due 04/07/2026 - 06/30/2026 (g)(h)(s) | $— | 7481 |  | 7438 |
|  Total Short-Term Instruments (Cost $3,102,203) | Total Short-Term Instruments (Cost $3,102,203) | Total Short-Term Instruments (Cost $3,102,203) |  | 3171315 |
|  Total Investments in Securities (Cost $337,857,346) | Total Investments in Securities (Cost $337,857,346) | Total Investments in Securities (Cost $337,857,346) |  | 333008518 |
|  | **SHARES** | **SHARES** |  |  |
| INVESTMENTS IN AFFILIATES 0.4% | INVESTMENTS IN AFFILIATES 0.4% | INVESTMENTS IN AFFILIATES 0.4% | INVESTMENTS IN AFFILIATES 0.4% | INVESTMENTS IN AFFILIATES 0.4% |
| COMMON STOCKS 0.2% | COMMON STOCKS 0.2% | COMMON STOCKS 0.2% | COMMON STOCKS 0.2% | COMMON STOCKS 0.2% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  Clear Channel Outdoor Holdings, Inc. (f) |  | 50862666 |  | 120544 |
|  iHeartMedia, Inc. A (f) |  | 9028024 |  | 26362 |
|  iHeartMedia, Inc. B « |  | 12214441 |  | 31386 |
|  |  |  |  | 178292 |

---

---

| | | |
|:---|:---|:---|
| FINANCIALS 0.0% |  |  |
|  Windstream Services LLC | 6136182 | 57557 |
| HEALTH CARE 0.1% |  |  |
|  AmSurg Equity «(m) | 5968052 | 262445 |
| INDUSTRIALS 0.0% |  |  |
|  Sierra Hamilton Holder LLC «(m) | 15369768 | 2 |
| Total Common Stocks (Cost $962,053) | Total Common Stocks (Cost $962,053) | 498296 |
| SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2% |
|  PIMCO Short-Term Floating NAV Portfolio III | 51857872 | 505044 |
| Total Short-Term Instruments (Cost $504,999) | Total Short-Term Instruments (Cost $504,999) | 505044 |
| Total Investments in Affiliates (Cost $1,467,052) | Total Investments in Affiliates (Cost $1,467,052) | 1003340 |
| Total Investments 148.1% (Cost $339,324,398) | Total Investments 148.1% (Cost $339,324,398) | $334011858 |
|  Financial Derivative<br>Instruments (p)(r) 0.3%<br> (Cost or Premiums, net $1,953,038) | Financial Derivative<br>Instruments (p)(r) 0.3%<br> (Cost or Premiums, net $1,953,038) | 572980 |
| Other Assets and Liabilities, net (48.4)% | Other Assets and Liabilities, net (48.4)% | (109050093) |
| Net Assets 100.0% | Net Assets 100.0% | $225534745 |

---

42 PIMCO INCOME FUND 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. 

^ Security is in default.

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

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

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

(b) Principal only security.

(c) When-issued security.

(d) Payment in-kind security.

(e) Security is not accruing income as of the date of this report.

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

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

(h) Zero coupon security.

(i) Coupon represents a yield to maturity.

(j) Security becomes interest bearing at a future date.

(k) Principal amount of security is adjusted for inflation.

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

&nbsp;&nbsp;&nbsp;&nbsp;(m) 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 | $38289 | $38289 | 0.02% |
|  AmSurg Corp. | 11/02/2023 - 11/06/2023 | 249375 | 262445 | 0.12 |
|  BONDHOLDCO Class A | 03/09/2012 | 0 | 0 | 0.00 |
|  BONDHOLDCO Class B | 03/09/2012 | 0 | 0 | 0.00 |
|  BONDHOLDCO Class C | 03/09/2012 | 0 | 0 | 0.00 |
|  BONDHOLDCO Class D | 03/09/2012 | 0 | 0 | 0.00 |
|  BONDHOLDCO Class E | 03/09/2012 | 0 | 0 | 0.00 |
|  BONDHOLDCO Class F | 03/09/2012 | 0 | 0 | 0.00 |
|  BONDHOLDCO Class G | 03/09/2012 | 0 | 0 | 0.00 |
|  BONDHOLDCO Class H | 03/09/2012 | 0 | 0 | 0.00 |
|  BONDHOLDCO Class I | 03/09/2012 | 0 | 0 | 0.00 |
|  BONDHOLDCO Class J | 03/09/2012 | 0 | 0 | 0.00 |
|  CIFI Holdings Group Co. Ltd. 0.000% due 06/30/2029 | 12/29/2025 | 2134 | 866 | 0.00 |
|  Constellation Oil Services Holding SA - Exp. 06/10/2071 | 06/10/2022 | 0 | 0 | 0.00 |
|  Country Garden Holdings Co. Ltd. 0.000% due 12/31/2031 | 12/30/2025 - 12/31/2025 | 4227 | 3330 | 0.00 |
|  Deloitte LLP 5.250% due 01/30/2030 | 10/30/2024 | 37300 | 37475 | 0.02 |
|  Deloitte LLP 5.410% due 01/30/2032 | 10/30/2024 | 36700 | 36814 | 0.02 |
|  Dorchester LLC 4.610% due 01/04/2027 | 12/10/2025 | 96359 | 95242 | 0.04 |
|  Dreamwell, Inc. | 04/24/2024 | 2432 | 12 | 0.00 |
|  Drillco Holdings Luxembourg SA | 06/08/2023 | 790 | 909 | 0.00 |
|  Hardwood Funding LLC 4.840% due 06/07/2028 | 03/11/2025 | 18500 | 18522 | 0.01 |
|  Hardwood Funding LLC 4.980% due 06/07/2030 | 03/11/2025 | 12000 | 12035 | 0.01 |
|  Luxco Co. Ltd. | 10/01/2025 | 9448 | 9930 | 0.00 |
|  MNSN Holdings, Inc. | 03/10/2023 | 4 | 27 | 0.00 |
|  National Football League 5.480% due 10/05/2028 | 03/14/2024 | 76800 | 77592 | 0.03 |
|  Prime Property Fund LLC 5.250% due 09/30/2029 | 09/17/2024 | 34500 | 34542 | 0.02 |
|  Prime Property Fund LLC 5.440% due 09/30/2031 | 09/17/2024 | 34500 | 34311 | 0.02 |
|  Ripon Investments Financing Ltd. 0.000% due 11/29/2052 | 12/04/2025 | 6361 | 6065 | 0.00 |
|  SRT Issuer II LLC 6.771% due 12/02/2031 | 11/28/2025 | 167650 | 167654 | 0.07 |
|  SSB Manufacturing Co. | 06/29/2023 | 2432 | 0 | 0.00 |
|  Sierra Hamilton Holder LLC | 07/31/2017 | 3896 | 2 | 0.00 |
|  Tib Finance PLC 7.111% due 11/15/2034 | 09/18/2024 | 60100 | 58622 | 0.03 |
|  VB DPR Finance Co. 6.833% due 03/15/2035 | 01/31/2025 | 52500 | 53070 | 0.02 |
|  Valerie Asset Ltd. 5.219% due 09/15/2050 | 03/02/2026 | 906399 | 907929 | 0.40 |
|  Valerie Asset Ltd. 5.267% due 09/15/2050 | 03/02/2026 | 112531 | 112707 | 0.05 |
|  Westmoreland Mining Holdings | 12/08/2014 - 03/26/2019 | 4033 | 86 | 0.00 |
|  Westmoreland Mining LLC | 06/30/2023 - 02/03/2025 | 1884 | 1925 | 0.00 |
|  |  | $1971144 | $1970401 | 0.88% |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 43

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BPS | 3.920% | 03/11/2026 | 06/15/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321073 | HPS Loan Management 2023-17 Ltd. 4.941% due 04/23/2038 | $(50456) | $321072 | $321807 |
|  |  |  |  |  | Magnetite LII Ltd. 4.844% due 01/25/2039 | (101071) |  |  |
|  |  |  |  |  | OCP CLO Ltd. 4.968% due 07/26/2038 | (201549) |  |  |
|  | 3.920 | 03/17/2026 | 06/15/2026 | 91890 | Magnetite LII Ltd. 4.844% due 01/25/2039 | (101071) | 91890 | 92040 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(454147) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412962 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413847 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | **Borrowing**<br> **Rate<sup>(2)</sup>** | **Settlement**<br> **Date** | **Maturity**<br> **Date** | **Amount<br>Borrowed<sup>(2)</sup>** | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BOM | 3.470% | 04/01/2026 | 04/02/2026 | $(18568) | $(18568) |
|  BOO | 3.730 | 03/31/2026 | 04/01/2026 | (245937) | (245937) |
|  BRC | 3.150 | 04/01/2026 | 03/31/2028 | (44974) | (44974) |
|  DEU | 3.560 | 03/31/2026 | 04/07/2026 | (1609) | (1609) |
|  MYI | 1.600 | 03/13/2026 | TBD<sup>(3)</sup> | (828) | (958) |
|  | 3.490 | 03/30/2026 | 04/10/2026 | $(6043) | (6044) |
|  STR | 3.730 | 04/01/2026 | 04/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2201280) | (2201280) |
|  | 3.760 | 03/31/2026 | 04/01/2026 | (2574670) | (2574670) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $(5094040) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (1.4)% | U.S. Government Agencies (1.4)% | U.S. Government Agencies (1.4)% | U.S. Government Agencies (1.4)% | U.S. Government Agencies (1.4)% | U.S. Government Agencies (1.4)% |
| &nbsp;&nbsp; Government National Mortgage Association, TBA | 3.500% | 04/01/2056 | $3079851 | $(2811231) | $(2825356) |
| &nbsp;&nbsp; Government National Mortgage Association, TBA | 6.500 | 04/01/2056 | 24600 | 0 | 0 |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 1.500 | 05/13/2056 | 32175 | (24961) | (24822) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 04/01/2041 | 200 | (185) | (184) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 05/01/2056 | 23700 | (18986) | (19085) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 05/01/2056 | 210150 | (176001) | (176633) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500 | 04/01/2041 | 108300 | (108270) | (107537) |
|  Total Short Sales (1.4)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3139634) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3153617) |

---

#### 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 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 |  |  |  |  |  |  |
|  BOM | $0 | $(18568) | $0 | $(18568) | $0 | $(18568) |
|  BOO | 0 | (245937) | 0 | (245937) | 243867 | (2070) |
|  BPS | 413847 | 0 | 0 | 413847 | (449367) | (35520) |
|  BRC | 0 | (44974) | 0 | (44974) | 0 | (44974) |
|  DEU | 0 | (1609) | 0 | (1609) | 1602 | (7) |
|  MYI | 0 | (7002) | 0 | (7002) | 8478 | 1476 |
|  STR | 0 | (4775950) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4775950) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2607351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2168599) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413847 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5094040) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

44 PIMCO INCOME FUND See Accompanying Notes

------

March 31, 2026

#### 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 | $(6044) | $0 | $0 | $(6044) |
|  U.S. Treasury Obligations | (2820607) | (1609) | 0 | 0 | (2822216) |
|  Sovereign Issues | 0 | 0 | 0 | (958) | (958) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2820607) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7653) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(958) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2829218) |
|  Payable for reverse repurchase agreements<sup>(5)</sup> | Payable for reverse repurchase agreements<sup>(5)</sup> | Payable for reverse repurchase agreements<sup>(5)</sup> | Payable for reverse repurchase agreements<sup>(5)</sup> | Payable for reverse repurchase agreements<sup>(5)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2829218) |

---

(o) Securities with an aggregate market value of $2,861,297 and cash of $4,780 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 $(214919) at a weighted average interest rate of 1.808%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Open maturity reverse repurchase agreement.

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

<sup>(5)</sup> Unsettled reverse repurchase agreements liability of $(2264822) is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(p) 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 |  | 125.500 | 04/24/2026 | 1119 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119 | $(457) | $(1177) |
|  Call - Eurex Euro-Bund 10-Year Bond April Futures |  | 128.000 | 04/24/2026 | 1119 | 1119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(391) | (142) |
|  |  |  |  |  |  | $(848) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1319) |
| **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** |
| **Description** | **Strike<br>Price** | **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 | 2736 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2736 | $(937) | $(1018) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures |  | 113.000 | 04/24/2026 | 2736 | 2736 | (638) | (364) |
|  |  |  |  |  |  | (1575) | (1382) |
|  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;(2423) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2701) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month SOFR Active Contract December Futures  | 03/2027 | 3135 | $— | 755261 | $(1574) | $274 | $0 |
|  3-Month SOFR Active Contract June Futures  | 09/2026 | 3132 |  | 754303 | (333) | 117 | 0 |
|  3-Month SOFR Active Contract September Futures  | 12/2026 | 3132 |  | 754303 | (1121) | 196 | 0 |
|  Australia Government 10-Year Bond June Futures  | 06/2026 | 34142 |  | 2538278 | (13561) | 23885 | 0 |
|  Long Guilt June Futures  | 06/2026 | 95884 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11141614 | (502038) | 83762 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 309404 |  | 33471228 | (467661) | 43512 | 0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 331043 |  | 36761291 | (643596) | 77590 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 63876 |  | 7445546 | (218997) | 13973 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1848881) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243309 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS |  |
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month SOFR Active Contract March Futures  | 06/2026 | 2497 | $— | (601309) | $9337 | $0 | $(31) |
|  Euro-Bobl June Futures  | 06/2026 | 10927 |  | (1457878) | 28620 | 0 | (5810) |
|  Euro-Bund June Futures  | 06/2026 | 21532 |  | (3120677) | 77873 | 0 | (22648) |
|  Euro-Schatz June Futures  | 06/2026 | 76 |  | (9290) | 87 | 0 | (12) |
|  U.S. Treasury 2-Year Note June Futures  | 06/2026 | 1291 |  | (267812) | 1940 | 0 | (101) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 8147 |  | (924812) | 20006 | 0 | (2419) |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2026 | 25199 |  | (2869536) | 91193 | 0 | (9449) |
|  |  |  |  |  | $229056 | $0 | $(40470) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1619825) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243309 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40470) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 45

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

#### 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 |
|  Ford Motor Co. | (5.000)% | Quarterly | 06/20/2026 | 0.354% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(317) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### 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 |
|  AT&T, Inc. | 1.000% | Quarterly | 06/20/2026 | 0.234% | $5700 | $88 | $(76) | $12 | $0 | $0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.395 | 23900 | (48) | 366 | 318 | 8 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2029 | 0.587 | 1000 | (8) | 23 | 15 | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2030 | 0.712 | 37600 | 658 | (179) | 479 | 16 | 0 |
|  Deutsche Bank | 1.000 | Quarterly | 12/20/2030 | 0.947 | 56700 | 1060 | (886) | 174 | 37 | 0 |
|  Ford Motor Co. | 5.000 | Quarterly | 06/20/2026 | 0.499 | $6700 | 744 | (666) | 78 | 1 | 0 |
|  Ford Motor Co. | 5.000 | Quarterly | 12/20/2026 | 0.581 | 8800 | 1089 | (795) | 294 | 2 | 0 |
|  Ford Motor Co. | 5.000 | Quarterly | 06/20/2027 | 0.747 | 16700 | 1581 | (702) | 879 | 5 | 0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2027 | 0.653 | 47500 | 4865 | (2310) | 2555 | 13 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.051 | 44800 | 471 | (361) | 110 | 1 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.054 | 8900 | 99 | (36) | 63 | 0 | 0 |
|  Rolls-Royce PLC | 1.000 | Quarterly | 06/20/2026 | 0.109 | 55200 | (1884) | 2032 | 148 | 1 | 0 |
|  Rolls-Royce PLC | 1.000 | Quarterly | 12/20/2026 | 0.114 | 244400 | (10378) | 12287 | 1909 | 0 | (1) |
|  Rolls-Royce PLC | 1.000 | Quarterly | 06/20/2027 | 0.153 | 28700 | (2120) | 2472 | 352 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.221 | $13300 | 302 | (275) | 27 | 1 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.240 | 62700 | 1390 | (1027) | 363 | 6 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2027 | 0.300 | 6600 | 0 | 58 | 58 | 1 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.368 | 51600 | (104) | 820 | 716 | 18 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2028 | 0.423 | 10000 | (46) | 199 | 153 | 2 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2241) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10944 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8703 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(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 | $111030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1794) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2005) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(217) |

---

#### 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 | $1472 | $(48) | $50 | $2 | $0 | $0 |
|  CDX.EM-36 5-Year Index | 1.000 | Quarterly | 12/20/2026 | 1050548 | (42180) | 44973 | 2793 | 377 | 0 |
|  CDX.EM-37 5-Year Index | 1.000 | Quarterly | 06/20/2027 | 18081 | (1487) | 1588 | 101 | 80 | 0 |
|  CDX.EM-38 5-Year Index | 1.000 | Quarterly | 12/20/2027 | 103850 | (8556) | 9194 | 638 | 578 | 0 |
|  CDX.EM-39 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 20100 | (1363) | 1244 | (119) | 0 | (88) |
|  CDX.EM-40 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 324300 | (17949) | 17971 | 22 | 1346 | 0 |
|  CDX.EM-41 5-Year Index | 1.000 | Quarterly | 06/20/2029 | 112200 | (3866) | 3518 | (348) | 490 | 0 |
|  CDX.EM-42 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 152600 | (4431) | 3421 | (1010) | 759 | 0 |
|  CDX.EM-43 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 11500 | (412) | 264 | (148) | 59 | 0 |
|  CDX.EM-44 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 46600 | (1003) | 98 | (905) | 213 | 0 |
|  CDX.EM-45 5-Year Index | 1.000 | Quarterly | 06/20/2031 | 38900 | (1676) | 49 | (1627) | 212 | 0 |
|  CDX.HY-36 5-Year Index | 5.000 | Quarterly | 06/20/2026 | 713856 | 17256 | (15076) | 2180 | 287 | 0 |
|  CDX.HY-37 5-Year Index | 5.000 | Quarterly | 12/20/2026 | 292992 | 7110 | (123) | 6987 | 1472 | 0 |
|  CDX.HY-38 5-Year Index | 5.000 | Quarterly | 06/20/2027 | 55997 | 84 | 1788 | 1872 | 314 | 0 |
|  CDX.HY-39 5-Year Index | 5.000 | Quarterly | 12/20/2027 | 52050 | (630) | 2871 | 2241 | 318 | 0 |
|  CDX.HY-40 5-Year Index | 5.000 | Quarterly | 06/20/2028 | 1623 | 0 | 79 | 79 | 10 | 0 |
|  CDX.HY-43 5-Year Index | 5.000 | Quarterly | 12/20/2029 | 331710 | 23402 | (3663) | 19739 | 2693 | 0 |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 36709 | 1017 | 1184 | 2201 | 311 | 0 |
|  CDX.HY-45 5-Year Index | 5.000 | Quarterly | 12/20/2030 | 3198363 | 249626 | (75865) | 173761 | 28742 | 0 |
|  CDX.HY-46 5-Year Index | 5.000 | Quarterly | 06/20/2031 | 873400 | 34250 | 9051 | 43301 | 7970 | 0 |
|  CDX.IG-37 5-Year Index | 1.000 | Quarterly | 12/20/2026 | 2800 | 62 | (45) | 17 | 1 | 0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 25700 | 303 | 166 | 469 | 46 | 0 |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 2529120 | 56119 | (10454) | 45665 | 4952 | 0 |
|  CDX.IG-46 5-Year Index | 1.000 | Quarterly | 06/20/2031 | 1558200 | 26362 | 1053 | 27415 | 3376 | 0 |
|  CDX.IT-RAXX XOV45 | 5.000 | Quarterly | 06/20/2031 | 646520 | 46466 | 1639 | 48105 | 3227 | (76) |
|  CDX.iTraxx Crossover 44 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 1076110 | 27380 | (8742) | 18638 | 1306 | 0 |
|  CDX.iTraxx Crossover 44 5-Year Index | 5.000 | Quarterly | 12/20/2030 | 559887 | 69497 | (21458) | 48039 | 3938 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475333 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35225) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63077 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164) |

---

46 PIMCO INCOME FUND See Accompanying Notes

------

March 31, 2026

#### 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 | 03/18/2028 | 5442000 | $(120457) | $15563 | $(104894) | $11305 | $0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/18/2031 | 7178512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(215735) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90293) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(306028) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22859 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 0.750 | Annual | 09/21/2032 | 556500 | 46561 | 110084 | 156645 | 0 | (1601) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.700 | Annual | 03/28/2034 | 47000 | (200) | 2886 | 2686 | 0 | (183) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/18/2036 | 246900 | 2544 | 9268 | 11812 | 0 | (1048) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 0.750 | Annual | 09/21/2052 | 500150 | (1189) | 415673 | 414484 | 0 | (948) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 03/18/2056 | 3340 | 13 | 207 | 220 | 0 | (17) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Semi-Annual | 09/20/2026 | 155370000 | (15077) | 19919 | 4842 | 3 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.176 | Annual | 04/27/2027 | 45730000 | (2247) | (1617) | (3864) | 31 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.020 | Semi-Annual | 09/20/2028 | 275310000 | 859 | 63813 | 64672 | 0 | (1337) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Semi-Annual | 03/15/2029 | 1037000000 | 11068 | 289929 | 300997 | 0 | (6647) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.700 | Annual | 09/18/2029 | 487930000 | 6321 | 84750 | 91071 | 0 | (4130) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Annual | 06/15/2032 | 93523200 | 560 | 50342 | 50902 | 0 | (1349) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/18/2034 | 251200000 | 14320 | 110008 | 124328 | 0 | (4787) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2035 | 41566000 | (8155) | 25342 | 17187 | 0 | (841) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 03/15/2042 | 45656000 | 44542 | 34966 | 79508 | 0 | (668) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.711 | Annual | 04/27/2042 | 11112000 | 4659 | 12774 | 17433 | 0 | (166) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/21/2026 | $233830 | 3897 | (2707) | 1190 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.590 | Annual | 07/23/2026 | 1277500 | 17566 | (156) | 17410 | 22 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.645 | Annual | 07/24/2026 | 1955700 | 27967 | (2436) | 25531 | 27 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.243 | Annual | 08/07/2026 | 605500 | 8174 | 1996 | 10170 | 13 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 12/20/2026 | 262500 | 360 | (1083) | (723) | 0 | (37) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.570 | Semi-Annual | 01/12/2027 | 152500 | (12177) | 8530 | (3647) | 8 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.425 | Semi-Annual | 01/18/2027 | 287000 | (24222) | 16977 | (7245) | 17 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.443 | Semi-Annual | 01/18/2027 | 69300 | (5818) | 4080 | (1738) | 3 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.418 | Semi-Annual | 01/20/2027 | 146200 | (12381) | 8670 | (3711) | 9 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.550 | Semi-Annual | 01/20/2027 | 956100 | (91992) | 68962 | (23030) | 59 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.580 | Semi-Annual | 02/16/2027 | 301850 | (29094) | 21963 | (7131) | 30 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.788 | Annual | 05/03/2027 | 230500 | (16197) | 6548 | (9649) | 47 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 05/13/2027 | 4602700 | 6299 | (23805) | (17506) | 1432 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2027 | 1353910 | 60418 | 15989 | 76407 | 0 | (337) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2027 | 1141300 | 83500 | (36001) | 47499 | 0 | (298) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.250 | Annual | 06/17/2027 | 475000 | (21295) | 6215 | (15080) | 121 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.370 | Annual | 06/21/2027 | 326200 | (17356) | 7840 | (9516) | 86 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.605 | Annual | 06/28/2027 | 323400 | (10029) | 2151 | (7878) | 89 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.900 | Annual | 10/04/2027 | 1290000 | (24936) | 4114 | (20822) | 436 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.550 | Semi-Annual | 12/18/2027 | 467500 | (343) | 26504 | 26161 | 0 | (124) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2027 | 386810 | 27642 | (15174) | 12468 | 0 | (160) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 03/10/2028 | 197000 | (907) | 1554 | 647 | 85 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.638 | Annual | 05/31/2028 | 8700 | 0 | 30 | 30 | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 05/31/2028 | 17500 | 0 | 50 | 50 | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.807 | Annual | 05/31/2028 | 6300 | 0 | (10) | (10) | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2028 | 2000 | (7) | 6 | (1) | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2028 | 4886285 | 34553 | (32447) | 2106 | 2849 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 1844111 | 49187 | (23262) | 25925 | 0 | (899) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 09/05/2028 | 291300 | (1056) | 2192 | 1136 | 151 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.510 | Annual | 11/30/2028 | 101680 | 0 | 280 | 280 | 0 | (61) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.515 | Annual | 11/30/2028 | 152270 | 0 | 401 | 401 | 0 | (91) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.518 | Semi-Annual | 01/20/2029 | 86750 | (8272) | 2448 | (5824) | 50 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.940 | Annual | 02/22/2029 | 310100 | (744) | 3889 | 3145 | 221 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 02/27/2029 | 105000 | (247) | 1404 | 1157 | 76 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2029 | 444540 | (586) | 4164 | 3578 | 0 | (332) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 03/20/2029 | 429370 | (13903) | 5722 | (8181) | 0 | (346) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2029 | 931450 | 67824 | 27637 | 95461 | 0 | (640) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2029 | 4021540 | 218355 | 78615 | 296970 | 0 | (2884) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 7592290 | (21879) | 2070 | (19809) | 0 | (6211) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 11/30/2029 | 3523991 | (4308) | 1008 | (3300) | 0 | (3249) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 10590940 | (117413) | 53868 | (63545) | 0 | (9980) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2029 | 1833235 | 180095 | (70771) | 109324 | 0 | (1580) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 298600 | (586) | (2279) | (2865) | 0 | (294) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 3164010 | 134190 | (65491) | 68699 | 0 | (2989) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 193090 | 1129 | 2718 | 3847 | 0 | (188) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 5206670 | 64926 | 99134 | 164060 | 0 | (5009) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/22/2030 | 335900 | (6539) | 3815 | (2724) | 332 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.650 | Semi-Annual | 07/15/2030 | 1390000 | 4653 | 181928 | 186581 | 0 | (1109) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.711 | Semi-Annual | 07/28/2030 | 129300 | 25490 | (8472) | 17018 | 0 | (104) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.678 | Semi-Annual | 07/29/2030 | 122100 | 24301 | (8077) | 16224 | 0 | (98) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.674 | Semi-Annual | 08/05/2030 | 119100 | 23799 | (7960) | 15839 | 0 | (96) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 08/22/2030 | 47200 | (103) | 438 | 335 | 48 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **47** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.337% | Annual | 08/31/2030 | $199230 | $0 | $1886 | $1886 | $0 | $(198) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.369 | Annual | 08/31/2030 | 199140 | 0 | 1641 | 1641 | 0 | (198) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.407 | Annual | 08/31/2030 | 68210 | 0 | 463 | 463 | 0 | (68) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.422 | Annual | 08/31/2030 | 102220 | 0 | 638 | 638 | 0 | (102) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 422200 | (7111) | 4883 | (2228) | 0 | (431) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.685 | Semi-Annual | 09/24/2030 | 150000 | 30405 | (10571) | 19834 | 0 | (122) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.725 | Semi-Annual | 09/25/2030 | 150000 | 30062 | (10476) | 19586 | 0 | (122) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.610 | Semi-Annual | 10/01/2030 | 150000 | 31144 | (9873) | 21271 | 0 | (121) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.545 | Annual | 10/31/2030 | 61554 | 0 | 222 | 222 | 0 | (63) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.547 | Annual | 10/31/2030 | 152700 | 0 | 541 | 541 | 0 | (156) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 10/31/2030 | 123500 | 0 | 418 | 418 | 0 | (126) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.572 | Annual | 10/31/2030 | 120900 | 0 | 285 | 285 | 0 | (123) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.582 | Annual | 10/31/2030 | 219000 | 0 | 422 | 422 | 0 | (223) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 10/31/2030 | 164600 | 0 | 214 | 214 | 0 | (168) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.601 | Annual | 10/31/2030 | 287200 | 0 | 297 | 297 | 0 | (293) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.602 | Annual | 10/31/2030 | 268800 | 0 | 259 | 259 | 0 | (275) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.606 | Annual | 10/31/2030 | 123000 | 0 | 97 | 97 | 0 | (126) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.623 | Annual | 10/31/2030 | 121200 | 0 | 0 | 0 | 0 | (124) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.664 | Annual | 10/31/2030 | 79200 | 0 | (149) | (149) | 0 | (81) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.677 | Annual | 10/31/2030 | 63600 | 0 | (157) | (157) | 0 | (65) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.687 | Annual | 10/31/2030 | 102100 | 0 | (301) | (301) | 0 | (105) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.689 | Annual | 10/31/2030 | 183100 | 0 | (558) | (558) | 0 | (188) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 10/31/2030 | 127100 | 0 | (399) | (399) | 0 | (131) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.721 | Annual | 10/31/2030 | 79200 | 0 | (360) | (360) | 0 | (81) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.722 | Annual | 10/31/2030 | 79700 | 0 | (364) | (364) | 0 | (82) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.727 | Annual | 10/31/2030 | 79700 | 0 | (382) | (382) | 0 | (82) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.732 | Annual | 10/31/2030 | 50200 | 0 | (252) | (252) | 0 | (52) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 10/31/2030 | 79700 | 0 | (413) | (413) | 0 | (82) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 | 79400 | 0 | (426) | (426) | 0 | (82) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.749 | Annual | 10/31/2030 | 79700 | 0 | (464) | (464) | 0 | (82) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Semi-Annual | 12/16/2030 | 219500 | 41566 | (14498) | 27068 | 0 | (185) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2030 | 1112680 | (21216) | 14357 | (6859) | 0 | (1159) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.700 | Semi-Annual | 12/18/2030 | 757500 | 27068 | 76674 | 103742 | 0 | (624) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 88250 | 2204 | (1719) | 485 | 0 | (93) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/18/2031 | 991210 | (5612) | 11025 | 5413 | 0 | (1042) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 03/20/2031 | 473880 | (21722) | 8169 | (13553) | 0 | (537) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.328 | Annual | 04/30/2031 | 103800 | 0 | 2223 | 2223 | 0 | (112) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.431 | Annual | 04/30/2031 | 173510 | 0 | 2694 | 2694 | 0 | (183) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 05/13/2031 | 3309700 | (279) | (29114) | (29393) | 3652 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.750 | Semi-Annual | 06/16/2031 | 243400 | 11752 | 24421 | 36173 | 0 | (209) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 6260230 | 69407 | (52095) | 17312 | 7093 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 4540220 | (19339) | 5827 | (13512) | 0 | (4965) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 06/30/2031 | 318670 | 22 | 6970 | 6992 | 0 | (352) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.370 | Semi-Annual | 07/19/2031 | 54100 | 9691 | (2800) | 6891 | 0 | (50) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.360 | Semi-Annual | 07/20/2031 | 178300 | 32057 | (9257) | 22800 | 0 | (163) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 737500 | 1053 | (4681) | (3628) | 0 | (843) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2032 | 2456150 | 97137 | (41844) | 55293 | 0 | (2776) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 3553440 | (3570) | (6804) | (10374) | 0 | (4188) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.900 | Semi-Annual | 05/18/2032 | 5143500 | (37783) | 603561 | 565778 | 0 | (4937) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Annual | 06/15/2032 | 44875 | 8386 | (1324) | 7062 | 0 | (44) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 413273 | 62250 | (10174) | 52076 | 0 | (445) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2032 | 293700 | 3783 | 5195 | 8978 | 0 | (335) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2032 | 1534660 | (32789) | 29286 | (3503) | 0 | (1817) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.542 | Annual | 11/15/2032 | 352900 | 0 | 3261 | 3261 | 0 | (411) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.570 | Annual | 11/15/2032 | 282720 | 0 | 2144 | 2144 | 0 | (330) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.582 | Annual | 11/15/2032 | 212070 | 0 | 1465 | 1465 | 0 | (247) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.584 | Annual | 11/15/2032 | 121210 | 0 | 824 | 824 | 0 | (141) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.586 | Annual | 11/15/2032 | 249010 | 0 | 1665 | 1665 | 0 | (291) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.592 | Annual | 11/15/2032 | 566030 | 0 | 3568 | 3568 | 0 | (661) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2032 | 2771070 | (48437) | 41176 | (7261) | 0 | (3260) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2032 | 2041770 | 202158 | 15606 | 217764 | 0 | (2255) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.564 | Annual | 01/31/2033 | 75410 | 0 | 634 | 634 | 0 | (86) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 03/18/2033 | 6958616 | (81057) | 68566 | (12491) | 0 | (8227) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 05/22/2033 | 7665070 | 44541 | 106359 | 150900 | 0 | (8561) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 06/06/2033 | 5784570 | (256973) | 287342 | 30369 | 0 | (6535) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 06/14/2033 | 66700 | (2910) | 670 | (2240) | 73 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/17/2033 | 731720 | 13463 | (3099) | 10364 | 0 | (812) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 1192605 | 80322 | (14524) | 65798 | 0 | (1375) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/21/2033 | 223900 | (6237) | 1921 | (4316) | 248 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.650 | Annual | 07/10/2033 | 117200 | (1886) | 896 | (990) | 130 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 07/12/2033 | 112600 | (914) | 770 | (144) | 126 | 0 |

---

---

| | | |
|:---|:---|:---|
| **48** | **PIMCO INCOME FUND** | 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** |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.730% | Annual | 08/03/2033 | $59500 | $(584) | $436 | $(148) | $66 | $0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 08/07/2033 | 64000 | (604) | 468 | (136) | 71 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.760 | Annual | 08/23/2033 | 188900 | (1410) | 1385 | (25) | 209 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 08/30/2033 | 95000 | (404) | 661 | 257 | 105 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 08/30/2033 | 239500 | 911 | 1429 | 2340 | 267 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 09/13/2033 | 282100 | 2212 | 1595 | 3807 | 315 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.165 | Annual | 09/27/2033 | 222000 | 5616 | 753 | 6369 | 251 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.155 | Annual | 10/02/2033 | 159000 | 3897 | 553 | 4450 | 179 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.170 | Annual | 10/03/2033 | 157500 | 4054 | 521 | 4575 | 178 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.030 | Annual | 10/04/2033 | 200700 | 2883 | 974 | 3857 | 224 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.175 | Annual | 10/10/2033 | 93700 | 2454 | 302 | 2756 | 106 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 10/12/2033 | 97400 | 2352 | 343 | 2695 | 109 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.200 | Annual | 10/18/2033 | 78200 | 2210 | 230 | 2440 | 88 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.220 | Annual | 10/20/2033 | 98300 | 2940 | 264 | 3204 | 111 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.230 | Annual | 10/23/2033 | 49200 | 1513 | 126 | 1639 | 55 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.255 | Annual | 10/23/2033 | 49200 | 1613 | 112 | 1725 | 56 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.393 | Annual | 10/25/2033 | 46000 | 2026 | 31 | 2057 | 52 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.450 | Annual | 10/31/2033 | 56700 | (207) | 2972 | 2765 | 65 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.435 | Annual | 11/01/2033 | 52000 | (212) | 2693 | 2481 | 59 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.450 | Annual | 11/01/2033 | 100800 | (423) | 5339 | 4916 | 115 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 11/22/2033 | 103100 | (469) | (3103) | (3572) | 0 | (115) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.030 | Annual | 12/15/2033 | 103200 | (450) | (1528) | (1978) | 0 | (112) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 12/19/2033 | 102600 | (431) | (958) | (1389) | 0 | (111) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 890960 | (27654) | 11672 | (15982) | 944 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 12/26/2033 | 51800 | (220) | (86) | (306) | 0 | (55) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.854 | Annual | 12/29/2033 | 105100 | (451) | (257) | (708) | 0 | (112) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 01/02/2034 | 51600 | (223) | 251 | 28 | 0 | (54) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.810 | Annual | 01/02/2034 | 51600 | (223) | 36 | (187) | 0 | (55) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.684 | Annual | 01/03/2034 | 51600 | (236) | 501 | 265 | 0 | (54) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.648 | Annual | 01/08/2034 | 103600 | (471) | 1273 | 802 | 0 | (108) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.670 | Annual | 01/08/2034 | 105300 | (495) | 1145 | 650 | 0 | (110) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.594 | Annual | 01/09/2034 | 105000 | 0 | 1204 | 1204 | 0 | (109) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 01/17/2034 | 100400 | (459) | 1574 | 1115 | 0 | (104) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 01/23/2034 | 52100 | (218) | 125 | (93) | 55 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.738 | Annual | 01/23/2034 | 31300 | (131) | 82 | (49) | 33 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 01/24/2034 | 52000 | (213) | (170) | (383) | 54 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.665 | Annual | 01/24/2034 | 103700 | (420) | (271) | (691) | 108 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.685 | Annual | 01/24/2034 | 104100 | (427) | (122) | (549) | 108 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 01/31/2034 | 51100 | (221) | (283) | (504) | 53 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.725 | Annual | 02/07/2034 | 51000 | (256) | 122 | (134) | 53 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.783 | Annual | 02/07/2034 | 41000 | (206) | 263 | 57 | 43 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 02/21/2034 | 207200 | (927) | 2293 | 1366 | 217 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.650 | Annual | 03/05/2034 | 106500 | (453) | (408) | (861) | 109 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 03/05/2034 | 53400 | (203) | (44) | (247) | 55 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.710 | Annual | 03/05/2034 | 105800 | (394) | (22) | (416) | 109 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 04/10/2034 | 107500 | (403) | 1086 | 683 | 111 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 04/15/2034 | 52700 | (199) | 535 | 336 | 54 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 04/16/2034 | 106800 | (368) | 1474 | 1106 | 110 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 04/17/2034 | 107000 | (364) | 2573 | 2209 | 112 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.085 | Annual | 04/22/2034 | 107000 | (423) | 2677 | 2254 | 112 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 04/22/2034 | 108800 | (379) | 3230 | 2851 | 114 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.105 | Annual | 04/24/2034 | 219100 | (728) | 5694 | 4966 | 229 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.078 | Annual | 04/29/2034 | 106500 | (305) | 2496 | 2191 | 111 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 04/30/2034 | 319800 | (898) | 7783 | 6885 | 333 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.130 | Annual | 05/03/2034 | 105800 | (286) | 2902 | 2616 | 111 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.200 | Annual | 05/06/2034 | 162700 | (529) | 5450 | 4921 | 171 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 06/05/2034 | 108900 | (440) | (1841) | (2281) | 0 | (112) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 1168910 | (31612) | 25629 | (5983) | 1241 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.994 | Annual | 07/02/2034 | 161600 | (493) | (1825) | (2318) | 0 | (164) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.060 | Annual | 07/02/2034 | 107000 | (349) | (1740) | (2089) | 0 | (109) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 07/10/2034 | 217900 | (665) | (528) | (1193) | 0 | (219) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.885 | Annual | 07/12/2034 | 167900 | (571) | (421) | (992) | 0 | (168) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 08/05/2034 | 109800 | (423) | 61 | (362) | 0 | (109) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.795 | Annual | 08/06/2034 | 109900 | (434) | 542 | 108 | 0 | (109) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.645 | Annual | 08/07/2034 | 109700 | (373) | 1765 | 1392 | 0 | (107) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/07/2034 | 109900 | (437) | 1230 | 793 | 0 | (108) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.679 | Annual | 08/13/2034 | 109300 | (402) | 1493 | 1091 | 0 | (107) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.569 | Annual | 08/14/2034 | 109300 | (361) | 2389 | 2028 | 0 | (105) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.586 | Annual | 08/19/2034 | 165300 | (579) | 3423 | 2844 | 0 | (160) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 08/19/2034 | 52600 | (187) | 1055 | 868 | 0 | (51) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 08/20/2034 | 109400 | (388) | 2729 | 2341 | 0 | (105) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **49** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **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 | 3.550% | Annual | 08/21/2034 | $164600 | $(593) | $3880 | $3287 | $0 | $(158) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.558 | Annual | 08/21/2034 | 108700 | (370) | 2473 | 2103 | 0 | (105) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.613 | Annual | 08/22/2034 | 109200 | (390) | 2032 | 1642 | 0 | (106) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 08/28/2034 | 110200 | (408) | 2557 | 2149 | 0 | (106) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.565 | Annual | 08/28/2034 | 110200 | (397) | 2460 | 2063 | 0 | (106) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.599 | Annual | 08/28/2034 | 109900 | (396) | 2162 | 1766 | 0 | (106) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 08/28/2034 | 206700 | (845) | 4151 | 3306 | 0 | (199) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.605 | Annual | 08/28/2034 | 66600 | (265) | 1304 | 1039 | 0 | (64) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.643 | Annual | 08/28/2034 | 109900 | (401) | 1790 | 1389 | 0 | (106) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 09/04/2034 | 55300 | (209) | 1651 | 1442 | 0 | (53) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.514 | Annual | 09/04/2034 | 109500 | (415) | 2894 | 2479 | 0 | (105) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 09/04/2034 | 110100 | (413) | 2811 | 2398 | 0 | (105) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.408 | Annual | 09/05/2034 | 104200 | (412) | 3633 | 3221 | 0 | (98) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.410 | Annual | 09/05/2034 | 110300 | (436) | 3824 | 3388 | 0 | (104) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 55100 | (264) | 2718 | 2454 | 0 | (51) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.240 | Annual | 09/16/2034 | 55500 | (254) | 2687 | 2433 | 0 | (51) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 | 14600 | (64) | 661 | 597 | 0 | (14) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.280 | Annual | 09/16/2034 | 206500 | (893) | 9303 | 8410 | 0 | (192) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.231 | Annual | 09/18/2034 | 110600 | (393) | 5312 | 4919 | 0 | (102) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 | 110000 | (395) | 5142 | 4747 | 0 | (102) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.450 | Annual | 10/11/2034 | 114400 | (416) | (2699) | (3115) | 108 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.375 | Annual | 10/15/2034 | 114500 | (408) | (3384) | (3792) | 107 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.385 | Annual | 10/17/2034 | 115300 | (392) | (3333) | (3725) | 108 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.395 | Annual | 10/17/2034 | 172400 | (578) | (4858) | (5436) | 161 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.400 | Annual | 10/17/2034 | 57600 | (193) | (1601) | (1794) | 54 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.446 | Annual | 10/23/2034 | 115200 | (323) | (2849) | (3172) | 108 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.463 | Annual | 10/23/2034 | 114400 | (340) | (2659) | (2999) | 108 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.481 | Annual | 10/29/2034 | 114500 | (358) | (2480) | (2838) | 108 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.465 | Annual | 10/30/2034 | 230500 | (744) | (5250) | (5994) | 217 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.485 | Annual | 10/30/2034 | 192200 | (629) | (4071) | (4700) | 181 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.495 | Annual | 10/30/2034 | 115800 | (371) | (2371) | (2742) | 109 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.455 | Annual | 11/01/2034 | 192200 | (639) | (4497) | (5136) | 180 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 11/01/2034 | 192200 | (639) | (4274) | (4913) | 181 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.435 | Annual | 11/05/2034 | 192700 | (694) | (4763) | (5457) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.535 | Annual | 11/06/2034 | 385500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1311) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6614) | (7925) | 364 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 11/14/2034 | 195000 | (760) | 1652 | 892 | 190 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.793 | Annual | 11/19/2034 | 195100 | (868) | 736 | (132) | 189 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.855 | Annual | 11/19/2034 | 98100 | (440) | 848 | 408 | 96 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 26840 | 764 | (873) | (109) | 26 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 51300 | (273) | 515 | 242 | 0 | (57) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 12/30/2034 | 119400 | (382) | 2317 | 1935 | 117 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 | 119100 | (378) | 1546 | 1168 | 116 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 | 118900 | (312) | 626 | 314 | 115 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 01/08/2035 | 59800 | (157) | 361 | 204 | 58 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 01/08/2035 | 99700 | (274) | 921 | 647 | 97 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.896 | Annual | 01/08/2035 | 119200 | (346) | 1174 | 828 | 115 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 | 118500 | (318) | 1178 | 860 | 115 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 | 209600 | (572) | 1751 | 1179 | 202 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 01/15/2035 | 59700 | (161) | 909 | 748 | 58 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.013 | Annual | 01/15/2035 | 182500 | (504) | 3395 | 2891 | 179 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.071 | Annual | 01/15/2035 | 119700 | (329) | 2759 | 2430 | 118 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 | 60000 | (168) | 1515 | 1347 | 59 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 | 119900 | (327) | 2925 | 2598 | 118 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 60150 | (231) | (117) | (348) | 0 | (57) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 120600 | (435) | (423) | (858) | 0 | (115) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 60300 | (213) | (43) | (256) | 0 | (57) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 120600 | (420) | (129) | (549) | 0 | (115) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 119700 | (355) | (462) | (817) | 0 | (114) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 199600 | (569) | (1834) | (2403) | 0 | (191) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 241600 | (710) | (1356) | (2066) | 0 | (230) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 121100 | (351) | (259) | (610) | 0 | (115) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/07/2035 | 243100 | (1185) | (1037) | (2222) | 222 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 183360 | 4608 | 4875 | 9483 | 0 | (155) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 09/17/2035 | 122400 | (362) | 3433 | 3071 | 0 | (103) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2035 | 350400 | (2976) | 5849 | 2873 | 0 | (302) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.712 | Annual | 11/15/2035 | 92250 | 0 | 999 | 999 | 0 | (76) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | 267050 | (4500) | 6722 | 2222 | 0 | (221) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.679 | Annual | 02/15/2036 | 88240 | 0 | 1317 | 1317 | 0 | (70) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.755 | Annual | 02/15/2036 | 184360 | 0 | 1594 | 1594 | 0 | (148) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.066 | Annual | 02/15/2046 | 33230 | 0 | 453 | 453 | 60 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.076 | Annual | 02/15/2046 | 75380 | 0 | 924 | 924 | 136 | 0 |

---

---

| | | |
|:---|:---|:---|
| **50** | **PIMCO INCOME FUND** | 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 | 3.368% | Annual | 11/15/2049 | $51390 | $0 | $6427 | $6427 | $118 | $0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.464 | Annual | 11/15/2049 | 68390 | 0 | 7542 | 7542 | 157 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.527 | Annual | 11/15/2049 | 27170 | 0 | 2729 | 2729 | 62 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.900 | Semi-Annual | 03/12/2050 | 1085000 | 7579 | 581788 | 589367 | 2537 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.950 | Semi-Annual | 12/11/2050 | 1343300 | 5165 | 723193 | 728358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3303 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.150 | Semi-Annual | 03/30/2051 | 3900 | 796 | 1225 | 2021 | 10 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.450 | Semi-Annual | 04/07/2051 | 66100 | 9153 | 21898 | 31051 | 183 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 06/16/2051 | 3516800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9689 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.785 | Semi-Annual | 08/12/2051 | 89100 | 34101 | 3542 | 37643 | 233 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Semi-Annual | 06/15/2052 | 75000 | 39117 | 2167 | 41284 | 203 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 54400 | 18804 | 3337 | 22141 | 151 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.975 | Semi-Annual | 06/17/2052 | 97800 | 41087 | 13137 | 54224 | 265 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.025 | Semi-Annual | 06/22/2052 | 75000 | 38806 | 2146 | 40952 | 204 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.035 | Semi-Annual | 06/28/2052 | 48500 | 5217 | 21648 | 26865 | 132 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 11/15/2052 | 1156093 | (2170) | 14295 | 12125 | 3531 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 12/21/2052 | 724700 | 175728 | 112198 | 287926 | 2086 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.080 | Annual | 02/23/2053 | 56400 | (6615) | (3327) | (9942) | 0 | (183) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.370 | Annual | 07/12/2053 | 77700 | (5123) | (5287) | (10410) | 0 | (261) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.550 | Annual | 07/21/2053 | 42100 | (8856) | (2676) | (11532) | 0 | (137) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.537 | Annual | 07/24/2053 | 41900 | (8910) | (2655) | (11565) | 0 | (137) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.508 | Annual | 07/25/2053 | 64400 | (14023) | (4069) | (18092) | 0 | (210) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.830 | Annual | 10/12/2053 | 31400 | 505 | (2196) | (1691) | 0 | (109) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 10/16/2053 | 31800 | 794 | (2237) | (1443) | 0 | (111) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 10/17/2053 | 30800 | 715 | (2164) | (1449) | 0 | (107) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 11/15/2053 | 112780 | (612) | 16890 | 16278 | 366 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.998 | Annual | 11/15/2053 | 28210 | 0 | 746 | 746 | 100 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.010 | Annual | 11/15/2053 | 32320 | 0 | 789 | 789 | 115 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 11/15/2053 | 31840 | 0 | 752 | 752 | 113 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.082 | Annual | 11/15/2053 | 34600 | 0 | 440 | 440 | 123 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.083 | Annual | 11/15/2053 | 51690 | 0 | 651 | 651 | 184 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.141 | Annual | 11/15/2053 | 125780 | 0 | 275 | 275 | 446 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.143 | Annual | 11/15/2053 | 50480 | 0 | 96 | 96 | 179 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.161 | Annual | 11/15/2053 | 126440 | 0 | (136) | (136) | 448 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.188 | Annual | 11/15/2053 | 101000 | 0 | (571) | (571) | 359 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.196 | Annual | 11/15/2053 | 75920 | 0 | (530) | (530) | 270 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.200 | Annual | 11/15/2053 | 101200 | 0 | (763) | (763) | 359 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.210 | Annual | 11/15/2053 | 101420 | 0 | (939) | (939) | 360 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 03/05/2054 | 42500 | (364) | (3855) | (4219) | 0 | (149) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 | 1106590 | 110060 | 13181 | 123241 | 4135 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.052 | Annual | 02/15/2056 | 41620 | 0 | 591 | 591 | 162 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.059 | Annual | 02/15/2056 | 44160 | 0 | 571 | 571 | 171 | 0 |
| Pay | 1-Year BRL-CDI | 9.998 | Maturity | 01/04/2027 | 920300 | (1059) | (14732) | (15791) | 245 | 0 |
| Pay | 1-Year BRL-CDI | 10.037 | Maturity | 01/04/2027 | 227200 | (218) | (3622) | (3840) | 60 | 0 |
| Pay | 1-Year BRL-CDI | 10.041 | Maturity | 01/04/2027 | 1041400 | (1033) | (16616) | (17649) | 277 | 0 |
| Pay | 1-Year BRL-CDI | 10.072 | Maturity | 01/04/2027 | 759770 | 0 | (11012) | (11012) | 202 | 0 |
| Pay | 1-Year BRL-CDI | 10.090 | Maturity | 01/04/2027 | 1963600 | (1584) | (31211) | (32795) | 522 | 0 |
| Pay | 1-Year BRL-CDI | 10.098 | Maturity | 01/04/2027 | 2297450 | 0 | (33004) | (33004) | 612 | 0 |
| Pay | 1-Year BRL-CDI | 10.138 | Maturity | 01/04/2027 | 488500 | (298) | (7733) | (8031) | 130 | 0 |
| Pay | 1-Year BRL-CDI | 10.165 | Maturity | 01/04/2027 | 1164990 | 0 | (16359) | (16359) | 311 | 0 |
| Pay | 1-Year BRL-CDI | 10.170 | Maturity | 01/04/2027 | 1944090 | 0 | (27255) | (27255) | 518 | 0 |
| Pay | 1-Year BRL-CDI | 10.183 | Maturity | 01/04/2027 | 3492020 | 0 | (48711) | (48711) | 931 | 0 |
| Pay | 1-Year BRL-CDI | 10.203 | Maturity | 01/04/2027 | 2720760 | 0 | (37705) | (37705) | 726 | 0 |
| Pay | 1-Year BRL-CDI | 10.210 | Maturity | 01/04/2027 | 391960 | 0 | (5418) | (5418) | 105 | 0 |
| Pay | 1-Year BRL-CDI | 10.256 | Maturity | 01/04/2027 | 2718360 | 0 | (36983) | (36983) | 725 | 0 |
| Pay | 1-Year BRL-CDI | 10.328 | Maturity | 01/04/2027 | 2200950 | 0 | (29194) | (29194) | 587 | 0 |
| Pay | 1-Year BRL-CDI | 11.250 | Maturity | 01/04/2027 | 280100 | 205 | (4311) | (4106) | 75 | 0 |
| Pay | 1-Year BRL-CDI | 11.275 | Maturity | 01/04/2027 | 141400 | 125 | (2169) | (2044) | 38 | 0 |
| Pay | 1-Year BRL-CDI | 11.290 | Maturity | 01/04/2027 | 141500 | 138 | (2166) | (2028) | 38 | 0 |
| Pay | 1-Year BRL-CDI | 11.731 | Maturity | 01/04/2027 | 72600 | 265 | (1048) | (783) | 19 | 0 |
| Pay | 1-Year BRL-CDI | 11.746 | Maturity | 01/04/2027 | 314300 | 1177 | (4529) | (3352) | 84 | 0 |
| Pay | 1-Year BRL-CDI | 11.901 | Maturity | 01/04/2027 | 750900 | 3511 | (10592) | (7081) | 201 | 0 |
| Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 | 3372000 | 168 | (6215) | (6047) | 0 | (260) |
| Pay | 1-Year BRL-CDI | 14.009 | Maturity | 01/04/2027 | 2400700 | 0 | (2948) | (2948) | 649 | 0 |
| Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 | 2208400 | (128) | (10177) | (10305) | 0 | (1193) |
| Pay | 1-Year BRL-CDI | 13.354 | Maturity | 01/02/2029 | 4406400 | 346 | (12096) | (11750) | 5109 | 0 |
| Pay | 1-Year BRL-CDI | 12.800 | Maturity | 01/02/2031 | 8595300 | (770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39926) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40696) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11574 | 0 |
| Pay | 1-Year BRL-CDI | 12.841 | Maturity | 01/02/2031 | 2917000 | 0 | (13233) | (13233) | 3926 | 0 |
| Pay | 1-Year BRL-CDI | 13.245 | Maturity | 01/02/2031 | 138600 | 0 | (502) | (502) | 0 | (39) |
| Pay | 1-Year BRL-CDI | 13.255 | Maturity | 01/02/2031 | 1084000 | (255) | (3578) | (3833) | 0 | (267) |
| Pay | 1-Year BRL-CDI | 13.350 | Maturity | 01/02/2031 | 298200 | 0 | (448) | (448) | 399 | 0 |
| Pay | 1-Year BRL-CDI | 13.435 | Maturity | 01/02/2031 | 101010 | 0 | (196) | (196) | 47 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **51** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Pay | 1-Year BRL-CDI | 13.440% | Maturity | 01/02/2031 | BRL | 101390 | $0 | $(192) | $(192) | $49 | $0 |
| Pay | 1-Year BRL-CDI | 13.520 | Maturity | 01/02/2031 |  | 944200 | 37 | (693) | (656) | 1261 | 0 |
| Pay | 1-Year BRL-CDI | 13.560 | Maturity | 01/02/2031 |  | 481600 | 0 | (337) | (337) | 546 | 0 |
| Pay | 1-Year BRL-CDI | 13.670 | Maturity | 01/02/2031 |  | 125800 | 0 | 2 | 2 | 168 | 0 |
| Pay | 1-Year BRL-CDI | 13.681 | Maturity | 01/02/2031 |  | 1986200 | (1196) | 1551 | 355 | 2810 | 0 |
| Pay | 1-Year BRL-CDI | 13.694 | Maturity | 01/02/2031 |  | 1054500 | 80 | 100 | 180 | 1405 | 0 |
| Pay | 1-Year BRL-CDI | 13.698 | Maturity | 01/02/2031 |  | 468750 | 0 | 88 | 88 | 625 | 0 |
| Pay | 1-Year BRL-CDI | 13.725 | Maturity | 01/02/2031 |  | 55900 | 0 | 31 | 31 | 89 | 0 |
| Pay | 1-Year BRL-CDI | 13.899 | Maturity | 01/02/2031 |  | 1249800 | 0 | 1396 | 1396 | 1662 | 0 |
| Pay | 3-Month NZD-BBR | 4.750 | Semi-Annual | 06/19/2029 | NZD | 954400 | 5636 | 17478 | 23114 | 993 | 0 |
| Pay | 3-Month ZAR-JIBAR | 6.770 | Quarterly | 03/10/2028 | ZAR | 844600 | 0 | (515) | (515) | 129 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.410 | Quarterly | 07/31/2028 |  | 637200 | 586 | 352 | 938 | 132 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.415 | Quarterly | 07/31/2028 |  | 525100 | 488 | 289 | 777 | 109 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.420 | Quarterly | 07/31/2028 |  | 1964800 | 1848 | 1072 | 2920 | 406 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.428 | Quarterly | 07/31/2028 |  | 1328900 | 1271 | 718 | 1989 | 275 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.426 | Quarterly | 08/01/2028 |  | 793900 | 754 | 424 | 1178 | 164 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.460 | Quarterly | 08/01/2028 |  | 1339900 | 1368 | 682 | 2050 | 277 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.460 | Quarterly | 08/02/2028 |  | 1358100 | 1386 | 694 | 2080 | 281 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.464 | Quarterly | 08/02/2028 |  | 1383600 | 1424 | 703 | 2127 | 286 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.550 | Quarterly | 08/03/2028 |  | 1353700 | 1635 | 602 | 2237 | 281 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.380 | Quarterly | 08/04/2028 |  | 629400 | 537 | 357 | 894 | 131 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.410 | Quarterly | 08/04/2028 |  | 1625100 | 1489 | 886 | 2375 | 337 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.415 | Quarterly | 08/04/2028 |  | 663400 | 615 | 359 | 974 | 138 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.421 | Quarterly | 08/04/2028 |  | 673900 | 633 | 362 | 995 | 140 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.543 | Quarterly | 08/04/2028 |  | 674700 | 805 | 303 | 1108 | 140 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.360 | Quarterly | 08/07/2028 |  | 1354200 | 1094 | 786 | 1880 | 282 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.400 | Quarterly | 08/07/2028 |  | 1402200 | 1250 | 773 | 2023 | 292 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.410 | Quarterly | 08/07/2028 |  | 407700 | 372 | 222 | 594 | 85 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.000 | Quarterly | 01/03/2031 |  | 565500 | 5 | 546 | 551 | 227 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.001 | Quarterly | 01/06/2031 |  | 565500 | 0 | 552 | 552 | 227 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.010 | Quarterly | 01/07/2031 |  | 551100 | 0 | 550 | 550 | 222 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.030 | Quarterly | 01/07/2031 |  | 551100 | 0 | 577 | 577 | 222 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.053 | Quarterly | 01/07/2031 |  | 551100 | 0 | 608 | 608 | 222 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.058 | Quarterly | 01/07/2031 |  | 551100 | 0 | 615 | 615 | 222 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.063 | Quarterly | 01/08/2031 |  | 1707100 | 0 | 1922 | 1922 | 688 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.080 | Quarterly | 01/08/2031 |  | 758300 | 0 | 887 | 887 | 306 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.203 | Quarterly | 01/10/2031 |  | 2861600 | 0 | 4192 | 4192 | 1161 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 2.750 | Semi-Annual | 06/17/2026 | AUD | 26340 | (732) | 612 | (120) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Pay | 6-Month AUD-BBR-BBSW | 3.000 | Semi-Annual | 03/21/2027 |  | 1525200 | (44781) | 25193 | (19588) | 1045 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 09/18/2029 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3312400 | 34171 | (99691) | (65520) | 14172 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 |  | 1665500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23460) | (11548) | (35008) | 12471 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/20/2034 |  | 1291700 | (4830) | (24775) | (29605) | 10164 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/18/2034 |  | 578500 | 7641 | (21907) | (14266) | 4772 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 |  | 5894200 | 80180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(233777) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153597) | 51482 | 0 |
| Pay | 6-Month CLP-CHILIBOR | 4.000 | Semi-Annual | 09/17/2030 |  | 1336400 | 13736 | (46577) | (32841) | 7072 | 0 |
| Pay | 6-Month CZK-PRIBOR | 4.480 | Annual | 03/11/2036 | CZK | 200000 | 0 | (29) | (29) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.700 | Annual | 04/11/2027 | EUR | 226800 | (22990) | 16780 | (6210) | 108 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 04/12/2027 |  | 96600 | (9973) | 7212 | (2761) | 46 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 05/11/2027 |  | 428500 | (45037) | 32491 | (12546) | 210 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 |  | 491000 | (45034) | 34553 | (10481) | 240 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 |  | 235750 | (21680) | 16596 | (5084) | 119 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.370 | Annual | 10/09/2028 |  | 126800 | 3508 | (802) | 2706 | 298 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.450 | Annual | 10/20/2028 |  | 121000 | 3826 | (951) | 2875 | 276 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.950 | Annual | 03/21/2029 |  | 9616100 | 25497 | 14353 | 39850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23979 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.770 | Annual | 04/16/2029 |  | 112300 | (182) | 2063 | 1881 | 306 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.860 | Annual | 04/24/2029 |  | 91600 | (138) | 2028 | 1890 | 245 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.780 | Annual | 05/02/2029 |  | 112700 | (163) | 2066 | 1903 | 296 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.827 | Annual | 05/06/2029 |  | 114400 | (175) | 2324 | 2149 | 299 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.950 | Annual | 06/12/2029 |  | 89800 | (155) | 2243 | 2088 | 217 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.700 | Annual | 08/13/2029 |  | 69000 | (104) | (725) | (829) | 0 | (187) |
| Receive | 6-Month EUR-EURIBOR | 2.650 | Annual | 08/14/2029 |  | 92500 | (126) | (781) | (907) | 0 | (255) |
| Receive | 6-Month EUR-EURIBOR | 2.300 | Annual | 09/25/2029 |  | 116300 | (197) | 1147 | 950 | 0 | (357) |
| Receive | 6-Month EUR-EURIBOR | 2.360 | Annual | 10/07/2029 |  | 116900 | (219) | 2303 | 2084 | 0 | (387) |
| Receive | 6-Month EUR-EURIBOR | 2.280 | Annual | 03/04/2030 |  | 74900 | (102) | 1850 | 1748 | 0 | (257) |
| Pay | 6-Month EUR-EURIBOR | 2.950 | Annual | 03/20/2030 |  | 2341400 | 23882 | (13009) | 10873 | 8442 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 |  | 122000 | (249) | 851 | 602 | 0 | (472) |
| Receive | 6-Month EUR-EURIBOR | 2.350 | Annual | 04/29/2030 |  | 98600 | (185) | 993 | 808 | 0 | (370) |
| Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 09/16/2031 |  | 1162010 | (2719) | (24597) | (27316) | 5810 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.547 | Annual | 03/09/2033 |  | 252900 | (6296) | (744) | (7040) | 1558 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.270 | Annual | 08/21/2033 |  | 68000 | 2684 | 335 | 3019 | 451 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.300 | Annual | 10/03/2033 |  | 202700 | 8465 | (2033) | 6432 | 1442 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.760 | Annual | 03/04/2034 |  | 68000 | (210) | (952) | (1162) | 473 | 0 |

---

---

| | | |
|:---|:---|:---|
| **52** | **PIMCO INCOME FUND** | 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** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Pay | 6-Month EUR-EURIBOR | 2.750% | Annual | 03/05/2034 | EUR | 69500 | $(220) | $(1019) | $(1239) | $483 | $0 |
| Pay | 6-Month EUR-EURIBOR | 2.770 | Annual | 04/29/2034 |  | 67700 | (191) | 201 | 10 | 490 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.590 | Annual | 08/19/2034 |  | 69400 | (183) | 1534 | 1351 | 0 | (503) |
| Receive | 6-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 |  | 70000 | (195) | 1625 | 1430 | 0 | (514) |
| Receive | 6-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 |  | 70100 | (188) | 3918 | 3730 | 0 | (518) |
| Pay | 6-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 |  | 61000 | (161) | (3255) | (3416) | 450 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 |  | 73400 | (175) | (5034) | (5209) | 536 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 |  | 74200 | (199) | 4287 | 4088 | 0 | (560) |
| Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 |  | 72900 | (183) | (3735) | (3918) | 560 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 03/13/2035 |  | 115200 | (299) | (5504) | (5803) | 889 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 |  | 73000 | (199) | (2594) | (2793) | 578 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 |  | 73000 | (189) | (3248) | (3437) | 577 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 |  | 72900 | (185) | (2482) | (2667) | 569 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.510 | Annual | 04/09/2035 |  | 73200 | (256) | 2549 | 2293 | 0 | (593) |
| Receive | 6-Month EUR-EURIBOR | 2.520 | Annual | 04/09/2035 |  | 73300 | (280) | 2501 | 2221 | 0 | (594) |
| Receive | 6-Month EUR-EURIBOR | 2.550 | Annual | 04/16/2035 |  | 73700 | (275) | 2297 | 2022 | 0 | (594) |
| Receive | 6-Month EUR-EURIBOR | 2.530 | Annual | 04/23/2035 |  | 113100 | (444) | 3805 | 3361 | 0 | (906) |
| Receive | 6-Month EUR-EURIBOR | 2.450 | Annual | 05/05/2035 |  | 73900 | (252) | 3093 | 2841 | 0 | (584) |
| Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 09/16/2036 |  | 510110 | (10264) | (8294) | (18558) | 4505 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.500 | Annual | 03/20/2050 |  | 62400 | (3236) | (5052) | (8288) | 610 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.250 | Annual | 06/17/2050 |  | 626000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58467) | 421516 | 363049 | 0 | (3577) |
| Receive | 6-Month EUR-EURIBOR | 0.500 | Annual | 06/17/2050 |  | 2557071 | 9381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351810 | 0 | (15675) |
| Pay | 6-Month EUR-EURIBOR | 0.500 | Annual | 09/21/2052 |  | 400 | (190) | (30) | (220) | 2 | 0 |
| Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 0.830 | Annual | 12/09/2052 |  | 3771700 | 54146 | 411601 | 465747 | 4499 | 0 |
| Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 09/16/2056 |  | 99090 | 875 | 1622 | 2497 | 0 | (1106) |
| Pay | 28-Day MXN-TIIE | 8.556 | Lunar | 07/27/2028 | MXN | 1337800 | (688) | 1778 | 1090 | 180 | 0 |
| Pay | 28-Day MXN-TIIE | 9.020 | Lunar | 12/17/2029 |  | 1164600 | 0 | 2248 | 2248 | 215 | 0 |
| Pay | 28-Day MXN-TIIE | 8.990 | Lunar | 12/18/2029 |  | 851700 | 0 | 1594 | 1594 | 157 | 0 |
| Pay | 28-Day MXN-TIIE | 9.135 | Lunar | 12/27/2029 |  | 1043200 | 0 | 2210 | 2210 | 194 | 0 |
| Pay | 28-Day MXN-TIIE | 9.150 | Lunar | 12/31/2029 |  | 1058100 | 0 | 2359 | 2359 | 198 | 0 |
| Pay | 28-Day MXN-TIIE | 9.108 | Lunar | 03/13/2030 |  | 4434100 | 0 | 9484 | 9484 | 866 | 0 |
| Receive | 28-Day MXN-TIIE | 9.328 | Lunar | 05/29/2031 |  | 2978000 | 0 | (6957) | (6957) | 0 | (767) |
| Pay | 28-Day MXN-TIIE | 8.780 | Lunar | 01/30/2034 |  | 1750000 | 129 | 1008 | 1137 | 386 | 0 |
| Receive | 28-Day MXN-TIIE | 8.103 | Lunar | 01/04/2038 |  | 1486300 | 4285 | 135 | 4420 | 0 | (336) |
| Pay | CAONREPO | 2.625 | Semi-Annual | 03/19/2027 | CAD | 172700 | (4292) | 4438 | 146 | 69 | 0 |
| Pay | CAONREPO | 3.000 | Semi-Annual | 03/19/2027 |  | 376200 | (6203) | 7520 | 1317 | 153 | 0 |
| Pay | CAONREPO | 2.750 | Semi-Annual | 12/17/2027 |  | 132800 | (3112) | 3324 | 212 | 72 | 0 |
| Pay | CAONREPO | 3.400 | Semi-Annual | 06/20/2029 |  | 34700 | (109) | 633 | 524 | 26 | 0 |
| Receive | CAONREPO | 1.000 | Semi-Annual | 06/16/2047 |  | 14000 | 4098 | (157) | 3941 | 0 | (15) |
| Receive | CAONREPO | 1.300 | Semi-Annual | 06/16/2047 |  | 340700 | 89216 | (4562) | 84654 | 201 | (228) |
| Pay | UKRPI | 4.000 | Maturity | 09/15/2031 | GBP | 105100 | (17065) | (1361) | (18426) | 0 | (972) |
| Pay | UKRPI | 4.055 | Maturity | 09/15/2031 |  | 97100 | (15050) | (1169) | (16219) | 0 | (895) |
| Pay | UKRPI | 4.066 | Maturity | 09/15/2031 |  | 188200 | (28892) | (2231) | (31123) | 0 | (1733) |
| Pay | UKRPI | 4.020 | Maturity | 10/15/2031 |  | 136900 | (21740) | (1449) | (23189) | 0 | (1172) |
| Pay | UKRPI | 4.140 | Maturity | 10/15/2031 |  | 263700 | (37627) | (2267) | (39894) | 0 | (2238) |
| Pay | UKRPI | 4.400 | Maturity | 10/15/2031 |  | 119600 | (12820) | (507) | (13327) | 0 | (994) |
| Pay | UKRPI | 4.250 | Maturity | 11/15/2031 |  | 267100 | (32869) | (948) | (33817) | 0 | (1766) |
|  |  |  |  |  |  |  | $1497549 | $6946864 | $8444413 | $303134 | $(172537) |
|  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;1968530 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6922619 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8891149 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366323 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172920) |

---

#### 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> | | Market Value | Variation Margin<br>Liability<sup>(8)</sup> | Variation Margin<br>Liability<sup>(8)</sup> | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243309 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366679 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609988 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2701) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40470) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(173175) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(216346) |

---

(q) Securities with an aggregate market value of $5,367,285 and cash of $24,972 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2026.

<sup>(1)</sup> Future styled option variation margin asset of $1,086 and liablity of $(26) is outstanding at period end. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **53** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

<sup>(3)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> 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 $356 and liability of $(255) for closed swap agreements is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;(r) 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 | 2541195 | $1855158 | $28324 | $0 |
|  | 04/2026 | 7444 | 9715 | 405 | 0 |
|  | 04/2026 | 2096526 | 1658277 | 27627 | 0 |
|  | 04/2026 | $400168 | 699961 | 2065 | 0 |
|  | 05/2026 | 1796126 | $1230239 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8534) |
|  | 05/2026 | 699961 | 400613 | 0 | (2042) |
|  | 05/2026 | $50 | 70 | 0 | 0 |
|  BOA | 04/2026 | 769023 | $146772 | 0 | (1692) |
|  | 04/2026 | 525617 | 76187 | 0 | (126) |
|  | 04/2026 | 1686491 | 1964393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15062 | 0 |
|  | 04/2026 | 19211823 | 204599 | 1708 | 0 |
|  | 04/2026 | 33940289 | 212725 | 0 | (1133) |
|  | 04/2026 | 59129782 | 40405 | 1084 | 0 |
|  | 04/2026 | 967331 | 576326 | 20449 | 0 |
|  | 04/2026 | 413866 | 111904 | 418 | 0 |
|  | 04/2026 | 576403 | 456388 | 8070 | 0 |
|  | 04/2026 | 4494 | 144 | 7 | 0 |
|  | 04/2026 | 1276461 | 28000 | 0 | (692) |
|  | 04/2026 | $146924 | 769023 | 1540 | 0 |
|  | 04/2026 | 2577 | 3523 | 0 | (44) |
|  | 04/2026 | 26816 | 184908 | 31 | 0 |
|  | 04/2026 | 33738 | 28546 | 0 | (743) |
|  | 04/2026 | 142960 | 106796 | 0 | (1605) |
|  | 04/2026 | 204599 | 19246196 | 201 | 0 |
|  | 04/2026 | 16 | 2464 | 0 | 0 |
|  | 04/2026 | 150079 | 2737713 | 2509 | 0 |
|  | 04/2026 | 93650 | 326275 | 65 | 0 |
|  | 04/2026 | 686710 | $39124 | 0 | (1398) |
|  | 05/2026 | $54693 | 288839 | 731 | 0 |
|  | 05/2026 | 212725 | 33838074 | 1125 | 0 |
|  | 05/2026 | 825503 | $47754 | 0 | (856) |
|  | 06/2026 | 186294112 | 49285 | 0 | (601) |
|  | 06/2026 | 694370 | 224760 | 3431 | 0 |
|  | 06/2026 | 2685277 | 149798 | 896 | 0 |
|  | 06/2026 | 965330 | 280391 | 4159 | (115) |
|  | 06/2026 | $91735 | 486569 | 970 | 0 |
|  | 06/2026 | 37506 | 116990 | 0 | (220) |
|  | 07/2026 | 263200 | $45480 | 0 | (4306) |
|  | 07/2026 | 256489 | 75772 | 2429 | 0 |
|  | 08/2026 | 1191131 | 68147 | 0 | (1501) |
|  | 09/2026 | 106056895 | 26882 | 0 | (921) |
|  | 10/2026 | 473400 | 86624 | 0 | (993) |
|  | 10/2026 | 159683 | 9779 | 500 | 0 |
|  | 11/2026 | 32477 | 1809 | 0 | (77) |
|  | 01/2027 | 1927128 | 117211 | 6159 | 0 |

---

---

| | | |
|:---|:---|:---|
| **54** | **PIMCO INCOME FUND** | 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** |
|  BPS | 04/2026 | 168629 | $119997 | $3652 | $0 |
|  | 04/2026 | 8159276 | 1523475 | 0 | (51721) |
|  | 04/2026 | 156809 | 115714 | 2986 | 0 |
|  | 04/2026 | 178761 | 25990 | 36 | 0 |
|  | 04/2026 | 6791704 | 8029777 | 179585 | 0 |
|  | 04/2026 | 248838 | 330022 | 660 | 0 |
|  | 04/2026 | 684096 | 221554 | 3942 | 0 |
|  | 04/2026 | 1666296 | 18000 | 403 | 0 |
|  | 04/2026 | 185597588 | 124053 | 823 | (213) |
|  | 04/2026 | 159594 | 42882 | 0 | (109) |
|  | 04/2026 | 20332169 | 629475 | 12474 | (266) |
|  | 04/2026 | 1710462 | 38190 | 0 | (181) |
|  | 04/2026 | $413142 | 588194 | 0 | (7318) |
|  | 04/2026 | 1554156 | 8159276 | 21039 | 0 |
|  | 04/2026 | 1592 | 2153 | 0 | (44) |
|  | 04/2026 | 4779 | 17716705 | 25 | 0 |
|  | 04/2026 | 1856 | 1604 | 0 | (2) |
|  | 04/2026 | 923337 | 15623511667 | 55 | (3036) |
|  | 04/2026 | 163242 | 517045 | 1230 | 0 |
|  | 04/2026 | 53212 | 4921162 | 0 | (1107) |
|  | 04/2026 | 67833 | 10812400 | 298 | (2) |
|  | 04/2026 | 106777 | 159470131 | 213 | (938) |
|  | 04/2026 | 334683 | 1206616 | 0 | (9649) |
|  | 04/2026 | 37573 | 48211 | 23 | (97) |
|  | 04/2026 | 203 | 6418 | 0 | (8) |
|  | 04/2026 | 13019 | 579790 | 27 | 0 |
|  | 04/2026 | 509046 | 16271036 | 82 | (1271) |
|  | 04/2026 | 854085 | 14463675 | 0 | (469) |
|  | 05/2026 | 970021 | $1121431 | 0 | (1477) |
|  | 05/2026 | 516474 | 163242 | 0 | (1233) |
|  | 05/2026 | 40416202 | 427151 | 0 | (1755) |
|  | 05/2026 | 48103 | 37573 | 96 | (24) |
|  | 05/2026 | 9280244 | 288000 | 0 | (1293) |
|  | 05/2026 | $629093 | 3328061 | 9510 | 0 |
|  | 05/2026 | 214006 | 3, 642771930 | 527 | 0 |
|  | 05/2026 | 28265 | 8614 | 0 | (417) |
|  | 05/2026 | 42624 | 1399283 | 0 | (87) |
|  | 05/2026 | 64365 | $3638 | 0 | (156) |
|  | 06/2026 | 31322798 | 8330 | 0 | (58) |
|  | 06/2026 | 5461412 | 325 | 3 | 0 |
|  | 06/2026 | $371856 | 1967974 | 3096 | 0 |
|  | 06/2026 | 90497 | 1525874421 | 0 | (781) |
|  | 06/2026 | 20378 | 6224 | 0 | (252) |
|  | 07/2026 | 6575562 | $1157840 | 0 | (85966) |
|  | 07/2026 | $300144 | 1606916 | 3813 | 0 |
|  | 07/2026 | 12688 | 3875 | 0 | (155) |
|  | 10/2026 | 3173800 | $578953 | 0 | (8456) |
|  | 10/2026 | 238478 | 13281 | 0 | (577) |
|  | 06/2027 | $9877 | 2996 | 0 | (150) |
|  | 05/2029 | 42498 | $146100 | 6984 | 0 |
|  | 07/2029 | 5643 | 19410 | 926 | 0 |
|  | 05/2030 | 31578 | 108748 | 4942 | 0 |
|  | 08/2030 | 7815 | 26350 | 636 | 0 |
|  | 01/2031 | 4846 | 16332 | 358 | 0 |
|  BRC | 04/2026 | 1225 | 1591 | 60 | 0 |
|  | 04/2026 | 511260 | 605012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14072 | 0 |
|  | 04/2026 | 11121 | 12830 | 110 | 0 |
|  | 04/2026 | 6046 | $3581 | 106 | 0 |
|  | 04/2026 | 142 | 38 | 0 | 0 |
|  | 04/2026 | 90049474 | 1980779 | 0 | (23037) |
|  | 04/2026 | $43627 | 60502 | 0 | (133) |
|  | 04/2026 | 130 | 1017 | 0 | 0 |
|  | 04/2026 | 43660 | 4027581 | 0 | (1126) |
|  | 04/2026 | 165 | 1577 | 0 | (2) |
|  | 04/2026 | 13817 | 23876 | 0 | (97) |
|  | 04/2026 | 110065 | 396060 | 0 | (3376) |
|  | 04/2026 | 211680 | 1920650 | 0 | (8795) |
|  | 04/2026 | 212022 | 9704794 | 3175 | 0 |
|  | 04/2026 | 705257 | 11543142 | 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24041) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **55** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2026 | 700874 | $39906 | $0 | $(1452) |
|  | 05/2026 | 60418 | 43627 | 132 | 0 |
|  | 05/2026 | 12830 | 11140 | 0 | (109) |
|  | 05/2026 | 1503738 | $1730946 | 0 | (9798) |
|  | 05/2026 | 8342853 | 178935 | 0 | (1176) |
|  | 05/2026 | $14541 | 53772969 | 0 | (26) |
|  | 05/2026 | 3403 | 157584 | 3 | (2) |
|  | 06/2026 | 10945 | $3559 | 71 | 0 |
|  | 07/2026 | 57058209 | 15028 | 0 | (110) |
|  | 07/2026 | 1041906 | 58890 | 0 | (2158) |
|  | 08/2026 | 54908629 | 14541 | 0 | (3) |
|  BSH | 04/2026 | 8639980 | 1592570 | 0 | (75428) |
|  | 04/2026 | 161496568 | 1011602 | 0 | (5988) |
|  | 04/2026 | 174865 | 50000 | 0 | (250) |
|  | 04/2026 | $1655929 | 8639980 | 12069 | 0 |
|  | 04/2026 | 50066 | 174865 | 184 | 0 |
|  | 04/2026 | 479060 | 1732800 | 0 | (12290) |
|  | 05/2026 | 4617312 | $5303214 | 0 | (41838) |
|  | 05/2026 | 281813 | 79674 | 582 | (1700) |
|  | 05/2026 | $1011602 | 161010007 | 5952 | 0 |
|  | 06/2026 | 113363602 | $131035 | 8564 | 0 |
|  | 06/2026 | 267193065 | 71423 | 0 | (126) |
|  | 06/2026 | 590767 | 172279 | 3159 | 0 |
|  | 07/2026 | 2006000 | 344047 | 0 | (35399) |
|  | 08/2026 | 9838 | 2912 | 105 | 0 |
|  | 09/2026 | 26456583 | 30044 | 1466 | 0 |
|  | 09/2026 | 637068 | 187425 | 5889 | 0 |
|  | 10/2026 | 6956335 | 1284057 | 0 | (3426) |
|  | 10/2026 | 208858 | 61809 | 2411 | 0 |
|  | 11/2026 | 169535 | 50000 | 1855 | 0 |
|  | 01/2027 | 298882 | 88041 | 3351 | 0 |
|  CBK | 04/2026 | 156857 | 110501 | 2277 | 0 |
|  | 04/2026 | 142301 | 27254 | 0 | (218) |
|  | 04/2026 | 179030 | 25941 | 0 | (51) |
|  | 04/2026 | 191119770 | 49867 | 0 | (2157) |
|  | 04/2026 | 2778524 | 3269172 | 57614 | 0 |
|  | 04/2026 | 424903 | 568051 | 5649 | 0 |
|  | 04/2026 | 73 | 24 | 0 | 0 |
|  | 04/2026 | 146892173 | 1571733 | 20448 | 0 |
|  | 04/2026 | 761278 | 499 | 0 | (7) |
|  | 04/2026 | 753900 | 77622 | 42 | (278) |
|  | 04/2026 | 459087 | 133503 | 1747 | (121) |
|  | 04/2026 | 64 | 17 | 0 | 0 |
|  | 04/2026 | 595240 | 63823 | 945 | 0 |
|  | 04/2026 | 11015 | 351 | 16 | 0 |
|  | 04/2026 | 821266 | 25756 | 94 | 0 |
|  | 04/2026 | $48133 | 68001 | 0 | (1216) |
|  | 04/2026 | 27000 | 142301 | 472 | 0 |
|  | 04/2026 | 1669 | 2302 | 0 | (14) |
|  | 04/2026 | 80651 | 555808 | 46 | 0 |
|  | 04/2026 | 43637 | 162721414 | 553 | 0 |
|  | 04/2026 | 12737 | 11012 | 0 | (9) |
|  | 04/2026 | 436069 | 326998 | 0 | (3254) |
|  | 04/2026 | 3473025 | 320290328 | 3163 | (81875) |
|  | 04/2026 | 33895 | 5383700 | 180 | (152) |
|  | 04/2026 | 499 | 761230 | 7 | 0 |
|  | 04/2026 | 33121 | 114688 | 0 | (164) |
|  | 04/2026 | 0 | 2 | 0 | 0 |
|  | 04/2026 | 205832 | $12097 | 0 | (51) |
|  | 05/2026 | 174289613 | 47159 | 113 | 0 |
|  | 05/2026 | 953622 | 1100800 | 0 | (3124) |
|  | 05/2026 | 442718 | 127975 | 1096 | 0 |
|  | 05/2026 | $1977 | 10436 | 25 | 0 |
|  | 05/2026 | 1371 | 1905 | 0 | 0 |
|  | 05/2026 | 50110 | 37927 | 88 | 0 |
|  | 05/2026 | 0 | 49 | 0 | 0 |
|  | 06/2026 | 1084834670 | $286207 | 0 | (4289) |
|  | 06/2026 | 178964 | 58045 | 1007 | 0 |
|  | 06/2026 | 885834 | 260298 | 6740 | 0 |

---

---

| | | |
|:---|:---|:---|
| **56** | **PIMCO INCOME FUND** | 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 | $58343 | 980328795 | $0 | $(703) |
|  | 06/2026 | 661269 | 11782033 | 0 | (7641) |
|  | 07/2026 | 312015379 | $81781 | 0 | (1226) |
|  | 07/2026 | 164294 | 48693 | 1754 | 0 |
|  | 08/2026 | 511732 | 151440 | 5391 | 0 |
|  | 09/2026 | 286787500 | 72647 | 0 | (2535) |
|  | 09/2026 | 359967 | 106633 | 4048 | 0 |
|  | 09/2026 | $183020 | 3273707 | 0 | (2945) |
|  | 10/2026 | 101135 | $29790 | 1009 | 0 |
|  | 12/2026 | 42213 | 12048 | 82 | 0 |
|  | 01/2027 | 151661 | 44508 | 1563 | 0 |
|  CIB | 04/2026 | $10224 | 36874 | 0 | (291) |
|  DUB | 04/2026 | 191914 | $27751 | 0 | (113) |
|  | 04/2026 | 1380252 | 445897 | 6755 | 0 |
|  | 04/2026 | 36850225 | 392755 | 3922 | (332) |
|  | 04/2026 | $57050 | 390871 | 0 | (300) |
|  | 04/2026 | 631 | 4936 | 0 | (1) |
|  | 04/2026 | 193 | 64866 | 2 | 0 |
|  | 04/2026 | 453300 | 42543534 | 1834 | (3176) |
|  | 04/2026 | 188537 | 6157757 | 0 | (1619) |
|  | 05/2026 | 27751 | 191450 | 114 | 0 |
|  | 06/2026 | 54109 | $105 | 0 | (5) |
|  | 06/2026 | 362948 | 105696 | 1794 | 0 |
|  | 06/2026 | 6145214 | 188537 | 1054 | 0 |
|  | 06/2026 | $217146 | 3771095 | 0 | (8034) |
|  | 07/2026 | 764823 | $43206 | 0 | (1607) |
|  | 08/2026 | 465368 | 137913 | 5109 | 0 |
|  | 09/2026 | 79429 | 23076 | 440 | 0 |
|  FAR | 04/2026 | 2178056 | 1546693 | 43942 | 0 |
|  | 04/2026 | 1047400 | 200000 | 0 | (2207) |
|  | 04/2026 | 91090 | 107841 | 2555 | 0 |
|  | 04/2026 | 197344286 | 1236493 | 0 | (6973) |
|  | 04/2026 | 57651 | 16506 | 0 | (61) |
|  | 04/2026 | 349605 | 276142 | 4224 | 0 |
|  | 04/2026 | $200674 | 1047400 | 1532 | 0 |
|  | 04/2026 | 359240 | 56134966 | 0 | (5534) |
|  | 04/2026 | 17128 | 57651 | 0 | (561) |
|  | 04/2026 | 122236 | 441125 | 0 | (3407) |
|  | 04/2026 | 2655927 | 3395338 | 0 | (15080) |
|  | 05/2026 | 3594260 | $4748570 | 0 | (8603) |
|  | 05/2026 | 3387808 | 2655927 | 14887 | 0 |
|  | 05/2026 | $10 | 69 | 0 | 0 |
|  | 05/2026 | 1236493 | 196748173 | 6920 | 0 |
|  | 06/2026 | 494245 | $160329 | 2806 | 0 |
|  | 06/2026 | 239885 | 70072 | 1400 | 0 |
|  | 06/2026 | $63293 | 334175 | 376 | 0 |
|  | 06/2026 | 2103 | 37584 | 0 | (19) |
|  | 07/2026 | 169320 | $50000 | 1591 | 0 |
|  | 07/2026 | $200000 | 1069000 | 2207 | 0 |
|  | 08/2026 | 25324 | $7490 | 258 | 0 |
|  | 09/2026 | 319396 | 92785 | 1755 | 0 |
|  | 09/2026 | $494730 | 8693258 | 0 | (16546) |
|  GLM | 04/2026 | 22993710 | $4221049 | 0 | (218019) |
|  | 04/2026 | 115901914 | 30771 | 0 | (655) |
|  | 04/2026 | 670116 | 215561 | 2316 | 0 |
|  | 04/2026 | 1626434 | 17831 | 655 | 0 |
|  | 04/2026 | 39040 | 80 | 0 | (1) |
|  | 04/2026 | 18449 | 11086 | 484 | 0 |
|  | 04/2026 | 248089 | 195284 | 2323 | 0 |
|  | 04/2026 | 104718 | 3335 | 155 | 0 |
|  | 04/2026 | 2218952 | 48508 | 0 | (982) |
|  | 04/2026 | $4279510 | 22993710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159559 | 0 |
|  | 04/2026 | 72118 | 495177 | 0 | (225) |
|  | 04/2026 | 114 | 39098 | 3 | 0 |
|  | 04/2026 | 24780 | 418666243 | 0 | (112) |
|  | 04/2026 | 2359 | 218055 | 0 | (56) |
|  | 04/2026 | 250010 | 4610144 | 7063 | 0 |
|  | 04/2026 | 104976 | 3444799 | 0 | (413) |
|  | 04/2026 | 5 | 238 | 0 | 0 |
|  | 05/2026 | 8939 | $11837 | 5 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **57** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2026 | $603038 | 3213770 | $13634 | $0 |
|  | 06/2026 | 2840013 | $741 | 0 | (20) |
|  | 06/2026 | 1265861288 | 75083 | 655 | 0 |
|  | 06/2026 | 149365 | 44067 | 1308 | 0 |
|  | 06/2026 | 3438680 | 104976 | 70 | (4) |
|  | 06/2026 | $754619 | 4009181 | 9238 | 0 |
|  | 06/2026 | 129466 | 2191112374 | 0 | (636) |
|  | 06/2026 | 405502 | 7161396 | 0 | (8392) |
|  | 07/2026 | 20155500 | $3587627 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(224901) |
|  | 07/2026 | 6257853 | 1645 | 0 | (20) |
|  | 07/2026 | $1438546 | 7702681 | 18460 | 0 |
|  | 08/2026 | 6337800 | $4024 | 0 | (330) |
|  | 08/2026 | 41717 | 12374 | 460 | 0 |
|  | 08/2026 | 1095042 | 61429 | 0 | (2659) |
|  | 10/2026 | 4592000 | 804372 | 0 | (45518) |
|  IND | 04/2026 | $4279 | 27803 | 22 | 0 |
|  | 05/2026 | 27760 | $4279 | 0 | (22) |
|  | 06/2026 | 36426296 | 9673 | 0 | (81) |
|  JPM | 04/2026 | 4236714 | 811724 | 0 | (6198) |
|  | 04/2026 | 551480 | 79790 | 0 | (278) |
|  | 04/2026 | 31112094 | 331150 | 2584 | 0 |
|  | 04/2026 | 3940776 | 2675 | 55 | 0 |
|  | 04/2026 | 565598 | 31586 | 66 | 0 |
|  | 04/2026 | 904904 | 246490 | 3132 | (403) |
|  | 04/2026 | 248549 | 5452 | 0 | (106) |
|  | 04/2026 | 19422 | 608 | 1 | 0 |
|  | 04/2026 | $773061 | 4236714 | 44861 | 0 |
|  | 04/2026 | 5893 | 8047 | 0 | (108) |
|  | 04/2026 | 1122076 | 956263 | 83 | (16863) |
|  | 04/2026 | 737 | 5760 | 0 | (1) |
|  | 04/2026 | 572 | 190699 | 1 | 0 |
|  | 04/2026 | 324885 | 30595579 | 706 | (34) |
|  | 04/2026 | 504 | 744880 | 0 | (9) |
|  | 04/2026 | 93666 | 1725678 | 2589 | 0 |
|  | 04/2026 | 45621 | 437160 | 0 | (474) |
|  | 04/2026 | 82066 | 140066 | 0 | (1577) |
|  | 04/2026 | 23607 | 30453 | 79 | 0 |
|  | 04/2026 | 1373 | 61846 | 18 | 0 |
|  | 04/2026 | 587878 | 9816644 | 0 | (8520) |
|  | 04/2026 | 6739125 | $396841 | 530 | (1418) |
|  | 05/2026 | 198608 | 136115 | 0 | (863) |
|  | 05/2026 | 41509 | 52039 | 0 | (57) |
|  | 05/2026 | 185390000 | 50000 | 85 | 0 |
|  | 05/2026 | 3066389 | 3527008 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22678) |
|  | 05/2026 | 86599 | 114680 | 62 | 0 |
|  | 05/2026 | 30385 | 23607 | 0 | (80) |
|  | 05/2026 | $192860 | 1027136 | 4231 | 0 |
|  | 05/2026 | 29182 | 201438 | 137 | 0 |
|  | 05/2026 | 206 | 32717 | 1 | 0 |
|  | 06/2026 | 4501808 | $267 | 2 | 0 |
|  | 06/2026 | 445476 | 144179 | 2189 | 0 |
|  | 06/2026 | 3098784 | 172732 | 900 | 0 |
|  | 06/2026 | $2537 | 42794931 | 0 | (21) |
|  | 06/2026 | 35672 | 110796 | 0 | (360) |
|  | 07/2026 | 6724400 | $1198754 | 0 | (73205) |
|  | 09/2026 | $218222 | 3828481 | 0 | (7631) |
|  | 10/2026 | 896900 | $163312 | 0 | (2687) |
|  | 11/2026 | 1611415 | 91938 | 0 | (1522) |
|  MBC | 04/2026 | 211688 | 147676 | 1622 | 0 |
|  | 04/2026 | 65141 | 82421 | 954 | 0 |
|  | 04/2026 | 27817 | 4396 | 94 | 0 |
|  | 04/2026 | 519056 | 604081 | 5423 | (1294) |
|  | 04/2026 | 3859661 | 5201715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93066 | 0 |
|  | 04/2026 | 112107 | 1188 | 0 | (5) |
|  | 04/2026 | 63951022 | 399919 | 0 | (3036) |
|  | 04/2026 | 173604 | 17841 | 0 | (88) |
|  | 04/2026 | 7238 | 4175 | 16 | 0 |
|  | 04/2026 | 1425790 | 152576 | 1964 | 0 |
|  | 04/2026 | 5904079 | 185263 | 5996 | 0 |

---

---

| | | |
|:---|:---|:---|
| **58** | **PIMCO INCOME FUND** | 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 | $182819 | 262909 | $0 | $(1424) |
|  | 04/2026 | 1829 | 2499 | 0 | (32) |
|  | 04/2026 | 169912 | 133499 | 0 | (2955) |
|  | 04/2026 | 30195 | 26116 | 30 | (39) |
|  | 04/2026 | 1005945 | 751028 | 0 | (11884) |
|  | 04/2026 | 1188 | 111626 | 0 | (9) |
|  | 04/2026 | 578467 | 90605773 | 453 | (8013) |
|  | 04/2026 | 74628 | 1377445 | 2168 | 0 |
|  | 04/2026 | 46621 | 444601 | 0 | (705) |
|  | 04/2026 | 11004 | 18841 | 0 | (177) |
|  | 04/2026 | 17973 | 23101 | 0 | (6) |
|  | 04/2026 | 4617 | 76974 | 0 | (75) |
|  | 05/2026 | 44120 | $58160 | 0 | (235) |
|  | 05/2026 | 72093 | 41311 | 0 | (161) |
|  | 05/2026 | 80068 | 8385 | 0 | (87) |
|  | 05/2026 | 23049 | 17973 | 5 | 0 |
|  | 05/2026 | $9460 | 34844680 | 0 | (54) |
|  | 05/2026 | 108617 | 94461 | 732 | 0 |
|  | 05/2026 | 445140 | 70952381 | 3266 | 0 |
|  | 05/2026 | 4128 | 40398 | 43 | 0 |
|  | 05/2026 | 330744 | $19021 | 0 | (465) |
|  | 06/2026 | 34844680 | 9368 | 38 | 0 |
|  | 06/2026 | 364193 | 20169 | 0 | (26) |
|  | 06/2026 | 48148 | 13960 | 177 | 0 |
|  | 09/2026 | 48316 | 13960 | 191 | 0 |
|  | 10/2026 | 63371 | 3561 | 0 | (128) |
|  MYI | 04/2026 | 15091 | 709 | 0 | (2) |
|  | 04/2026 | 1427100 | 1686868 | 37354 | 0 |
|  | 04/2026 | 98116 | 132050 | 2184 | 0 |
|  | 04/2026 | 21385617 | 225230 | 0 | (617) |
|  | 04/2026 | 99136 | 59378 | 2409 | 0 |
|  | 04/2026 | 86756 | 24514 | 1144 | 0 |
|  | 04/2026 | $500930 | 46964423 | 3414 | (6640) |
|  | 04/2026 | 175 | 27305 | 0 | (3) |
|  | 05/2026 | 1119149 | $1294065 | 0 | (1474) |
|  | 05/2026 | 282722 | 161998 | 0 | (639) |
|  | 06/2026 | 14082545 | 837 | 9 | 0 |
|  NGF | 04/2026 | $4597 | 44197 | 0 | (33) |
|  | 04/2026 | 215383 | 9861669 | 3857 | 0 |
|  | 05/2026 | 2842 | 131223 | 0 | (6) |
|  RYL | 06/2026 | 362 | 6502 | 0 | (1) |
|  SCX | 04/2026 | 110247 | $143737 | 5860 | 0 |
|  | 04/2026 | 10028 | 5961 | 199 | 0 |
|  | 04/2026 | 226465 | 179306 | 3164 | 0 |
|  | 04/2026 | 521497 | 16379 | 550 | 0 |
|  | 04/2026 | $1891642 | 2618978 | 0 | (8890) |
|  | 04/2026 | 221635 | 165545 | 0 | (2520) |
|  | 04/2026 | 470832 | 43016791 | 0 | (16544) |
|  | 04/2026 | 332280 | 51963035 | 0 | (4861) |
|  | 04/2026 | 93007 | 336500 | 0 | (2362) |
|  | 04/2026 | 1860 | 59372 | 0 | (5) |
|  | 05/2026 | 2615375 | $1891642 | 8841 | 0 |
|  | 06/2026 | 334544453 | 88883 | 0 | (701) |
|  | 06/2026 | $238465 | 4021856329 | 0 | (1995) |
|  | 11/2026 | 4237850 | $2620 | 0 | (213) |
|  SOG | 04/2026 | 265692 | 344120 | 11838 | 0 |
|  | 04/2026 | 12830 | 11197 | 0 | (10) |
|  | 04/2026 | 3271658 | $4409871 | 79503 | 0 |
|  | 04/2026 | 1690252 | 1014437 | 43134 | 0 |
|  | 04/2026 | $16 | 108 | 0 | 0 |
|  | 04/2026 | 166611 | 144377 | 267 | 0 |
|  | 04/2026 | 1552377 | 241544920 | 0 | (30403) |
|  | 04/2026 | 2494 | 23826 | 23 | 0 |
|  | 05/2026 | 144377 | $166871 | 0 | (261) |
|  | 05/2026 | 23787 | 2494 | 0 | (23) |
|  | 06/2026 | 126189 | 2326 | 137 | 0 |
|  | 06/2026 | 351328 | 113860 | 1869 | 0 |
|  | 06/2026 | 550774 | 161896 | 4224 | 0 |
|  SSB | 04/2026 | 85 | 23 | 1 | 0 |
|  | 04/2026 | 3605 | 396 | 16 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **59** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2026 | $1817 | 283128 | $0 | $(33) |
|  | 05/2026 | 2818892 | $3732912 | 1975 | 0 |
|  UAG | 04/2026 | 352556767 | 239298 | 4850 | 0 |
|  | 04/2026 | 105313 | 63080 | 2562 | 0 |
|  | 04/2026 | 410544 | 111573 | 982 | 0 |
|  | 04/2026 | 2932518 | 63450 | 0 | (1125) |
|  | 04/2026 | $34242 | 126968442 | 320 | 0 |
|  | 04/2026 | 23 | 2124 | 0 | (1) |
|  | 04/2026 | 587236 | 2117404 | 0 | (16861) |
|  | 05/2026 | 374115000 | $100000 | 0 | (727) |
|  | 05/2026 | 1648355 | 942068 | 0 | (6153) |
|  | 05/2026 | 452932 | 9730 | 0 | (58) |
|  | 05/2026 | $23180 | 85671963 | 0 | (54) |
|  | 06/2026 | 1572423865 | $413498 | 193 | (7757) |
|  | 06/2026 | 569092 | 184121 | 2731 | 0 |
|  | 06/2026 | 464464 | 25881 | 126 | 0 |
|  | 06/2026 | $434844 | 7712226 | 0 | (7190) |
|  | 07/2026 | 130048488 | $34242 | 0 | (311) |
|  | 08/2026 | 87481134 | 23180 | 8 | 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;1292111 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1442762) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| DUB Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.180% | 07/21/2032 | 174900 | $28054 | $8794 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.180 | 07/21/2032 | 285300 | 45762 | 91615 |
| GLM Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.110 | 07/26/2032 | 122300 | 19813 | 6058 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.110 | 07/26/2032 | 177300 | 28722 | 58416 |
| MYC Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.400 | 07/20/2027 | 140900 | 18592 | 1267 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.400 | 07/20/2027 | 158900 | 20967 | 46896 |
| Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.170 | 07/19/2032 | 141400 | 22426 | 7025 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.170 | 07/19/2032 | 159400 | 25281 | 51313 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209617 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271384 |

---

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| UAG | Call - OTC USD versus TRY | 49.510 | 04/15/2026 | 195400 | $(3117) | $(508) |
|  | Call - OTC USD versus TRY | 49.650 | 04/17/2026 | 292900 | (4508) | (1003) |
|  | Call - OTC USD versus TRY | 49.650 | 04/21/2026 | 97600 | (1441) | (456) |
|  | Call - OTC USD versus TRY | 49.600 | 04/24/2026 | 48600 | (725) | (273) |
|  | Call - OTC USD versus TRY | 49.990 | 05/01/2026 | 97300 | (1469) | (769) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11260) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3009) |

---

#### 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 | 328700 | $(1060) | $(293) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.900 | 04/16/2026 | 328700 | (1060) | (1717) |
| MYC Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.540 | 04/16/2026 | 94100 | (195) | (15) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.920 | 04/16/2026 | 94100 | (195) | (349) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2510) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2374) |

---

60 PIMCO INCOME FUND See Accompanying Notes

------

March 31, 2026

#### INTEREST RATE-CAPPED OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Exercise<br>Rate | Floating Rate Index | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| FAR Call - OTC 2-Year Interest Rate Cap  | 0.022% | 1-Day USD-SOFR Compounded-OIS | 08/08/2026 | 605500 | $(10445) | $(4395) |
| MYC Call - OTC 2-Year Interest Rate Cap  | 0.026 | 1-Day USD-SOFR Compounded-OIS | 07/23/2026 | 1277500 | (22592) | (7168) |
| NGF Call - OTC 2-Year Interest Rate Cap  | 0.026 | 1-Day USD-SOFR Compounded-OIS | 07/25/2026 | 1955700 | (35887) | (10372) |
| FAR Put - OTC 2-Year Interest Rate Floor  | 0.022 | 1-Day USD-SOFR Compounded-OIS | 08/08/2026 | 605500 | (10445) | (2) |
| MYC Put - OTC 2-Year Interest Rate Floor  | 0.026 | 1-Day USD-SOFR Compounded-OIS | 07/23/2026 | 1277500 | (22593) | (6) |
| NGF Put - OTC 2-Year Interest Rate Floor  | 0.026 | 1-Day USD-SOFR Compounded-OIS | 07/25/2026 | 1955700 | (35887) | (10) |
|  |  |  |  |  | $(137849) | $(21953) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151619) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27336) |

---

#### 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 | Israel Government International Bonds | 1.000% | Quarterly | 06/20/2029 | 0.600 | % | $9400 | $(101) | $219 | $118 | $0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.728 |  | 10600 | (464) | 488 | 24 | 0 |
| BPS | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.040 |  | 47700 | (2287) | 2280 | 0 | (7) |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.208 |  | 3100 | (276) | 266 | 0 | (10) |
| BRC | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.869 |  | 140500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6441) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6620 | 179 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 0.600 |  | 14000 | (223) | 398 | 175 | 0 |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 2.887 |  | 6110 | (398) | (70) | 0 | (468) |
| CBK | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.040 |  | 6100 | (220) | 219 | 0 | (1) |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.387 |  | 67700 | (340) | 861 | 521 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.710 |  | 4300 | (57) | 107 | 50 | 0 |
| DUB | Eskom « | 4.650 | Quarterly | 06/30/2029 |  | <sup>¨</sup> | 50500 | 0 | 2168 | 2168 | 0 |
|  | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | <sup>¨</sup> | 54260 | 0 | 297 | 297 | 0 |
|  | Petroleos Mexicanos « | 4.850 | Monthly | 07/06/2026 |  | <sup>¨</sup> | 29907 | 0 | 170 | 170 | 0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.728 |  | 17500 | (769) | 809 | 40 | 0 |
| GST | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.040 |  | 59100 | (2190) | 2182 | 0 | (8) |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.208 |  | 25400 | (2264) | 2185 | 0 | (79) |
|  | Equinix, Inc. | 5.000 | Quarterly | 06/20/2027 | 0.478 |  | 18800 | 2628 | (1575) | 1053 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.332 |  | 6800 | 30 | 5 | 35 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 0.600 |  | 19200 | (261) | 501 | 240 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 0.663 |  | 73400 | (1997) | 2882 | 885 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 0.533 |  | 1560 | (65) | 78 | 13 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 0.669 |  | 9700 | (102) | 188 | 86 | 0 |
|  | Nissan Motor Co. Ltd. | 1.000 | Quarterly | 12/20/2030 | 2.738 |  | 526600 | (278) | 33 | 0 | (245) |
|  | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 1.662 |  | $84000 | (714) | 611 | 0 | (103) |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.728 |  | 8900 | (400) | 420 | 20 | 0 |
| JPM | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.040 |  | 8800 | (339) | 338 | 0 | (1) |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 0.600 |  | 69900 | (845) | 1719 | 874 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 0.663 |  | 16400 | (472) | 670 | 198 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 0.710 |  | 4500 | (49) | 101 | 52 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.329 |  | 21600 | (169) | 208 | 39 | 0 |
|  | Nissan Motor Co. Ltd. | 1.000 | Quarterly | 12/20/2030 | 2.738 |  | 526600 | (277) | 32 | 0 | (245) |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 2.887 |  | $41300 | (2631) | (536) | 0 | (3167) |
| MYC | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.040 |  | 61200 | (2202) | 2193 | 0 | (9) |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.208 |  | 70400 | (6276) | 6056 | 0 | (220) |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 0.600 |  | 13800 | (234) | 407 | 173 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 0.663 |  | 41100 | (1057) | 1553 | 496 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.369 |  | 48100 | 74 | 160 | 234 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.445 |  | 40060 | (136) | 416 | 280 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2028 | 0.581 |  | 17400 | (337) | 499 | 162 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 0.669 |  | 82600 | (872) | 1608 | 736 | 0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.728 |  | 229100 | (10035) | 10559 | 524 | 0 |
| NGF | Nissan Motor Co. Ltd. | 1.000 | Quarterly | 12/20/2030 | 2.738 |  | 787100 | (398) | 31 | 0 | (367) |
|  |  |  |  |  |  |  |  | $(43444) | $48356 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9842 | $(4930) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 61

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
| BOA | ABX.HE.AAA.7-1 Index « | 0.090% | Monthly | 08/25/2037 | $26336 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20309) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17821 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2488) |
|  | ABX.HE.AAA.7-2 Index « | 0.760 | Monthly | 01/25/2038 | 2950 | (2137) | 1905 | 0 | (232) |
|  | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 206600 | 47276 | (5930) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41346 | 0 |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | $249 | (7) | 7 | 0 | 0 |
|  | CMBX.NA.AS.6 Index | 1.000 | Monthly | 05/11/2063 | 320 | (1) | 1 | 0 | 0 |
| BPS | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 94260 | 21637 | (2773) | 18864 | 0 |
| BRC | ABX.HE.AAA.6-2 Index « | 0.110 | Monthly | 05/25/2046 | $2703 | (756) | 539 | 0 | (217) |
|  | ABX.HE.AAA.7-1 Index « | 0.090 | Monthly | 08/25/2037 | 8282 | (6407) | 5625 | 0 | (782) |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 16 | (1) | 1 | 0 | 0 |
|  | CMBX.NA.AS.6 Index | 1.000 | Monthly | 05/11/2063 | 736 | (23) | 23 | 0 | 0 |
|  | PRIMEX.ARM.2-AAA Index « | 4.580 | Monthly | 12/25/2037 | 926 | 27 | (31) | 0 | (4) |
| CBK | ABX.HE.AA.6-1 Index « | 0.320 | Monthly | 07/25/2045 | 4539 | (2213) | 1831 | 0 | (382) |
|  | ABX.HE.AAA.7-1 Index « | 0.090 | Monthly | 08/25/2037 | 63603 | (49098) | 43090 | 0 | (6008) |
|  | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 30140 | 6826 | (794) | 6032 | 0 |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | $66 | (3) | 3 | 0 | 0 |
|  | CMBX.NA.AAA.8 Index | 0.500 | Monthly | 10/17/2057 | 628 | (23) | 23 | 0 | 0 |
| DUB | ABX.HE.AAA.7-1 Index « | 0.090 | Monthly | 08/25/2037 | 11594 | (8950) | 7855 | 0 | (1095) |
|  | ABX.HE.AAA.7-2 Index « | 0.760 | Monthly | 01/25/2038 | 9846 | (7135) | 6359 | 0 | (776) |
|  | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 60711 | (985) | 1068 | 83 | 0 |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 210 | (5) | 5 | 0 | 0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 258 | (26) | 26 | 0 | 0 |
|  | CMBX.NA.AS.6 Index | 1.000 | Monthly | 05/11/2063 | 400 | (8) | 8 | 0 | 0 |
| GST | ABX.HE.AAA.6-2 Index « | 0.110 | Monthly | 05/25/2046 | 4851 | (1349) | 961 | 0 | (388) |
|  | ABX.HE.AAA.7-1 Index « | 0.090 | Monthly | 08/25/2037 | 62431 | (29635) | 23737 | 0 | (5898) |
|  | ABX.HE.AAA.7-2 Index « | 0.760 | Monthly | 01/25/2038 | 19828 | (4776) | 3214 | 0 | (1562) |
|  | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 393102 | (4771) | 5309 | 538 | 0 |
|  | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | 5000 | (8) | 24 | 16 | 0 |
|  | CMBX.NA.AAA.13 Index | 0.500 | Monthly | 12/16/2072 | 70800 | 109 | 136 | 245 | 0 |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 73 | (3) | 3 | 0 | 0 |
|  | CMBX.NA.AAA.8 Index | 0.500 | Monthly | 10/17/2057 | 10431 | (11) | 12 | 1 | 0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 5067 | (204) | 204 | 0 | 0 |
|  | CMBX.NA.AS.9 Index | 1.000 | Monthly | 09/17/2058 | 3623 | (273) | 274 | 1 | 0 |
| JPM | ABX.HE.AA.6-2 Index « | 0.170 | Monthly | 05/25/2046 | 679 | (287) | 186 | 0 | (101) |
|  | ABX.HE.AA.7-2 Index « | 1.920 | Monthly | 01/25/2038 | 150 | (84) | 47 | 0 | (37) |
|  | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 223140 | 50837 | (6181) | 44656 | 0 |
| JPS | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | $312661 | (5397) | 5825 | 428 | 0 |
|  | CMBX.NA.AAA.8 Index | 0.500 | Monthly | 10/17/2057 | 7399 | (328) | 329 | 1 | 0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 7728 | (69) | 70 | 1 | 0 |
| MEI | ABX.HE.AAA.6-2 Index « | 0.110 | Monthly | 05/25/2046 | 3827 | (1029) | 722 | 0 | (307) |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 11 | 0 | 0 | 0 | 0 |
|  | CMBX.NA.AAA.8 Index | 0.500 | Monthly | 10/17/2057 | 1828 | (127) | 127 | 0 | 0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 4080 | (319) | 319 | 0 | 0 |
| MYI | ABX.HE.AAA.6-2 Index « | 0.110 | Monthly | 05/25/2046 | 37598 | 0 | (3010) | 0 | (3010) |
|  | ABX.HE.AAA.7-1 Index « | 0.090 | Monthly | 08/25/2037 | 13251 | 0 | (1252) | 0 | (1252) |
|  | ABX.HE.AAA.7-2 Index « | 0.760 | Monthly | 01/25/2038 | 7375 | 0 | (581) | 0 | (581) |
|  | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 79609 | 0 | 109 | 109 | 0 |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 52 | 0 | 0 | 0 | 0 |
|  | CMBX.NA.AAA.8 Index | 0.500 | Monthly | 10/17/2057 | 815 | 0 | 0 | 0 | 0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 232 | 0 | 0 | 0 | 0 |
|  | CMBX.NA.AS.6 Index | 1.000 | Monthly | 05/11/2063 | 748 | 0 | 0 | 0 | 0 |
| SAL | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 445343 | (1570) | 2179 | 609 | 0 |
|  | CMBX.NA.AAA.11 Index | 0.500 | Monthly | 11/18/2054 | 82868 | 392 | (181) | 211 | 0 |
|  | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | 125500 | (139) | 546 | 407 | 0 |
|  | CMBX.NA.AAA.6 Index | 0.500 | Monthly | 05/11/2063 | 446 | 0 | 0 | 0 | 0 |
|  | CMBX.NA.AAA.8 Index | 0.500 | Monthly | 10/17/2057 | 518 | (28) | 28 | 0 | 0 |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 1803 | 2 | (2) | 0 | 0 |
|  | CMBX.NA.AS.6 Index | 1.000 | Monthly | 05/11/2063 | 800 | 0 | 0 | 0 | 0 |
| UAG | ABX.HE.AA.6-2 Index « | 0.170 | Monthly | 05/25/2046 | 20235 | (1) | (3017) | 0 | (3018) |
|  | ABX.HE.AAA.7-1 Index « | 0.090 | Monthly | 08/25/2037 | 55665 | (6183) | 925 | 0 | (5258) |
|  | ABX.HE.AAA.7-2 Index « | 0.760 | Monthly | 01/25/2038 | 40650 | (12) | (3190) | 0 | (3202) |
|  | CMBX.NA.AAA.8 Index | 0.500 | Monthly | 10/17/2057 | 653 | (39) | 39 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27623) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104573 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113548 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36598) |

---

62 PIMCO INCOME FUND See Accompanying Notes

------

March 31, 2026

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | **Swap Agreements,**<br> **at Value** | **Swap Agreements,**<br> **at Value** |
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Receive | IBXXLLTR Index<sup></sup> | 184582 | 1.230% (SOFR plus a<br>specified spread) | Maturity | 06/22/2026 | $42380 | $0 | $688 | $688 | $0 |
|  | Receive | IBXXLLTR Index<sup></sup> | 156264 | 1.237% (SOFR plus a<br>specified spread) | Maturity | 06/22/2026 | 35300 | 0 | 4 | 4 | 0 |
| JPM | Receive | IBXXLLTR Index<sup></sup> | 236473 | 1.230% (SOFR plus a<br>specified spread) | Maturity | 06/22/2026 | 54325 | 0 | 912 | 912 | 0 |
| MYC | Receive | IBXXLLTR Index<sup></sup> | 358789 | 1.237% (SOFR plus a<br>specified spread) | Maturity | 06/22/2026 | 82100 | 0 | 1059 | 1059 | 0 |
|  | Receive | IBXXLLTR Index<sup></sup> | 62291 | 1.237% (SOFR plus a<br>specified spread) | Maturity | 06/22/2026 | 14140 | 0 | 70 | 70 | 0 |
|  | Receive | IBXXLLTR Index<sup></sup> | 807397 | 1.237% (SOFR plus a<br>specified spread) | Maturity | 06/22/2026 | 183380 | 0 | 1009 | 1009 | 0 |
|  | Receive | IBXXLLTR Index<sup></sup> | 239294 | 1.237% (SOFR plus a<br>specified spread) | Maturity | 09/21/2026 | 54200 | 0 | 337 | 337 | 0 |
|  |  |  |  |  |  |  |  | $0 | $4079 | $4079 | $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 | $(71067) | $157008 | $127469 | $(41528) |

---

#### 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> |
|  AZD | $58421 | $0 | $0 | $58421 | $(10576) | $0 | $0 | $(10576) | $47845 | $(56070) | $(8225) |
|  BOA | 71544 | 0 | 41488 | 113032 | (17023) | 0 | (2720) | (19743) | 93289 | (115250) | (21961) |
|  BPS | 258444 | 0 | 19556 | 278000 | (179268) | 0 | (17) | (179285) | 98715 | (156020) | (57305) |
|  BRC | 17765 | 0 | 354 | 18119 | (75441) | 0 | (1471) | (76912) | (58793) | 50442 | (8351) |
|  BSH | 45587 | 0 | 0 | 45587 | (176445) | 0 | 0 | (176445) | (130858) | 76510 | (54348) |
|  CBK | 116169 | 0 | 6603 | 122772 | (112030) | 0 | (6391) | (118421) | 4351 | (5649) | (1298) |
|  CIB | 0 | 0 | 0 | 0 | (291) | 0 | 0 | (291) | (291) | 0 | (291) |
|  DUB | 21024 | 100409 | 2758 | 124191 | (15187) | 0 | (1871) | (17058) | 107133 | (30550) | 76583 |
|  FAR | 84453 | 0 | 0 | 84453 | (58991) | (4397) | 0 | (63388) | 21065 | (33460) | (12395) |
|  GLM | 216388 | 64474 | 0 | 280862 | (502943) | (2010) | 0 | (504953) | (224091) | 255704 | 31613 |
|  GST | 0 | 0 | 3133 | 3133 | 0 | 0 | (8283) | (8283) | (5150) | 7106 | 1956 |
|  IND | 22 | 0 | 0 | 22 | (103) | 0 | 0 | (103) | (81) | 0 | (81) |
|  JPM | 62312 | 0 | 46731 | 109043 | (145093) | 0 | (3551) | (148644) | (39601) | 17767 | (21834) |
|  JPS | 0 | 0 | 430 | 430 | 0 | 0 | 0 | 0 | 430 | (490) | (60) |
|  MBC | 116238 | 0 | 0 | 116238 | (30898) | 0 | 0 | (30898) | 85340 | (104500) | (19160) |
|  MEI | 0 | 0 | 0 | 0 | 0 | 0 | (307) | (307) | (307) | 158 | (149) |
|  MYC | 0 | 106501 | 5080 | 111581 | 0 | (7538) | (229) | (7767) | 103814 | (17630) | 86184 |
|  MYI | 46514 | 0 | 109 | 46623 | (9375) | 0 | (4843) | (14218) | 32405 | (46012) | (13607) |
|  NGF | 3857 | 0 | 0 | 3857 | (39) | (10382) | (367) | (10788) | (6931) | 7860 | 929 |
|  RYL | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | (1) | 0 | (1) |
|  SAL | 0 | 0 | 1227 | 1227 | 0 | 0 | 0 | 0 | 1227 | (1301) | (74) |
|  SCX | 18614 | 0 | 0 | 18614 | (38091) | 0 | 0 | (38091) | (19477) | 23904 | 4427 |
|  SOG | 140995 | 0 | 0 | 140995 | (30697) | 0 | 0 | (30697) | 110298 | (125220) | (14922) |
|  SSB | 1992 | 0 | 0 | 1992 | (33) | 0 | 0 | (33) | 1959 | 0 | 1959 |
|  UAG | 11772 | 0 | 0 | 11772 | (40237) | (3009) | (11478) | (54724) | (42952) | 44367 | 1415 |
|  Total Over the Counter  | $1292111 | $271384 | $127469 | $1690964 | $(1442762) | $(27336) | $(41528) | $(1511626) |  |  |  |

---

(s) Securities with an aggregate market value of $483,818 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.

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

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **63** |

---

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

<sup>(6)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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

Fair Values of Financial Derivative Instruments on the Consolidated Statement of Assets and Liabilities as of 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 | $243309 | $243309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 63545 | 0 | 0 | 303134 | 366679 |
|  | $0 | $63545 | $0 | $0 | $546443 | $609988 |
|  Over 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 | $1292111 | $0 | $1292111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 271384 | 271384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 123390 | 0 | 0 | 4079 | 127469 |
|  | $0 | $123390 | $0 | $1292111 | $275463 | $1690964 |
|  | $0 | $186935 | $0 | $1292111 | $821906 | $2300952 |
|  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 | $2701 | $2701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 40470 | 40470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 638 | 0 | 0 | 172537 | 173175 |
|  | $0 | $638 | $0 | $0 | $215708 | $216346 |
|  Over 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 | $1442762 | $0 | $1442762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 3009 | 24327 | 27336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 41528 | 0 | 0 | 0 | 41528 |
|  | $0 | $41528 | $0 | $1445771 | $24327 | $1511626 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42166 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445771 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727972 |

---

The effect of Financial Derivative Instruments on the Consolidated 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 | 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 | $33593 | $33593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 0 | 0 | 0 | 0 | 1693071 | 1693071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | 383746 | 0 | 0 | 897768 | 1281514 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383746 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2624432 | $3008178 |
|  Over 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2015986) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2015986) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 0 | 0 | 0 | (29918) | 0 | (29918) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | 0 | 0 | 0 | 7382 | 42765 | 50147 |

---

---

| | | |
|:---|:---|:---|
| **64** | **PIMCO INCOME FUND** | 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** |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | $0 | $180718 | $0 | $0 | $(17265) | $163453 |
|  | $0 | $180718 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2038522) | $25500 | $(1832304) |
|  | $0 | $564464 | $0 | $(2038522) | $2649932 | $1175874 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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 | $(187) | $(187) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 0 | 0 | 0 | 0 | (1957367) | (1957367) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | (108569) | 0 | 0 | (258915) | (367484) |
|  | $0 | $(108569) | $0 | $0 | $(2216469) | $(2325038) |
|  Over 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 | $310688 | $0 | $310688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | 0 | 0 | 0 | 0 | 18965 | 18965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | 0 | 0 | 0 | 5246 | 42123 | 47369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements | 0 | (138012) | 0 | 0 | 8378 | (129634) |
|  | $0 | $(138012) | $0 | $315934 | $69466 | $247388 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(246581) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $315934 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2147003) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2077650) |

---

#### 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 | $1369114 | $4903667 | $6272781 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 4651442 | 1052773 | 5704215 |
| &nbsp;&nbsp; Industrials | 0 | 9878231 | 295201 | 10173432 |
| &nbsp;&nbsp; Utilities | 0 | 1632154 | 0 | 1632154 |
|  Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 4196 | 0 | 4196 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 27031 | 0 | 27031 |
| &nbsp;&nbsp; Illinois | 0 | 57 | 0 | 57 |
|  U.S. Government Agencies | 0 | 139159196 | 0 | 139159196 |
|  U.S. Treasury Obligations | 0 | 28029827 | 0 | 28029827 |
|  Non-Agency Mortgage-Backed Securities | 0 | 59552349 | 3643857 | 63196206 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 411932 | 18598 | 430530 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 4136104 | 0 | 4136104 |
| &nbsp;&nbsp; Casino Services | 0 | 0 | 47620 | 47620 |
| &nbsp;&nbsp; CMBS Other | 0 | 1819365 | 0 | 1819365 |
| &nbsp;&nbsp; Credit Card Other | 0 | 394335 | 0 | 394335 |
| &nbsp;&nbsp; Home Equity Other | 0 | 9105920 | 0 | 9105920 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 205564 | 0 | 205564 |
| &nbsp;&nbsp; Manufacturing House ABS Other | 0 | 8856 | 0 | 8856 |
| &nbsp;&nbsp; Manufacturing House Sequential | 0 | 81641 | 0 | 81641 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 1967266 | 0 | 1967266 |
| &nbsp;&nbsp; Other ABS | 0 | 24645541 | 3283876 | 27929417 |
|  Sovereign Issues | 0 | 28663336 | 0 | 28663336 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 6390 | 0 | 119724 | 126114 |
| &nbsp;&nbsp; Consumer Staples | 0 | 0 | 12 | 12 |
| &nbsp;&nbsp; Financials | 417 | 9585 | 0 | 10002 |
| &nbsp;&nbsp; Industrials | 0 | 0 | 18142 | 18142 |
| &nbsp;&nbsp; Real Estate | 0 | 578 | 27 | 605 |
|  Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Communication Services | 0 | 11200 | 0 | 11200 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 16315 | 306269 | 41657 | 364241 |
| &nbsp;&nbsp; Industrials | 0 | 236 | 0 | 236 |
|  Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts |
| &nbsp;&nbsp; Real Estate | 317602 | 0 | 0 | 317602 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 412962 | 0 | 412962 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 192800 | 0 | 192800 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category<br>and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>03/31/2026** |
| &nbsp;&nbsp; Egypt Treasury Bills | $0 | $7314 | $0 | $7314 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 1846358 | 0 | 1846358 |
| &nbsp;&nbsp; South Africa Treasury Bills | 0 | 639637 | 0 | 639637 |
| &nbsp;&nbsp; Turkey Treasury Bills | 0 | 64806 | 0 | 64806 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 7438 | 0 | 7438 |
|  | $340724 | $319242640 | $13425154 | $333008518 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 146906 | 0 | 31386 | 178292 |
| &nbsp;&nbsp; Financials | 0 | 57557 | 0 | 57557 |
| &nbsp;&nbsp; Health Care | 0 | 0 | 262445 | 262445 |
| &nbsp;&nbsp; Industrials | 0 | 0 | 2 | 2 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 505044 | 0 | 0 | 505044 |
|  | $651950 | $57557 | $293833 | $1003340 |
|  Total Investments | $992674 | $319300197 | $13718987 | $334011858 |
|  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 | (3153617) | 0 | (3153617) |
|  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 | 107647 | 501985 | 0 | 609632 |
|  Over the counter | 0 | 1688329 | 2635 | 1690964 |
|  | $107647 | $2190314 | $2635 | $2300596 |
|  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 | (29789) | (186302) | 0 | (216091) |
|  Over the counter | 0 | (1475028) | (36598) | (1511626) |
|  | $(29789) | $(1661330) | $(36598) | $(1727717) |
|  Total Financial Derivative Instruments | $77858 | $528984 | $(33963) | $572879 |
|  Totals | $1070532 | $316675564 | $13685024 | $331431120 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 65

------

Consolidated Schedule of Investments PIMCO Income Fund (Cont.)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended 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 |  |  |  |
|  Loan Participations<br>and Assignments | $3394550 | $2993536 | $(1597167) | $8268 | $3949 | $49402 | $51129 | $0 | $4903667 | $85999 |
|  Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 1004117 | 455483 | (378097) | 5856 | 23882 | (58468) | 0 | 0 | 1052773 | (58194) |
| &nbsp;&nbsp; Industrials | 293632 | 0 | (678) | (17) | 0 | 3018 | 0 | (754) | 295201 | 3008 |
|  Non-Agency Mortgage-<br>Backed Securities<sup>(3)</sup>  | 2497236 | 3299015 | (1336211) | 2659 | (43) | (6502) | 0 | (812297) | 3643857 | (18422) |
|  Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Automobile ABS Other | 18194 | 0 | 0 | 0 | 0 | 404 | 0 | 0 | 18598 | 404 |
| &nbsp;&nbsp; Casino Services | 47339 | 0 | (2562) | 0 | (185) | 3028 | 0 | 0 | 47620 | 2529 |
| &nbsp;&nbsp; Other ABS | 957102 | 2962245 | (287250) | 2527 | (27056) | 4398 | 0 | (328090) | 3283876 | (26367) |
|  Common Stocks |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Communication Services | 0 | 0 | 0 | 0 | 0 | 119724 | 0 | 0 | 119724 | 119724 |
| &nbsp;&nbsp; Consumer Staples | 13 | 0 | 0 | 0 | 0 | (1) | 0 | 0 | 12 | (1) |
| &nbsp;&nbsp; Financials | 268856 | 0 | (282122) | 0 | (330110) | 343376 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Health Care | 51 | 0 | 0 | 0 | 0 | (51) | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Industrials | 8430 | 31640 | (22556) | 0 | 364 | 264 | 0 | 0 | 18142 | 264 |
| &nbsp;&nbsp; Real Estate<sup>(4)</sup>  | 2 | 0 | 0 | 0 | 0 | 25 | 0 | 0 | 27 | 25 |
|  Warrants |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Financials | 362 | 0 | (2132) | 0 | (36272) | 38042 | 0 | 0 | 0 | 0 |
|  Preferred Securities |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 0 | 39145 | 0 | 0 | 0 | 2512 | 0 | 0 | 41657 | 2512 |
|  | $8489884 | $9781064 | $(3908775) | $19293 | $(365471) | $499171 | $51129 | $(1141141) | $13425154 | $111481 |
|  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 |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Communication Services | 17735 | 0 | 0 | 0 | 0 | 13651 | 0 | 0 | 31386 | 13651 |
| &nbsp;&nbsp; Health Care | 279018 | 0 | 0 | 0 | 0 | (16573) | 0 | 0 | 262445 | (16573) |
| &nbsp;&nbsp; Industrials | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 2 | 1 |
| &nbsp;&nbsp; Utilities | 114834 | 0 | (90424) | 0 | 46346 | (70756) | 0 | 0 | 0 | 0 |
|  | 411588 | 0 | (90424) | 0 | 46346 | (73677) | 0 | 0 | 293833 | (2921) |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |  |  |  |
|  Over the counter | $5291 | $0 | $(908) | $0 | $0 | $(1748) | $0 | $0 | $2635 | $(1742) |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |  |  |  |
|  Over the counter | $(53377) | $61696 | $(61844) | $0 | $94655 | $(77740) | $0 | $0 | $(36598) | $10379 |
|  Totals | $8853386 | $9842760 | $(4061951) | $19293 | $(224470) | $346006 | $51129 | $(1141141) | $13685024 | $117197 |

---

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<br>and Assignments | $962816 | Comparable Companies | EBITDA Multiple | X | 16.360 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3636848 | Discounted Cash Flow | Discount Rate |  | 4.270 - 9.745 | 6.184 |
|  | 251107 | Recent Transaction | Purchase Price |  | 96.000 - 100.000 | 99.322 |
|  | 52896 | Third Party Vendor | Broker Quote |  | 43.500 - 92.625 | 90.984 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 664282 | Discounted Cash Flow | Discount Rate |  | 4.627 - 12.000 | 5.943 |
|  | 388491 | Recent Transaction | Purchase Price |  | 100.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 295201 | Discounted Cash Flow | Discount Rate |  | 4.943 - 7.020 | 6.102 |
|  Non-Agency Mortgage-Backed Securities | 393393 | Discounted Cash Flow | Discount Rate |  | 4.877 - 10.000 | 6.772 |
|  | 1873793 | Proxy Pricing | Base Price |  | 10.000 - 1,248.150 | 113.011 |
|  | 1376671 | Recent Transaction | Purchase Price |  | 91.140 - 101.713 | 99.969 |

---

---

| | | |
|:---|:---|:---|
| **66** | **PIMCO INCOME FUND** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Ending<br>Balance<br>at 03/31/2026** | **Valuation<br>Technique** | **Unobservable<br>Inputs** | **(% Unless Noted Otherwise)** | **(% Unless Noted Otherwise)** | **(% Unless Noted Otherwise)** |
| **Category and Subcategory** | **Ending<br>Balance<br>at 03/31/2026** | **Valuation<br>Technique** | **Unobservable<br>Inputs** | **Input Value(s)** | **Input Value(s)** | **Weighted<br>Average** |
|  Asset-Backed Securities |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobile ABS Other | $18598 | Discounted Cash Flow | Discount Rate |  | 8.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Casino Services | 47620 | Discounted Cash Flow | Discount Rate |  | 6.260 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other ABS | 739667 | Discounted Cash Flow | Discount Rate |  | 5.327 - 25.000 | 8.352 |
|  | 2149479 | Proxy Pricing | Base Price |  | 89.281 - 100.00 | 98.443 |
|  | 394730 | Recent Transaction | Purchase Price |  | 100.000 - 100.092 | 100.039 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 119724 | Indicative<br>Market Quotation | Broker Quote | $— | 15.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 12 | Indicative<br>Market Quotation | Broker Quote | $— | 8.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 8212 | Indicative<br>Market Quotation | Broker Quote | $— | 0.594 - 23.000 | 18.372 |
|  | 9930 | Indicative<br>Market Quotation | Broker Quote |  | 16.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 27 | Other Valuation<br>Techniques<sup>(5)</sup> |  |  |  |  |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 41657 | Discounted Cash Flow | Discount Rate |  | 11.900 |  |
|  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 |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 31386 | Reference Instrument | Liquidity Discount |  | 12.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 262445 | Comparable Companies | EBITDA Multiple |  | 16.360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 2 | Expected Recovery | Price | $— | 0.000<sup>(6)</sup> |  |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | 2635 | Indicative<br>Market Quotation | Broker Quote |  | 0.191 - 4.267 | 3.545 |
|  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 | (36598) | Indicative<br>Market Quotation | Broker Quote |  | (0.890) - 92.000 | 90.437 |
|  Total | $13685024 |  |  |  |  |  |

---

<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> Security type updated from Corporate Bonds & Notes to Non-Agency Mortgage-Backed Securities since prior fiscal year end.

<sup>(4)</sup> Sector type updated from Financials to Real Estate since prior fiscal year end.

<sup>(5)</sup> Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

<sup>(6)</sup> Input Value is 0.0001.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **67** |

---

------

Notes to Financial Statements

1. ORGANIZATION

PIMCO Funds (the "Trust") is a Massachusetts business trust established under a Declaration of Trust dated February 19, 1987, as amended and restated November 4, 2014. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, I-2, I-3, Administrative Class, Class A, Class C and Class R shares of the PIMCO Income Fund (the "Fund") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Fund.

The Fund has established MLM 766, LLC, a Delaware limited liability company (the "Subsidiary"), which is wholly-owned and controlled by the Fund. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Subsidiary.

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

The Fund 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 Consolidated Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Consolidated Statement of Operations.

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

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Fund is treated as an investment company under the reporting requirements of U.S. GAAP, including but not limited to ASC 946. The functional and reporting currency for the Fund is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Consolidated Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Consolidated Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Consolidated Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest

---

| | |
|:---|:---|
| **68** | **PIMCO INCOME FUND** |

---

------

March 31, 2026

has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes The Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Consolidated Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of March 31, 2026, if any, are disclosed in the Consolidated Statement of Assets and Liabilities.

(c) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Fund does not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Consolidated Statement of Operations. The Fund may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Consolidated Statement of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting

period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Consolidated Statement of Operations.

(d) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Fund. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(e) Distributions to Shareholders Distributions from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Fund, if any, will be distributed no less frequently than annually. Net short-term capital gains may be paid more frequently. The Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Fund's annual financial statements presented under U.S. GAAP.

Separately, if the Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **69** |

---

------

Notes to Financial Statements (Cont.)

important to note that differences exist between the Fund's daily internal accounting records and practices, the Fund's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the Fund's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that the Fund may not issue a Section 19 Notice in situations where the Fund's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at the Fund's fiscal year end, if any, are reflected on the Consolidated Statements of Changes in Net Assets and have been recorded to paid in capital on the Consolidated Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Consolidated Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(f) New Accounting Pronouncements and Regulatory Updates In September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, 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 Consolidated Financial Statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Fund's shares, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Fund's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Fund or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Fund may calculate its NAV as of the NYSE Close for such day or such other time that the Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading,

---

| | |
|:---|:---|
| **70** | **PIMCO INCOME FUND** |

---

------

March 31, 2026

clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determination 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

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **71** |

---

------

Notes to Financial Statements (Cont.)

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 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.

---

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

---

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

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are a result of a change, in the normal course of business, from the use of methods used by Pricing Sources (Level 2) to the use of a Broker Quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market-based data (Level 3). In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Consolidated Schedule of Investments for the Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of the Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Consolidated Schedule of Investments for the Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

---

| | |
|:---|:---|
| **72** | **PIMCO INCOME FUND** |

---

------

March 31, 2026

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

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

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

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

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

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Proxy pricing procedures set the base price of a fixed income security and subsequently adjust the price proportionally to market value changes of a pre-determined security deemed to be comparable in duration, generally a U.S. Treasury or sovereign note based on country of issuance. The base price may be a broker-dealer quote, transaction price or an internal value as derived by analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by the Valuation Oversight Committee. Significant changes in the unobservable inputs of the proxy pricing process (the base price) would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Adviser may elect to obtain Broker Quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced 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

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **73** |

---

------

Notes to Financial Statements (Cont.)

not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the Broker Quote would have direct and proportional changes in the fair value of the security.

Reference instrument valuation estimates fair value by utilizing the correlation of the security to one or more broad-based securities, market indexes, and/or other financial instruments, whose pricing information is readily available. Unobservable inputs may include those used in algorithms based on percentage change in the reference instruments and/or weights of each reference instrument. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source or input of the reference instrument.

Expected recovery valuation estimates that the fair value of an existing asset can be recovered, net of any liability. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

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

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Fund. The Fund may invest in certain other series of the Trust, series of PIMCO ETF Trust, and series of PIMCO Equity Series (each series, an "Underlying Fund" and collectively, the "Underlying Funds"). A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Fund's website at www.pimco.com, or upon request, as applicable. The table below shows the Fund's transactions in and earnings from investments in the affiliated fund for the period ended March 31, 2026 (amounts in thousands<sup>†</sup>):

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| 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> |
| $10612398 | $74597217 | $(84715300) | $11440 | $(711) | $505044 | $633595 | $0 |

---

---

| | |
|:---|:---|
| **74** | **PIMCO INCOME FUND** |

---

------

March 31, 2026

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

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

An affiliate includes any company in which the Fund owns 5% or more of the company's outstanding voting shares. The table below represents transactions in and earnings from these affiliated issuers for the period ended March 31, 2026 (amounts in thousands<sup>†</sup>, except number of shares).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Security Name | Market<br>Value at<br>03/31/2025 | **Purchases**<br> **at cost** | Proceeds<br>from Sale | Net Realized<br>Gain/(Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market<br>Value at<br>03/31/2026 | Dividend<br>Income | Shares<br>Held at<br>03/31/2026 |
|  Amsurg Equity | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279018 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16573) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262445 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 5968052 |
|  Clear Channel Outdoor Holdings, Inc. | 56458 | 0 | 0 | 0 | 64086 | 120544 | 0 | 50862666 |
|  iHeartMedia, Inc. 'A' | 14896 | 0 | 0 | 0 | 11466 | 26362 | 0 | 9028024 |
|  iHeartMedia, Inc. 'B' | 17735 | 0 | 0 | 0 | 13651 | 31386 | 0 | 12214441 |
|  Sierra Hamilton Holder LLC | 1 | 0 | 0 | 0 | 1 | 2 | 0 | 15369768 |
|  Windstream Services LLC | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37433 | 0 | 0 | 20124 | 57557 | 0 | 6136182 |
|  Windstream Units\* | 114834 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46346 | (70756) | 0 | 0 | 0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* Not affiliated at March 31, 2026.

(b) Investments in Securities

The Fund may utilize the investments and strategies described below to the extent permitted by the Fund's investment policies.

Delayed-Delivery Transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When the Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Consolidated Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. The Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by the Fund. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. 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.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **75** |

---

------

Notes to Financial Statements (Cont.)

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Consolidated Statement of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Consolidated Statement of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal payments. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans,

recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases, syndicated bank loans, peer-to-peer loans and litigation finance loans. 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, 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

---

| | |
|:---|:---|
| **76** | **PIMCO INCOME FUND** |

---

------

March 31, 2026

that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Consolidated Statement of Operations. Because no principal will be received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Consolidated Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Payment In-Kind Securities may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Consolidated Statement of Assets and Liabilities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Real Estate Investment Trusts ("REITs") are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is generally not taxed on the income distributed to shareholders. Distributions received from REITs may be characterized as income, capital gain or a return of capital. A return of capital is recorded by the Fund as a reduction to the cost basis of its investment in the REIT. REITs are subject to management fees and other expenses, and so to the extent the Fund invests in REITs, the Fund will bear its proportionate share of the costs of the REITs' operations.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be

restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Fund as of March 31, 2026, as applicable, are disclosed in the Notes to Consolidated Schedule of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of a Fund's shares. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential 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.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **77** |

---

------

Notes to Financial Statements (Cont.)

Roll-timing strategies can be used where the Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Consolidated Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Fund to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Fund's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Fund and impose added operational complexity.

Separate Trading of Registered Interest and Principal of Securities ("STRIPS") are U.S. Treasury fixed income securities in which the principal is separated, or stripped, from the interest and each takes the form of zero coupon securities. A STRIP is sold at a significant discount to face value and offers no interest payments; rather, investors receive payment at maturity. Zero coupon securities do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities.

Warrants are securities that are usually issued together with a debt security or preferred security and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline

in interest rates would permit the Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by the Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. The Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Fund may enter into the borrowings and other financing transactions described below to the extent permitted by the Fund's investment policies.

The following disclosures contain information on the Fund's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by the Fund. The location of these instruments in the Fund's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, the Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and the Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by the Fund's custodian or designated subcustodians (in the case of tri-party repurchase agreements). Traditionally, the Fund has used bilateral repurchase agreements wherein the underlying securities will be held by the Fund's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Consolidated Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Consolidated Statement of Operations. In periods of increased demand for collateral, the Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, the Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement

---

| | |
|:---|:---|
| **78** | **PIMCO INCOME FUND** |

---

------

March 31, 2026

to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Fund to counterparties are reflected as a liability on the Consolidated Statement of Assets and Liabilities. Interest payments made by the Fund to counterparties are recorded as a component of interest expense on the Consolidated Statement of Operations. In periods of increased demand for the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. The Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by the Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by the Fund are reflected as a liability on the Consolidated Statement of Assets and Liabilities. The Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop'. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Consolidated Statement of Operations. Interest payments based upon negotiated financing terms made by the Fund to counterparties are recorded as a component of interest expense on the Consolidated Statement of Operations. In periods of increased demand for the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. The Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Short Sales Short sales are transactions in which the Fund sells a security that it does not own in anticipation that the market price of that security will decline. The Fund may make short sales of securities: (i) to offset potential declines in long positions in similar securities,

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

(ii) to increase the flexibility of the Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Fund makes a short sale, it will often borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Consolidated Statement of Assets and Liabilities. Short sales expose the Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Fund. A short sale is "against the box" if the Fund holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Fund will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Fund's loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

(e) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Fund of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. Each Fund is currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended March 31, 2026, the Fund did not participate in the Interfund Lending Program.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **79** |

---

------

Notes to Financial Statements (Cont.)

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Fund may enter into the financial derivative instruments described below to the extent permitted by the Fund's investment policies.

The following disclosures contain information on how and why the Fund uses financial derivative instruments, and how financial derivative instruments affect the Fund's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Consolidated Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Consolidated Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Consolidated Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Consolidated Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Fund.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Fund's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Consolidated Statement of Assets and Liabilities. In addition, the Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

**(**b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures

contract, the Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Fund ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Fund's exposure to the underlying instrument. Writing call options tends to decrease the Fund's exposure to the underlying instrument. When the Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Consolidated Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Fund as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Fund's exposure to the underlying instrument. Purchasing put options tends to decrease the Fund's exposure to the underlying instrument. The Fund pays a premium which is included as an asset on the Consolidated Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put

---

| | |
|:---|:---|
| **80** | **PIMCO INCOME FUND** |

---

------

March 31, 2026

and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Interest Rate-Capped Options may be written or purchased to enhance returns or for hedging opportunities. The purpose of purchasing interest rate-capped options is to protect the Fund from floating rate risk above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in interest rate linked products.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

Options on Securities may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

(d) Swap Agreements are bilaterally negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Consolidated Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Consolidated Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Consolidated Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Consolidated Statement of Operations. Net periodic payments received or paid by the Fund are included as part of realized gain (loss) on the Consolidated Statement of Operations.

For purposes of applying certain of the Fund's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Fund's investment policies and restrictions, the Fund will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Fund's other investment policies and restrictions. For example, the Fund may value credit default swaps at full exposure value for purposes of the Fund's credit quality guidelines (if any) because such value in general better reflects the Fund's actual economic exposure during the term of the credit default swap agreement. As a result, the Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Fund's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **81** |

---

------

Notes to Financial Statements (Cont.)

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

The Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between the Fund and the counterparty and by the posting of collateral to the Fund to cover the Fund's exposure to the counterparty.

To the extent the Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where the Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, the Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap.

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional

amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indexes are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indexes may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets and/or various credit ratings within each sector. Credit indexes are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on

---

| | |
|:---|:---|
| **82** | **PIMCO INCOME FUND** |

---

------

March 31, 2026

corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Consolidated Schedule of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indexes, the quoted market prices and resulting values, 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 Consolidated Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure as the value of the fixed rate bonds that the Fund holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements

exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, the Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, the Fund would owe payments on any net positive total return and would receive payments in the event of a net negative total return.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Fund's prospectus for a more detailed description of the risks of investing in the Fund.

Interest Rate Risk is the risk that fixed income securities will fluctuate in value due to changes in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Factors such as government 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

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **83** |

---

------

Notes to Financial Statements (Cont.)

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.

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

---

| | |
|:---|:---|
| **84** | **PIMCO INCOME FUND** |

---

------

March 31, 2026

taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, and derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase the Fund's sensitivity to interest rate changes and other market risks.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO in connection with managing the Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Fund will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Fund.

Distribution Rate Risk is the risk that the Fund's distribution rate may change unexpectedly as a result of numerous factors, including changes in realized and projected market returns, fluctuations in market interest rates, Fund performance and other factors.

Contingent Convertible Securities Risk is the risk of investing in contingent convertible securities, including the risk that interest

payments may be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated debt, the risk of the Fund's investment becoming further subordinated as a result of conversion from debt to equity, the risk of the Fund's investment receiving less favorable treatment than equity of the issuer in certain situations, such as during periods of financial distress or regulatory intervention, the risk that principal amount due can be written down to a lesser amount (including potentially to zero), and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to the Fund.

Turnover Risk is the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower investment performance.

(b) Other Risks

In general, the Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks.

Please see the Fund's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in the Fund. Please see the Important Information section of this report

for additional discussion of certain regulatory and market developments that may impact the Fund's performance.

Market Disruptions Risk The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from actual or threatened war or armed conflicts, military conflicts, terrorism, 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

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **85** |

---

------

Notes to Financial Statements (Cont.)

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 market, 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 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 Consolidated Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under

---

| | |
|:---|:---|
| **86** | **PIMCO INCOME FUND** |

---

------

March 31, 2026

most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Consolidated Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Consolidated Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern bilateral repurchase, reverse repurchase and certain sale-buyback transactions between the Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Consolidated Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States,

counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. FCM customers, such as the Fund, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Fund may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Fund is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **87** |

---

------

Notes to Financial Statements (Cont.)

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):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| All Classes | Institutional<br>Class | I-2 | I-3 | Administrative<br>Class | Class A | Class C | Class R |
| 0.25% | 0.25% | 0.35% | 0.45%<sup>(1)</sup> | 0.25% | 0.40% | 0.40% | 0.40% |

---

<sup>(1)</sup> PIMCO has contractually agreed, through July 31, 2026, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. 

(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A, Class C and Class R shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C and Class R shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares and 0.25% for Class R shares, and in connection with personal services rendered to Class A, Class C and Class R shareholders and the maintenance of such shareholder accounts, the Distributor receives servicing fees from the Trust of up to 0.25% for each of Class A, Class C and Class R shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust has adopted a Distribution and Servicing Plan with respect to the Administrative Class shares of the Fund pursuant to Rule 12b-1 under the Act (the "Administrative Class Plan"). Under the terms of the Administrative Class Plan, the Fund may compensate the Distributor for providing, or procuring through financial firms, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Administrative Class shares. The Administrative Class Plan permits the Fund to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to the Administrative Class shares.

The Trust paid distribution and servicing fees at effective rates as noted in the following table (calculated as a percentage of the Fund's average daily net assets attributable to each class):

---

| | | |
|:---|:---|:---|
| | Allowable Rate | Allowable Rate |
|  | Distribution Fee | Servicing Fee |
|  **Class A** |  | 0.25% |
|  **Class C** | 0.75% | 0.25% |
|  **Class R** | 0.25% | 0.25% |
|  | Distribution and/or Servicing Fee | Distribution and/or Servicing Fee |
|  **Administrative Class** | 0.25% | 0.25% |

---

The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares, except for the PIMCO Short Asset Investment Fund, and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A and Class C shares, except for the PIMCO Government Money Market Fund and the PIMCO Short Asset Investment Fund. For the period ended 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.

(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

---

| | |
|:---|:---|
| **88** | **PIMCO INCOME FUND** |

---

------

March 31, 2026

costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Fund, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Fund, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for the Fund is reflected on the Consolidated Statement of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive a portion of the Fund's Supervisory and Administrative Fee, or reimburse the Fund, to the extent that the Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of the Fund's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Fund of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. As of 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 I-3 Fee Waiver Agreement, waiver amounts are reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of March 31, 2026, the amount waived and/or reimbursed was $1,520,212.

(g) Acquired Fund Fees and Expenses PIMCO has contractually agreed, through July 31, 2026, for the Fund to waive its Management Fee in an amount equal to the expenses attributable to Investment Advisory, Supervisory and Administrative, and management fees of Underlying Funds indirectly incurred by the Fund's investments in the Underlying Funds. The waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. Investors should be aware that an Underlying Fund may engage in securities lending transactions, and the cash collateral received by an Underlying Fund engaging in a securities lending transaction may be invested in short-term liquid fixed income instruments or in money market or short-term funds, or similar investment vehicles, including affiliated money market or short-term funds, as further described in such Underlying Fund's registration statement. In such case, the Underlying Fund will incur investment advisory fees, supervisory and administrative fees, service fees, or other fees in connection with such investment of cash collateral. Ultimately, such fees will be borne by the Fund and will not be waived under the contractual waiver described above. For the period ended March 31, 2026, there were no waivers and/or reimbursements by PIMCO.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **89** |

---

------

---

| | |
|:---|:---|
| Notes to Financial Statements | **(Cont.)** |

---

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Consolidated Statement of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust's investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time the Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by

the Fund is known as "portfolio turnover." The Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Fund. Frequent and active trading of the Fund's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Fund's after-tax returns. The transaction costs associated with portfolio turnover may adversely affect the Fund's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended 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;1997560853 | $1971753603 | $55710569 | $20553447 |

---

---

| | |
|:---|:---|
| <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>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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 | 4201163 | $45631343 | 3554132 | $37707364 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 1883874 | 20475013 | 1559248 | 16545326 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 159151 | 1729509 | 152860 | 1614616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 10564 | 114916 | 9965 | 105836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 306410 | 3327689 | 302084 | 3206798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 84973 | 924668 | 87218 | 927452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 10850 | 117997 | 7530 | 79900 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 654505 | 7113331 | 542494 | 5754470 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 249022 | 2706122 | 215756 | 2288447 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 16063 | 174527 | 14818 | 157193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 1547 | 16794 | 1522 | 16140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 67963 | 738193 | 69499 | 736922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 15256 | 165661 | 16982 | 180050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 2621 | 28476 | 2565 | 27202 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (2302435) | (24905320) | (1846013) | (19570485) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (1020806) | (11047854) | (957486) | (10145512) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (107268) | (1160113) | (99351) | (1054686) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (9680) | (104784) | (9238) | (97818) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (310034) | (3360084) | (331898) | (3517101) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (110433) | (1195497) | (114600) | (1214966) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (8295) | (89847) | (8164) | (86514) |
|  **Net increase (decrease) resulting from Fund share transactions** | 3795011 | $41400740 | 3169923 | $33660634 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | |
|:---|:---|
| **90** | **PIMCO INCOME FUND** |

---

------

March 31, 2026

As of March 31, 2026, two persons owned of record or beneficially 10% or more of the Fund's total outstanding shares, comprising 32% of the Fund.

14. BASIS FOR CONSOLIDATION

The consolidated financial statements include the accounts of the Fund and (the "Subsidiary"). Similarly, the Consolidated Schedule of Investments includes the portfolio holdings of the Fund and the Subsidiary. All inter-company transactions and balances have been eliminated in consolidation. The Subsidiary was formed on April 30, 2018, as a wholly owned subsidiary of the Fund and acts as an investment vehicle in order to acquire residential mortgage loans consistent with the Fund's investment objectives and policies. The net assets of the Subsidiary as of period end represented less than 0.0% of the Fund's consolidated net assets.

15. REGULATORY AND LITIGATION MATTERS

The Fund is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

The foregoing speaks only as of the date of this report.

16. FEDERAL INCOME TAX MATTERS

The Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Fund's tax positions for all open tax years. As of 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 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 Deferral-<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral-<br>Ordinary<sup>(6)</sup> | Total<br>Components<br>of Distributable<br>Earnings |
|  PIMCO Income Fund | $0 | $0 | $586949 | $(78425) | $(12131380) | $0 | $(226227) | $(11849083) |

---

---

| | |
|:---|:---|
| <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, short positions, partnerships, hyperinflationary investments, and convertible securities. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for distributions payable at fiscal year-end.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 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.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **91** |

---

------

Notes to Financial Statements (Cont.) March 31, 2026

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 Income Fund | $4395309 | $7736071 |

---

---

| | |
|:---|:---|
| <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 Income Fund | $337848890 | $16266832 | $(15809521) | $457311 |

---

---

| | |
|:---|:---|
| <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, short positions, partnerships, hyperinflationary investments, and convertible securities. 

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>):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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 Income Fund | $10940467 | $0 | $958235 | $10095554 | $0 | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

---

| | |
|:---|:---|
| **92** | **PIMCO INCOME FUND** |

---

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Funds and Shareholders of PIMCO Income Fund

#### Opinion on the Financial Statements
We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of PIMCO Income Fund and its subsidiary (one of the funds constituting PIMCO Funds, referred to hereafter as the "Fund") as of March 31, 2026, the related consolidated statement of operations for the year ended March 31, 2026, the consolidated 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 (consolidated) for each of the five years in the period ended March 31, 2026 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated 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 consolidated financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated 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.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **93** |

---

------

Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| AZD | Australia and New Zealand Banking Group | DUB | Deutsche Bank AG | MYI | Morgan Stanley & Co. International PLC |
| BOA | Bank of America N.A. | FAR | Wells Fargo Bank National Association | NGF | Nomura Global Financial Products, Inc. |
| BOM | Bank of Montreal | GLM | Goldman Sachs Bank USA | RYL | NatWest Markets Plc |
| BOO | BoA Securities, Inc (Repo Only) | GST | Goldman Sachs International | SAL | Citigroup Global Markets, Inc. |
| BPS | BNP Paribas S.A. | IND | Crédit Agricole Corporate and Investment Bank S.A. | 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 | JPS | J.P. Morgan Securities LLC | SSB | State Street Bank and Trust Co. |
| CBK | Citibank N.A. | MBC | HSBC Bank Plc | STR | State Street FICC Repo |
| CIB | Canadian Imperial Bank of Commerce | MEI | Merrill Lynch International | UAG | UBS AG Stamford |
| DEU | Deutsche Bank Securities, Inc. | MYC | Morgan Stanley Bank, N.A. |  |  |
|  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 | SEK | Swedish Krona |
| CNH | Chinese Renminbi (Offshore) | JPY | Japanese Yen | SGD | Singapore Dollar |
| COP | Colombian Peso | KRW | South Korean Won | THB | Thai Baht |
| CZK | Czech Koruna | KWD | Kuwaiti Dinar | TRY | Turkish New Lira |
| DKK | Danish Krone | KZT | Kazakhstani Tenge | TWD | Taiwanese Dollar |
| EGP | Egyptian Pound | MXN | Mexican Peso | 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: |  |  |  |  |
| ABX.HE | Asset-Backed Securities Index - Home Equity | CMBX | Commercial Mortgage-Backed Index | MSMMUSTF | MSILF Money Market US Treasury Fund Index |
| BISTREFI | Turkish Lira Overnight Reference Rate | EUR001M | 1 Month EUR Swap Rate | MUTKCALM | Tokyo Overnight Average Rate |
| BNMMDTSC | Dreyfus Treasury Securites Cash Management Fund Yield | EUR003M | 3 Month EUR Swap Rate | PrimeX.ARM | Prime Mortgage-Backed Securities Index - Adjustable Rate Mortgage |
| Bobl | Bundesobligation, the German word for federal government bond | EUR006M | 6 Month EUR Swap Rate | SOFR | Secured Overnight Financing Rate |
| BRMMUSDF | BlackRock Money Market US Treasury Fund Index | FHMMUSTF | Federated Hermes US Treasury Cash Reserves Fund Yield | SOFRINDX | Secured Overnight Financing Rate Index |
| CAONINDX | Bloomberg CORRA Compounded Index | GSMMUSTF | Goldman Sachs Money Market US Treasury Fund Index | SONIO | Sterling Overnight Interbank Average Rate |
| CAONREPO | Canadian Overnight Repo Rate Average | GSMMUSTI | Goldman Sachs Money Market US Treasury Instrument Index | TSFR1M | Term SOFR 1-Month |
| CDX.EM | Credit Derivatives Index - Emerging Markets | HSMMUSTF | HSBC UST Money Market Yield | TSFR3M | Term SOFR 3-Month |
| CDX.HY | Credit Derivatives Index - High Yield | IBXXLLTR | iBoxx USD Liquid Leveraged Loan Index | UKRPI | United Kingdom Retail Prices Index |
| CDX.IG | Credit Derivatives Index - Investment Grade | JMMMUSTF | JP Morgan Money Market US Treasury Fund Index | US0003M | ICE 3-Month USD LIBOR |
|  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 | PRIBOR | Prague Interbank Offered Rate |
| 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 | RMBS | Residential Mortgage-Backed Security |
| BBSW | Bank Bill Swap Reference Rate | JIBAR | Johannesburg Interbank Agreed Rate | TBA | To-Be-Announced |
| BRL-CDI | Brazil Interbank Deposit Rate | JSC | Joint Stock Company | TBD | To-Be-Determined |
| CDO | Collateralized Debt Obligation | Lunar | Monthly payment based on 28-day periods. One year consists of 13 periods. | TBD% | Interest rate to be determined when loan settles or at the time of funding |
| CHILIBOR | Chile Interbank Offered Rate | OIS | Overnight Index Swap | TIIE | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |
| CLO | Collateralized Loan Obligation |  |  |  |  |

---

---

| | |
|:---|:---|
| **94** | **PIMCO INCOME FUND** |

---

------

Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the fund estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended 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 Income Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0550 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0550 |
|  November 2025 | $0.0550 | $0.0000 | $0.0000 | $0.0550 |
|  December 2025 | $0.0550 | $0.0000 | $0.0000 | $0.0550 |
|  January 2026 | $0.0520 | $0.0000 | $0.0030 | $0.0550 |
|  February 2026 | $0.0481 | $0.0000 | $0.0000 | $0.0481 |
|  March 2026 | $0.0481 | $0.0000 | $0.0000 | $0.0481 |
| 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 | $0.0541 | $0.0000 | $0.0000 | $0.0541 |
|  November 2025 | $0.0541 | $0.0000 | $0.0000 | $0.0541 |
|  December 2025 | $0.0541 | $0.0000 | $0.0000 | $0.0541 |
|  January 2026 | $0.0512 | $0.0000 | $0.0029 | $0.0541 |
|  February 2026 | $0.0472 | $0.0000 | $0.0000 | $0.0472 |
|  March 2026 | $0.0472 | $0.0000 | $0.0000 | $0.0472 |
| 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 | $0.0536 | $0.0000 | $0.0000 | $0.0536 |
|  November 2025 | $0.0536 | $0.0000 | $0.0000 | $0.0536 |
|  December 2025 | $0.0536 | $0.0000 | $0.0000 | $0.0536 |
|  January 2026 | $0.0507 | $0.0000 | $0.0029 | $0.0536 |
|  February 2026 | $0.0467 | $0.0000 | $0.0000 | $0.0467 |
|  March 2026 | $0.0467 | $0.0000 | $0.0000 | $0.0467 |
| 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 | $0.0527 | $0.0000 | $0.0000 | $0.0527 |
|  November 2025 | $0.0527 | $0.0000 | $0.0000 | $0.0527 |
|  December 2025 | $0.0527 | $0.0000 | $0.0000 | $0.0527 |
|  January 2026 | $0.0499 | $0.0000 | $0.0028 | $0.0527 |
|  February 2026 | $0.0458 | $0.0000 | $0.0000 | $0.0458 |
|  March 2026 | $0.0458 | $0.0000 | $0.0000 | $0.0458 |
| 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 | $0.0514 | $0.0000 | $0.0000 | $0.0514 |
|  November 2025 | $0.0513 | $0.0000 | $0.0000 | $0.0513 |
|  December 2025 | $0.0513 | $0.0000 | $0.0000 | $0.0513 |
|  January 2026 | $0.0485 | $0.0000 | $0.0028 | $0.0513 |
|  February 2026 | $0.0444 | $0.0000 | $0.0000 | $0.0444 |
|  March 2026 | $0.0444 | $0.0000 | $0.0000 | $0.0444 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2025 | **95** |

---

------

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 | $0.0446 | $0.0000 | $0.0000 | $0.0446 |
|  November 2025 | $0.0445 | $0.0000 | $0.0000 | $0.0445 |
|  December 2025 | $0.0445 | $0.0000 | $0.0000 | $0.0445 |
|  January 2026 | $0.0421 | $0.0000 | $0.0024 | $0.0445 |
|  February 2026 | $0.0375 | $0.0000 | $0.0000 | $0.0375 |
|  March 2026 | $0.0375 | $0.0000 | $0.0000 | $0.0375 |
| **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 | $0.0491 | $0.0000 | $0.0000 | $0.0491 |
|  November 2025 | $0.0491 | $0.0000 | $0.0000 | $0.0491 |
|  December 2025 | $0.0490 | $0.0000 | $0.0000 | $0.0490 |
|  January 2026 | $0.0464 | $0.0000 | $0.0026 | $0.0490 |
|  February 2026 | $0.0421 | $0.0000 | $0.0000 | $0.0421 |
|  March 2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0421 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0421 |

---

\* 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. 

---

| | |
|:---|:---|
| **96** | **PIMCO INCOME FUND** |

---

------

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). 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). 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 Income Fund | 0.00% | 0.00% | $4298529 | $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 | **97** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **98** | **PIMCO INCOME FUND** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **99** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **100** | **PIMCO INCOME FUND** |

---

------

#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Fund listed on the Report cover.

------

![LOGO](g103545g75h91.jpg)

PIMS0766FSTMAR_033126

------

![LOGO](g29173g74x12.jpg)

PIMCO FUNDS

## Annual Financial and Other Information
March 31, 2026

PIMCO Total Return Fund

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the PIMCO Total Return Fund](#tx29173_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx29173_2) | 6 |
| &nbsp;&nbsp; [Consolidated Statement of Assets and Liabilities (N-CSR Item 7)](#tx29173_3) | 8 |
| &nbsp;&nbsp; [Consolidated Statement of Operations (N-CSR Item 7)](#tx29173_4) | 10 |
| &nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets (N-CSR Item 7)](#tx29173_5) | 11 |
| &nbsp;&nbsp; [Consolidated Schedule of Investments (N-CSR Item 6)](#tx29173_6) | 12 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx29173_7) | 49 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx29173_8) | 69 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx29173_9) | 73 |
| &nbsp;&nbsp; [Glossary](#tx29173_10) | 74 |
| &nbsp;&nbsp; [Distribution Information](#tx29173_11) | 75 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx29173_12) | 77 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx29173_13) | 78 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx29173_14) | 79 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx29173_15) | 80 |

---

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 Total Return Fund

PIMCO Funds (the "Trust") is an open-end management investment company that includes the PIMCO Total Return Fund (the "Fund").

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Fund may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Fund performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Fund may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact the Fund's performance or cause the Fund to incur losses. As a result, the Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Fund.

The Fund may be subject to various risks as described in the Fund's prospectus and in the Principal and Other Risks note in the Notes to Financial Statements.

Classifications of the Fund's portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Schedule of Investments section of this report may differ from the classification used for the Fund's compliance calculations, including those used in the Fund's prospectus, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Fund is separately monitored for compliance with respect to prospectus and regulatory requirements.

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

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

---

------

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:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Fund<br>Inception | Institutional<br>Class | I-2 | I-3 | Administrative<br>Class | Class A | Class C | Class R | Diversification<br>Status |
|  PIMCO Total Return Fund | 05/11/87 | 05/11/87 | 04/30/08 | 04/27/18 | 09/08/94 | 01/13/97 | 01/13/97 | 12/31/02 | Diversified |

---

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

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Fund. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Fund's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Fund creates a contract between or among any shareholder of the Fund, on the one hand, and the Trust, the Fund, a service provider to the Trust or the Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI

with respect to the Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Fund. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Fund, and information about how the Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Fund's website at www.pimco.com, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>3</sub> |

---

------

---

| | |
|:---|:---|
| Important Information About the PIMCO Total Return Fund | (Cont.) |

---

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.

---

| | |
|:---|:---|
| **4** | **PIMCO TOTAL RETURN FUND** |

---

------

(THIS PAGE INTENTIONALLY LEFT BLANK)

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>5</sub> |

---

------

---

| | |
|:---|:---|
| Financial Highlights | PIMCO Total Return Fund (Consolidated) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment**<br> **Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis**<br> **Return of**<br> **Capital** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $8.68 | $0.38 | $0.07 | $0.45 | $(0.39) | $0.00 | $0.00 | $(0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.56 | 0.39 | 0.13 | 0.52 | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.63 | 0.36 | (0.09) | 0.27 | (0.21) | 0.00 | (0.13) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.58 | 0.27 | (0.83) | (0.56) | (0.39) | 0.00 | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.22 | 0.20 | (0.60) | (0.40) | (0.24) | 0.00 | 0.00 | (0.24) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 8.68 | 0.37 | 0.08 | 0.45 | (0.39) | 0.00 | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.56 | 0.38 | 0.13 | 0.51 | (0.39) | 0.00 | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.63 | 0.36 | (0.10) | 0.26 | (0.20) | 0.00 | (0.13) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.58 | 0.27 | (0.84) | (0.57) | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.22 | 0.19 | (0.60) | (0.41) | (0.23) | 0.00 | 0.00 | (0.23) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 8.68 | 0.37 | 0.07 | 0.44 | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.56 | 0.37 | 0.14 | 0.51 | (0.39) | 0.00 | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.63 | 0.35 | (0.09) | 0.26 | (0.20) | 0.00 | (0.13) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.58 | 0.27 | (0.84) | (0.57) | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.22 | 0.19 | (0.60) | (0.41) | (0.23) | 0.00 | 0.00 | (0.23) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 8.68 | 0.36 | 0.07 | 0.43 | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.56 | 0.36 | 0.14 | 0.50 | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.63 | 0.34 | (0.09) | 0.25 | (0.19) | 0.00 | (0.13) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.58 | 0.25 | (0.83) | (0.58) | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.22 | 0.18 | (0.60) | (0.42) | (0.22) | 0.00 | 0.00 | (0.22) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 8.68 | 0.35 | 0.08 | 0.43 | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.56 | 0.36 | 0.13 | 0.49 | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.63 | 0.33 | (0.09) | 0.24 | (0.18) | 0.00 | (0.13) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.58 | 0.24 | (0.83) | (0.59) | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.22 | 0.17 | (0.60) | (0.43) | (0.21) | 0.00 | 0.00 | (0.21) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 8.68 | 0.28 | 0.08 | 0.36 | (0.30) | 0.00 | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.56 | 0.29 | 0.14 | 0.43 | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.63 | 0.27 | (0.09) | 0.18 | (0.12) | 0.00 | (0.13) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.58 | 0.17 | (0.82) | (0.65) | (0.30) | 0.00 | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.22 | 0.09 | (0.60) | (0.51) | (0.13) | 0.00 | 0.00 | (0.13) |
| Class R |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 8.68 | 0.33 | 0.07 | 0.40 | (0.34) | 0.00 | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.56 | 0.33 | 0.14 | 0.47 | (0.35) | 0.00 | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.63 | 0.31 | (0.09) | 0.22 | (0.16) | 0.00 | (0.13) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.58 | 0.22 | (0.83) | (0.61) | (0.34) | 0.00 | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.22 | 0.14 | (0.60) | (0.46) | (0.18) | 0.00 | 0.00 | (0.18) |

---

---

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

---

<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Fund's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Fund. 

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

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(d)</sup> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Fund's prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Fund. Additionally, excludes applicable initial sales charges and contingent deferred sales charges. 

<sup>(e)</sup> Ratios shown do not include expenses of the investment companies in which the Fund may invest. See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information regarding the expenses and any applicable fee waivers associated with these investments.

---

| | | |
|:---|:---|:---|
| **6** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | |
| **Net Asset**<br> **Value End of**<br> **Year or**<br> **Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets**<br> **End of Year or**<br> **Period (000s)** | **Expenses** | **Expenses**<br> **Excluding**<br> **Waivers** | **Expenses**<br> **Excluding**<br> **Interest**<br> **Expense** | **Expenses**<br> **Excluding**<br> **Interest**<br> **Expense and**<br> **Waivers** | **Net**<br> **Investment**<br> **Income (Loss)** | **Portfolio**<br> **Turnover**<br> **Rate** |
| $8.74 | 5.32% | $35668208 | 0.52% | 0.52% | 0.46% | 0.46% | 4.32% | 497% |
| 8.68 | 6.22 | 34437824 | 0.53 | 0.53 | 0.46 | 0.46 | 4.49 | 606 |
| 8.56 | 3.27 | 42614284 | 0.51 | 0.51 | 0.46 | 0.46 | 4.32 | 469 |
| 8.63 | (5.75) | 44432756 | 0.49 | 0.49 | 0.46 | 0.46 | 3.09 | 377 |
| 9.58 | (4.02) | 51678056 | 0.46 | 0.46 | 0.46 | 0.46 | 1.97 | 289 |
| 8.74 | 5.22 | 6254015 | 0.62 | 0.62 | 0.56 | 0.56 | 4.22 | 497 |
| 8.68 | 6.12 | 5346377 | 0.63 | 0.63 | 0.56 | 0.56 | 4.37 | 606 |
| 8.56 | 3.17 | 4757258 | 0.61 | 0.61 | 0.56 | 0.56 | 4.23 | 469 |
| 8.63 | (5.85) | 4276414 | 0.59 | 0.59 | 0.56 | 0.56 | 2.99 | 377 |
| 9.58 | (4.11) | 4428616 | 0.56 | 0.56 | 0.56 | 0.56 | 1.86 | 289 |
| 8.74 | 5.17 | 212059 | 0.67 | 0.72 | 0.61 | 0.66 | 4.18 | 497 |
| 8.68 | 6.06 | 170898 | 0.68 | 0.73 | 0.61 | 0.66 | 4.32 | 606 |
| 8.56 | 3.12 | 139332 | 0.66 | 0.71 | 0.61 | 0.66 | 4.18 | 469 |
| 8.63 | (5.89) | 136834 | 0.64 | 0.69 | 0.61 | 0.66 | 3.03 | 377 |
| 9.58 | (4.16) | 92075 | 0.61 | 0.66 | 0.61 | 0.66 | 1.81 | 289 |
| 8.74 | 5.06 | 600901 | 0.77 | 0.77 | 0.71 | 0.71 | 4.07 | 497 |
| 8.68 | 5.96 | 630807 | 0.78 | 0.78 | 0.71 | 0.71 | 4.23 | 606 |
| 8.56 | 3.02 | 731886 | 0.76 | 0.76 | 0.71 | 0.71 | 4.05 | 469 |
| 8.63 | (5.99) | 1069278 | 0.74 | 0.74 | 0.71 | 0.71 | 2.79 | 377 |
| 9.58 | (4.26) | 1569483 | 0.71 | 0.71 | 0.71 | 0.71 | 1.72 | 289 |
| 8.74 | 4.97 | 3858592 | 0.86 | 0.86 | 0.80 | 0.80 | 3.98 | 497 |
| 8.68 | 5.86 | 4112833 | 0.87 | 0.87 | 0.80 | 0.80 | 4.14 | 606 |
| 8.56 | 2.93 | 4553670 | 0.85 | 0.85 | 0.80 | 0.80 | 3.98 | 469 |
| 8.63 | (6.07) | 5217377 | 0.83 | 0.83 | 0.80 | 0.80 | 2.74 | 377 |
| 9.58 | (4.34) | 6460966 | 0.80 | 0.80 | 0.80 | 0.80 | 1.62 | 289 |
| 8.74 | 4.19 | 102253 | 1.61 | 1.61 | 1.55 | 1.55 | 3.23 | 497 |
| 8.68 | 5.07 | 115574 | 1.62 | 1.62 | 1.55 | 1.55 | 3.39 | 606 |
| 8.56 | 2.16 | 126074 | 1.60 | 1.60 | 1.55 | 1.55 | 3.22 | 469 |
| 8.63 | (6.78) | 154869 | 1.58 | 1.58 | 1.55 | 1.55 | 1.96 | 377 |
| 9.58 | (5.06) | 222903 | 1.55 | 1.55 | 1.55 | 1.55 | 0.87 | 289 |
| 8.74 | 4.71 | 381848 | 1.11 | 1.11 | 1.05 | 1.05 | 3.73 | 497 |
| 8.68 | 5.60 | 374610 | 1.12 | 1.12 | 1.05 | 1.05 | 3.89 | 606 |
| 8.56 | 2.68 | 386149 | 1.10 | 1.10 | 1.05 | 1.05 | 3.73 | 469 |
| 8.63 | (6.31) | 414747 | 1.08 | 1.08 | 1.05 | 1.05 | 2.47 | 377 |
| 9.58 | (4.58) | 549527 | 1.05 | 1.05 | 1.05 | 1.05 | 1.37 | 289 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>7</sub> |

---

------

---

| | |
|:---|:---|
| Consolidated Statement of Assets and Liabilities | PIMCO Total Return Fund |

---

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | (Amounts in thousands<sup>†</sup>, except per share amounts) |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $59908539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 2954249 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 67063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 403573 |
|  Cash | 17808 |
|  Deposits with counterparty | 29781 |
|  Foreign currency, at value | 118675 |
|  Receivable for investments sold | 40939 |
|  Receivable for investments sold on a delayed-delivery basis | 1244 |
|  Receivable for TBA investments sold | 27015198 |
|  Receivable for Fund shares sold | 49427 |
|  Interest and/or dividends receivable | 291409 |
|  Dividends receivable from Affiliates | 9713 |
|  Reimbursement receivable from PIMCO | 23 |
|  **Total Assets** | 90907641 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $484227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 311428 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 25353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 166093 |
|  Payable for investments purchased | 744994 |
|  Payable for investments in Affiliates purchased | 10050 |
|  Payable for investments purchased on a delayed-delivery basis | 233690 |
|  Payable for TBA investments purchased | 41266448 |
|  Payable for unfunded loan commitments | 61984 |
|  Deposits from counterparty | 314643 |
|  Payable for Fund shares redeemed | 177555 |
|  Distributions payable | 12609 |
|  Accrued investment advisory fees | 9709 |
|  Accrued supervisory and administrative fees | 9024 |
|  Accrued distribution fees | 265 |
|  Accrued servicing fees | 899 |
|  Foreign capital gains tax payable | 777 |
|  Other liabilities | 17 |
|  **Total Liabilities** | 43829765 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $47077876 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $57170391 |
|  Distributable earnings (accumulated loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10092515) |
|  **Net Assets** | $47077876 |
|  Cost of investments in securities | $62857309 |
|  Cost of investments in Affiliates | $2948975 |
|  Cost of foreign currency held | $117966 |
|  Proceeds received on short sales | $311044 |
|  Cost or premiums of financial derivative instruments, net | $343230 |
|  \* Includes repurchase agreements of: | $466534 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

March 31, 2026

---

| | |
|:---|:---|
|  **Net Assets:** |  |
|  Institutional Class | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35668208 |
|  I-2 | 6254015 |
|  I-3 | 212059 |
|  Administrative Class | 600901 |
|  Class A | 3858592 |
|  Class C | 102253 |
|  Class R | 381848 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 4080676 |
|  I-2 | 715504 |
|  I-3 | 24261 |
|  Administrative Class | 68747 |
|  Class A | 441449 |
|  Class C | 11698 |
|  Class R | 43686 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $8.74 |
|  I-2 | 8.74 |
|  I-3 | 8.74 |
|  Administrative Class | 8.74 |
|  Class A | 8.74 |
|  Class C | 8.74 |
|  Class R | 8.74 |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund.

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>9</sub> |

---

------

---

| | |
|:---|:---|
| Consolidated Statement of Operations | PIMCO Total Return Fund |

---

---

| | |
|:---|:---|
| Year Ended March 31, 2026 | Year Ended March 31, 2026 |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** | **Investment Income:** |
|  Interest, net of foreign taxes\* | $2086817 |
|  Dividends | 16123 |
|  Dividends from Investments in Affiliates | 105138 |
|  Miscellaneous income | 3152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 2211230 |
|  **Expenses:** |  |
|  Investment advisory fees | 114051 |
|  Supervisory and administrative fees | 105809 |
|  Distribution and/or servicing fees - Administrative Class | 1512 |
|  Distribution and/or servicing fees - Class A | 9941 |
|  Distribution and/or servicing fees - Class C | 1075 |
|  Distribution and/or servicing fees - Class R | 1895 |
|  Trustee fees | 294 |
|  Interest expense | 29016 |
|  Miscellaneous expense | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 263689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (267) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 263422 |
|  **Net Investment Income (Loss)** | 1947808 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (125647) |
|  Investments in Affiliates | 405 |
|  Exchange-traded or centrally cleared financial derivative instruments | 552909 |
|  Over the counter financial derivative instruments | (255336) |
|  Foreign currency | 9416 |
|  **Net Realized Gain (Loss)** | 181747 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 375876 |
|  Investments in Affiliates | 44987 |
|  Exchange-traded or centrally cleared financial derivative instruments | (341369) |
|  Over the counter financial derivative instruments | 124118 |
|  Foreign currency assets and liabilities | (28814) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 174798 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $2304353 |
|  \* Foreign tax withholdings | $863 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

---

| | |
|:---|:---|
| Consolidated Statements of Changes in Net Assets | PIMCO Total Return Fund |

---

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br> March 31, 2026** | **Year Ended<br>March 31, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $1947808 | $2162562 |
|  Net realized gain (loss) | 181747 | (776979) |
|  Net change in unrealized appreciation (depreciation) | 174798 | 1549940 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 2304353 | 2935523 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (1568871) | (1775845) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (248552) | (226671) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (7859) | (7018) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (25819) | (30247) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (166051) | (186832) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (3682) | (4233) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (14872) | (15423) |
|  **Total Distributions<sup>(a)</sup>** | (2035706) | (2246269) |
|  **Fund Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | 1620306 | (8808984) |
|  **Total Increase (Decrease) in Net Assets** | 1888953 | (8119730) |
|  **Net Assets:** |  |  |
|  Beginning of period | 45188923 | 53308653 |
|  End of year | $47077876 | $45188923 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 11

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund |

---

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 127.2% | INVESTMENTS IN SECURITIES 127.2% | INVESTMENTS IN SECURITIES 127.2% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 1.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 1.1% |
|  Alfa-Bank CJSC | Alfa-Bank CJSC | Alfa-Bank CJSC |
|  5.860% (EUR003M + 2.100%) due 10/21/2026 «~(l) | 11541 | 11541 |
|  Aligned Data Centers International LP | Aligned Data Centers International LP | Aligned Data Centers International LP |
|  7.223% due 12/18/2029 «~ | 92000 | 92597 |
|  Altice France SA | Altice France SA | Altice France SA |
|  10.547% (TSFR3M + 6.875%) due 05/31/2031 ~ | 8483 | 8516 |
|  Castlelake LP | Castlelake LP | Castlelake LP |
|  2.950% due 05/12/2031 «~ | 62691 | 58742 |
|  Coreweave Compute Acquisition Co. IV LLC | Coreweave Compute Acquisition Co. IV LLC | Coreweave Compute Acquisition Co. IV LLC |
|  9.669% - 9.700% (TSFR3M + 6.000%) due 05/16/2029 «~ | 1456 | 1500 |
|  Databricks, Inc. | Databricks, Inc. | Databricks, Inc. |
|  TBD% due 01/05/2032 ~µ | 4493 | 4471 |
|  8.171% (TSFR1M + 4.500%) due 01/05/2032 ~ | 20301 | 20199 |
|  Dorchester LLC | Dorchester LLC | Dorchester LLC |
|  4.610% (EUR003M + 2.300%) due 01/04/2027 «~(l) | 18900 | 21846 |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  TBD% due 12/18/2027 « | 10200 | 10098 |
|  Encina Private Credit LLC | Encina Private Credit LLC | Encina Private Credit LLC |
|  TBD% due 11/30/2026 «~ | 382 | 316 |
|  Fennovoima OYJ | Fennovoima OYJ | Fennovoima OYJ |
|  TBD% - 4.485% (EUR003M + 2.350%) due 07/10/2028 «~µ(l) | 7787 | 9054 |
|  0.600% - 4.485% (EUR003M + 2.350%) due 07/10/2028 «~(l) | 22052 | 25641 |
|  FPS Finance Co. 1 LLC | FPS Finance Co. 1 LLC | FPS Finance Co. 1 LLC |
|  6.610% (EUR003M + 2.950%) due 05/26/2028 «~ | 10000 | 10000 |
|  KRE 1330 Broadway Owner LLC | KRE 1330 Broadway Owner LLC | KRE 1330 Broadway Owner LLC |
|  5.480% due 06/10/2026 «~ | 111395 | 52626 |
|  Nscale AS | Nscale AS | Nscale AS |
|  TBD% - 8.700% (TSFR3M + 5.000%) due 08/11/2032 «~µ | 24000 | 24000 |
|  Project Flash | Project Flash | Project Flash |
|  TBD% - 5.933% (TSFR3M + 2.250%) due 04/30/2030 «~µ | 57471 | 57470 |
|  TBD% - 5.933% (TSFR1M + 2.250%) due 04/30/2030 «~µ | 29217 | 29217 |
|  Project Hudson II | Project Hudson II | Project Hudson II |
|  7.730% due 05/29/2026 «~ | 26500 | 26594 |
|  Project Quasar Pledgco SLU | Project Quasar Pledgco SLU | Project Quasar Pledgco SLU |
|  5.190% (EUR001M + 3.250%) due 04/15/2026 «~ | 38259 | 43937 |
|  Stepstone Group Midco 2 GmbH | Stepstone Group Midco 2 GmbH | Stepstone Group Midco 2 GmbH |
|  8.199% (TSFR6M + 4.500%) due 12/19/2031 ~ | 9697 | 8534 |
|  Virgin Media Investment Holdings Ltd. | Virgin Media Investment Holdings Ltd. | Virgin Media Investment Holdings Ltd. |
|  6.978% due 08/01/2030 «~ | 5900 | 7497 |
|  Total Loan Participations and Assignments (Cost $585,275) | Total Loan Participations and Assignments (Cost $585,275) | 524396 |
| CORPORATE BONDS & NOTES 21.7% | CORPORATE BONDS & NOTES 21.7% | CORPORATE BONDS & NOTES 21.7% |
| BANKING & FINANCE 11.9% | BANKING & FINANCE 11.9% | BANKING & FINANCE 11.9% |
|  123 Lights Re Ltd. | 123 Lights Re Ltd. | 123 Lights Re Ltd. |
|  14.510% (FHMMUSTF + 11.000%) due 09/14/2031 ~ | 700 | 723 |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  2.470% due 12/13/2029 •  | 1000 | 947 |
|  6.339% due 09/18/2027 •  | 1300 | 1311 |
|  Accident Fund Insurance Co. of America | Accident Fund Insurance Co. of America | Accident Fund Insurance Co. of America |
|  8.500% due 08/01/2032 | 45000 | 45050 |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  2.450% due 10/29/2026 | 1900 | 1879 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.000% due 10/29/2028 (n) | $— | 643 | $— | 619 |
|  3.650% due 07/21/2027 |  | 6900 |  | 6828 |
|  4.625% due 10/15/2027 |  | 10700 |  | 10716 |
|  6.450% due 04/15/2027 |  | 8105 |  | 8259 |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  2.850% due 01/26/2028 |  | 54500 |  | 52828 |
|  4.250% due 06/15/2026 |  | 1500 |  | 1498 |
|  Alamo Re Ltd. | Alamo Re Ltd. | Alamo Re Ltd. | Alamo Re Ltd. | Alamo Re Ltd. |
|  11.944% (FHMMUSTF + 8.434%) due 06/07/2027 ~ |  | 8000 |  | 8292 |
|  15.390% (FHMMUSTF + 11.880%) due 06/08/2026 ~ |  | 8000 |  | 8156 |
|  Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
|  3.950% due 01/15/2028 |  | 600 |  | 594 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  2.200% due 11/02/2028 |  | 890 |  | 838 |
|  4.750% due 06/09/2027 (n) |  | 2372 |  | 2377 |
|  6.848% due 01/03/2030 •(n) |  | 8400 |  | 8768 |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
|  3.375% due 02/01/2031 |  | 28500 |  | 25704 |
|  American Express Co. | American Express Co. | American Express Co. | American Express Co. | American Express Co. |
|  2.550% due 03/04/2027 |  | 1960 |  | 1932 |
|  5.085% due 01/30/2031 •  |  | 5000 |  | 5086 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  2.375% due 07/15/2031 |  | 2600 |  | 2293 |
|  4.250% due 02/15/2028 |  | 6678 |  | 6645 |
|  4.900% due 02/15/2029 |  | 53900 |  | 54203 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  2.750% due 01/15/2027 |  | 23000 |  | 22713 |
|  3.375% due 10/15/2026 |  | 4165 |  | 4141 |
|  3.650% due 03/15/2027 |  | 275 |  | 273 |
|  5.200% due 02/15/2029 (n) |  | 5300 |  | 5392 |
|  5.800% due 11/15/2028 |  | 825 |  | 851 |
|  Antares Holdings LP | Antares Holdings LP | Antares Holdings LP | Antares Holdings LP | Antares Holdings LP |
|  3.950% due 07/15/2026 |  | 6200 |  | 6179 |
|  6.500% due 02/08/2029 |  | 16200 |  | 16227 |
|  7.950% due 08/11/2028 |  | 20600 |  | 21366 |
|  Aon North America, Inc. | Aon North America, Inc. | Aon North America, Inc. | Aon North America, Inc. | Aon North America, Inc. |
|  5.125% due 03/01/2027 |  | 6763 |  | 6799 |
|  5.150% due 03/01/2029 (n) |  | 4800 |  | 4904 |
|  ARES Capital Corp. | ARES Capital Corp. | ARES Capital Corp. | ARES Capital Corp. | ARES Capital Corp. |
|  5.100% due 01/15/2031 (n) |  | 14800 |  | 14239 |
|  Armor RE II Ltd. | Armor RE II Ltd. | Armor RE II Ltd. | Armor RE II Ltd. | Armor RE II Ltd. |
|  12.060% (BRMMUSDF + 8.500%) due 01/07/2032 ~ |  | 600 |  | 636 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  4.684% (SOFRINDX + 1.030%) due 08/27/2026 ~ |  | 5900 |  | 5911 |
|  4.857% (SOFRINDX + 1.210%) due 03/25/2027 ~ |  | 25000 |  | 25031 |
|  5.322% due 11/13/2031 (n) |  | 8000 |  | 7914 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  3.500% due 11/01/2027 |  | 1000 |  | 982 |
|  5.125% due 04/10/2030 (n) |  | 3400 |  | 3419 |
|  5.375% due 07/15/2029 |  | 1100 |  | 1118 |
|  6.250% due 04/15/2028 |  | 8318 |  | 8556 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 |  | 7703 |  | 7444 |
|  4.700% due 01/30/2031 |  | 15700 |  | 15392 |
|  4.950% due 10/15/2032 |  | 14100 |  | 13739 |
|  5.750% due 03/01/2029 (n) |  | 6100 |  | 6239 |
|  6.375% due 05/04/2028 |  | 1900 |  | 1956 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  5.381% due 03/13/2029 |  | 10600 |  | 10887 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  4.175% due 03/24/2028 •  |  | 19200 |  | 19119 |
|  5.028% (SOFRRATE + 1.380%) due 03/14/2028 ~ |  | 24800 |  | 24956 |
|  5.565% due 01/17/2030 |  | 37900 |  | 38851 |
|  6.527% due 11/07/2027 •  |  | 15800 |  | 15999 |
|  6.607% due 11/07/2028 |  | 15800 |  | 16609 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  2.551% due 02/04/2028 •  |  | 38300 |  | 37721 |
|  3.419% due 12/20/2028 •  |  | 32648 |  | 32084 |
|  3.559% due 04/23/2027 •  |  | 5086 |  | 5083 |
|  3.824% due 01/20/2028 •  |  | 6035 |  | 6006 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.970% due 03/05/2029 •  | $— | 3020 | $— | 2994 |
|  4.271% due 07/23/2029 •  |  | 850 |  | 847 |
|  4.376% due 04/27/2028 •  |  | 8460 |  | 8455 |
|  4.456% due 02/06/2032 •  |  | 15100 |  | 14914 |
|  4.948% due 07/22/2028 •  |  | 9143 |  | 9204 |
|  4.979% due 01/24/2029 •  |  | 8000 |  | 8065 |
|  4.997% (SOFRRATE + 1.350%) due 09/15/2027 ~ |  | 15000 |  | 15057 |
|  5.933% due 09/15/2027 •  |  | 48200 |  | 48539 |
|  6.204% due 11/10/2028 •(n) |  | 5897 |  | 6060 |
|  Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | Bank of New York Mellon Corp. | Bank of New York Mellon Corp. |
|  4.975% due 03/14/2030 •  |  | 7400 |  | 7525 |
|  Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA | Banque Federative du Credit Mutuel SA |
|  5.896% due 07/13/2026 |  | 11100 |  | 11151 |
|  Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC |
|  2.894% due 11/24/2032 •  |  | 2209 |  | 1975 |
|  4.219% due 05/24/2030 •  |  | 10600 |  | 10440 |
|  4.837% due 09/10/2028 •  |  | 20600 |  | 20684 |
|  4.942% due 09/10/2030 •  |  | 2100 |  | 2111 |
|  5.138% (SOFRRATE + 1.490%) due 03/12/2028 ~ |  | 46500 |  | 46829 |
|  5.528% (SOFRRATE + 1.880%) due 09/13/2027 ~ |  | 29000 |  | 29116 |
|  5.674% due 03/12/2028 •  |  | 26700 |  | 26956 |
|  5.690% due 03/12/2030 •  |  | 16500 |  | 16958 |
|  6.490% due 09/13/2029 •  |  | 17500 |  | 18226 |
|  6.496% due 09/13/2027 •  |  | 42300 |  | 42644 |
|  7.385% due 11/02/2028 •  |  | 31700 |  | 33024 |
|  7.437% due 11/02/2033 •  |  | 3191 |  | 3570 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  6.150% due 04/02/2030 |  | 1400 |  | 1425 |
|  6.600% due 06/10/2029 |  | 12600 |  | 13005 |
|  8.000% due 05/25/2028 |  | 18100 |  | 19089 |
|  Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund |
|  5.250% due 09/04/2029 |  | 18100 |  | 17751 |
|  Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC |
|  3.125% due 06/10/2031 |  | 2000 |  | 1727 |
|  Blue Ridge Re Ltd. | Blue Ridge Re Ltd. | Blue Ridge Re Ltd. | Blue Ridge Re Ltd. | Blue Ridge Re Ltd. |
|  7.010% (FHMMUSTF + 3.500%) due 01/08/2029 ~ |  | 300 |  | 302 |
|  9.510% (FHMMUSTF + 6.000%) due 01/08/2029 ~ |  | 250 |  | 247 |
|  11.510% (FHMMUSTF + 8.000%) due 01/08/2029 ~ |  | 250 |  | 246 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  1.904% due 09/30/2028 •  |  | 39900 |  | 38366 |
|  2.871% due 04/19/2032 •(n) |  | 5800 |  | 5261 |
|  5.125% due 01/13/2029 •  |  | 16800 |  | 16978 |
|  5.198% due 01/10/2030 •  |  | 33000 |  | 33480 |
|  5.497% due 05/20/2030 •  |  | 26700 |  | 27360 |
|  5.786% due 01/13/2033 •(n) |  | 2800 |  | 2895 |
|  Boston Properties LP | Boston Properties LP | Boston Properties LP | Boston Properties LP | Boston Properties LP |
|  2.450% due 10/01/2033 |  | 4076 |  | 3300 |
|  3.400% due 06/21/2029 (n) |  | 24141 |  | 23148 |
|  BPCE SA | BPCE SA | BPCE SA | BPCE SA | BPCE SA |
|  4.760% due 01/13/2032 •(n) |  | 17700 |  | 17462 |
|  5.281% due 05/30/2029 |  | 4750 |  | 4846 |
|  5.876% due 01/14/2031 •  |  | 13300 |  | 13706 |
|  5.936% due 05/30/2035 •  |  | 4900 |  | 5014 |
|  6.612% due 10/19/2027 •  |  | 29050 |  | 29376 |
|  6.714% due 10/19/2029 •(n) |  | 16700 |  | 17473 |
|  7.003% due 10/19/2034 •  |  | 5400 |  | 5904 |
|  Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP |
|  3.950% due 11/15/2027 (n) |  | 13116 |  | 12591 |
|  4.550% due 10/01/2029 (n) |  | 16500 |  | 15063 |
|  8.300% due 03/15/2028 (n) |  | 1900 |  | 1935 |
|  Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP |
|  2.250% due 04/01/2028 |  | 2500 |  | 2401 |
|  3.900% due 03/15/2027 |  | 3090 |  | 3073 |
|  4.125% due 06/15/2026 |  | 8500 |  | 8495 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
|  4.350% due 04/15/2030 (n) |  | 1200 |  | 1182 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  5.673% due 03/15/2030 •(n) |  | 3000 |  | 3083 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  4.243% due 09/08/2028 •  |  | 6100 |  | 6086 |
|  4.580% due 09/08/2031 •(n) |  | 10000 |  | 9961 |

---

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Cape Lookout Re Ltd. | Cape Lookout Re Ltd. | Cape Lookout Re Ltd. |
|  8.760% (FHMMUSTF + 5.250%) due 03/21/2033 ~ | 1300 | 1300 |
|  9.510% (FHMMUSTF + 6.000%) due 03/21/2033 ~ | 1300 | 1300 |
|  10.410% (FHMMUSTF + 6.900%) due 03/13/2032 ~ | 5500 | 5741 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  4.722% due 01/30/2032 •(n) | 5600 | 5517 |
|  4.927% due 05/10/2028 •  | 18700 | 18754 |
|  CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
|  4.625% due 12/12/2031 | 19700 | 22807 |
|  7.500% due 05/30/2029 | 7900 | 8294 |
|  Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC |
|  4.750% due 02/14/2029 | 7600 | 7452 |
|  Citibank NA | Citibank NA | Citibank NA |
|  4.838% due 08/06/2029 | 7750 | 7854 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  2.572% due 06/03/2031 •  | 8600 | 7886 |
|  3.070% due 02/24/2028 •  | 71900 | 71043 |
|  4.658% due 05/24/2028 •(n) | 2400 | 2405 |
|  5.174% due 02/13/2030 •(n) | 3800 | 3859 |
|  Citrus Re Ltd. | Citrus Re Ltd. | Citrus Re Ltd. |
|  8.922% (T-BILL 3MO + 5.250%) due 06/07/2033 ~ | 300 | 300 |
|  9.910% (T-BILL 3MO + 6.250%) due 06/07/2033 ~ | 300 | 300 |
|  Consumers Securitization Funding LLC | Consumers Securitization Funding LLC | Consumers Securitization Funding LLC |
|  5.210% due 09/01/2031 | 2600 | 2648 |
|  5.550% due 03/01/2028 | 8554 | 8623 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  4.655% due 08/22/2028 •  | 32000 | 32071 |
|  5.447% due 03/05/2030 •(n) | 10850 | 11098 |
|  COPT Defense Properties LP | COPT Defense Properties LP | COPT Defense Properties LP |
|  2.750% due 04/15/2031 (n) | 2700 | 2447 |
|  Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
|  4.650% due 08/20/2027 | 3300 | 3304 |
|  5.750% due 07/02/2026 | 2500 | 2509 |
|  CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. |
|  2.800% due 07/15/2030 | 9600 | 8685 |
|  CPI Property Group SA | CPI Property Group SA | CPI Property Group SA |
|  1.500% due 01/27/2031 | 2786 | 2518 |
|  1.750% due 01/14/2030 | 28900 | 27914 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  10.100% due 12/15/2043 | 27900 | 8699 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  4.519% (SOFRRATE + 0.870%) due 03/11/2027 ~ | 21850 | 21904 |
|  6.316% due 10/03/2029 •  | 16750 | 17441 |
|  Credit Opportunities Partners LLC | Credit Opportunities Partners LLC | Credit Opportunities Partners LLC |
|  6.520% due 03/20/2028 «(l) | 9900 | 9818 |
|  6.740% due 03/20/2030 «(l) | 8400 | 8271 |
|  Credit Suisse AG AT1 Claim | 27500 | 9625 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  2.900% due 03/15/2027 | 500 | 493 |
|  3.700% due 06/15/2026 | 600 | 599 |
|  4.800% due 09/01/2028 | 4000 | 4022 |
|  5.600% due 06/01/2029 | 3100 | 3174 |
|  Danske Bank AS | Danske Bank AS | Danske Bank AS |
|  4.298% due 04/01/2028 •  | 18900 | 18875 |
|  4.662% due 03/27/2029 •  | 15000 | 15036 |
|  4.999% due 03/27/2032 •  | 3200 | 3209 |
|  5.427% due 03/01/2028 •  | 3700 | 3736 |
|  5.705% due 03/01/2030 •(n) | 5600 | 5761 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  1.625% due 01/20/2027 | 400 | 458 |
|  1.750% due 11/19/2030 •  | 32800 | 35224 |
|  2.311% due 11/16/2027 •  | 26300 | 25944 |
|  3.729% due 01/14/2032 •  | 800 | 744 |
|  4.879% (SOFRRATE + 1.219%) due 11/16/2027 ~ | 18300 | 18351 |
|  5.000% due 09/05/2030 •  | 22200 | 26594 |
|  Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP |
|  3.600% due 07/01/2029 | 13617 | 13229 |
|  4.450% due 07/15/2028 | 43490 | 43390 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  DOC Dr. LLC | DOC Dr. LLC | DOC Dr. LLC |
|  3.950% due 01/15/2028 | 3900 | 3860 |
|  East Lane Re VII Ltd. | East Lane Re VII Ltd. | East Lane Re VII Ltd. |
|  12.160% (BRMMUSDF + 8.500%) due 03/31/2032 ~ | 1600 | 1603 |
|  Empower Finance 2020 LP | Empower Finance 2020 LP | Empower Finance 2020 LP |
|  1.357% due 09/17/2027 (n) | 15600 | 14950 |
|  EPR Properties | EPR Properties | EPR Properties |
|  3.600% due 11/15/2031 | 15100 | 13714 |
|  3.750% due 08/15/2029 | 14900 | 14281 |
|  4.500% due 06/01/2027 (n) | 7800 | 7769 |
|  4.750% due 12/15/2026 | 4100 | 4098 |
|  4.950% due 04/15/2028 | 25572 | 25543 |
|  Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC |
|  4.600% due 11/15/2030 | 8000 | 7929 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  1.550% due 03/15/2028 | 38144 | 36124 |
|  Equitable America Global Funding | Equitable America Global Funding | Equitable America Global Funding |
|  3.950% due 09/15/2027 | 4100 | 4068 |
|  Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
|  3.375% due 04/15/2026 | 880 | 880 |
|  Everglades Re II Ltd. | Everglades Re II Ltd. | Everglades Re II Ltd. |
|  16.291% (GSMMUSTI + 12.750%) due 05/13/2027 ~ | 1650 | 1679 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  3.500% due 07/01/2026 | 5600 | 5588 |
|  F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. |
|  6.250% due 10/04/2034 (n) | 3600 | 3419 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  4.850% due 04/17/2028 | 6100 | 6128 |
|  Fidelity National Financial, Inc. | Fidelity National Financial, Inc. | Fidelity National Financial, Inc. |
|  2.450% due 03/15/2031 | 4900 | 4326 |
|  First American Financial Corp. | First American Financial Corp. | First American Financial Corp. |
|  4.000% due 05/15/2030 | 8290 | 7912 |
|  Fish Pond Re Ltd. | Fish Pond Re Ltd. | Fish Pond Re Ltd. |
|  7.580% (BRMMUSDF + 4.020%) due 01/08/2027 ~ | 1400 | 1420 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.900% due 02/16/2028 | 14209 | 13630 |
|  2.900% due 02/10/2029 | 2000 | 1871 |
|  4.000% due 11/13/2030 (n) | 12500 | 11638 |
|  4.542% due 08/01/2026 | 9200 | 9188 |
|  4.950% due 05/28/2027 | 3150 | 3150 |
|  4.970% due 04/06/2029 | 21600 | 21341 |
|  5.113% due 05/03/2029 (n) | 7650 | 7580 |
|  5.303% due 09/06/2029 | 800 | 796 |
|  5.420% due 04/09/2031 | 8700 | 8546 |
|  5.800% due 03/08/2029 | 57900 | 58567 |
|  5.875% due 11/07/2029 (n) | 9000 | 9116 |
|  5.918% due 03/20/2028 | 13500 | 13676 |
|  6.125% due 03/08/2034 | 1600 | 1586 |
|  7.350% due 11/04/2027 | 2445 | 2524 |
|  7.350% due 03/06/2030 | 950 | 1003 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  6.875% due 08/15/2029 | 700 | 688 |
|  Gateway Re Ltd. | Gateway Re Ltd. | Gateway Re Ltd. |
|  5.560% (BRMMUSDF + 2.000%) due 07/06/2029 ~ | 950 | 950 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  5.011% (SOFRINDX + 1.350%) due 05/08/2027 ~ | 12100 | 12173 |
|  Glitnir Banki HF | Glitnir Banki HF | Glitnir Banki HF |
|  0.000% due 12/31/2030 « | 27 | 0 |
|  Globe Life, Inc. | Globe Life, Inc. | Globe Life, Inc. |
|  2.150% due 08/15/2030 | 5575 | 5009 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  3.250% due 01/15/2032 | 400 | 357 |
|  4.000% due 01/15/2030 | 19400 | 18632 |
|  4.000% due 01/15/2031 | 2800 | 2656 |
|  5.250% due 02/15/2033 (n) | 6200 | 6083 |
|  5.300% due 01/15/2029 | 3100 | 3136 |
|  5.750% due 11/01/2037 | 15000 | 14532 |
|  Golden Bear Re Ltd. | Golden Bear Re Ltd. | Golden Bear Re Ltd. |
|  13.162% (T-BILL 1MO + 9.500%) due 03/08/2032 ~ | 1800 | 1800 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  13.412% (JMMMUSTF + 9.750%) due 01/08/2029 ~ | $— | 3500 | $— | 3564 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  1.948% due 10/21/2027 •  |  | 8600 |  | 8483 |
|  4.148% due 01/21/2029 •  |  | 14100 |  | 14017 |
|  4.516% due 01/21/2032 •  |  | 8000 |  | 7880 |
|  4.745% (SOFRRATE + 1.080%) due 01/28/2031 ~ |  | 33300 |  | 33292 |
|  5.049% due 07/23/2030 •(n) |  | 22400 |  | 22673 |
|  5.207% due 01/28/2031 •(n) |  | 33200 |  | 33742 |
|  6.484% due 10/24/2029 •  |  | 38500 |  | 40282 |
|  Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC |
|  4.625% due 05/04/2032 |  | 20700 |  | 20374 |
|  Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC |
|  3.700% due 03/15/2028 |  | 10100 |  | 9943 |
|  Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. |
|  11.290% (BNMMDTSC + 7.750%) due 04/08/2032 ~ |  | 1300 |  | 1347 |
|  GSG Bidco Ltd. | GSG Bidco Ltd. | GSG Bidco Ltd. | GSG Bidco Ltd. | GSG Bidco Ltd. |
|  4.700% due 06/15/2031 |  | 40500 |  | 46438 |
|  GSPA Monetization Trust | GSPA Monetization Trust | GSPA Monetization Trust | GSPA Monetization Trust | GSPA Monetization Trust |
|  6.422% due 10/09/2029 | $— | 7612 |  | 7663 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  6.150% due 01/15/2031 |  | 11900 |  | 12126 |
|  Handshake Re Ltd. | Handshake Re Ltd. | Handshake Re Ltd. | Handshake Re Ltd. | Handshake Re Ltd. |
|  8.060% (JMMMUSTF + 4.500%) due 01/08/2030 ~ |  | 300 |  | 298 |
|  Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. | Hanover Insurance Group, Inc. |
|  2.500% due 09/01/2030 |  | 2590 |  | 2352 |
|  Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC |
|  4.840% due 06/07/2028 «(l) |  | 8900 |  | 8911 |
|  4.980% due 06/07/2030 «(l) |  | 5800 |  | 5817 |
|  5.160% due 06/07/2032 «(l) |  | 13900 |  | 13988 |
|  HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC |
|  3.750% due 09/15/2030 (n) |  | 9455 |  | 8708 |
|  Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
|  2.050% due 03/15/2031 |  | 3100 |  | 2694 |
|  3.100% due 02/15/2030 |  | 2800 |  | 2639 |
|  Herbie Re Ltd. | Herbie Re Ltd. | Herbie Re Ltd. | Herbie Re Ltd. | Herbie Re Ltd. |
|  7.780% (MSMMUSTF + 4.250%) due 01/07/2030 ~ |  | 400 |  | 401 |
|  Hestia Re Ltd. | Hestia Re Ltd. | Hestia Re Ltd. | Hestia Re Ltd. | Hestia Re Ltd. |
|  10.290% (BNMMDTSC + 6.750%) due 03/13/2032 ~ |  | 400 |  | 406 |
|  11.790% (BNMMDTSC + 8.250%) due 03/13/2032 ~ |  | 400 |  | 409 |
|  Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
|  3.050% due 02/15/2030 |  | 600 |  | 554 |
|  4.200% due 04/15/2029 |  | 3600 |  | 3502 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  3.375% due 12/15/2029 (n) |  | 7600 |  | 7225 |
|  3.500% due 09/15/2030 |  | 2800 |  | 2633 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  4.398% due 03/10/2030 •  |  | 31200 |  | 30975 |
|  4.685% (SOFRRATE + 1.030%) due 03/03/2029 ~ |  | 5000 |  | 5015 |
|  4.899% due 03/03/2029 •  |  | 2000 |  | 2012 |
|  5.230% (SOFRRATE + 1.570%) due 08/14/2027 ~ |  | 26300 |  | 26376 |
|  5.546% due 03/04/2030 •(n) |  | 15800 |  | 16193 |
|  5.597% due 05/17/2028 •  |  | 5600 |  | 5664 |
|  5.887% due 08/14/2027 •  |  | 25600 |  | 25726 |
|  7.390% due 11/03/2028 •  |  | 61500 |  | 64123 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  3.250% due 01/15/2030 (n) |  | 24000 |  | 19424 |
|  3.950% due 11/01/2027 (n) |  | 4400 |  | 4156 |
|  4.650% due 04/01/2029 (n) |  | 7300 |  | 6236 |
|  5.950% due 02/15/2028 (n) |  | 11567 |  | 10984 |
|  ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV |
|  4.017% due 03/28/2028 •  |  | 3600 |  | 3584 |
|  4.250% due 05/16/2031 •(i)(k) |  | 200 |  | 174 |
|  5.066% due 03/25/2031 •  |  | 2000 |  | 2018 |
|  5.335% due 03/19/2030 •(n) |  | 5700 |  | 5822 |
|  Integrity RE III Ltd. | Integrity RE III Ltd. | Integrity RE III Ltd. | Integrity RE III Ltd. | Integrity RE III Ltd. |
|  6.010% (FHMMUSTF + 2.500%) due 06/07/2029 ~ |  | 550 |  | 550 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>13</sub> |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  11.510% (FHMMUSTF + 8.000%) due 06/06/2027 ~ | $— | 250 | $— | 255 |
|  13.260% (FHMMUSTF + 9.750%) due 06/06/2027 ~ |  | 250 |  | 256 |
|  15.760% (FHMMUSTF + 12.250%) due 06/06/2028 ~ |  | 700 |  | 727 |
|  29.010% (FHMMUSTF + 25.500%) due 06/06/2027 ~ |  | 1300 |  | 1429 |
|  Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. |
|  3.625% due 09/01/2028 |  | 4400 |  | 4333 |
|  4.200% due 03/15/2031 |  | 2600 |  | 2565 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  2.300% due 11/15/2028 |  | 3250 |  | 3060 |
|  JAB Holdings BV | JAB Holdings BV | JAB Holdings BV | JAB Holdings BV | JAB Holdings BV |
|  2.200% due 11/23/2030 |  | 335 |  | 299 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  1.470% due 09/22/2027 •  |  | 25900 |  | 25548 |
|  1.578% due 04/22/2027 •(n) |  | 9900 |  | 9884 |
|  2.182% due 06/01/2028 •  |  | 56450 |  | 55038 |
|  2.739% due 10/15/2030 •(n) |  | 5800 |  | 5464 |
|  2.947% due 02/24/2028 •  |  | 39550 |  | 39058 |
|  3.540% due 05/01/2028 •  |  | 2000 |  | 1982 |
|  4.323% due 04/26/2028 •  |  | 1835 |  | 1834 |
|  4.347% due 01/22/2032 •  |  | 1400 |  | 1381 |
|  4.411% (SOFRRATE + 0.765%) due 09/22/2027 ~ |  | 5000 |  | 5003 |
|  4.526% (SOFRRATE + 0.860%) due 10/22/2028 ~(n) |  | 11100 |  | 11125 |
|  4.596% (SOFRRATE + 0.930%) due 07/22/2028 ~ |  | 15500 |  | 15534 |
|  4.603% due 10/22/2030 •(n) |  | 25000 |  | 25058 |
|  4.851% due 07/25/2028 •(n) |  | 7660 |  | 7699 |
|  4.866% (SOFRRATE + 1.200%) due 01/23/2028 ~ |  | 39600 |  | 39769 |
|  4.915% due 01/24/2029 •(n) |  | 5800 |  | 5851 |
|  4.979% due 07/22/2028 •(n) |  | 18400 |  | 18528 |
|  5.012% due 01/23/2030 •(n) |  | 39700 |  | 40261 |
|  5.299% due 07/24/2029 •  |  | 25600 |  | 26081 |
|  6.070% due 10/22/2027 •  |  | 20464 |  | 20661 |
|  6.087% due 10/23/2029 •(n) |  | 5000 |  | 5196 |
|  JPMorgan Chase Bank NA | JPMorgan Chase Bank NA | JPMorgan Chase Bank NA | JPMorgan Chase Bank NA | JPMorgan Chase Bank NA |
|  4.649% (SOFRRATE + 1.000%) due 12/08/2026 ~ |  | 17200 |  | 17275 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  2.500% due 11/15/2032 |  | 10600 |  | 8636 |
|  2.650% due 11/15/2033 |  | 4800 |  | 3820 |
|  3.050% due 02/15/2030 (n) |  | 6700 |  | 6111 |
|  4.250% due 08/15/2029 (n) |  | 5549 |  | 5368 |
|  4.750% due 12/15/2028 |  | 3300 |  | 3277 |
|  6.250% due 01/15/2036 |  | 6300 |  | 6247 |
|  Kimco Realty OP LLC | Kimco Realty OP LLC | Kimco Realty OP LLC | Kimco Realty OP LLC | Kimco Realty OP LLC |
|  1.900% due 03/01/2028 |  | 3524 |  | 3374 |
|  Kizuna RE III Pte. Ltd. | Kizuna RE III Pte. Ltd. | Kizuna RE III Pte. Ltd. | Kizuna RE III Pte. Ltd. | Kizuna RE III Pte. Ltd. |
|  6.412% (T-BILL 3MO + 2.750%) due 04/09/2029 ~ |  | 2434 |  | 2476 |
|  KKR Group Finance Co. VI LLC | KKR Group Finance Co. VI LLC | KKR Group Finance Co. VI LLC | KKR Group Finance Co. VI LLC | KKR Group Finance Co. VI LLC |
|  3.750% due 07/01/2029 |  | 300 |  | 290 |
|  Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. |
|  5.718% due 09/15/2026 «•  |  | 15200 |  | 17684 |
|  Kookmin Bank | Kookmin Bank | Kookmin Bank | Kookmin Bank | Kookmin Bank |
|  4.500% due 02/01/2029 (k) | $— | 2500 |  | 2487 |
|  Lazard Group LLC | Lazard Group LLC | Lazard Group LLC | Lazard Group LLC | Lazard Group LLC |
|  4.500% due 09/19/2028 |  | 7000 |  | 6971 |
|  Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. |
|  5.875% due 07/05/2034 |  | 8761 |  | 8957 |
|  Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC | Lloyds Bank PLC |
|  0.000% due 04/02/2032 þ |  | 41200 |  | 30952 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  4.241% due 02/10/2030 •  |  | 15000 |  | 14842 |
|  4.375% due 03/22/2028 |  | 2300 |  | 2296 |
|  4.425% due 11/04/2031 •  |  | 11600 |  | 11441 |
|  4.716% (SOFRINDX + 1.060%) due 11/26/2028 ~ |  | 25400 |  | 25514 |
|  5.087% due 11/26/2028 •  |  | 1750 |  | 1766 |
|  5.462% due 01/05/2028 •  |  | 17700 |  | 17833 |
|  5.985% due 08/07/2027 •  |  | 1100 |  | 1105 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Locke Tavern Re Ltd. | Locke Tavern Re Ltd. | Locke Tavern Re Ltd. |
|  4.060% (JMMMUSTF + 3.250%) due 04/11/2033 ~ | 600 | 600 |
|  4.060% (JMMMUSTF + 4.250%) due 04/11/2033 ~ | 500 | 500 |
|  Logicor Financing SARL | Logicor Financing SARL | Logicor Financing SARL |
|  1.625% due 07/15/2027 | 7200 | 8161 |
|  3.250% due 11/13/2028 | 10900 | 12515 |
|  Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. |
|  21.473% (GSMMUSTI + 17.932%) due 05/27/2031 ~ | 2600 | 2753 |
|  Luca RE Ltd. | Luca RE Ltd. | Luca RE Ltd. |
|  10.810% (JMMMUSTF + 7.250%) due 07/22/2031 ~ | 2500 | 2576 |
|  LXP Industrial Trust | LXP Industrial Trust | LXP Industrial Trust |
|  2.375% due 10/01/2031 | 6200 | 5391 |
|  2.700% due 09/15/2030 | 900 | 822 |
|  Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. |
|  4.650% due 03/15/2030 | 1300 | 1310 |
|  MassMutual Global Funding II | MassMutual Global Funding II | MassMutual Global Funding II |
|  4.648% (SOFRRATE + 0.980%) due 07/10/2026 ~ | 48800 | 48896 |
|  Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I |
|  3.450% due 12/18/2026 | 7500 | 7457 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  1.640% due 10/13/2027 •  | 6200 | 6107 |
|  4.505% due 01/14/2032 •  | 7100 | 7000 |
|  5.197% due 01/16/2031 •  | 15700 | 15961 |
|  5.422% due 02/22/2029 •  | 18800 | 19109 |
|  Mizrahi Tefahot Bank Ltd. | Mizrahi Tefahot Bank Ltd. | Mizrahi Tefahot Bank Ltd. |
|  5.049% due 01/28/2031 | 8200 | 8109 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  1.979% due 09/08/2031 •  | 12300 | 10922 |
|  2.201% due 07/10/2031 •  | 29200 | 26312 |
|  5.382% due 07/10/2030 •  | 19800 | 20258 |
|  5.414% due 09/13/2028 •  | 24400 | 24736 |
|  MMIFS Re Ltd. | MMIFS Re Ltd. | MMIFS Re Ltd. |
|  5.151% (CAONINDX + 2.900%) due 01/10/2033 ~ | 1000 | 719 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  2.734% (EUR003M + 0.700%) due 10/05/2029 ~ | 15200 | 17563 |
|  3.383% due 01/23/2032 •  | 10000 | 11354 |
|  3.772% due 01/24/2029 •  | 2276 | 2246 |
|  3.790% due 03/21/2030 •  | 2900 | 3373 |
|  4.133% due 10/18/2029 •  | 6100 | 6030 |
|  4.238% due 01/09/2030 •  | 2200 | 2178 |
|  4.654% due 10/18/2030 •(n) | 25700 | 25694 |
|  5.042% due 07/19/2030 •(n) | 3100 | 3136 |
|  5.123% due 02/01/2029 •  | 7400 | 7484 |
|  5.173% due 01/16/2030 •  | 23841 | 24180 |
|  5.449% due 07/20/2029 •  | 3400 | 3461 |
|  5.652% due 04/13/2028 •  | 4700 | 4757 |
|  5.656% due 04/18/2030 •  | 800 | 823 |
|  6.407% due 11/01/2029 •  | 33800 | 35282 |
|  Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
|  4.352% (SOFRRATE + 0.685%) due 10/15/2027 ~ | 10100 | 10093 |
|  4.447% due 10/15/2027 •  | 7600 | 7605 |
|  4.518% (SOFRRATE + 0.865%) due 05/26/2028 ~ | 25000 | 25011 |
|  4.568% (SOFRRATE + 0.900%) due 01/12/2029 ~ | 16000 | 16047 |
|  4.607% (SOFRRATE + 0.940%) due 07/14/2028 ~ | 49500 | 49546 |
|  4.747% (SOFRRATE + 1.080%) due 01/14/2028 ~ | 11800 | 11853 |
|  5.882% due 10/30/2026 | 24000 | 24225 |
|  Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund |
|  4.500% due 02/11/2027 | 18150 | 18061 |
|  Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA |
|  4.204% due 11/17/2028 •(n) | 14700 | 14654 |
|  4.439% (SOFRRATE + 0.770%) due 07/06/2028 ~ | 2350 | 2347 |
|  Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding | Mutual of Omaha Cos Global Funding |
|  5.800% due 07/27/2026 | 5800 | 5828 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. |
|  3.000% due 02/01/2031 | 6990 | 6293 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  3.960% due 07/18/2030 •  | 34800 | 34028 |
|  4.000% due 09/03/2027 •  | 2300 | 3038 |
|  5.264% due 11/10/2026 | 5500 | 5541 |
|  6.557% due 10/18/2027 •  | 20275 | 20506 |
|  Nature Coast Re Ltd. | Nature Coast Re Ltd. | Nature Coast Re Ltd. |
|  11.661% (T-BILL 3MO + 8.000%) due 02/26/2030 ~ | 1500 | 1496 |
|  13.291% (GSMMUSTI + 9.750%) due 04/10/2033 ~ | 1100 | 1139 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  3.073% due 05/22/2028 •  | 25900 | 25487 |
|  4.892% due 05/18/2029 •  | 14600 | 14706 |
|  4.905% (SOFRRATE + 1.250%) due 03/01/2028 ~ | 18300 | 18380 |
|  5.583% due 03/01/2028 •  | 16500 | 16665 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  1.850% due 09/16/2026 | 30200 | 29697 |
|  2.450% due 09/15/2028 | 500 | 457 |
|  2.750% due 03/09/2028 | 8550 | 7999 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.172% due 07/14/2028 | 1500 | 1422 |
|  2.679% due 07/16/2030 | 9500 | 8694 |
|  4.936% (SOFRRATE + 1.250%) due 07/02/2027 ~ | 12900 | 12981 |
|  5.594% due 07/02/2027 | 11300 | 11441 |
|  5.842% due 01/18/2028 | 13500 | 13798 |
|  6.070% due 07/12/2028 | 12000 | 12380 |
|  6.181% due 01/18/2033 | 6000 | 6361 |
|  Old Republic International Corp. | Old Republic International Corp. | Old Republic International Corp. |
|  3.875% due 08/26/2026 | 2850 | 2847 |
|  Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. |
|  3.375% due 02/01/2031 | 21990 | 20344 |
|  3.625% due 10/01/2029 | 14300 | 13753 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  6.625% due 01/15/2028 | 1000 | 1008 |
|  Ontario Teachers' Cadillac Fairview Properties Trust | Ontario Teachers' Cadillac Fairview Properties Trust | Ontario Teachers' Cadillac Fairview Properties Trust |
|  4.125% due 02/01/2029 | 4700 | 4653 |
|  Orange Capital RE DAC | Orange Capital RE DAC | Orange Capital RE DAC |
|  8.026% (EUR003M + 6.000%) due 01/17/2029 ~ | 300 | 364 |
|  Palm RE Ltd. | Palm RE Ltd. | Palm RE Ltd. |
|  11.290% (BNMMDTSC + 7.750%) due 06/07/2032 ~ | 700 | 722 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (g) | 45794 | 35859 |
|  Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC |
|  7.125% due 06/01/2031 (n) | 19900 | 19977 |
|  Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP |
|  3.150% due 08/15/2030 | 19300 | 17366 |
|  6.875% due 07/15/2029 (n) | 4800 | 5030 |
|  Pinnacol Assurance | Pinnacol Assurance | Pinnacol Assurance |
|  8.625% due 06/25/2034 «(l) | 15000 | 15927 |
|  Polestar Re Ltd. | Polestar Re Ltd. | Polestar Re Ltd. |
|  10.661% (BRMMUSDF + 7.000%) due 01/08/2029 ~ | 300 | 301 |
|  12.661% (BRMMUSDF + 9.000%) due 01/08/2029 ~ | 300 | 300 |
|  14.150% (BRMMUSDF + 10.590%) due 01/07/2028 ~ | 2200 | 2306 |
|  14.161% (BRMMUSDF + 10.500%) due 01/08/2029 ~ | 250 | 251 |
|  16.810% (BRMMUSDF + 13.250%) due 01/07/2027 ~ | 9100 | 9409 |
|  Primerica, Inc. | Primerica, Inc. | Primerica, Inc. |
|  2.800% due 11/19/2031 | 3000 | 2687 |
|  Principal Life Global Funding II | Principal Life Global Funding II | Principal Life Global Funding II |
|  1.250% due 08/16/2026 | 4000 | 3956 |
|  Prologis LP | Prologis LP | Prologis LP |
|  4.200% due 02/15/2033 | 15100 | 10821 |
|  Purple Re Ltd. | Purple Re Ltd. | Purple Re Ltd. |
|  6.060% (JMMMUSTF + 2.500%) due 06/07/2033 ~ | 1000 | 1000 |

---

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO TOTAL RETURN FUND** | 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)** |
|  12.686% (JMMMUSTF + 9.126%) due 06/07/2027 ~ | $— | 7800 | $— | 8046 |
|  Quercus II Re DAC | Quercus II Re DAC | Quercus II Re DAC | Quercus II Re DAC | Quercus II Re DAC |
|  13.079% (EUR003M + 11.000%) due 01/07/2028 ~ |  | 1400 |  | 1618 |
|  Quercus Re DAC | Quercus Re DAC | Quercus Re DAC | Quercus Re DAC | Quercus Re DAC |
|  10.020% (EUR003M + 8.000%) due 07/08/2027 ~ |  | 300 |  | 358 |
|  Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
|  2.200% due 06/15/2028 | $— | 550 |  | 525 |
|  3.950% due 08/15/2027 |  | 1100 |  | 1095 |
|  4.875% due 06/01/2026 |  | 6600 |  | 6601 |
|  Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. |
|  3.150% due 06/15/2030 |  | 2000 |  | 1871 |
|  RNHB BV | RNHB BV | RNHB BV | RNHB BV | RNHB BV |
|  0.000% due 01/28/2027 « |  | 1989 |  | 2329 |
|  0.000% due 10/28/2027 « |  | 1876 |  | 2192 |
|  0.000% due 04/28/2028 « |  | 992 |  | 1213 |
|  0.000% due 10/28/2028 « |  | 2125 |  | 2472 |
|  6.760% due 03/01/2027 « |  | 1087 |  | 1250 |
|  Royal Bank of Scotland International Ltd. | Royal Bank of Scotland International Ltd. | Royal Bank of Scotland International Ltd. | Royal Bank of Scotland International Ltd. | Royal Bank of Scotland International Ltd. |
|  4.660% due 12/16/2028 «(l) | $— | 40000 |  | 39487 |
|  Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding |
|  4.504% due 09/02/2027 •  |  | 20600 |  | 20693 |
|  5.100% due 12/10/2029 |  | 5100 |  | 5155 |
|  Sanders Re III Ltd. | Sanders Re III Ltd. | Sanders Re III Ltd. | Sanders Re III Ltd. | Sanders Re III Ltd. |
|  15.880% (BRMMUSDF + 12.320%) due 04/09/2029 ~ |  | 17400 |  | 11310 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  3.244% due 10/05/2026 |  | 800 |  | 796 |
|  5.256% (SOFRRATE + 1.610%) due 03/20/2029 ~ |  | 20400 |  | 20565 |
|  5.353% due 09/06/2030 •  |  | 15600 |  | 15774 |
|  5.473% due 03/20/2029 •  |  | 5400 |  | 5477 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  6.534% due 01/10/2029 •(n) |  | 25600 |  | 26422 |
|  SBA Tower Trust | SBA Tower Trust | SBA Tower Trust | SBA Tower Trust | SBA Tower Trust |
|  2.328% due 07/15/2052 |  | 12200 |  | 11765 |
|  SBL Holdings, Inc. | SBL Holdings, Inc. | SBL Holdings, Inc. | SBL Holdings, Inc. | SBL Holdings, Inc. |
|  7.200% due 10/30/2034 (n) |  | 3600 |  | 3152 |
|  Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners |
|  6.125% due 07/15/2030 (n) |  | 4100 |  | 4079 |
|  6.500% due 03/11/2029 |  | 1500 |  | 1521 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  1.792% due 06/09/2027 •  |  | 11900 |  | 11838 |
|  6.446% due 01/10/2029 •  |  | 25400 |  | 26152 |
|  6.691% due 01/10/2034 •  |  | 32100 |  | 34304 |
|  Standard Chartered Bank | Standard Chartered Bank | Standard Chartered Bank | Standard Chartered Bank | Standard Chartered Bank |
|  4.853% due 12/03/2027 |  | 19800 |  | 20021 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  6.187% due 07/06/2027 •  |  | 1500 |  | 1506 |
|  6.301% due 01/09/2029 •  |  | 16000 |  | 16439 |
|  6.750% due 02/08/2028 •  |  | 400 |  | 407 |
|  Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
|  4.375% due 01/15/2027 (n) |  | 2000 |  | 1991 |
|  State Street Bank & Trust Co. | State Street Bank & Trust Co. | State Street Bank & Trust Co. | State Street Bank & Trust Co. | State Street Bank & Trust Co. |
|  4.782% due 11/23/2029 (n) |  | 4650 |  | 4726 |
|  Stifel Financial Corp. | Stifel Financial Corp. | Stifel Financial Corp. | Stifel Financial Corp. | Stifel Financial Corp. |
|  4.000% due 05/15/2030 |  | 27600 |  | 26831 |
|  Store Capital LLC | Store Capital LLC | Store Capital LLC | Store Capital LLC | Store Capital LLC |
|  2.700% due 12/01/2031 |  | 600 |  | 523 |
|  2.750% due 11/18/2030 |  | 4160 |  | 3747 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  1.902% due 09/17/2028 |  | 22107 |  | 20767 |
|  2.472% due 01/14/2029 |  | 18800 |  | 17847 |
|  5.240% due 04/15/2030 |  | 44100 |  | 45077 |
|  5.520% due 01/13/2028 |  | 19000 |  | 19390 |
|  5.880% due 07/13/2026 |  | 2300 |  | 2311 |
|  Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. | Sumitomo Mitsui Trust Bank Ltd. |
|  4.350% due 09/11/2030 |  | 12800 |  | 12732 |
|  Sun Communities Operating LP | Sun Communities Operating LP | Sun Communities Operating LP | Sun Communities Operating LP | Sun Communities Operating LP |
|  2.300% due 11/01/2028 |  | 4900 |  | 4642 |
|  2.700% due 07/15/2031 |  | 1800 |  | 1611 |
|  4.200% due 04/15/2032 |  | 6300 |  | 6001 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Synchrony Bank | Synchrony Bank | Synchrony Bank |
|  5.625% due 08/23/2027 | 12500 | 12642 |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial |
|  5.150% due 03/19/2029 (n) | 5450 | 5465 |
|  Takeoff Merger Sub, Inc. | Takeoff Merger Sub, Inc. | Takeoff Merger Sub, Inc. |
|  4.400% due 03/24/2028 | 37000 | 36815 |
|  4.500% due 03/24/2029 | 16700 | 16596 |
|  4.850% due 03/24/2031 | 12900 | 12744 |
|  Thames Ssnm Unfunded Comm | Thames Ssnm Unfunded Comm | Thames Ssnm Unfunded Comm |
|  9.750% due 10/10/2027 | 1132 | 1438 |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  2.800% due 03/10/2027 | 6900 | 6812 |
|  5.156% due 01/10/2028 | 9100 | 9219 |
|  Torrey Pines Re Ltd. | Torrey Pines Re Ltd. | Torrey Pines Re Ltd. |
|  9.596% (JMMMUSTF + 6.036%) due 06/07/2027 ~ | 2200 | 2275 |
|  10.666% (JMMMUSTF + 7.106%) due 06/07/2027 ~ | 1300 | 1348 |
|  12.938% (BRMMUSDF + 9.378%) due 06/05/2026 ~ | 700 | 706 |
|  Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
|  4.050% due 09/05/2028 | 2000 | 1994 |
|  Tremont Re Ltd. | Tremont Re Ltd. | Tremont Re Ltd. |
|  7.661% (T-BILL 1MO + 4.000%) due 03/22/2033 ~ | 300 | 300 |
|  UBS AG | UBS AG | UBS AG |
|  5.650% due 09/11/2028 | 600 | 619 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  0.650% due 01/14/2028 •  | 2000 | 2271 |
|  0.650% due 09/10/2029 | 1200 | 1259 |
|  1.000% due 06/24/2027 •  | 1500 | 1728 |
|  2.125% due 11/15/2029 •  | 800 | 980 |
|  2.250% due 06/09/2028 •  | 1100 | 1410 |
|  2.875% due 04/02/2032 •  | 2200 | 2447 |
|  3.091% due 05/14/2032 •  | 3300 | 3027 |
|  3.869% due 01/12/2029 •  | 43400 | 42912 |
|  4.125% due 04/15/2026 | 28200 | 28200 |
|  4.194% due 04/01/2031 •  | 2550 | 2496 |
|  4.214% due 04/10/2030 •  | 30000 | 29625 |
|  4.253% due 03/23/2028 | 4200 | 4186 |
|  4.282% due 01/09/2028 (n) | 500 | 498 |
|  4.375% due 02/10/2031 •(i)(k) | 2000 | 1772 |
|  4.550% due 04/17/2026 | 5300 | 5300 |
|  4.751% due 05/12/2028 •  | 2800 | 2808 |
|  5.959% due 01/12/2034 •  | 19000 | 19833 |
|  6.246% due 09/22/2029 •  | 18900 | 19646 |
|  6.327% due 12/22/2027 •  | 42600 | 43170 |
|  7.000% due 09/30/2027 •  | 900 | 1204 |
|  Ursa Re II Ltd. | Ursa Re II Ltd. | Ursa Re II Ltd. |
|  8.661% (MSMMUSTF + 5.000%) due 12/07/2029 ~ | 300 | 298 |
|  11.411% (MSMMUSTF + 7.750%) due 06/07/2028 ~ | 2000 | 2019 |
|  Ursa Re Ltd. | Ursa Re Ltd. | Ursa Re Ltd. |
|  9.040% (BNMMDTSC + 5.500%) due 12/07/2026 ~ | 16800 | 17049 |
|  12.810% (JMMMUSTF + 9.250%) due 12/07/2028 ~ | 25000 | 25709 |
|  Ventas Realty LP | Ventas Realty LP | Ventas Realty LP |
|  3.000% due 01/15/2030 | 23000 | 21672 |
|  Veraison Re Ltd. | Veraison Re Ltd. | Veraison Re Ltd. |
|  6.441% (GSMMUSTI + 2.900%) due 03/08/2034 ~ | 1200 | 1200 |
|  7.691% (GSMMUSTI + 4.150%) due 03/08/2034 ~ | 300 | 300 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  4.750% due 02/15/2028 | 18250 | 18273 |
|  4.750% due 04/01/2028 (n) | 8500 | 8510 |
|  5.750% due 04/01/2034 | 2600 | 2625 |
|  Vitality Re XVII Ltd. | Vitality Re XVII Ltd. | Vitality Re XVII Ltd. |
|  5.541% (GSMMUSTI + 2.000%) due 01/08/2031 ~ | 2400 | 2400 |
|  5.941% (GSMMUSTI + 2.400%) due 01/08/2031 ~ | 900 | 900 |
|  7.541% (GSMMUSTI + 4.000%) due 01/08/2031 ~ | 300 | 300 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  1.741% due 05/04/2030 •  | 4700 | 5148 |
|  2.393% due 06/02/2028 •(n) | 20160 | 19681 |
|  3.000% due 10/23/2026 | 4263 | 4234 |
|  3.526% due 03/24/2028 •(n) | 34900 | 34620 |
|  3.584% due 05/22/2028 •  | 860 | 852 |
|  4.078% due 09/15/2029 •  | 11100 | 10980 |
|  4.150% due 01/24/2029 (n) | 2450 | 2437 |
|  4.808% due 07/25/2028 •  | 14267 | 14330 |
|  5.150% due 04/23/2031 •(n) | 18800 | 19125 |
|  5.198% due 01/23/2030 •  | 22400 | 22754 |
|  5.574% due 07/25/2029 •(n) | 48317 | 49432 |
|  5.707% due 04/22/2028 •  | 18900 | 19147 |
|  6.303% due 10/23/2029 •  | 20600 | 21458 |
|  Welltower OP LLC | Welltower OP LLC | Welltower OP LLC |
|  4.250% due 04/01/2026 | 800 | 800 |
|  Windmill III Re DAC | Windmill III Re DAC | Windmill III Re DAC |
|  7.236% (EUR003M + 5.210%) due 07/05/2028 ~ | 250 | 299 |
|  Windrose Re Ltd. | Windrose Re Ltd. | Windrose Re Ltd. |
|  8.790% (HSMMUSTF + 5.250%) due 02/11/2033 ~ | 300 | 299 |
|  Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. |
|  10.040% (BNMMDTSC + 6.500%) due 02/21/2028 ~ | 300 | 307 |
|  13.750% (BNMMDTSC + 10.210%) due 02/26/2031 ~ | 670 | 697 |
|  WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
|  4.250% due 10/01/2026 | 1700 | 1699 |
|  Yellow Tulip Assetco BV | Yellow Tulip Assetco BV | Yellow Tulip Assetco BV |
|  0.000% due 07/30/2036 « | 4250 | 4912 |
|  Yellow Tulip Bidco BV | Yellow Tulip Bidco BV | Yellow Tulip Bidco BV |
|  0.000% due 07/30/2036 « | 4377 | 1503 |
|  |  | 5611374 |
| INDUSTRIALS 6.9% | INDUSTRIALS 6.9% | INDUSTRIALS 6.9% |
|  7-Eleven, Inc. | 7-Eleven, Inc. | 7-Eleven, Inc. |
|  1.300% due 02/10/2028 | 4600 | 4341 |
|  1.800% due 02/10/2031 (n) | 6100 | 5283 |
|  Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. |
|  4.000% due 08/03/2026 | 12328 | 12322 |
|  Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. |
|  4.250% due 09/11/2029 | 13000 | 12811 |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.300% due 07/15/2031 | 1038 | 994 |
|  3.600% due 09/15/2028 | 2610 | 2575 |
|  5.250% due 10/01/2030 | 6790 | 6887 |
|  Aker BP ASA | Aker BP ASA | Aker BP ASA |
|  4.000% due 01/15/2031 | 1100 | 1056 |
|  Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust |
|  4.800% due 02/15/2029 | 10704 | 10713 |
|  Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
|  3.850% due 03/13/2028 | 500 | 499 |
|  4.000% due 03/13/2029 | 9600 | 9553 |
|  Amdocs Ltd. | Amdocs Ltd. | Amdocs Ltd. |
|  2.538% due 06/15/2030 | 2100 | 1901 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  2.875% due 01/11/2036 | 1137 | 1019 |
|  3.000% due 04/15/2030 | 11990 | 11630 |
|  3.150% due 08/15/2033 (n) | 18840 | 17584 |
|  3.200% due 12/15/2029 | 9904 | 9659 |
|  3.250% due 04/15/2030 | 5101 | 4861 |
|  3.350% due 04/15/2031 | 9300 | 9001 |
|  3.375% due 11/01/2028 | 6689 | 6608 |
|  3.500% due 08/15/2033 | 3541 | 3273 |
|  3.575% due 07/15/2029 | 5043 | 4977 |
|  3.600% due 03/22/2029 | 4736 | 4682 |
|  3.650% due 02/15/2029 | 4156 | 4046 |
|  3.650% due 12/15/2029 | 3085 | 2994 |
|  3.700% due 04/01/2028 | 2986 | 2976 |
|  4.900% due 11/11/2039 | 18300 | 17872 |
|  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 (n) | 8000 | 7961 |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  1.650% due 08/15/2028 | 2850 | 2688 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **15** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.150% due 03/02/2028 | $— | 31160 | $— | 31630 |
|  Amrize Finance U.S. LLC | Amrize Finance U.S. LLC | Amrize Finance U.S. LLC | Amrize Finance U.S. LLC | Amrize Finance U.S. LLC |
|  4.700% due 04/07/2028 |  | 22000 |  | 22142 |
|  AppLovin Corp. | AppLovin Corp. | AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
|  5.125% due 12/01/2029 (n) |  | 7500 |  | 7545 |
|  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. | Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. | Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc. |
|  3.226% due 03/11/2030 |  | 6200 |  | 7100 |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
|  4.375% due 12/15/2028 | $— | 29900 |  | 29605 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.125% due 11/21/2026 |  | 36300 |  | 36636 |
|  6.250% due 01/21/2029 |  | 43100 |  | 44773 |
|  6.375% due 11/21/2030 |  | 36300 |  | 38184 |
|  6.500% due 11/21/2033 |  | 7800 |  | 8298 |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 |  | 501594 |  | 516105 |
|  Beth Israel Lahey Health, Inc. | Beth Israel Lahey Health, Inc. | Beth Israel Lahey Health, Inc. | Beth Israel Lahey Health, Inc. | Beth Israel Lahey Health, Inc. |
|  2.220% due 07/01/2028 |  | 2900 |  | 2764 |
|  3.080% due 07/01/2051 (n) |  | 7000 |  | 4571 |
|  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 |
|  4.426% (SOFRINDX + 0.780%) due 03/19/2027 ~ |  | 12600 |  | 12632 |
|  4.566% (SOFRINDX + 0.920%) due 03/21/2028 ~ |  | 33500 |  | 33606 |
|  4.650% due 03/19/2027 |  | 5400 |  | 5425 |
|  Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
|  2.700% due 02/01/2027 |  | 8125 |  | 8013 |
|  3.200% due 03/01/2029 |  | 1000 |  | 965 |
|  3.250% due 02/01/2028 (n) |  | 6700 |  | 6570 |
|  5.040% due 05/01/2027 |  | 7968 |  | 8014 |
|  5.150% due 05/01/2030 (n) |  | 30741 |  | 31267 |
|  6.298% due 05/01/2029 |  | 4500 |  | 4726 |
|  6.388% due 05/01/2031 |  | 8100 |  | 8641 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  2.900% due 09/15/2036 |  | 626 |  | 575 |
|  3.300% due 06/15/2034 |  | 4291 |  | 4067 |
|  3.350% due 12/15/2030 |  | 2856 |  | 2775 |
|  3.800% due 03/20/2033 |  | 1063 |  | 1039 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  3.137% due 11/15/2035 |  | 73238 |  | 62254 |
|  5.050% due 07/12/2027 |  | 1025 |  | 1036 |
|  Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
|  2.450% due 07/15/2028 |  | 49373 |  | 46010 |
|  3.000% due 10/15/2030 |  | 9977 |  | 8749 |
|  3.375% due 02/15/2030 |  | 9100 |  | 8226 |
|  4.250% due 12/15/2027 |  | 6109 |  | 6004 |
|  4.625% due 12/15/2029 |  | 32943 |  | 31294 |
|  Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
|  3.500% due 06/01/2041 |  | 7900 |  | 5545 |
|  3.700% due 04/01/2051 (n) |  | 2200 |  | 1363 |
|  3.850% due 04/01/2061 (n) |  | 2040 |  | 1193 |
|  4.400% due 04/01/2033 (n) |  | 1850 |  | 1731 |
|  6.100% due 06/01/2029 (n) |  | 6000 |  | 6216 |
|  6.484% due 10/23/2045 (n) |  | 1500 |  | 1384 |
|  Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
|  3.700% due 12/01/2029 |  | 5090 |  | 4883 |
|  CLN Magnetto Group | CLN Magnetto Group | CLN Magnetto Group | CLN Magnetto Group | CLN Magnetto Group |
|  7.490% due 10/25/2031 « |  | 43000 |  | 43220 |
|  CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
|  4.352% due 09/01/2030 |  | 18350 |  | 18087 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  1.375% due 11/01/2027 |  | 12490 |  | 11878 |
|  Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. | Continental Resources, Inc. |
|  4.375% due 01/15/2028 (n) |  | 2389 |  | 2374 |
|  Cornell University | Cornell University | Cornell University | Cornell University | Cornell University |
|  4.169% due 06/15/2030 |  | 10000 |  | 9933 |
|  CRH America Finance, Inc. | CRH America Finance, Inc. | CRH America Finance, Inc. | CRH America Finance, Inc. | CRH America Finance, Inc. |
|  3.400% due 05/09/2027 |  | 1600 |  | 1585 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  4.300% due 03/25/2028 |  | 290 |  | 289 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  8.353% due 07/10/2031 |  | 115 |  | 124 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC | Daimler Truck Finance North America LLC |
|  4.500% due 04/12/2031 | 7300 | 7168 |
|  Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust |
|  2.000% due 12/10/2029 | 1544 | 1493 |
|  Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. |
|  3.755% due 03/15/2027 | 222 | 219 |
|  DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
|  5.250% due 12/01/2026 | 3400 | 3373 |
|  Emory University | Emory University | Emory University |
|  2.143% due 09/01/2030 | 7300 | 6642 |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
|  1.600% due 10/04/2026 | 400 | 395 |
|  3.125% due 11/15/2029 | 2000 | 1907 |
|  5.250% due 04/05/2027 | 1100 | 1110 |
|  6.000% due 11/15/2028 | 21100 | 21898 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  4.550% due 01/15/2031 | 9995 | 9908 |
|  4.950% due 05/15/2028 | 1091 | 1101 |
|  4.950% due 06/15/2028 | 1100 | 1112 |
|  5.550% due 05/15/2034 | 5250 | 5348 |
|  6.050% due 12/01/2026 | 2400 | 2423 |
|  6.100% due 12/01/2028 | 1500 | 1559 |
|  Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
|  4.600% due 01/15/2031 | 800 | 802 |
|  Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
|  4.625% due 08/01/2027 | 1000 | 1001 |
|  Ferguson Finance PLC | Ferguson Finance PLC | Ferguson Finance PLC |
|  3.250% due 06/02/2030 | 4400 | 4147 |
|  Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. |
|  4.450% due 03/10/2028 | 4700 | 4688 |
|  4.550% due 03/10/2029 | 13100 | 13042 |
|  FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. | FirstEnergy Pennsylvania Electric Co. |
|  3.250% due 03/15/2028 | 600 | 587 |
|  4.300% due 01/15/2029 | 1760 | 1750 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
|  2.650% due 06/01/2030 | 37580 | 34235 |
|  5.150% due 03/15/2027 | 21500 | 21609 |
|  Flex Ltd. | Flex Ltd. | Flex Ltd. |
|  4.875% due 05/12/2030 | 17200 | 17184 |
|  Ford Motor Co. | Ford Motor Co. | Ford Motor Co. |
|  3.250% due 02/12/2032 (n) | 11800 | 10253 |
|  GE Capital Funding LLC | GE Capital Funding LLC | GE Capital Funding LLC |
|  4.550% due 05/15/2032 | 8000 | 7981 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  3.875% due 10/27/2027 | 1417 | 1404 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  2.900% due 05/15/2030 (n) | 3892 | 3559 |
|  3.200% due 08/15/2029 | 1000 | 943 |
|  4.500% due 11/15/2028 | 4600 | 4557 |
|  4.875% due 11/15/2030 (n) | 14600 | 14345 |
|  5.200% due 11/15/2032 (n) | 11700 | 11364 |
|  Gray Oak Pipeline LLC | Gray Oak Pipeline LLC | Gray Oak Pipeline LLC |
|  3.450% due 10/15/2027 | 23200 | 22773 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  6.510% due 02/23/2042 | 800 | 829 |
|  GSG Bidco Ltd. | GSG Bidco Ltd. | GSG Bidco Ltd. |
|  5.375% due 06/15/2036 | 43700 | 50164 |
|  6.375% due 06/15/2051 | 16000 | 18367 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.125% due 06/15/2029 (n) | 4500 | 4439 |
|  5.200% due 06/01/2028 (n) | 13020 | 13218 |
|  5.375% due 09/01/2026 | 26700 | 26721 |
|  5.875% due 02/01/2029 (n) | 5700 | 5867 |
|  Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. |
|  2.043% due 08/16/2028 | 10000 | 9478 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  5.250% due 06/30/2029 (n) | 7600 | 7721 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  1.650% due 09/17/2026 | 73100 | 72169 |
|  2.100% due 09/15/2028 | 33000 | 31080 |
|  4.600% due 04/06/2028 (c) | 17400 | 17401 |
|  4.637% (SOFRRATE + 0.990%) due 03/25/2027 ~ | 30000 | 30067 |
|  4.750% due 04/06/2029 (c) | 26700 | 26679 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.850% due 03/25/2027 (n) | $— | 22000 | $— | 22081 |
|  5.250% due 01/08/2027 |  | 16400 |  | 16495 |
|  5.300% due 01/08/2029 |  | 6500 |  | 6590 |
|  5.950% due 09/21/2026 |  | 11800 |  | 11874 |
|  6.500% due 01/16/2029 |  | 8400 |  | 8771 |
|  Icon Investments Six DAC | Icon Investments Six DAC | Icon Investments Six DAC | Icon Investments Six DAC | Icon Investments Six DAC |
|  5.809% due 05/08/2027 |  | 1400 |  | 1407 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  3.500% due 07/26/2026 |  | 8500 |  | 8476 |
|  3.875% due 07/26/2029 |  | 30650 |  | 29930 |
|  INEOS Finance PLC | INEOS Finance PLC | INEOS Finance PLC | INEOS Finance PLC | INEOS Finance PLC |
|  5.625% due 08/15/2030 (n) |  | 10000 |  | 10108 |
|  Integris Baptist Medical Center, Inc. | Integris Baptist Medical Center, Inc. | Integris Baptist Medical Center, Inc. | Integris Baptist Medical Center, Inc. | Integris Baptist Medical Center, Inc. |
|  3.875% due 08/15/2050 | $— | 6300 |  | 4586 |
|  Jabil, Inc. | Jabil, Inc. | Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
|  4.200% due 02/01/2029 |  | 900 |  | 889 |
|  4.750% due 02/01/2033 |  | 5000 |  | 4871 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  2.750% due 11/15/2033 |  | 7170 |  | 6370 |
|  2.950% due 11/15/2029 |  | 432 |  | 404 |
|  4.000% due 05/15/2034 |  | 4407 |  | 4184 |
|  JSW Hydro Energy Ltd. | JSW Hydro Energy Ltd. | JSW Hydro Energy Ltd. | JSW Hydro Energy Ltd. | JSW Hydro Energy Ltd. |
|  4.125% due 05/18/2031 |  | 6394 |  | 5857 |
|  Kraton Corp. | Kraton Corp. | Kraton Corp. | Kraton Corp. | Kraton Corp. |
|  5.000% due 07/15/2027 |  | 1200 |  | 1210 |
|  Kyndryl Holdings, Inc. | Kyndryl Holdings, Inc. | Kyndryl Holdings, Inc. | Kyndryl Holdings, Inc. | Kyndryl Holdings, Inc. |
|  2.700% due 10/15/2028 |  | 3285 |  | 3039 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  5.900% due 06/01/2027 |  | 31300 |  | 31714 |
|  6.000% due 08/15/2029 (n) |  | 11300 |  | 11617 |
|  Leidos, Inc. | Leidos, Inc. | Leidos, Inc. | Leidos, Inc. | Leidos, Inc. |
|  2.300% due 02/15/2031 |  | 13600 |  | 12108 |
|  Liberty Utilities Finance GP 1 | Liberty Utilities Finance GP 1 | Liberty Utilities Finance GP 1 | Liberty Utilities Finance GP 1 | Liberty Utilities Finance GP 1 |
|  2.050% due 09/15/2030 (n) |  | 14600 |  | 13124 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  11.000% due 10/15/2030 (n) |  | 9200 |  | 9906 |
|  Maple Parent Holdings Corp. | Maple Parent Holdings Corp. | Maple Parent Holdings Corp. | Maple Parent Holdings Corp. | Maple Parent Holdings Corp. |
|  4.750% due 03/26/2029 |  | 5900 |  | 5900 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  5.450% due 09/15/2026 |  | 6500 |  | 6526 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  4.450% due 03/01/2027 |  | 5100 |  | 5117 |
|  4.600% due 03/01/2028 |  | 16900 |  | 17009 |
|  5.000% due 03/01/2032 (n) |  | 5500 |  | 5567 |
|  Mather Foundation | Mather Foundation | Mather Foundation | Mather Foundation | Mather Foundation |
|  2.675% due 10/01/2031 |  | 1050 |  | 938 |
|  Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC | Mercedes-Benz Finance North America LLC |
|  4.750% due 03/31/2028 |  | 3200 |  | 3223 |
|  Mitsubishi Corp. | Mitsubishi Corp. | Mitsubishi Corp. | Mitsubishi Corp. | Mitsubishi Corp. |
|  4.000% due 09/09/2028 |  | 2400 |  | 2387 |
|  Motorola Solutions, Inc. | Motorola Solutions, Inc. | Motorola Solutions, Inc. | Motorola Solutions, Inc. | Motorola Solutions, Inc. |
|  2.300% due 11/15/2030 (n) |  | 11770 |  | 10617 |
|  MPLX LP | MPLX LP | MPLX LP | MPLX LP | MPLX LP |
|  4.000% due 03/15/2028 |  | 256 |  | 254 |
|  National Football League | National Football League | National Football League | National Football League | National Football League |
|  5.480% due 10/05/2028 «(l) |  | 27600 |  | 27885 |
|  National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. |
|  2.950% due 03/01/2031 (n) |  | 10900 |  | 9913 |
|  NetApp, Inc. | NetApp, Inc. | NetApp, Inc. | NetApp, Inc. | NetApp, Inc. |
|  2.700% due 06/22/2030 |  | 31100 |  | 28579 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  3.201% due 09/17/2028 |  | 3100 |  | 3458 |
|  4.345% due 09/17/2027 | $— | 133700 |  | 130161 |
|  4.810% due 09/17/2030 |  | 41900 |  | 38084 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  3.678% due 07/16/2033 |  | 5100 |  | 5832 |
|  4.091% due 07/16/2037 |  | 4500 |  | 5164 |
|  4.567% due 07/16/2027 | $— | 3600 |  | 3609 |
|  4.620% due 07/16/2028 |  | 3200 |  | 3213 |
|  4.748% (SOFRRATE + 1.080%) due 07/16/2028 ~ |  | 1900 |  | 1915 |
|  4.876% due 07/16/2030 |  | 4800 |  | 4832 |
|  4.978% (SOFRRATE + 1.310%) due 07/16/2030 ~ |  | 7100 |  | 7209 |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
|  3.150% due 05/01/2027 | 4100 | 4043 |
|  3.875% due 06/18/2026 | 37682 | 37634 |
|  Open Text Corp. | Open Text Corp. | Open Text Corp. |
|  6.900% due 12/01/2027 | 8600 | 8833 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  2.300% due 03/25/2028 | 1892 | 1803 |
|  2.800% due 04/01/2027 | 300 | 295 |
|  4.450% due 09/26/2030 (n) | 4000 | 3856 |
|  4.550% due 02/04/2029 | 9100 | 8987 |
|  4.800% due 08/03/2028 | 300 | 300 |
|  5.875% due 09/26/2045 (n) | 5700 | 4921 |
|  5.950% due 09/26/2055 (n) | 11000 | 9261 |
|  6.150% due 11/09/2029 | 1200 | 1238 |
|  PeaceHealth Obligated Group | PeaceHealth Obligated Group | PeaceHealth Obligated Group |
|  3.218% due 11/15/2050 | 8900 | 5862 |
|  4.335% due 11/15/2028 | 3400 | 3385 |
|  Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. | Penske Truck Leasing Co. LP/PTL Finance Corp. |
|  5.350% due 03/30/2029 | 3600 | 3662 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  10.000% due 02/07/2033 | 13700 | 15617 |
|  President & Fellows of Harvard College | President & Fellows of Harvard College | President & Fellows of Harvard College |
|  2.517% due 10/15/2050 | 550 | 332 |
|  Quest Diagnostics, Inc. | Quest Diagnostics, Inc. | Quest Diagnostics, Inc. |
|  4.600% due 12/15/2027 | 1700 | 1708 |
|  Renesas Electronics Corp. | Renesas Electronics Corp. | Renesas Electronics Corp. |
|  2.170% due 11/25/2026 | 3801 | 3743 |
|  Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC |
|  5.750% due 10/15/2027 | 5548 | 5637 |
|  S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. |
|  2.950% due 03/01/2029 | 1900 | 1831 |
|  Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
|  4.500% due 05/15/2030 (n) | 29100 | 28898 |
|  Santos Finance Ltd. | Santos Finance Ltd. | Santos Finance Ltd. |
|  6.875% due 09/19/2033 (n) | 18100 | 19723 |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  4.375% due 02/02/2031 | 38000 | 36967 |
|  Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | Skyworks Solutions, Inc. |
|  1.800% due 06/01/2026 | 380 | 378 |
|  Smurfit Westrock Financing DAC | Smurfit Westrock Financing DAC | Smurfit Westrock Financing DAC |
|  5.185% due 01/15/2036 (n) | 4900 | 4824 |
|  Snam SpA | Snam SpA | Snam SpA |
|  5.000% due 05/28/2030 | 14200 | 14352 |
|  Southern Co. | Southern Co. | Southern Co. |
|  1.750% due 03/15/2028 | 7190 | 6846 |
|  Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
|  4.600% due 06/15/2028 (n) | 6800 | 6807 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  4.100% due 10/01/2029 | 3570 | 3507 |
|  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 | 19800 | 19902 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.050% due 02/15/2028 | 1000 | 960 |
|  3.875% due 04/15/2030 (n) | 17657 | 17200 |
|  4.200% due 10/01/2029 | 7300 | 7257 |
|  Teledyne Technologies, Inc. | Teledyne Technologies, Inc. | Teledyne Technologies, Inc. |
|  2.250% due 04/01/2028 | 1500 | 1439 |
|  Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC |
|  2.900% due 03/01/2030 | 4635 | 4344 |
|  7.000% due 10/15/2028 | 3900 | 4140 |
|  Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
|  9.750% due 10/10/2027 | 4881 | 7061 |
|  Ubisoft Entertainment SA | Ubisoft Entertainment SA | Ubisoft Entertainment SA |
|  0.878% due 11/24/2027 | 1700 | 1587 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  2.700% due 11/01/2033 | 7387 | 6805 |
|  2.900% due 11/01/2029 | 1233 | 1182 |
|  3.100% due 01/07/2030 | 3452 | 3365 |
|  3.450% due 06/01/2029 | 3416 | 3351 |
|  3.450% due 01/07/2030 | 1371 | 1333 |
|  3.500% due 09/01/2031 | 4952 | 4818 |
|  3.750% due 03/03/2028 (n) | 837 | 835 |
|  4.000% due 10/11/2027 | 1673 | 1671 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.150% due 02/25/2033 | $| 8620 | 8449 |
|  5.450% due 08/15/2038 |  | 28568 | 29205 |
|  5.800% due 07/15/2037 (n) |  | 43255 | 44672 |
|  5.875% due 04/15/2029 |  | 23681 | 24093 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  6.250% due 01/15/2030 |  | 13000 | 13304 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  7.000% due 01/15/2030 |  | 6800 | 6947 |
|  8.125% due 06/01/2028 |  | 10000 | 10232 |
|  9.875% due 02/01/2032 |  | 1400 | 1504 |
|  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 |  | 14700 | 15126 |
|  6.500% due 06/15/2034 |  | 36400 | 37914 |
|  Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC |
|  4.250% due 01/15/2030 | GBP | 8900 | 10439 |
|  4.500% due 08/15/2030 | $| 920 | 817 |
|  5.250% due 05/15/2029 | GBP | 10000 | 12677 |
|  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 |
|  4.750% due 07/15/2031 | $| 1520 | 1309 |
|  5.625% due 04/15/2032 | EUR | 23400 | 24928 |
|  6.750% due 01/15/2033 | $| 4200 | 3758 |
|  7.750% due 04/15/2032 (n) |  | 10600 | 10174 |
|  VMware LLC | VMware LLC | VMware LLC | VMware LLC |
|  1.800% due 08/15/2028 |  | 3000 | 2825 |
|  4.700% due 05/15/2030 (n) |  | 9100 | 9159 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  3.200% due 09/26/2026 |  | 3700 | 3678 |
|  4.350% due 06/08/2027 |  | 11580 | 11549 |
|  4.550% due 09/11/2028 (n) |  | 23000 | 22946 |
|  4.750% due 11/13/2028 |  | 39500 | 39493 |
|  4.850% due 09/11/2030 |  | 13600 | 13481 |
|  4.950% due 03/25/2027 |  | 15000 | 15064 |
|  5.050% due 03/27/2028 |  | 24400 | 24562 |
|  5.350% due 03/27/2030 |  | 1800 | 1826 |
|  5.650% due 03/25/2032 |  | 12200 | 12395 |
|  5.700% due 09/12/2026 (n) |  | 6800 | 6837 |
|  6.000% due 11/16/2026 |  | 25950 | 26200 |
|  6.200% due 11/16/2028 |  | 13950 | 14431 |
|  Weir Group, Inc. | Weir Group, Inc. | Weir Group, Inc. | Weir Group, Inc. |
|  5.350% due 05/06/2030 |  | 18500 | 18757 |
|  Wessex Water Services Finance PLC | Wessex Water Services Finance PLC | Wessex Water Services Finance PLC | Wessex Water Services Finance PLC |
|  5.375% due 03/10/2028 | GBP | 3507 | 4624 |
|  Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
|  4.700% due 09/15/2028 | $| 6100 | 6119 |
|  Xylem, Inc. | Xylem, Inc. | Xylem, Inc. | Xylem, Inc. |
|  3.250% due 11/01/2026 |  | 2400 | 2388 |
|  |  |  | 3265277 |
| UTILITIES 2.9% | UTILITIES 2.9% | UTILITIES 2.9% | UTILITIES 2.9% |
|  Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd./Wardha Solar Maharashtra | Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd./Wardha Solar Maharashtra | Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd./Wardha Solar Maharashtra | Adani Renewable Energy RJ Ltd./Kodangal Solar Parks Pvt Ltd./Wardha Solar Maharashtra |
|  4.625% due 10/15/2039 |  | 6734 | 5452 |
|  AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. |
|  3.950% due 06/01/2028 |  | 5800 | 5744 |
|  AES Corp. | AES Corp. | AES Corp. | AES Corp. |
|  2.450% due 01/15/2031 (n) |  | 10600 | 9382 |
|  3.950% due 07/15/2030 (n) |  | 18167 | 17379 |
|  Alabama Power Co. | Alabama Power Co. | Alabama Power Co. | Alabama Power Co. |
|  4.300% due 03/15/2031 |  | 800 | 792 |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
|  4.400% due 04/30/2031 |  | 59500 | 58916 |
|  4.700% due 08/15/2030 (n) |  | 14200 | 14325 |
|  4.750% due 04/30/2033 |  | 14900 | 14763 |
|  Boston Gas Co. | Boston Gas Co. | Boston Gas Co. | Boston Gas Co. |
|  3.150% due 08/01/2027 |  | 2900 | 2855 |
|  Capital Power U.S. Holdings, Inc. | Capital Power U.S. Holdings, Inc. | Capital Power U.S. Holdings, Inc. | Capital Power U.S. Holdings, Inc. |
|  5.257% due 06/01/2028 |  | 6100 | 6137 |
|  CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC |
|  5.200% due 10/01/2028 |  | 6600 | 6750 |
|  Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC |
|  3.750% due 02/15/2031 (n) |  | 10700 | 9914 |
|  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 |  | 3200 | 3351 |
|  Dhafrah Pv2 Energy Co. LLC | Dhafrah Pv2 Energy Co. LLC | Dhafrah Pv2 Energy Co. LLC | Dhafrah Pv2 Energy Co. LLC |
|  5.794% due 06/30/2053 |  | 7700 | 7486 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Edison International | Edison International | Edison International |
|  5.450% due 06/15/2029 (n) | 13300 | 13429 |
|  5.750% due 06/15/2027 | 4700 | 4737 |
|  EDP Finance BV | EDP Finance BV | EDP Finance BV |
|  1.710% due 01/24/2028 | 38300 | 36360 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  5.700% due 05/23/2028 | 5000 | 5120 |
|  Emera U.S. Finance LLC | Emera U.S. Finance LLC | Emera U.S. Finance LLC |
|  4.500% due 04/01/2029 | 10300 | 10290 |
|  ENEL Finance International NV | ENEL Finance International NV | ENEL Finance International NV |
|  1.625% due 07/12/2026 | 17400 | 17270 |
|  2.125% due 07/12/2028 | 18000 | 17091 |
|  2.500% due 07/12/2031 | 800 | 711 |
|  4.625% due 06/15/2027 | 35600 | 35682 |
|  5.000% due 06/15/2032 (n) | 12900 | 12895 |
|  5.125% due 06/26/2029 (n) | 2500 | 2536 |
|  EPH Financing International AS | EPH Financing International AS | EPH Financing International AS |
|  6.651% due 11/13/2028 | 16400 | 20064 |
|  Evergy Metro, Inc. | Evergy Metro, Inc. | Evergy Metro, Inc. |
|  2.250% due 06/01/2030 | 2600 | 2378 |
|  Eversource Energy | Eversource Energy | Eversource Energy |
|  4.450% due 12/15/2030 (n) | 9100 | 8980 |
|  Exelon Corp. | Exelon Corp. | Exelon Corp. |
|  2.750% due 03/15/2027 | 770 | 758 |
|  Fells Point Funding Trust | Fells Point Funding Trust | Fells Point Funding Trust |
|  3.046% due 01/31/2027 | 8500 | 8406 |
|  FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
|  2.250% due 09/01/2030 | 7000 | 6310 |
|  3.900% due 07/15/2027 | 2000 | 1984 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 2013 | 1978 |
|  India Green Power Holdings | India Green Power Holdings | India Green Power Holdings |
|  4.000% due 02/22/2027 | 4400 | 4302 |
|  IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. |
|  4.250% due 05/01/2030 | 6370 | 6141 |
|  ITC Holdings Corp. | ITC Holdings Corp. | ITC Holdings Corp. |
|  2.950% due 05/14/2030 | 20900 | 19569 |
|  Jersey Central Power & Light Co. | Jersey Central Power & Light Co. | Jersey Central Power & Light Co. |
|  4.400% due 01/15/2031 | 8600 | 8479 |
|  Monongahela Power Co. | Monongahela Power Co. | Monongahela Power Co. |
|  3.550% due 05/15/2027 | 4400 | 4358 |
|  National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |
|  1.350% due 03/15/2031 | 290 | 248 |
|  New York State Electric & Gas Corp. | New York State Electric & Gas Corp. | New York State Electric & Gas Corp. |
|  1.950% due 10/01/2030 | 18300 | 16068 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  2.250% due 06/01/2030 | 42290 | 38553 |
|  3.830% due 06/12/2030 | 1700 | 1222 |
|  4.400% due 03/01/2031 (n) | 7000 | 6940 |
|  Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. |
|  4.278% due 12/15/2028 | 17600 | 17506 |
|  NorthWestern Corp. | NorthWestern Corp. | NorthWestern Corp. |
|  5.073% due 03/21/2030 | 3200 | 3252 |
|  Nova Securitisation SARL | Nova Securitisation SARL | Nova Securitisation SARL |
|  5.750% due 02/03/2031 | 10000 | 9687 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  4.250% due 09/24/2027 | 45425 | 45323 |
|  4.400% due 10/15/2029 | 32625 | 32437 |
|  4.750% due 10/15/2031 | 20250 | 20041 |
|  5.650% due 11/01/2028 | 6100 | 6264 |
|  5.700% due 11/01/2054 (n) | 11400 | 10410 |
|  6.050% due 09/01/2033 | 36100 | 37866 |
|  Orange SA | Orange SA | Orange SA |
|  4.250% due 01/13/2031 | 5000 | 4906 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.100% due 08/01/2027 | 28879 | 28000 |
|  2.500% due 02/01/2031 (n) | 39700 | 35590 |
|  3.250% due 06/01/2031 | 18660 | 17219 |
|  3.300% due 03/15/2027 | 9400 | 9290 |
|  3.300% due 12/01/2027 | 10000 | 9796 |
|  3.300% due 08/01/2040 | 10719 | 8023 |
|  3.500% due 08/01/2050 | 51900 | 34344 |
|  3.750% due 07/01/2028 | 12700 | 12481 |
|  3.950% due 12/01/2047 | 24400 | 17777 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **17** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.200% due 03/01/2029 | $| 26800 | 26490 |
|  4.400% due 03/01/2032 |  | 26200 | 25274 |
|  4.500% due 12/15/2041 |  | 10400 | 8687 |
|  4.550% due 07/01/2030 |  | 29903 | 29508 |
|  4.650% due 08/01/2028 |  | 6100 | 6110 |
|  5.000% due 06/04/2028 (n) |  | 37700 | 38034 |
|  5.050% due 10/15/2032 |  | 26700 | 26539 |
|  6.100% due 01/15/2029 (n) |  | 25250 | 26136 |
|  6.400% due 06/15/2033 |  | 15500 | 16460 |
|  PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp |
|  3.300% due 03/15/2051 |  | 100 | 62 |
|  4.650% due 04/15/2029 |  | 6000 | 6002 |
|  5.100% due 04/15/2031 |  | 2000 | 2006 |
|  5.300% due 02/15/2031 |  | 11300 | 11458 |
|  5.450% due 04/15/2033 |  | 4600 | 4616 |
|  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 ~ |  | 46200 | 46235 |
|  Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado |
|  1.900% due 01/15/2031 |  | 1900 | 1679 |
|  Renew Treasury Ifsc Pvt Ltd. | Renew Treasury Ifsc Pvt Ltd. | Renew Treasury Ifsc Pvt Ltd. | Renew Treasury Ifsc Pvt Ltd. |
|  6.500% due 02/02/2031 |  | 19000 | 18468 |
|  ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries | ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries | ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries | ReNew Wind Energy AP2/ReNew Power Pvt Ltd. other 9 Subsidiaries |
|  4.500% due 07/14/2028 |  | 11600 | 10951 |
|  Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust |
|  8.200% due 04/06/2028 |  | 956 | 986 |
|  9.750% due 01/06/2027 |  | 5586 | 5712 |
|  Rochester Gas & Electric Corp. | Rochester Gas & Electric Corp. | Rochester Gas & Electric Corp. | Rochester Gas & Electric Corp. |
|  1.850% due 12/01/2030 |  | 600 | 528 |
|  SCE Recovery Funding LLC | SCE Recovery Funding LLC | SCE Recovery Funding LLC | SCE Recovery Funding LLC |
|  4.453% due 03/15/2036 |  | 20000 | 19816 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  2.500% due 06/01/2031 |  | 7760 | 6934 |
|  2.750% due 02/01/2032 (n) |  | 18550 | 16553 |
|  3.650% due 06/01/2051 |  | 15000 | 10293 |
|  4.400% due 09/06/2026 |  | 3600 | 3600 |
|  4.875% due 02/01/2027 |  | 5100 | 5114 |
|  5.150% due 06/01/2029 |  | 50300 | 51019 |
|  5.250% due 03/15/2030 |  | 7500 | 7619 |
|  5.650% due 10/01/2028 |  | 2000 | 2050 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  2.950% due 04/15/2027 |  | 6830 | 6741 |
|  Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
|  4.100% due 09/15/2028 |  | 257 | 255 |
|  SW Finance I PLC | SW Finance I PLC | SW Finance I PLC | SW Finance I PLC |
|  1.625% due 03/30/2027 | GBP | 1559 | 1981 |
|  Toledo Edison Co. | Toledo Edison Co. | Toledo Edison Co. | Toledo Edison Co. |
|  2.650% due 05/01/2028 | $| 18667 | 17734 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  5.750% due 11/30/2045 |  | 10300 | 10038 |
|  Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC | Virginia Power Fuel Securitization LLC |
|  4.877% due 05/01/2033 |  | 19800 | 20025 |
|  5.088% due 05/01/2029 |  | 5916 | 5945 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  4.700% due 01/31/2031 |  | 7400 | 7285 |
|  5.350% due 01/31/2036 |  | 7000 | 6852 |
|  WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. |
|  1.800% due 10/15/2030 |  | 5538 | 4875 |
|  |  |  | 1352987 |
|  Total Corporate Bonds & Notes (Cost $10,342,903) | Total Corporate Bonds & Notes (Cost $10,342,903) | Total Corporate Bonds & Notes (Cost $10,342,903) | 10229638 |
| MUNICIPAL BONDS & NOTES 0.7% | MUNICIPAL BONDS & NOTES 0.7% | MUNICIPAL BONDS & NOTES 0.7% | MUNICIPAL BONDS & NOTES 0.7% |
| CALIFORNIA 0.1% | CALIFORNIA 0.1% | CALIFORNIA 0.1% | CALIFORNIA 0.1% |
|  California Health Facilities Financing Authority Revenue Bonds, Series 2019 | California Health Facilities Financing Authority Revenue Bonds, Series 2019 | California Health Facilities Financing Authority Revenue Bonds, Series 2019 | California Health Facilities Financing Authority Revenue Bonds, Series 2019 |
|  2.704% due 06/01/2030 |  | 5100 | 4808 |
|  California Health Facilities Financing Authority Revenue Notes, Series 2019 | California Health Facilities Financing Authority Revenue Notes, Series 2019 | California Health Facilities Financing Authority Revenue Notes, Series 2019 | California Health Facilities Financing Authority Revenue Notes, Series 2019 |
|  2.534% due 06/01/2028 |  | 5100 | 4936 |
|  2.584% due 06/01/2029 |  | 3600 | 3434 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  California State General Obligation Bonds, (BABs), Series 2009 | California State General Obligation Bonds, (BABs), Series 2009 | California State General Obligation Bonds, (BABs), Series 2009 |
|  7.500% due 04/01/2034 | 2 | 2 |
|  Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 | Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021 |
|  3.487% due 06/01/2036 | 7235 | 6206 |
|  3.714% due 06/01/2041 | 1680 | 1333 |
|  3.850% due 06/01/2050 | 9890 | 9042 |
|  4.214% due 06/01/2050 | 12600 | 9556 |
|  Napa Valley Unified School District, California General Obligation Bonds, (BABs), Series 2010 | Napa Valley Unified School District, California General Obligation Bonds, (BABs), Series 2010 | Napa Valley Unified School District, California General Obligation Bonds, (BABs), Series 2010 |
|  6.507% due 08/01/2043 | 200 | 214 |
|  University of California Revenue Bonds, Series 2012 | University of California Revenue Bonds, Series 2012 | University of California Revenue Bonds, Series 2012 |
|  4.858% due 05/15/2112 | 6770 | 5532 |
|  University of California Revenue Notes, Series 2020 | University of California Revenue Notes, Series 2020 | University of California Revenue Notes, Series 2020 |
|  1.316% due 05/15/2027 | 5700 | 5540 |
|  |  | 50603 |
| CONNECTICUT 0.0% | CONNECTICUT 0.0% | CONNECTICUT 0.0% |
|  Naugatuck Borough, Connecticut General Obligation Bonds, (AGM/CR/NPFGC Insured), Series 2003 | Naugatuck Borough, Connecticut General Obligation Bonds, (AGM/CR/NPFGC Insured), Series 2003 | Naugatuck Borough, Connecticut General Obligation Bonds, (AGM/CR/NPFGC Insured), Series 2003 |
|  5.910% due 06/01/2033 | 165 | 177 |
| FLORIDA 0.0% | FLORIDA 0.0% | FLORIDA 0.0% |
|  State Board of Administration Finance Corp. Florida Revenue Notes, Series 2024 | State Board of Administration Finance Corp. Florida Revenue Notes, Series 2024 | State Board of Administration Finance Corp. Florida Revenue Notes, Series 2024 |
|  5.526% due 07/01/2034 | 5100 | 5348 |
| GEORGIA 0.1% | GEORGIA 0.1% | GEORGIA 0.1% |
|  Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 | Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 | Municipal Electric Authority of Georgia Revenue Bonds, (BABs), Series 2010 |
|  6.655% due 04/01/2057 | 48220 | 52085 |
| LOUISIANA 0.0% | LOUISIANA 0.0% | LOUISIANA 0.0% |
|  Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2022 | Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2022 | Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2022 |
|  4.275% due 02/01/2036 | 1600 | 1573 |
|  Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2023 | Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2023 | Louisiana Local Government Environmental Facilities & Community Development Auth Revenue Bonds, Series 2023 |
|  5.048% due 12/01/2034 | 3300 | 3383 |
|  |  | 4956 |
| NEW YORK 0.2% | NEW YORK 0.2% | NEW YORK 0.2% |
|  New York State Urban Development Corp. Revenue Bonds, Series 2020 | New York State Urban Development Corp. Revenue Bonds, Series 2020 | New York State Urban Development Corp. Revenue Bonds, Series 2020 |
|  2.027% due 03/15/2031 | 23000 | 20685 |
|  2.127% due 03/15/2032 | 23000 | 20253 |
|  2.227% due 03/15/2033 | 23000 | 19855 |
|  2.277% due 03/15/2034 | 19000 | 16261 |
|  New York State Urban Development Corp. Revenue Notes, Series 2020 | New York State Urban Development Corp. Revenue Notes, Series 2020 | New York State Urban Development Corp. Revenue Notes, Series 2020 |
|  1.827% due 03/15/2029 | 800 | 754 |
|  |  | 77808 |
| RHODE ISLAND 0.0% | RHODE ISLAND 0.0% | RHODE ISLAND 0.0% |
|  Rhode Island Convention Center Authority Revenue Bonds, (AGM Insured), Series 2006 | Rhode Island Convention Center Authority Revenue Bonds, (AGM Insured), Series 2006 | Rhode Island Convention Center Authority Revenue Bonds, (AGM Insured), Series 2006 |
|  6.060% due 05/15/2035 | 165 | 178 |
| TEXAS 0.2% | TEXAS 0.2% | TEXAS 0.2% |
|  Dallas Fort Worth International Airport, Texas Revenue Notes, Series 2020 | Dallas Fort Worth International Airport, Texas Revenue Notes, Series 2020 | Dallas Fort Worth International Airport, Texas Revenue Notes, Series 2020 |
|  1.946% due 11/01/2028 | 2435 | 2306 |
|  2.046% due 11/01/2029 | 1400 | 1301 |
|  2.096% due 11/01/2030 | 1750 | 1591 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 | Texas Natural Gas Securitization Finance Corp. Revenue Bonds, Series 2023 |
|  5.102% due 04/01/2035 | $— | 53002 | 54318 |
|  5.169% due 04/01/2041 |  | 34500 | 34974 |
|  |  |  | 94490 |
| WEST VIRGINIA 0.1% | 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 | Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020 |
|  2.951% due 06/01/2031 |  | 1630 | 1490 |
|  3.401% due 06/01/2034 |  | 10930 | 9559 |
|  3.501% due 06/01/2035 |  | 9935 | 8564 |
|  |  |  | 19613 |
|  Total Municipal Bonds & Notes (Cost $324,706) | Total Municipal Bonds & Notes (Cost $324,706) | Total Municipal Bonds & Notes (Cost $324,706) | 305258 |
| U.S. GOVERNMENT AGENCIES 43.0% | U.S. GOVERNMENT AGENCIES 43.0% | U.S. GOVERNMENT AGENCIES 43.0% | U.S. GOVERNMENT AGENCIES 43.0% |
|  Colombia TES | Colombia TES | Colombia TES | Colombia TES |
|  11.750% due 01/24/2035 |  | 120813300 | 29954 |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  2.000% due 03/01/2052 | $— | 10206 | 8251 |
|  3.000% due 08/01/2026 - 08/01/2052 |  | 127480 | 113806 |
|  3.500% due 04/01/2026 - 09/01/2050 |  | 38015 | 36285 |
|  4.000% due 10/01/2033 - 02/01/2053 |  | 60798 | 58010 |
|  4.500% due 03/01/2028 - 07/01/2053 |  | 11448 | 11140 |
|  5.000% due 03/01/2036 - 08/01/2054 |  | 177868 | 176518 |
|  5.500% due 09/01/2027 - 07/01/2054 |  | 894109 | 901224 |
|  5.695% due 02/01/2037 •  |  | 1 | 1 |
|  5.869% due 09/01/2028 - 11/01/2028 •  |  | 16 | 16 |
|  5.890% due 01/01/2034 •  |  | 177 | 181 |
|  5.969% due 04/01/2036 •  |  | 59 | 61 |
|  5.980% due 05/01/2037 •  |  | 22 | 22 |
|  5.982% due 05/01/2035 •  |  | 368 | 376 |
|  6.000% due 08/01/2026 - 04/01/2055 |  | 148738 | 153003 |
|  6.025% due 01/01/2037 •  |  | 9 | 9 |
|  6.035% due 11/01/2035 •  |  | 146 | 150 |
|  6.090% due 09/01/2035 •  |  | 5 | 5 |
|  6.095% due 06/01/2033 •  |  | 21 | 21 |
|  6.145% due 08/01/2035 •  |  | 2 | 2 |
|  6.161% due 04/01/2036 •  |  | 2 | 2 |
|  6.216% due 09/01/2035 •  |  | 2 | 2 |
|  6.225% due 10/01/2035 •  |  | 1085 | 1123 |
|  6.311% due 02/01/2037 •  |  | 1 | 1 |
|  6.345% due 08/01/2035 •  |  | 24 | 24 |
|  6.347% due 03/01/2035 •  |  | 116 | 117 |
|  6.368% due 08/01/2035 •  |  | 470 | 484 |
|  6.370% due 11/01/2035 •  |  | 226 | 231 |
|  6.375% due 10/01/2035 •  |  | 9 | 10 |
|  6.385% due 02/01/2036 •  |  | 14 | 15 |
|  6.413% due 03/01/2035 •  |  | 3 | 3 |
|  6.425% due 10/01/2035 •  |  | 400 | 411 |
|  6.430% due 07/01/2035 •  |  | 189 | 194 |
|  6.481% due 08/01/2035 - 05/01/2037 •  |  | 2 | 1 |
|  6.485% due 09/01/2035 •  |  | 222 | 228 |
|  6.499% due 10/01/2035 •  |  | 289 | 296 |
|  6.500% due 06/01/2029 - 04/01/2055 |  | 26513 | 27444 |
|  6.500% due 08/01/2035 •  |  | 2 | 2 |
|  6.504% due 06/01/2035 •  |  | 1392 | 1443 |
|  6.516% due 03/01/2036 •  |  | 4 | 4 |
|  6.521% due 09/01/2035 •  |  | 5 | 5 |
|  6.534% due 07/01/2030 •  |  | 39 | 40 |
|  6.643% due 07/01/2032 •  |  | 1 | 1 |
|  6.647% due 11/01/2034 •  |  | 10 | 10 |
|  6.743% due 05/01/2037 •  |  | 5 | 6 |
|  6.797% due 07/01/2035 •  |  | 217 | 223 |
|  6.870% due 05/01/2036 •  |  | 12 | 13 |

---

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO TOTAL RETURN FUND** | 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)** |
|  6.891% due 06/01/2037 •  | $— | 1 | $— | 1 |
|  7.000% due 06/01/2026 - 03/01/2038 |  | 23 |  | 24 |
|  7.500% due 02/01/2027 - 10/01/2036 |  | 25 |  | 24 |
|  Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
|  2.875% due 04/25/2026 |  | 1267 |  | 1264 |
|  2.939% due 04/25/2029 |  | 2600 |  | 2502 |
|  4.219% due 08/25/2027 •  |  | 4586 |  | 4584 |
|  Federal Home Loan Mortgage Corp. Reference REMICS | Federal Home Loan Mortgage Corp. Reference REMICS | Federal Home Loan Mortgage Corp. Reference REMICS | Federal Home Loan Mortgage Corp. Reference REMICS | Federal Home Loan Mortgage Corp. Reference REMICS |
|  6.000% due 04/15/2036 |  | 1328 |  | 1383 |
|  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 |
|  1.840% due 02/15/2041 •  |  | 9 |  | 6 |
|  2.082% due 11/15/2038 ~(a) |  | 5187 |  | 488 |
|  2.187% due 06/15/2039 ~(a) |  | 1935 |  | 169 |
|  2.213% due 06/15/2042 •(a) |  | 4073 |  | 418 |
|  2.314% due 05/15/2038 ~(a) |  | 379 |  | 33 |
|  2.348% due 10/15/2041 ~(a) |  | 1078 |  | 61 |
|  2.463% due 02/15/2038 •(a) |  | 65 |  | 4 |
|  2.513% due 05/15/2039 •(a) |  | 96 |  | 9 |
|  2.663% due 03/15/2037 •(a) |  | 81 |  | 7 |
|  2.713% due 08/15/2036 •(a) |  | 42 |  | 4 |
|  2.723% due 12/15/2041 •(a) |  | 4103 |  | 426 |
|  2.793% due 09/15/2036 •(a) |  | 59 |  | 6 |
|  2.863% due 11/15/2036 •(a) |  | 2096 |  | 179 |
|  3.000% due 08/15/2027 (a) |  | 367 |  | 5 |
|  3.500% due 01/15/2042 - 08/15/2042 |  | 16442 |  | 15498 |
|  3.977% due 10/15/2043 •  |  | 20367 |  | 19977 |
|  4.000% due 10/15/2033 - 02/15/2042 |  | 15714 |  | 15247 |
|  4.037% due 07/15/2034 - 05/15/2037 •  |  | 390 |  | 386 |
|  4.087% due 08/15/2035 - 02/15/2037 •  |  | 63 |  | 62 |
|  4.107% due 07/15/2034 •  |  | 58 |  | 57 |
|  4.127% due 02/15/2037 •  |  | 6 |  | 6 |
|  4.137% due 12/15/2029 - 11/15/2043 •  |  | 1537 |  | 1521 |
|  4.146% due 08/15/2040 - 10/15/2040 •  |  | 11180 |  | 10991 |
|  4.187% due 06/15/2031 - 05/15/2041 •  |  | 545 |  | 540 |
|  4.197% due 05/15/2036 •  |  | 149 |  | 149 |
|  4.236% due 11/15/2042 •  |  | 2762 |  | 2740 |
|  4.237% due 11/15/2030 - 12/15/2031 •  |  | 1 |  | 0 |
|  4.287% due 06/15/2030 - 12/15/2032 •  |  | 9 |  | 9 |
|  4.307% due 01/15/2041 •  |  | 358 |  | 356 |
|  4.337% due 02/15/2032 - 01/15/2042 •  |  | 86 |  | 86 |
|  4.367% due 05/15/2032 - 07/15/2037 •  |  | 785 |  | 784 |
|  4.377% due 10/15/2037 •  |  | 204 |  | 204 |
|  4.387% due 12/15/2032 - 11/15/2037 •  |  | 667 |  | 667 |
|  4.417% due 10/15/2037 •  |  | 267 |  | 267 |
|  4.457% due 08/15/2037 •  |  | 977 |  | 978 |
|  4.497% due 10/15/2037 •  |  | 397 |  | 398 |
|  4.500% due 08/15/2033 - 05/15/2039 |  | 254 |  | 251 |
|  4.507% due 05/15/2037 •  |  | 294 |  | 295 |
|  4.517% due 05/15/2040 •  |  | 6 |  | 6 |
|  4.532% due 12/25/2055 •  |  | 11694 |  | 11693 |
|  4.537% due 08/15/2036 •  |  | 7 |  | 7 |
|  4.562% due 10/25/2055 •  |  | 2353 |  | 2365 |
|  4.581% due 03/15/2050 •  |  | 4445 |  | 4467 |
|  4.602% due 11/25/2054 •  |  | 14876 |  | 14973 |
|  4.637% due 11/15/2039 •  |  | 6 |  | 6 |
|  4.662% due 08/25/2055 •  |  | 11064 |  | 11166 |
|  4.697% due 07/15/2037 •  |  | 84 |  | 85 |
|  4.762% due 10/25/2055 •  |  | 4015 |  | 4040 |
|  4.862% due 02/25/2055 •  |  | 20217 |  | 20390 |
|  4.887% due 03/15/2043 •  |  | 298 |  | 283 |
|  4.962% due 09/25/2054 •  |  | 901 |  | 907 |
|  5.000% due 08/15/2034 - 07/15/2036 |  | 1296 |  | 1312 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.500% due 05/15/2033 - 05/15/2036 | $— | 938 | $— | 964 |
|  5.950% due 06/15/2028 |  | 732 |  | 737 |
|  6.000% due 07/15/2026 - 10/15/2036 |  | 1338 |  | 1376 |
|  6.250% due 12/15/2028 |  | 18 |  | 18 |
|  6.499% due 05/15/2033 •  |  | 45 |  | 50 |
|  6.500% due 06/15/2027 - 05/15/2035 |  | 3114 |  | 3182 |
|  7.000% due 08/15/2029 - 08/15/2031 |  | 229 |  | 235 |
|  7.500% due 03/17/2027 - 08/15/2030 |  | 187 |  | 193 |
|  15.920% due 08/15/2037 •  |  | 170 |  | 229 |
|  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 |
|  2.000% due 06/15/2052 (a) |  | 296939 |  | 36573 |
|  2.213% due 08/15/2042 •(a) |  | 8272 |  | 818 |
|  3.461% due 09/15/2043 - 12/15/2043 •  |  | 5795 |  | 5765 |
|  4.137% due 07/15/2036 •  |  | 115 |  | 114 |
|  4.337% due 03/15/2044 •  |  | 1206 |  | 1193 |
|  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 •  |  | 38 |  | 38 |
|  4.539% due 01/25/2036 ~ |  | 978 |  | 957 |
|  4.562% due 08/15/2032 ~ |  | 24 |  | 23 |
|  4.776% due 05/25/2043 •  |  | 2233 |  | 2234 |
|  5.059% due 02/25/2045 •  |  | 3270 |  | 3196 |
|  5.259% due 07/25/2044 •  |  | 506 |  | 494 |
|  6.500% due 01/25/2028 - 10/25/2043 |  | 4975 |  | 5113 |
|  7.000% due 10/25/2043 |  | 3178 |  | 3306 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  2.000% due 03/01/2052 |  | 9448 |  | 7628 |
|  2.500% due 02/01/2040 - 03/01/2040 |  | 4361 |  | 3979 |
|  3.000% due 10/01/2026 - 09/01/2057 |  | 357565 |  | 317869 |
|  3.500% due 04/01/2026 - 08/01/2049 |  | 34307 |  | 33495 |
|  4.000% due 06/01/2026 - 01/01/2059 |  | 254781 |  | 244159 |
|  4.045% due 12/01/2029 |  | 8530 |  | 8481 |
|  4.145% due 03/01/2033 •  |  | 5 |  | 5 |
|  4.300% due 11/01/2029 |  | 11735 |  | 11745 |
|  4.500% due 04/01/2026 - 08/01/2053 |  | 50000 |  | 48603 |
|  4.714% due 12/01/2036 •  |  | 6 |  | 6 |
|  5.000% due 10/01/2026 - 03/01/2054 |  | 227878 |  | 226389 |
|  5.113% due 06/01/2043 •  |  | 571 |  | 577 |
|  5.114% due 07/01/2042 - 12/01/2044 •  |  | 2657 |  | 2682 |
|  5.164% due 09/01/2041 •  |  | 1034 |  | 1041 |
|  5.314% due 10/01/2030 - 10/01/2040 •  |  | 221 |  | 222 |
|  5.365% due 11/01/2037 •  |  | 2 |  | 3 |
|  5.395% due 11/01/2031 •  |  | 20 |  | 21 |
|  5.415% due 02/01/2035 •  |  | 240 |  | 243 |
|  5.491% due 03/01/2035 •  |  | 4 |  | 4 |
|  5.500% due 10/01/2029 - 08/01/2054 |  | 985757 |  | 994293 |
|  5.510% due 09/01/2034 •  |  | 5 |  | 5 |
|  5.538% due 09/01/2035 •  |  | 127 |  | 130 |
|  5.552% due 02/01/2035 •  |  | 7 |  | 7 |
|  5.585% due 10/01/2034 •  |  | 119 |  | 121 |
|  5.590% due 01/01/2036 •  |  | 1 |  | 1 |
|  5.624% due 02/01/2035 •  |  | 48 |  | 49 |
|  5.643% due 01/01/2035 •  |  | 409 |  | 417 |
|  5.647% due 11/01/2035 •  |  | 222 |  | 225 |
|  5.663% due 08/01/2035 •  |  | 21 |  | 21 |
|  5.689% due 02/01/2035 •  |  | 14 |  | 15 |
|  5.695% due 02/01/2027 •  |  | 1 |  | 1 |
|  5.701% due 01/01/2035 •  |  | 593 |  | 609 |
|  5.710% due 12/01/2034 •  |  | 7 |  | 7 |
|  5.711% due 11/01/2034 •  |  | 42 |  | 43 |
|  5.731% due 01/01/2035 •  |  | 261 |  | 265 |
|  5.750% due 01/01/2035 •  |  | 8 |  | 8 |
|  5.754% due 12/01/2034 •  |  | 7 |  | 7 |
|  5.766% due 11/01/2035 •  |  | 445 |  | 458 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.782% due 04/01/2033 •  | $— | 3 | $— | 3 |
|  5.784% due 02/01/2035 •  |  | 370 |  | 378 |
|  5.788% due 01/01/2036 •  |  | 27 |  | 27 |
|  5.795% due 12/01/2034 •  |  | 1 |  | 2 |
|  5.800% due 01/01/2036 •  |  | 38 |  | 39 |
|  5.835% due 10/01/2034 •  |  | 64 |  | 65 |
|  5.842% due 12/01/2033 •  |  | 100 |  | 103 |
|  5.843% due 09/01/2035 •  |  | 9 |  | 9 |
|  5.889% due 03/01/2034 •  |  | 1 |  | 1 |
|  5.891% due 03/01/2034 •  |  | 138 |  | 142 |
|  5.915% due 11/01/2034 •  |  | 58 |  | 59 |
|  5.927% due 11/01/2035 •  |  | 27 |  | 28 |
|  5.932% due 01/01/2037 •  |  | 2 |  | 2 |
|  5.937% due 12/01/2034 •  |  | 122 |  | 125 |
|  5.938% due 01/01/2035 •  |  | 79 |  | 82 |
|  5.954% due 02/01/2035 •  |  | 87 |  | 89 |
|  5.959% due 12/01/2033 •  |  | 38 |  | 39 |
|  5.978% due 12/01/2035 •  |  | 56 |  | 57 |
|  5.980% due 12/01/2034 •  |  | 3 |  | 4 |
|  5.983% due 04/01/2035 •  |  | 4 |  | 4 |
|  5.992% due 12/01/2036 •  |  | 1 |  | 1 |
|  5.998% due 03/01/2036 •  |  | 59 |  | 60 |
|  6.000% due 09/01/2028 - 05/01/2054 |  | 68904 |  | 71202 |
|  6.002% due 05/01/2030 •  |  | 1 |  | 1 |
|  6.004% due 12/01/2035 •  |  | 6 |  | 6 |
|  6.035% due 06/01/2035 •  |  | 52 |  | 54 |
|  6.040% due 10/01/2035 •  |  | 35 |  | 36 |
|  6.049% due 04/01/2036 •  |  | 7 |  | 7 |
|  6.050% due 02/01/2035 •  |  | 3 |  | 3 |
|  6.053% due 09/01/2035 •  |  | 269 |  | 273 |
|  6.060% due 12/01/2033 •  |  | 67 |  | 69 |
|  6.071% due 11/01/2034 •  |  | 2 |  | 2 |
|  6.072% due 03/01/2036 •  |  | 67 |  | 69 |
|  6.090% due 12/01/2034 •  |  | 1 |  | 1 |
|  6.103% due 11/01/2032 •  |  | 1 |  | 1 |
|  6.133% due 12/01/2030 •  |  | 1 |  | 1 |
|  6.135% due 08/01/2033 •  |  | 1 |  | 1 |
|  6.140% due 09/01/2029 •  |  | 1 |  | 1 |
|  6.155% due 11/01/2035 - 01/01/2036 •  |  | 44 |  | 44 |
|  6.162% due 02/01/2036 •  |  | 45 |  | 46 |
|  6.163% due 10/01/2035 •  |  | 29 |  | 29 |
|  6.175% due 09/01/2034 •  |  | 28 |  | 28 |
|  6.185% due 08/01/2032 - 11/01/2035 •  |  | 251 |  | 258 |
|  6.200% due 08/01/2035 •  |  | 64 |  | 65 |
|  6.210% due 06/01/2035 •  |  | 548 |  | 565 |
|  6.220% due 07/01/2026 - 05/01/2035 •  |  | 357 |  | 367 |
|  6.223% due 12/01/2027 •  |  | 16 |  | 16 |
|  6.225% due 12/01/2026 •  |  | 1 |  | 1 |
|  6.232% due 11/01/2034 •  |  | 126 |  | 132 |
|  6.250% due 03/01/2034 •  |  | 207 |  | 212 |
|  6.251% due 05/01/2036 •  |  | 54 |  | 56 |
|  6.260% due 06/01/2035 •  |  | 47 |  | 49 |
|  6.274% due 08/01/2027 •  |  | 6 |  | 6 |
|  6.275% due 09/01/2035 •  |  | 1 |  | 2 |
|  6.277% due 09/01/2033 •  |  | 2 |  | 2 |
|  6.287% due 11/01/2035 •  |  | 78 |  | 80 |
|  6.305% due 07/01/2035 •  |  | 1 |  | 1 |
|  6.307% due 04/01/2034 •  |  | 9 |  | 9 |
|  6.315% due 05/01/2035 •  |  | 3 |  | 3 |
|  6.325% due 10/01/2027 •  |  | 4 |  | 4 |
|  6.344% due 09/01/2034 •  |  | 508 |  | 521 |
|  6.345% due 09/01/2035 •  |  | 172 |  | 176 |
|  6.346% due 06/01/2035 •  |  | 43 |  | 44 |
|  6.348% due 11/01/2034 •  |  | 81 |  | 83 |
|  6.352% due 09/01/2033 - 05/01/2034 •  |  | 27 |  | 27 |
|  6.368% due 03/01/2033 •  |  | 9 |  | 9 |
|  6.375% due 08/01/2035 - 09/01/2036 •  |  | 45 |  | 46 |
|  6.381% due 08/01/2035 •  |  | 284 |  | 291 |
|  6.383% due 09/01/2035 - 05/01/2038 •  |  | 1862 |  | 1937 |
|  6.398% due 08/01/2035 •  |  | 107 |  | 109 |
|  6.405% due 06/01/2035 •  |  | 3 |  | 3 |
|  6.410% due 10/01/2034 •  |  | 57 |  | 58 |
|  6.413% due 06/01/2033 •  |  | 3 |  | 4 |
|  6.414% due 02/01/2036 •  |  | 25 |  | 26 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **19** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.415% due 09/01/2037 •  | $— | 4 | $— | 4 |
|  6.419% due 07/01/2034 •  |  | 1 |  | 1 |
|  6.425% due 03/01/2035 •  |  | 1 |  | 1 |
|  6.457% due 04/01/2027 •  |  | 1 |  | 1 |
|  6.460% due 05/01/2035 •  |  | 4 |  | 4 |
|  6.472% due 08/01/2035 •  |  | 31 |  | 32 |
|  6.487% due 09/01/2035 •  |  | 21 |  | 22 |
|  6.498% due 05/01/2033 •  |  | 2 |  | 2 |
|  6.500% due 05/01/2027 - 03/01/2055 |  | 26819 |  | 27773 |
|  6.510% due 09/01/2035 •  |  | 85 |  | 87 |
|  6.515% due 09/01/2035 •  |  | 106 |  | 108 |
|  6.520% due 10/01/2035 •  |  | 33 |  | 34 |
|  6.529% due 07/01/2035 •  |  | 28 |  | 28 |
|  6.532% due 11/01/2035 •  |  | 69 |  | 71 |
|  6.535% due 05/01/2035 •  |  | 231 |  | 237 |
|  6.537% due 07/01/2035 •  |  | 20 |  | 21 |
|  6.546% due 04/01/2038 •  |  | 1 |  | 1 |
|  6.594% due 09/01/2037 •  |  | 1 |  | 1 |
|  6.612% due 05/01/2037 •  |  | 2 |  | 2 |
|  6.797% due 05/01/2035 •  |  | 18 |  | 18 |
|  6.811% due 06/01/2035 •  |  | 23 |  | 23 |
|  6.974% due 05/01/2035 •  |  | 5 |  | 5 |
|  7.000% due 03/01/2031 - 02/01/2036 |  | 189 |  | 192 |
|  7.000% due 04/01/2035 •  |  | 84 |  | 86 |
|  7.500% due 08/01/2026 - 09/01/2030 |  | 3 |  | 2 |
|  8.000% due 12/01/2026 - 08/01/2032 |  | 540 |  | 555 |
|  8.500% due 08/01/2026 - 09/01/2031 |  | 136 |  | 137 |
|  Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust | Federal National Mortgage Association Grantor Trust |
|  6.000% due 01/25/2044 |  | 76 |  | 79 |
|  6.500% due 07/25/2042 |  | 17 |  | 17 |
|  7.000% due 12/25/2041 |  | 1 |  | 1 |
|  7.500% due 10/25/2040 - 07/25/2041 |  | 27 |  | 27 |
|  7.500% due 06/19/2041 ~ |  | 6 |  | 6 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  0.000% due 03/25/2036 (b)(g) |  | 466 |  | 431 |
|  0.374% due 02/25/2033 •  |  | 317 |  | 289 |
|  0.553% due 11/25/2040 •  |  | 2 |  | 1 |
|  1.854% due 03/25/2036 ~(a) |  | 3800 |  | 222 |
|  2.171% due 05/25/2044 ~(a) |  | 3231 |  | 227 |
|  2.192% due 06/25/2055 ~(a) |  | 3111 |  | 215 |
|  2.199% due 12/25/2038 ~(a) |  | 3659 |  | 295 |
|  2.294% due 02/25/2037 •(a) |  | 5 |  | 0 |
|  2.324% due 06/25/2037 •(a) |  | 37 |  | 2 |
|  2.374% due 12/25/2042 •(a) |  | 682 |  | 68 |
|  2.474% due 05/25/2037 - 01/25/2040 •(a) |  | 330 |  | 24 |
|  2.524% due 08/25/2042 •(a) |  | 4547 |  | 641 |
|  2.604% due 03/25/2037 •(a) |  | 16 |  | 2 |
|  2.774% due 07/25/2036 •(a) |  | 163 |  | 16 |
|  2.824% due 12/25/2036 •(a) |  | 20 |  | 2 |
|  2.864% due 12/25/2036 •(a) |  | 61 |  | 7 |
|  2.874% due 07/25/2037 •(a) |  | 39 |  | 5 |
|  2.984% due 05/25/2037 •(a) |  | 16 |  | 1 |
|  3.000% due 08/25/2040 - 10/25/2040 |  | 22506 |  | 21571 |
|  3.478% due 10/25/2043 •  |  | 12233 |  | 11662 |
|  3.500% due 08/25/2042 |  | 12088 |  | 11385 |
|  3.842% due 07/25/2037 •  |  | 29 |  | 28 |
|  3.902% due 03/25/2034 •  |  | 3 |  | 3 |
|  3.912% due 03/25/2036 •  |  | 208 |  | 206 |
|  3.932% due 08/25/2034 •  |  | 3 |  | 3 |
|  4.000% due 07/25/2040 |  | 125 |  | 124 |
|  4.026% due 04/25/2036 - 05/25/2037 •  |  | 331 |  | 327 |
|  4.076% due 01/25/2033 - 05/25/2048 •  |  | 11531 |  | 11278 |
|  4.096% due 11/25/2036 - 06/25/2037 •  |  | 105 |  | 104 |
|  4.126% due 05/25/2034 - 04/25/2043 •  |  | 568 |  | 562 |
|  4.136% due 03/25/2037 •  |  | 3 |  | 2 |
|  4.146% due 01/25/2037 •  |  | 140 |  | 139 |
|  4.156% due 07/25/2037 •  |  | 128 |  | 127 |
|  4.176% due 06/25/2029 - 06/25/2047 •  |  | 16194 |  | 15954 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.186% due 04/18/2028 - 09/25/2035 •  | $— | 9 | $— | 9 |
|  4.206% due 11/25/2040 •  |  | 1135 |  | 1128 |
|  4.216% due 06/25/2036 •  |  | 93 |  | 93 |
|  4.226% due 10/25/2030 - 04/25/2047 •  |  | 21983 |  | 21651 |
|  4.236% due 10/18/2030 - 07/25/2036 •  |  | 315 |  | 314 |
|  4.276% due 08/25/2030 - 12/25/2049 •  |  | 23481 |  | 23218 |
|  4.296% due 10/25/2040 •  |  | 11 |  | 11 |
|  4.326% due 09/25/2041 •  |  | 231 |  | 230 |
|  4.336% due 12/18/2031 •  |  | 8 |  | 8 |
|  4.356% due 08/25/2037 •  |  | 1420 |  | 1417 |
|  4.376% due 06/25/2030 - 07/25/2034 •  |  | 402 |  | 403 |
|  4.426% due 03/25/2040 •  |  | 268 |  | 268 |
|  4.446% due 03/25/2038 •  |  | 18 |  | 18 |
|  4.481% due 01/25/2051 •  |  | 18283 |  | 18359 |
|  4.496% due 06/25/2037 •  |  | 45 |  | 45 |
|  4.500% due 01/25/2035 - 09/25/2041 |  | 63245 |  | 62633 |
|  4.526% due 04/25/2031 - 11/25/2039 •  |  | 170 |  | 171 |
|  4.562% due 09/25/2054 •  |  | 18124 |  | 18198 |
|  4.581% due 12/25/2050 •  |  | 5220 |  | 5199 |
|  4.596% due 02/25/2038 •  |  | 59 |  | 59 |
|  4.612% due 01/25/2055 •  |  | 7642 |  | 7696 |
|  4.676% due 04/25/2032 - 11/25/2033 •  |  | 362 |  | 365 |
|  4.776% due 04/25/2043 •  |  | 749 |  | 709 |
|  4.862% due 12/25/2053 - 02/25/2055 •  |  | 30532 |  | 30797 |
|  4.912% due 02/25/2055 •  |  | 21360 |  | 21572 |
|  5.000% due 09/18/2027 - 04/25/2035 |  | 182 |  | 184 |
|  5.500% due 08/25/2035 |  | 13 |  | 14 |
|  5.750% due 12/20/2027 |  | 12 |  | 12 |
|  6.000% due 05/17/2027 - 04/25/2043 |  | 2008 |  | 2076 |
|  6.125% due 05/25/2035 ~ |  | 673 |  | 686 |
|  6.500% due 07/18/2027 - 12/25/2033 |  | 1572 |  | 1619 |
|  7.000% due 12/18/2026 - 01/25/2048 |  | 100 |  | 101 |
|  7.500% due 08/20/2027 - 09/20/2027 |  | 10 |  | 10 |
|  8.500% due 02/17/2027 |  | 3 |  | 3 |
|  Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
|  2.824% due 06/25/2037 •(a) |  | 103 |  | 6 |
|  4.668% due 12/25/2042 ~ |  | 3066 |  | 3056 |
|  4.978% due 10/25/2042 ~ |  | 2315 |  | 2328 |
|  5.750% due 08/25/2034 |  | 201 |  | 206 |
|  6.000% due 10/25/2044 |  | 98 |  | 101 |
|  6.250% due 02/25/2029 |  | 28 |  | 28 |
|  6.500% due 06/25/2028 - 07/25/2043 |  | 40 |  | 41 |
|  6.651% due 08/25/2037 ~ |  | 15 |  | 15 |
|  7.500% due 02/25/2029 |  | 6 |  | 7 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  4.126% due 05/25/2042 - 03/25/2044 •  |  | 334 |  | 333 |
|  6.500% due 06/25/2044 |  | 507 |  | 515 |
|  7.000% due 12/25/2045 |  | 8 |  | 8 |
|  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) |  | 191740 |  | 8751 |
|  FHLMC-GNMA | FHLMC-GNMA | FHLMC-GNMA | FHLMC-GNMA | FHLMC-GNMA |
|  7.500% due 09/20/2026 - 06/20/2027 |  | 35 |  | 35 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  2.500% due 03/15/2043 - 04/20/2052 |  | 48580 |  | 41854 |
|  3.000% due 07/20/2046 - 09/20/2055 |  | 265822 |  | 237554 |
|  3.500% due 10/15/2041 - 02/20/2056 |  | 797119 |  | 733867 |
|  4.000% due 01/15/2048 - 09/20/2055 |  | 76814 |  | 72395 |
|  4.450% due 02/20/2060 •  |  | 809 |  | 815 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.500% due 08/15/2033 - 11/20/2049 | $— | 50485 | $— | 49704 |
|  5.000% due 07/15/2033 - 06/20/2050 |  | 2439 |  | 2473 |
|  5.125% due 10/20/2026 - 10/20/2033 •  |  | 269 |  | 270 |
|  5.125% (H15T1Y + 1.500%) due 10/20/2026 ~ |  | 3 |  | 3 |
|  5.375% (H15T1Y + 1.500%) due 07/20/2026 - 09/20/2026 ~ |  | 9 |  | 9 |
|  5.375% due 07/20/2027 - 07/20/2034 •  |  | 278 |  | 278 |
|  5.625% (H15T1Y + 1.500%) due 04/20/2026 - 06/20/2026 ~ |  | 2 |  | 2 |
|  5.625% due 01/20/2027 - 06/20/2041 •  |  | 1222 |  | 1230 |
|  6.000% due 04/15/2028 - 12/20/2041 |  | 355 |  | 372 |
|  6.500% due 04/15/2026 - 09/20/2038 |  | 31 |  | 32 |
|  7.000% due 04/20/2026 - 10/15/2034 |  | 55 |  | 58 |
|  7.500% due 05/20/2026 - 02/15/2035 |  | 24 |  | 25 |
|  8.000% due 11/15/2026 - 10/20/2031 |  | 54 |  | 55 |
|  8.500% due 11/20/2026 - 04/15/2031 |  | 31 |  | 31 |
|  9.000% due 07/15/2030 - 11/15/2030 |  | 15 |  | 14 |
|  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 |
|  3.950% due 04/20/2063 - 05/20/2063 •  |  | 323 |  | 323 |
|  4.000% due 05/20/2041 |  | 2668 |  | 2588 |
|  4.000% due 02/20/2044 (a) |  | 7546 |  | 800 |
|  4.010% due 08/20/2045 •  |  | 1864 |  | 1819 |
|  4.132% due 05/20/2047 •  |  | 404 |  | 389 |
|  4.133% due 11/20/2068 •  |  | 275 |  | 275 |
|  4.173% due 09/20/2052 - 01/20/2072 •  |  | 58676 |  | 58295 |
|  4.190% due 11/20/2037 •  |  | 91 |  | 90 |
|  4.213% due 05/20/2065 •  |  | 378 |  | 378 |
|  4.240% due 07/20/2049 •  |  | 1258 |  | 1234 |
|  4.243% due 02/20/2067 •  |  | 1218 |  | 1218 |
|  4.247% due 04/20/2065 •  |  | 3 |  | 3 |
|  4.253% due 06/20/2067 •  |  | 529 |  | 529 |
|  4.257% due 06/20/2065 •  |  | 1902 |  | 1901 |
|  4.267% due 09/20/2065 •  |  | 2700 |  | 2699 |
|  4.283% due 01/20/2061 - 07/20/2063 •  |  | 508 |  | 508 |
|  4.323% due 02/20/2074 •  |  | 11078 |  | 11092 |
|  4.333% due 05/20/2065 •  |  | 739 |  | 739 |
|  4.353% due 04/20/2062 - 06/20/2065 •  |  | 1502 |  | 1502 |
|  4.363% due 06/20/2065 •  |  | 949 |  | 949 |
|  4.383% due 03/20/2062 - 09/20/2065 •  |  | 3548 |  | 3551 |
|  4.403% due 08/20/2065 •  |  | 7667 |  | 7675 |
|  4.443% due 12/20/2065 •  |  | 4143 |  | 4150 |
|  4.467% due 02/20/2060 •  |  | 82 |  | 82 |
|  4.473% due 01/20/2073 •  |  | 11821 |  | 11920 |
|  4.483% due 04/20/2070 •  |  | 18552 |  | 18570 |
|  4.533% due 12/20/2065 - 10/20/2066 •  |  | 7211 |  | 7233 |
|  4.543% due 02/20/2073 •  |  | 53252 |  | 53898 |
|  4.553% due 02/20/2073 - 03/20/2073 •  |  | 81482 |  | 82179 |
|  4.573% due 01/20/2073 •  |  | 75519 |  | 76391 |
|  4.633% due 04/20/2066 - 11/20/2066 •  |  | 5496 |  | 5517 |
|  4.643% due 08/20/2073 •  |  | 15494 |  | 15732 |
|  4.693% due 12/20/2072 •  |  | 70100 |  | 71361 |
|  4.703% due 07/20/2065 •  |  | 254 |  | 255 |
|  4.750% due 07/20/2035 |  | 294 |  | 293 |
|  4.773% due 06/20/2073 - 11/20/2073 •  |  | 88708 |  | 90822 |
|  4.783% due 01/20/2066 - 03/20/2066 •  |  | 7465 |  | 7512 |
|  4.813% due 11/20/2072 •  |  | 76888 |  | 78579 |
|  4.833% due 02/20/2066 •  |  | 4687 |  | 4713 |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.933% due 03/20/2066 •  | 2178 | 2194 |
|  5.023% due 07/20/2055 •  | 9343 | 9418 |
|  5.077% due 11/20/2067 •  | 1277 | 1292 |
|  5.227% due 06/20/2067 •  | 5081 | 5151 |
|  5.500% due 03/16/2034 | 288 | 287 |
|  5.592% due 04/20/2067 •  | 2139 | 2167 |
|  6.000% due 08/20/2033 | 95 | 95 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.000% due 05/01/2056 | 180700 | 149226 |
|  2.500% due 05/01/2056 | 457450 | 393371 |
|  3.000% due<br>04/01/2056 - 05/01/2056 | 475477 | 424250 |
|  4.000% due 05/01/2056 | 467740 | 437928 |
|  4.500% due<br>06/01/2040 - 05/01/2056 | 410100 | 395700 |
|  5.000% due<br>06/01/2040 - 05/01/2056 | 644491 | 636534 |
|  5.500% due<br>06/01/2040 - 05/01/2056 | 262100 | 263047 |
|  6.000% due<br>06/01/2040 - 05/01/2056 | 369540 | 375302 |
|  U.S. Small Business Administration | U.S. Small Business Administration | U.S. Small Business Administration |
|  5.310% due 05/01/2027 | 3 | 3 |
|  5.320% due 04/01/2027 | 3 | 4 |
|  5.510% due 11/01/2027 | 9 | 9 |
|  5.600% due 09/01/2028 | 27 | 28 |
|  5.780% due 08/01/2027 | 1 | 1 |
|  5.820% due 07/01/2027 | 32 | 32 |
|  5.870% due 07/01/2028 | 12 | 12 |
|  6.020% due 08/01/2028 | 10 | 10 |
|  6.070% due 07/01/2026 | 2 | 3 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 06/01/2040 | 2447485 | 2146463 |
|  4.000% due 04/01/2056 - 06/01/2056 | 405126 | 381778 |
|  4.500% due 04/01/2041 - 06/01/2056 | 3068752 | 2957838 |
|  5.000% due 04/01/2056 - 06/01/2056 | 3387155 | 3336471 |
|  5.500% due 05/01/2056 - 06/01/2056 | 707015 | 709072 |
|  6.000% due 05/01/2056 - 07/01/2056 | 1492242 | 1518756 |
|  6.500% due 04/01/2056 - 06/01/2056 | 264492 | 273405 |
|  Vendee Mortgage Trust | Vendee Mortgage Trust | Vendee Mortgage Trust |
|  6.213% due 01/15/2030 ~ | 135 | 137 |
|  Total U.S. Government Agencies (Cost $20,319,846) | Total U.S. Government Agencies (Cost $20,319,846) | 20254127 |
| U.S. TREASURY OBLIGATIONS 18.0% | U.S. TREASURY OBLIGATIONS 18.0% | U.S. TREASURY OBLIGATIONS 18.0% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.375% due 11/15/2040 (p) | 1573055 | 1013791 |
|  1.375% due 08/15/2050 | 268199 | 131203 |
|  1.625% due 11/15/2050 (p)(r) | 83160 | 43406 |
|  1.750% due 08/15/2041 | 394752 | 264044 |
|  1.875% due 02/15/2041 | 568475 | 394035 |
|  1.875% due 02/15/2051 | 562018 | 312183 |
|  1.875% due 11/15/2051 (p)(r) | 116025 | 63773 |
|  2.000% due 11/15/2041 (p) | 63700 | 44075 |
|  2.000% due 02/15/2050 (p) | 326584 | 190210 |
|  2.000% due 08/15/2051 | 246896 | 140663 |
|  2.250% due 05/15/2041 (p)(r) | 292800 | 213487 |
|  2.250% due 08/15/2049 | 664313 | 413353 |
|  2.375% due 02/15/2042 (p)(r) | 86800 | 63286 |
|  2.375% due 11/15/2049 (p) | 434019 | 276636 |
|  2.375% due 05/15/2051 (p)(r) | 101271 | 63379 |
|  2.750% due 11/15/2042 | 420200 | 319762 |
|  2.875% due 05/15/2043 | 252260 | 193826 |
|  2.875% due 08/15/2045 | 321230 | 238601 |
|  2.875% due 05/15/2049 (p) | 361384 | 257034 |
|  3.000% due 05/15/2042 (p) | 23200 | 18498 |
|  3.000% due 11/15/2044 (p) | 56000 | 42897 |
|  3.000% due 05/15/2045 | 477650 | 363648 |
|  3.000% due 11/15/2045 (p)(r) | 80700 | 61026 |
|  3.000% due 02/15/2048 (p)(r) | 116800 | 86163 |
|  3.000% due 08/15/2048 | 178291 | 130898 |
|  3.000% due 02/15/2049 (p)(r) | 149150 | 108979 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.125% due 02/15/2043 (p)(r) | 79700 | 63841 |
|  3.125% due 08/15/2044 (p)(r) | 140275 | 110012 |
|  3.125% due 05/15/2048 (p)(r) | 154300 | 116165 |
|  3.250% due 05/15/2042 | 239616 | 197506 |
|  3.375% due 08/15/2042 | 325487 | 271998 |
|  3.375% due 11/15/2048 (p)(r) | 103100 | 80825 |
|  3.625% due 08/15/2043 (p)(r) | 332650 | 284195 |
|  4.000% due 11/15/2042 (p)(r) | 82039 | 74260 |
|  4.375% due 05/15/2041 (p)(r) | 21676 | 20884 |
|  4.375% due 08/15/2043 | 267054 | 252152 |
|  4.625% due 05/15/2044 (p)(r) | 24700 | 23962 |
|  4.625% due 11/15/2045 | 78800 | 76017 |
|  4.625% due 11/15/2055 | 153200 | 146402 |
|  4.750% due 08/15/2055 (p)(r) | 21615 | 21068 |
|  4.875% due 08/15/2045 | 92756 | 92473 |
|  U.S. Treasury Inflation Protected Securities (h) | U.S. Treasury Inflation Protected Securities (h) | U.S. Treasury Inflation Protected Securities (h) |
|  0.125% due 02/15/2051 | 687059 | 365866 |
|  0.125% due 02/15/2052 | 89489 | 46513 |
|  0.250% due 02/15/2050 | 145849 | 82664 |
|  0.625% due 02/15/2043 | 849 | 626 |
|  0.750% due 02/15/2045 | 191691 | 137868 |
|  0.875% due 02/15/2047 | 110339 | 78344 |
|  1.000% due 02/15/2046 | 87018 | 64612 |
|  1.000% due 02/15/2049 | 11244 | 7968 |
|  1.375% due 02/15/2044 | 16047 | 13273 |
|  1.500% due 02/15/2053 | 212938 | 163406 |
|  2.125% due 02/15/2054 | 143252 | 126444 |
|  2.375% due 02/15/2055 | 29675 | 27610 |
|  U.S. Treasury STRIPS | U.S. Treasury STRIPS | U.S. Treasury STRIPS |
|  0.000% due 02/15/2041 (a) | 26600 | 12839 |
|  0.000% due 05/15/2041 (a) | 25400 | 12083 |
|  0.000% due 08/15/2041 (a) | 26300 | 12332 |
|  0.000% due 11/15/2041 (a) | 27800 | 12834 |
|  0.000% due 08/15/2042 (a) | 96900 | 42748 |
|  Total U.S. Treasury Obligations (Cost $10,416,734) | Total U.S. Treasury Obligations (Cost $10,416,734) | 8488646 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 20.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 20.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 20.9% |
|  1211 Avenue of the Americas Trust | 1211 Avenue of the Americas Trust | 1211 Avenue of the Americas Trust |
|  3.901% due 08/10/2035 | 22000 | 21090 |
|  86333 AA1 | 86333 AA1 | 86333 AA1 |
|  1.000% due 03/26/2029 «(l) | 47000 | 46283 |
|  86333 AB9 | 86333 AB9 | 86333 AB9 |
|  5.170% due 03/26/2031 «(l) | 47000 | 45923 |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  3.719% due 09/25/2035 ~ | 815 | 703 |
|  4.033% due 08/25/2036 •  | 10104 | 3472 |
|  4.070% due 01/25/2036 ~ | 192 | 180 |
|  4.333% due 11/25/2035 •  | 7 | 6 |
|  4.757% due 11/25/2035 ~ | 122 | 86 |
|  4.760% due 10/25/2035 ~ | 202 | 189 |
|  4.898% due 09/25/2035 ~ | 27 | 23 |
|  4.943% due 03/25/2035 •  | 2050 | 1814 |
|  5.237% due 03/25/2036 ~ | 109 | 51 |
|  5.685% due 01/25/2036 ~ | 841 | 597 |
|  6.297% due 07/25/2035 ~ | 163 | 163 |
|  6.542% due 08/25/2035 ~ | 113 | 113 |
|  6.625% due 11/25/2035 ~ | 46 | 44 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  3.356% due 11/25/2035 ~ | 1855 | 1257 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  4.153% due 12/25/2046 •  | 395 | 341 |
|  5.799% due 12/25/2035 •  | 1194 | 368 |
|  5.799% due 11/25/2045 •  | 2654 | 1027 |
|  Arbor Multifamily Mortgage Securities Trust | Arbor Multifamily Mortgage Securities Trust | Arbor Multifamily Mortgage Securities Trust |
|  2.756% due 05/15/2053 | 7800 | 7278 |
|  Ashford Hospitality Trust | Ashford Hospitality Trust | Ashford Hospitality Trust |
|  4.745% due 04/15/2035 •  | 2636 | 2636 |
|  BAMLL Commercial Mortgage Pass-Through Certificates | BAMLL Commercial Mortgage Pass-Through Certificates | BAMLL Commercial Mortgage Pass-Through Certificates |
|  3.110% due 04/25/2050 « | 33894 | 33081 |
|  3.110% due 08/25/2052 « | 12000 | 10754 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  0.010% due 10/15/2027 « | 547 | 12 |
|  2.847% due 04/20/2042 | 36960 | 30381 |
|  3.819% due 07/14/2037 | 5000 | 4875 |
|  4.091% due 08/10/2038 ~ | 5681 | 5559 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.827% due 10/15/2027 « | $— | 77123 | $— | 77113 |
|  7.143% due 10/15/2027 «(l) |  | 49980 |  | 45948 |
|  BAMLL Trust | BAMLL Trust | BAMLL Trust | BAMLL Trust | BAMLL Trust |
|  4.260% due 05/25/2056 ~ |  | 265354 |  | 256443 |
|  Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust |
|  6.000% due 11/25/2035 |  | 187 |  | 165 |
|  6.000% due 07/25/2046 |  | 522 |  | 455 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  2.372% due 03/20/2036 ~ |  | 74 |  | 72 |
|  3.396% due 10/20/2046 ~ |  | 756 |  | 661 |
|  3.893% due 04/25/2037 •  |  | 99 |  | 83 |
|  4.170% due 10/20/2036 •  |  | 4722 |  | 3724 |
|  4.170% due 12/20/2046 •  |  | 531 |  | 484 |
|  4.174% due 03/20/2036 ~ |  | 62 |  | 55 |
|  4.213% due 04/25/2037 •  |  | 849 |  | 710 |
|  4.356% due 10/20/2046 ~ |  | 658 |  | 535 |
|  4.370% due 05/20/2035 •  |  | 199 |  | 191 |
|  4.491% due 09/20/2047 ~ |  | 1198 |  | 1053 |
|  4.586% due 02/20/2036 ~ |  | 797 |  | 724 |
|  4.593% due 05/25/2037 •  |  | 1816 |  | 1659 |
|  4.598% due 09/20/2046 ~ |  | 597 |  | 545 |
|  4.751% due 01/20/2047 ~ |  | 20 |  | 18 |
|  5.123% due 05/20/2036 ~ |  | 246 |  | 214 |
|  5.243% due 05/25/2035 ~ |  | 7 |  | 7 |
|  5.321% due 04/20/2036 ~ |  | 669 |  | 619 |
|  5.500% due 09/25/2034 |  | 724 |  | 702 |
|  5.750% due 10/25/2035 |  | 620 |  | 512 |
|  5.750% due 09/25/2036 |  | 366 |  | 343 |
|  5.802% due 11/20/2034 ~ |  | 761 |  | 747 |
|  6.000% due 09/25/2036 |  | 1122 |  | 1119 |
|  6.000% due 09/25/2036 •  |  | 59 |  | 51 |
|  6.000% due 03/25/2037 |  | 2654 |  | 2051 |
|  6.000% due 08/25/2037 |  | 2284 |  | 1842 |
|  6.253% due 10/25/2036 þ |  | 181 |  | 161 |
|  6.337% due 01/25/2037 þ |  | 179 |  | 167 |
|  6.388% due 04/25/2037 þ |  | 583 |  | 496 |
|  6.620% due 09/20/2034 ~ |  | 14 |  | 14 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  4.758% due 02/25/2035 ~ |  | 196 |  | 193 |
|  5.092% due 11/25/2035 ~ |  | 105 |  | 97 |
|  5.103% due 01/25/2036 ~ |  | 396 |  | 359 |
|  5.270% due 08/25/2035 ~ |  | 850 |  | 824 |
|  5.409% due 07/25/2035 ~ |  | 578 |  | 491 |
|  5.500% due 05/25/2037 |  | 155 |  | 112 |
|  5.582% due 07/25/2035 ~ |  | 101 |  | 97 |
|  5.800% due 07/25/2034 ~ |  | 18 |  | 18 |
|  6.000% due 07/25/2046 •  |  | 252 |  | 221 |
|  6.315% due 02/25/2035 ~ |  | 138 |  | 136 |
|  6.429% due 05/25/2034 ~ |  | 47 |  | 45 |
|  6.659% due 09/25/2033 ~ |  | 131 |  | 127 |
|  7.022% due 05/25/2033 ~ |  | 1 |  | 1 |
|  Banc of America Re-REMICS Trust | Banc of America Re-REMICS Trust | Banc of America Re-REMICS Trust | Banc of America Re-REMICS Trust | Banc of America Re-REMICS Trust |
|  4.476% due 11/15/2046 |  | 79355 |  | 78833 |
|  4.476% due 08/15/2053 |  | 35100 |  | 31818 |
|  Bank | Bank | Bank | Bank | Bank |
|  2.403% due 03/15/2063 |  | 54030 |  | 49446 |
|  2.649% due 01/15/2063 |  | 76897 |  | 71186 |
|  2.920% due 12/15/2052 |  | 26900 |  | 25373 |
|  3.071% due 08/15/2061 |  | 2163 |  | 2123 |
|  3.183% due 08/15/2061 |  | 25500 |  | 24174 |
|  3.389% due 03/15/2064 ~ |  | 38300 |  | 35584 |
|  3.488% due 11/15/2050 |  | 6400 |  | 6249 |
|  4.005% due 02/15/2052 |  | 17268 |  | 16985 |
|  Bank of America Mortgage Trust | Bank of America Mortgage Trust | Bank of America Mortgage Trust | Bank of America Mortgage Trust | Bank of America Mortgage Trust |
|  5.750% due 07/20/2032 ~ |  | 8 |  | 8 |
|  Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust | Barclays Mortgage Loan Trust |
|  0.000% due 03/25/2064 ~ |  | 1 |  | 1 |
|  0.000% due 09/25/2065 ~ |  | 48945 |  | 50537 |
|  8.682% due 03/25/2064 ~ |  | 29329 |  | 29844 |
|  Barrow Funding PLC | Barrow Funding PLC | Barrow Funding PLC | Barrow Funding PLC | Barrow Funding PLC |
|  0.000% due 11/16/2062 (g) |  | 12152 |  | 12675 |
|  4.745% due 11/16/2062 •  |  | 124513 |  | 164833 |
|  5.645% due 11/16/2062 •  |  | 14894 |  | 19865 |
|  6.145% due 11/16/2062 •  |  | 7434 |  | 9896 |
|  6.945% due 11/16/2062 •  |  | 4964 |  | 6619 |
|  8.245% due 11/16/2062 •  |  | 2494 |  | 3329 |
|  9.745% due 11/16/2062 •  |  | 2470 |  | 3296 |
|  Bayview MSR Opportunity Master Fund Trust | Bayview MSR Opportunity Master Fund Trust | Bayview MSR Opportunity Master Fund Trust | Bayview MSR Opportunity Master Fund Trust | Bayview MSR Opportunity Master Fund Trust |
|  3.000% due 11/25/2051 ~ | $— | 33538 |  | 29169 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **21** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bayview Opportunity Master Fund VI Trust | Bayview Opportunity Master Fund VI Trust | Bayview Opportunity Master Fund VI Trust | Bayview Opportunity Master Fund VI Trust | Bayview Opportunity Master Fund VI Trust |
|  4.562% due 10/25/2051 •  | $— | 368 | $— | 345 |
|  BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust |
|  2.595% due 02/15/2053 |  | 2324 |  | 2249 |
|  2.639% due 02/15/2053 |  | 8250 |  | 7598 |
|  4.314% due 12/15/2051 |  | 7000 |  | 6920 |
|  4.600% due 06/15/2055 ~ |  | 5000 |  | 4909 |
|  4.970% due 07/15/2037 •  |  | 10923 |  | 10634 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  3.784% due 07/26/2036 ~ |  | 317 |  | 286 |
|  4.158% due 08/26/2036 ~ |  | 5814 |  | 3894 |
|  4.213% due 05/25/2047 •  |  | 24 |  | 23 |
|  4.233% due 05/25/2047 •  |  | 2635 |  | 2415 |
|  4.447% due 03/26/2037 þ |  | 1762 |  | 1758 |
|  4.495% due 03/26/2037 ~ |  | 1001 |  | 926 |
|  4.522% due 01/26/2047 •  |  | 1772 |  | 1767 |
|  5.250% due 06/26/2036 |  | 28812 |  | 9877 |
|  5.250% due 04/26/2037 |  | 9230 |  | 4943 |
|  5.250% due 04/26/2037 ~ |  | 2352 |  | 2108 |
|  5.250% due 06/26/2037 |  | 590 |  | 526 |
|  5.447% due 05/26/2036 ~ |  | 1577 |  | 946 |
|  5.500% due 11/25/2034 |  | 1146 |  | 997 |
|  6.000% due 10/26/2037 ~ |  | 1185 |  | 786 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  3.250% due 02/25/2034 ~ |  | 10 |  | 9 |
|  3.946% due 03/25/2036 ~ |  | 2856 |  | 2364 |
|  4.031% due 04/25/2035 ~ |  | 1 |  | 1 |
|  4.047% due 08/25/2036 ~ |  | 2968 |  | 1959 |
|  4.055% due 11/25/2035 ~ |  | 1929 |  | 997 |
|  4.113% due 02/25/2034 •  |  | 417 |  | 397 |
|  4.113% due 08/25/2036 •  |  | 4059 |  | 3703 |
|  4.113% due 01/25/2047 •  |  | 1450 |  | 1368 |
|  4.126% due 11/25/2036 ~ |  | 2623 |  | 1105 |
|  4.132% due 08/25/2036 ~ |  | 35 |  | 16 |
|  4.133% due 08/25/2036 •  |  | 7762 |  | 7037 |
|  4.135% due 03/25/2036 ~ |  | 922 |  | 750 |
|  4.193% due 02/25/2034 •  |  | 6 |  | 5 |
|  4.273% due 02/25/2036 •  |  | 456 |  | 438 |
|  4.330% due 11/25/2036 ~ |  | 491 |  | 269 |
|  4.375% due 02/25/2036 ~ |  | 392 |  | 274 |
|  4.429% due 09/25/2034 ~ |  | 76 |  | 69 |
|  4.433% due 11/25/2036 ~ |  | 1350 |  | 673 |
|  4.434% due 03/25/2036 ~ |  | 4889 |  | 2646 |
|  4.539% due 05/25/2036 ~ |  | 3714 |  | 1759 |
|  4.652% due 05/25/2036 ~ |  | 3264 |  | 1295 |
|  4.658% due 02/25/2034 ~ |  | 373 |  | 357 |
|  4.686% due 07/25/2035 ~ |  | 3881 |  | 2341 |
|  4.718% due 09/25/2035 ~ |  | 8451 |  | 4425 |
|  5.042% due 01/25/2036 ~ |  | 1876 |  | 1800 |
|  5.152% due 01/25/2035 ~ |  | 1213 |  | 1119 |
|  5.158% due 05/25/2035 ~ |  | 9278 |  | 8976 |
|  5.238% due 12/25/2046 ~ |  | 130 |  | 88 |
|  5.724% due 08/25/2034 ~ |  | 11 |  | 11 |
|  5.991% due 05/25/2035 ~ |  | 22 |  | 21 |
|  6.103% due 12/25/2033 ~ |  | 178 |  | 175 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  0.000% due 10/25/2034 ~ |  | 5 |  | 4 |
|  4.000% due 05/25/2034 ~ |  | 1 |  | 1 |
|  4.043% due 09/25/2034 ~ |  | 192 |  | 176 |
|  4.065% due 05/25/2047 ~ |  | 4396 |  | 3991 |
|  4.242% due 06/25/2047 ~ |  | 7047 |  | 6385 |
|  4.335% due 02/25/2036 ~ |  | 1698 |  | 1581 |
|  4.503% due 03/25/2035 ~ |  | 601 |  | 555 |
|  4.512% due 02/25/2036 ~ |  | 28 |  | 25 |
|  4.690% due 11/25/2030 ~ |  | 270 |  | 269 |
|  4.819% due 07/25/2034 ~ |  | 39 |  | 36 |
|  4.865% due 08/25/2035 ~ |  | 1090 |  | 1026 |
|  4.989% due 04/25/2034 ~ |  | 314 |  | 283 |
|  4.991% due 01/25/2035 ~ |  | 17 |  | 17 |
|  5.013% due 08/25/2033 ~ |  | 3 |  | 3 |
|  5.125% due 01/25/2035 ~ |  | 117 |  | 106 |
|  5.311% due 02/25/2047 ~ |  | 956 |  | 834 |
|  5.355% due 07/25/2034 ~ |  | 22 |  | 21 |
|  5.561% due 02/25/2034 ~ |  | 142 |  | 135 |
|  5.619% due 11/25/2034 ~ |  | 489 |  | 461 |
|  5.714% due 01/25/2034 ~ |  | 444 |  | 426 |
|  5.930% due 10/25/2035 ~ |  | 3936 |  | 3941 |
|  5.950% due 02/25/2036 •  |  | 528 |  | 512 |
|  6.000% due 04/25/2033 ~ |  | 6 |  | 7 |
|  6.125% due 04/25/2033 ~ |  | 80 |  | 81 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.185% due 01/25/2034 ~ | $— | 304 | $— | 295 |
|  6.213% due 06/25/2035 ~ |  | 14 |  | 14 |
|  6.236% due 05/25/2033 ~ |  | 89 |  | 85 |
|  6.375% due 01/25/2034 ~ |  | 5 |  | 5 |
|  6.420% due 10/25/2035 •  |  | 1735 |  | 1682 |
|  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 |
|  4.113% due 12/25/2046 •  |  | 10088 |  | 9068 |
|  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 ~ |  | 818 |  | 635 |
|  4.788% due 01/26/2036 ~ |  | 626 |  | 448 |
|  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 •  |  | 6 |  | 4 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  2.700% due 02/15/2053 |  | 7525 |  | 7285 |
|  3.458% due 03/15/2055 ~ |  | 34330 |  | 31803 |
|  4.016% due 03/15/2052 |  | 32609 |  | 31913 |
|  4.232% due 01/15/2052 |  | 36036 |  | 35462 |
|  4.442% due 05/15/2055 ~ |  | 36500 |  | 35342 |
|  BFLD Trust | BFLD Trust | BFLD Trust | BFLD Trust | BFLD Trust |
|  4.937% due 10/15/2035 •  |  | 14300 |  | 11412 |
|  BINOM Securitization Trust | BINOM Securitization Trust | BINOM Securitization Trust | BINOM Securitization Trust | BINOM Securitization Trust |
|  4.441% due 08/25/2057 ~ |  | 9954 |  | 9701 |
|  BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust | BSREP Commercial Mortgage Trust |
|  4.737% due 08/15/2038 •  |  | 4853 |  | 4618 |
|  BWAY Mortgage Trust | BWAY Mortgage Trust | BWAY Mortgage Trust | BWAY Mortgage Trust | BWAY Mortgage Trust |
|  5.037% due 09/15/2036 •  |  | 4740 |  | 4665 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
|  4.517% due 10/15/2036 •  |  | 11068 |  | 11062 |
|  BX Trust | BX Trust | BX Trust | BX Trust | BX Trust |
|  3.202% due 12/09/2041 |  | 3681 |  | 3478 |
|  Cantor Commercial Real Estate Lending | Cantor Commercial Real Estate Lending | Cantor Commercial Real Estate Lending | Cantor Commercial Real Estate Lending | Cantor Commercial Real Estate Lending |
|  2.874% due 11/15/2052 |  | 7900 |  | 7452 |
|  CD Mortgage Trust | CD Mortgage Trust | CD Mortgage Trust | CD Mortgage Trust | CD Mortgage Trust |
|  3.431% due 08/15/2050 |  | 5207 |  | 5129 |
|  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 ~ |  | 11824 |  | 10631 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.011% due 03/25/2037 ~ |  | 45 |  | 42 |
|  4.031% due 09/25/2036 ~ |  | 149 |  | 134 |
|  4.046% due 01/25/2036 ~ |  | 2276 |  | 2035 |
|  4.337% due 12/25/2035 ~ |  | 595 |  | 524 |
|  4.658% due 12/25/2035 ~ |  | 4583 |  | 4391 |
|  4.782% due 03/25/2037 ~ |  | 1228 |  | 1198 |
|  5.204% due 09/25/2036 ~ |  | 18 |  | 16 |
|  5.500% due 03/25/2037 |  | 19 |  | 2 |
|  5.538% due 02/25/2037 ~ |  | 88 |  | 88 |
|  5.547% due 02/25/2037 ~ |  | 524 |  | 526 |
|  5.874% due 02/25/2037 ~ |  | 3 |  | 3 |
|  6.000% due 11/25/2036 |  | 1054 |  | 427 |
|  6.000% due 02/25/2037 ~ |  | 65 |  | 64 |
|  6.000% due 02/25/2037 |  | 547 |  | 208 |
|  6.000% due 03/25/2037 |  | 497 |  | 252 |
|  6.447% due 02/25/2037 ~ |  | 3 |  | 3 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  4.293% due 06/25/2035 •  |  | 1297 |  | 544 |
|  5.000% due 07/25/2037 |  | 1061 |  | 333 |
|  6.000% due 02/25/2037 |  | 1253 |  | 380 |
|  ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates | ChaseFlex Trust Multi-Class Mortgage Pass-Through Certificates |
|  4.093% due 08/25/2037 •  |  | 2623 |  | 2361 |
|  4.204% due 08/25/2037 þ |  | 473 |  | 402 |
|  4.473% due 08/25/2037 •  |  | 2682 |  | 2445 |
|  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 |
|  3.943% due 01/25/2036 •  |  | 161 |  | 157 |
|  3.973% due 05/25/2036 •  |  | 252 |  | 246 |
|  3.973% due 07/25/2036 •  |  | 148 |  | 137 |
|  4.043% due 08/25/2035 •  |  | 81 |  | 79 |
|  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 |
|  3.598% due 04/25/2035 ~ |  | 37 |  | 25 |
|  4.001% due 05/20/2036 ~ |  | 526 |  | 497 |
|  4.025% due 10/25/2035 ~ |  | 789 |  | 651 |
|  4.135% due 02/25/2047 ~ |  | 216 |  | 200 |
|  4.147% due 03/25/2037 ~ |  | 183 |  | 159 |
|  4.194% due 11/25/2037 ~ |  | 1224 |  | 1106 |
|  4.303% due 05/20/2036 ~ |  | 3972 |  | 3643 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.333% due 03/25/2035 •  | $— | 125 | $— | 119 |
|  4.373% due 04/25/2035 •  |  | 8 |  | 8 |
|  4.433% due 03/25/2035 •  |  | 64 |  | 61 |
|  4.453% due 02/25/2035 •  |  | 266 |  | 253 |
|  4.473% due 02/25/2035 •  |  | 62 |  | 59 |
|  4.473% due 03/25/2036 •  |  | 3 |  | 3 |
|  4.493% due 02/25/2036 •  |  | 6 |  | 3 |
|  4.500% due 09/25/2035 |  | 253 |  | 221 |
|  4.553% due 09/25/2034 •  |  | 12 |  | 12 |
|  4.592% due 09/25/2047 ~ |  | 539 |  | 490 |
|  4.620% due 06/20/2034 ~ |  | 94 |  | 90 |
|  4.656% due 11/20/2034 ~ |  | 321 |  | 311 |
|  4.787% due 11/25/2034 ~ |  | 891 |  | 862 |
|  4.819% due 04/25/2046 •  |  | 5313 |  | 1402 |
|  4.943% due 07/25/2034 ~ |  | 230 |  | 221 |
|  5.000% due 09/25/2035 |  | 14 |  | 8 |
|  5.236% due 11/20/2034 ~ |  | 48 |  | 46 |
|  5.332% due 12/19/2033 ~ |  | 5 |  | 5 |
|  5.379% due 04/20/2035 ~ |  | 62 |  | 59 |
|  5.500% due 01/25/2035 |  | 140 |  | 142 |
|  5.500% due 09/25/2035 |  | 233 |  | 225 |
|  5.500% due 10/25/2035 |  | 1126 |  | 585 |
|  5.500% due 11/25/2035 |  | 471 |  | 221 |
|  5.625% due 07/19/2031 ~ |  | 6 |  | 6 |
|  5.678% due 06/19/2031 ~ |  | 12 |  | 12 |
|  5.750% due 12/25/2035 |  | 963 |  | 440 |
|  5.750% due 02/25/2037 |  | 800 |  | 326 |
|  5.750% due 07/25/2037 |  | 344 |  | 152 |
|  6.000% due 05/25/2036 |  | 1195 |  | 529 |
|  6.000% due 07/25/2036 |  | 2560 |  | 1181 |
|  6.000% due 12/25/2036 |  | 83 |  | 36 |
|  6.000% due 02/25/2037 |  | 2333 |  | 1926 |
|  6.000% due 07/25/2037 |  | 536 |  | 227 |
|  6.000% due 09/25/2037 |  | 242 |  | 114 |
|  6.116% due 02/25/2034 ~ |  | 2 |  | 2 |
|  6.116% due 07/20/2034 ~ |  | 28 |  | 28 |
|  6.148% due 02/20/2036 •  |  | 8 |  | 7 |
|  6.224% due 02/20/2036 •  |  | 1066 |  | 953 |
|  6.250% due 09/25/2036 |  | 728 |  | 315 |
|  6.250% due 02/25/2038 |  | 793 |  | 338 |
|  6.260% due 10/25/2033 •  |  | 377 |  | 349 |
|  6.449% due 02/20/2036 •  |  | 27 |  | 25 |
|  6.507% due 08/25/2034 ~ |  | 237 |  | 226 |
|  CHL Reperforming Loan REMICS Trust | CHL Reperforming Loan REMICS Trust | CHL Reperforming Loan REMICS Trust | CHL Reperforming Loan REMICS Trust | CHL Reperforming Loan REMICS Trust |
|  4.133% due 06/25/2035 •  |  | 345 |  | 337 |
|  4.723% due 01/25/2034 ~ |  | 164 |  | 149 |
|  6.500% due 11/25/2034 |  | 90 |  | 89 |
|  7.500% due 11/25/2034 |  | 30 |  | 31 |
|  7.500% due 06/25/2035 |  | 107 |  | 110 |
|  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 |  | 196 |  | 180 |
|  6.000% due 04/25/2037 |  | 2609 |  | 2509 |
|  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 |  | 16610 |  | 16587 |
|  4.579% due 05/15/2054 ~ |  | 36400 |  | 36050 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  0.000% due 11/25/2064 ~ |  | 92980 |  | 76520 |
|  0.000% due 02/25/2065 «~ |  | 429 |  | 429 |
|  5.032% due 02/25/2065 «~ |  | 174370 |  | 171039 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  0.000% due 10/25/2054 ~ |  | 18671 |  | 19437 |
|  0.000% due 02/25/2058 ~(a) |  | 19478 |  | 1 |
|  0.000% due 02/25/2058 ~ |  | 30 |  | 10 |
|  0.000% due 02/25/2063 ~ |  | 330948 |  | 270130 |
|  0.000% due 09/25/2064 ~ |  | 139502 |  | 117749 |
|  0.110% due 02/25/2058 ~(a) |  | 14698 |  | 83 |
|  0.450% due 02/25/2058 ~(a) |  | 14698 |  | 208 |
|  3.214% due 02/25/2058 ~ |  | 14100 |  | 11387 |
|  3.400% due 10/01/2075 «(c) |  | 63000 |  | 58136 |
|  3.863% due 01/25/2037 •  |  | 137 |  | 122 |
|  3.909% due 10/25/2046 ~ |  | 820 |  | 735 |
|  4.152% due 12/25/2035 ~ |  | 778 |  | 479 |
|  4.400% due 09/25/2064 ~ |  | 25740 |  | 21808 |
|  4.430% due 05/25/2035 ~ |  | 157 |  | 153 |
|  4.495% due 03/25/2037 ~ |  | 685 |  | 636 |
|  4.593% due 08/25/2035 •  |  | 159 |  | 155 |
|  4.593% due 04/25/2037 ~ |  | 568 |  | 513 |
|  4.957% due 07/25/2046 ~ |  | 1342 |  | 1283 |
|  5.096% due 08/25/2035 ~ |  | 1142 |  | 1018 |
|  5.387% due 08/25/2035 ~ |  | 1545 |  | 1483 |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO TOTAL RETURN FUND** | 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)** |
|  5.500% due 11/25/2035 | $— | 336 | $— | 341 |
|  5.840% due 09/25/2035 •  |  | 39 |  | 39 |
|  6.160% due 02/25/2034 ~ |  | 26 |  | 26 |
|  6.250% due 11/25/2037 ~ |  | 2336 |  | 879 |
|  6.480% due 10/25/2035 •  |  | 1769 |  | 1811 |
|  Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates | Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates |
|  4.709% due 09/25/2035 ~ |  | 4852 |  | 4641 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  6.000% due 09/25/2036 |  | 159 |  | 147 |
|  6.000% due 06/25/2037 |  | 351 |  | 322 |
|  CLNY Trust | CLNY Trust | CLNY Trust | CLNY Trust | CLNY Trust |
|  5.163% due 11/15/2038 •  |  | 698 |  | 692 |
|  COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
|  2.950% due 08/15/2057 |  | 7700 |  | 7274 |
|  3.091% due 10/10/2049 |  | 10964 |  | 10891 |
|  3.510% due 09/10/2050 |  | 19203 |  | 18968 |
|  4.228% due 05/10/2051 |  | 45152 |  | 44315 |
|  Community Program Loan Trust | Community Program Loan Trust | Community Program Loan Trust | Community Program Loan Trust | Community Program Loan Trust |
|  4.500% due 04/01/2029 |  | 17 |  | 17 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  3.993% due 04/25/2047 •  |  | 2433 |  | 2425 |
|  4.143% due 05/25/2036 •  |  | 1991 |  | 718 |
|  4.143% due 08/25/2036 •  |  | 908 |  | 351 |
|  4.143% due 05/25/2037 •  |  | 115 |  | 35 |
|  4.153% due 11/25/2036 •  |  | 2089 |  | 3056 |
|  4.170% due 09/20/2046 •  |  | 289 |  | 303 |
|  4.173% due 07/25/2046 •  |  | 181 |  | 203 |
|  4.173% due 09/25/2046 •  |  | 3212 |  | 3181 |
|  4.213% due 05/25/2035 •  |  | 36 |  | 35 |
|  4.213% due 07/25/2046 •  |  | 89 |  | 83 |
|  4.250% due 07/20/2035 •  |  | 11 |  | 10 |
|  4.293% due 04/25/2036 •  |  | 5124 |  | 1671 |
|  4.293% due 09/25/2046 •  |  | 902 |  | 763 |
|  4.293% due 10/25/2046 •  |  | 61 |  | 55 |
|  4.313% due 12/25/2035 •  |  | 286 |  | 271 |
|  4.313% due 07/25/2036 •  |  | 9390 |  | 8359 |
|  4.313% due 07/25/2046 •  |  | 415 |  | 311 |
|  4.333% due 01/25/2036 •  |  | 197 |  | 183 |
|  4.343% due 08/25/2034 •  |  | 6 |  | 6 |
|  4.343% due 10/25/2036 •  |  | 1559 |  | 613 |
|  4.353% due 12/25/2035 •  |  | 13 |  | 12 |
|  4.373% due 06/25/2034 •  |  | 491 |  | 486 |
|  4.373% due 02/25/2036 •  |  | 805 |  | 758 |
|  4.390% due 11/20/2035 •  |  | 5 |  | 4 |
|  4.453% due 09/25/2035 •  |  | 111 |  | 82 |
|  4.473% due 10/25/2035 •  |  | 1000 |  | 541 |
|  4.474% due 02/25/2037 ~ |  | 4289 |  | 3861 |
|  4.493% due 10/25/2035 •  |  | 511 |  | 330 |
|  4.593% due 12/25/2035 •  |  | 582 |  | 489 |
|  4.615% due 10/25/2035 ~ |  | 57 |  | 46 |
|  4.645% due 11/25/2035 ~ |  | 297 |  | 280 |
|  4.859% due 12/25/2035 •  |  | 113 |  | 99 |
|  4.859% due 02/25/2036 •  |  | 182 |  | 169 |
|  4.893% due 02/25/2036 •  |  | 1576 |  | 1203 |
|  5.093% due 10/25/2035 •  |  | 6608 |  | 4479 |
|  5.239% due 11/25/2047 •  |  | 1598 |  | 1447 |
|  5.250% due 06/25/2035 |  | 185 |  | 136 |
|  5.333% due 11/25/2035 •  |  | 124 |  | 116 |
|  5.339% due 01/25/2036 •  |  | 14 |  | 14 |
|  5.368% due 06/25/2034 •  |  | 2654 |  | 3069 |
|  5.500% due 07/25/2035 |  | 1038 |  | 506 |
|  5.500% due 11/25/2035 |  | 3554 |  | 1886 |
|  5.500% due 12/25/2035 |  | 764 |  | 445 |
|  5.500% due 02/25/2036 |  | 754 |  | 411 |
|  5.750% due 03/25/2037 •  |  | 469 |  | 231 |
|  5.750% due 07/25/2037 |  | 90 |  | 49 |
|  6.000% due 10/25/2033 |  | 136 |  | 139 |
|  6.000% due 03/25/2035 |  | 130 |  | 56 |
|  6.000% due 04/25/2036 |  | 777 |  | 329 |
|  6.000% due 05/25/2036 |  | 840 |  | 390 |
|  6.000% due 06/25/2036 |  | 6636 |  | 3438 |
|  6.000% due 08/25/2036 |  | 1512 |  | 817 |
|  6.000% due 08/25/2036 •  |  | 740 |  | 403 |
|  6.000% due 11/25/2036 |  | 41 |  | 20 |
|  6.000% due 02/25/2037 |  | 5023 |  | 1846 |
|  6.000% due 03/25/2037 |  | 1120 |  | 355 |
|  6.000% due 04/25/2037 |  | 2543 |  | 1087 |
|  6.000% due 05/25/2037 |  | 240 |  | 109 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.000% due 08/25/2037 | $— | 4229 | $— | 2409 |
|  6.250% due 12/25/2033 |  | 9 |  | 9 |
|  6.250% due 11/25/2036 |  | 285 |  | 206 |
|  6.250% due 08/25/2037 |  | 1659 |  | 727 |
|  6.500% due 05/25/2036 |  | 1692 |  | 746 |
|  6.500% due 09/25/2036 |  | 605 |  | 293 |
|  6.500% due 08/25/2037 |  | 6422 |  | 2675 |
|  6.500% due 09/25/2037 |  | 1389 |  | 511 |
|  9.369% due 07/25/2035 •  |  | 370 |  | 336 |
|  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 05/25/2036 |  | 727 |  | 382 |
|  6.000% due 08/25/2037 ~ |  | 972 |  | 432 |
|  10.706% due 08/25/2037 ~ |  | 996 |  | 420 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  0.098% due 06/25/2032 ~ |  | 1 |  | 1 |
|  4.459% due 03/25/2032 ~ |  | 102 |  | 99 |
|  4.943% due 09/25/2034 •  |  | 175 |  | 367 |
|  5.500% due 09/25/2035 |  | 1879 |  | 1255 |
|  7.500% due 05/25/2032 |  | 26 |  | 26 |
|  7.500% due 12/25/2032 |  | 1 |  | 1 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  6.615% due 03/25/2068 þ |  | 4331 |  | 4339 |
|  CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust |
|  6.184% due 12/25/2036 þ |  | 1230 |  | 160 |
|  6.220% due 09/25/2036 þ |  | 1545 |  | 412 |
|  6.672% due 06/25/2036 þ |  | 1195 |  | 292 |
|  CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust | CSAIL Commercial Mortgage Trust |
|  3.329% due 06/15/2052 |  | 5955 |  | 5732 |
|  3.903% due 03/15/2052 |  | 1011 |  | 1007 |
|  CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates | CSFB Mortgage-Backed Pass-Through Certificates |
|  4.999% due 05/25/2034 ~ |  | 234 |  | 237 |
|  5.500% due 10/25/2035 |  | 397 |  | 140 |
|  5.733% due 10/25/2033 ~ |  | 23 |  | 22 |
|  6.000% due 11/25/2035 |  | 12 |  | 9 |
|  CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
|  5.837% due 04/25/2037 ~ |  | 15410 |  | 3701 |
|  5.863% due 02/25/2037 ~ |  | 2547 |  | 552 |
|  6.000% due 07/25/2036 |  | 770 |  | 329 |
|  6.000% due 04/25/2037 |  | 821 |  | 252 |
|  6.079% due 04/25/2037 þ |  | 875 |  | 238 |
|  7.000% due 08/25/2037 ~ |  | 4540 |  | 2063 |
|  CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust |
|  0.000% due 02/25/2056 (g) |  | 57 |  | 56 |
|  0.000% due 02/25/2056 ~ |  | 207723 |  | 189806 |
|  0.000% due 07/25/2057 (g) |  | 106 |  | 102 |
|  0.000% due 01/25/2058 (g) |  | 97 |  | 94 |
|  0.000% due 04/25/2058 (a) |  | 7 |  | 7 |
|  2.681% due 07/25/2057 ~ |  | 193216 |  | 175442 |
|  2.750% due 07/25/2057 ~ |  | 737 |  | 723 |
|  2.839% due 07/25/2057 ~ |  | 11898 |  | 9385 |
|  3.000% due 11/25/2056 ~ |  | 25549 |  | 22221 |
|  3.041% due 02/25/2056 ~ |  | 126958 |  | 71569 |
|  3.119% due 07/25/2057 ~ |  | 109232 |  | 60845 |
|  3.431% due 11/10/2032 |  | 2200 |  | 1864 |
|  3.500% due 04/26/2038 ~ |  | 91 |  | 89 |
|  3.525% due 01/25/2058 ~ |  | 86907 |  | 70440 |
|  3.839% due 04/28/2037 ~ |  | 1780 |  | 1694 |
|  4.159% due 07/27/2037 ~ |  | 5728 |  | 5324 |
|  4.671% due 04/25/2058 ~ |  | 145657 |  | 137468 |
|  5.187% due 07/15/2038 •  |  | 4800 |  | 4264 |
|  5.637% due 10/15/2037 •  |  | 6800 |  | 6725 |
|  6.611% due 06/01/2050 ~ |  | 222915 |  | 222246 |
|  CSMCM Trust | CSMCM Trust | CSMCM Trust | CSMCM Trust | CSMCM Trust |
|  4.286% due 06/25/2048 ~ |  | 283400 |  | 242143 |
|  CSWF Corp. | CSWF Corp. | CSWF Corp. | CSWF Corp. | CSWF Corp. |
|  4.854% due 06/15/2034 •  |  | 953 |  | 938 |
|  DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust |
|  5.332% due 10/15/2039 •  |  | 4080 |  | 4072 |
|  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 |
|  3.993% due 08/25/2037 •  |  | 2 |  | 2 |
|  4.033% due 08/25/2036 •  |  | 1400 |  | 1301 |
|  4.273% due 01/25/2047 •  |  | 2806 |  | 2538 |
|  4.453% due 02/25/2036 •  |  | 4590 |  | 4624 |
|  5.500% due 12/25/2035 |  | 429 |  | 366 |
|  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 •  |  | 4 |  | 3 |
|  6.005% due 10/25/2036 ~ |  | 253 |  | 221 |
|  6.369% due 10/25/2036 þ |  | 329 |  | 287 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.386% due 10/25/2036 þ | $— | 329 | $— | 287 |
|  6.800% due 07/25/2036 þ |  | 369 |  | 321 |
|  DOLP Trust | DOLP Trust | DOLP Trust | DOLP Trust | DOLP Trust |
|  2.956% due 05/10/2041 |  | 56700 |  | 50938 |
|  DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust |
|  4.937% due 10/15/2043 •  |  | 13700 |  | 13667 |
|  DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust |
|  3.971% due 04/19/2047 •  |  | 477 |  | 497 |
|  4.611% due 09/19/2044 •  |  | 26 |  | 24 |
|  4.909% due 07/19/2044 ~ |  | 7 |  | 7 |
|  Dutch Mortgage Finance BV | Dutch Mortgage Finance BV | Dutch Mortgage Finance BV | Dutch Mortgage Finance BV | Dutch Mortgage Finance BV |
|  0.000% due 08/22/2059 (g) |  | 170 |  | 2205 |
|  0.000% due 08/22/2067 ~ |  | 170 |  | 5818 |
|  2.774% due 08/22/2059 •  |  | 53488 |  | 61892 |
|  2.774% due 08/22/2067 •  |  | 73382 |  | 84920 |
|  3.074% due 08/22/2059 •  |  | 2405 |  | 2786 |
|  3.074% due 08/22/2067 •  |  | 6146 |  | 7111 |
|  3.374% due 08/22/2059 •  |  | 1924 |  | 2230 |
|  3.474% due 08/22/2067 •  |  | 4302 |  | 4987 |
|  3.724% due 08/22/2059 •  |  | 1283 |  | 1487 |
|  4.124% due 08/22/2067 •  |  | 4118 |  | 4775 |
|  5.024% due 08/22/2059 •  |  | 962 |  | 1114 |
|  5.524% due 08/22/2067 •  |  | 2643 |  | 2988 |
|  6.274% due 08/22/2059 •  |  | 1283 |  | 1486 |
|  6.774% due 08/22/2059 •  |  | 966 |  | 1118 |
|  7.524% due 08/22/2067 •  |  | 1844 |  | 2083 |
|  Dutch Mortgage Warehouse Finance BV | Dutch Mortgage Warehouse Finance BV | Dutch Mortgage Warehouse Finance BV | Dutch Mortgage Warehouse Finance BV | Dutch Mortgage Warehouse Finance BV |
|  0.000% due 07/31/2027 «~ |  | 5712 |  | 6602 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  5.522% due 01/26/2060 þ | $— | 2407 |  | 2416 |
|  EMF-NL Prime BV | EMF-NL Prime BV | EMF-NL Prime BV | EMF-NL Prime BV | EMF-NL Prime BV |
|  2.833% due 04/17/2041 •  |  | 297 |  | 342 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  4.163% due 02/25/2037 •  | $— | 15 |  | 4 |
|  4.341% due 03/25/2035 ~ |  | 17 |  | 9 |
|  4.502% due 08/25/2035 ~ |  | 551 |  | 454 |
|  4.898% due 08/25/2034 ~ |  | 42 |  | 42 |
|  5.500% due 05/25/2035 ~ |  | 941 |  | 559 |
|  6.250% due 08/25/2037 |  | 388 |  | 125 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  3.515% due 10/25/2036 ~ |  | 326 |  | 263 |
|  3.853% due 11/25/2035 ~ |  | 142 |  | 121 |
|  4.063% due 02/25/2035 •  |  | 4 |  | 4 |
|  4.442% due 01/25/2037 ~ |  | 12 |  | 5 |
|  4.529% due 11/25/2037 ~ |  | 899 |  | 344 |
|  4.643% due 10/25/2035 ~ |  | 913 |  | 835 |
|  5.994% due 08/25/2035 ~ |  | 346 |  | 228 |
|  6.060% due 09/25/2035 ~ |  | 639 |  | 623 |
|  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 |  | 33 |  | 33 |
|  GCAT Trust | GCAT Trust | GCAT Trust | GCAT Trust | GCAT Trust |
|  3.000% due 04/25/2052 ~ |  | 72187 |  | 62780 |
|  GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust |
|  3.920% due 05/25/2035 ~ |  | 350 |  | 316 |
|  5.304% due 04/19/2036 ~ |  | 828 |  | 815 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.193% due 10/25/2046 •  |  | 230 |  | 217 |
|  4.333% due 04/25/2036 •  |  | 96 |  | 88 |
|  4.333% due 11/25/2045 •  |  | 111 |  | 107 |
|  4.473% due 10/25/2046 •  |  | 677 |  | 550 |
|  GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust | GreenPoint MTA Trust |
|  4.233% due 06/25/2045 •  |  | 118 |  | 106 |
|  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 |
|  2.856% due 05/10/2034 |  | 15528 |  | 14058 |
|  4.920% due 07/15/2035 •  |  | 5590 |  | 3689 |
|  4.970% due 11/15/2032 •  |  | 1622 |  | 1615 |
|  GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust |
|  3.001% due 09/10/2052 |  | 10000 |  | 9445 |
|  3.541% due 01/10/2043 ~ |  | 1550 |  | 1456 |
|  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 |
|  2.500% due 06/25/2052 ~ |  | 43087 |  | 35738 |
|  2.500% due 09/25/2052 ~ |  | 23725 |  | 19784 |
|  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 |
|  0.000% due 11/25/2055 «~ |  | 4 |  | 4 |
|  0.000% due 11/25/2055 «(g) |  | 2 |  | 2 |
|  0.000% due 11/25/2055 ~ |  | 12 |  | 11 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **23** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.000% due 01/25/2064 (b)(g) | $— | 12 | $— | 12 |
|  0.000% due 07/25/2064 (b)(g) |  | 25 |  | 25 |
|  0.000% due 08/25/2065 (b)(g) |  | 126 |  | 123 |
|  0.010% due 10/01/2075 « |  | 290 |  | 291 |
|  2.500% due 01/25/2052 ~ |  | 52196 |  | 43524 |
|  2.500% due 04/25/2052 ~ |  | 33749 |  | 28142 |
|  2.500% due 07/25/2059 ~ |  | 63680 |  | 60386 |
|  3.000% due 08/26/2052 ~ |  | 151238 |  | 131440 |
|  3.000% due 09/25/2052 ~ |  | 59466 |  | 51640 |
|  3.000% due 12/25/2052 ~ |  | 92526 |  | 80534 |
|  3.203% due 01/25/2064 ~ |  | 27360 |  | 23190 |
|  3.750% due 07/25/2061 ~ |  | 5902 |  | 5762 |
|  3.999% due 08/25/2065 ~ |  | 33140 |  | 29683 |
|  4.029% due 07/25/2064 ~ |  | 20718 |  | 18344 |
|  4.430% due 04/25/2086 « |  | 49500 |  | 46050 |
|  4.512% due 01/25/2052 •  |  | 7543 |  | 7054 |
|  4.918% due 03/25/2065 ~ |  | 89771 |  | 88294 |
|  5.226% due 11/25/2055 ~ |  | 55800 |  | 55952 |
|  5.547% due 11/25/2055 «~ |  | 82500 |  | 83913 |
|  5.616% due 11/25/2055 « |  | 54600 |  | 54255 |
|  6.320% due 04/25/2065 ~ |  | 48081 |  | 48899 |
|  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 •  |  | 62 |  | 61 |
|  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 •  |  | 2485 |  | 2139 |
|  7.500% due 06/25/2043 |  | 1555 |  | 1400 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  3.979% due 03/25/2037 ~ |  | 2163 |  | 1012 |
|  4.061% due 04/25/2036 ~ |  | 25 |  | 15 |
|  4.093% due 07/25/2035 •  |  | 32 |  | 28 |
|  4.111% due 05/25/2035 ~ |  | 7 |  | 5 |
|  4.111% due 11/25/2035 ~ |  | 2853 |  | 2511 |
|  4.143% due 01/25/2034 •  |  | 1 |  | 1 |
|  4.271% due 04/25/2035 ~ |  | 61 |  | 54 |
|  4.394% due 06/25/2034 ~ |  | 65 |  | 63 |
|  4.478% due 01/25/2036 ~ |  | 31 |  | 29 |
|  4.741% due 11/25/2035 ~ |  | 2 |  | 2 |
|  4.966% due 11/25/2035 ~ |  | 1423 |  | 611 |
|  4.993% due 07/25/2035 ~ |  | 3 |  | 3 |
|  5.000% due 05/25/2037 |  | 1 |  | 1 |
|  5.100% due 09/25/2035 ~ |  | 6 |  | 5 |
|  5.270% due 03/25/2033 •  |  | 2 |  | 2 |
|  5.500% due 06/25/2035 |  | 592 |  | 590 |
|  5.880% due 04/25/2032 •  |  | 22 |  | 22 |
|  6.000% due 03/25/2032 |  | 2 |  | 2 |
|  6.000% due 11/25/2035 |  | 7993 |  | 2452 |
|  6.000% due 02/25/2036 |  | 2354 |  | 952 |
|  6.000% due 01/25/2037 |  | 454 |  | 269 |
|  6.000% due 03/25/2037 |  | 13 |  | 6 |
|  6.000% due 07/25/2037 |  | 120 |  | 75 |
|  6.250% due 09/25/2036 |  | 153 |  | 155 |
|  6.263% due 04/25/2035 ~ |  | 195 |  | 198 |
|  6.500% due 09/25/2036 |  | 2033 |  | 829 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.051% due 03/19/2037 •  |  | 13676 |  | 12806 |
|  4.191% due 09/19/2046 •  |  | 1138 |  | 1047 |
|  4.231% due 05/19/2035 •  |  | 3957 |  | 3853 |
|  4.271% due 06/19/2035 •  |  | 259 |  | 257 |
|  4.299% due 06/19/2036 ~ |  | 1815 |  | 730 |
|  4.351% due 06/19/2034 •  |  | 181 |  | 170 |
|  4.391% due 04/19/2034 •  |  | 84 |  | 80 |
|  4.431% due 01/19/2035 •  |  | 578 |  | 461 |
|  4.491% due 01/19/2035 •  |  | 715 |  | 684 |
|  4.511% due 01/19/2035 •  |  | 23 |  | 22 |
|  4.591% due 11/19/2034 •  |  | 51 |  | 44 |
|  4.646% due 06/19/2036 ~ |  | 3346 |  | 1507 |
|  4.679% due 06/19/2045 •  |  | 7366 |  | 2839 |
|  4.685% due 07/19/2035 ~ |  | 134 |  | 101 |
|  5.460% due 04/19/2034 ~ |  | 5 |  | 5 |
|  5.498% due 08/19/2036 ~ |  | 50 |  | 48 |
|  5.793% due 10/25/2037 •  |  | 473 |  | 449 |
|  Hilton USA Trust | Hilton USA Trust | Hilton USA Trust | Hilton USA Trust | Hilton USA Trust |
|  2.828% due 11/05/2035 |  | 34800 |  | 29837 |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  4.313% due 01/25/2036 •  |  | 184 |  | 180 |
|  4.533% due 12/25/2034 •  |  | 426 |  | 411 |
|  4.653% due 08/25/2029 •  |  | 168 |  | 166 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.233% due 11/25/2035 •  |  | 7445 |  | 6987 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Hundred Acre Wood Trust | Hundred Acre Wood Trust | Hundred Acre Wood Trust |
|  4.517% due 10/25/2051 •  | 4411 | 4129 |
|  Impac CMB Trust | Impac CMB Trust | Impac CMB Trust |
|  4.573% due 10/25/2034 •  | 17 | 18 |
|  5.382% due 09/25/2034 þ | 69 | 79 |
|  Impac Secured Assets CMN Owner Trust | Impac Secured Assets CMN Owner Trust | Impac Secured Assets CMN Owner Trust |
|  6.212% due 07/25/2035 ~ | 174 | 168 |
|  IndyMac ARM Trust | IndyMac ARM Trust | IndyMac ARM Trust |
|  5.653% due 01/25/2032 ~ | 7 | 7 |
|  5.717% due 01/25/2032 ~ | 21 | 20 |
|  IndyMac IMJA Mortgage Loan Trust | IndyMac IMJA Mortgage Loan Trust | IndyMac IMJA Mortgage Loan Trust |
|  6.250% due 11/25/2037 | 888 | 333 |
|  IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
|  3.469% due 08/25/2036 ~ | 617 | 474 |
|  5.248% due 01/25/2036 ~ | 1464 | 1385 |
|  IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust | IndyMac INDB Mortgage Loan Trust |
|  4.393% due 11/25/2035 •  | 271 | 157 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.092% due 05/25/2036 ~ | 926 | 761 |
|  3.179% due 06/25/2037 ~ | 1033 | 848 |
|  3.185% due 02/25/2035 ~ | 205 | 189 |
|  3.192% due 06/25/2037 ~ | 4102 | 2302 |
|  3.250% due 01/25/2036 ~ | 47 | 43 |
|  3.309% due 07/25/2037 ~ | 865 | 568 |
|  3.407% due 01/25/2035 ~ | 27 | 25 |
|  3.468% due 01/25/2036 ~ | 1706 | 1551 |
|  3.536% due 04/25/2037 ~ | 2727 | 2469 |
|  3.606% due 10/25/2035 ~ | 211 | 169 |
|  3.606% due 03/25/2036 ~ | 1115 | 754 |
|  3.626% due 08/25/2035 ~ | 401 | 295 |
|  3.654% due 04/25/2037 ~ | 4287 | 3838 |
|  3.765% due 12/25/2035 ~ | 1410 | 1253 |
|  3.844% due 09/25/2035 ~ | 4588 | 3728 |
|  4.093% due 06/25/2037 •  | 688 | 214 |
|  4.153% due 02/25/2037 •  | 7932 | 7646 |
|  4.193% due 11/25/2046 •  | 237 | 231 |
|  4.213% due 05/25/2046 •  | 39 | 36 |
|  4.253% due 04/25/2035 •  | 28 | 27 |
|  4.271% due 08/25/2035 ~ | 11 | 10 |
|  4.273% due 07/25/2035 •  | 600 | 567 |
|  4.368% due 12/25/2034 ~ | 29 | 28 |
|  4.433% due 07/25/2045 •  | 20 | 15 |
|  4.573% due 05/25/2034 •  | 1 | 1 |
|  4.593% due 11/25/2034 •  | 17 | 16 |
|  4.613% due 11/25/2034 •  | 457 | 418 |
|  4.757% due 10/25/2034 ~ | 752 | 722 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.073% due 03/25/2037 •  | 571 | 498 |
|  4.513% due 12/25/2036 ~ | 68 | 70 |
|  4.667% due 05/25/2037 ~ | 1763 | 1550 |
|  5.843% due 05/26/2037 ~ | 10851 | 8389 |
|  6.550% due 05/25/2036 þ | 6 | 7 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  2.287% due 03/05/2042 | 8599 | 8085 |
|  3.474% due 12/15/2049 ~ | 570 | 569 |
|  3.648% due 12/15/2049 ~ | 8606 | 8540 |
|  3.916% due 06/10/2042 ~ | 17100 | 15792 |
|  4.519% due 04/15/2037 •  | 9956 | 9861 |
|  5.170% due 12/15/2031 •  | 992 | 991 |
|  7.235% due 10/05/2040 | 7500 | 7763 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  0.000% due 02/25/2055 ~ | 33757 | 36477 |
|  0.000% due 10/25/2055 ~ | 26008 | 27765 |
|  0.000% due 01/25/2056 ~ | 69605 | 74296 |
|  2.500% due 11/25/2051 ~ | 2362 | 1969 |
|  2.500% due 12/25/2051 ~ | 1382 | 1152 |
|  2.500% due 02/25/2052 ~ | 7382 | 6141 |
|  3.000% due 01/25/2052 ~ | 4275 | 3718 |
|  3.000% due 03/25/2052 ~ | 68878 | 60130 |
|  3.500% due 10/25/2046 ~ | 663 | 608 |
|  3.500% due 10/25/2048 ~ | 243 | 220 |
|  3.500% due 09/25/2052 ~ | 6951 | 6296 |
|  3.934% due 10/25/2036 ~ | 915 | 628 |
|  3.942% due 07/27/2037 ~ | 2876 | 2679 |
|  4.198% due 10/25/2036 ~ | 27 | 14 |
|  4.412% due 05/25/2036 ~ | 896 | 733 |
|  4.538% due 04/25/2037 ~ | 126 | 104 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.617% due 05/25/2052 •  | $— | 19335 | $— | 18144 |
|  4.625% due 07/25/2063 ~ |  | 4334 |  | 4220 |
|  4.730% due 11/25/2035 ~ |  | 625 |  | 487 |
|  4.735% due 08/25/2036 ~ |  | 733 |  | 566 |
|  4.895% due 10/25/2035 ~ |  | 185 |  | 119 |
|  4.915% due 04/25/2036 ~ |  | 1542 |  | 1353 |
|  4.968% due 07/25/2035 ~ |  | 977 |  | 941 |
|  4.985% due 02/25/2036 ~ |  | 4395 |  | 3002 |
|  5.000% due 08/25/2051 ~ |  | 8652 |  | 8472 |
|  5.000% due 12/25/2051 ~ |  | 9494 |  | 9295 |
|  5.000% due 04/25/2052 ~ |  | 16188 |  | 15773 |
|  5.094% due 08/25/2035 ~ |  | 388 |  | 347 |
|  5.119% due 12/25/2037 ~ |  | 39 |  | 29 |
|  5.182% due 09/25/2035 ~ |  | 42 |  | 42 |
|  5.198% due 11/25/2035 ~ |  | 392 |  | 318 |
|  5.235% due 02/25/2034 ~ |  | 79 |  | 73 |
|  5.250% due 11/25/2063 ~ |  | 720 |  | 716 |
|  5.252% due 10/25/2035 ~ |  | 491 |  | 318 |
|  5.267% due 10/25/2035 ~ |  | 1792 |  | 1734 |
|  5.297% due 10/25/2036 ~ |  | 6385 |  | 4955 |
|  5.320% due 07/25/2035 ~ |  | 161 |  | 157 |
|  5.381% due 10/25/2035 ~ |  | 3597 |  | 3419 |
|  5.428% due 08/25/2035 ~ |  | 14 |  | 14 |
|  5.460% due 04/25/2036 ~ |  | 863 |  | 780 |
|  5.500% due 07/25/2036 |  | 346 |  | 131 |
|  5.571% due 07/25/2035 ~ |  | 312 |  | 307 |
|  5.681% due 11/25/2033 ~ |  | 1 |  | 1 |
|  5.750% due 01/25/2036 |  | 16 |  | 7 |
|  5.818% due 07/25/2035 ~ |  | 17 |  | 17 |
|  5.862% due 06/25/2035 ~ |  | 104 |  | 84 |
|  5.937% due 08/25/2035 ~ |  | 209 |  | 200 |
|  6.054% due 02/25/2036 ~ |  | 23 |  | 15 |
|  6.178% due 07/25/2035 ~ |  | 21 |  | 21 |
|  6.222% due 07/25/2035 ~ |  | 1 |  | 2 |
|  6.276% due 08/25/2056 ~ |  | 62161 |  | 63062 |
|  6.500% due 07/25/2036 |  | 2628 |  | 801 |
|  6.500% due 08/25/2036 |  | 374 |  | 121 |
|  6.617% due 01/25/2056 ~ |  | 33776 |  | 34559 |
|  7.317% due 12/25/2055 ~ |  | 42710 |  | 43097 |
|  7.446% due 04/25/2056 ~ |  | 53608 |  | 54115 |
|  8.836% due 09/25/2056 ~ |  | 60508 |  | 65035 |
|  JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust |
|  2.180% due 05/13/2053 |  | 10000 |  | 8569 |
|  3.057% due 11/13/2052 |  | 7900 |  | 7203 |
|  Kirkby RMBS PLC | Kirkby RMBS PLC | Kirkby RMBS PLC | Kirkby RMBS PLC | Kirkby RMBS PLC |
|  0.000% due 02/22/2045 ~ |  | 2 |  | 4164 |
|  2.250% due 02/22/2045 |  | 9470 |  | 8035 |
|  4.664% due 02/22/2045 •  |  | 26649 |  | 35194 |
|  5.864% due 02/22/2045 •  |  | 29232 |  | 37829 |
|  KREST Commercial Mortgage Securities Trust | KREST Commercial Mortgage Securities Trust | KREST Commercial Mortgage Securities Trust | KREST Commercial Mortgage Securities Trust | KREST Commercial Mortgage Securities Trust |
|  2.558% due 11/05/2044 | $— | 2400 |  | 1894 |
|  Lavender Trust | Lavender Trust | Lavender Trust | Lavender Trust | Lavender Trust |
|  6.250% due 10/26/2036 |  | 3545 |  | 1496 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  0.000% due 12/25/2053 (b)(g) |  | 117 |  | 116 |
|  0.000% due 12/25/2056 ~(a) |  | 340997 |  | 2230 |
|  0.000% due 07/25/2057 (g) |  | 163 |  | 159 |
|  0.000% due 07/25/2057 ~ |  | 72590 |  | 68511 |
|  0.000% due 01/25/2058 ~ |  | 23 |  | 22 |
|  3.105% due 12/25/2056 ~ |  | 340997 |  | 269620 |
|  4.000% due 02/25/2058 ~ |  | 9157 |  | 9136 |
|  4.250% due 02/25/2058 ~ |  | 15577 |  | 15208 |
|  4.315% due 02/25/2058 ~ |  | 15577 |  | 11362 |
|  4.500% due 02/25/2058 ~ |  | 15577 |  | 14554 |
|  4.540% due 12/26/2057 ~ |  | 242348 |  | 218858 |
|  4.658% due 01/25/2058 ~ |  | 20428 |  | 18467 |
|  5.806% due 12/25/2053 ~ |  | 373547 |  | 380657 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  4.113% due 08/25/2036 •  |  | 2308 |  | 1427 |
|  4.324% due 12/25/2035 ~ |  | 3323 |  | 490 |
|  4.443% due 06/25/2037 •  |  | 158 |  | 141 |
|  5.081% due 01/25/2036 ~ |  | 572 |  | 549 |
|  5.500% due 01/25/2036 |  | 512 |  | 232 |
|  5.724% due 04/25/2036 ~ |  | 493 |  | 300 |
|  6.000% due 07/25/2036 |  | 3669 |  | 1732 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.173% due 11/25/2046 •  |  | 115 |  | 104 |
|  4.193% due 08/25/2046 •  |  | 3389 |  | 3407 |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Luminent Mortgage Trust | Luminent Mortgage Trust | Luminent Mortgage Trust |
|  4.113% due 11/25/2036 •  | 100 | 90 |
|  4.153% due 12/25/2036 •  | 681 | 671 |
|  4.193% due 02/25/2046 •  | 35 | 25 |
|  4.513% due 04/25/2036 •  | 4668 | 4206 |
|  Manhattan West Mortgage Trust | Manhattan West Mortgage Trust | Manhattan West Mortgage Trust |
|  2.130% due 09/10/2039 | 47900 | 46172 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  3.180% due 07/25/2035 ~ | 258 | 230 |
|  4.003% due 04/25/2046 •  | 1783 | 1683 |
|  4.206% due 03/25/2035 ~ | 119 | 107 |
|  4.273% due 05/25/2037 •  | 581 | 230 |
|  4.672% due 12/25/2034 ~ | 737 | 735 |
|  5.066% due 12/25/2033 ~ | 4 | 3 |
|  5.572% due 05/25/2034 ~ | 33 | 32 |
|  5.740% due 10/25/2034 ~ | 326 | 321 |
|  6.625% due 10/25/2032 ~ | 64 | 63 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  4.193% due 03/25/2036 •  | 6742 | 545 |
|  MASTR Asset Securitization Trust | MASTR Asset Securitization Trust | MASTR Asset Securitization Trust |
|  6.000% due 06/25/2036 | 164 | 87 |
|  MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust |
|  4.153% due 07/25/2035 •  | 1768 | 803 |
|  7.000% due 08/25/2034 | 1167 | 787 |
|  7.000% due 05/25/2035 | 324 | 206 |
|  MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust | MASTR Seasoned Securitization Trust |
|  6.500% due 08/25/2032 ~ | 709 | 702 |
|  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 •  | 236 | 230 |
|  4.527% due 09/15/2030 •  | 39 | 25 |
|  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 |
|  4.387% due 10/20/2029 •  | 226 | 220 |
|  4.647% due 08/15/2032 •  | 14 | 14 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.013% due 03/25/2037 •  | 679 | 157 |
|  4.385% due 06/25/2037 ~ | 638 | 275 |
|  4.393% due 03/25/2037 •  | 1796 | 414 |
|  6.000% due 03/25/2037 | 1040 | 87 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.293% due 11/25/2035 •  | 3 | 3 |
|  4.413% due 10/25/2028 •  | 5 | 4 |
|  4.453% due 06/25/2028 •  | 61 | 57 |
|  4.453% due 09/25/2029 •  | 1 | 1 |
|  4.453% due 11/25/2029 •  | 37 | 32 |
|  4.533% due 03/25/2028 •  | 2 | 2 |
|  4.573% due 03/25/2028 •  | 1 | 1 |
|  4.680% due 04/25/2029 •  | 68 | 66 |
|  4.707% due 10/25/2028 •  | 6 | 6 |
|  4.796% due 06/25/2035 ~ | 1008 | 986 |
|  4.838% due 09/25/2035 ~ | 3084 | 2425 |
|  4.900% due 11/25/2029 •  | 15 | 14 |
|  5.028% due 06/25/2037 ~ | 224 | 215 |
|  5.091% due 08/25/2034 ~ | 123 | 117 |
|  5.135% due 02/25/2035 ~ | 1083 | 1042 |
|  5.277% due 11/25/2035 •  | 781 | 763 |
|  5.449% due 05/25/2033 ~ | 543 | 532 |
|  5.489% due 07/25/2035 ~ | 82 | 76 |
|  5.549% due 12/25/2032 •  | 40 | 40 |
|  5.559% due 12/25/2035 ~ | 132 | 127 |
|  5.844% due 02/25/2034 ~ | 1 | 1 |
|  5.900% due 02/25/2033 ~ | 3 | 3 |
|  6.174% due 12/25/2034 ~ | 3 | 3 |
|  6.250% due 05/25/2036 ~ | 46 | 48 |
|  6.692% due 09/25/2035 ~ | 706 | 691 |
|  7.000% due 05/25/2033 ~ | 3 | 3 |
|  Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
|  2.428% due 04/05/2042 ~ | 17000 | 15069 |
|  3.791% due 04/15/2055 ~ | 45800 | 42645 |
|  4.071% due 03/15/2052 | 3635 | 3585 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  2.823% due 06/25/2037 ~ | 2298 | 1302 |
|  3.199% due 11/25/2037 ~ | 5709 | 3950 |
|  3.468% due 07/25/2035 ~ | 125 | 113 |
|  4.053% due 03/25/2036 •  | 493 | 316 |
|  4.073% due 01/25/2036 •  | 5208 | 2742 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.083% due 12/25/2035 •  | $— | 12 | $— | 9 |
|  4.103% due 01/25/2035 •  |  | 1 |  | 1 |
|  4.113% due 01/25/2035 •  |  | 623 |  | 597 |
|  4.221% due 06/25/2036 ~ |  | 7490 |  | 5394 |
|  5.022% due 09/25/2035 ~ |  | 1248 |  | 279 |
|  5.053% due 07/25/2035 ~ |  | 2237 |  | 1818 |
|  5.634% due 06/25/2036 ~ |  | 48 |  | 46 |
|  6.000% due 02/25/2036 |  | 79 |  | 77 |
|  6.000% due 10/25/2037 |  | 1332 |  | 690 |
|  6.201% due 02/25/2047 þ |  | 1097 |  | 352 |
|  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 |
|  0.000% due 07/25/2065 (a) |  | 183 |  | 171 |
|  0.000% due 07/25/2065 ~ |  | 50496 |  | 43556 |
|  0.000% due 09/25/2065 ~ |  | 44955 |  | 40486 |
|  MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust | MortgageIT Mortgage Loan Trust |
|  4.253% due 04/25/2036 •  |  | 2085 |  | 2019 |
|  MortgageIT Securities Corp. Mortgage Loan Trust | MortgageIT Securities Corp. Mortgage Loan Trust | MortgageIT Securities Corp. Mortgage Loan Trust | MortgageIT Securities Corp. Mortgage Loan Trust | MortgageIT Securities Corp. Mortgage Loan Trust |
|  4.293% due 09/25/2037 •  |  | 4248 |  | 3210 |
|  MortgageIT Trust | MortgageIT Trust | MortgageIT Trust | MortgageIT Trust | MortgageIT Trust |
|  4.573% due 02/25/2035 •  |  | 57 |  | 57 |
|  NAAC Reperforming Loan REMICS Trust | NAAC Reperforming Loan REMICS Trust | NAAC Reperforming Loan REMICS Trust | NAAC Reperforming Loan REMICS Trust | NAAC Reperforming Loan REMICS Trust |
|  7.500% due 03/25/2034 |  | 298 |  | 281 |
|  New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust |
|  4.709% due 04/15/2032 •  |  | 2790 |  | 2763 |
|  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 |
|  3.000% due 03/25/2052 ~ |  | 33290 |  | 28975 |
|  6.864% due 10/25/2063 þ |  | 12407 |  | 12508 |
|  New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust | New York Mortgage Trust |
|  4.582% due 05/25/2036 ~ |  | 1480 |  | 1206 |
|  Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC | Newgate Funding PLC |
|  2.750% due 12/15/2050 •  |  | 21657 |  | 24907 |
|  4.025% due 12/01/2050 •  |  | 209 |  | 273 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  0.000% due 02/25/2036 ~ | $— | 11 |  | 0 |
|  4.155% due 10/25/2035 ~ |  | 24 |  | 21 |
|  4.793% due 05/25/2035 •  |  | 1350 |  | 1223 |
|  6.320% due 03/25/2047 þ |  | 368 |  | 345 |
|  7.000% due 02/19/2030 ~ |  | 289 |  | 289 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  4.882% due 11/15/2038 •  |  | 114370 |  | 114195 |
|  OBX Trust | OBX Trust | OBX Trust | OBX Trust | OBX Trust |
|  2.500% due 10/25/2051 ~ |  | 55966 |  | 46561 |
|  3.000% due 01/25/2052 ~ |  | 93541 |  | 81118 |
|  3.000% due 02/25/2052 ~ |  | 14655 |  | 12755 |
|  3.703% due 04/25/2053 ~ |  | 5139 |  | 5119 |
|  6.113% due 03/25/2063 þ |  | 1233 |  | 1232 |
|  6.520% due 07/25/2063 þ |  | 4450 |  | 4458 |
|  7.045% due 09/25/2063 þ |  | 5475 |  | 5509 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  4.193% due 02/25/2034 •  |  | 186 |  | 176 |
|  Project Cashmere | Project Cashmere | Project Cashmere | Project Cashmere | Project Cashmere |
|  4.543% due 12/30/2057 «(c) |  | 740900 |  | 511184 |
|  5.713% due 12/30/2057 «(c) |  | 21900 |  | 15110 |
|  5.863% due 12/30/2057 «(c) |  | 14700 |  | 10142 |
|  6.163% due 12/30/2057 «(c) |  | 7900 |  | 5451 |
|  6.563% due 12/30/2057 «(c) |  | 5500 |  | 3795 |
|  Proteus RMBS DAC | Proteus RMBS DAC | Proteus RMBS DAC | Proteus RMBS DAC | Proteus RMBS DAC |
|  0.000% due 10/29/2054 ~ |  | 481 |  | 0 |
|  0.000% due 10/29/2054 (b)(g) |  | 33620 |  | 27116 |
|  2.939% due 10/29/2054 •  |  | 22761 |  | 25892 |
|  3.389% due 10/29/2054 •  |  | 20861 |  | 23534 |
|  3.689% due 10/29/2054 •  |  | 15172 |  | 16961 |
|  4.669% due 10/29/2054 •  |  | 11379 |  | 12697 |
|  6.539% due 10/29/2054 •  |  | 9482 |  | 10551 |
|  RALI Trust | RALI Trust | RALI Trust | RALI Trust | RALI Trust |
|  4.039% due 08/25/2035 ~ | $— | 1245 |  | 427 |
|  4.093% due 08/25/2035 •  |  | 169 |  | 115 |
|  4.093% due 02/25/2037 •  |  | 1082 |  | 991 |
|  4.123% due 03/25/2037 •  |  | 955 |  | 167 |
|  4.153% due 05/25/2036 •  |  | 4907 |  | 4533 |
|  4.153% due 09/25/2036 •  |  | 866 |  | 818 |
|  4.163% due 12/25/2036 •  |  | 11 |  | 10 |
|  4.173% due 07/25/2036 •  |  | 1258 |  | 1184 |
|  4.173% due 08/25/2036 •  |  | 1438 |  | 1489 |
|  4.173% due 09/25/2036 •  |  | 19 |  | 17 |
|  4.193% due 11/25/2036 •  |  | 570 |  | 409 |
|  4.213% due 06/25/2037 •  |  | 665 |  | 609 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.333% due 02/25/2046 •  | $— | 829 | $— | 413 |
|  5.219% due 09/25/2045 •  |  | 115 |  | 99 |
|  5.787% due 02/25/2036 ~ |  | 538 |  | 466 |
|  6.000% due 08/25/2036 |  | 667 |  | 563 |
|  6.000% due 09/25/2036 |  | 1253 |  | 1005 |
|  6.000% due 11/25/2036 |  | 759 |  | 608 |
|  6.000% due 01/25/2037 |  | 4 |  | 3 |
|  6.250% due 03/25/2037 |  | 669 |  | 530 |
|  6.500% due 07/25/2037 |  | 212 |  | 175 |
|  6.500% due 09/25/2037 |  | 738 |  | 610 |
|  RBSGC Mortgage Loan Trust | RBSGC Mortgage Loan Trust | RBSGC Mortgage Loan Trust | RBSGC Mortgage Loan Trust | RBSGC Mortgage Loan Trust |
|  4.173% due 12/25/2034 •  |  | 10821 |  | 9946 |
|  5.750% due 04/25/2035 |  | 4916 |  | 4083 |
|  RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust |
|  3.662% due 09/27/2037 •  |  | 9301 |  | 8373 |
|  4.000% due 10/26/2037 |  | 5156 |  | 3548 |
|  4.013% due 10/27/2036 •  |  | 775 |  | 732 |
|  4.028% due 08/27/2037 •  |  | 122 |  | 121 |
|  4.118% due 02/27/2037 •  |  | 916 |  | 862 |
|  Regal Trust IV | Regal Trust IV | Regal Trust IV | Regal Trust IV | Regal Trust IV |
|  4.329% due 09/29/2031 •  |  | 4 |  | 4 |
|  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 10/25/2031 |  | 52 |  | 47 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  5.500% due 08/25/2034 |  | 34 |  | 34 |
|  5.750% due 02/25/2036 |  | 519 |  | 185 |
|  6.000% due 04/25/2037 |  | 190 |  | 91 |
|  6.000% due 05/25/2037 |  | 109 |  | 53 |
|  6.000% due 07/25/2037 |  | 1078 |  | 384 |
|  6.250% due 08/25/2036 |  | 67 |  | 47 |
|  6.250% due 11/25/2036 |  | 1793 |  | 613 |
|  6.250% due 09/25/2037 |  | 1941 |  | 689 |
|  6.500% due 08/25/2036 |  | 1317 |  | 344 |
|  6.500% due 09/25/2036 |  | 1073 |  | 304 |
|  Resloc U.K. PLC | Resloc U.K. PLC | Resloc U.K. PLC | Resloc U.K. PLC | Resloc U.K. PLC |
|  4.085% due 12/15/2043 •  |  | 1108 |  | 1398 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  4.851% due 02/25/2037 ~ | $— | 1372 |  | 891 |
|  5.092% due 07/27/2037 ~ |  | 2460 |  | 1688 |
|  5.390% due 02/25/2036 ~ |  | 691 |  | 663 |
|  5.500% due 12/25/2034 |  | 111 |  | 108 |
|  6.000% due 06/25/2036 |  | 387 |  | 330 |
|  6.000% due 07/25/2036 |  | 395 |  | 341 |
|  6.000% due 10/25/2036 |  | 3872 |  | 3152 |
|  6.000% due 06/25/2037 |  | 190 |  | 150 |
|  6.500% due 03/25/2032 |  | 23 |  | 23 |
|  Ripon Investments Financing Ltd. | Ripon Investments Financing Ltd. | Ripon Investments Financing Ltd. | Ripon Investments Financing Ltd. | Ripon Investments Financing Ltd. |
|  0.000% due 12/02/2049 «(l) |  | 1548 |  | 2022 |
|  Ripon Mortgages PLC | Ripon Mortgages PLC | Ripon Mortgages PLC | Ripon Mortgages PLC | Ripon Mortgages PLC |
|  0.000% due 08/28/2056 ~(a) |  | 714 |  | 301 |
|  0.000% due 08/28/2056 (g) |  | 24635 |  | 32810 |
|  4.745% due 08/28/2056 •  |  | 32762 |  | 43401 |
|  4.945% due 08/28/2056 •  |  | 28562 |  | 37695 |
|  5.345% due 08/28/2056 •  |  | 14701 |  | 19414 |
|  6.245% due 08/28/2056 •  |  | 6300 |  | 8261 |
|  6.745% due 08/28/2056 •  |  | 311 |  | 410 |
|  7.745% due 08/28/2056 •  |  | 5460 |  | 7196 |
|  RMAC Securities No. 1 PLC | RMAC Securities No. 1 PLC | RMAC Securities No. 1 PLC | RMAC Securities No. 1 PLC | RMAC Securities No. 1 PLC |
|  2.288% due 06/12/2044 •  |  | 837 |  | 952 |
|  4.015% due 06/12/2044 •  |  | 11880 |  | 15496 |
|  Roundstone Securities No. 2 DAC | Roundstone Securities No. 2 DAC | Roundstone Securities No. 2 DAC | Roundstone Securities No. 2 DAC | Roundstone Securities No. 2 DAC |
|  0.000% due 06/28/2058 ~ |  | 2 |  | 0 |
|  1.000% due 06/28/2058 ~ |  | 19957 |  | 21135 |
|  3.035% due 06/28/2058 •  |  | 300073 |  | 347089 |
|  3.135% due 06/28/2058 •  |  | 34142 |  | 39450 |
|  3.335% due 06/28/2058 •  |  | 28988 |  | 33404 |
|  4.000% due 06/28/2058 ~ |  | 54756 |  | 16036 |
|  4.135% due 06/28/2058 •  |  | 24158 |  | 27780 |
|  5.135% due 06/28/2058 •  |  | 14495 |  | 16608 |
|  5.635% due 06/28/2058 •  |  | 7730 |  | 8756 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  3.538% due 09/20/2046 ~ | $— | 1094 |  | 716 |
|  3.928% due 01/20/2047 ~ |  | 506 |  | 345 |
|  4.190% due 07/20/2036 •  |  | 9 |  | 8 |
|  4.210% due 06/20/2036 •  |  | 227 |  | 214 |
|  4.490% due 07/20/2033 •  |  | 27 |  | 28 |
|  4.590% due 10/20/2027 •  |  | 31 |  | 29 |
|  4.678% due 05/20/2034 •  |  | 90 |  | 86 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **25** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.683% due 09/20/2033 •  | $— | 23 | $— | 23 |
|  5.021% due 01/20/2047 ~ |  | 802 |  | 586 |
|  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 •  |  | 34140 |  | 34105 |
|  SRT Issuer I LLC | SRT Issuer I LLC | SRT Issuer I LLC | SRT Issuer I LLC | SRT Issuer I LLC |
|  0.000% due 10/01/2031 «•  |  | 30762 |  | 30827 |
|  STARM Mortgage Loan Trust | STARM Mortgage Loan Trust | STARM Mortgage Loan Trust | STARM Mortgage Loan Trust | STARM Mortgage Loan Trust |
|  4.704% due 10/25/2037 ~ |  | 323 |  | 239 |
|  5.604% due 04/25/2037 ~ |  | 120 |  | 61 |
|  5.644% due 02/25/2037 ~ |  | 113 |  | 97 |
|  6.341% due 01/25/2037 ~ |  | 971 |  | 546 |
|  Starwood Mortgage Trust | Starwood Mortgage Trust | Starwood Mortgage Trust | Starwood Mortgage Trust | Starwood Mortgage Trust |
|  4.645% due 11/15/2036 •  |  | 17500 |  | 17481 |
|  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 |
|  3.859% due 01/25/2035 ~ |  | 38 |  | 38 |
|  3.981% due 04/25/2036 ~ |  | 1653 |  | 847 |
|  4.093% due 09/25/2034 •  |  | 662 |  | 624 |
|  4.093% due 08/25/2036 •  |  | 1908 |  | 1520 |
|  4.254% due 05/25/2036 ~ |  | 907 |  | 871 |
|  4.348% due 11/25/2035 ~ |  | 61 |  | 56 |
|  4.414% due 02/25/2036 ~ |  | 790 |  | 602 |
|  4.443% due 08/25/2035 ~ |  | 15 |  | 13 |
|  4.597% due 12/25/2035 ~ |  | 534 |  | 303 |
|  4.600% due 02/25/2036 ~ |  | 1435 |  | 750 |
|  4.676% due 09/25/2035 ~ |  | 192 |  | 173 |
|  4.752% due 03/25/2036 ~ |  | 182 |  | 146 |
|  4.827% due 12/25/2035 ~ |  | 713 |  | 473 |
|  4.960% due 11/25/2036 ~ |  | 1352 |  | 1048 |
|  5.259% due 01/25/2035 •  |  | 77 |  | 72 |
|  5.549% due 10/25/2037 •  |  | 303 |  | 279 |
|  5.628% due 12/25/2034 ~ |  | 2 |  | 2 |
|  5.939% due 02/25/2034 ~ |  | 152 |  | 148 |
|  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 |
|  4.053% due 03/25/2037 •  |  | 847 |  | 331 |
|  4.133% due 03/25/2037 •  |  | 128 |  | 7 |
|  4.173% due 06/25/2036 •  |  | 203 |  | 200 |
|  4.173% due 07/25/2046 •  |  | 303 |  | 251 |
|  4.213% due 04/25/2036 •  |  | 124 |  | 115 |
|  4.213% due 05/25/2036 •  |  | 42 |  | 30 |
|  4.233% due 05/25/2046 •  |  | 7175 |  | 2277 |
|  4.253% due 02/25/2036 •  |  | 47 |  | 44 |
|  4.291% due 07/19/2035 •  |  | 884 |  | 838 |
|  4.413% due 12/25/2035 •  |  | 877 |  | 747 |
|  4.491% due 01/19/2034 •  |  | 48 |  | 47 |
|  5.148% due 02/25/2036 •  |  | 3055 |  | 2644 |
|  5.259% due 12/25/2035 •  |  | 668 |  | 570 |
|  5.493% due 05/25/2047 •  |  | 6483 |  | 5391 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  3.905% due 06/25/2029 ~ |  | 6 |  | 6 |
|  4.451% due 09/19/2032 •  |  | 142 |  | 135 |
|  4.631% due 10/19/2033 •  |  | 160 |  | 149 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.115% due 04/15/2027 ~ |  | 5 |  | 5 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  7.500% due 10/25/2036 |  | 2137 |  | 1165 |
|  Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates | Structured Asset Securities Corp. Mortgage Pass-Through Certificates |
|  4.695% due 01/25/2034 ~ |  | 340 |  | 330 |
|  4.740% due 06/25/2034 þ |  | 34 |  | 33 |
|  6.164% due 07/25/2033 ~ |  | 3 |  | 3 |
|  6.169% due 03/25/2033 ~ |  | 196 |  | 194 |
|  6.193% due 11/25/2033 ~ |  | 17 |  | 18 |
|  Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust | Structured Asset Securities Corp. Trust |
|  5.750% due 04/25/2035 |  | 1263 |  | 556 |
|  Suntrust Alternative Loan Trust | Suntrust Alternative Loan Trust | Suntrust Alternative Loan Trust | Suntrust Alternative Loan Trust | Suntrust Alternative Loan Trust |
|  4.443% due 12/25/2035 •  |  | 805 |  | 702 |
|  5.750% due 12/25/2035 |  | 529 |  | 482 |
|  6.000% due 04/25/2036 |  | 347 |  | 108 |
|  TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust |
|  6.130% due 01/25/2037 þ |  | 444 |  | 97 |
|  6.470% due 09/25/2036 þ |  | 5583 |  | 134 |
|  6.500% due 07/25/2036 |  | 4587 |  | 934 |
|  6.515% due 07/25/2037 þ |  | 685 |  | 249 |
|  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 ~ |  | 350 |  | 349 |
|  4.493% due 12/25/2033 •  |  | 84 |  | 83 |
|  5.114% due 10/25/2043 ~ |  | 107 |  | 101 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.129% due 09/25/2047 ~ | $— | 7877 | $— | 4780 |
|  5.139% due 10/25/2046 •  |  | 16589 |  | 15984 |
|  5.552% due 07/25/2036 •  |  | 16912 |  | 13824 |
|  5.786% due 06/25/2047 •  |  | 6880 |  | 6499 |
|  5.836% due 03/25/2037 •  |  | 4826 |  | 3428 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  2.710% due 01/25/2060 ~ |  | 615 |  | 594 |
|  2.900% due 10/25/2059 ~ |  | 5470 |  | 5265 |
|  4.337% due 02/25/2055 ~ |  | 7648 |  | 7416 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  4.644% (SONIO/N + 0.900%) due 07/15/2059 ~ |  | 20122 |  | 26648 |
|  UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust | UBS Commercial Mortgage Trust |
|  4.241% due 06/15/2051 ~ | $— | 7000 |  | 6947 |
|  4.296% due 08/15/2051 |  | 5975 |  | 5930 |
|  4.313% due 05/15/2051 |  | 10000 |  | 9920 |
|  4.334% due 10/15/2051 |  | 17486 |  | 17331 |
|  UWM Mortgage Trust | UWM Mortgage Trust | UWM Mortgage Trust | UWM Mortgage Trust | UWM Mortgage Trust |
|  2.500% due 11/25/2051 ~ |  | 176198 |  | 147408 |
|  2.500% due 12/25/2051 ~ |  | 73898 |  | 61575 |
|  3.000% due 01/25/2052 ~ |  | 53469 |  | 46371 |
|  4.617% due 11/25/2051 •  |  | 1791 |  | 1680 |
|  VASA Trust | VASA Trust | VASA Trust | VASA Trust | VASA Trust |
|  4.687% due 07/15/2039 •  |  | 7550 |  | 7419 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  4.260% due 02/25/2067 þ |  | 731 |  | 704 |
|  5.811% due 05/25/2068 þ |  | 406 |  | 405 |
|  6.443% due 08/25/2068 þ |  | 4274 |  | 4281 |
|  6.665% due 09/25/2068 þ |  | 6250 |  | 6279 |
|  7.070% due 10/25/2068 þ |  | 5896 |  | 5941 |
|  Visio Trust | Visio Trust | Visio Trust | Visio Trust | Visio Trust |
|  6.598% due 10/25/2058 þ |  | 3743 |  | 3752 |
|  Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC |
|  3.713% due 08/20/2035 ~ |  | 171 |  | 159 |
|  6.627% due 10/20/2035 ~ |  | 13 |  | 12 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.649% due 04/25/2037 ~ |  | 1125 |  | 1026 |
|  3.697% due 05/25/2046 •  |  | 116 |  | 97 |
|  3.852% due 03/25/2036 ~ |  | 6724 |  | 6066 |
|  3.867% due 05/25/2037 ~ |  | 532 |  | 472 |
|  3.871% due 12/25/2046 •  |  | 2976 |  | 2767 |
|  3.988% due 11/25/2036 ~ |  | 9 |  | 9 |
|  3.996% due 02/25/2037 ~ |  | 211 |  | 184 |
|  3.999% due 05/25/2037 ~ |  | 30 |  | 26 |
|  4.089% due 02/25/2037 ~ |  | 5740 |  | 5231 |
|  4.108% due 12/25/2036 ~ |  | 3440 |  | 3181 |
|  4.125% due 02/25/2037 ~ |  | 1991 |  | 1793 |
|  4.136% due 12/25/2036 ~ |  | 3800 |  | 3458 |
|  4.204% due 04/25/2037 ~ |  | 332 |  | 307 |
|  4.205% due 02/25/2037 ~ |  | 2573 |  | 2408 |
|  4.253% due 04/25/2035 ~ |  | 877 |  | 857 |
|  4.260% due 01/25/2036 ~ |  | 1650 |  | 1632 |
|  4.260% due 12/25/2036 ~ |  | 27 |  | 25 |
|  4.266% due 08/25/2036 ~ |  | 402 |  | 367 |
|  4.333% due 12/25/2045 •  |  | 124 |  | 125 |
|  4.373% due 07/25/2045 •  |  | 96 |  | 93 |
|  4.431% due 12/25/2035 ~ |  | 2935 |  | 2718 |
|  4.445% due 09/25/2036 ~ |  | 1959 |  | 1735 |
|  4.477% due 09/25/2035 ~ |  | 4442 |  | 4234 |
|  4.483% due 10/25/2035 ~ |  | 208 |  | 192 |
|  4.517% due 08/25/2036 ~ |  | 61 |  | 57 |
|  4.533% due 11/25/2034 •  |  | 208 |  | 205 |
|  4.613% due 11/25/2045 •  |  | 107 |  | 101 |
|  4.613% due 12/25/2045 •  |  | 86 |  | 80 |
|  4.616% due 03/25/2035 ~ |  | 356 |  | 347 |
|  4.619% due 04/25/2047 •  |  | 3608 |  | 3339 |
|  4.629% due 05/25/2047 •  |  | 5476 |  | 4739 |
|  4.647% due 07/25/2037 ~ |  | 124 |  | 114 |
|  4.656% due 08/25/2046 ~ |  | 3330 |  | 3059 |
|  4.657% due 07/25/2047 •  |  | 1624 |  | 1437 |
|  4.688% due 12/25/2035 ~ |  | 348 |  | 326 |
|  4.773% due 11/25/2034 •  |  | 101 |  | 99 |
|  4.859% due 08/25/2046 •  |  | 46 |  | 43 |
|  4.863% due 03/25/2037 ~ |  | 6118 |  | 5695 |
|  4.869% due 08/25/2036 ~ |  | 4101 |  | 4022 |
|  5.179% due 08/25/2034 ~ |  | 61 |  | 58 |
|  5.259% due 06/25/2042 •  |  | 98 |  | 93 |
|  5.302% due 09/25/2033 ~ |  | 161 |  | 159 |
|  5.348% due 05/25/2035 ~ |  | 4528 |  | 4498 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.359% due 10/25/2046 •  | $— | 3545 | 3410 |
|  5.686% due 09/25/2033 ~ |  | 9 | 8 |
|  5.799% due 01/25/2033 ~ |  | 34 | 33 |
|  Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC | Warwick Finance Residential Mortgages Number Three PLC |
|  0.000% due 12/21/2049 (g) |  | 4 | 19105 |
|  4.695% due 12/21/2049 •  |  | 41852 | 55434 |
|  5.395% due 12/21/2049 •  |  | 23296 | 30867 |
|  5.895% due 12/21/2049 •  |  | 11648 | 15335 |
|  6.395% due 12/21/2049 •  |  | 6656 | 8746 |
|  6.895% due 12/21/2049 •  |  | 6656 | 8672 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  3.889% due 09/25/2036 þ | $— | 2707 | 701 |
|  4.113% due 02/25/2037 •  |  | 5687 | 4521 |
|  4.243% due 04/25/2035 •  |  | 2895 | 2442 |
|  4.829% due 05/25/2046 •  |  | 1831 | 1647 |
|  5.500% due 11/25/2035 |  | 300 | 280 |
|  5.500% due 06/25/2037 |  | 445 | 433 |
|  6.000% due 04/25/2036 |  | 908 | 798 |
|  6.768% due 07/25/2036 þ |  | 1088 | 222 |
|  6.949% due 07/25/2036 þ |  | 1859 | 379 |
|  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 ~ |  | 565 | 502 |
|  4.999% due 05/25/2033 ~ |  | 80 | 82 |
|  Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust |
|  6.578% due 07/25/2037 ~ |  | 356 | 337 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  2.725% due 02/15/2053 |  | 9400 | 8782 |
|  3.311% due 06/15/2052 |  | 8800 | 8400 |
|  3.472% due 11/15/2050 |  | 10070 | 9920 |
|  3.615% due 12/15/2049 |  | 561 | 560 |
|  3.749% due 06/15/2036 ~ |  | 500 | 472 |
|  3.862% due 12/15/2039 |  | 40310 | 38938 |
|  4.023% due 03/15/2052 |  | 33712 | 33281 |
|  4.442% due 09/15/2061 |  | 4000 | 3994 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  5.715% due 04/25/2036 ~ |  | 365 | 364 |
|  5.792% due 03/25/2036 ~ |  | 20 | 19 |
|  6.414% due 07/25/2034 ~ |  | 2 | 2 |
|  Worldwide Plaza Trust | Worldwide Plaza Trust | Worldwide Plaza Trust | Worldwide Plaza Trust |
|  3.526% due 11/10/2036 |  | 6280 | 5020 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $10,330,307) | Total Non-Agency Mortgage-Backed Securities (Cost $10,330,307) | Total Non-Agency Mortgage-Backed Securities (Cost $10,330,307) | 9859338 |
| ASSET-BACKED SECURITIES 7.8% | ASSET-BACKED SECURITIES 7.8% | ASSET-BACKED SECURITIES 7.8% | ASSET-BACKED SECURITIES 7.8% |
| AUTOMOBILE SEQUENTIAL 0.2% | AUTOMOBILE SEQUENTIAL 0.2% | AUTOMOBILE SEQUENTIAL 0.2% | AUTOMOBILE SEQUENTIAL 0.2% |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  5.250% due 04/20/2029 |  | 20700 | 20998 |
|  Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC | Enterprise Fleet Financing LLC |
|  5.740% due 12/20/2026 |  | 2019 | 2021 |
|  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 |  | 1341 | 1349 |
|  Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC | Hertz Vehicle Financing LLC |
|  3.890% due 09/25/2028 |  | 31800 | 31589 |
|  Oscar U.S. Funding XIV LLC | Oscar U.S. Funding XIV LLC | Oscar U.S. Funding XIV LLC | Oscar U.S. Funding XIV LLC |
|  2.820% due 04/10/2029 |  | 1852 | 1838 |
|  Toyota Auto Loan Extended Note Trust | Toyota Auto Loan Extended Note Trust | Toyota Auto Loan Extended Note Trust | Toyota Auto Loan Extended Note Trust |
|  4.930% due 06/25/2036 |  | 9400 | 9549 |
|  |  |  | 67344 |
| CASINO SERVICES 0.1% | CASINO SERVICES 0.1% | CASINO SERVICES 0.1% | CASINO SERVICES 0.1% |
|  Gateway Casinos & Entertainment Ltd. | Gateway Casinos & Entertainment Ltd. | Gateway Casinos & Entertainment Ltd. | Gateway Casinos & Entertainment Ltd. |
|  5.000% due 03/12/2038 « |  | 83554 | 55983 |
| CMBS OTHER 0.7% | CMBS OTHER 0.7% | CMBS OTHER 0.7% | CMBS OTHER 0.7% |
|  Acore Issuer LLC | Acore Issuer LLC | Acore Issuer LLC | Acore Issuer LLC |
|  5.125% due 08/20/2043 •  | $— | 34300 | 34279 |
|  ACREC LLC | ACREC LLC | ACREC LLC | ACREC LLC |
|  5.130% due 01/18/2043 •  |  | 25300 | 25287 |
|  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 •  |  | 2800 | 2798 |

---

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 •  | 41381 | 41463 |
|  5.137% due 11/15/2036 •  | 22964 | 23020 |
|  AREIT Trust | AREIT Trust | AREIT Trust |
|  4.922% due 01/20/2037 •  | 6132 | 6131 |
|  5.920% due 06/17/2039 •  | 17904 | 17913 |
|  BDS LLC | BDS LLC | BDS LLC |
|  4.959% due 10/17/2042 •  | 500 | 499 |
|  BDS Ltd. | BDS Ltd. | BDS Ltd. |
|  5.144% due 12/16/2036 •  | 3651 | 3655 |
|  FS Rialto Issuer LLC | FS Rialto Issuer LLC | FS Rialto Issuer LLC |
|  0.000% due 01/19/2044 •  | 14000 | 14003 |
|  KREF Ltd. | KREF Ltd. | KREF Ltd. |
|  5.127% due 02/17/2039 •  | 25205 | 25218 |
|  LoanCore Issuer Ltd. | LoanCore Issuer Ltd. | LoanCore Issuer Ltd. |
|  5.087% due 11/15/2038 •  | 3804 | 3812 |
|  5.222% due 01/17/2037 •  | 17370 | 17344 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  5.000% due 02/18/2040 •  | 700 | 698 |
|  5.827% due 06/19/2037 •  | 17062 | 17067 |
|  MF1 Ltd. | MF1 Ltd. | MF1 Ltd. |
|  4.874% due 10/16/2036 •  | 9060 | 9066 |
|  5.027% due 02/19/2037 •  | 9766 | 9776 |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  5.180% due 08/18/2043 •  | 28600 | 28633 |
|  Starwood Ltd. | Starwood Ltd. | Starwood Ltd. |
|  4.994% due 04/18/2038 •  | 9631 | 9634 |
|  5.022% due 11/15/2038 •  | 14584 | 14566 |
|  TRTX Issuer Ltd. | TRTX Issuer Ltd. | TRTX Issuer Ltd. |
|  5.328% due 02/15/2039 •  | 25785 | 25852 |
|  |  | 330714 |
| HOME EQUITY OTHER 1.5% | HOME EQUITY OTHER 1.5% | HOME EQUITY OTHER 1.5% |
|  Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust |
|  4.573% due 10/25/2035 •  | 373 | 371 |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.653% due 12/25/2030 •  | 326 | 327 |
|  4.843% due 03/25/2034 •  | 985 | 958 |
|  4.888% due 05/25/2032 •  | 65 | 74 |
|  Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust |
|  4.663% due 01/25/2035 •  | 246 | 242 |
|  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 •  | 8 | 3 |
|  4.013% due 12/25/2036 •  | 5023 | 1253 |
|  4.113% due 08/25/2036 •  | 4475 | 1015 |
|  4.193% due 12/25/2036 •  | 19365 | 4830 |
|  4.233% due 08/25/2036 •  | 5750 | 1304 |
|  4.453% due 11/25/2035 •  | 410 | 478 |
|  4.618% due 12/25/2045 •  | 2497 | 1928 |
|  4.723% due 02/25/2036 •  | 887 | 844 |
|  4.768% due 11/25/2033 •  | 777 | 802 |
|  4.768% due 12/25/2034 •  | 159 | 151 |
|  Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust | Aegis Asset-Backed Securities Trust |
|  4.438% due 12/25/2035 •  | 2034 | 1939 |
|  4.513% due 06/25/2035 •  | 886 | 860 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
|  3.685% due 05/25/2034 þ | 686 | 670 |
|  4.663% due 07/25/2034 •  | 1 | 1 |
|  7.168% due 11/25/2032 •  | 1533 | 1634 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  3.903% due 09/25/2036 •  | 3708 | 1200 |
|  3.943% due 09/25/2036 •  | 19145 | 6193 |
|  4.093% due 06/25/2036 •  | 16878 | 4493 |
|  4.173% due 03/25/2036 •  | 5108 | 2889 |
|  4.333% due 05/25/2036 •  | 21255 | 5020 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  4.433% due 01/25/2036 •  | 7228 | 6833 |
|  4.918% due 11/25/2034 •  | 464 | 475 |
|  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 •  | 137 | 99 |
|  4.553% due 10/25/2034 •  | 1 | 1 |
|  5.137% due 04/15/2033 •  | 308 | 310 |
|  7.012% due 08/15/2032 •  | 2585 | 2501 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.133% due 12/25/2036 •  | 1710 | 1711 |
|  4.843% due 08/25/2037 •  | 3333 | 3035 |
|  5.743% due 06/25/2035 •  | 6542 | 6678 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.793% due 11/25/2042 •  | 37 | 37 |
|  5.972% due 06/25/2043 ~ | 169 | 168 |
|  C-BASS Mortgage Loan Trust | C-BASS Mortgage Loan Trust | C-BASS Mortgage Loan Trust |
|  3.257% due 03/25/2037 þ | 4128 | 1490 |
|  C-BASS Trust | C-BASS Trust | C-BASS Trust |
|  3.208% due 04/25/2037 •  | 598 | 357 |
|  3.913% due 11/25/2036 •  | 74 | 34 |
|  4.093% due 11/25/2036 •  | 7102 | 3290 |
|  Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust |
|  3.953% due 10/25/2036 •  | 2626 | 2144 |
|  4.043% due 10/25/2036 •  | 3077 | 2514 |
|  4.053% due 02/25/2037 •  | 27010 | 26091 |
|  CDC Mortgage Capital Trust | CDC Mortgage Capital Trust | CDC Mortgage Capital Trust |
|  4.588% due 07/25/2034 •  | 50 | 87 |
|  Chase Funding Trust | Chase Funding Trust | Chase Funding Trust |
|  4.353% due 02/25/2033 •  | 19 | 19 |
|  4.433% due 08/25/2032 •  | 313 | 312 |
|  CIT Home Equity Loan Trust | CIT Home Equity Loan Trust | CIT Home Equity Loan Trust |
|  4.843% due 09/25/2030 •  | 27 | 27 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  3.963% due 07/25/2045 •  | 5927 | 4194 |
|  3.983% due 05/25/2037 •  | 7578 | 5146 |
|  4.053% due 07/25/2045 •  | 2759 | 1951 |
|  4.113% due 12/25/2036 •  | 7133 | 4014 |
|  4.293% due 08/25/2036 •  | 6292 | 6245 |
|  4.333% due 05/25/2037 •  | 1553 | 1548 |
|  4.528% due 09/25/2035 •  | 276 | 276 |
|  7.250% due 10/25/2037 þ | 1232 | 1192 |
|  7.264% due 01/25/2037 þ | 744 | 314 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.193% due 08/25/2034 •  | 293 | 286 |
|  4.473% due 12/25/2036 •  | 277 | 232 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  3.370% due 03/25/2036 •  | 245 | 244 |
|  3.627% due 04/25/2035 •  | 328 | 326 |
|  3.933% due 08/25/2037 •  | 8811 | 7933 |
|  4.023% due 10/25/2047 •  | 12 | 12 |
|  4.073% due 02/25/2037 •  | 3499 | 3372 |
|  4.073% due 03/25/2037 •  | 993 | 982 |
|  4.153% due 11/25/2047 •  | 1089 | 1053 |
|  4.233% due 09/25/2037 •  | 779 | 843 |
|  4.233% due 09/25/2047 •  | 7190 | 7487 |
|  4.293% due 10/25/2034 •  | 1008 | 994 |
|  4.378% due 06/25/2036 •  | 1844 | 1844 |
|  4.533% due 12/25/2034 •  | 979 | 964 |
|  4.693% due 11/25/2034 •  | 197 | 195 |
|  4.753% due 02/25/2036 •  | 2993 | 2947 |
|  5.583% due 08/25/2035 ~ | 15234 | 14840 |
|  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 •  | 834 | 812 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  3.908% due 07/25/2037 •  | 194 | 129 |
|  6.780% due 05/25/2035 þ | 570 | 528 |
|  Delta Funding Home Equity Loan Trust | Delta Funding Home Equity Loan Trust | Delta Funding Home Equity Loan Trust |
|  4.607% due 09/15/2029 •  | 71 | 68 |
|  EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
|  4.533% due 05/25/2040 •  | 8 | 8 |
|  EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust |
|  4.543% due 01/25/2034 •  | 8 | 8 |
|  Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust |
|  4.108% due 11/25/2036 •  | 7360 | 4844 |
|  4.173% due 05/25/2036 •  | 4969 | 3814 |
|  Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust | Finance America Mortgage Loan Trust |
|  4.693% due 08/25/2034 •  | 66 | 63 |
|  Finance of America Structured Securities Trust | Finance of America Structured Securities Trust | Finance of America Structured Securities Trust |
|  3.500% due 07/25/2075 þ | 74088 | 72367 |
|  First NLC Trust | First NLC Trust | First NLC Trust |
|  2.904% due 05/25/2035 •  | 839 | 766 |
|  3.933% due 08/25/2037 •  | 2167 | 1095 |
|  4.073% due 08/25/2037 •  | 2249 | 1137 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  3.893% due 08/25/2036 •  | 331 | 102 |
|  3.913% due 01/25/2037 •  | 24 | 11 |
|  3.953% due 08/25/2036 •  | 6779 | 2090 |
|  4.053% due 11/25/2036 •  | 34128 | 11900 |
|  4.093% due 01/25/2037 •  | 10857 | 4975 |
|  4.133% due 02/25/2037 •  | 39940 | 11859 |
|  4.273% due 02/25/2037 •  | 15167 | 4534 |
|  4.293% due 05/25/2036 •  | 9383 | 6180 |
|  4.333% due 04/25/2036 •  | 2565 | 2334 |
|  4.453% due 01/25/2036 •  | 4437 | 4332 |
|  4.858% due 06/25/2035 •  | 1849 | 1848 |
|  GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust | GE-WMC Mortgage Securities Trust |
|  3.873% due 08/25/2036 •  | 5 | 2 |
|  GMACM Home Equity Loan Trust | GMACM Home Equity Loan Trust | GMACM Home Equity Loan Trust |
|  7.000% due 09/25/2037 ~ | 4 | 4 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  3.933% due 03/25/2036 •  | 37 | 12 |
|  3.993% due 03/25/2037 •  | 483 | 131 |
|  4.033% due 04/25/2047 •  | 787 | 736 |
|  4.033% due 05/25/2047 •  | 2327 | 1366 |
|  4.133% due 09/25/2036 •  | 8015 | 1715 |
|  4.153% due 05/25/2036 •  | 13453 | 2717 |
|  4.153% due 07/25/2037 •  | 128 | 127 |
|  4.194% due 03/25/2036 ~ | 3846 | 1494 |
|  4.393% due 03/25/2037 •  | 1667 | 660 |
|  4.393% due 05/25/2047 •  | 129 | 81 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  3.883% due 01/25/2037 •  | 2346 | 1445 |
|  3.973% due 11/25/2035 •  | 348 | 24 |
|  4.033% due 12/25/2036 •  | 4824 | 2385 |
|  4.273% due 06/25/2036 •  | 3148 | 1718 |
|  4.273% due 08/25/2036 •  | 1232 | 1069 |
|  4.333% due 04/25/2036 •  | 2844 | 1864 |
|  5.113% due 12/25/2034 •  | 746 | 685 |
|  5.443% due 10/25/2034 •  | 120 | 122 |
|  5.668% due 03/25/2034 •  | 1605 | 1365 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.393% due 11/25/2032 •  | 154 | 146 |
|  4.888% due 05/25/2035 •  | 108 | 108 |
|  Home Equity Loan Trust | Home Equity Loan Trust | Home Equity Loan Trust |
|  4.023% due 04/25/2037 •  | 2050 | 2006 |
|  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 •  | 803 | 567 |
|  4.213% due 04/25/2037 •  | 2583 | 1824 |
|  HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust |
|  3.913% due 12/25/2036 •  | 86 | 24 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  3.893% due 10/25/2036 •  | 126 | 43 |
|  4.013% due 12/25/2036 •  | 458 | 110 |
|  4.133% due 12/25/2036 •  | 4176 | 949 |
|  4.573% due 11/25/2035 •  | 1448 | 1372 |
|  IMC Home Equity Loan Trust | IMC Home Equity Loan Trust | IMC Home Equity Loan Trust |
|  5.690% due 07/25/2026 ~ | 1 | 1 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  2.945% due 10/25/2035 •  | 275 | 273 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  3.953% due 08/25/2036 •  | 181 | 80 |
|  4.013% due 08/25/2036 •  | 19 | 14 |
|  4.113% due 07/25/2036 •  | 4855 | 1295 |
|  6.337% due 08/25/2036 þ | 1446 | 842 |
|  Lehman ABS Mortgage Loan Trust | Lehman ABS Mortgage Loan Trust | Lehman ABS Mortgage Loan Trust |
|  3.883% due 06/25/2037 •  | 4155 | 2760 |
|  3.993% due 06/25/2037 •  | 2243 | 1489 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.113% due 12/25/2036 •  | 16349 | 11150 |
|  4.153% due 03/25/2046 •  | 1392 | 1228 |
|  4.313% due 08/25/2045 •  | 3398 | 3380 |
|  4.353% due 10/25/2034 •  | 9 | 9 |
|  4.843% due 06/25/2035 •  | 4145 | 4102 |
|  5.068% due 02/25/2035 •  | 1796 | 1781 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  3.893% due 01/25/2037 •  | 80 | 22 |
|  4.093% due 08/25/2036 •  | 3790 | 1318 |
|  4.273% due 03/25/2036 •  | 4667 | 2769 |
|  4.273% due 10/25/2036 •  | 3710 | 3386 |
|  4.543% due 10/25/2035 •  | 5789 | 5761 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **27** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.971% due 11/25/2035 þ | $— | 84 | $— | 61 |
|  6.219% due 02/25/2036 þ |  | 143 |  | 121 |
|  Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust | Merrill Lynch First Franklin Mortgage Loan Trust |
|  4.133% due 04/25/2037 •  |  | 2018 |  | 735 |
|  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 |
|  3.913% due 11/25/2037 •  |  | 1375 |  | 415 |
|  4.013% due 08/25/2037 •  |  | 6839 |  | 3342 |
|  4.033% due 02/25/2037 •  |  | 829 |  | 230 |
|  4.093% due 08/25/2037 •  |  | 28639 |  | 13993 |
|  4.093% due 11/25/2037 •  |  | 9795 |  | 2968 |
|  4.273% due 08/25/2037 •  |  | 1432 |  | 700 |
|  4.313% due 03/25/2037 •  |  | 19439 |  | 18480 |
|  4.313% due 04/25/2037 •  |  | 2016 |  | 921 |
|  4.433% due 03/25/2037 •  |  | 5213 |  | 4955 |
|  4.693% due 02/25/2047 •  |  | 12727 |  | 7347 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  3.853% due 12/25/2036 •  |  | 2324 |  | 1169 |
|  3.853% due 05/25/2037 •  |  | 690 |  | 633 |
|  3.883% due 01/25/2037 •  |  | 4553 |  | 2093 |
|  3.893% due 07/25/2036 •  |  | 122 |  | 44 |
|  3.893% due 11/25/2036 •  |  | 1117 |  | 658 |
|  3.903% due 03/25/2037 •  |  | 5399 |  | 2184 |
|  3.933% due 11/25/2036 •  |  | 11510 |  | 5493 |
|  3.933% due 05/25/2037 •  |  | 3047 |  | 2324 |
|  3.943% due 10/25/2036 •  |  | 10816 |  | 5644 |
|  3.943% due 11/25/2036 •  |  | 12355 |  | 7289 |
|  3.943% due 12/25/2036 •  |  | 1606 |  | 808 |
|  3.973% due 03/25/2037 •  |  | 20800 |  | 8413 |
|  3.993% due 02/25/2037 •  |  | 1729 |  | 757 |
|  4.008% due 03/25/2037 •  |  | 8282 |  | 3090 |
|  4.023% due 10/25/2036 •  |  | 1294 |  | 675 |
|  4.023% due 11/25/2036 •  |  | 11120 |  | 6566 |
|  4.043% due 12/25/2036 •  |  | 6969 |  | 3503 |
|  4.043% due 05/25/2037 •  |  | 1237 |  | 1135 |
|  4.053% due 02/25/2037 •  |  | 732 |  | 321 |
|  4.093% due 06/25/2036 •  |  | 5290 |  | 2609 |
|  4.093% due 09/25/2036 •  |  | 14496 |  | 4975 |
|  4.113% due 09/25/2036 •  |  | 8544 |  | 3589 |
|  4.133% due 03/25/2037 •  |  | 2683 |  | 1085 |
|  4.153% due 02/25/2037 •  |  | 3553 |  | 1111 |
|  4.293% due 08/25/2036 •  |  | 12583 |  | 6254 |
|  4.528% due 07/25/2035 •  |  | 2503 |  | 2477 |
|  4.723% due 11/25/2034 •  |  | 115 |  | 115 |
|  4.793% due 03/25/2033 •  |  | 314 |  | 317 |
|  Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust | Morgan Stanley Dean Witter Capital I, Inc. Trust |
|  5.068% due 09/25/2032 •  |  | 139 |  | 139 |
|  5.143% due 02/25/2033 •  |  | 186 |  | 203 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  3.893% due 12/25/2036 •  |  | 12484 |  | 5944 |
|  4.113% due 04/25/2036 •  |  | 3748 |  | 2583 |
|  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 •  |  | 5 |  | 2 |
|  4.093% due 07/25/2036 •  |  | 7533 |  | 2904 |
|  4.253% due 07/25/2036 •  |  | 23099 |  | 8959 |
|  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 |
|  3.953% due 11/25/2036 •  |  | 3115 |  | 856 |
|  5.299% due 11/25/2036 •  |  | 1542 |  | 596 |
|  5.750% due 04/25/2037 ~ |  | 513 |  | 243 |
|  6.000% due 02/25/2037 ~ |  | 315 |  | 177 |
|  6.077% due 10/25/2046 þ |  | 2291 |  | 511 |
|  6.226% due 10/25/2036 þ |  | 964 |  | 250 |
|  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 |
|  4.513% due 10/25/2035 •  |  | 342 |  | 341 |
|  4.573% due 03/25/2035 •  |  | 509 |  | 509 |
|  4.678% due 05/25/2034 •  |  | 432 |  | 455 |
|  6.793% due 01/25/2033 •  |  | 1077 |  | 911 |
|  Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust | Nomura Home Equity Loan, Inc. Home Equity Loan Trust |
|  4.453% due 10/25/2036 •  |  | 19819 |  | 3544 |
|  4.593% due 02/25/2037 •  |  | 1694 |  | 449 |
|  6.532% due 10/25/2036 þ |  | 2563 |  | 436 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  3.993% due 01/25/2037 •  |  | 3364 |  | 1105 |
|  4.093% due 06/25/2036 •  |  | 1467 |  | 1099 |
|  4.093% due 09/25/2036 •  |  | 11536 |  | 4449 |
|  4.093% due 03/25/2037 •  |  | 3428 |  | 1069 |
|  4.133% due 11/25/2036 •  |  | 7768 |  | 2350 |
|  4.153% due 03/25/2037 •  |  | 2838 |  | 885 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.213% due 01/25/2037 •  | $— | 15133 | $— | 4969 |
|  4.293% due 10/25/2036 •  |  | 4056 |  | 1859 |
|  4.503% due 12/25/2033 •  |  | 134 |  | 133 |
|  4.618% due 06/25/2034 •  |  | 2 |  | 2 |
|  5.668% due 03/25/2035 •  |  | 2010 |  | 1997 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  3.963% due 05/25/2037 •  |  | 3017 |  | 1632 |
|  3.973% due 04/25/2037 •  |  | 5684 |  | 2889 |
|  3.993% due 01/25/2037 •  |  | 7583 |  | 4413 |
|  4.013% due 04/25/2037 •  |  | 14023 |  | 9933 |
|  4.033% due 04/25/2037 •  |  | 2306 |  | 1326 |
|  4.043% due 07/25/2037 •  |  | 2142 |  | 1389 |
|  4.073% due 01/25/2037 •  |  | 17069 |  | 9934 |
|  4.073% due 02/25/2037 •  |  | 6719 |  | 3310 |
|  4.123% due 04/25/2037 •  |  | 1844 |  | 915 |
|  4.233% due 01/25/2037 •  |  | 6418 |  | 3735 |
|  4.293% due 03/25/2037 •  |  | 1062 |  | 518 |
|  4.333% due 01/25/2036 •  |  | 5368 |  | 5126 |
|  Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates | Option One Mortgage Loan Trust Asset-Backed Certificates |
|  4.483% due 11/25/2035 •  |  | 7552 |  | 7360 |
|  4.648% due 10/25/2032 •  |  | 813 |  | 995 |
|  Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust |
|  4.693% due 10/25/2036 •  |  | 1483 |  | 1476 |
|  Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates | Park Place Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.593% due 12/25/2034 •  |  | 8177 |  | 8207 |
|  People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust |
|  4.738% due 05/25/2035 •  |  | 1466 |  | 1411 |
|  5.143% due 01/25/2035 •  |  | 203 |  | 201 |
|  People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust |
|  3.933% due 09/25/2036 •  |  | 17140 |  | 4009 |
|  Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust |
|  4.003% due 01/25/2037 •  |  | 1717 |  | 1676 |
|  RAAC Trust | RAAC Trust | RAAC Trust | RAAC Trust | RAAC Trust |
|  4.493% due 11/25/2046 •  |  | 5027 |  | 4703 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  4.795% due 09/25/2055 þ |  | 5355 |  | 5314 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  3.723% due 08/25/2033 •  |  | 29 |  | 27 |
|  4.493% due 08/25/2032 •  |  | 104 |  | 101 |
|  4.513% due 11/25/2034 •  |  | 181 |  | 161 |
|  5.893% due 06/25/2037 þ |  | 8030 |  | 1945 |
|  5.906% due 06/25/2037 þ |  | 8997 |  | 2184 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.363% due 01/25/2036 •  |  | 1037 |  | 1029 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.033% due 10/25/2036 •  |  | 817 |  | 805 |
|  4.053% due 11/25/2036 •  |  | 3492 |  | 3281 |
|  4.133% due 11/25/2036 •  |  | 1181 |  | 1113 |
|  4.228% due 06/25/2036 •  |  | 9440 |  | 9335 |
|  4.353% due 04/25/2036 •  |  | 297 |  | 297 |
|  4.373% due 06/25/2033 •  |  | 585 |  | 577 |
|  4.408% due 03/25/2036 •  |  | 1200 |  | 1187 |
|  4.888% due 03/25/2035 •  |  | 1745 |  | 1756 |
|  SASCO Mortgage Loan Trust | SASCO Mortgage Loan Trust | SASCO Mortgage Loan Trust | SASCO Mortgage Loan Trust | SASCO Mortgage Loan Trust |
|  4.704% due 12/25/2034 •  |  | 376 |  | 375 |
|  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 •  |  | 218 |  | 45 |
|  4.053% due 05/25/2037 •  |  | 341 |  | 268 |
|  4.113% due 07/25/2036 •  |  | 2095 |  | 674 |
|  4.273% due 07/25/2036 •  |  | 2694 |  | 866 |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.093% due 10/25/2036 •  |  | 6932 |  | 6705 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  3.973% due 08/25/2037 •  |  | 229 |  | 226 |
|  4.013% due 01/25/2037 •  |  | 2221 |  | 1623 |
|  4.113% due 01/25/2037 •  |  | 2120 |  | 1549 |
|  4.153% due 02/25/2037 •  |  | 7508 |  | 1985 |
|  4.313% due 02/25/2037 •  |  | 9688 |  | 2572 |
|  4.353% due 05/25/2036 •  |  | 1121 |  | 1104 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.093% due 06/25/2036 •  |  | 61 |  | 60 |
|  4.393% due 01/25/2036 •  |  | 524 |  | 520 |
|  4.693% due 05/25/2035 •  |  | 2292 |  | 2270 |
|  4.723% due 09/25/2034 •  |  | 46 |  | 40 |
|  4.723% due 01/25/2035 •  |  | 7740 |  | 7655 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.793% due 09/25/2034 •  | 113 | 119 |
|  4.918% due 01/25/2035 •  | 3957 | 3606 |
|  4.993% due 12/25/2034 •  | 114 | 114 |
|  5.173% due 04/25/2033 •  | 129 | 133 |
|  5.368% due 01/25/2035 •  | 4313 | 3768 |
|  5.518% due 01/25/2035 •  | 3824 | 1598 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  3.973% due 01/25/2037 •  | 2115 | 1206 |
|  4.253% due 01/25/2037 •  | 15402 | 8876 |
|  4.333% due 04/25/2036 •  | 4069 | 4010 |
|  4.693% due 05/25/2037 •  | 967 | 957 |
|  WaMu Asset-Backed Certificates Trust | WaMu Asset-Backed Certificates Trust | WaMu Asset-Backed Certificates Trust |
|  4.093% due 01/25/2037 •  | 11173 | 5050 |
|  4.293% due 04/25/2037 •  | 9118 | 3278 |
|  Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust | Washington Mutual Asset-Backed Certificates Trust |
|  3.913% due 10/25/2036 •  | 1254 | 435 |
|  |  | 716946 |
| 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 •  | 987 | 983 |
|  4.272% due 07/25/2036 •  | 446 | 445 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.033% due 04/25/2037 •  | 4435 | 1162 |
|  4.253% due 02/25/2037 •  | 403 | 76 |
|  4.513% due 04/25/2037 •  | 2149 | 566 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.133% due 10/25/2046 •  | 1655 | 1638 |
|  |  | 4870 |
| MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% |
|  Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. |
|  7.490% due 07/01/2031 þ | 48 | 49 |
| WHOLE LOAN COLLATERAL 0.1% | WHOLE LOAN COLLATERAL 0.1% | WHOLE LOAN COLLATERAL 0.1% |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.193% due 11/25/2034 •  | 536 | 456 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.886% due 10/25/2036 ~ | 576 | 246 |
|  5.500% due 01/25/2034 þ | 12 | 10 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  6.851% due 05/25/2036 þ | 1938 | 678 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.103% due 10/25/2036 •  | 5898 | 4946 |
|  4.113% due 04/25/2036 •  | 1390 | 1376 |
|  4.273% due 08/25/2036 •  | 1766 | 1700 |
|  4.273% due 10/25/2036 •  | 3084 | 2025 |
|  4.993% due 01/25/2035 •  | 623 | 634 |
|  5.218% due 10/25/2034 •  | 409 | 413 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.843% due 06/25/2034 •  | 453 | 468 |
|  RAAC Trust | RAAC Trust | RAAC Trust |
|  4.393% due 06/25/2044 •  | 628 | 584 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.143% due 10/25/2036 •  | 4391 | 4328 |
|  4.393% due 03/25/2036 •  | 2885 | 2869 |
|  4.433% due 01/25/2036 •  | 1997 | 1878 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.293% due 03/25/2036 •  | 8356 | 5306 |
|  4.293% due 05/25/2036 •  | 8594 | 4612 |
|  4.753% due 01/25/2036 •  | 942 | 887 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  3.993% due 11/25/2037 •  | 345 | 188 |
|  4.046% due 02/25/2037 þ | 27488 | 8735 |
|  4.093% due 11/25/2037 •  | 4496 | 2457 |
|  4.393% due 12/25/2036 •  | 809 | 792 |
|  4.493% due 03/25/2037 •  | 1640 | 846 |
|  4.693% due 06/25/2036 •  | 8588 | 8361 |
|  4.768% due 12/25/2035 •  | 170 | 170 |
|  |  | 54965 |

---

---

| | | |
|:---|:---|:---|
| 28.0 | PIMCO TOTAL RETURN FUND | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| OTHER ABS 5.2% | OTHER ABS 5.2% | OTHER ABS 5.2% |
|  AMMC CLO 27 Ltd. | AMMC CLO 27 Ltd. | AMMC CLO 27 Ltd. |
|  4.748% due 01/20/2037 •  | 10700 | 10701 |
|  Apidos CLO XXIV | Apidos CLO XXIV | Apidos CLO XXIV |
|  4.879% due 10/20/2030 •  | 244 | 244 |
|  ARES European CLO XII DAC | ARES European CLO XII DAC | ARES European CLO XII DAC |
|  2.876% due 04/20/2032 •  | 10630 | 12287 |
|  Atlas Senior Loan Fund XVI Ltd. | Atlas Senior Loan Fund XVI Ltd. | Atlas Senior Loan Fund XVI Ltd. |
|  4.768% due 01/20/2034 •  | 13250 | 13259 |
|  Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC | Bain Capital Euro CLO DAC |
|  2.766% due 01/20/2032 •  | 1307 | 1512 |
|  Birch Grove CLO Ltd. | Birch Grove CLO Ltd. | Birch Grove CLO Ltd. |
|  5.258% due 07/17/2037 •  | 27450 | 27522 |
|  Black Diamond CLO DAC | Black Diamond CLO DAC | Black Diamond CLO DAC |
|  2.964% due 05/15/2032 •  | 1701 | 1969 |
|  BlackRock European CLO VII DAC | BlackRock European CLO VII DAC | BlackRock European CLO VII DAC |
|  2.636% due 10/15/2031 •  | 3485 | 4033 |
|  BlueMountain CLO Ltd. | BlueMountain CLO Ltd. | BlueMountain CLO Ltd. |
|  4.858% due 10/25/2030 •  | 4697 | 4702 |
|  BlueMountain CLO XXXIV Ltd. | BlueMountain CLO XXXIV Ltd. | BlueMountain CLO XXXIV Ltd. |
|  4.818% due 04/20/2035 •  | 22700 | 22705 |
|  BlueMountain Fuji EUR CLO V DAC | BlueMountain Fuji EUR CLO V DAC | BlueMountain Fuji EUR CLO V DAC |
|  2.926% due 01/15/2033 •  | 5853 | 6772 |
|  BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC | BNPP AM Euro CLO DAC |
|  2.616% due 04/15/2031 •  | 2667 | 3086 |
|  2.847% due 07/22/2032 •  | 16981 | 19605 |
|  Boyce Park CLO Ltd. | Boyce Park CLO Ltd. | Boyce Park CLO Ltd. |
|  4.668% due 04/21/2035 •  | 35600 | 35611 |
|  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 •  | 23100 | 23065 |
|  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 •  | 38800 | 38927 |
|  Carlyle Euro CLO DAC | Carlyle Euro CLO DAC | Carlyle Euro CLO DAC |
|  2.716% due 01/15/2031 •  | 3954 | 4574 |
|  Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. | Carlyle U.S. CLO Ltd. |
|  4.778% due 10/20/2034 •  | 2500 | 2500 |
|  CarVal CLO I Ltd. | CarVal CLO I Ltd. | CarVal CLO I Ltd. |
|  4.901% due 07/16/2031 •  | 4076 | 4080 |
|  Castlelake Aircraft Structured Trust | Castlelake Aircraft Structured Trust | Castlelake Aircraft Structured Trust |
|  5.073% due 03/15/2051 | 11000 | 10820 |
|  CBAMR Ltd. | CBAMR Ltd. | CBAMR Ltd. |
|  5.302% due 07/15/2037 •  | 39000 | 39101 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  4.880% due 10/24/2030 •  | 502 | 503 |
|  Commonbond Student Loan Trust | Commonbond Student Loan Trust | Commonbond Student Loan Trust |
|  2.550% due 05/25/2041 | 784 | 754 |
|  Consumer Loan Finance Issuer Trust | Consumer Loan Finance Issuer Trust | Consumer Loan Finance Issuer Trust |
|  0.000% due 11/25/2053 «(g) | 49334 | 21638 |
|  0.000% due 11/25/2054 «(g) | 10094 | 5278 |
|  5.150% due 11/25/2054 | 7728 | 7756 |
|  5.350% due 11/25/2054 | 42022 | 42626 |
|  5.450% due 11/25/2054 | 9751 | 9841 |
|  5.750% due 11/25/2054 | 4869 | 4900 |
|  6.250% due 11/25/2053 | 3411 | 3415 |
|  6.400% due 11/25/2053 | 179510 | 184520 |
|  6.600% due 11/25/2054 | 6293 | 6305 |
|  6.950% due 11/25/2053 | 32730 | 33729 |
|  7.400% due 11/25/2053 | 32730 | 33792 |
|  8.750% due 11/25/2054 | 3654 | 3684 |
|  9.100% due 11/25/2053 | 19109 | 19792 |
|  9.350% due 11/25/2053 | 17732 | 17900 |
|  Diamond Infrastructure Funding LLC | Diamond Infrastructure Funding LLC | Diamond Infrastructure Funding LLC |
|  1.760% due 04/15/2049 | 1100 | 1076 |
|  Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC | Dryden 27 R Euro CLO DAC |
|  2.676% due 04/15/2033 •  | 13386 | 15492 |
|  Dryden 52 Euro CLO DAC | Dryden 52 Euro CLO DAC | Dryden 52 Euro CLO DAC |
|  2.844% due 05/15/2034 •  | 9385 | 10859 |
|  Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund |
|  4.818% due 10/19/2029 •  | 39 | 39 |
|  Dryden 86 CLO Ltd. | Dryden 86 CLO Ltd. | Dryden 86 CLO Ltd. |
|  4.798% due 07/17/2034 •  | 4200 | 4204 |
|  Euro-Galaxy III CLO DAC | Euro-Galaxy III CLO DAC | Euro-Galaxy III CLO DAC |
|  2.650% due 04/24/2034 •  | 22737 | 26313 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. | Fortress Credit BSL X Ltd. |
|  4.768% due 04/20/2033 •  | 7823 | 7827 |
|  Galaxy XXII CLO Ltd. | Galaxy XXII CLO Ltd. | Galaxy XXII CLO Ltd. |
|  4.683% due 04/16/2034 •  | 6300 | 6298 |
|  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 •  | 11850 | 11854 |
|  GoodLeap Sustainable Home Solutions Trust | GoodLeap Sustainable Home Solutions Trust | GoodLeap Sustainable Home Solutions Trust |
|  2.100% due 05/20/2048 | 6594 | 5122 |
|  4.000% due 04/20/2049 | 13398 | 11572 |
|  Greywolf CLO IV Ltd. | Greywolf CLO IV Ltd. | Greywolf CLO IV Ltd. |
|  4.908% due 04/17/2034 •  | 9150 | 9162 |
|  Guggenheim CLO Ltd. | Guggenheim CLO Ltd. | Guggenheim CLO Ltd. |
|  4.822% due 01/15/2035 •  | 6550 | 6552 |
|  Harvest CLO XXI DAC | Harvest CLO XXI DAC | Harvest CLO XXI DAC |
|  1.040% due 07/15/2031 | 1114 | 1271 |
|  2.776% due 07/15/2031 •  | 9827 | 11371 |
|  Harvest CLO XXII DAC | Harvest CLO XXII DAC | Harvest CLO XXII DAC |
|  2.866% due 01/15/2032 •  | 7359 | 8506 |
|  Jamestown CLO XI Ltd. | Jamestown CLO XI Ltd. | Jamestown CLO XI Ltd. |
|  5.029% due 07/14/2031 •  | 185 | 185 |
|  Jubilee CLO DAC | Jubilee CLO DAC | Jubilee CLO DAC |
|  2.666% due 04/15/2031 •  | 13418 | 15529 |
|  KKR CLO 16 Ltd. | KKR CLO 16 Ltd. | KKR CLO 16 Ltd. |
|  4.808% due 10/20/2034 •  | 32300 | 32333 |
|  KKR CLO 27 Ltd. | KKR CLO 27 Ltd. | KKR CLO 27 Ltd. |
|  4.782% due 01/15/2035 •  | 8100 | 8102 |
|  KKR CLO 36 Ltd. | KKR CLO 36 Ltd. | KKR CLO 36 Ltd. |
|  4.822% due 10/15/2034 •  | 28400 | 28435 |
|  LCM 30 Ltd. | LCM 30 Ltd. | LCM 30 Ltd. |
|  5.009% due 04/20/2031 •  | 4074 | 4078 |
|  LCM 39 Ltd. | LCM 39 Ltd. | LCM 39 Ltd. |
|  4.703% due 10/15/2034 •  | 10200 | 10202 |
|  Lendmark Funding Trust | Lendmark Funding Trust | Lendmark Funding Trust |
|  1.900% due 11/20/2031 | 750 | 735 |
|  Madison Park Euro Funding XIV DAC | Madison Park Euro Funding XIV DAC | Madison Park Euro Funding XIV DAC |
|  2.816% due 07/15/2032 •  | 14355 | 16571 |
|  Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority | Massachusetts Educational Financing Authority |
|  5.099% due 04/25/2038 •  | 240 | 240 |
|  MAST Ltd. | MAST Ltd. | MAST Ltd. |
|  5.134% due 02/15/2051 | 14911 | 14688 |
|  MMAF Equipment Finance LLC | MMAF Equipment Finance LLC | MMAF Equipment Finance LLC |
|  5.200% due 09/13/2027 | 788 | 790 |
|  Mosaic Solar Loan Trust | Mosaic Solar Loan Trust | Mosaic Solar Loan Trust |
|  2.640% due 01/20/2053 | 14786 | 12965 |
|  Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. | Navesink CLO 2 Ltd. |
|  4.862% due 01/15/2036 •  | 14150 | 14151 |
|  Navient Private Education Loan Trust | Navient Private Education Loan Trust | Navient Private Education Loan Trust |
|  3.610% due 12/15/2059 | 38 | 38 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  4.670% due 06/22/2065 | 28787 | 28500 |
|  5.023% due 06/22/2065 •  | 24841 | 25051 |
|  5.873% due 02/20/2041 •  | 3432 | 3506 |
|  6.640% due 02/20/2041 | 3771 | 3901 |
|  Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. | Northwoods Capital 25 Ltd. |
|  4.788% due 07/20/2034 •  | 19500 | 19517 |
|  OCP Euro CLO DAC | OCP Euro CLO DAC | OCP Euro CLO DAC |
|  3.256% due 10/20/2039 •  | 25690 | 29681 |
|  OneMain Financial Issuance Trust | OneMain Financial Issuance Trust | OneMain Financial Issuance Trust |
|  1.750% due 09/14/2035 | 655 | 646 |
|  4.432% due 06/16/2036 •  | 2249 | 2251 |
|  Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. |
|  4.480% due 08/08/2032 •  | 21700 | 21696 |
|  4.480% due 10/15/2032 •  | 7600 | 7599 |
|  4.489% due 01/15/2033 •  | 27100 | 27069 |
|  Performer Funding 1 PLC | Performer Funding 1 PLC | Performer Funding 1 PLC |
|  0.000% due 06/21/2035 (g) | 27414 | 21657 |
|  5.733% due 06/21/2035 •  | 16083 | 21289 |
|  6.733% due 06/21/2035 •  | 21700 | 28770 |
|  7.733% due 06/21/2035 •  | 14400 | 19238 |
|  9.233% due 06/21/2035 •  | 6200 | 8282 |
|  11.233% due 06/21/2035 •  | 9300 | 12423 |
|  Post CLO Ltd. | Post CLO Ltd. | Post CLO Ltd. |
|  4.762% due 04/20/2035 •  | 5550 | 5551 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PPM CLO 3 Ltd. | PPM CLO 3 Ltd. | PPM CLO 3 Ltd. |
|  4.788% due 07/17/2034 •  | 12550 | 12561 |
|  PPM CLO 5 Ltd. | PPM CLO 5 Ltd. | PPM CLO 5 Ltd. |
|  4.848% due 10/18/2034 •  | 21400 | 21425 |
|  Project Panama SPV LLC | Project Panama SPV LLC | Project Panama SPV LLC |
|  7.200% due 01/03/2029 « | 46803 | 47072 |
|  Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. | Rockford Tower CLO Ltd. |
|  4.798% due 07/20/2034 •  | 8400 | 8409 |
|  Romark CLO - IV Ltd. | Romark CLO - IV Ltd. | Romark CLO - IV Ltd. |
|  4.790% due 07/10/2034 •  | 11300 | 11312 |
|  Scalelogix ABS U.S. Issuer LLC | Scalelogix ABS U.S. Issuer LLC | Scalelogix ABS U.S. Issuer LLC |
|  5.673% due 07/25/2055 | 19400 | 19116 |
|  SLC Student Loan Trust | SLC Student Loan Trust | SLC Student Loan Trust |
|  4.853% due 06/15/2040 •  | 1143 | 1133 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  5.849% due 01/27/2027 •  | 161 | 161 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  0.000% due 03/15/2052 «(g) | 1655 | 2109 |
|  0.000% due 09/15/2053 (g) | 1 | 294 |
|  0.000% due 03/15/2055 «(g) | 11 | 146 |
|  0.010% due 11/16/2054 | 10 | 50 |
|  3.940% due 02/16/2055 | 23738 | 23024 |
|  4.780% due 03/15/2055 | 8500 | 8417 |
|  4.849% due 11/16/2054 « | 24112 | 24112 |
|  4.872% due 03/15/2055 •  | 18533 | 18568 |
|  4.960% due 03/15/2055 | 166610 | 167927 |
|  4.972% due 03/15/2052 •  | 10300 | 10319 |
|  5.030% due 03/15/2056 (c) | 6000 | 6007 |
|  5.100% due 03/15/2055 | 8500 | 8563 |
|  5.122% due 02/16/2055 •  | 9853 | 9951 |
|  5.19% due 11/16/2054 « | 176820 | 175752 |
|  5.260% due 03/15/2055 | 16900 | 16348 |
|  5.322% due 09/15/2053 •  | 29304 | 29827 |
|  5.550% due 03/15/2052 | 10300 | 10603 |
|  5.71% due 11/16/2054 « | 10631 | 10548 |
|  6.14% due 11/16/2054 « | 2126 | 2107 |
|  6.150% due 09/15/2053 | 18051 | 18850 |
|  6.250% due 03/15/2052 | 1951 | 2033 |
|  6.500% due 03/15/2052 | 1100 | 1157 |
|  6.93% due 11/16/2054 « | 17010 | 16869 |
|  6.930% due 09/15/2053 | 12507 | 13143 |
|  7.540% due 09/15/2053 | 2644 | 2770 |
|  8.290% due 03/15/2052 | 1195 | 1253 |
|  8.870% due 09/15/2053 | 5450 | 5843 |
|  SoFi Alternative Trust | SoFi Alternative Trust | SoFi Alternative Trust |
|  5.521% due 05/16/2050 ~ | 38089 | 36411 |
|  SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust |
|  0.000% due 03/27/2034 «(g) | 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 |
|  Sound Point CLO XX Ltd. | Sound Point CLO XX Ltd. | Sound Point CLO XX Ltd. |
|  5.030% due 07/26/2031 •  | 755 | 755 |
|  Stonepeak ABS | Stonepeak ABS | Stonepeak ABS |
|  2.301% due 02/28/2033 | 164 | 161 |
|  Sunrun Demeter Issuer LLC | Sunrun Demeter Issuer LLC | Sunrun Demeter Issuer LLC |
|  2.270% due 01/30/2057 | 33183 | 30163 |
|  Switch ABS Issuer LLC | Switch ABS Issuer LLC | Switch ABS Issuer LLC |
|  5.121% due 10/25/2055 | 13100 | 12817 |
|  Symphony CLO 52 Ltd. | Symphony CLO 52 Ltd. | Symphony CLO 52 Ltd. |
|  4.815% due 01/20/2036 •  | 20450 | 20448 |
|  Symphony CLO XXIV Ltd. | Symphony CLO XXIV Ltd. | Symphony CLO XXIV Ltd. |
|  4.801% due 10/23/2035 •  | 13300 | 13283 |
|  Thayer Park CLO Ltd. | Thayer Park CLO Ltd. | Thayer Park CLO Ltd. |
|  4.668% due 04/20/2034 •  | 10950 | 10946 |
|  Toro European CLO 6 DAC | Toro European CLO 6 DAC | Toro European CLO 6 DAC |
|  2.951% due 01/12/2032 •  | 7063 | 8171 |
|  Toro European CLO 7 DAC | Toro European CLO 7 DAC | Toro European CLO 7 DAC |
|  2.794% due 02/15/2034 •  | 14653 | 16917 |
|  Triaxx Prime CDO Ltd. | Triaxx Prime CDO Ltd. | Triaxx Prime CDO Ltd. |
|  4.590% due 10/02/2039 •  | 2660 | 23 |
|  4.763% due 10/02/2039 ^•(d) | 13598 | 115 |
|  Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. | Trinitas CLO VI Ltd. |
|  4.778% due 01/25/2034 •  | 16100 | 16112 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **29** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. | Trinitas CLO XVII Ltd. |
|  4.818% due 10/20/2034 •  | 29700 | 29736 |
|  Valerie Asset Ltd. | Valerie Asset Ltd. | Valerie Asset Ltd. |
|  5.219% due 09/15/2050 «(l) | 194341 | 190206 |
|  5.267% due 09/15/2050 «(l) | 26401 | 23612 |
|  Venture 32 CLO Ltd. | Venture 32 CLO Ltd. | Venture 32 CLO Ltd. |
|  5.029% due 07/18/2031 •  | 259 | 259 |
|  Venture 33 CLO Ltd. | Venture 33 CLO Ltd. | Venture 33 CLO Ltd. |
|  4.994% due 07/15/2031 •  | 1087 | 1088 |
|  Venture 36 CLO Ltd. | Venture 36 CLO Ltd. | Venture 36 CLO Ltd. |
|  5.059% due 04/20/2032 •  | 6841 | 6849 |
|  Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. | Vibrant CLO XII Ltd. |
|  4.818% due 04/20/2034 •  | 11700 | 11714 |
|  Wind River CLO Ltd. | Wind River CLO Ltd. | Wind River CLO Ltd. |
|  4.778% due 07/20/2034 •  | 13000 | 13009 |
|  |  | 2446832 |
|  Total Asset-Backed Securities (Cost $3,880,326) | Total Asset-Backed Securities (Cost $3,880,326) | 3677703 |
| SOVEREIGN ISSUES 10.9% | SOVEREIGN ISSUES 10.9% | SOVEREIGN ISSUES 10.9% |
|  Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds |
|  3.125% due 04/16/2030 | 1600 | 1523 |
|  Australia Government Bonds | Australia Government Bonds | Australia Government Bonds |
|  2.750% due 06/21/2035 | 179200 | 103658 |
|  Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds |
|  6.125% due 03/15/2034 | 15700 | 15711 |
|  7.125% due 05/13/2054 | 2450 | 2412 |
|  7.250% due 01/12/2056 | 53215 | 52313 |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (g) | 14100 | 2721 |
|  0.000% due 07/01/2026 (g) | 1127900 | 210875 |
|  0.000% due 10/01/2026 (g) | 1846800 | 334013 |
|  Canada Government Bonds | Canada Government Bonds | Canada Government Bonds |
|  3.000% due 06/01/2034 | 9200 | 6448 |
|  3.250% due 12/01/2034 | 89632 | 63769 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  5.375% due 01/21/2029 | 12000 | 11904 |
|  6.125% due 01/21/2031 | 11400 | 11229 |
|  6.500% due 01/21/2033 | 5900 | 5785 |
|  Colombia TES | Colombia TES | Colombia TES |
|  9.250% due 05/28/2042 | 10612000 | 2168 |
|  11.000% due 08/22/2029 | 321297100 | 81009 |
|  11.500% due 07/25/2046 | 11557000 | 2788 |
|  11.750% due 01/24/2035 | 466622500 | 115693 |
|  12.750% due 11/28/2040 | 375303300 | 99474 |
|  13.250% due 02/09/2033 | 280894200 | 75311 |
|  CPPIB Capital, Inc. | CPPIB Capital, Inc. | CPPIB Capital, Inc. |
|  4.300% due 06/02/2034 | 8200 | 6119 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 115950 | 116704 |
|  European Union | European Union | European Union |
|  2.875% due 10/05/2029 | 185300 | 214167 |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  4.500% due 01/13/2031 | 20000 | 19601 |
|  5.375% due 03/12/2029 | 31800 | 32306 |
|  5.500% due 03/12/2034 (n) | 27000 | 27383 |
|  5.750% due 03/12/2054 | 3900 | 3633 |
|  Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro | Italy Buoni Poliennali Del Tesoro |
|  1.100% due 08/15/2031 (h) | 17111 | 20017 |
|  1.250% due 09/15/2032 (h) | 18397 | 21551 |
|  2.850% due 02/01/2031 | 14200 | 16112 |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
|  5.875% due 10/17/2031 | 20800 | 23528 |
|  Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds |
|  2.200% due 03/20/2064 | 9406000 | 41080 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  2.100% due 09/20/2054 | 1300250 | 5943 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.300% due 12/20/2054 |  | 16457250 | $— | 78714 |
|  2.400% due 03/20/2055 |  | 19593500 |  | 95794 |
|  2.800% due 06/20/2055 |  | 12340000 |  | 65894 |
|  3.200% due 09/20/2055 |  | 15871000 |  | 91917 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  2.000% due 12/20/2044 |  | 20860000 |  | 109201 |
|  2.400% due 03/20/2045 |  | 11554800 |  | 64337 |
|  2.700% due 09/20/2045 |  | 1021700 |  | 5927 |
|  Korea Development Bank | Korea Development Bank | Korea Development Bank | Korea Development Bank | Korea Development Bank |
|  4.367% (SOFRRATE + 0.700%) due 10/23/2026 ~ | $— | 7450 |  | 7445 |
|  Korea National Oil Corp. | Korea National Oil Corp. | Korea National Oil Corp. | Korea National Oil Corp. | Korea National Oil Corp. |
|  4.875% due 04/03/2029 |  | 1700 |  | 1725 |
|  Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds |
|  4.016% due 10/09/2028 |  | 18500 |  | 18249 |
|  4.136% due 10/09/2030 |  | 19700 |  | 19299 |
|  4.652% due 10/09/2035 |  | 14200 |  | 13657 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  3.500% due 09/19/2029 |  | 6100 |  | 6935 |
|  4.500% due 03/19/2034 |  | 5500 |  | 6193 |
|  4.750% due 03/22/2031 | $— | 13600 |  | 13308 |
|  5.000% due 04/27/2051 |  | 26100 |  | 20461 |
|  5.125% due 03/19/2038 |  | 800 |  | 894 |
|  5.375% due 03/22/2033 | $— | 16000 |  | 15680 |
|  5.625% due 09/22/2035 |  | 28400 |  | 27520 |
|  6.000% due 05/07/2036 |  | 1100 |  | 1096 |
|  6.625% due 01/29/2038 |  | 12208 |  | 12470 |
|  6.875% due 05/13/2037 |  | 11400 |  | 11970 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  4.000% due 08/24/2034 (h) |  | 61 |  | 3 |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
|  1.750% due 03/20/2034 |  | 96400 |  | 50862 |
|  2.000% due 03/08/2033 |  | 9100 |  | 5095 |
|  4.750% due 02/20/2037 |  | 21000 |  | 13405 |
|  Paraguay Government International Bonds | Paraguay Government International Bonds | Paraguay Government International Bonds | Paraguay Government International Bonds | Paraguay Government International Bonds |
|  4.950% due 04/28/2031 | $— | 4160 |  | 4155 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  5.940% due 02/12/2029 |  | 3000 |  | 899 |
|  6.850% due 08/12/2035 |  | 93230 |  | 27356 |
|  7.300% due 08/12/2033 |  | 639056 |  | 201220 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.350% due 08/12/2040 |  | 6400 |  | 1544 |
|  5.400% due 08/12/2034 |  | 1051 |  | 287 |
|  6.150% due 08/12/2032 |  | 370910 |  | 111466 |
|  6.950% due 08/12/2031 |  | 284001 |  | 88514 |
|  Province of Alberta | Province of Alberta | Province of Alberta | Province of Alberta | Province of Alberta |
|  2.050% due 08/17/2026 | $— | 6000 |  | 5960 |
|  Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec | Province of Quebec |
|  3.600% due 09/01/2033 |  | 6100 |  | 4362 |
|  4.450% due 09/01/2034 |  | 225700 |  | 169490 |
|  Qatar Government International Bonds | Qatar Government International Bonds | Qatar Government International Bonds | Qatar Government International Bonds | Qatar Government International Bonds |
|  4.400% due 04/16/2050 | $— | 46200 |  | 38348 |
|  5.103% due 04/23/2048 |  | 600 |  | 555 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |
|  1.500% due 08/20/2032 |  | 80900 |  | 44595 |
|  2.000% due 08/22/2033 |  | 28100 |  | 15435 |
|  4.500% due 08/22/2035 |  | 28600 |  | 18195 |
|  Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
|  5.125% due 09/18/2034 | $— | 5300 |  | 5333 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  6.250% due 03/31/2036 |  | 208700 |  | 9914 |
|  7.000% due 02/28/2031 |  | 1368700 |  | 75809 |
|  8.500% due 01/31/2037 |  | 851000 |  | 47007 |
|  8.750% due 01/31/2044 |  | 57990 |  | 3113 |
|  8.750% due 02/28/2048 |  | 131800 |  | 7047 |
|  8.875% due 02/28/2035 |  | 5097500 |  | 296067 |
|  9.000% due 01/31/2040 |  | 207980 |  | 11567 |
|  Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds |
|  7.100% due 11/19/2036 | $— | 4100 |  | 4192 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  2.000% due 01/28/2032 |  | 33500 |  | 32167 |
|  2.000% due 04/14/2033 |  | 5190 |  | 4713 |
|  3.000% due 02/27/2027 | $— | 5240 |  | 5142 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.624% due 05/26/2030 | EUR | 25050 | 27662 |
|  5.250% due 03/10/2030 |  | 12000 | 14080 |
|  5.250% due 05/30/2032 |  | 30900 | 35278 |
|  5.375% due 06/07/2033 |  | 6900 | 7773 |
|  5.625% due 05/30/2037 |  | 29200 | 31797 |
|  6.125% due 10/07/2037 |  | 18500 | 20755 |
|  6.250% due 09/10/2034 |  | 5700 | 6695 |
|  6.500% due 10/07/2045 |  | 8800 | 9728 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  3.375% due 03/05/2032 |  | 17800 | 19955 |
|  3.750% due 03/05/2037 |  | 22200 | 24194 |
|  4.125% due 01/12/2029 | $| 27600 | 27247 |
|  4.750% due 01/18/2028 |  | 34700 | 34793 |
|  4.750% due 01/16/2030 |  | 13600 | 13603 |
|  4.875% due 07/18/2033 |  | 12100 | 11969 |
|  5.000% due 01/16/2034 |  | 12600 | 12553 |
|  5.125% due 01/13/2028 |  | 37900 | 38312 |
|  5.375% due 01/13/2031 |  | 57500 | 58792 |
|  Serbia International Bonds | Serbia International Bonds | Serbia International Bonds | Serbia International Bonds |
|  1.000% due 09/23/2028 | EUR | 16450 | 17578 |
|  2.050% due 09/23/2036 |  | 15500 | 13582 |
|  3.125% due 05/15/2027 |  | 19600 | 22428 |
|  South Australian Government Financing Authority | South Australian Government Financing Authority | South Australian Government Financing Authority | South Australian Government Financing Authority |
|  4.750% due 05/24/2035 | AUD | 3550 | 2311 |
|  State of Israel | State of Israel | State of Israel | State of Israel |
|  3.800% due 05/13/2060 | $| 47500 | 30879 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
|  2.000% due 11/20/2037 | AUD | 83800 | 39092 |
|  2.250% due 09/15/2033 |  | 40300 | 22453 |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  0.500% due 10/22/2061 | GBP | 16400 | 5138 |
|  3.750% due 03/07/2027 |  | 447000 | 588324 |
|  4.375% due 07/31/2054 |  | 233473 | 257319 |
|  Total Sovereign Issues (Cost $5,221,891) | Total Sovereign Issues (Cost $5,221,891) | Total Sovereign Issues (Cost $5,221,891) | 5133741 |
|  |  | **SHARES** |  |
| COMMON STOCKS 0.1% | COMMON STOCKS 0.1% | COMMON STOCKS 0.1% | COMMON STOCKS 0.1% |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
|  Desarrolladora Homex SAB de CV «(e) |  | 775108 | 0 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Drillco Holdings Luxembourg SA «(l) |  | 195636 | 4500 |
|  Foresea Holdings SA « |  | 1161108 | 26705 |
|  |  |  | 31205 |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
|  MNSN Holdings, Inc. «(e)(l) |  | 7633 | 473 |
|  Total Common Stocks (Cost $32,812) | Total Common Stocks (Cost $32,812) | Total Common Stocks (Cost $32,812) | 31678 |
| PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  CoBank ACB | CoBank ACB | CoBank ACB | CoBank ACB |
|  4.250% due 01/01/2027 •(i) |  | 5200000 | 5118 |
|  Encina Private Credit LLC « |  | 3411 | 0 |
|  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 •(i) |  | 9300000 | 9559 |
|  |  |  | 14677 |
| 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 |  | 8700 | 4111 |
|  Total Preferred Securities (Cost $22,907) | Total Preferred Securities (Cost $22,907) | Total Preferred Securities (Cost $22,907) | 18788 |

---

---

| | | |
|:---|:---|:---|
| 30.0 | PIMCO TOTAL RETURN FUND | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  | **SHARES** | |
| REAL ESTATE INVESTMENT TRUSTS 0.0% | REAL ESTATE INVESTMENT TRUSTS 0.0% | REAL ESTATE INVESTMENT TRUSTS 0.0% |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
|  CBL & Associates Properties, Inc. | 26809 | 1030 |
|  Total Real Estate Investment Trusts (Cost $365) | Total Real Estate Investment Trusts (Cost $365) | 1030 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| SHORT-TERM INSTRUMENTS 3.0% | SHORT-TERM INSTRUMENTS 3.0% | SHORT-TERM INSTRUMENTS 3.0% |
| COMMERCIAL PAPER 1.8% | COMMERCIAL PAPER 1.8% | COMMERCIAL PAPER 1.8% |
|  AES Corp. | AES Corp. | AES Corp. |
|  4.150% due 04/02/2026 | 3100 | 3099 |
|  4.150% due 04/13/2026 | 1600 | 1598 |
|  4.150% due 04/17/2026 | 2800 | 2795 |
|  4.400% due 05/01/2026 (c) | 1950 | 1943 |
|  4.400% due 05/05/2026 (c) | 3050 | 3037 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  3.930% due 04/01/2026 | 1600 | 1600 |
|  3.940% due 04/10/2026 | 1600 | 1598 |
|  4.100% due 04/16/2026 | 4600 | 4592 |
|  4.100% due 04/21/2026 | 2300 | 2295 |
|  4.100% due 04/24/2026 (c) | 800 | 798 |
|  AMETEK, Inc. | AMETEK, Inc. | AMETEK, Inc. |
|  3.900% due 04/09/2026 | 24000 | 23976 |
|  3.930% due 04/06/2026 | 1600 | 1599 |
|  4.150% due 04/20/2026 | 6500 | 6486 |
|  4.150% due 04/27/2026 | 1600 | 1595 |
|  Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
|  3.880% due 04/01/2026 | 16300 | 16298 |
|  3.880% due 04/17/2026 | 7100 | 7087 |
|  3.950% due 04/08/2026 | 1600 | 1599 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  3.970% due 06/12/2026 | 7700 | 7636 |
|  4.100% due 04/08/2026 | 31000 | 30973 |
|  Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
|  3.870% due 04/01/2026 | 21200 | 21197 |
|  3.870% due 04/02/2026 | 4500 | 4499 |
|  3.900% due 04/06/2026 | 17100 | 17088 |
|  4.030% due 04/24/2026 | 1600 | 1595 |
|  4.100% due 04/06/2026 | 1600 | 1599 |
|  4.130% due 04/24/2026 | 1298 | 1294 |
|  4.130% due 04/28/2026 | 2502 | 2493 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.120% due 04/07/2026 | 1400 | 1399 |
|  4.180% due 04/16/2026 | 17500 | 17467 |
|  4.200% due 04/14/2026 | 69500 | 69386 |
|  4.200% due 04/16/2026 | 16200 | 16170 |
|  Edison International | Edison International | Edison International |
|  4.380% due 04/17/2026 | 18300 | 18264 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  4.050% due 04/13/2026 | 1600 | 1598 |
|  ERAC USA Finance LLC | ERAC USA Finance LLC | ERAC USA Finance LLC |
|  3.980% due 04/10/2026 | 2011 | 2009 |
|  4.000% due 04/17/2026 | 2189 | 2185 |
|  4.130% due 04/13/2026 | 300 | 300 |
|  4.150% due 04/13/2026 | 5800 | 5792 |
|  4.180% due 04/24/2026 | 300 | 299 |
|  Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. |
|  4.150% due 04/09/2026 | 445 | 445 |
|  4.150% due 04/17/2026 | 5900 | 5889 |
|  4.150% due 04/20/2026 | 1155 | 1152 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Genuine Parts Co. | Genuine Parts Co. | Genuine Parts Co. |
|  4.220% due 04/09/2026 | 1600 | 1598 |
|  4.280% due 04/06/2026 | 1100 | 1099 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  4.130% due 04/30/2026 | 30300 | 30199 |
|  4.150% due 05/04/2026 | 23500 | 23411 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  4.230% due 04/02/2026 | 3000 | 2999 |
|  4.230% due 04/07/2026 | 5300 | 5296 |
|  Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. |
|  4.170% due 04/07/2026 | 2915 | 2913 |
|  4.170% due 04/08/2026 | 2485 | 2483 |
|  4.170% due 04/16/2026 | 1500 | 1497 |
|  4.180% due 04/16/2026 | 1600 | 1597 |
|  4.230% due 04/08/2026 | 1600 | 1599 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.150% due 04/16/2026 | 19000 | 18964 |
|  4.150% due 04/17/2026 | 10300 | 10279 |
|  4.150% due 04/22/2026 | 2503 | 2496 |
|  4.200% due 05/11/2026 | 47900 | 47661 |
|  4.200% due 05/12/2026 | 1600 | 1592 |
|  4.200% due 05/13/2026 | 400 | 398 |
|  4.200% due 05/18/2026 | 9300 | 9245 |
|  4.250% due 05/13/2026 | 11400 | 11340 |
|  Humana, Inc. | Humana, Inc. | Humana, Inc. |
|  4.150% due 04/13/2026 | 6100 | 6091 |
|  Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
|  4.050% due 04/08/2026 | 1200 | 1199 |
|  4.050% due 04/16/2026 | 2900 | 2894 |
|  4.120% due 04/08/2026 | 5100 | 5095 |
|  4.150% due 05/13/2026 | 35000 | 34808 |
|  4.200% due 04/02/2026 | 37500 | 37491 |
|  Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV | Jones Lang LaSalle Finance BV |
|  3.990% due 04/08/2026 | 1600 | 1599 |
|  4.030% due 04/09/2026 | 3700 | 3696 |
|  JTI Financial Services North America LLC | JTI Financial Services North America LLC | JTI Financial Services North America LLC |
|  3.880% due 05/04/2026 | 19000 | 18933 |
|  4.070% due 05/20/2026 | 300 | 298 |
|  4.070% due 05/26/2026 | 300 | 298 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  3.900% due 04/23/2026 | 8700 | 8676 |
|  3.910% due 04/07/2026 | 440 | 440 |
|  3.910% due 04/23/2026 | 98 | 98 |
|  3.910% due 04/27/2026 | 862 | 859 |
|  3.920% due 04/27/2026 | 25600 | 25518 |
|  3.970% due 04/15/2026 | 16400 | 16371 |
|  4.100% due 04/09/2026 | 12500 | 12487 |
|  4.100% due 04/28/2026 | 1400 | 1395 |
|  4.300% due 04/08/2026 | 13600 | 13587 |
|  4.300% due 05/01/2026 | 15700 | 15642 |
|  4.350% due 05/08/2026 | 20200 | 20108 |
|  4.380% due 05/07/2026 | 18100 | 18020 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  3.910% due 04/21/2026 | 2800 | 2793 |
|  3.920% due 04/24/2026 | 1600 | 1596 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  4.150% due 04/10/2026 | 1600 | 1598 |
|  Phillips 66 | Phillips 66 | Phillips 66 |
|  4.000% due 04/01/2026 | 6800 | 6799 |
|  4.000% due 04/02/2026 | 12100 | 12097 |
|  4.050% due 04/02/2026 | 450 | 450 |
|  4.050% due 04/08/2026 | 26573 | 26549 |
|  4.150% due 04/20/2026 | 1491 | 1488 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  4.150% due 04/16/2026 | 11000 | 10980 |
|  S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. |
|  4.100% due 04/01/2026 | 9900 | 9899 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  3.950% due 05/01/2026 | 10600 | 10562 |
|  TELUS Corp. | TELUS Corp. | TELUS Corp. |
|  4.050% due 05/20/2026 | 1600 | 1591 |
|  |  | 821395 |
| REPURCHASE AGREEMENTS (m) 1.0% | REPURCHASE AGREEMENTS (m) 1.0% | REPURCHASE AGREEMENTS (m) 1.0% |
|  |  | 466534 |
| NIGERIA TREASURY BILLS 0.1% | NIGERIA TREASURY BILLS 0.1% | NIGERIA TREASURY BILLS 0.1% |
|  31.172% due 06/11/2026 - 09/29/2026 (f)(g) | 73366707 | 50811 |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  3.680% due 04/07/2026 - 06/30/2026 (f)(g)(p)(r) | 45580 | 45456 |
| Total Short-Term Instruments (Cost $1,379,237) | Total Short-Term Instruments (Cost $1,379,237) | 1384196 |
| Total Investments in Securities (Cost $62,857,309) | Total Investments in Securities (Cost $62,857,309) | 59908539 |
|  | **SHARES** |  |
| INVESTMENTS IN AFFILIATES 6.3% | INVESTMENTS IN AFFILIATES 6.3% | INVESTMENTS IN AFFILIATES 6.3% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  PIMCO Senior Loan Active Exchange-Traded Fund | 586600 | 28966 |
| Total Mutual Funds (Cost $29,652) | Total Mutual Funds (Cost $29,652) | 28966 |
| SHORT-TERM INSTRUMENTS 6.2% | SHORT-TERM INSTRUMENTS 6.2% | SHORT-TERM INSTRUMENTS 6.2% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.2% |
|  PIMCO Short Asset Portfolio | 252386803 | 2477176 |
|  PIMCO Short-Term Floating NAV Portfolio III | 46011603 | 448107 |
| Total Short-Term Instruments (Cost $2,919,323) | Total Short-Term Instruments (Cost $2,919,323) | 2925283 |
| Total Investments in Affiliates (Cost $2,948,975) | Total Investments in Affiliates (Cost $2,948,975) | 2954249 |
| Total Investments 133.5% (Cost $65,806,284) | Total Investments 133.5% (Cost $65,806,284) | 62862788 |
|  Financial Derivative Instruments (o)(q) 0.6%<br> (Cost or Premiums, net $343,230) | Financial Derivative Instruments (o)(q) 0.6%<br> (Cost or Premiums, net $343,230) | 279190 |
| Other Assets and Liabilities, net (34.1)% | Other Assets and Liabilities, net (34.1)% | (16064102) |
| Net Assets 100.0% | Net Assets 100.0% | 47077876 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **31** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

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

^ Security is in default.

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

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

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

(b) Principal only security.

(c) When-issued security.

(d) Security is not accruing income as of the date of this report.

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

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

(g) Zero coupon security.

(h) Principal amount of security is adjusted for inflation.

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

(j) Institutional Class Shares of each Fund.

(k) Contingent convertible security.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  86333 AA1 1.000% due 03/26/2029 | 02/25/2026 | $47000 | $46283 | 0.10% |
|  86333 AB9 5.170% due 03/26/2031 | 02/25/2026 | 47000 | 45923 | 0.10 |
|  Alfa-Bank CJSC 5.860% due 10/21/2026 | 10/27/2025 | 11541 | 11541 | 0.02 |
|  BAMLL Commercial Mortgage Securities Trust 7.143% due 10/15/2027 | 09/21/2023 | 48659 | 45948 | 0.10 |
|  Credit Opportunities Partners LLC 6.520% due 03/20/2028 | 02/20/2025 | 9900 | 9818 | 0.02 |
|  Credit Opportunities Partners LLC 6.740% due 03/20/2030 | 03/20/2025 | 8400 | 8271 | 0.02 |
|  Dorchester LLC 4.610% due 01/04/2027 | 12/10/2025 | 22102 | 21846 | 0.05 |
|  Drillco Holdings Luxembourg SA | 06/08/2023 | 3913 | 4500 | 0.01 |
|  Fennovoima OYJ 0.600% due 07/10/2028 | 07/16/2025 | 9060 | 9054 | 0.02 |
|  Fennovoima OYJ 4.477% due 07/10/2028 | 07/16/2025 | 17310 | 17384 | 0.03 |
|  Fennovoima OYJ 4.461% due 07/10/2028 | 07/16/2025 | 8263 | 8257 | 0.02 |
|  Hardwood Funding LLC 4.840% due 06/07/2028 | 03/11/2025 | 8900 | 8911 | 0.02 |
|  Hardwood Funding LLC 4.980% due 06/07/2030 | 03/11/2025 | 5800 | 5817 | 0.01 |
|  Hardwood Funding LLC 5.160% due 06/07/2032 | 03/11/2025 | 13900 | 13988 | 0.03 |
|  MNSN Holdings, Inc. | 06/02/2020 | 149 | 473 | 0.01 |
|  National Football League 5.480% due 10/05/2028 | 03/14/2024 | 27600 | 27885 | 0.06 |
|  Pinnacol Assurance 8.625% due 06/25/2034 | 06/23/2014 | 15000 | 15927 | 0.03 |
|  Ripon Investments Financing Ltd.0.000% due 12/02/2049 | 12/04/2025 | 2120 | 2022 | 0.00 |
|  Royal Bank of Scotland International Ltd.4.660% due 12/16/2028 | 11/18/2025 | 40000 | 39487 | 0.08 |
|  Valerie Asset Ltd. 5.219% due 09/15/2050 | 03/02/2026 | 189886 | 190206 | 0.40 |
|  Valerie Asset Ltd. 5.267% due 09/15/2050 | 03/02/2026 | 23575 | 23612 | 0.05 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560078 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557153 | 1.18% |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BAR | 0.150% | 03/23/2026 | 04/13/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466534 | Barclays Bank PLC 4.050% due 09/02/2026 | $(476711) | $466534 | $466551 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(476711) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466534 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466551 |

---

---

| | | |
|:---|:---|:---|
| 32.0 | PIMCO TOTAL RETURN FUND | See Accompanying Notes |

---

------

March 31, 2026

#### 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 |
|  BAR | (0.980)% | 03/13/2026 | 04/13/2026 | $(17872) | $(17863) |
|  | (0.350) | 03/13/2026 | 04/13/2026 | (5846) | (5845) |
|  | (0.340) | 03/13/2026 | 04/13/2026 | (14162) | (14160) |
|  | 0.000 | 03/13/2026 | 04/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(428696) | (428696) |
|  BOS | 3.500 | 03/27/2026 | 06/12/2026 | (10526) | (10531) |
|  BRC | (1.000) | 10/16/2025 | TBD<sup>(3)</sup> | (6142) | (7132) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(484227) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (0.7)% | U.S. Government Agencies (0.7)% | U.S. Government Agencies (0.7)% | U.S. Government Agencies (0.7)% | U.S. Government Agencies (0.7)% | U.S. Government Agencies (0.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500% | 05/01/2056 | $48130 | $(40309) | $(40454) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500 | 04/01/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149500 | (144280) | (144303) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.000 | 04/01/2056 | 26228 | (26146) | (25870) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 6.000 | 05/01/2056 | 99000 | (100309) | (100801) |
|  Total Short Sales (0.7)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(311044) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(311428) |

---

#### 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 |
|  BAR | $466551 | $(466564) | $0 | $(13) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29085 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29072 |
|  BOS | 0 | (10531) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10531) | 11132 | 601 |
|  BRC | 0 | (7132) | 0 | (7132) | 6671 | (461) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466551 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(484227) | $&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 | $(466564) | $(10531) | $(7132) | $(484227) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(466564) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10531) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7132) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(484227) |
|  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  | $(484227) |

---

(n) Securities with an aggregate market value of $522,628 and cash of $972 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 $(295756) at a weighted average interest rate of (0.005)%. 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. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **33** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

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

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS<sup>(1)</sup>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Description |  | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | **Notional**<br> **Amount** | **Notional**<br> **Amount** | Premiums<br>(Received) | Market<br>Value |
|  Put - EUREX Euro-Bund 10-Year Bond April Futures | EUR | 125.500 | 04/24/2026 | 288 | $— | 288 | $(120) | $(303) |
|  Call - EUREX Euro-Bund 10-Year Bond April Futures |  | 128.000 | 04/24/2026 | 288 |  | 288 | (98) | (37) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(218) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(340) |

---

OPTIONS ON EXCHANGE-TRADED FUTURE CONTRACTS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | **Notional**<br> **Amount** | **Notional**<br> **Amount** | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE U.S. Treasury 10-Year Note May Futures | $— | 110.000 | 04/24/2026 | 608 | $— | 608 | $(208) | $(226) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures |  | 113.000 | 04/24/2026 | 608 |  | 608 | (142) | (81) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(350) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(307) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $(568) | $(647) |

---

#### 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 | 1878 | $594336 | $868 | $777 | $0 |
|  Australia Government 10-Year Bond June Futures  | 06/2026 | 5437 | 404212 | (2168) | 3804 | 0 |
|  Canada Government 10-Year Bond June Futures  | 06/2026 | 3501 | 302031 | (5166) | 1208 | 0 |
|  Long Guilt June Futures  | 06/2026 | 7093 | 824199 | (40120) | 6196 | 0 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2026 | 1418 | 294157 | 316 | 111 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 82126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8884365 | (112963) | 11368 | (86) |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 43956 | 4881176 | (79640) | 10302 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(238873) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33766 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86) |

---

SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bund June Futures  | 06/2026 | 3343 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(484508) | $12947 | $0 | $(3516) |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 1765 | (205733) | 6892 | 0 | (386) |
|  |  |  |  | $19839 | $0 | $(3902) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219034) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33766 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3988) |

---

#### 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 | 06/20/2028 | 0.527% | $1100 | $154 | $(47) | $107 | $1 | $0 |
|  AES Corp. | 5.000 | Quarterly | 12/20/2028 | 0.658 | 3600 | 447 | (36) | 411 | 1 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.234 | 7900 | 120 | (104) | 16 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 12/20/2027 | 0.368 | 20400 | 213 | 10 | 223 | 2 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.395 | 75100 | (382) | 1381 | 999 | 25 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2026 | 0.213 | 8000 | 28 | (11) | 17 | 1 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2026 | 0.255 | 17200 | (91) | 189 | 98 | 1 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2027 | 0.319 | 8200 | (477) | 547 | 70 | 1 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2027 | 0.385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2000) | 2479 | 479 | 1 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2029 | 0.587 | 1900 | (32) | 60 | 28 | 1 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2030 | 0.635 | 97550 | 158 | 1260 | 1418 | 78 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2031 | 0.773 | 21250 | 329 | (96) | 233 | 18 | 0 |
|  British Telecommunications PLC | 1.000 | Quarterly | 12/20/2027 | 0.198 | 7500 | (34) | 155 | 121 | 1 | 0 |
|  Deutsche Bank | 1.000 | Quarterly | 12/20/2030 | 0.947 | 67200 | 647 | (441) | 206 | 44 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.051 | $26100 | 169 | (105) | 64 | 1 | 0 |
|  General Motors Co. | 5.000 | Quarterly | 12/20/2026 | 0.292 | 7100 | 1374 | (1122) | 252 | 1 | 0 |
|  General Motors Co. | 5.000 | Quarterly | 06/20/2028 | 0.565 | 6962 | 882 | (210) | 672 | 7 | 0 |

---

---

| | | |
|:---|:---|:---|
| **34** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
|  Hess Corp. | 1.000% | Quarterly | 12/20/2026 | 0.080% | $1900 | $(21) | $34 | $13 | $0 | $0 |
|  Morgan Stanley | 1.000 | Quarterly | 06/20/2026 | 0.303 | 99800 | 503 | (315) | 188 | 4 | 0 |
|  Oracle Corp. | 1.000 | Quarterly | 06/20/2030 | 1.622 | 57600 | 1270 | (2608) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1338) | 113 | 0 |
|  Oracle Corp. | 1.000 | Quarterly | 12/20/2030 | 0.177 | 15000 | (188) | (290) | (478) | 28 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.221 | 3300 | 75 | (68) | 7 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.240 | 9300 | 212 | (158) | 54 | 1 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2027 | 0.344 | 3700 | (60) | 102 | 42 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.368 | 42050 | 48 | 536 | 584 | 14 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2028 | 0.423 | 8500 | (21) | 151 | 130 | 1 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2029 | 0.517 | 14200 | 257 | (14) | 243 | 7 | 0 |
|  Volkswagen International Finance NV | 1.000 | Quarterly | 06/20/2028 | 0.426 | 3400 | 27 | 23 | 50 | 1 | 0 |
|  Volkswagen International Finance NV | 1.000 | Quarterly | 12/20/2028 | 0.540 | 6300 | (135) | 226 | 91 | 1 | 0 |
|  Williams Cos., Inc. | 1.000 | Quarterly | 12/20/2026 | 0.106 | $6800 | 49 | (3) | 46 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3521 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5046 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(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-45 5-Year Index | 1.000% | Quarterly | 12/20/2030 | $352230 | $6769 | $(409) | $6360 | $689 | $0 |
|  CDX.IG-46 5-Year Index | 1.000 | Quarterly | 06/20/2031 | 317575 | 5372 | 215 | 5587 | 688 | 0 |
|  CDX.iTraxx Crossover 44 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 78900 | 1498 | (131) | 1367 | 96 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13639 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(325) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13314 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473 | $&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<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000% | Annual | 09/16/2036 | 507810 | $20338 | $6237 | $26575 | $0 | $(2027) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 0.900 | Annual | 03/11/2052 | 19400 | 0 | 14974 | 14974 | 0 | (40) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 0.900 | Annual | 03/15/2052 | 16500 | 1632 | 11098 | 12730 | 0 | (34) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 03/18/2056 | 1170 | 5 | 72 | 77 | 0 | (6) |
| Receive<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 09/16/2056 | 46930 | 2148 | 1085 | 3233 | 0 | (215) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2032 | 95600000 | 16554 | 1526 | 18080 | 0 | (1440) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | $879430 | (16401) | 11122 | (5279) | 0 | (827) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 62500 | (123) | (477) | (600) | 0 | (62) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 568000 | 8128 | 3189 | 11317 | 0 | (553) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 10/31/2030 | 59400 | 0 | 201 | 201 | 0 | (61) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.572 | Annual | 10/31/2030 | 49200 | 0 | 116 | 116 | 0 | (50) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.582 | Annual | 10/31/2030 | 106700 | 0 | 206 | 206 | 0 | (109) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.623 | Annual | 10/31/2030 | 59200 | 0 | 0 | 0 | 0 | (61) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.664 | Annual | 10/31/2030 | 133600 | 0 | (251) | (251) | 0 | (137) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.677 | Annual | 10/31/2030 | 129000 | 0 | (319) | (319) | 0 | (132) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.687 | Annual | 10/31/2030 | 204400 | 0 | (604) | (604) | 0 | (210) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.689 | Annual | 10/31/2030 | 241800 | 0 | (736) | (736) | 0 | (248) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 10/31/2030 | 242900 | 0 | (762) | (762) | 0 | (249) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.721 | Annual | 10/31/2030 | 161100 | 0 | (732) | (732) | 0 | (166) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.722 | Annual | 10/31/2030 | 140400 | 0 | (641) | (641) | 0 | (144) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.727 | Annual | 10/31/2030 | 116900 | 0 | (561) | (561) | 0 | (120) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.732 | Annual | 10/31/2030 | 74700 | 0 | (375) | (375) | 0 | (77) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 | 111100 | 0 | (596) | (596) | 0 | (114) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/18/2031 | 336200 | (995) | 2848 | 1853 | 0 | (356) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 471429 | (540) | (836) | (1376) | 0 | (556) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2032 | 189460 | 6269 | (478) | 5791 | 0 | (216) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.613 | Annual | 08/15/2033 | 206900 | 2589 | (389) | 2200 | 0 | (227) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.687 | Annual | 08/15/2033 | 312700 | 2155 | (458) | 1697 | 0 | (345) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.709 | Annual | 08/15/2033 | 303200 | 1576 | (407) | 1169 | 0 | (335) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.718 | Annual | 08/15/2033 | 437940 | 1986 | (567) | 1419 | 0 | (484) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.734 | Annual | 08/15/2033 | 235900 | 781 | (284) | 497 | 0 | (261) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 37800 | (128) | (113) | (241) | 0 | (36) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 41800 | (119) | (384) | (503) | 0 | (40) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 70100 | (206) | (394) | (600) | 0 | (67) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 2980 | (9) | (6) | (15) | 0 | (3) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.836 | Annual | 05/02/2035 | 166400 | (1189) | 1486 | 297 | 0 | (154) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 487900 | 24892 | 342 | 25234 | 0 | (412) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.640 | Annual | 08/15/2035 | 58800 | 118 | 785 | 903 | 0 | (51) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 08/15/2035 | 58600 | (52) | 675 | 623 | 0 | (51) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **35** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.715% | Annual | 08/15/2035 | $100003 | $255 | $690 | $945 | $0 | $(87) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 09/17/2035 | 30700 | (91) | 861 | 770 | 0 | (26) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.748 | Annual | 03/03/2036 | 62200 | (124) | 713 | 589 | 0 | (50) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.775 | Annual | 03/03/2036 | 61300 | (126) | 568 | 442 | 0 | (49) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2036 | 83900 | (2497) | 1547 | (950) | 0 | (68) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.617 | Annual | 02/15/2048 | 105500 | 0 | 23931 | 23931 | 231 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 12/21/2052 | 616800 | 120849 | 124208 | 245057 | 1775 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.083 | Annual | 11/15/2053 | 22900 | 0 | 288 | 288 | 82 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 1299650 | 36784 | 110255 | 147039 | 4634 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.765 | Annual | 12/17/2054 | 25630 | 0 | 1644 | 1644 | 95 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 204260 | 3856 | 18513 | 22369 | 743 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 | 146600 | 17814 | 4365 | 22179 | 532 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/17/2056 | 297000 | 4822 | 2142 | 6964 | 1132 | 0 |
| Pay | 1-Year BRL-CDI | 11.463 | Maturity | 01/04/2027 | 310700 | 0 | (2588) | (2588) | 83 | 0 |
| Pay | 1-Year BRL-CDI | 11.548 | Maturity | 01/04/2027 | 2520500 | 0 | (20070) | (20070) | 677 | 0 |
| Pay | 1-Year BRL-CDI | 11.754 | Maturity | 01/04/2027 | 213300 | 0 | (1535) | (1535) | 57 | 0 |
| Pay | 1-Year BRL-CDI | 13.926 | Maturity | 01/04/2027 | 169900 | 0 | (306) | (306) | 0 | (13) |
| Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 | 1633700 | 15 | (2945) | (2930) | 0 | (126) |
| Pay | 1-Year BRL-CDI | 14.009 | Maturity | 01/04/2027 | 108600 | 0 | (133) | (133) | 29 | 0 |
| Receive | 1-Year BRL-CDI | 13.000 | Maturity | 01/02/2029 | 387600 | 0 | 1435 | 1435 | 0 | (450) |
| Receive | 1-Year BRL-CDI | 13.017 | Maturity | 01/02/2029 | 1647900 | 0 | 5999 | 5999 | 0 | (1913) |
| Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 | 878000 | 0 | (4097) | (4097) | 0 | (474) |
| Pay | 1-Year BRL-CDI | 13.320 | Maturity | 01/02/2029 | 95000 | 0 | (424) | (424) | 0 | (45) |
| Pay | 1-Year BRL-CDI | 13.354 | Maturity | 01/02/2029 | 129700 | 0 | (346) | (346) | 150 | 0 |
| Pay | 1-Year BRL-CDI | 13.400 | Maturity | 01/02/2029 | 1177500 | (28) | (2535) | (2563) | 1364 | 0 |
| Pay | 1-Year BRL-CDI | 13.657 | Maturity | 01/02/2031 | 722600 | (277) | 256 | (21) | 963 | 0 |
| Pay | 1-Year BRL-CDI | 13.681 | Maturity | 01/02/2031 | 214800 | (170) | 208 | 38 | 304 | 0 |
| Pay | 1-Year BRL-CDI | 13.725 | Maturity | 01/02/2031 | 11100 | 0 | 6 | 6 | 18 | 0 |
| Pay | 1-Year BRL-CDI | 13.899 | Maturity | 01/02/2031 | 63650 | 0 | 71 | 71 | 85 | 0 |
| Pay | 1-Year BRL-CDI | 14.067 | Maturity | 01/02/2031 | 500000 | 0 | 949 | 949 | 664 | 0 |
| Pay | 3-Month NZD-BBR | 3.750 | Semi-Annual | 06/15/2027 | 668600 | (9294) | 16248 | 6954 | 281 | 0 |
| Pay | 3-Month NZD-BBR | 4.250 | Semi-Annual | 12/21/2027 | 64900 | 47 | 920 | 967 | 42 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 | 323800 | (3547) | (3259) | (6806) | 2425 | 0 |
| Pay<sup>(6)</sup> | 6-Month AUD-BBR-BBSW | 4.750 | Semi-Annual | 12/20/2033 | 16400 | (97) | (29) | (126) | 73 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/20/2034 | 154300 | (4425) | 888 | (3537) | 1214 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/18/2034 | 305200 | 1364 | (8890) | (7526) | 2518 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 03/19/2035 | 171600 | (186) | (8715) | (8901) | 1452 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.700 | Annual | 04/11/2027 | 63800 | (313) | (1434) | (1747) | 30 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 04/12/2027 | 153600 | (835) | (3556) | (4391) | 73 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 05/11/2027 | 214200 | (1615) | (4656) | (6271) | 105 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 | 233700 | (851) | (4138) | (4989) | 114 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 | 133700 | (5956) | 3073 | (2883) | 68 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.760 | Annual | 01/03/2029 | 4700 | (9) | 11 | 2 | 0 | (10) |
| Receive | 6-Month EUR-EURIBOR | 2.300 | Annual | 09/25/2029 | 52500 | (89) | 518 | 429 | 0 | (161) |
| Receive | 6-Month EUR-EURIBOR | 2.050 | Annual | 10/05/2029 | 37600 | 0 | 757 | 757 | 0 | (120) |
| Receive | 6-Month EUR-EURIBOR | 2.056 | Annual | 10/05/2029 | 56000 | 0 | 1112 | 1112 | 0 | (179) |
| Receive | 6-Month EUR-EURIBOR | 2.063 | Annual | 10/05/2029 | 91700 | 0 | 1794 | 1794 | 0 | (294) |
| Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 | 34600 | (71) | 242 | 171 | 0 | (134) |
| Receive | 6-Month EUR-EURIBOR | 2.350 | Annual | 04/29/2030 | 27800 | (52) | 280 | 228 | 0 | (104) |
| Pay | 6-Month EUR-EURIBOR | 2.410 | Annual | 11/05/2034 | 28900 | (75) | (1434) | (1509) | 217 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 | 10640 | (27) | (545) | (572) | 82 | 0 |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 09/16/2036 | 1022300 | (13034) | (24158) | (37192) | 9029 | 0 |
| Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 09/16/2056 | 380130 | 5758 | 3820 | 9578 | 0 | (4242) |
| Pay | 28-Day MXN-TIIE | 7.750 | Lunar | 04/01/2030 | 678900 | 28 | (371) | (343) | 129 | 0 |
| Receive | CAONREPO | 3.500 | Semi-Annual | 06/01/2032 | 589500 | (3954) | (10309) | (14263) | 0 | (1056) |
| Receive | CAONREPO | 2.850 | Semi-Annual | 06/01/2033 | 3200 | 0 | 24 | 24 | 0 | (6) |
| Receive | CAONREPO | 2.900 | Semi-Annual | 06/01/2033 | 1100 | 0 | 6 | 6 | 0 | (2) |
| Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2033 | 48700 | 176 | (165) | 11 | 0 | (89) |
| Receive | CAONREPO | 3.750 | Semi-Annual | 12/20/2033 | 27500 | 0 | (991) | (991) | 0 | (54) |
| Receive | CAONREPO | 2.740 | Semi-Annual | 06/01/2034 | 37600 | 0 | 676 | 676 | 0 | (70) |
| Receive | CAONREPO | 3.000 | Semi-Annual | 06/01/2034 | 116400 | (29) | 482 | 453 | 0 | (220) |
|  |  |  |  |  |  | $213405 | $267463 | $480868 | $31470 | $(20718) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $230565 | $268663 | $499228 | $33297 | $(20718) |

---

---

| | | |
|:---|:---|:---|
| 36.0 | PIMCO TOTAL RETURN FUND | 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;33766 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33297 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67063 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(647) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3988) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20718) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25353) |

---

(p) Securities with an aggregate market value of $1,051,143 and cash of $28,819 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2026.

<sup>(1)</sup> Future styled option variation margin asset of $280 and liability of $(7) is outstanding at period end. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

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

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 04/2026 | 986389 | $720098 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10995 | $0 |
|  | 04/2026 | 358201 | 214701 | 8861 | 0 |
|  | 04/2026 | 167405 | 132411 | 2206 | 0 |
|  | 04/2026 | $242336 | 423886 | 1250 | 0 |
|  | 05/2026 | 423886 | $242605 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1236) |
|  BOA | 04/2026 | 74544 | 14241 | 0 | (150) |
|  | 04/2026 | 82300 | 11929 | 0 | (20) |
|  | 04/2026 | 7425 | 38051 | 28 | 0 |
|  | 04/2026 | 33980 | $39539 | 280 | (17) |
|  | 04/2026 | 2420989 | 25783 | 215 | 0 |
|  | 04/2026 | 179 | 1 | 0 | 0 |
|  | 04/2026 | 7320398 | 5002 | 134 | 0 |
|  | 04/2026 | 64825 | 17528 | 65 | 0 |
|  | 04/2026 | 156125 | 122577 | 1145 | 0 |
|  | 04/2026 | 761 | 24 | 1 | 0 |
|  | 04/2026 | 319 | 10 | 0 | 0 |
|  | 04/2026 | $14215 | 74544 | 176 | 0 |
|  | 04/2026 | 126 | 172 | 0 | (2) |
|  | 04/2026 | 4198 | 28946 | 5 | 0 |
|  | 04/2026 | 4238 | 3152 | 0 | (66) |
|  | 04/2026 | 25783 | 2425320 | 25 | 0 |
|  | 04/2026 | 7880 | 1257317 | 42 | 0 |
|  | 04/2026 | 3898 | 71847 | 108 | 0 |
|  | 04/2026 | 53908 | 199114 | 0 | (271) |
|  | 04/2026 | 596 | 2569 | 0 | (14) |
|  | 04/2026 | 415 | 7134 | 6 | 0 |
|  | 04/2026 | 6 | $0 | 0 | 0 |
|  | 05/2026 | 1253531 | 7880 | 0 | (42) |
|  | 05/2026 | $2977 | 2586 | 17 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **37** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 06/2026 | 49003760 | $12967 | $0 | $(155) |
|  | 06/2026 | 92850 | 30055 | 459 | 0 |
|  | 06/2026 | 422405 | 23564 | 141 | 0 |
|  | 06/2026 | 190943 | 56547 | 1885 | 0 |
|  | 06/2026 | $14241 | 75535 | 151 | 0 |
|  | 06/2026 | 5877 | 18333 | 0 | (34) |
|  | 09/2026 | 58167227 | $14743 | 0 | (505) |
|  | 09/2026 | 6705 | 1977 | 67 | 0 |
|  | 10/2026 | 76100 | 13925 | 0 | (160) |
|  BPS | 04/2026 | 15121 | 10760 | 327 | 0 |
|  | 04/2026 | 1179466 | 219072 | 0 | (8630) |
|  | 04/2026 | 27953 | 4064 | 6 | 0 |
|  | 04/2026 | 90977 | 29464 | 524 | 0 |
|  | 04/2026 | 7861536 | 83536 | 234 | 0 |
|  | 04/2026 | 36832029 | 24648 | 187 | (34) |
|  | 04/2026 | 24952 | 6705 | 0 | (17) |
|  | 04/2026 | 3167516 | 98172 | 2060 | (42) |
|  | 04/2026 | $56539 | 80482 | 0 | (1011) |
|  | 04/2026 | 224022 | 1179466 | 3707 | (26) |
|  | 04/2026 | 158275 | 2678554637 | 9 | (489) |
|  | 04/2026 | 21709 | 68761 | 164 | 0 |
|  | 04/2026 | 169526 | 15806900 | 369 | (2049) |
|  | 04/2026 | 5964 | 951200 | 29 | 0 |
|  | 04/2026 | 16821 | 25123982 | 34 | (147) |
|  | 04/2026 | 48606 | 175222 | 0 | (1405) |
|  | 04/2026 | 494 | 2135 | 0 | (11) |
|  | 04/2026 | 6820 | 63045 | 0 | (161) |
|  | 04/2026 | 138 | 177 | 0 | 0 |
|  | 04/2026 | 20 | 623 | 0 | (1) |
|  | 04/2026 | 25400 | 1160652 | 280 | 0 |
|  | 04/2026 | 75594 | 2415746 | 1 | (199) |
|  | 04/2026 | 504169 | $29771 | 16 | 0 |
|  | 05/2026 | 68685 | 21709 | 0 | (164) |
|  | 05/2026 | 6340279 | 67009 | 0 | (275) |
|  | 05/2026 | 176 | 138 | 0 | 0 |
|  | 05/2026 | 1455838 | 45180 | 0 | (203) |
|  | 05/2026 | $26200 | 137528 | 189 | 0 |
|  | 05/2026 | 33572 | 571458837 | 83 | 0 |
|  | 05/2026 | 7555 | 2302 | 0 | (114) |
|  | 05/2026 | 6690 | 219623 | 0 | (14) |
|  | 06/2026 | 3816 | $1 | 0 | 0 |
|  | 06/2026 | $17254 | 290600304 | 0 | (168) |
|  | 06/2026 | 5178 | 1581 | 0 | (66) |
|  | 06/2026 | 3285 | 105411 | 0 | (5) |
|  | 07/2026 | 210000 | $39020 | 0 | (703) |
|  | 07/2026 | $1881 | 574 | 0 | (23) |
|  | 10/2026 | 508600 | $92780 | 0 | (1352) |
|  | 06/2027 | $2856 | 866 | 0 | (43) |
|  | 05/2029 | 12803 | $44014 | 2104 | 0 |
|  | 07/2029 | 1291 | 4440 | 212 | 0 |
|  BRC | 04/2026 | 1291 | 931 | 3 | 0 |
|  | 04/2026 | 22 | 6 | 0 | 0 |
|  | 04/2026 | 8114286 | 176565 | 0 | (2313) |
|  | 04/2026 | 3976 | 124 | 0 | 0 |
|  | 04/2026 | $22 | 210 | 0 | 0 |
|  | 04/2026 | 2395 | 4140 | 0 | (16) |
|  | 04/2026 | 18177 | 65407 | 0 | (557) |
|  | 04/2026 | 30033 | 272500 | 0 | (1248) |
|  | 04/2026 | 398798 | 17999734 | 2703 | 0 |
|  | 04/2026 | 500267 | $30570 | 1045 | 0 |
|  | 05/2026 | 91564 | 114875 | 0 | (43) |
|  | 05/2026 | 48544 | 249122 | 85 | 0 |
|  | 05/2026 | 1643732 | $35297 | 0 | (197) |
|  | 05/2026 | $931 | 1290 | 0 | (3) |
|  | 05/2026 | 3628 | 13415179 | 0 | (6) |
|  | 05/2026 | 29166 | 1352802 | 15 | 0 |
|  | 06/2026 | 1266 | $411 | 8 | 0 |
|  | 06/2026 | $33528 | 582639 | 0 | (1220) |
|  | 07/2026 | 26546616 | $6992 | 0 | (51) |
|  | 08/2026 | 13698501 | 3628 | 0 | (1) |

---

---

| | | |
|:---|:---|:---|
| **38** | **PIMCO TOTAL RETURN FUND** | 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** |
|  BSH | 04/2026 | 1048000 | $188482 | $0 | $(13840) |
|  | 04/2026 | 173513892 | 45377 | 0 | (1818) |
|  | 04/2026 | $201796 | 1048000 | 526 | 0 |
|  | 04/2026 | 49708 | 7934828 | 290 | 0 |
|  | 04/2026 | 97183 | 351518 | 0 | (2493) |
|  | 05/2026 | 7910927 | $49708 | 0 | (288) |
|  | 05/2026 | 3096 | 914 | 26 | 0 |
|  | 06/2026 | 27505938 | 7353 | 0 | (13) |
|  | 06/2026 | 26770 | 7835 | 174 | 0 |
|  | 08/2026 | 171839 | 50724 | 1646 | 0 |
|  | 10/2026 | 1117800 | 206332 | 0 | (551) |
|  | 10/2026 | 19543 | 5777 | 219 | 0 |
|  | 01/2027 | 267760 | 78827 | 3029 | 0 |
|  CBK | 04/2026 | 126009 | 88657 | 1717 | 0 |
|  | 04/2026 | 28036 | 4062 | 0 | (8) |
|  | 04/2026 | 43656846 | 11371 | 0 | (512) |
|  | 04/2026 | 197058 | 228204 | 623 | (188) |
|  | 04/2026 | 70648 | 94714 | 1204 | 0 |
|  | 04/2026 | 8 | 3 | 0 | 0 |
|  | 04/2026 | 18477233 | 197702 | 2569 | 0 |
|  | 04/2026 | 22312 | 15 | 0 | 0 |
|  | 04/2026 | 118150 | 12165 | 7 | (44) |
|  | 04/2026 | 9 | 2 | 0 | 0 |
|  | 04/2026 | 93070 | 9979 | 148 | 0 |
|  | 04/2026 | 1383 | 44 | 2 | 0 |
|  | 04/2026 | 105824 | 3319 | 12 | 0 |
|  | 04/2026 | $2339 | 3298 | 0 | (64) |
|  | 04/2026 | 3169 | 4326 | 0 | (59) |
|  | 04/2026 | 12629 | 87032 | 7 | 0 |
|  | 04/2026 | 63591 | 235964201 | 575 | 0 |
|  | 04/2026 | 48338 | 36219 | 0 | (399) |
|  | 04/2026 | 469186 | 43254713 | 399 | (11298) |
|  | 04/2026 | 15 | 22313 | 0 | 0 |
|  | 04/2026 | 0 | 0 | 0 | 0 |
|  | 04/2026 | 35022 | $2058 | 0 | (9) |
|  | 05/2026 | 79038781 | 21398 | 60 | 0 |
|  | 05/2026 | 207942 | 61138 | 1543 | 0 |
|  | 05/2026 | $4671 | 6816 | 30 | 0 |
|  | 05/2026 | 14903 | 12977 | 119 | 0 |
|  | 05/2026 | 3155 | 2388 | 6 | 0 |
|  | 06/2026 | 221599543 | $58411 | 0 | (928) |
|  | 06/2026 | 194417 | 63068 | 1105 | 0 |
|  | 06/2026 | $7367 | 123779626 | 0 | (89) |
|  | 06/2026 | 160516 | 2852807 | 0 | (2262) |
|  | 07/2026 | 273518814 | $72013 | 0 | (698) |
|  | 07/2026 | 93794 | 27825 | 1025 | 0 |
|  | 08/2026 | 192117 | 56071 | 1525 | (313) |
|  | 09/2026 | 135797883 | 34301 | 0 | (1299) |
|  | 09/2026 | 9133 | 2641 | 39 | 0 |
|  | 09/2026 | $7953 | 142252 | 0 | (128) |
|  | 10/2026 | 132372 | $38968 | 1291 | 0 |
|  | 11/2026 | 9481 | 2772 | 80 | 0 |
|  | 01/2027 | 10864 | 3200 | 124 | 0 |
|  CIB | 04/2026 | $1490 | 2041 | 0 | (23) |
|  DUB | 04/2026 | 322700 | $47100 | 248 | 0 |
|  | 04/2026 | 183558 | 59299 | 898 | 0 |
|  | 04/2026 | 7383402 | 78387 | 517 | (103) |
|  | 04/2026 | $504219 | 735013 | 2903 | 0 |
|  | 04/2026 | 22696 | 156959 | 92 | 0 |
|  | 04/2026 | 267 | 5637 | 0 | (1) |
|  | 04/2026 | 172 | 57838 | 2 | 0 |
|  | 04/2026 | 85993 | 8105172 | 570 | (414) |
|  | 04/2026 | 29537 | 964711 | 0 | (254) |
|  | 05/2026 | 735013 | $504024 | 0 | (2908) |
|  | 05/2026 | 156579 | 22696 | 0 | (93) |
|  | 05/2026 | 41119 | 211097 | 66 | 0 |
|  | 06/2026 | 33836 | $9885 | 194 | 0 |
|  | 06/2026 | 962746 | 29537 | 165 | 0 |
|  | 06/2026 | 1726911 | 54258 | 521 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **39** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 06/2026 | $48649 | 844861 | $0 | $(1800) |
|  | 08/2026 | 60373 | $17879 | 656 | 0 |
|  FAR | 04/2026 | 254407 | 180300 | 4772 | 0 |
|  | 04/2026 | 92171 | 119425 | 4153 | 0 |
|  | 04/2026 | 4051701 | 25932 | 402 | 0 |
|  | 04/2026 | 27916 | 22050 | 337 | 0 |
|  | 04/2026 | $66100 | 10549572 | 373 | 0 |
|  | 04/2026 | 20187 | 72849 | 0 | (563) |
|  | 04/2026 | 621606 | 794661 | 0 | (3529) |
|  | 05/2026 | 114230 | $36096 | 0 | (282) |
|  | 05/2026 | 10517705 | 66100 | 0 | (370) |
|  | 05/2026 | 792899 | 621606 | 3484 | 0 |
|  | 05/2026 | $12548 | 46377046 | 0 | (26) |
|  | 06/2026 | 66090 | $21439 | 375 | 0 |
|  | 06/2026 | 40314 | 11758 | 217 | 0 |
|  | 07/2026 | 38095 | 11373 | 492 | 0 |
|  | 08/2026 | 47367075 | 12548 | 1 | 0 |
|  | 09/2026 | $83957 | 1472956 | 0 | (2935) |
|  GLM | 04/2026 | 4379773 | $812389 | 0 | (33152) |
|  | 04/2026 | 28795220 | 7645 | 0 | (163) |
|  | 04/2026 | 89607 | 28825 | 310 | 0 |
|  | 04/2026 | 247647 | 2715 | 100 | 0 |
|  | 04/2026 | 339408 | 10424 | 119 | 0 |
|  | 04/2026 | $838030 | 4379773 | 7510 | 0 |
|  | 04/2026 | 11312 | 77671 | 0 | (35) |
|  | 04/2026 | 102 | 34861 | 3 | 0 |
|  | 04/2026 | 3885 | 65636974 | 0 | (18) |
|  | 04/2026 | 32746 | 603830 | 925 | 0 |
|  | 04/2026 | 1573 | 6178 | 0 | (46) |
|  | 04/2026 | 26875 | 879172 | 0 | (195) |
|  | 04/2026 | 5570 | 249222 | 22 | 0 |
|  | 05/2026 | 73708 | 399164 | 2885 | 0 |
|  | 06/2026 | 830524 | $217 | 0 | (6) |
|  | 06/2026 | 161506437 | 9579 | 83 | 0 |
|  | 06/2026 | 538805 | 16449 | 11 | (1) |
|  | 06/2026 | $301096 | 1596413 | 3064 | 0 |
|  | 06/2026 | 16674 | 282177278 | 0 | (83) |
|  | 06/2026 | 79140 | 1401785 | 0 | (1409) |
|  | 07/2026 | 708600 | $131499 | 0 | (2536) |
|  | 07/2026 | 1396584 | 367 | 0 | (5) |
|  | 07/2026 | $224166 | 1199992 | 2819 | 0 |
|  | 09/2026 | 76348 | 1333626 | 0 | (2990) |
|  IND | 04/2026 | 23547 | $3624 | 0 | (19) |
|  | 04/2026 | 66 | 4 | 0 | 0 |
|  | 05/2026 | $3624 | 23511 | 19 | 0 |
|  JPM | 04/2026 | 1872565 | $358770 | 0 | (2739) |
|  | 04/2026 | 76333 | 55937 | 1062 | 0 |
|  | 04/2026 | 54737 | 7925 | 0 | (22) |
|  | 04/2026 | 9579 | 11000 | 0 | (72) |
|  | 04/2026 | 3832057 | 40758 | 289 | 0 |
|  | 04/2026 | 14355473 | 9489 | 0 | (58) |
|  | 04/2026 | 132751 | 36097 | 400 | (63) |
|  | 04/2026 | 425506 | 337638 | 6686 | 0 |
|  | 04/2026 | 317661 | 6943 | 0 | (142) |
|  | 04/2026 | $358905 | 1872565 | 2605 | 0 |
|  | 04/2026 | 1808 | 2455 | 0 | (43) |
|  | 04/2026 | 23867 | 165151 | 111 | 0 |
|  | 04/2026 | 160 | 3415 | 1 | 0 |
|  | 04/2026 | 118923 | 101319 | 0 | (1813) |
|  | 04/2026 | 510 | 170037 | 1 | 0 |
|  | 04/2026 | 40780 | 3840664 | 89 | (1) |
|  | 04/2026 | 9489 | 14357561 | 57 | 0 |
|  | 04/2026 | 12139 | 223642 | 335 | 0 |
|  | 04/2026 | 7140 | 68415 | 0 | (74) |
|  | 04/2026 | 11944 | 20401 | 0 | (221) |
|  | 04/2026 | 87 | 112 | 0 | 0 |
|  | 04/2026 | 2491882 | $148200 | 1338 | (204) |
|  | 05/2026 | 18114 | 12414 | 0 | (79) |
|  | 05/2026 | 164747 | 23867 | 0 | (112) |

---

---

| | | |
|:---|:---|:---|
| **40** | **PIMCO TOTAL RETURN FUND** | 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 | 111 | $87 | $0 | $0 |
|  | 06/2026 | 302042 | 18 | 0 | 0 |
|  | 06/2026 | 56986 | 18445 | 282 | 0 |
|  | 06/2026 | 485844 | 27082 | 141 | 0 |
|  | 06/2026 | 27892 | 7970 | 0 | (15) |
|  | 06/2026 | $163 | 2752108 | 0 | (1) |
|  | 06/2026 | 5592 | 17367 | 0 | (56) |
|  | 07/2026 | 209300 | $38688 | 0 | (903) |
|  | 09/2026 | $48889 | 857717 | 0 | (1710) |
|  | 10/2026 | 144300 | $26275 | 0 | (432) |
|  MBC | 04/2026 | 42501 | 29812 | 488 | 0 |
|  | 04/2026 | 21104 | 26883 | 490 | 0 |
|  | 04/2026 | 232352034 | 13670 | 0 | (22) |
|  | 04/2026 | 4463679 | 28707 | 582 | 0 |
|  | 04/2026 | 25612 | 2633 | 0 | (12) |
|  | 04/2026 | 93411 | 54914 | 1236 | 0 |
|  | 04/2026 | 223350 | 23901 | 308 | 0 |
|  | 04/2026 | 698129 | 21886 | 689 | 0 |
|  | 04/2026 | $20456 | 29517 | 0 | (91) |
|  | 04/2026 | 3255 | 4466 | 0 | (45) |
|  | 04/2026 | 26611 | 20908 | 0 | (463) |
|  | 04/2026 | 2794 | 10354981 | 23 | 0 |
|  | 04/2026 | 3723 | 23559 | 0 | (79) |
|  | 04/2026 | 4175 | 3615 | 11 | (7) |
|  | 04/2026 | 29964 | 22359 | 0 | (370) |
|  | 04/2026 | 42446 | 6766040 | 190 | (3) |
|  | 04/2026 | 9472 | 13861944 | 0 | (254) |
|  | 04/2026 | 9887 | 182493 | 287 | 0 |
|  | 04/2026 | 7263 | 69260 | 0 | (110) |
|  | 04/2026 | 1860 | 3185 | 0 | (30) |
|  | 04/2026 | 66 | 85 | 0 | 0 |
|  | 05/2026 | 29965886 | $8137 | 46 | 0 |
|  | 05/2026 | 4231 | 5600 | 1 | 0 |
|  | 05/2026 | 2666658 | 16727 | 0 | (126) |
|  | 05/2026 | 84 | 66 | 0 | 0 |
|  | 05/2026 | $490 | 4793 | 5 | 0 |
|  | 06/2026 | 53858 | $2983 | 0 | (4) |
|  | 06/2026 | $8056 | 29965886 | 0 | (32) |
|  | 06/2026 | 13670 | 232901427 | 24 | 0 |
|  | 06/2026 | 25141 | 438877 | 0 | (805) |
|  | 07/2026 | 10354981 | $2731 | 0 | (20) |
|  MYI | 04/2026 | 8879 | 94 | 1 | (1) |
|  | 04/2026 | 1987 | 13 | 0 | 0 |
|  | 04/2026 | 10906 | 3082 | 144 | 0 |
|  | 04/2026 | $45425 | 39535 | 272 | 0 |
|  | 04/2026 | 71 | 6738 | 0 | 0 |
|  | 04/2026 | 12 | 47 | 0 | 0 |
|  | 06/2026 | 2368412 | $141 | 2 | 0 |
|  NGF | 04/2026 | $612 | 5881 | 0 | (4) |
|  | 04/2026 | 80763 | 3695893 | 1161 | 0 |
|  | 05/2026 | 21714 | 1002569 | 0 | (48) |
|  SCX | 04/2026 | 3186502 | $20426 | 348 | 0 |
|  | 04/2026 | 58372 | 17115 | 355 | 0 |
|  | 04/2026 | 18083 | 14317 | 253 | 0 |
|  | 04/2026 | 81751 | 2568 | 86 | 0 |
|  | 04/2026 | $758795 | 1050551 | 0 | (3566) |
|  | 04/2026 | 2414 | 1809 | 0 | (19) |
|  | 04/2026 | 47690 | 4343712 | 0 | (1818) |
|  | 04/2026 | 11613 | 1840300 | 0 | (17) |
|  | 04/2026 | 11933 | 43173 | 0 | (303) |
|  | 05/2026 | 1049106 | $758795 | 3546 | 0 |
|  | 05/2026 | $6115 | 973300 | 36 | 0 |
|  | 06/2026 | 37038140 | $9861 | 0 | (57) |
|  | 06/2026 | 57566295 | 3409 | 25 | 0 |
|  | 06/2026 | $25905 | 436680495 | 0 | (230) |
|  | 07/2026 | 58424 | 83563218 | 0 | (2702) |
|  | 11/2026 | 899330 | $556 | 0 | (45) |
|  SOG | 04/2026 | 89 | 13 | 0 | 0 |
|  | 04/2026 | 2158279 | 2554679 | 60031 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **41** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2026 | 17575554 | $112956 | $2212 | $0 |
|  | 04/2026 | 214 | 49 | 1 | 0 |
|  | 04/2026 | 19159 | 2005 | 0 | (19) |
|  | 04/2026 | $635 | 490 | 0 | (22) |
|  | 04/2026 | 2600482 | 2254427 | 5298 | 0 |
|  | 04/2026 | 1735907 | 1315579 | 5394 | 0 |
|  | 05/2026 | 2254427 | $2604583 | 0 | (5168) |
|  | 05/2026 | 1315579 | 1735855 | 0 | (5376) |
|  | 05/2026 | $2005 | 19128 | 19 | 0 |
|  | 06/2026 | 47922 | $15534 | 258 | 0 |
|  SSB | 04/2026 | 410272 | 291958 | 8891 | 0 |
|  | 04/2026 | 1308470 | 1771132 | 39240 | 0 |
|  | 04/2026 | 20601 | 132 | 2 | 0 |
|  | 04/2026 | 2 | 1 | 0 | 0 |
|  UAG | 04/2026 | 64284 | 17470 | 154 | 0 |
|  | 04/2026 | $329 | 6901 | 0 | (4) |
|  | 04/2026 | 22119 | 2035204 | 0 | (626) |
|  | 04/2026 | 343 | 505796 | 0 | (7) |
|  | 04/2026 | 81081 | 293086 | 0 | (2131) |
|  | 05/2026 | 13437 | 49673880 | 0 | (27) |
|  | 06/2026 | 588992988 | $154263 | 46 | (3502) |
|  | 06/2026 | 77007 | 24917 | 372 | 0 |
|  | 06/2026 | 68686 | 3827 | 19 | 0 |
|  | 08/2026 | 50727660 | 13437 | 3 | (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;248030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153866) |

---

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| CBK Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.500% | 07/13/2026 | 1698600 | $3737 | $2459 |
| DUB Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.500 | 07/20/2026 | 1767700 | 3477 | 2697 |
| NGF Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.500 | 07/27/2026 | 2100100 | 3920 | 3366 |
|  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;11134 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8522 |

---

#### 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 | 63500 | $(109) | $(74) |
|  GST | Put - OTC CDX.IG-45 5-Year Index | Sell | 0.850 | 05/20/2026 | 136900 | (161) | (111) |
|  | Put - OTC CDX.IG-45 5-Year Index | Sell | 0.800 | 06/17/2026 | 223800 | (246) | (305) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(516) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(490) |

---

#### 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 | 38021 | $(136) | $(30) |
|  | Put - OTC USD versus KRW |  | 1350.000 | 07/13/2026 | 66738 | (146) | (59) |
| MBC | Put - OTC USD versus KRW |  | 1350.000 | 07/09/2026 | 98669 | (311) | (79) |
|  | Put - OTC USD versus KRW |  | 1350.000 | 07/10/2026 | 97628 | (252) | (80) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(845) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(248) |

---

---

| | | |
|:---|:---|:---|
| 42.0 | PIMCO TOTAL RETURN FUND | 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 | 30500 | $(101) | $(38) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.900 | 04/20/2026 | 30500 | (101) | (173) |
| CBK Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.000 | 07/13/2026 | 1698600 | (1461) | (895) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.250 | 07/13/2026 | 1698600 | (1868) | (1484) |
| DUB Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.080 | 07/20/2026 | 1767700 | (1355) | (1191) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.290 | 07/20/2026 | 1767700 | (2121) | (1790) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.600 | 04/16/2026 | 56600 | (183) | (50) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.900 | 04/16/2026 | 56600 | (183) | (296) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695 | 04/27/2026 | 58100 | (205) | (167) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.055 | 04/27/2026 | 58100 | (205) | (162) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.669 | 04/30/2026 | 107000 | (385) | (307) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.069 | 04/30/2026 | 107000 | (385) | (322) |
| MYC Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.540 | 04/16/2026 | 23100 | (48) | (3) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.920 | 04/16/2026 | 23100 | (48) | (86) |
| NGF Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.060 | 07/27/2026 | 2100100 | (1477) | (1470) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.280 | 07/27/2026 | 2100100 | (2506) | (2222) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12632) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10656) |

---

#### 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 | $94.375 | 06/04/2026 | 36900 | $(242) | $(140) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 4.500% due 06/01/2056 | 97.375 | 06/04/2026 | 36900 | (213) | (178) |
|  |  |  |  |  | $(455) | $(318) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14448) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11712) |

---

#### 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 | Peru Government International Bonds | 1.000% | Quarterly | 12/20/2027 | 0.423 | $11500 | $(281) | $396 | $115 | $0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.728 | 90600 | (4513) | 4720 | 207 | 0 |
| BPS | Chile Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 0.323 | 21600 | (619) | 872 | 253 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.040 | 25000 | (1199) | 1195 | 0 | (4) |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.208 | 5000 | (446) | 430 | 0 | (16) |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.329 | 2200 | 6 | (2) | 4 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 0.533 | 500 | (16) | 20 | 4 | 0 |
| BRC | Chile Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 0.323 | 46900 | (1519) | 2068 | 549 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.869 | 43700 | (2009) | 2065 | 56 | 0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.728 | 8500 | (413) | 432 | 19 | 0 |
| CBK | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.869 | 37700 | (1873) | 1921 | 48 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.040 | 9400 | (338) | 337 | 0 | (1) |
|  | Petroleos Mexicanos | 1.000 | Quarterly | 12/20/2026 | 2.033 | 2300 | (23) | 7 | 0 | (16) |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.728 | 53100 | (2713) | 2834 | 121 | 0 |
| DUB | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | 6965 | 0 | 38 | 38 | 0 |
|  | Petroleos Mexicanos « | 4.850 | Monthly | 07/06/2026 |  | 3035 | 0 | 17 | 17 | 0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.728 | 9100 | (406) | 427 | 21 | 0 |
| GST | Chile Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 0.323 | 30200 | (875) | 1229 | 354 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.040 | 44310 | (1711) | 1705 | 0 | (6) |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.208 | 20976 | (1870) | 1804 | 0 | (66) |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 0.669 | 2000 | (21) | 39 | 18 | 0 |
|  | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 1.662 | 5900 | (50) | 43 | 0 | (7) |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.728 | 20000 | (961) | 1007 | 46 | 0 |
| JPM | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.040 | 4900 | (189) | 188 | 0 | (1) |
| MYC | Chile Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 0.323 | 38500 | (1146) | 1597 | 451 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.040 | 17300 | (622) | 620 | 0 | (2) |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.208 | 18974 | (1692) | 1633 | 0 | (59) |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.369 | 2000 | 6 | 4 | 10 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.445 | 700 | (2) | 7 | 5 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **43** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>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** |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2028 | 0.581% | $1300 | $(25) | $37 | $12 | $0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 0.669 | 5700 | (60) | 111 | 51 | 0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.728 | 385900 | (18192) | 19074 | 882 | 0 |
|  |  |  |  |  |  |  | $(43772) | $46875 | $3281 | $(178) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2030 | 121100 | $27380 | $(3145) | $24235 | $0 |
| BPS | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 195120 | 43060 | (4012) | 39048 | 0 |
| BRC | ABX.HE.AAA.6-2 Index « | 0.110 | Monthly | 05/25/2046 | $4210 | (1239) | 902 | 0 | (337) |
| CBK | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 76190 | 17299 | (2052) | 15247 | 0 |
| GST | CDX.iTraxx Crossover 38 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2027 | 60241 | 9499 | (3631) | 5868 | 0 |
|  | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 62730 | 13242 | (688) | 12554 | 0 |
| JPM | CDX.iTraxx Crossover 42 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2029 | 9499 | 1876 | (178) | 1698 | 0 |
|  | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 206220 | 44859 | (3589) | 41270 | 0 |
| MYC | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 18680 | 4343 | (605) | 3738 | 0 |
|  |  |  |  |  |  | $160319 | $(16998) | $143658 | $(337) |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BPS | Pay | iShares iBoxx $ Investment Grade Corporate Bond ETF  | 1700000 | 2.500% (SOFR less a specified spread) | Monthly | 04/30/2026 | $185283 | $0 | $0 | $0 | $0 |
|  | Receive | IBXXLLTR Index | 4427 | 1.238% (SOFR plus a specified spread) | Maturity | 06/22/2026 | 1000 | 0 | 0 | 0 | 0 |
| CBK | Pay | iShares iBoxx $ Investment Grade Corporate Bond ETF  | 800000 | 2.500% (SOFR less a specified spread) | Monthly | 07/08/2026 | 87192 | 0 | 0 | 0 | 0 |
| MYC | Receive | IBXXLLTR Index | 7092 | 1.238% (SOFR plus a specified spread) | Maturity | 06/22/2026 | 1610 | 0 | 8 | 8 | 0 |
|  | Receive | IBXXLLTR Index | 47859 | 1.238% (SOFR plus a specified spread) | Maturity | 06/22/2026 | 10870 | 0 | 60 | 60 | 0 |
|  | Receive | IBXXLLTR Index | 10155 | 1.238% (SOFR plus a specified spread) | Maturity | 09/21/2026 | 2300 | 0 | 14 | 14 | 0 |
|  |  |  |  |  |  |  |  | $0 | $82 | $82 | $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 | $116547 | $29959 | $147021 | $(515) |

---

---

| | | |
|:---|:---|:---|
| 44.0 | PIMCO TOTAL RETURN FUND | 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 | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(7)</sup> |
|  AZD | $23312 | $0 | $0 | $23312 | $(1236) | $0 | $0 | $(1236) | $22076 | $(21380) | $696 |
|  BOA | 4950 | 0 | 24557 | 29507 | (1436) | (374) | 0 | (1810) | 27697 | (27850) | (153) |
|  BPS | 10535 | 0 | 39309 | 49844 | (17352) | 0 | (20) | (17372) | 32472 | (33475) | (1003) |
|  BRC | 3859 | 0 | 624 | 4483 | (5655) | 0 | (337) | (5992) | (1509) | 2109 | 600 |
|  BSH | 5910 | 0 | 0 | 5910 | (19003) | 0 | 0 | (19003) | (13093) | 11427 | (1666) |
|  CBK | 14210 | 2459 | 15416 | 32085 | (18298) | (2379) | (17) | (20694) | 11391 | (12583) | (1192) |
|  CIB | 0 | 0 | 0 | 0 | (23) | 0 | 0 | (23) | (23) | 0 | (23) |
|  DUB | 6832 | 2697 | 76 | 9605 | (5573) | (2981) | 0 | (8554) | 1051 | 4 | 1055 |
|  FAR | 14606 | 0 | 0 | 14606 | (7705) | 0 | 0 | (7705) | 6901 | (7840) | (939) |
|  GLM | 17851 | 0 | 0 | 17851 | (40639) | (1304) | 0 | (41943) | (24092) | 29200 | 5108 |
|  GSC | 0 | 0 | 0 | 0 | 0 | (318) | 0 | (318) | (318) | 0 | (318) |
|  GST | 0 | 0 | 18840 | 18840 | 0 | (416) | (79) | (495) | 18345 | (17910) | 435 |
|  IND | 19 | 0 | 0 | 19 | (19) | 0 | 0 | (19) | 0 | 0 | 0 |
|  JPM | 13397 | 0 | 42968 | 56365 | (8760) | 0 | (1) | (8761) | 47604 | (45199) | 2405 |
|  MBC | 4380 | 0 | 0 | 4380 | (2473) | (159) | 0 | (2632) | 1748 | (1693) | 55 |
|  MYC | 0 | 0 | 5231 | 5231 | 0 | (89) | (61) | (150) | 5081 | (4970) | 111 |
|  MYI | 419 | 0 | 0 | 419 | (1) | 0 | 0 | (1) | 418 | (80) | 338 |
|  NGF | 1161 | 3366 | 0 | 4527 | (52) | (3692) | 0 | (3744) | 783 | (370) | 413 |
|  SCX | 4649 | 0 | 0 | 4649 | (8757) | 0 | 0 | (8757) | (4108) | 4840 | 732 |
|  SOG | 73213 | 0 | 0 | 73213 | (10585) | 0 | 0 | (10585) | 62628 | (83990) | (21362) |
|  SSB | 48133 | 0 | 0 | 48133 | 0 | 0 | 0 | 0 | 48133 | (56667) | (8534) |
|  UAG | 594 | 0 | 0 | 594 | (6299) | 0 | 0 | (6299) | (5705) | 5983 | 278 |
|  Total Over the Counter | $248030 | $8522 | $147021 | $403573 | $(153866) | $(11712) | $(515) | $(166093) |  |  |  |

---

(r) Securities with an aggregate market value of $53,563 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>¨</sup> Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

<sup>(6)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC 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. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **45** |

---

------

---

| | | |
|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) |

---

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

Fair Values of Financial Derivative Instruments on the Consolidated 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 | $33766 | $33766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1827 | 0 | 0 | 31470 | 33297 |
|  | $0 | $1827 | $0 | $0 | $65236 | $67063 |
|  Over 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 | $248030 | $0 | $248030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 8522 | 8522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 146939 | 0 | 0 | 82 | 147021 |
|  | $0 | $146939 | $0 | $248030 | $8604 | $403573 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148766 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73840 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470636 |
|  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 | $647 | $647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 3988 | 3988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 20718 | 20718 |
|  | $0 | $0 | $0 | $0 | $25353 | $25353 |
|  Over 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 | $153866 | $0 | $153866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 490 | 0 | 248 | 10974 | 11712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 515 | 0 | 0 | 0 | 515 |
|  | $0 | $1005 | $0 | $154114 | $10974 | $166093 |
|  | $0 | $1005 | $0 | $154114 | $36327 | $191446 |

---

The effect of Financial Derivative Instruments on the Consolidated 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 | 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 | $27918 | $27918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 351498 | 351498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 14601 | 0 | 0 | 158892 | 173493 |
|  | $0 | $14601 | $0 | $0 | $538308 | $552909 |
|  Over 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 | $(320438) | $0 | $(320438) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (10721) | (19557) | (30278) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 1491 | 0 | 1542 | 60906 | 63939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 36004 | (3809) | 0 | (754) | 31441 |
|  | $0 | $37495 | $(3809) | $(329617) | $40595 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(255336) |
|  | $0 | $52096 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3809) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(329617) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578903 | $297573 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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 | $(45) | $(45) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (413101) | (413101) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (16461) | 0 | 0 | 88238 | 71777 |
|  | $0 | $(16461) | $0 | $0 | $(324908) | $(341369) |
|  Over 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 | $134996 | $0 | $134996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (7031) | (7031) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | (95) | 0 | 2465 | 8854 | 11224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (14638) | (929) | 0 | 496 | (15071) |
|  | $0 | $(14733) | $(929) | $137461 | $2319 | $124118 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31194) | $(929) | $137461 | $(322589) | $(217251) |

---

---

| | | |
|:---|:---|:---|
| 46.0 | PIMCO TOTAL RETURN FUND | 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 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 | $41720 | $482676 | $524396 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 5475600 | 135774 | 5611374 |
| &nbsp;&nbsp; Industrials | 0 | 3194172 | 71105 | 3265277 |
| &nbsp;&nbsp; Utilities | 0 | 1352987 | 0 | 1352987 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 50603 | 0 | 50603 |
| &nbsp;&nbsp; Connecticut | 0 | 177 | 0 | 177 |
| &nbsp;&nbsp; Florida | 0 | 5348 | 0 | 5348 |
| &nbsp;&nbsp; Georgia | 0 | 52085 | 0 | 52085 |
| &nbsp;&nbsp; Louisiana | 0 | 4956 | 0 | 4956 |
| &nbsp;&nbsp; New York | 0 | 77808 | 0 | 77808 |
| &nbsp;&nbsp; Rhode Island | 0 | 178 | 0 | 178 |
| &nbsp;&nbsp; Texas | 0 | 94490 | 0 | 94490 |
| &nbsp;&nbsp; West Virginia | 0 | 19613 | 0 | 19613 |
|  U.S. Government Agencies | 0 | 20254127 | 0 | 20254127 |
|  U.S. Treasury Obligations | 0 | 8488646 | 0 | 8488646 |
|  Non-Agency Mortgage-Backed Securities | 0 | 8600972 | 1258366 | 9859338 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 67344 | 0 | 67344 |
| &nbsp;&nbsp; Casino Services | 0 | 0 | 55983 | 55983 |
| &nbsp;&nbsp; CMBS Other | 0 | 330714 | 0 | 330714 |
| &nbsp;&nbsp; Home Equity Other | 0 | 716946 | 0 | 716946 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 4870 | 0 | 4870 |
| &nbsp;&nbsp; Manufacturing House Sequential | 0 | 49 | 0 | 49 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 54965 | 0 | 54965 |
| &nbsp;&nbsp; Other ABS | 0 | 1922815 | 524017 | 2446832 |
|  Sovereign Issues | 0 | 5133741 | 0 | 5133741 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Industrials | 0 | 0 | 31205 | 31205 |
| &nbsp;&nbsp; Real Estate | 0 | 0 | 473 | 473 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 14677 | 0 | 14677 |
| &nbsp;&nbsp; Industrials | 0 | 4111 | 0 | 4111 |
|  Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts |
| &nbsp;&nbsp; Real Estate | 1030 | 0 | 0 | 1030 |
|  U.S. Government Agencies | 0 | 0 | 0 | 0 |
|  Asset-Backed Securities | 0 | 0 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; Commercial Paper | $798 | $820597 | $0 | $821395 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 466534 | 0 | 466534 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 50811 | 0 | 50811 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 45456 | 0 | 45456 |
|  | $1828 | $57347112 | $2559599 | $59908539 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Mutual Funds | 28966 | 0 | 0 | 28966 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 2925283 | 0 | 0 | 2925283 |
|  | $2954249 | $0 | $0 | $2954249 |
|  Total Investments | $2956077 | $57347112 | $2559599 | $62862788 |
|  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 | $(311428) | $0 | $(311428) |
|  | $0 | $(311428) | $0 | $(311428) |
|  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 | 11985 | 55078 | 0 | 67063 |
|  Over the counter | 0 | 403518 | 55 | 403573 |
|  | $11985 | $458596 | $55 | $470636 |
|  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 | (3856) | (21497) | 0 | (25353) |
|  Over the counter | 0 | (165756) | (337) | (166093) |
|  | $(3856) | $(187253) | $(337) | $(191446) |
|  Total Financial Derivative Instruments | $8129 | $271343 | $(282) | $279190 |
|  Totals | $2964206 | $57307027 | $2559317 | $62830550 |

---

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 |
|  Loan Participations and Assignments | $362833 | $309973 | $(184257) | $588 | $1466 | $(7927) | $0 | $0 | $482676 | $(7042) |
|  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 | 85279 | 57782 | (4322) | (59) | 458 | (3364) | 0 | 0 | 135774 | (3204) |
| &nbsp;&nbsp; Industrials | 70557 | 0 | 0 | (4) | 0 | 552 | 0 | 0 | 71105 | 553 |
|  Non-Agency Mortgage-Backed Securities<sup>(3)</sup> | 358303 | 1062334 | (49344) | 1296 | (713) | 27522 | 0 | (141032) | 1258366 | 23044 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Casino Services | 55652 | 0 | (3012) | 0 | (217) | 3560 | 0 | 0 | 55983 | 2973 |
| &nbsp;&nbsp; Other ABS | 146039 | 449429 | (59385) | 713 | (7207) | (5572) | 0 | 0 | 524017 | (8089) |
|  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 | 34173 | 0 | 0 | 0 | 0 | (2968) | 0 | 0 | 31205 | (2968) |
| &nbsp;&nbsp; Real Estate<sup>(4)</sup> | 34 | 0 | 0 | 0 | 0 | 439 | 0 | 0 | 473 | 439 |
|  | $1112870 | $1879518 | $(300320) | $2534 | $(6213) | $12242 | $0 | $(141032) | $2559599 | $5706 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 47

------

---

| | | | |
|:---|:---|:---|:---|
| Consolidated Schedule of Investments | PIMCO Total Return Fund | (Cont.) | 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>** |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | $283 | $0 | $(107) | $0 | $0 | $(121) | $0 | $0 | $55 | $(16) |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Over the counter | $(372) | $39 | $(12) | $0 | $120 | $(112) | $0 | $0 | $(337) | $(6) |
|  Totals | $1112781 | $1879557 | $(300439) | $2534 | $(6093) | $12009 | $0 | $(141032) | $2559317 | $5684 |

---

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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360494 | Discounted Cash Flow | Discount Rate | 4.270-27.130 | 9.274 |
|  | 58742 | Indicative Market Quotation | Broker Quote | 95.500 |  |
|  | 63440 | Recent Transaction | Purchase Price | 96.000-100.000 | 99.368 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 135774 | Discounted Cash Flow | Discount Rate | 4.627-12.000 | 5.975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 71105 | Discounted Cash Flow | Discount Rate | 4.943-7.020 | 6.232 |
|  Non-Agency Mortgage-Backed Securities | 267738 | Discounted Cash Flow | Discount Rate | 4.877-20.000 | 7.482 |
|  | 329777 | Proxy pricing | Base Price | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93.030-100.201 | 96.692 |
|  | 660851 | Recent Transaction | Purchase Price | 6.912-101.713 | 100.227 |
|  Asset-Backed Securities | Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Casino Services | 55983 | Discounted Cash Flow | Discount Rate | 6.260 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other ABS | 80811 | Discounted Cash Flow | Discount Rate | 6.810-25.000 | 8.667 |
|  | 419094 | Proxy pricing | Base Price | 89.281-99.988 | 98.334 |
|  | 24112 | Recent transaction | Purchase price | 100.000 |  |
|  Common Stocks | Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 31205 | Indicative Market Quotation | Broker Quote | $23.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 473 | Other Valuation Techniques<sup>(5)</sup> |  |  |  |
|  Financial Derivative Instruments -Assets | Financial Derivative Instruments -Assets | Financial Derivative Instruments -Assets | Financial Derivative Instruments -Assets | Financial Derivative Instruments -Assets | Financial Derivative Instruments -Assets |
|  Over the counter | 55 | Indicative Market Quotation | Broker Quote | 0.191-0.206 | 0.196 |
|  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 | (337) | Indicative Market Quotation | Broker Quote | 92.000 |  |
|  Total | $2559317 |  |  |  |  |

---

<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> Security type updated from Corporate Bonds & Notes to Non-Agency Mortgage-Backed Securities since prior fiscal year end.

<sup>(4)</sup> Sector type updated from Financials to Real Estate since prior fiscal year end.

<sup>(5)</sup> Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Fund.

---

| | | |
|:---|:---|:---|
| **48** | **PIMCO TOTAL RETURN FUND** | See Accompanying Notes |

---

------

Notes to Financial Statements March 31, 2026

1. ORGANIZATION

PIMCO Funds (the "Trust") is a Massachusetts business trust established under a Declaration of Trust dated February 19, 1987, as amended and restated November 4, 2014. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, I-2, I-3, Administrative Class, Class A, Class C and Class R shares of the PIMCO Total Return Fund (the "Fund") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Fund.

The Fund has established MLM 700 LLC, a Delaware limited liability company (the "Subsidiary"), which is wholly-owned and controlled by the Fund. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Subsidiary.

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

The Fund 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 Consolidated Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Consolidated Statement of Operations.

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

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Fund is treated as an investment company under the reporting requirements of U.S. GAAP, including but not limited to ASC 946. The functional and reporting currency for the Fund is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Consolidated Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Consolidated Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Consolidated Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **49** |

---

------

Notes to Financial Statements (Cont.)

has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes The Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Consolidated Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of March 31, 2026, if any, are disclosed in the Consolidated Statement of Assets and Liabilities.

(c) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Fund does not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Consolidated Statement of Operations. The Fund may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Consolidated Statement of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting

period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Consolidated Statement of Operations.

(d) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Fund. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(e) Distributions to Shareholders Distributions from net investment income, if any, are declared daily and distributed to shareholders monthly. Net realized capital gains earned by the Fund, if any, will be distributed no less frequently than annually. Net short-term capital gains may be paid more frequently. The Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Fund's annual financial statements presented under U.S. GAAP.

Separately, if the Fund determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable) and accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Fund determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is

---

| | |
|:---|:---|
| **50** | **PIMCO TOTAL RETURN FUND** |

---

------

March 31, 2026

important to note that differences exist between the Fund's daily internal accounting records and practices, the Fund's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the Fund's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain funds, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that the Fund may not issue a Section 19 Notice in situations where the Fund's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at the Fund's fiscal year end, if any, are reflected on the Consolidated Statements of Changes in Net Assets and have been recorded to paid in capital on the Consolidated Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Consolidated Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(f) New Accounting Pronouncements and Regulatory Updates In September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, 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 Consolidated Financial Statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Fund's shares, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Fund's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Fund or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Fund may calculate its NAV as of the NYSE Close for such day or such other time that the Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **51** |

---

------

Notes to Financial Statements (Cont.)

more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

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

investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in the Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of the Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that the Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Fund may transact.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Fund normally will be taken into account in calculating the NAV.

---

| | |
|:---|:---|
| **52** | **PIMCO TOTAL RETURN FUND** |

---

------

March 31, 2026

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 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.

---

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

---

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

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to

changes in the method utilized in valuing the investments. Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Sources or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Consolidated Schedule of Investments for the Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of the Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Consolidated Schedule of Investments for the Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, non-U.S. bonds and short-term debt instruments (such as commercial paper,

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **53** |

---

------

Notes to Financial Statements (Cont.)

time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

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

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

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

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these

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

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Proxy pricing procedures set the base price of a fixed income security and subsequently adjust the price proportionally to market value changes of a pre-determined security deemed to be comparable in duration, generally a U.S. Treasury or sovereign note based on country of issuance. The base price may be a broker-dealer quote, transaction price, or an internal value as derived by analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by the Valuation Oversight Committee. Significant changes in the unobservable inputs of the proxy pricing process (the base price) would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Adviser may elect to obtain Broker Quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced 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.

---

| | |
|:---|:---|
| **54** | **PIMCO TOTAL RETURN FUND** |

---

------

March 31, 2026

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Fund. The Fund may invest in certain other series of the Trust, series of PIMCO ETF Trust, and series of PIMCO Equity Series (each series, an "Underlying Fund" and collectively, the "Underlying Funds"). A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Fund's website at www.pimco.com, or upon request, as applicable. The tables below show the Fund's transactions in and earnings from investments in the affiliated funds for the period ended March 31, 2026 (amounts in thousands<sup>†</sup>):

#### Investment in PIMCO Short Asset Portfolio

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| 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;2357943 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74334 | $&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;44900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2477176 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73773 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| 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;451589 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12123526 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12127500) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448107 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### Investment in PIMCO Senior Loan Active Exchange-Traded Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| 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;29556 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(590) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28966 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<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. 

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **55** |

---

------

Notes to Financial Statements (Cont.)

(b) Investments in Securities

The Fund may utilize the investments and strategies described below to the extent permitted by the Fund's investment policies.

Delayed-Delivery Transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When the Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Consolidated Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. The Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by the Fund. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Fund purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Fund may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Fund may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Consolidated Statement of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Consolidated Statement of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal payments. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various

---

| | |
|:---|:---|
| **56** | **PIMCO TOTAL RETURN FUND** |

---

------

March 31, 2026

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, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which the Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and the Fund's prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) risks related to the capability of the servicer of the securitized assets, (iv) the risk that the Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the

characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Consolidated Statement of Operations. Because no principal will be received at the maturity of an IO class, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Consolidated Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Real Estate Investment Trusts ("REITs") are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is generally not taxed on the income distributed to shareholders. Distributions received from REITs may be characterized as income, capital gain or a return of capital. A return of capital is recorded by the Fund as a reduction to the cost basis of its investment in the REIT. REITs are subject to management fees and other expenses, and so to the extent the Fund invests in REITs, the Fund will bear its proportionate share of the costs of the REITs' operations.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **57** |

---

------

Notes to Financial Statements (Cont.)

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 Consolidated Schedule of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of the Fund's shares. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks, credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative

seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Consolidated Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Fund to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Fund's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Fund and impose added operational complexity.

Separate Trading of Registered Interest and Principal of Securities ("STRIPS") are U.S. Treasury fixed income securities in which the principal is separated, or stripped, from the interest and each takes the form of zero coupon securities. A STRIP is sold at a significant discount to face value and offers no interest payments; rather, investors receive payment at maturity. Zero coupon securities do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by the Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. The Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Fund may enter into the borrowings and other financing transactions described below to the extent permitted by the Fund's investment policies.

The following disclosures contain information on the Fund's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by the Fund. The location of these instruments in the Fund's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, the Fund purchases an underlying debt obligation

---

| | |
|:---|:---|
| **58** | **PIMCO TOTAL RETURN FUND** |

---

------

March 31, 2026

(collateral) subject to an obligation of the seller to repurchase, and the Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by the Fund's custodian or designated subcustodians (in the case of tri-party repurchase agreements). Traditionally, the Fund has used bilateral repurchase agreements wherein the underlying securities will be held by the Fund's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Consolidated Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Consolidated Statement of Operations. In periods of increased demand for collateral, the Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, the Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Fund to counterparties are reflected as a liability on the Consolidated Statement of Assets and Liabilities. Interest payments made by the Fund to counterparties are recorded as a component of interest expense on the Consolidated Statement of Operations. In periods of increased demand for the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. The Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by the Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by the Fund are reflected as a liability on the Consolidated Statement of Assets and Liabilities. The Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is

commonly referred to as the 'price drop'. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Consolidated Statement of Operations. Interest payments based upon negotiated financing terms made by the Fund to counterparties are recorded as a component of interest expense on the Consolidated Statement of Operations. In periods of increased demand for the security, the Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. The Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Short Sales Short sales are transactions in which the Fund sells a security that it does not own in anticipation that the market price of that security will decline. The Fund may make short sales of securities: (i) to offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Fund makes a short sale, it will often borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Consolidated Statement of Assets and Liabilities. Short sales expose the Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Fund. A short sale is "against the box" if the Fund holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Fund will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Fund's loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

(e) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Fund of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. Each Fund is currently

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **59** |

---

------

Notes to Financial Statements (Cont.)

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 Consolidated Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Consolidated Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Consolidated Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Consolidated Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Fund.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Fund's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the

Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Consolidated Statement of Assets and Liabilities. In addition, the Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Fund ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Fund's exposure to the underlying instrument. Writing call options tends to decrease the Fund's exposure to the underlying instrument. When the Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Consolidated Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against

---

| | |
|:---|:---|
| **60** | **PIMCO TOTAL RETURN FUND** |

---

------

March 31, 2026

amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Fund as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Fund's exposure to the underlying instrument. Purchasing put options tends to decrease the Fund's exposure to the underlying instrument. The Fund pays a premium which is included as an asset on the Consolidated Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

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 Agreements are bilaterally negotiated agreements between the Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Consolidated Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Consolidated Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Consolidated Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Consolidated Statement of Operations. Net periodic payments received or paid by the Fund are included as part of realized gain (loss) on the Consolidated Statement of Operations.

For purposes of applying certain of the Fund's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Fund at market value, notional value or full exposure

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **61** |

---

------

Notes to Financial Statements (Cont.)

value. In the case of a credit default swap, in applying certain of the Fund's investment policies and restrictions, the Fund will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Fund's other investment policies and restrictions. For example, the Fund may value credit default swaps at full exposure value for purposes of the Fund's credit quality guidelines (if any) because such value in general better reflects the Fund's actual economic exposure during the term of the credit default swap agreement. As a result, the Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Fund's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

The Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between the Fund and the counterparty and by the posting of collateral to the Fund to cover the Fund's exposure to the counterparty.

To the extent the Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where the Fund owns or has exposure to the referenced obligation) or to take

an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, the Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap.

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of

---

| | |
|:---|:---|
| **62** | **PIMCO TOTAL RETURN FUND** |

---

------

March 31, 2026

the credit market as a whole. These indexes are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indexes may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets and/or various credit ratings within each sector. Credit indexes are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Consolidated Schedule of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indexes, the quoted market prices and resulting values, 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 Consolidated Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront

payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure as the value of the fixed rate bonds that the Fund holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, the Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, the Fund would owe payments on any net positive total return and would receive payments in the event of a net negative total return.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **63** |

---

------

Notes to Financial Statements (Cont.)

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.

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

---

| | |
|:---|:---|
| **64** | **PIMCO TOTAL RETURN FUND** |

---

------

March 31, 2026

securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. The Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks.

Collateralized Loan Obligations Risk is the risk that investing in collateralized loan obligations ("CLOs") and other similarly structured investments exposes the Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that the Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result

of default or other adverse credit events resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, and derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase the Fund's sensitivity to interest rate changes and other market risks.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO in connection with managing the Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Fund will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Fund.

Convertible Securities Risk is the risk that arises because convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk, market risk, liquidity risk and credit risk.

Turnover Risk is the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower investment performance.

(b) Other Risks

In general, the Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks.

Please see the Fund's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **65** |

---

------

Notes to Financial Statements (Cont.)

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 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

---

| | |
|:---|:---|
| **66** | **PIMCO TOTAL RETURN FUND** |

---

------

March 31, 2026

breaches may not be detected. The Fund and its shareholders may suffer losses as a result of a cyber security breach related to the Fund, its service providers, trading counterparties or the issuers in which the Fund invests.

8. MASTER NETTING ARRANGEMENTS

The Fund may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Consolidated Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Consolidated Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Consolidated Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern bilateral repurchase, reverse repurchase and certain sale-

buyback transactions between the Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Consolidated Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. FCM customers, such as the Fund, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **67** |

---

------

Notes to Financial Statements (Cont.)

to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Fund may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Fund is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

9. FEES AND EXPENSES

**(a) Investment Advisory Fee** PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Fund at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

**(b) Supervisory and Administrative Fee** PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Fund's average daily net assets attributable to each class):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| All Classes | Institutional<br>Class | I-2 | I-3 | Administrative<br>Class | Class A | Class C | Class R |
| 0.25% | 0.21% | 0.31% | 0.41%<sup>(1)</sup> | 0.21% | 0.30% | 0.30% | 0.30% |

---

<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. 

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

**(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.

---

| | |
|:---|:---|
| **68** | **PIMCO TOTAL RETURN FUND** |

---

------

March 31, 2026

**(d) Fund Expenses** PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Fund, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by the Fund, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Fund, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

**(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)** The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for the Fund is reflected on the Consolidated Statement of Operations as Trustee fees.

**(f) Expense Limitation** Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive a portion of the Fund's Supervisory and Administrative Fee, or reimburse the Fund, to the extent that the Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of

the Fund's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Fund of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. As of 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 Consolidated 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 $89,944.

**(g) Acquired Fund Fees and Expenses** PIMCO has contractually agreed, through July 31, 2026, for the Fund to waive its Management Fee in an amount equal to the expenses attributable to Investment Advisory, Supervisory and Administrative, and management fees of Underlying Funds indirectly incurred by the Fund's investments in the Underlying Funds. The waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. Investors should be aware that an Underlying Fund may engage in securities lending transactions, and the cash collateral received by an Underlying Fund engaging in a securities lending transaction may be invested in short-term liquid fixed income instruments or in money market or short-term funds, or similar investment vehicles, including affiliated money market or short-term funds, as further described in such Underlying Fund's

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **69** |

---

------

Notes to Financial Statements (Cont.)

registration statement. In such case, the Underlying Fund will incur investment advisory fees, supervisory and administrative fees, service fees, or other fees in connection with such investment of cash collateral. Ultimately, such fees will be borne by the Fund and will not be waived under the contractual waiver described above. The waiver is reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended March 31, 2026, the amount waived and/or reimbursed was $177,516.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Consolidated Statement of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust's investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts.

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

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 |
| $275501221 | $276331482 | $9921689 | $5975858 |

---

---

| | |
|:---|:---|
| <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>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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 | 888464 | $7798319 | 931811 | $8004760 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 236066 | 2072136 | 225487 | 1934429 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 7911 | 69543 | 9406 | 81022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 15551 | 136311 | 21528 | 184741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 48298 | 423636 | 61558 | 529133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 2262 | 19918 | 3435 | 29622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 8517 | 74504 | 8023 | 68886 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 168042 | 1473433 | 194923 | 1673295 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 24987 | 219178 | 23359 | 200641 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 896 | 7858 | 816 | 7017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 2918 | 25579 | 3481 | 29887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 17315 | 151767 | 19708 | 169228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 382 | 3348 | 447 | 3840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | 1689 | 14810 | 1790 | 15371 |

---

---

| | |
|:---|:---|
| **70** | **PIMCO TOTAL RETURN FUND** |

---

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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** |
|  **Cost of shares redeemed** | | |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (943914) | $(8246577) | (2138547) | $(18394416) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (161588) | (1410778) | (188736) | (1615383) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (4238) | (36944) | (6812) | (58653) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (22406) | (196119) | (37855) | (324748) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (98067) | (857850) | (139504) | (1201223) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (4263) | (37268) | (5298) | (45445) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | (9684) | (84498) | (11774) | (100988) |
|  **Net increase (decrease) resulting from Fund share transactions** | 179138 | $1620306 | (1022754) | $(8808984) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of March 31, 2026, two persons owned of record or beneficially 10% or more of the Fund's total outstanding shares, comprising 31% of the Fund.

14. BASIS FOR CONSOLIDATION

The Subsidiary, a Delaware limited liability company, was formed on May 7, 2018, as a wholly owned subsidiary acting as an investment vehicle for the Fund in order to effect certain investments for the Fund consistent with the Fund's investment objectives and policies in effect from time to time. The Fund's investment portfolio has been consolidated and includes the portfolio holdings of the Fund and the Subsidiary. The consolidated financial statements include the accounts of the Fund and the Subsidiary. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Fund and its Subsidiary, comprising the entire issued share capital of the Subsidiary, with the intent that the Fund will remain the sole shareholder and retain all rights. Under the Memorandum and Articles of Association of the Subsidiary, shares issued by the Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary. The net assets of the Subsidiary as of period end represented 0.0% of the Fund's consolidated net assets.

15. REGULATORY AND LITIGATION MATTERS

The Fund is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

The foregoing speaks only as of the date of this report.

16. FEDERAL INCOME TAX MATTERS

The Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all

of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Fund's tax positions for all open tax years. As of 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 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.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **71** |

---

------

Notes to Financial Statements (Cont.) March 31, 2026

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 of<br>Distributable<br>Earnings |
|  PIMCO Total Return Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120346 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3037897) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12609) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7162355) | $&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;(10092515) |

---

---

| | |
|:---|:---|
| <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, treasury inflation-protected securities (TIPS), passive foreign investment companies (PFICs), interest accrued on defaulted securities, short positions, partnerships, constructive sales, hyperinflationary investments, and convertible securities. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly for distributions payable at fiscal year-end.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 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 Total Return Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4333482 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2828873 |

---

---

| | |
|:---|:---|
| <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 Total Return Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66069933 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381636 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4383182) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3001546) |

---

---

| | |
|:---|:---|
| <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, treasury inflation-protected securities (TIPS), passive foreign investment companies (PFICs), interest accrued on defaulted securities, short positions, partnerships, constructive sales, hyperinflationary investments, and convertible securities. 

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>):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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 Total Return Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035706 | $&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;2246269 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

---

| | |
|:---|:---|
| **72** | **PIMCO TOTAL RETURN FUND** |

---

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Funds and Shareholders of PIMCO Total Return Fund

#### Opinion on the Financial Statements
We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of PIMCO Total Return Fund and its subsidiary (one of the funds constituting PIMCO Funds, referred to hereafter as the "Fund") as of March 31, 2026, the related consolidated statement of operations for the year ended March 31, 2026, the consolidated 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 (consolidated) for each of the five years in the period ended March 31, 2026 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated 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 consolidated financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated 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 consolidated 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.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **73** |

---

------

Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| AZD | Australia and New Zealand Banking Group | CIB | Canadian Imperial Bank of Commerce | MBC | HSBC Bank Plc |
| BAR | Barclays PLC Corporate RRP/REPO trading | DUB | Deutsche Bank AG | MYC | Morgan Stanley Bank, N.A. |
| BOA | Bank of America N.A. | FAR | Wells Fargo Bank National Association | MYI | Morgan Stanley & Co. International PLC |
| BOS | BofA Securities, Inc. | GLM | Goldman Sachs Bank USA | NGF | Nomura Global Financial Products, Inc. |
| BPS | BNP Paribas S.A. | GSC | Goldman Sachs & Co. LLC | SCX | Standard Chartered Bank, London |
| BRC | Barclays Bank PLC | GST | Goldman Sachs International | SOG | Societe Generale Paris |
| BSH | Banco Santander S.A. - New York Branch | IND | Crédit Agricole Corporate and Investment Bank S.A. | SSB | State Street Bank and Trust Co. |
| CBK | Citibank N.A. | JPM | JP Morgan Chase Bank N.A. | UAG | UBS AG Stamford |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | IDR | Indonesian Rupiah | PEN | Peruvian New Sol |
| BRL | Brazilian Real | ILS | Israeli Shekel | PLN | Polish Zloty |
| CAD | Canadian Dollar | INR | Indian Rupee | RON | Romanian New Leu |
| CHF | Swiss Franc | JPY | Japanese Yen | SEK | Swedish Krona |
| CNH | Chinese Renminbi (Offshore) | KRW | South Korean Won | SGD | Singapore Dollar |
| COP | Colombian Peso | KWD | Kuwaiti Dinar | THB | Thai Baht |
| CZK | Czech Koruna | MXN | Mexican Peso | TRY | Turkish New Lira |
| DKK | Danish Krone | MYR | Malaysian Ringgit | TWD | Taiwanese Dollar |
| EUR | Euro | NGN | Nigerian Naira | USD (or $) | United States Dollar |
| GBP | British Pound | NOK | Norwegian Krone | ZAR | South African Rand |
| HUF | Hungarian Forint | NZD | New Zealand Dollar |  |  |
|  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 | FHMMUSTF | Federated Hermes US Treasury Cash Reserves Fund Yield | SOFR | Secured Overnight Financing Rate |
| BNMMDTSC | Dreyfus Treasury Securites Cash Management Fund Yield | GSMMUSTI | Goldman Sachs Money Market US Treasury Instrument Index | SOFRINDX | Secured Overnight Financing Rate Index |
| BRMMUSDF | BlackRock Money Market US Treasury Fund Index | H15T1Y | 1 Year US Treasury Yield Curve Constant Maturity Rate | SONIA | Sterling Overnight Interbank Average Rate |
| CAONINDX | Bloomberg CORRA Compounded Index | HSMMUSTF | HSBC UST Money Market Yield | SONIO | Sterling Overnight Interbank Average Rate |
| CAONREPO | Canadian Overnight Repo Rate Average | IBXXLLTR | iBoxx USD Liquid Leveraged Loan Index | TSFR1M | Term SOFR 1-Month |
| CDX.IG | Credit Derivatives Index - Investment Grade | JMMMUSTF | JP Morgan Money Market US Treasury Fund Index | TSFR3M | Term SOFR 3-Month |
| EUR001M | 1 Month EUR Swap Rate | MSMMUSTF | MSILF Money Market US Treasury Fund Index | TSFR6M | Term SOFR 6-Month |
| EUR003M | 3 Month EUR Swap Rate | MUTKCALM | Tokyo Overnight Average Rate |  |  |
|  Municipal Bond or Agency Abbreviations: | Municipal Bond or Agency Abbreviations: |  |  |  |  |
| AGM | Assured Guaranty Municipal | CR | Custodial Receipts | NPFGC | National Public Finance Guarantee Corp. |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | CLO | Collateralized Loan Obligation | REMIC | Real Estate Mortgage Investment Conduit |
| ALT | Alternate Loan Trust | CMBS | Collateralized Mortgage-Backed Security | RMBS | Residential Mortgage-Backed Security |
| BABs | Build America Bonds | DAC | Designated Activity Company | TBA | To-Be-Announced |
| BBR | Bank Bill Rate | EURIBOR | Euro Interbank Offered Rate | TBD | To-Be-Determined |
| BBSW | Bank Bill Swap Reference Rate | Lunar | Monthly payment based on 28-day periods. One year consists of 13 periods. | TBD% | Interest rate to be determined when loan settles or at the time of funding |
| BRL-CDI | Brazil Interbank Deposit Rate | OIS | Overnight Index Swap | TIIE | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |
| CDO | Collateralized Debt Obligation |  |  |  |  |

---

---

| | |
|:---|:---|
| **74** | **PIMCO TOTAL RETURN FUND** |

---

------

Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the fund estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended 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 Total Return Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0363 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.0363 |
|  November 2025 | $0.0300 | $0.0000 | $0.0000 | $0.0300 |
|  December 2025 | $0.0344 | $0.0000 | $0.0000 | $0.0344 |
|  January 2026 | $0.0307 | $0.0000 | $0.0000 | $0.0307 |
|  February 2026 | $0.0302 | $0.0000 | $0.0000 | $0.0302 |
|  March 2026 | $0.0347 | $0.0000 | $0.0000 | $0.0347 |
| 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 | $0.0355 | $0.0000 | $0.0000 | $0.0355 |
|  November 2025 | $0.0293 | $0.0000 | $0.0000 | $0.0293 |
|  December 2025 | $0.0336 | $0.0000 | $0.0000 | $0.0336 |
|  January 2026 | $0.0299 | $0.0000 | $0.0000 | $0.0299 |
|  February 2026 | $0.0295 | $0.0000 | $0.0000 | $0.0295 |
|  March 2026 | $0.0340 | $0.0000 | $0.0000 | $0.0340 |
| I-3 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2025 | $0.0351 | $0.0000 | $0.0000 | $0.0351 |
|  November 2025 | $0.0290 | $0.0000 | $0.0000 | $0.0290 |
|  December 2025 | $0.0332 | $0.0000 | $0.0000 | $0.0332 |
|  January 2026 | $0.0295 | $0.0000 | $0.0000 | $0.0295 |
|  February 2026 | $0.0292 | $0.0000 | $0.0000 | $0.0292 |
|  March 2026 | $0.0336 | $0.0000 | $0.0000 | $0.0336 |
| Administrative Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2025 | $0.0343 | $0.0000 | $0.0000 | $0.0343 |
|  November 2025 | $0.0283 | $0.0000 | $0.0000 | $0.0283 |
|  December 2025 | $0.0324 | $0.0000 | $0.0000 | $0.0324 |
|  January 2026 | $0.0288 | $0.0000 | $0.0000 | $0.0288 |
|  February 2026 | $0.0285 | $0.0000 | $0.0000 | $0.0285 |
|  March 2026 | $0.0329 | $0.0000 | $0.0000 | $0.0329 |
| 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 | $0.0335 | $0.0000 | $0.0000 | $0.0335 |
|  November 2025 | $0.0277 | $0.0000 | $0.0000 | $0.0277 |
|  December 2025 | $0.0317 | $0.0000 | $0.0000 | $0.0317 |
|  January 2026 | $0.0281 | $0.0000 | $0.0000 | $0.0281 |
|  February 2026 | $0.0279 | $0.0000 | $0.0000 | $0.0279 |
|  March 2026 | $0.0323 | $0.0000 | $0.0000 | $0.0323 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **75** |

---

------

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 | $0.0275 | $0.0000 | $0.0000 | $0.0275 |
|  November 2025 | $0.0226 | $0.0000 | $0.0000 | $0.0226 |
|  December 2025 | $0.0259 | $0.0000 | $0.0000 | $0.0259 |
|  January 2026 | $0.0224 | $0.0000 | $0.0000 | $0.0224 |
|  February 2026 | $0.0228 | $0.0000 | $0.0000 | $0.0228 |
|  March 2026 | $0.0268 | $0.0000 | $0.0000 | $0.0268 |
| **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 | $0.0315 | $0.0000 | $0.0000 | $0.0315 |
|  November 2025 | $0.0260 | $0.0000 | $0.0000 | $0.0260 |
|  December 2025 | $0.0298 | $0.0000 | $0.0000 | $0.0298 |
|  January 2026 | $0.0262 | $0.0000 | $0.0000 | $0.0262 |
|  February 2026 | $0.0262 | $0.0000 | $0.0000 | $0.0262 |
|  March 2026 | $0.0305 | $0.0000 | $0.0000 | $0.0305 |

---

\* 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. 

---

| | |
|:---|:---|
| **76** | **PIMCO TOTAL RETURN FUND** |

---

------

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 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 Total Return Fund | 0.00% | 1.00% | $1170131 | $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 | **77** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **78** | **PIMCO TOTAL RETURN FUND** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **79** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **80** | **PIMCO TOTAL RETURN FUND** |

---

------

#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Fund listed on the Report cover.

------

![LOGO](g29173g75h91.jpg)

PIMS0700FSTMAR_033126

------

![LOGO](g124985g13e39.jpg)

PIMCO FUNDS

## Annual Financial and Other Information
March 31, 2026

#### Credit Bond Funds
PIMCO Credit Opportunities Bond Fund

PIMCO Diversified Income Fund

PIMCO ESG Income Fund

PIMCO High Yield Fund

PIMCO High Yield Spectrum Fund

PIMCO Long-Term Credit Bond Fund

PIMCO Low Duration Credit Fund

PIMCO Low Duration Income Fund

PIMCO Preferred and Capital Securities Fund

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the Funds](#tx124985_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx124985_2) | 6 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx124985_3) | 16 |
| &nbsp;&nbsp; [Consolidated Statement of Assets and Liabilities (N-CSR Item 7)](#tx124985_4) | 18 |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx124985_5) | 20 |
| &nbsp;&nbsp; [Consolidated Statement of Operations (N-CSR Item 7)](#tx124985_6) | 21 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx124985_7) | 22 |
| &nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets (N-CSR Item 7)](#tx124985_8) | 24 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx124985_10) | 170 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx124985_11) | 194 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx124985_12) | 203 |
| &nbsp;&nbsp; [Glossary](#tx124985_13) | 204 |
| &nbsp;&nbsp; [Distribution Information](#tx124985_14) | 205 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx124985_15) | 213 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx124985_16) | 214 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx124985_17) | 215 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx124985_18) | 216 |
| Fund | Schedule of<br>Investments<br>(N-CSR Item 6) |
| &nbsp;&nbsp; [PIMCO Credit Opportunities Bond Fund](#tx124985_19) | 25 |
| &nbsp;&nbsp; [PIMCO Diversified Income Fund](#tx124985_20) | 41 |
| &nbsp;&nbsp; [PIMCO ESG Income Fund](#tx124985_21) | 62 |
| &nbsp;&nbsp; [PIMCO High Yield Fund](#tx124985_22) | 76 |
| &nbsp;&nbsp; [PIMCO High Yield Spectrum Fund](#tx124985_23) | 88 |
| &nbsp;&nbsp; [PIMCO Long-Term Credit Bond Fund](#tx124985_24) | 100 |
| &nbsp;&nbsp; [PIMCO Low Duration Credit Fund](#tx124985_25) | 121 |
| &nbsp;&nbsp; [PIMCO Low Duration Income Fund](#tx124985_26) | 130 |
| &nbsp;&nbsp; [PIMCO Preferred and Capital Securities Fund<sup>(1)</sup>](#tx124985_27) | 161 |

---

 <br> <sup>(1)</sup> Consolidated Schedule of Investments

This material is authorized for use only when preceded or accompanied by the current PIMCO Funds prospectuses. The Shareholder Reports for the other series of the PIMCO Funds are printed separately.

------

Important Information About the Funds

PIMCO Funds (the "Trust") is an open-end management investment company that includes the PIMCO Credit Opportunities Bond Fund, PIMCO Diversified Income Fund, PIMCO ESG Income Fund, PIMCO High Yield Fund, PIMCO High Yield Spectrum Fund, PIMCO Long-Term Credit Bond Fund, PIMCO Low Duration Credit Fund, PIMCO Low Duration Income Fund and PIMCO Preferred and Capital Securities Fund (each, a "Fund" and collectively, the "Funds").

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by a Fund are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Fund management will anticipate such movement accurately. The Funds may experience losses as a result of movements in interest rates.

Changing interest rates may have unpredictable effects on markets, which may detract from Fund performance. The interest rate environment has fluctuated in recent years, moving from historically low interest rates in 2020 and 2021 to high interest rates in 2022 and 2023 as a result of the U.S. Federal Reserve (the "Fed") raising interest rates multiple times in efforts to combat inflation. Starting in late 2024 and again in 2025, the Fed lowered interest rates. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Funds may face a heightened level of risk associated with changing interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for certain types of bonds or bonds generally. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than funds or securities with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact a Fund's performance or cause a Fund to incur losses. As a result, a Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of a Fund.

The Funds may be subject to various risks as described in each Fund's prospectus and in the Principal and Other Risks note in the Notes to Financial Statements.

Classifications of the Funds' portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Schedule of Investments sections of this report may differ from the classification used for a Fund's compliance calculations, including those used in a Fund's prospectus, investment objectives, regulatory and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. All Funds are separately monitored for compliance with respect to prospectus and regulatory requirements.

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

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

---

| | |
|:---|:---|
| **2** | **PIMCO CREDIT BOND FUNDS** |

---

------

tensions and may impact portfolio securities (and/or portfolio securities of Underlying PIMCO Funds or Acquired Funds, as applicable). The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Funds and their investments.

Increased volatility in the U.S. and global markets could be harmful to the Funds, issuers in which they invest and other market participants and Fund service providers. For example, if a bank at which a Fund or issuer has an account fails, any cash or other assets in bank or custody accounts, which may be substantial in size, could be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit

facility and/or other services to an issuer or to a fund fails, the issuer or fund could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms.

Issuers in which a Fund may invest can be affected by volatility in the banking sector. Even if banks used by issuers in which the Funds invest remain solvent, volatility in the banking sector could contribute to, cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Potential impacts to the Funds and issuers resulting from volatility in the banking sector and accompanying market conditions and potential legislative or regulatory responses are uncertain. Such conditions and responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking sector or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Funds and issuers in which they invest.

The following table discloses the inception dates of each Fund and its respective share classes along with each Fund's diversification status as of period end:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Fund<br>Inception | Institutional<br>Class | I-2 | **I-3** | Administrative<br>Class | Class A | Class C | Class C-2 | Class R | Diversification<br>Status |
|  PIMCO Credit Opportunities Bond Fund | 08/31/11 | 08/31/11 | 08/31/11 |  |  | 08/31/11 | 08/31/11 |  |  | Diversified |
|  PIMCO Diversified Income Fund | 07/31/03 | 07/31/03 | 04/30/08 | 04/27/18 | 10/29/04 | 07/31/03 | 07/31/03 |  |  | Diversified |
|  PIMCO ESG Income Fund | 09/30/20 | 09/30/20 | 09/30/20 | 09/30/20 |  | 09/30/20 | 09/30/20 |  |  | Diversified |
|  PIMCO High Yield Fund | 12/15/92 | 12/15/92 | 04/30/08 | 04/27/18 | 01/16/95 | 01/13/97 | 01/13/97 |  | 12/31/02 | Diversified |
|  PIMCO High Yield Spectrum Fund | 09/15/10 | 09/15/10 | 09/15/10 | 04/27/18 |  | 09/15/10 | 09/15/10 |  |  | Diversified |
|  PIMCO Long-Term Credit Bond Fund | 03/31/09 | 03/31/09 | 02/29/12 |  |  |  |  |  |  | Diversified |
|  PIMCO Low Duration Credit Fund | 04/29/11 | 04/29/11 | 04/29/11 |  |  | 04/29/11 | 04/29/11 |  |  | Diversified |
|  PIMCO Low Duration Income Fund | 07/30/04 | 07/30/04 | 04/30/08 | 04/27/18 |  | 07/30/04 | 09/30/04 | 10/21/20 |  | Diversified |
|  PIMCO Preferred and Capital Securities Fund | 04/13/15 | 04/13/15 | 04/13/15 | 04/27/18 |  | 04/13/15 | 08/23/19 |  |  | Diversified |

---

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

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund's prospectus nor a Fund's summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor

any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>3</sub> |

---

------

Important Information About the Funds (Cont.)

input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Funds' website at www.pimco.com, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Funds file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds' complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027. 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 Funds' shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names Rule requires funds with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a

fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

---

| | |
|:---|:---|
| **4** | **PIMCO CREDIT BOND FUNDS** |

---

------

(THIS PAGE INTENTIONALLY LEFT BLANK)

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>5</sub> |

---

------

Financial Highlights

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Credit Opportunities Bond Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $9.70 | $0.49 | $(0.16) | $0.33 | $(0.47) | $0.00 | $0.00 | $(0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.48 | 0.56 | 0.19 | 0.75 | (0.53) | 0.00 | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.29 | 0.49 | 0.16 | 0.65 | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.51 | 0.37 | (0.23) | 0.14 | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.99 | 0.30 | (0.43) | (0.13) | (0.35) | 0.00 | 0.00 | (0.35) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.64 | 0.47 | (0.14) | 0.33 | (0.47) | 0.00 | 0.00 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.42 | 0.54 | 0.20 | 0.74 | (0.52) | 0.00 | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.23 | 0.48 | 0.16 | 0.64 | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.47 | 0.36 | (0.24) | 0.12 | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.94 | 0.29 | (0.42) | (0.13) | (0.34) | 0.00 | 0.00 | (0.34) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.70 | 0.45 | (0.15) | 0.30 | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.48 | 0.52 | 0.19 | 0.71 | (0.49) | 0.00 | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.29 | 0.46 | 0.15 | 0.61 | (0.42) | 0.00 | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.52 | 0.33 | (0.23) | 0.10 | (0.33) | 0.00 | 0.00 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.00 | 0.26 | (0.43) | (0.17) | (0.31) | 0.00 | 0.00 | (0.31) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.51 | 0.37 | (0.15) | 0.22 | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.32 | 0.43 | 0.20 | 0.63 | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.14 | 0.37 | 0.17 | 0.54 | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.37 | 0.25 | (0.23) | 0.02 | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.85 | 0.19 | (0.43) | (0.24) | (0.24) | 0.00 | 0.00 | (0.24) |
|  **PIMCO Diversified Income Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $9.71 | $0.52 | $0.18 | $0.70 | $(0.56) | $0.00 | $0.00 | $(0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.57 | 0.49 | 0.17 | 0.66 | (0.52) | 0.00 | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.22 | 0.42 | 0.38 | 0.80 | (0.42) | 0.00 | (0.03) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.18 | 0.37 | (0.86) | (0.49) | (0.47) | 0.00 | 0.00 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.04 | 0.35 | (0.81) | (0.46) | (0.40) | 0.00 | 0.00 | (0.40) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.71 | 0.51 | 0.18 | 0.69 | (0.55) | 0.00 | 0.00 | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.57 | 0.48 | 0.17 | 0.65 | (0.51) | 0.00 | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.22 | 0.41 | 0.39 | 0.80 | (0.42) | 0.00 | (0.03) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.18 | 0.36 | (0.86) | (0.50) | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.04 | 0.34 | (0.81) | (0.47) | (0.39) | 0.00 | 0.00 | (0.39) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.71 | 0.50 | 0.19 | 0.69 | (0.55) | 0.00 | 0.00 | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.57 | 0.48 | 0.17 | 0.65 | (0.51) | 0.00 | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.22 | 0.41 | 0.38 | 0.79 | (0.41) | 0.00 | (0.03) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.18 | 0.35 | (0.86) | (0.51) | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.04 | 0.34 | (0.82) | (0.48) | (0.38) | 0.00 | 0.00 | (0.38) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.71 | 0.49 | 0.19 | 0.68 | (0.54) | 0.00 | 0.00 | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.57 | 0.47 | 0.17 | 0.64 | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.22 | 0.40 | 0.38 | 0.78 | (0.40) | 0.00 | (0.03) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.18 | 0.34 | (0.86) | (0.52) | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.04 | 0.33 | (0.82) | (0.49) | (0.37) | 0.00 | 0.00 | (0.37) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.71 | 0.48 | 0.18 | 0.66 | (0.52) | 0.00 | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.57 | 0.45 | 0.17 | 0.62 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.22 | 0.38 | 0.39 | 0.77 | (0.39) | 0.00 | (0.03) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.18 | 0.33 | (0.86) | (0.53) | (0.43) | 0.00 | 0.00 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.04 | 0.31 | (0.81) | (0.50) | (0.36) | 0.00 | 0.00 | (0.36) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.71 | 0.40 | 0.19 | 0.59 | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.57 | 0.38 | 0.17 | 0.55 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.22 | 0.32 | 0.38 | 0.70 | (0.32) | 0.00 | (0.03) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.18 | 0.26 | (0.86) | (0.60) | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.04 | 0.23 | (0.82) | (0.59) | (0.27) | 0.00 | 0.00 | (0.27) |

---

---

| | | |
|:---|:---|:---|
| **6** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $9.56 | 3.42% | $264922 | 0.65% | 0.65% | 0.60% | 0.60% | 4.96% | 317% |
| 9.70 | 8.06 | 241078 | 1.01 | 1.05 | 0.56 | 0.60 | 5.75 | 279 |
| 9.48 | 7.13 | 203385 | 0.89 <sup>(f)</sup> | 0.89 <sup>(f)</sup> | 0.82 <sup>(f)</sup> | 0.82 <sup>(f)</sup> | 5.29 | 320 |
| 9.29 | 1.62 | 170305 | 0.91 | 0.91 | 0.90 | 0.90 | 3.96 | 158 |
| 9.51 | (1.40) | 235277 | 0.90 | 0.90 | 0.90 | 0.90 | 3.07 | 84 |
| 9.50 | 3.36 | 207538 | 0.75 | 0.75 | 0.70 | 0.70 | 4.85 | 317 |
| 9.64 | 8.01 | 150777 | 1.11 | 1.15 | 0.66 | 0.70 | 5.65 | 279 |
| 9.42 | 7.09 | 132752 | 0.99 <sup>(f)</sup> | 0.99 <sup>(f)</sup> | 0.92 <sup>(f)</sup> | 0.92 <sup>(f)</sup> | 5.20 | 320 |
| 9.23 | 1.33 | 105067 | 1.01 | 1.01 | 1.00 | 1.00 | 3.93 | 158 |
| 9.47 | (1.39) | 123293 | 1.00 | 1.00 | 1.00 | 1.00 | 2.97 | 84 |
| 9.56 | 3.02 | 30516 | 1.05 | 1.05 | 1.00 | 1.00 | 4.57 | 317 |
| 9.70 | 7.67 | 32434 | 1.41 | 1.45 | 0.96 | 1.00 | 5.34 | 279 |
| 9.48 | 6.75 | 23358 | 1.29 <sup>(f)</sup> | 1.29 <sup>(f)</sup> | 1.22 <sup>(f)</sup> | 1.22 <sup>(f)</sup> | 4.90 | 320 |
| 9.29 | 1.13 | 20412 | 1.31 | 1.31 | 1.30 | 1.30 | 3.58 | 158 |
| 9.52 | (1.74) | 23819 | 1.30 | 1.30 | 1.30 | 1.30 | 2.65 | 84 |
| 9.36 | 2.30 | 3653 | 1.80 | 1.80 | 1.75 | 1.75 | 3.82 | 317 |
| 9.51 | 6.83 | 3716 | 2.16 | 2.20 | 1.71 | 1.75 | 4.58 | 279 |
| 9.32 | 6.00 | 2005 | 2.04 <sup>(f)</sup> | 2.04 <sup>(f)</sup> | 1.97 <sup>(f)</sup> | 1.97 <sup>(f)</sup> | 4.10 | 320 |
| 9.14 | 0.30 | 2244 | 2.06 | 2.06 | 2.05 | 2.05 | 2.75 | 158 |
| 9.37 | (2.46) | 3656 | 2.05 | 2.05 | 2.05 | 2.05 | 1.91 | 84 |
| $9.85 | 7.31% | $2573969 | 0.81% | 0.81% | 0.75% | 0.75% | 5.22% | 274% |
| 9.71 | 7.07 | 2605286 | 0.81 | 0.81 | 0.75 | 0.75 | 5.09 | 303 |
| 9.57 | 9.01 | 2978251 | 0.79 | 0.79 | 0.75 | 0.75 | 4.59 | 247 |
| 9.22 | (4.75) | 3117435 | 0.76 | 0.76 | 0.75 | 0.75 | 3.93 | 136 |
| 10.18 | (4.37) | 4022524 | 0.75 | 0.75 | 0.75 | 0.75 | 3.22 | 94 |
| 9.85 | 7.20 | 157665 | 0.91 | 0.91 | 0.85 | 0.85 | 5.12 | 274 |
| 9.71 | 6.97 | 140053 | 0.91 | 0.91 | 0.85 | 0.85 | 5.00 | 303 |
| 9.57 | 8.90 | 131164 | 0.89 | 0.89 | 0.85 | 0.85 | 4.49 | 247 |
| 9.22 | (4.85) | 132737 | 0.86 | 0.86 | 0.85 | 0.85 | 3.79 | 136 |
| 10.18 | (4.47) | 291479 | 0.85 | 0.85 | 0.85 | 0.85 | 3.07 | 94 |
| 9.85 | 7.15 | 18806 | 0.96 | 1.01 | 0.90 | 0.95 | 5.08 | 274 |
| 9.71 | 6.91 | 25460 | 0.96 | 1.01 | 0.90 | 0.95 | 4.96 | 303 |
| 9.57 | 8.85 | 24514 | 0.94 | 0.99 | 0.90 | 0.95 | 4.43 | 247 |
| 9.22 | (4.90) | 29287 | 0.91 | 0.96 | 0.90 | 0.95 | 3.78 | 136 |
| 10.18 | (4.51) | 36071 | 0.90 | 0.95 | 0.90 | 0.95 | 3.09 | 94 |
| 9.85 | 7.04 | 17017 | 1.06 | 1.06 | 1.00 | 1.00 | 4.97 | 274 |
| 9.71 | 6.81 | 16653 | 1.06 | 1.06 | 1.00 | 1.00 | 4.85 | 303 |
| 9.57 | 8.74 | 16483 | 1.04 | 1.04 | 1.00 | 1.00 | 4.37 | 247 |
| 9.22 | (5.00) | 9667 | 1.01 | 1.01 | 1.00 | 1.00 | 3.60 | 136 |
| 10.18 | (4.61) | 21577 | 1.00 | 1.00 | 1.00 | 1.00 | 2.99 | 94 |
| 9.85 | 6.88 | 158110 | 1.21 | 1.21 | 1.15 | 1.15 | 4.82 | 274 |
| 9.71 | 6.65 | 161573 | 1.21 | 1.21 | 1.15 | 1.15 | 4.70 | 303 |
| 9.57 | 8.58 | 173452 | 1.19 | 1.19 | 1.15 | 1.15 | 4.19 | 247 |
| 9.22 | (5.14) | 202770 | 1.16 | 1.16 | 1.15 | 1.15 | 3.52 | 136 |
| 10.18 | (4.75) | 290939 | 1.15 | 1.15 | 1.15 | 1.15 | 2.81 | 94 |
| 9.85 | 6.09 | 17984 | 1.96 | 1.96 | 1.90 | 1.90 | 4.07 | 274 |
| 9.71 | 5.85 | 22116 | 1.96 | 1.96 | 1.90 | 1.90 | 3.94 | 303 |
| 9.57 | 7.78 | 26564 | 1.94 | 1.94 | 1.90 | 1.90 | 3.44 | 247 |
| 9.22 | (5.85) | 30275 | 1.91 | 1.91 | 1.90 | 1.90 | 2.76 | 136 |
| 10.18 | (5.46) | 49134 | 1.90 | 1.90 | 1.90 | 1.90 | 2.05 | 94 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>7</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO ESG Income Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $9.42 | $0.43 | $0.03 | $0.46 | $(0.47) | $0.00 | $0.00 | $(0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.31 | 0.45 | 0.18 | 0.63 | (0.49) | 0.00 | (0.03) | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.27 | 0.45 | 0.00 | 0.45 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.07 | 0.35 | (0.61) | (0.26) | (0.51) | (0.03) | 0.00 | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.35 | 0.24 | (0.25) | (0.01) | (0.27) | 0.00 | 0.00 | (0.27) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.42 | 0.42 | 0.03 | 0.45 | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.31 | 0.44 | 0.18 | 0.62 | (0.48) | 0.00 | (0.03) | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.27 | 0.44 | 0.00 | 0.44 | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.07 | 0.34 | (0.61) | (0.27) | (0.50) | (0.03) | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.35 | 0.22 | (0.24) | (0.02) | (0.26) | 0.00 | 0.00 | (0.26) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.42 | 0.42 | 0.03 | 0.45 | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.31 | 0.44 | 0.17 | 0.61 | (0.47) | 0.00 | (0.03) | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.27 | 0.43 | 0.01 | 0.44 | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.07 | 0.30 | (0.57) | (0.27) | (0.50) | (0.03) | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.35 | 0.19 | (0.21) | (0.02) | (0.26) | 0.00 | 0.00 | (0.26) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.42 | 0.40 | 0.03 | 0.43 | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.31 | 0.42 | 0.17 | 0.59 | (0.45) | 0.00 | (0.03) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.27 | 0.41 | 0.01 | 0.42 | (0.38) | 0.00 | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.07 | 0.31 | (0.61) | (0.30) | (0.47) | (0.03) | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.35 | 0.19 | (0.24) | (0.05) | (0.23) | 0.00 | 0.00 | (0.23) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.42 | 0.32 | 0.03 | 0.35 | (0.36) | 0.00 | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.31 | 0.34 | 0.18 | 0.52 | (0.38) | 0.00 | (0.03) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.27 | 0.34 | 0.01 | 0.35 | (0.31) | 0.00 | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.07 | 0.23 | (0.60) | (0.37) | (0.40) | (0.03) | 0.00 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.35 | 0.13 | (0.26) | (0.13) | (0.15) | 0.00 | 0.00 | (0.15) |
|  **PIMCO High Yield Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $7.98 | $0.48 | $0.04 | $0.52 | $(0.50) | $0.00 | $(0.01) | $(0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.97 | 0.49 | 0.02 | 0.51 | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.70 | 0.43 | 0.30 | 0.73 | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.51 | 0.39 | (0.63) | (0.24) | (0.42) | (0.15) | 0.00 | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.99 | 0.38 | (0.45) | (0.07) | (0.41) | 0.00 | 0.00 | (0.41) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 7.98 | 0.47 | 0.04 | 0.51 | (0.49) | 0.00 | (0.01) | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.97 | 0.48 | 0.02 | 0.50 | (0.49) | 0.00 | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.70 | 0.41 | 0.31 | 0.72 | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.51 | 0.38 | (0.63) | (0.25) | (0.41) | (0.15) | 0.00 | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.99 | 0.37 | (0.45) | (0.08) | (0.40) | 0.00 | 0.00 | (0.40) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 7.98 | 0.46 | 0.05 | 0.51 | (0.49) | 0.00 | (0.01) | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.97 | 0.48 | 0.02 | 0.50 | (0.49) | 0.00 | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.70 | 0.41 | 0.31 | 0.72 | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.51 | 0.38 | (0.63) | (0.25) | (0.41) | (0.15) | 0.00 | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.99 | 0.36 | (0.44) | (0.08) | (0.40) | 0.00 | 0.00 | (0.40) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 7.98 | 0.46 | 0.04 | 0.50 | (0.48) | 0.00 | (0.01) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.97 | 0.47 | 0.02 | 0.49 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.70 | 0.41 | 0.30 | 0.71 | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.51 | 0.37 | (0.63) | (0.26) | (0.40) | (0.15) | 0.00 | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.99 | 0.36 | (0.45) | (0.09) | (0.39) | 0.00 | 0.00 | (0.39) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 7.98 | 0.45 | 0.04 | 0.49 | (0.47) | 0.00 | (0.01) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.97 | 0.46 | 0.02 | 0.48 | (0.47) | 0.00 | 0.00 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.70 | 0.40 | 0.30 | 0.70 | (0.43) | 0.00 | 0.00 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.51 | 0.36 | (0.63) | (0.27) | (0.39) | (0.15) | 0.00 | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.99 | 0.35 | (0.45) | (0.10) | (0.38) | 0.00 | 0.00 | (0.38) |

---

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $9.41 | 4.99% | $332370 | 0.65% | 0.65% | 0.50% | 0.50% | 4.57% | 312% |
| 9.42 | 6.93 | 253619 | 1.21 | 1.21 | 0.50 | 0.50 | 4.85 | 243 |
| 9.31 | 5.05 | 210539 | 1.00 | 1.00 | 0.50 | 0.50 | 4.90 | 261 |
| 9.27 | (2.50) | 204462 | 0.55 | 0.55 | 0.51 | 0.51 | 3.70 | 320 |
| 10.07 | (0.09) | 155174 | 0.52 | 0.52 | 0.51 | 0.51 | 2.28 | 50 |
| 9.41 | 4.88 | 50035 | 0.75 | 0.75 | 0.60 | 0.60 | 4.46 | 312 |
| 9.42 | 6.82 | 29221 | 1.31 | 1.31 | 0.60 | 0.60 | 4.74 | 243 |
| 9.31 | 4.95 | 20454 | 1.10 | 1.10 | 0.60 | 0.60 | 4.79 | 261 |
| 9.27 | (2.59) | 16996 | 0.65 | 0.65 | 0.61 | 0.61 | 3.54 | 320 |
| 10.07 | (0.19) | 17691 | 0.62 | 0.62 | 0.61 | 0.61 | 2.14 | 50 |
| 9.41 | 4.83 | 11813 | 0.80 | 0.85 | 0.65 | 0.70 | 4.42 | 312 |
| 9.42 | 6.77 | 8841 | 1.36 | 1.41 | 0.65 | 0.70 | 4.69 | 243 |
| 9.31 | 4.89 | 4925 | 1.15 | 1.20 | 0.65 | 0.70 | 4.74 | 261 |
| 9.27 | (2.64) | 4255 | 0.70 | 0.75 | 0.66 | 0.71 | 3.11 | 320 |
| 10.07 | (0.24) | 23132 | 0.67 | 0.72 | 0.66 | 0.71 | 1.91 | 50 |
| 9.41 | 4.57 | 2680 | 1.05 | 1.05 | 0.90 | 0.90 | 4.17 | 312 |
| 9.42 | 6.50 | 2098 | 1.61 | 1.61 | 0.90 | 0.90 | 4.46 | 243 |
| 9.31 | 4.63 | 2240 | 1.40 | 1.40 | 0.90 | 0.90 | 4.52 | 261 |
| 9.27 | (2.88) | 2319 | 0.95 | 0.95 | 0.91 | 0.91 | 3.24 | 320 |
| 10.07 | (0.49) | 1809 | 0.92 | 0.92 | 0.91 | 0.91 | 1.87 | 50 |
| 9.41 | 3.79 | 357 | 1.80 | 1.80 | 1.65 | 1.65 | 3.41 | 312 |
| 9.42 | 5.72 | 278 | 2.36 | 2.36 | 1.65 | 1.65 | 3.69 | 243 |
| 9.31 | 3.86 | 193 | 2.20 <sup>(e)</sup> | 2.20 <sup>(e)</sup> | 1.65 <sup>(e)</sup> | 1.65 <sup>(e)</sup> | 3.76 | 261 |
| 9.27 | (3.62) | 96 | 1.70 | 1.70 | 1.66 | 1.66 | 2.44 | 320 |
| 10.07 | (1.24) | 108 | 1.67 | 1.67 | 1.66 | 1.66 | 1.21 | 50 |
| $7.99 | 6.62% | $6175436 | 0.58% | 0.60% | 0.53% | 0.55% | 5.92% | 79% |
| 7.98 | 6.54 | 7089588 | 0.61 | 0.62 | 0.54 | 0.55 | 6.10 | 58 |
| 7.97 | 9.79 | 7359710 | 0.60 | 0.60 | 0.55 | 0.55 | 5.54 | 43 |
| 7.70 | (2.66) | 6421111 | 0.57 | 0.57 | 0.55 | 0.55 | 4.98 | 25 |
| 8.51 | (0.91) | 8042209 | 0.56 | 0.56 | 0.55 | 0.55 | 4.23 | 26 |
| 7.99 | 6.51 | 289466 | 0.68 | 0.70 | 0.63 | 0.65 | 5.82 | 79 |
| 7.98 | 6.44 | 303734 | 0.71 | 0.72 | 0.64 | 0.65 | 6.00 | 58 |
| 7.97 | 9.68 | 327275 | 0.70 | 0.70 | 0.65 | 0.65 | 5.40 | 43 |
| 7.70 | (2.75) | 408267 | 0.67 | 0.67 | 0.65 | 0.65 | 4.88 | 25 |
| 8.51 | (1.01) | 499207 | 0.66 | 0.66 | 0.65 | 0.65 | 4.14 | 26 |
| 7.99 | 6.46 | 12818 | 0.73 | 0.80 | 0.68 | 0.75 | 5.72 | 79 |
| 7.98 | 6.39 | 14391 | 0.76 | 0.82 | 0.69 | 0.75 | 5.97 | 58 |
| 7.97 | 9.63 | 8560 | 0.75 | 0.80 | 0.70 | 0.75 | 5.33 | 43 |
| 7.70 | (2.80) | 9027 | 0.72 | 0.77 | 0.70 | 0.75 | 4.90 | 25 |
| 8.51 | (1.06) | 19694 | 0.71 | 0.76 | 0.70 | 0.75 | 4.02 | 26 |
| 7.99 | 6.36 | 258367 | 0.83 | 0.85 | 0.78 | 0.80 | 5.67 | 79 |
| 7.98 | 6.28 | 254696 | 0.86 | 0.87 | 0.79 | 0.80 | 5.84 | 58 |
| 7.97 | 9.52 | 288182 | 0.85 | 0.85 | 0.80 | 0.80 | 5.27 | 43 |
| 7.70 | (2.90) | 302888 | 0.82 | 0.82 | 0.80 | 0.80 | 4.74 | 25 |
| 8.51 | (1.15) | 354288 | 0.81 | 0.81 | 0.80 | 0.80 | 3.98 | 26 |
| 7.99 | 6.25 | 380275 | 0.93 | 0.95 | 0.88 | 0.90 | 5.57 | 79 |
| 7.98 | 6.17 | 412663 | 0.96 | 0.97 | 0.89 | 0.90 | 5.74 | 58 |
| 7.97 | 9.41 | 473170 | 0.95 | 0.95 | 0.90 | 0.90 | 5.17 | 43 |
| 7.70 | (3.00) | 511871 | 0.92 | 0.92 | 0.90 | 0.90 | 4.64 | 25 |
| 8.51 | (1.25) | 626661 | 0.91 | 0.91 | 0.90 | 0.90 | 3.89 | 26 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>9</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning 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 High Yield Fund (Cont.)** |  |  |  |  |  |  |  |  |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $7.98 | $0.39 | $0.04 | $0.43 | $(0.41) | $0.00 | $(0.01) | $(0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.97 | 0.40 | 0.02 | 0.42 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.70 | 0.34 | 0.30 | 0.64 | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.51 | 0.30 | (0.63) | (0.33) | (0.33) | (0.15) | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.99 | 0.28 | (0.45) | (0.17) | (0.31) | 0.00 | 0.00 | (0.31) |
| Class R |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 7.98 | 0.43 | 0.04 | 0.47 | (0.45) | 0.00 | (0.01) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 7.97 | 0.44 | 0.02 | 0.46 | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.70 | 0.38 | 0.30 | 0.68 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.51 | 0.34 | (0.63) | (0.29) | (0.37) | (0.15) | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.99 | 0.33 | (0.45) | (0.12) | (0.36) | 0.00 | 0.00 | (0.36) |
|  **PIMCO High Yield Spectrum Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $9.13 | $0.55 | $0.06 | $0.61 | $(0.60) | $0.00 | $0.00 | $(0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.03 | 0.54 | 0.16 | 0.70 | (0.60) | 0.00 | 0.00 | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.59 | 0.49 | 0.49 | 0.98 | (0.54) | 0.00 | 0.00 | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.49 | 0.43 | (0.67) | (0.24) | (0.66) | 0.00 | 0.00 | (0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.03 | 0.41 | (0.46) | (0.05) | (0.49) | 0.00 | 0.00 | (0.49) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.13 | 0.54 | 0.06 | 0.60 | (0.59) | 0.00 | 0.00 | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.03 | 0.52 | 0.17 | 0.69 | (0.59) | 0.00 | 0.00 | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.59 | 0.48 | 0.49 | 0.97 | (0.53) | 0.00 | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.49 | 0.43 | (0.68) | (0.25) | (0.65) | 0.00 | 0.00 | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.03 | 0.40 | (0.46) | (0.06) | (0.48) | 0.00 | 0.00 | (0.48) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.13 | 0.53 | 0.07 | 0.60 | (0.59) | 0.00 | 0.00 | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.03 | 0.52 | 0.16 | 0.68 | (0.58) | 0.00 | 0.00 | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.59 | 0.47 | 0.50 | 0.97 | (0.53) | 0.00 | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.49 | 0.41 | (0.66) | (0.25) | (0.65) | 0.00 | 0.00 | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.03 | 0.39 | (0.45) | (0.06) | (0.48) | 0.00 | 0.00 | (0.48) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.13 | 0.51 | 0.07 | 0.58 | (0.57) | 0.00 | 0.00 | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.03 | 0.51 | 0.15 | 0.66 | (0.56) | 0.00 | 0.00 | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.59 | 0.46 | 0.49 | 0.95 | (0.51) | 0.00 | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.49 | 0.40 | (0.67) | (0.27) | (0.63) | 0.00 | 0.00 | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.03 | 0.38 | (0.46) | (0.08) | (0.46) | 0.00 | 0.00 | (0.46) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.13 | 0.44 | 0.07 | 0.51 | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.03 | 0.44 | 0.16 | 0.60 | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.59 | 0.40 | 0.48 | 0.88 | (0.44) | 0.00 | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.49 | 0.34 | (0.67) | (0.33) | (0.57) | 0.00 | 0.00 | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 10.03 | 0.30 | (0.46) | (0.16) | (0.38) | 0.00 | 0.00 | (0.38) |
|  **PIMCO Long-Term Credit Bond Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $8.84 | $0.42 | $(0.08) | $0.34 | $(0.51) | $0.00 | $0.00 | $(0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.95 | 0.40 | (0.04) | 0.36 | (0.45) | 0.00 | (0.02) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.11 | 0.36 | (0.10) | 0.26 | (0.40) | 0.00 | (0.02) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.87 | 0.39 | (1.64) | (1.25) | (0.45) | (0.06) | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.28 | 0.48 | (0.98) | (0.50) | (0.57) | (0.34) | 0.00 | (0.91) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 8.84 | 0.41 | (0.08) | 0.33 | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.95 | 0.39 | (0.04) | 0.35 | (0.44) | 0.00 | (0.02) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 9.11 | 0.35 | (0.10) | 0.25 | (0.39) | 0.00 | (0.02) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.87 | 0.38 | (1.63) | (1.25) | (0.45) | (0.06) | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 12.28 | 0.47 | (0.98) | (0.51) | (0.56) | (0.34) | 0.00 | (0.90) |

---

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $7.99 | 5.46% | $12257 | 1.68% | 1.70% | 1.63% | 1.65% | 4.82% | 79% |
| 7.98 | 5.38 | 12931 | 1.71 | 1.72 | 1.64 | 1.65 | 4.99 | 58 |
| 7.97 | 8.60 | 14776 | 1.70 | 1.70 | 1.65 | 1.65 | 4.42 | 43 |
| 7.70 | (3.73) | 17186 | 1.67 | 1.67 | 1.65 | 1.65 | 3.87 | 25 |
| 8.51 | (1.99) | 25894 | 1.66 | 1.66 | 1.65 | 1.65 | 3.13 | 26 |
| 7.99 | 5.99 | 33851 | 1.18 | 1.20 | 1.13 | 1.15 | 5.32 | 79 |
| 7.98 | 5.91 | 38411 | 1.21 | 1.22 | 1.14 | 1.15 | 5.50 | 58 |
| 7.97 | 9.14 | 34687 | 1.20 | 1.20 | 1.15 | 1.15 | 4.93 | 43 |
| 7.70 | (3.24) | 32258 | 1.17 | 1.17 | 1.15 | 1.15 | 4.40 | 25 |
| 8.51 | (1.50) | 35351 | 1.16 | 1.16 | 1.15 | 1.15 | 3.64 | 26 |
| $9.14 | 6.79% | $333971 | 0.62% | 0.62% | 0.60% | 0.60% | 5.88% | 85% |
| 9.13 | 7.89 | 365260 | 0.69 | 0.69 | 0.61 | 0.61 | 5.89 | 60 |
| 9.03 | 11.80 | 153871 | 0.65 | 0.65 | 0.60 | 0.60 | 5.68 | 50 |
| 8.59 | (2.24) | 96560 | 0.62 | 0.62 | 0.60 | 0.60 | 4.94 | 51 |
| 9.49 | (0.59) | 135530 | 0.61 | 0.61 | 0.60 | 0.60 | 4.10 | 43 |
| 9.14 | 6.69 | 34768 | 0.72 | 0.72 | 0.70 | 0.70 | 5.77 | 85 |
| 9.13 | 7.78 | 32449 | 0.79 | 0.79 | 0.71 | 0.71 | 5.74 | 60 |
| 9.03 | 11.69 | 140892 | 0.75 | 0.75 | 0.70 | 0.70 | 5.56 | 50 |
| 8.59 | (2.33) | 122281 | 0.72 | 0.72 | 0.70 | 0.70 | 4.87 | 51 |
| 9.49 | (0.69) | 151560 | 0.71 | 0.71 | 0.70 | 0.70 | 4.04 | 43 |
| 9.14 | 6.62 | 1225 | 0.77 | 0.82 | 0.75 | 0.80 | 5.73 | 85 |
| 9.13 | 7.73 | 679 | 0.84 | 0.89 | 0.76 | 0.81 | 5.73 | 60 |
| 9.03 | 11.63 | 770 | 0.80 | 0.85 | 0.75 | 0.80 | 5.44 | 50 |
| 8.59 | (2.38) | 11785 | 0.77 | 0.82 | 0.75 | 0.80 | 4.71 | 51 |
| 9.49 | (0.74) | 2249 | 0.76 | 0.81 | 0.75 | 0.80 | 3.94 | 43 |
| 9.14 | 6.42 | 48326 | 0.97 | 0.97 | 0.95 | 0.95 | 5.53 | 85 |
| 9.13 | 7.52 | 45911 | 1.04 | 1.04 | 0.96 | 0.96 | 5.53 | 60 |
| 9.03 | 11.42 | 45235 | 1.00 | 1.00 | 0.95 | 0.95 | 5.31 | 50 |
| 8.59 | (2.58) | 40642 | 0.97 | 0.97 | 0.95 | 0.95 | 4.63 | 51 |
| 9.49 | (0.93) | 48680 | 0.96 | 0.96 | 0.95 | 0.95 | 3.80 | 43 |
| 9.14 | 5.63 | 4436 | 1.72 | 1.72 | 1.70 | 1.70 | 4.78 | 85 |
| 9.13 | 6.72 | 4776 | 1.79 | 1.79 | 1.71 | 1.71 | 4.78 | 60 |
| 9.03 | 10.59 | 4703 | 1.75 | 1.75 | 1.70 | 1.70 | 4.57 | 50 |
| 8.59 | (3.31) | 4222 | 1.72 | 1.72 | 1.70 | 1.70 | 3.87 | 51 |
| 9.49 | (1.67) | 5249 | 1.71 | 1.71 | 1.70 | 1.70 | 3.06 | 43 |
| $8.67 | 3.87% | $3259546 | 0.68% | 0.68% | 0.55% | 0.55% | 4.70% | 153% |
| 8.84 | 4.13 | 3089982 | 1.24 | 1.24 | 0.55 | 0.55 | 4.49 | 222 |
| 8.95 | 3.04 | 3120547 | 1.51 | 1.51 | 0.55 | 0.55 | 4.12 | 140 |
| 9.11 | (11.30) | 2916169 | 0.99 | 0.99 | 0.55 | 0.55 | 4.27 | 85 |
| 10.87 | (4.81) | 3512411 | 0.57 | 0.57 | 0.55 | 0.55 | 3.86 | 59 |
| 8.67 | 3.76 | 174041 | 0.78 | 0.78 | 0.65 | 0.65 | 4.61 | 153 |
| 8.84 | 4.03 | 185957 | 1.34 | 1.34 | 0.65 | 0.65 | 4.38 | 222 |
| 8.95 | 2.94 | 199970 | 1.61 | 1.61 | 0.65 | 0.65 | 4.05 | 140 |
| 9.11 | (11.39) | 104751 | 1.09 | 1.09 | 0.65 | 0.65 | 4.16 | 85 |
| 10.87 | (4.90) | 110710 | 0.67 | 0.67 | 0.65 | 0.65 | 3.76 | 59 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>11</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Low Duration Credit Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $9.01 | $0.58 | $(0.04) | $0.54 | $(0.63) | $0.00 | $0.00 | $(0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.02 | 0.67 | (0.02) | 0.65 | (0.66) | 0.00 | 0.00 | (0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.74 | 0.64 | 0.27 | 0.91 | (0.63) | 0.00 | 0.00 | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.09 | 0.44 | (0.29) | 0.15 | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.31 | 0.34 | (0.18) | 0.16 | (0.34) | (0.04) | 0.00 | (0.38) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.01 | 0.56 | (0.03) | 0.53 | (0.62) | 0.00 | 0.00 | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.02 | 0.66 | (0.02) | 0.64 | (0.65) | 0.00 | 0.00 | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.74 | 0.63 | 0.27 | 0.90 | (0.62) | 0.00 | 0.00 | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.09 | 0.46 | (0.32) | 0.14 | (0.49) | 0.00 | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.31 | 0.33 | (0.18) | 0.15 | (0.33) | (0.04) | 0.00 | (0.37) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.01 | 0.55 | (0.03) | 0.52 | (0.61) | 0.00 | 0.00 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.02 | 0.64 | (0.02) | 0.62 | (0.63) | 0.00 | 0.00 | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.74 | 0.61 | 0.27 | 0.88 | (0.60) | 0.00 | 0.00 | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.09 | 0.46 | (0.33) | 0.13 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.31 | 0.31 | (0.18) | 0.13 | (0.31) | (0.04) | 0.00 | (0.35) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.01 | 0.48 | (0.03) | 0.45 | (0.54) | 0.00 | 0.00 | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.02 | 0.58 | (0.03) | 0.55 | (0.56) | 0.00 | 0.00 | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.74 | 0.54 | 0.28 | 0.82 | (0.54) | 0.00 | 0.00 | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 9.09 | 0.40 | (0.34) | 0.06 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 9.31 | 0.24 | (0.18) | 0.06 | (0.24) | (0.04) | 0.00 | (0.28) |
|  **PIMCO Low Duration Income Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $8.13 | $0.38 | $0.16 | $0.54 | $(0.47) | $0.00 | $0.00 | $(0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.01 | 0.43 | 0.18 | 0.61 | (0.49) | 0.00 | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.78 | 0.37 | 0.25 | 0.62 | (0.37) | 0.00 | (0.02) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.29 | 0.29 | (0.27) | 0.02 | (0.53) | 0.00 | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.67 | 0.23 | (0.35) | (0.12) | (0.26) | 0.00 | 0.00 | (0.26) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 8.13 | 0.37 | 0.16 | 0.53 | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.01 | 0.42 | 0.18 | 0.60 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.78 | 0.36 | 0.25 | 0.61 | (0.36) | 0.00 | (0.02) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.29 | 0.28 | (0.27) | 0.01 | (0.52) | 0.00 | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.67 | 0.22 | (0.34) | (0.12) | (0.26) | 0.00 | 0.00 | (0.26) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 8.13 | 0.37 | 0.15 | 0.52 | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.01 | 0.42 | 0.18 | 0.60 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.78 | 0.36 | 0.25 | 0.61 | (0.36) | 0.00 | (0.02) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.29 | 0.27 | (0.26) | 0.01 | (0.52) | 0.00 | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.67 | 0.21 | (0.34) | (0.13) | (0.25) | 0.00 | 0.00 | (0.25) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 8.13 | 0.35 | 0.15 | 0.50 | (0.43) | 0.00 | 0.00 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.01 | 0.39 | 0.19 | 0.58 | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.78 | 0.34 | 0.25 | 0.59 | (0.34) | 0.00 | (0.02) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.29 | 0.26 | (0.27) | (0.01) | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.67 | 0.19 | (0.34) | (0.15) | (0.23) | 0.00 | 0.00 | (0.23) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 8.13 | 0.32 | 0.16 | 0.48 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.01 | 0.37 | 0.18 | 0.55 | (0.43) | 0.00 | 0.00 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.78 | 0.32 | 0.25 | 0.57 | (0.32) | 0.00 | (0.02) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.29 | 0.23 | (0.27) | (0.04) | (0.47) | 0.00 | 0.00 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.67 | 0.17 | (0.35) | (0.18) | (0.20) | 0.00 | 0.00 | (0.20) |
| Class C-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 8.13 | 0.31 | 0.15 | 0.46 | (0.39) | 0.00 | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.01 | 0.35 | 0.19 | 0.54 | (0.42) | 0.00 | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 7.78 | 0.30 | 0.25 | 0.55 | (0.30) | 0.00 | (0.02) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 8.29 | 0.22 | (0.27) | (0.05) | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 8.67 | 0.15 | (0.34) | (0.19) | (0.19) | 0.00 | 0.00 | (0.19) |

---

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $8.92 | 6.14% | $79602 | 0.78% | 0.78% | 0.73% | 0.73% | 6.37% | 69% |
| 9.01 | 7.40 | 98727 | 0.78 | 0.78 | 0.71 | 0.71 | 7.39 | 66 |
| 9.02 | 10.82 | 97677 | 0.75 | 0.75 | 0.70 | 0.70 | 7.29 | 91 |
| 8.74 | 1.84 | 97086 | 0.73 | 0.73 | 0.70 | 0.70 | 5.04 | 32 |
| 9.09 | 1.74 | 348698 | 0.73 | 0.73 | 0.70 | 0.70 | 3.63 | 134 |
| 8.92 | 6.03 | 7931 | 0.88 | 0.88 | 0.83 | 0.83 | 6.23 | 69 |
| 9.01 | 7.29 | 7492 | 0.88 | 0.88 | 0.81 | 0.81 | 7.28 | 66 |
| 9.02 | 10.71 | 6546 | 0.85 | 0.85 | 0.80 | 0.80 | 7.16 | 91 |
| 8.74 | 1.74 | 8418 | 0.83 | 0.83 | 0.80 | 0.80 | 5.21 | 32 |
| 9.09 | 1.64 | 12997 | 0.83 | 0.83 | 0.80 | 0.80 | 3.52 | 134 |
| 8.92 | 5.82 | 40677 | 1.08 | 1.08 | 1.03 | 1.03 | 6.04 | 69 |
| 9.01 | 7.08 | 39939 | 1.08 | 1.08 | 1.01 | 1.01 | 7.10 | 66 |
| 9.02 | 10.49 | 41115 | 1.05 | 1.05 | 1.00 | 1.00 | 6.98 | 91 |
| 8.74 | 1.53 | 51962 | 1.03 | 1.03 | 1.00 | 1.00 | 5.21 | 32 |
| 9.09 | 1.43 | 64194 | 1.03 | 1.03 | 1.00 | 1.00 | 3.32 | 134 |
| 8.92 | 5.04 | 3314 | 1.83 | 1.83 | 1.78 | 1.78 | 5.31 | 69 |
| 9.01 | 6.28 | 4089 | 1.83 | 1.83 | 1.76 | 1.76 | 6.36 | 66 |
| 9.02 | 9.70 | 4862 | 1.80 | 1.80 | 1.75 | 1.75 | 6.23 | 91 |
| 8.74 | 0.77 | 6278 | 1.78 | 1.78 | 1.75 | 1.75 | 4.51 | 32 |
| 9.09 | 0.68 | 6818 | 1.78 | 1.78 | 1.75 | 1.75 | 2.57 | 134 |
| $8.20 | 6.73% | $6863710 | 0.52% | 0.52% | 0.50% | 0.50% | 4.63% | 768% |
| 8.13 | 7.85 | 4459461 | 0.53 | 0.53 | 0.50 | 0.50 | 5.30 | 719 |
| 8.01 | 8.19 | 3414615 | 0.81 | 0.81 | 0.50 | 0.50 | 4.78 | 588 |
| 7.78 | 0.31 | 2805010 | 0.59 | 0.59 | 0.50 | 0.50 | 3.61 | 447 |
| 8.29 | (1.41) | 3636332 | 0.50 | 0.50 | 0.50 | 0.50 | 2.63 | 581 |
| 8.20 | 6.62 | 6810969 | 0.62 | 0.62 | 0.60 | 0.60 | 4.55 | 768 |
| 8.13 | 7.75 | 4219118 | 0.63 | 0.63 | 0.60 | 0.60 | 5.23 | 719 |
| 8.01 | 8.08 | 4414452 | 0.91 | 0.91 | 0.60 | 0.60 | 4.67 | 588 |
| 7.78 | 0.21 | 4565042 | 0.69 | 0.69 | 0.60 | 0.60 | 3.52 | 447 |
| 8.29 | (1.51) | 5060851 | 0.60 | 0.60 | 0.60 | 0.60 | 2.55 | 581 |
| 8.20 | 6.57 | 371499 | 0.67 | 0.72 | 0.65 | 0.70 | 4.46 | 768 |
| 8.13 | 7.69 | 143388 | 0.68 | 0.73 | 0.65 | 0.70 | 5.14 | 719 |
| 8.01 | 8.05 | 98762 | 0.96 | 1.01 | 0.65 | 0.70 | 4.61 | 588 |
| 7.78 | 0.17 | 97886 | 0.74 | 0.79 | 0.65 | 0.70 | 3.43 | 447 |
| 8.29 | (1.56) | 133106 | 0.65 | 0.70 | 0.65 | 0.70 | 2.49 | 581 |
| 8.20 | 6.30 | 4053475 | 0.92 | 0.92 | 0.90 | 0.90 | 4.23 | 768 |
| 8.13 | 7.42 | 2340549 | 0.93 | 0.93 | 0.90 | 0.90 | 4.89 | 719 |
| 8.01 | 7.76 | 1684002 | 1.21 | 1.21 | 0.90 | 0.90 | 4.37 | 588 |
| 7.78 | (0.09) | 1575385 | 0.99 | 0.99 | 0.90 | 0.90 | 3.19 | 447 |
| 8.29 | (1.80) | 2061864 | 0.90 | 0.90 | 0.90 | 0.90 | 2.23 | 581 |
| 8.20 | 5.99 | 312814 | 1.22 | 1.22 | 1.20 | 1.20 | 3.94 | 768 |
| 8.13 | 7.10 | 218188 | 1.23 | 1.23 | 1.20 | 1.20 | 4.60 | 719 |
| 8.01 | 7.44 | 183766 | 1.51 | 1.51 | 1.20 | 1.20 | 4.07 | 588 |
| 7.78 | (0.39) | 184647 | 1.29 | 1.29 | 1.20 | 1.20 | 2.91 | 447 |
| 8.29 | (2.10) | 224472 | 1.20 | 1.20 | 1.20 | 1.20 | 1.93 | 581 |
| 8.20 | 5.78 | 22644 | 1.42 | 1.42 | 1.40 | 1.40 | 3.74 | 768 |
| 8.13 | 6.89 | 14678 | 1.43 | 1.43 | 1.40 | 1.40 | 4.38 | 719 |
| 8.01 | 7.23 | 9273 | 1.71 | 1.71 | 1.40 | 1.40 | 3.88 | 588 |
| 7.78 | (0.59) | 7983 | 1.49 | 1.49 | 1.40 | 1.40 | 2.71 | 447 |
| 8.29 | (2.29) | 9357 | 1.40 | 1.40 | 1.40 | 1.40 | 1.77 | 581 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026<sub>13</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^: | **Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO Preferred and Capital Securities Fund (Consolidated)** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | $9.31 | $0.52 | $0.23 | $0.75 | $(0.50) | $0.00 | $0.00 | $(0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.07 | 0.51 | 0.22 | 0.73 | (0.49) | 0.00 | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.26 | 0.46 | 0.80 | 1.26 | (0.34) | 0.00 | (0.11) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.24 | 0.43 | (1.63) | (1.20) | (0.69) | (0.09) | 0.00 | (0.78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.10 | 0.38 | (0.62) | (0.24) | (0.41) | (0.21) | 0.00 | (0.62) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.28 | 0.51 | 0.22 | 0.73 | (0.49) | 0.00 | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.05 | 0.50 | 0.22 | 0.72 | (0.49) | 0.00 | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.24 | 0.45 | 0.80 | 1.25 | (0.33) | 0.00 | (0.11) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.21 | 0.41 | (1.61) | (1.20) | (0.68) | (0.09) | 0.00 | (0.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.08 | 0.36 | (0.62) | (0.26) | (0.40) | (0.21) | 0.00 | (0.61) |
| I-3 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.26 | 0.50 | 0.21 | 0.71 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.02 | 0.50 | 0.22 | 0.72 | (0.48) | 0.00 | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.22 | 0.45 | 0.79 | 1.24 | (0.33) | 0.00 | (0.11) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.19 | 0.41 | (1.61) | (1.20) | (0.68) | (0.09) | 0.00 | (0.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.06 | 0.35 | (0.61) | (0.26) | (0.40) | (0.21) | 0.00 | (0.61) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.25 | 0.48 | 0.22 | 0.70 | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 9.02 | 0.48 | 0.21 | 0.69 | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.22 | 0.43 | 0.79 | 1.22 | (0.31) | 0.00 | (0.11) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.18 | 0.39 | (1.60) | (1.21) | (0.66) | (0.09) | 0.00 | (0.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.05 | 0.33 | (0.61) | (0.28) | (0.38) | (0.21) | 0.00 | (0.59) |
| Class C |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | 9.20 | 0.41 | 0.22 | 0.63 | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2025 | 8.98 | 0.41 | 0.21 | 0.62 | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2024 | 8.18 | 0.36 | 0.80 | 1.16 | (0.25) | 0.00 | (0.11) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2023 | 10.15 | 0.32 | (1.61) | (1.29) | (0.59) | (0.09) | 0.00 | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 03/31/2022 | 11.03 | 0.25 | (0.62) | (0.37) | (0.30) | (0.21) | 0.00 | (0.51) |

---

---

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

---

<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Funds' prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Funds. 

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

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(d)</sup> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Funds' prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Funds. Additionally, excludes applicable initial sales charges and contingent deferred sales charges. 

<sup>(e)</sup> Expense ratio as presented is calculated based on average net assets for the period presented. Due to significant fluctuations in total net assets during the period, the expense ratio to average net assets differs from the total operating expense ratio in effect for each class. See Note 9, Fees and Expenses in the Notes to Financial Statements for additional information on how the Fund's expenses are calculated. 

<sup>(f)</sup> Effective January 2, 2024, the Fund's Investment advisory fees was decreased by 0.30% to an annual rate of 0.30%. 

<sup>(g)</sup> Ratios shown do not include expenses of the investment companies in which a Fund may invest. See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information regarding the expenses and any applicable fee waivers associated with these investments.

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | **Ratios to Average Net Assets<sup>(g)</sup>** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>or Period<br>(000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |  |  |  |  |  |  |
| $9.56 | 8.11% | $390204 | 0.96% | 1.08% | 0.79% | 0.91% | 5.39% | 32% |
| 9.31 | 8.25 | 439361 | 1.02 | 1.14 | 0.78 | 0.90 | 5.54 | 66 |
| 9.07 | 15.58 | 567307 | 1.13 | 1.22 | 0.79 | 0.88 | 5.43 | 49 |
| 8.26 | (12.22) | 691702 | 1.02 | 1.11 | 0.79 | 0.88 | 4.55 | 19 |
| 10.24 | (2.40) | 1500453 | 0.79 | 0.88 | 0.79 | 0.88 | 3.38 | 22 |
| 9.52 | 7.94 | 191801 | 1.06 | 1.18 | 0.89 | 1.01 | 5.30 | 32 |
| 9.28 | 8.07 | 180150 | 1.12 | 1.24 | 0.88 | 1.00 | 5.44 | 66 |
| 9.05 | 15.50 | 141163 | 1.23 | 1.32 | 0.89 | 0.98 | 5.33 | 49 |
| 8.24 | (12.25) | 171685 | 1.12 | 1.21 | 0.89 | 0.98 | 4.43 | 19 |
| 10.21 | (2.58) | 397056 | 0.89 | 0.98 | 0.89 | 0.98 | 3.28 | 22 |
| 9.49 | 7.78 | 37786 | 1.11 | 1.28 | 0.94 | 1.11 | 5.25 | 32 |
| 9.26 | 8.18 | 37337 | 1.17 | 1.34 | 0.93 | 1.10 | 5.39 | 66 |
| 9.02 | 15.39 | 37009 | 1.28 | 1.42 | 0.94 | 1.08 | 5.29 | 49 |
| 8.22 | (12.27) | 35392 | 1.17 | 1.31 | 0.94 | 1.08 | 4.44 | 19 |
| 10.19 | (2.65) | 42097 | 0.94 | 1.08 | 0.94 | 1.08 | 3.20 | 22 |
| 9.49 | 7.71 | 94541 | 1.31 | 1.43 | 1.14 | 1.26 | 5.05 | 32 |
| 9.25 | 7.81 | 97227 | 1.37 | 1.49 | 1.13 | 1.25 | 5.20 | 66 |
| 9.02 | 15.16 | 128324 | 1.48 | 1.57 | 1.14 | 1.23 | 5.08 | 49 |
| 8.22 | (12.40) | 148669 | 1.37 | 1.46 | 1.14 | 1.23 | 4.19 | 19 |
| 10.18 | (2.82) | 306012 | 1.14 | 1.23 | 1.14 | 1.23 | 3.01 | 22 |
| 9.43 | 6.86 | 13350 | 2.06 | 2.18 | 1.89 | 2.01 | 4.30 | 32 |
| 9.20 | 7.02 | 14620 | 2.12 | 2.24 | 1.88 | 2.00 | 4.45 | 66 |
| 8.98 | 14.42 | 14244 | 2.23 | 2.32 | 1.89 | 1.98 | 4.34 | 49 |
| 8.18 | (13.13) | 15784 | 2.12 | 2.21 | 1.89 | 1.98 | 3.47 | 19 |
| 10.15 | (3.56) | 22897 | 1.89 | 1.98 | 1.89 | 1.98 | 2.27 | 22 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **15** |

---

------

Statements of Assets and Liabilities

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO<br>Credit<br>Opportunities<br>Bond Fund** | **PIMCO<br>Diversified<br>Income Fund** | **PIMCO<br>ESG Income<br>Fund** | **PIMCO<br>High Yield<br>Fund** | **PIMCO<br>High Yield<br>Spectrum<br>Fund** | **PIMCO<br>Long-Term<br>Credit Bond<br>Fund** | **PIMCO<br>Low Duration<br>Credit Fund** | **PIMCO<br>Low Duration<br>Income Fund** |
|  **Assets:** |  |  |  |  |  |  |  |  |
|  *Investments, at value* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $583126 | $3131260 | $506078 | $6926495 | $400240 | $3988499 | $119060 | $25222503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 82733 | 193465 | 0 | 512530 | 1507 | 20304 | 12522 | 3761093 |
|  *Financial Derivative Instruments* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 3062 | 5743 | 835 | 7776 | 463 | 11722 | 143 | 30151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 10110 | 18770 | 2144 | 766 | 1438 | 19004 | 3 | 112554 |
|  Cash | 4 | 0 | 630 | 0 | 0 | 0 | 515 | 172 |
|  Deposits with counterparty | 8418 | 16133 | 8019 | 8325 | 7138 | 17575 | 1882 | 27512 |
|  Foreign currency, at value | 2889 | 6537 | 724 | 1110 | 517 | 22123 | 11 | 48246 |
|  Receivable for investments sold | 1820 | 9353 | 485 | 28242 | 14543 | 67905 | 1894 | 21990 |
|  Receivable for investments in Affiliates sold | 0 | 0 | 0 | 0 | 0 | 0 | 100 | 0 |
|  Receivable for investments sold on a delayed-delivery basis | 79 | 1129 | 1 | 4248 | 658 | 301 | 85 | 1105 |
|  Receivable for TBA investments sold | 311079 | 893751 | 205855 | 0 | 0 | 459622 | 0 | 21217497 |
|  Receivable for Fund shares sold | 211 | 2028 | 1364 | 3367 | 153 | 2133 | 23 | 36755 |
|  Interest and/or dividends receivable | 5679 | 32211 | 2666 | 101106 | 6052 | 45594 | 1118 | 76442 |
|  Dividends receivable from Affiliates | 225 | 433 | 0 | 947 | 16 | 36 | 38 | 11791 |
|  Reimbursement receivable from PIMCO | 0 | 1 | 0 | 73 | 0 | 0 | 0 | 15 |
|  Other assets | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 137 |
|  **Total Assets** | 1009435 | 4310815 | 728801 | 7594985 | 432725 | 4654818 | 137394 | 50567963 |
|  **Liabilities:** |  |  |  |  |  |  |  |  |
|  *Borrowings & Other Financing Transactions* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $687 | $7589 | $796 | $98932 | $545 | $334825 | $0 | $55282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback transactions | 0 | 0 | 0 | 0 | 2166 | 5455 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 7904 | 0 | 7656 | 0 | 0 | 0 | 0 | 349928 |
|  *Financial Derivative Instruments* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 1258 | 1122 | 325 | 594 | 63 | 1454 | 10 | 17729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 3524 | 4792 | 642 | 368 | 225 | 5913 | 0 | 86577 |
|  Payable for investments purchased | 9902 | 52245 | 33956 | 133129 | 2963 | 22954 | 4909 | 460839 |
|  Payable for investments in Affiliates purchased | 834 | 455 | 0 | 154171 | 1416 | 36 | 40 | 12193 |
|  Payable for investments purchased on a delayed-delivery basis | 109 | 206 | 160 | 0 | 115 | 134 | 0 | 158425 |
|  Payable for TBA investments purchased | 470082 | 1272652 | 285160 | 0 | 0 | 831896 | 0 | 30829895 |
|  Payable for unfunded loan commitments | 0 | 6495 | 0 | 21846 | 198 | 322 | 391 | 51529 |
|  Deposits from counterparty | 7684 | 16861 | 1624 | 591 | 872 | 13695 | 293 | 58551 |
|  Payable for Fund shares redeemed | 515 | 2068 | 1047 | 15920 | 848 | 2509 | 135 | 36150 |
|  Distributions payable | 0 | 800 | 11 | 1544 | 303 | 377 | 2 | 4721 |
|  Overdraft due to custodian | 0 | 0 | 0 | 1777 | 0 | 0 | 0 | 0 |
|  Accrued investment advisory fees | 127 | 1096 | 81 | 1493 | 129 | 865 | 42 | 4539 |
|  Accrued supervisory and administrative fees | 148 | 769 | 87 | 1860 | 136 | 736 | 34 | 4178 |
|  Accrued distribution fees | 2 | 15 | 0 | 68 | 3 | 0 | 2 | 86 |
|  Accrued servicing fees | 7 | 36 | 1 | 88 | 11 | 0 | 8 | 892 |
|  Foreign capital gains tax payable | 23 | 61 | 0 | 0 | 0 | 58 | 0 | 1333 |
|  Other liabilities | 0 | 2 | 0 | 134 | 6 | 2 | 4 | 5 |
|  **Total Liabilities** | 502806 | 1367264 | 331546 | 432515 | 9999 | 1221231 | 5870 | 32132852 |
|  **Commitments and Contingent Liabilities^** |  |  |  |  |  |  |  |  |
|  **Net Assets** | $506629 | $2943551 | $397255 | $7162470 | $422726 | $3433587 | $131524 | $18435111 |
|  **Net Assets Consist of:** |  |  |  |  |  |  |  |  |
|  Paid in capital | $574563 | $3558545 | $414984 | $7928969 | $506987 | $4422029 | $221609 | $19266225 |
|  Distributable earnings (accumulated loss) | (67934) | (614994) | (17729) | (766499) | (84261) | (988442) | (90085) | (831114) |
|  **Net Assets** | $506629 | $2943551 | $397255 | $7162470 | $422726 | $3433587 | $131524 | $18435111 |
|  Cost of investments in securities | $594406 | $3237338 | $513676 | $6989035 | $407613 | $4379262 | $119913 | $25526890 |
|  Cost of investments in Affiliates | $82744 | $193115 | $0 | $513853 | $1507 | $20303 | $12522 | $3760358 |
|  Cost of foreign currency held | $2889 | $6497 | $728 | $1124 | $521 | $22022 | $12 | $47973 |
|  Proceeds received on short sales | $7834 | $0 | $7681 | $0 | $0 | $0 | $0 | $348890 |
|  Cost or premiums of financial derivative instruments, net | $9592 | $29182 | $2714 | $31615 | $4079 | $91179 | $1086 | $58674 |
|  \* Includes repurchase agreements of: | $11409 | $0 | $68400 | $289700 | $0 | $17647 | $0 | $1545200 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **Credit<br>Opportunities<br>Bond Fund** | **PIMCO<br>Diversified<br>Income Fund** | **PIMCO<br>ESG Income<br>Fund** | **PIMCO<br>High Yield<br>Fund** | **PIMCO<br>High Yield<br>Spectrum<br>Fund** | **PIMCO<br>Long-Term<br>Credit Bond<br>Fund** | **PIMCO<br>Low Duration<br>Credit Fund** | **PIMCO<br>Low Duration<br>Income Fund** |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
|  Institutional Class | $264922 | $2573969 | $332370 | $6175436 | $333971 | $3259546 | $79602 | $6863710 |
|  I-2 | 207538 | 157665 | 50035 | 289466 | 34768 | 174041 | 7931 | 6810969 |
|  I-3 | N/A | 18806 | 11813 | 12818 | 1225 | N/A | N/A | 371499 |
|  Administrative Class | N/A | 17017 | N/A | 258367 | N/A | N/A | N/A | N/A |
|  Class A | 30516 | 158110 | 2680 | 380275 | 48326 | N/A | 40677 | 4053475 |
|  Class C | 3653 | 17984 | 357 | 12257 | 4436 | N/A | 3314 | 312814 |
|  Advisor Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 22644 |
|  Class R | N/A | N/A | N/A | 33851 | N/A | N/A | N/A | N/A |
|  **Shares Issued and Outstanding:** |  |  |  |  |  |  |  |  |
|  Institutional Class | 27700 | 261323 | 35308 | 773315 | 36521 | 375743 | 8926 | 836660 |
|  I-2 | 21852 | 16007 | 5315 | 36248 | 3803 | 20063 | 889 | 830226 |
|  I-3 | N/A | 1909 | 1255 | 1605 | 134 | N/A | N/A | 45284 |
|  Administrative Class | N/A | 1728 | N/A | 32354 | N/A | N/A | N/A | N/A |
|  Class A | 3193 | 16052 | 285 | 47620 | 5286 | N/A | 4562 | 494094 |
|  Class C | 390 | 1826 | 38 | 1535 | 485 | N/A | 372 | 38130 |
|  Advisor Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2760 |
|  Class R | N/A | N/A | N/A | 4239 | N/A | N/A | N/A | N/A |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |  |  |  |  |  |  |  |
|  Institutional Class | $9.56 | $9.85 | $9.41 | $7.99 | $9.14 | $8.67 | $8.92 | $8.20 |
|  I-2 | 9.50 | 9.85 | 9.41 | 7.99 | 9.14 | 8.67 | 8.92 | 8.20 |
|  I-3 | N/A | 9.85 | 9.41 | 7.99 | 9.14 | N/A | N/A | 8.20 |
|  Administrative Class | N/A | 9.85 | N/A | 7.99 | N/A | N/A | N/A | N/A |
|  Class A | 9.56 | 9.85 | 9.41 | 7.99 | 9.14 | N/A | 8.92 | 8.20 |
|  Class C | 9.36 | 9.85 | 9.41 | 7.99 | 9.14 | N/A | 8.92 | 8.20 |
|  Advisor Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 8.20 |
|  Class R | N/A | N/A | N/A | 7.99 | N/A | N/A | N/A | N/A |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **17** |

---

------

Consolidated Statement of Assets and Liabilities

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO<br>Preferred and<br>Capital<br>Securities<br>Fund** |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | $706934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 39945 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 6639 |
|  Cash | 1453 |
|  Deposits with counterparty | 8450 |
|  Foreign currency, at value | 2261 |
|  Receivable for investments sold | 8439 |
|  Receivable for Fund shares sold | 2872 |
|  Interest and/or dividends receivable | 9116 |
|  Dividends receivable from Affiliates | 134 |
|  Reimbursement receivable from PIMCO | 77 |
|  **Total Assets** | 787096 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $41831 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1782 |
|  Payable for investments purchased | 7783 |
|  Payable for investments in Affiliates purchased | 138 |
|  Deposits from counterparty | 6220 |
|  Payable for Fund shares redeemed | 522 |
|  Accrued investment advisory fees | 332 |
|  Accrued supervisory and administrative fees | 274 |
|  Accrued distribution fees | 8 |
|  Accrued servicing fees | 23 |
|  Other liabilities | 4 |
|  **Total Liabilities** | 59414 |
|  **Commitments and Contingent Liabilities^** |  |
|  **Net Assets** | $727682 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $1018577 |
|  Distributable earnings (accumulated loss) | (290895) |
|  **Net Assets** | $727682 |
|  Cost of investments in securities | $714373 |
|  Cost of investments in Affiliates | $39918 |
|  Cost of foreign currency held | $2265 |
|  Cost or premiums of financial derivative instruments, net | $220 |

---

---

| | |
|:---|:---|
| <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.

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | |
|:---|:---|
|  | **PIMCO<br>Preferred and<br>Capital<br>Securities<br>Fund** |
|  **Net Assets:** |  |
|  Institutional Class | $390204 |
|  I-2 | 191801 |
|  I-3 | 37786 |
|  Class A | 94541 |
|  Class C | 13350 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 40832 |
|  I-2 | 20145 |
|  I-3 | 3980 |
|  Class A | 9965 |
|  Class C | 1416 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $9.56 |
|  I-2 | 9.52 |
|  I-3 | 9.49 |
|  Class A | 9.49 |
|  Class C | 9.43 |

---

<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 | **19** |

---

------

Statements of Operations

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Year Ended March 31, 2026 | Year Ended March 31, 2026 | Year Ended March 31, 2026 | Year Ended March 31, 2026 | Year Ended March 31, 2026 | Year Ended March 31, 2026 | Year Ended March 31, 2026 | Year Ended March 31, 2026 | Year Ended March 31, 2026 |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>Credit<br>Opportunities<br>Bond Fund** | **PIMCO<br>Diversified<br>Income Fund** | **PIMCO**<br> **ESG Income<br>Fund** | **PIMCO**<br> **High Yield<br>Fund** | **PIMCO**<br> **High Yield<br>Spectrum<br>Fund** | **PIMCO**<br> **Long-Term<br>Credit Bond<br>Fund** | **PIMCO**<br> **Low<br>Duration<br>Credit Fund** | **PIMCO**<br> **Low<br>Duration<br>Income Fund** |
|  **Investment Income:** |  |  |  |  |  |  |  |  |
|  Interest, net of foreign taxes\* | $25412 | $171035 | $18116 | $473733 | $31433 | $178180 | $9683 | $673777 |
|  Dividends, net of foreign taxes\*\* | 61 | 151 | 63 | 218 | 43 | 1285 | 28 | 738 |
|  Dividends from Investments in Affiliates | 1567 | 9537 | 0 | 28506 | 293 | 1578 | 458 | 107757 |
|  Miscellaneous income | 80 | 1008 | 0 | 1317 | 125 | 171 | 37 | 2285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 27120 | 181731 | 18179 | 503774 | 31894 | 181214 | 10206 | 784557 |
|  **Expenses:** |  |  |  |  |  |  |  |  |
|  Investment advisory fees | 1453 | 13575 | 870 | 19381 | 1473 | 10090 | 572 | 45485 |
|  Supervisory and administrative fees | 1689 | 9503 | 937 | 24133 | 1563 | 8578 | 458 | 41879 |
|  Distribution and/or servicing fees - Administrative Class | N/A | 43 | N/A | 653 | N/A | N/A | N/A | N/A |
|  Distribution and/or servicing fees - Class A | 77 | 401 | 6 | 1004 | 121 | N/A | 99 | 7688 |
|  Distribution and/or servicing fees - Class C | 36 | 204 | 3 | 125 | 46 | N/A | 37 | 1423 |
|  Distribution and/or servicing fees - C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 136 |
|  Distribution and/or servicing fees - Class R | N/A | N/A | N/A | 177 | N/A | N/A | N/A | N/A |
|  Trustee fees | 3 | 19 | 2 | 51 | 3 | 21 | 1 | 86 |
|  Interest expense | 219 | 1665 | 534 | 3531 | 86 | 4464 | 75 | 3354 |
|  Miscellaneous expense | 3 | 32 | 0 | 3 | 3 | 23 | 36 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 3480 | 25442 | 2352 | 49058 | 3295 | 23176 | 1278 | 100132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (14) | (9) | (5) | (1187) | (1) | 0 | 0 | (119) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 3466 | 25433 | 2347 | 47871 | 3294 | 23176 | 1278 | 100013 |
|  **Net Investment Income (Loss)** | 23654 | 156298 | 15832 | 455903 | 28600 | 158038 | 8928 | 684544 |
|  **Net Realized Gain (Loss):** |  |  |  |  |  |  |  |  |
|  Investments in securities | 5895 | (3653) | 1128 | (12769) | 4431 | (84573) | (430) | 130978 |
|  Investments in Affiliates | (1205) | 152 | 0 | (3314) | 2 | 44 | 3 | (440) |
|  Exchange-traded or centrally cleared financial derivative instruments | 4999 | 27318 | 5113 | 38564 | 2466 | 53715 | 963 | 221249 |
|  Over the counter financial derivative instruments | (9446) | (39828) | (3152) | (340) | (9441) | (16056) | 1 | (72175) |
|  Short sales | 27 | 0 | 0 | 32 | 0 | 0 | 1 | 0 |
|  Foreign currency | (195) | 1039 | 183 | 12 | 106 | 345 | (1) | 6424 |
|  **Net Realized Gain (Loss)** | 75 | (14972) | 3272 | 22185 | (2436) | (46525) | 537 | 286036 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |  |  |  |  |  |
|  Investments in securities | (8805) | 76073 | 1696 | 25091 | 838 | 36865 | (885) | 117792 |
|  Investments in Affiliates | 551 | 6 | 0 | 708 | 0 | 0 | 0 | 923 |
|  Exchange-traded or centrally cleared financial derivative instruments | (6267) | (23988) | (6522) | (10718) | (285) | (38429) | 107 | (162528) |
|  Over the counter financial derivative instruments | 5934 | 19361 | 2037 | 703 | 3474 | 10156 | 2 | 5382 |
|  Short sales | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  Foreign currency assets and liabilities | (102) | (2101) | (4) | (24) | (67) | 63 | 0 | (5010) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (8688) | 69351 | (2793) | 15760 | 3960 | 8655 | (776) | (43441) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $15041 | $210677 | $16311 | $493848 | $30124 | $120168 | $8689 | $927139 |
|  \* Foreign tax withholdings | $28 | $352 | $0 | $0 | $0 | $60 | $0 | $2514 |
|  \* \* Foreign tax withholdings - Dividends | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $5 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

Consolidated Statement of Operations

---

| | |
|:---|:---|
| Year Ended March 31, 2026 | Year Ended March 31, 2026 |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>Preferred and<br>Capital<br>Securities<br>Fund** |
|  **Investment Income:** |  |
|  Interest | $47215 |
|  Dividends | 1951 |
|  Dividends from Investments in Affiliates | 1853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 51019 |
|  **Expenses:** |  |
|  Investment advisory fees | 4187 |
|  Supervisory and administrative fees | 3450 |
|  Distribution and/or servicing fees - Class A | 241 |
|  Distribution and/or servicing fees - Class C | 146 |
|  Trustee fees | 5 |
|  Interest expense | 1388 |
|  Miscellaneous expense | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 9476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (952) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 8524 |
|  **Net Investment Income (Loss)** | 42495 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | 9905 |
|  Exchange-traded or centrally cleared financial derivative instruments | 2966 |
|  Over the counter financial derivative instruments | (17206) |
|  Foreign currency | (60) |
|  **Net Realized Gain (Loss)** | (4395) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 20294 |
|  Investments in Affiliates | 9 |
|  Exchange-traded or centrally cleared financial derivative instruments | (6563) |
|  Over the counter financial derivative instruments | 10285 |
|  Foreign currency assets and liabilities | (9) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 24016 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $62116 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **21** |

---

------

Statements of Changes in Net Assets

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **Credit Opportunities Bond Fund** | **PIMCO**<br> **Credit Opportunities Bond Fund** | **PIMCO**<br> **Diversified Income Fund** | **PIMCO**<br> **Diversified Income Fund** | **PIMCO**<br> **ESG Income Fund** | **PIMCO**<br> **ESG Income Fund** | **PIMCO**<br> **High Yield Fund** | **PIMCO**<br> **High Yield Fund** |
| (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** | **Year Ended<br>March 31, 2026** | **Year Ended<br>March 31, 2025** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $23654 | $22119 | $156298 | $154277 | $15832 | $13039 | $455903 | $495689 |
|  Net realized gain (loss) | 75 | 5695 | (14972) | (101575) | 3272 | 614 | 22185 | (69686) |
|  Net change in unrealized appreciation (depreciation) | (8688) | 2218 | 69351 | 154646 | (2793) | 4356 | 15760 | 91064 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 15041 | 30032 | 210677 | 207348 | 16311 | 18009 | 493848 | 517067 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (12838) | (12294) | (149986) | (144768) | (14564) | (12283) | (416589) | (441649) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (8992) | (7647) | (8011) | (6905) | (2037) | (1264) | (19555) | (19284) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | (1023) | (1399) | (504) | (332) | (3264) | (652) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | (930) | (839) | N/A | N/A | (15661) | (16305) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (1362) | (1352) | (8425) | (8310) | (104) | (107) | (23667) | (26164) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (144) | (132) | (919) | (1030) | (13) | (10) | (642) | (683) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | (1995) | (2047) |
|  Tax basis return of capital |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 0 | 0 | 0 | 0 | 0 | (763) | (4136) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 0 | 0 | 0 | 0 | 0 | (80) | (197) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | 0 | 0 | 0 | (21) | (33) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | 0 | 0 | N/A | N/A | (162) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 0 | 0 | 0 | 0 | 0 | (7) | (249) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 0 | 0 | 0 | 0 | 0 | (1) | (8) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C-2 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | (22) | 0 |
|  **Total Distributions<sup>(a)</sup>** | (23336) | (21425) | (169294) | (163251) | (17222) | (14868) | (486180) | (506784) |
|  **Fund Share Transactions:** |  |  |  |  |  |  |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | 86919 | 57898 | (68973) | (423384) | 104109 | 52565 | (971612) | (390229) |
|  **Total Increase (Decrease) in Net Assets** | 78624 | 66505 | (27590) | (379287) | 103198 | 55706 | (963944) | (379946) |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
|  Beginning of year | 428005 | 361500 | 2971141 | 3350428 | 294057 | 238351 | 8126414 | 8506360 |
|  End of year | $506629 | $428005 | $2943551 | $2971141 | $397255 | $294057 | $7162470 | $8126414 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

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

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO<br>High Yield Spectrum Fund** | **PIMCO<br>High Yield Spectrum Fund** | **PIMCO<br>Long-Term Credit Bond Fund** | **PIMCO<br>Long-Term Credit Bond Fund** | **PIMCO<br>Low Duration Credit Fund** | **PIMCO<br>Low Duration Credit Fund** | **PIMCO<br>Low Duration Income Fund** | **PIMCO<br>Low Duration Income Fund** |
| **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** |
| $28600 | $21513 | $158038 | $149425 | $8928 | $11078 | $684544 | $540849 |
| (2436) | 4852 | (46525) | (83354) | 537 | 2045 | 286036 | 151411 |
| 3960 | 299 | 8655 | 65058 | (776) | (2516) | (43441) | 92456 |
| 30124 | 26664 | 120168 | 131129 | 8689 | 10607 | 927139 | 784716 |
| (26080) | (15447) | (183908) | (156434) | (6483) | (7260) | (314446) | (238023) |
| (2231) | (5366) | (9630) | (10041) | (521) | (503) | (338359) | (254346) |
| (76) | (38) | N/A | N/A | N/A | N/A | (13255) | (7051) |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| (2963) | (2775) | N/A | N/A | (2636) | (2843) | (162774) | (110982) |
| (249) | (263) | N/A | N/A | (219) | (275) | (12903) | (10660) |
| N/A | N/A | N/A | N/A | N/A | N/A | (870) | (622) |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 0 | 0 | 0 | (8704) | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | (571) | 0 | 0 | 0 | 0 |
| 0 | 0 | N/A | N/A | N/A | N/A | 0 | 0 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 0 | 0 | N/A | N/A | 0 | 0 | 0 | 0 |
| 0 | 0 | N/A | N/A | 0 | 0 | 0 | 0 |
| N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| (31599) | (23889) | (193538) | (175750) | (9859) | (10881) | (842607) | (621684) |
| (24874) | 100829 | 231018 | 43 | (17553) | 321 | 6955197 | 1427480 |
| (26349) | 103604 | 157648 | (44578) | (18723) | 47 | 7039729 | 1590512 |
| 449075 | 345471 | 3275939 | 3320517 | 150247 | 150200 | 11395382 | 9804870 |
| $422726 | $449075 | $3433587 | $3275939 | $131524 | $150247 | $18435111 | $11395382 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **23** |

---

------

Consolidated Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **PIMCO<br>Preferred and Capital<br>Securities Fund** | **PIMCO<br>Preferred and Capital<br>Securities Fund** |
| (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) | $42495 | $47832 |
|  Net realized gain (loss) | (4395) | 6430 |
|  Net change in unrealized appreciation (depreciation) | 24016 | 14170 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 62116 | 68432 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (23594) | (29474) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (9354) | (7772) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | (2007) | (2142) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (4674) | (5364) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (598) | (581) |
|  Tax basis return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 0 | 0 |
|  **Total Distributions<sup>(a)</sup>** | (40227) | (45333) |
|  **Fund Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | (62902) | (142451) |
|  **Total Increase (Decrease) in Net Assets** | (41013) | (119352) |
|  **Net Assets:** |  |  |
|  Beginning of year | 768695 | 888047 |
|  End of year | $727682 | $768695 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

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

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Credit Opportunities Bond Fund 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 115.1% | INVESTMENTS IN SECURITIES 115.1% | INVESTMENTS IN SECURITIES 115.1% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 5.9% | LOAN PARTICIPATIONS AND ASSIGNMENTS 5.9% | LOAN PARTICIPATIONS AND ASSIGNMENTS 5.9% |
|  Altice France SA | Altice France SA | Altice France SA |
|  8.735% (TSFR3M + 5.063%) due 10/30/2028 ~ | 797 | 795 |
|  10.547% (TSFR3M + 6.875%) due 05/31/2031 ~ | 2299 | 2309 |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
|  7.418% (TSFR1M + 3.750%) due 01/15/2031 ~ | 1095 | 1098 |
|  BCP V Modular Services Holdings IV Ltd. | BCP V Modular Services Holdings IV Ltd. | BCP V Modular Services Holdings IV Ltd. |
|  6.552% (EUR003M + 4.425%) due 07/10/2031 ~ | 1000 | 1051 |
|  BDO USA PC | BDO USA PC | BDO USA PC |
|  8.166% (TSFR3M + 4.500%) due 08/31/2028 «~ | 96 | 94 |
|  8.640% (TSFR3M + 5.000%) due 08/31/2028 «~ | 1245 | 1243 |
|  Citco Funding LLC | Citco Funding LLC | Citco Funding LLC |
|  5.667% (TSFR3M + 2.000%) due 01/30/2033 ~ | 200 | 199 |
|  Jane Street Group LLC | Jane Street Group LLC | Jane Street Group LLC |
|  5.673% (TSFR3M + 2.000%) due 12/15/2031 ~ | 7968 | 7832 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
|  5.675% (TSFR1M + 2.000%) due 10/21/2032 ~ | 299 | 300 |
|  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 «~ | 21 | 16 |
|  QuidelOrtho Corp. | QuidelOrtho Corp. | QuidelOrtho Corp. |
|  7.668% (TSFR1M + 4.000%) due 08/20/2032 ~ | 1891 | 1890 |
|  Stepstone Group Midco 2 GmbH | Stepstone Group Midco 2 GmbH | Stepstone Group Midco 2 GmbH |
|  8.199% (TSFR6M + 4.500%) due 12/19/2031 ~ | 1696 | 1492 |
|  TKO Worldwide Holdings LLC | TKO Worldwide Holdings LLC | TKO Worldwide Holdings LLC |
|  5.664% (TSFR3M + 2.000%) due 11/21/2031 ~ | 3389 | 3391 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  5.918% (TSFR1M + 2.250%) due 03/22/2030 ~ | 199 | 200 |
|  6.168% (TSFR1M + 2.500%) due 01/19/2032 ~ | 3682 | 3686 |
|  6.168% (TSFR1M + 2.500%) due 08/19/2032 ~ | 199 | 200 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. |
|  6.167% (TSFR3M + 2.500%) due 02/10/2031 ~ | 1297 | 1241 |
|  Virgin Media Investment Holdings Ltd. | Virgin Media Investment Holdings Ltd. | Virgin Media Investment Holdings Ltd. |
|  6.978% due 08/01/2030 «~ | 800 | 1017 |
|  VistaJet Malta Finance PLC | VistaJet Malta Finance PLC | VistaJet Malta Finance PLC |
|  7.406% - 7.411% (TSFR3M + 3.750%) due 04/01/2031 ~ | 1832 | 1816 |
|  Total Loan Participations and Assignments (Cost $30,311) | Total Loan Participations and Assignments (Cost $30,311) | 29870 |
| CORPORATE BONDS & NOTES 52.5% | CORPORATE BONDS & NOTES 52.5% | CORPORATE BONDS & NOTES 52.5% |
| BANKING & FINANCE 16.3% | BANKING & FINANCE 16.3% | BANKING & FINANCE 16.3% |
|  Alamo Re Ltd. | Alamo Re Ltd. | Alamo Re Ltd. |
|  12.590% (FHMMUSTF + 9.080%) due 06/07/2026 ~ | 250 | 253 |
|  Allstate Corp. | Allstate Corp. | Allstate Corp. |
|  6.852% (TSFR3M + 3.200%) due 08/15/2053 ~ | 300 | 300 |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
|  4.900% due 03/12/2027 | 500 | 502 |
|  Antares Holdings LP | Antares Holdings LP | Antares Holdings LP |
|  3.750% due 07/15/2027 | 250 | 243 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.322% due 11/13/2031 | 600 | 594 |
|  5.583% due 01/09/2029 | 400 | 404 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **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 | Banco Bilbao Vizcaya Argentaria SA |
|  8.375% due 06/21/2028 •(h)(i) | EUR | 2000 | 2471 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  5.552% due 03/14/2028 •  | $| 250 | 252 |
|  Bayou Re Ltd. | Bayou Re Ltd. | Bayou Re Ltd. | Bayou Re Ltd. |
|  15.950% (JMMMUSTF + 12.390%) due 05/26/2030 ~ |  | 250 | 254 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  6.150% due 04/02/2030 |  | 200 | 204 |
|  6.600% due 06/10/2029 |  | 100 | 103 |
|  Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
|  8.500% due 01/15/2034 |  | 3700 | 3182 |
|  Canary Wharf Group Investment Holdings PLC | Canary Wharf Group Investment Holdings PLC | Canary Wharf Group Investment Holdings PLC | Canary Wharf Group Investment Holdings PLC |
|  1.750% due 04/07/2026 | EUR | 1000 | 1157 |
|  Cape Lookout Re Ltd. | Cape Lookout Re Ltd. | Cape Lookout Re Ltd. | Cape Lookout Re Ltd. |
|  8.760% (FHMMUSTF + 5.250%) due 03/21/2033 ~ | $| 250 | 250 |
|  CI Financial Corp. | CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
|  4.625% due 12/12/2031 | EUR | 6800 | 7872 |
|  Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC |
|  4.750% due 02/14/2029 | $| 250 | 245 |
|  5.150% due 02/14/2031 |  | 250 | 244 |
|  Citadel LP | Citadel LP | Citadel LP | Citadel LP |
|  6.000% due 01/23/2030 |  | 100 | 103 |
|  Citrus Re Ltd. | Citrus Re Ltd. | Citrus Re Ltd. | Citrus Re Ltd. |
|  9.910% (T-BILL 3MO + 6.250%) due 06/07/2033 ~ |  | 250 | 250 |
|  Commonwealth RE Ltd. | Commonwealth RE Ltd. | Commonwealth RE Ltd. | Commonwealth RE Ltd. |
|  7.417% (JMMMUSTF + 3.857%) due 07/08/2030 ~ |  | 250 | 252 |
|  CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. |
|  2.800% due 07/15/2030 |  | 4000 | 3619 |
|  CPI Property Group SA | CPI Property Group SA | CPI Property Group SA | CPI Property Group SA |
|  4.000% due 01/22/2028 þ | GBP | 1100 | 1403 |
|  6.000% due 01/27/2032 | EUR | 1600 | 1764 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  7.250% due 09/23/2028 •(h)(i) |  | 1900 | 2304 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  10.000% due 12/01/2027 •(h)(i) |  | 2000 | 2465 |
|  EPR Properties | EPR Properties | EPR Properties | EPR Properties |
|  4.950% due 04/15/2028 | $| 200 | 200 |
|  Flourish Century Holdings Ltd. | Flourish Century Holdings Ltd. | Flourish Century Holdings Ltd. | Flourish Century Holdings Ltd. |
|  6.600% due 02/04/2049 ^«(b)(k) |  | 800 | 0 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  3.815% due 11/02/2027 |  | 400 | 392 |
|  5.420% due 04/09/2031 |  | 2100 | 2063 |
|  5.800% due 03/05/2027 |  | 1000 | 1006 |
|  5.850% due 05/17/2027 |  | 1250 | 1259 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  4.500% due 09/18/2030 |  | 1200 | 1156 |
|  5.400% due 01/13/2030 |  | 150 | 150 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  2.350% due 02/26/2027 |  | 300 | 294 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  5.750% due 11/01/2037 |  | 200 | 194 |
|  GSG Bidco Ltd. | GSG Bidco Ltd. | GSG Bidco Ltd. | GSG Bidco Ltd. |
|  4.700% due 06/15/2031 | EUR | 700 | 803 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  6.000% due 03/15/2036 | $| 100 | 97 |
|  6.375% due 07/01/2034 |  | 900 | 907 |
|  HAT Holdings I LLC/HAT Holdings II LLC | 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 |  | 279 | 278 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  4.041% due 03/13/2028 •  |  | 500 | 498 |
|  Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
|  5.000% due 11/30/2027 |  | 9 | 1 |
|  Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) | Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) | Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) | Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) |
|  5.250% due 12/28/2028 (a) |  | 17 | 0 |
|  Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) | Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) | Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) | Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) |
|  5.500% due 12/28/2029 (a) |  | 28 | 0 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK) | Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK) | Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK) |
|  5.750% due 12/28/2030 (a) | 34 | 0 |
|  Kaisa Group Holdings Ltd. (6.000% Cash or 7.000% PIK) | Kaisa Group Holdings Ltd. (6.000% Cash or 7.000% PIK) | Kaisa Group Holdings Ltd. (6.000% Cash or 7.000% PIK) |
|  6.000% due 12/28/2031 (a) | 51 | 0 |
|  Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) | Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) | Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) |
|  6.250% due 12/28/2032 (a) | 47 | 1 |
|  Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) | Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) | Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) |
|  6.721% due 12/28/2027 (a) | 11 | 0 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  3.050% due 02/15/2030 | 1000 | 912 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  3.750% due 03/18/2028 •  | 750 | 745 |
|  Locke Tavern Re Ltd. | Locke Tavern Re Ltd. | Locke Tavern Re Ltd. |
|  4.060% (JMMMUSTF + 4.250%) due 04/11/2033 ~ | 250 | 250 |
|  Mayflower Re Ltd. | Mayflower Re Ltd. | Mayflower Re Ltd. |
|  8.555% (FHMMUSTF + 5.045%) due 07/08/2030 ~ | 250 | 252 |
|  10.023% (FHMMUSTF + 6.513%) due 07/08/2030 ~ | 250 | 253 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  5.750% due 06/20/2027 •(h)(i) | 1900 | 2499 |
|  New Immo Holding SA | New Immo Holding SA | New Immo Holding SA |
|  5.875% due 04/17/2028 | 2100 | 2435 |
|  P3 Group SARL | P3 Group SARL | P3 Group SARL |
|  4.000% due 04/19/2032 | 1700 | 1926 |
|  PRIO Luxembourg Holding SARL | PRIO Luxembourg Holding SARL | PRIO Luxembourg Holding SARL |
|  6.750% due 10/15/2030 | 2300 | 2240 |
|  Purple Re Ltd. | Purple Re Ltd. | Purple Re Ltd. |
|  14.140% (JMMMUSTF + 10.580%) due 06/05/2026 ~ | 250 | 254 |
|  Quercus II Re DAC | Quercus II Re DAC | Quercus II Re DAC |
|  13.079% (EUR003M + 11.000%) due 01/07/2028 ~ | 250 | 289 |
|  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 | 1800 | 1782 |
|  Samhallsbyggnadsbolaget I Norden Holding AB | Samhallsbyggnadsbolaget I Norden Holding AB | Samhallsbyggnadsbolaget I Norden Holding AB |
|  0.750% due 11/14/2028 | 1300 | 1246 |
|  1.125% due 09/26/2029 | 1300 | 1177 |
|  Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding |
|  4.800% due 12/12/2030 | 1100 | 1092 |
|  Shriram Finance Ltd. | Shriram Finance Ltd. | Shriram Finance Ltd. |
|  6.150% due 04/03/2028 | 1100 | 1108 |
|  6.625% due 04/22/2027 | 1400 | 1411 |
|  Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners |
|  6.125% due 07/15/2030 | 750 | 746 |
|  SLM Corp. | SLM Corp. | SLM Corp. |
|  3.125% due 11/02/2026 | 2400 | 2379 |
|  Takeoff Merger Sub, Inc. | Takeoff Merger Sub, Inc. | Takeoff Merger Sub, Inc. |
|  4.500% due 03/24/2029 | 1500 | 1491 |
|  4.850% due 03/24/2031 | 1000 | 988 |
|  5.500% due 03/24/2036 | 200 | 197 |
|  Thames Ssnm Unfunded Comm | Thames Ssnm Unfunded Comm | Thames Ssnm Unfunded Comm |
|  9.750% due 10/10/2027 | 86 | 109 |
|  TP ICAP Finance PLC | TP ICAP Finance PLC | TP ICAP Finance PLC |
|  2.625% due 11/18/2028 | 3000 | 3673 |
|  7.875% due 04/17/2030 | 2600 | 3644 |
|  Tremont Re Ltd. | Tremont Re Ltd. | Tremont Re Ltd. |
|  7.661% (T-BILL 1MO + 4.000%) due 03/22/2033 ~ | 250 | 250 |
|  TT Varlik Kiralama AS | TT Varlik Kiralama AS | TT Varlik Kiralama AS |
|  6.500% due 10/30/2030 | 3700 | 3595 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  9.250% due 11/13/2028 •(h)(i) | 2000 | 2133 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  7.500% due 06/03/2026 •(h)(i) | 800 | 929 |
|  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 | 1600 | 1555 |
|  4.250% due 12/01/2026 | 500 | 499 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **25** |

---

------

Schedule of Investments PIMCO Credit Opportunities Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.526% due 03/24/2028 •  | 500 | 496 |
|  |  | 82544 |
| INDUSTRIALS 30.7% | INDUSTRIALS 30.7% | INDUSTRIALS 30.7% |
|  Allwyn Entertainment Financing U.K. PLC | Allwyn Entertainment Financing U.K. PLC | Allwyn Entertainment Financing U.K. PLC |
|  4.625% due 08/15/2031 | 700 | 779 |
|  Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
|  4.550% due 03/13/2033 | 2600 | 2576 |
|  5.650% due 03/13/2046 | 2600 | 2593 |
|  5.800% due 03/13/2056 | 2600 | 2600 |
|  5.950% due 03/13/2066 | 2600 | 2610 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.200% due 12/15/2029 | 175 | 171 |
|  3.375% due 11/01/2028 | 142 | 140 |
|  3.575% due 07/15/2029 | 55 | 54 |
|  3.700% due 04/01/2028 | 88 | 88 |
|  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 | 3200 | 3143 |
|  5.850% due 06/15/2056 | 3200 | 3134 |
|  BCP V Modular Services Finance II PLC | BCP V Modular Services Finance II PLC | BCP V Modular Services Finance II PLC |
|  6.500% due 07/10/2031 | 400 | 396 |
|  Beacon Mobility Corp. | Beacon Mobility Corp. | Beacon Mobility Corp. |
|  7.250% due 08/01/2030 | 1100 | 1137 |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 5932 | 6104 |
|  Block, Inc. | Block, Inc. | Block, Inc. |
|  5.625% due 08/15/2030 | 650 | 647 |
|  Burberry Group PLC | Burberry Group PLC | Burberry Group PLC |
|  5.750% due 06/20/2030 | 1800 | 2385 |
|  BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. |
|  4.125% due 04/15/2029 | 1600 | 1539 |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  2.450% due 07/15/2028 | 2100 | 1957 |
|  Cerdia Finanz GmbH | Cerdia Finanz GmbH | Cerdia Finanz GmbH |
|  9.375% due 10/03/2031 | 3500 | 3484 |
|  Chanel Ceres PLC | Chanel Ceres PLC | Chanel Ceres PLC |
|  1.000% due 07/31/2031 | 3100 | 3122 |
|  Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH |
|  7.125% due 06/15/2031 | 600 | 697 |
|  7.500% due 05/15/2030 | 850 | 993 |
|  Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. |
|  3.000% due 02/15/2029 | 3927 | 3738 |
|  EC Finance PLC | EC Finance PLC | EC Finance PLC |
|  3.250% due 10/15/2026 | 3400 | 3868 |
|  Eni SpA | Eni SpA | Eni SpA |
|  0.375% due 06/14/2028 | 1300 | 1414 |
|  Eramet SA | Eramet SA | Eramet SA |
|  6.500% due 11/30/2029 | 4300 | 4535 |
|  Essent Group Ltd. | Essent Group Ltd. | Essent Group Ltd. |
|  6.250% due 07/01/2029 | 100 | 103 |
|  Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC | Flex Intermediate Holdco LLC |
|  4.317% due 12/30/2039 | 3000 | 2526 |
|  Flora Food Management BV | Flora Food Management BV | Flora Food Management BV |
|  6.875% due 07/02/2029 | 2200 | 2389 |
|  7.500% due 10/31/2030 | 400 | 458 |
|  Flutter Treasury DAC | Flutter Treasury DAC | Flutter Treasury DAC |
|  6.125% due 06/04/2031 | 5400 | 6921 |
|  Gartner, Inc. | Gartner, Inc. | Gartner, Inc. |
|  3.625% due 06/15/2029 | 1223 | 1151 |
|  3.750% due 10/01/2030 | 3400 | 3093 |
|  Grifols SA | Grifols SA | Grifols SA |
|  7.500% due 05/01/2030 (k) | 500 | 599 |
|  Grupo Nutresa SA | Grupo Nutresa SA | Grupo Nutresa SA |
|  9.000% due 05/12/2035 | 4500 | 5013 |
|  GSG Bidco Ltd. | GSG Bidco Ltd. | GSG Bidco Ltd. |
|  5.375% due 06/15/2036 | 700 | 804 |
|  International Distribution Services PLC | International Distribution Services PLC | International Distribution Services PLC |
|  7.375% due 09/14/2030 | 900 | 1242 |
|  Intralot Capital Luxembourg SA | Intralot Capital Luxembourg SA | Intralot Capital Luxembourg SA |
|  6.750% due 10/15/2031 (m) | 2100 | 2325 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  5.100% due 03/15/2027 | 250 | 251 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  3.900% due 08/08/2029 | 3200 | 3085 |
|  6.000% due 06/14/2030 | 1900 | 1955 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
|  3.750% due 01/15/2028 | 2400 | 2343 |
|  Maple Parent Holdings Corp. | Maple Parent Holdings Corp. | Maple Parent Holdings Corp. |
|  4.728% due 03/26/2035 | 100 | 115 |
|  5.050% due 03/26/2031 | 400 | 398 |
|  Motion Finco SARL | Motion Finco SARL | Motion Finco SARL |
|  7.375% due 06/15/2030 | 4700 | 4715 |
|  MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
|  3.625% due 11/01/2031 | 3800 | 3517 |
|  Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
|  9.419% due 04/30/2029 | 412 | 333 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.345% due 09/17/2027 | 100 | 97 |
|  Noble Finance II LLC | Noble Finance II LLC | Noble Finance II LLC |
|  8.000% due 04/15/2030 | 1200 | 1236 |
|  Origin Energy Finance Ltd. | Origin Energy Finance Ltd. | Origin Energy Finance Ltd. |
|  1.000% due 09/17/2029 | 3400 | 3592 |
|  Paramount Global | Paramount Global | Paramount Global |
|  4.600% due 01/15/2045 | 200 | 120 |
|  4.850% due 07/01/2042 | 200 | 128 |
|  4.900% due 08/15/2044 | 400 | 249 |
|  5.850% due 09/01/2043 | 200 | 139 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.700% due 02/16/2032 | 400 | 392 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  3.200% due 03/15/2027 | 500 | 494 |
|  Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
|  5.000% due 03/15/2027 | 175 | 175 |
|  Sage Group PLC | Sage Group PLC | Sage Group PLC |
|  1.625% due 02/25/2031 | 3700 | 4110 |
|  SEB SA | SEB SA | SEB SA |
|  3.625% due 06/24/2030 | 3900 | 4401 |
|  Smith & Nephew PLC | Smith & Nephew PLC | Smith & Nephew PLC |
|  5.150% due 03/20/2027 | 400 | 402 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  4.100% due 10/01/2029 | 187 | 183 |
|  Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
|  4.500% due 02/15/2028 | 775 | 760 |
|  Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV |
|  8.125% due 09/15/2031 | 800 | 895 |
|  Teva Pharmaceutical Finance Netherlands IV BV | Teva Pharmaceutical Finance Netherlands IV BV | Teva Pharmaceutical Finance Netherlands IV BV |
|  5.750% due 12/01/2030 | 700 | 709 |
|  Textron, Inc. | Textron, Inc. | Textron, Inc. |
|  3.650% due 03/15/2027 | 500 | 497 |
|  Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
|  9.750% due 10/10/2027 | 369 | 535 |
|  Ubisoft Entertainment SA | Ubisoft Entertainment SA | Ubisoft Entertainment SA |
|  0.878% due 11/24/2027 | 2500 | 2334 |
|  UCB SA | UCB SA | UCB SA |
|  5.200% due 11/21/2029 | 900 | 1086 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. |
|  6.875% due 02/01/2031 | 3657 | 3577 |
|  United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
|  5.800% due 07/15/2037 | 546 | 564 |
|  Valaris Ltd. | Valaris Ltd. | Valaris Ltd. |
|  8.375% due 04/30/2030 | 600 | 622 |
|  Var Energi ASA | Var Energi ASA | Var Energi ASA |
|  8.000% due 11/15/2032 | 700 | 798 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  3.875% due 11/01/2033 | 1125 | 997 |
|  4.125% due 08/15/2031 | 1300 | 1207 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
|  6.500% due 01/15/2034 | 1800 | 1878 |
|  6.500% due 06/15/2034 | 1800 | 1875 |
|  Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC |
|  4.250% due 01/15/2030 | 1200 | 1408 |
|  4.500% due 08/15/2030 | 300 | 266 |
|  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 | 3600 | 3835 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.750% due 04/15/2032 | $— | 600 | 576 |
|  VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. |
|  5.000% due 02/15/2028 |  | 2300 | 2292 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  5.050% due 03/27/2028 |  | 400 | 403 |
|  VZ Secured Financing BV | VZ Secured Financing BV | VZ Secured Financing BV | VZ Secured Financing BV |
|  7.500% due 01/15/2033 |  | 2500 | 2359 |
|  WMG Acquisition Corp. | WMG Acquisition Corp. | WMG Acquisition Corp. | WMG Acquisition Corp. |
|  3.750% due 12/01/2029 |  | 1500 | 1428 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. |
|  5.250% due 05/15/2027 |  | 2000 | 1994 |
|  Yorkshire Water Finance PLC | Yorkshire Water Finance PLC | Yorkshire Water Finance PLC | Yorkshire Water Finance PLC |
|  6.375% due 11/18/2034 |  | 3500 | 4676 |
|  ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. |
|  7.500% due 03/24/2031 | $— | 5500 | 5407 |
|  |  |  | 155936 |
| UTILITIES 5.5% | UTILITIES 5.5% | UTILITIES 5.5% | UTILITIES 5.5% |
|  Anglian Water Osprey Financing PLC | Anglian Water Osprey Financing PLC | Anglian Water Osprey Financing PLC | Anglian Water Osprey Financing PLC |
|  6.750% due 08/27/2031 |  | 1700 | 2274 |
|  CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. |
|  2.950% due 02/15/2027 | $— | 100 | 99 |
|  Edison International | Edison International | Edison International | Edison International |
|  6.250% due 03/15/2030 |  | 300 | 311 |
|  6.950% due 11/15/2029 |  | 100 | 106 |
|  EPH Financing International AS | EPH Financing International AS | EPH Financing International AS | EPH Financing International AS |
|  6.651% due 11/13/2028 |  | 3000 | 3670 |
|  Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC |
|  2.950% due 01/27/2029 | $— | 1500 | 1133 |
|  Nova Securitisation SARL | Nova Securitisation SARL | Nova Securitisation SARL | Nova Securitisation SARL |
|  5.750% due 02/03/2031 |  | 3800 | 3681 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.500% due 02/01/2031 |  | 400 | 359 |
|  3.300% due 03/15/2027 |  | 500 | 494 |
|  3.300% due 12/01/2027 |  | 200 | 196 |
|  4.550% due 07/01/2030 |  | 400 | 395 |
|  Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado |
|  5.050% due 06/15/2036 |  | 5000 | 4930 |
|  Sierra Pacific Power Co. | Sierra Pacific Power Co. | Sierra Pacific Power Co. | Sierra Pacific Power Co. |
|  6.375% due 09/15/2056 •  |  | 1300 | 1290 |
|  SW Finance I PLC | SW Finance I PLC | SW Finance I PLC | SW Finance I PLC |
|  2.375% due 05/28/2028 |  | 1900 | 2340 |
|  7.750% due 10/31/2031 |  | 1800 | 2491 |
|  Veon Midco BV | Veon Midco BV | Veon Midco BV | Veon Midco BV |
|  3.375% due 11/25/2027 | $— | 4000 | 3797 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  4.700% due 01/31/2031 |  | 200 | 197 |
|  |  |  | 27763 |
|  Total Corporate Bonds & Notes (Cost $272,309) | Total Corporate Bonds & Notes (Cost $272,309) | Total Corporate Bonds & Notes (Cost $272,309) | 266243 |
| CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
|  0.000% due 12/31/2026 (e) |  | 10 | 0 |
|  0.000% due 12/31/2027 (e) |  | 12 | 0 |
|  0.000% due 12/31/2028 (e) |  | 20 | 0 |
|  0.000% due 12/31/2029 (e) |  | 20 | 0 |
|  0.000% due 12/31/2030 (e) |  | 25 | 0 |
|  0.000% due 12/31/2031 (e) |  | 25 | 0 |
|  0.000% due 12/31/2032 (e) |  | 46 | 0 |
|  Total Convertible Bonds & Notes (Cost $9) | Total Convertible Bonds & Notes (Cost $9) | Total Convertible Bonds & Notes (Cost $9) | 0 |
| U.S. GOVERNMENT AGENCIES 34.5% | U.S. GOVERNMENT AGENCIES 34.5% | U.S. GOVERNMENT AGENCIES 34.5% | U.S. GOVERNMENT AGENCIES 34.5% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  3.000% due 05/01/2052 |  | 161 | 142 |
|  4.000% due 11/01/2053 |  | 943 | 890 |
|  4.500% due 07/01/2052 - 12/01/2052 |  | 6505 | 6302 |
|  5.000% due 02/01/2053 - 01/01/2055 |  | 2119 | 2105 |

---

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  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 |
|  6.153% due 11/25/2055 «~ | 347 | 226 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  4.500% due 07/01/2052 - 01/01/2053 | 5874 | 5698 |
|  5.000% due 08/01/2052 - 02/01/2055 | 2699 | 2688 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  6.000% due 05/01/2056 | 700 | 711 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 05/01/2056 - 06/01/2056 | 91300 | 86038 |
|  6.000% due 06/01/2056 | 7700 | 7838 |
|  6.500% due 05/01/2056 | 60300 | 62336 |
|  Total U.S. Government Agencies (Cost $174,444) | Total U.S. Government Agencies (Cost $174,444) | 174974 |
| U.S. TREASURY OBLIGATIONS 2.9% | U.S. TREASURY OBLIGATIONS 2.9% | U.S. TREASURY OBLIGATIONS 2.9% |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  3.625% due 10/31/2030 (o)(q) | 4800 | 4739 |
|  4.125% due 10/31/2029 (o)(q) | 9900 | 9982 |
|  Total U.S. Treasury Obligations (Cost $14,624) | Total U.S. Treasury Obligations (Cost $14,624) | 14721 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 1.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.9% | NON-AGENCY MORTGAGE-BACKED SECURITIES 1.9% |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  5.799% due 11/25/2045 •  | 29 | 11 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.491% due 09/20/2047 ~ | 256 | 225 |
|  7.000% due 10/25/2037 | 96 | 69 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  3.958% due 10/25/2035 ~ | 310 | 253 |
|  BCAP LLC Trust | BCAP LLC Trust | BCAP LLC Trust |
|  4.233% due 05/25/2047 •  | 79 | 72 |
|  6.000% due 07/26/2037 ~ | 60 | 56 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  3.873% due 04/25/2037 ~ | 248 | 171 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
|  4.685% due 02/15/2039 •  | 34 | 34 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  5.204% due 09/25/2036 ~ | 42 | 37 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  3.951% due 09/25/2037 ~ | 54 | 50 |
|  5.750% due 07/25/2037 | 81 | 36 |
|  6.000% due 10/25/2034 | 3 | 3 |
|  CIM Trust | CIM Trust | CIM Trust |
|  5.000% due 05/25/2062 ~ | 539 | 536 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  6.000% due 11/25/2036 | 15 | 15 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.093% due 06/25/2035 •  | 218 | 134 |
|  4.170% due 09/20/2046 •  | 33 | 34 |
|  4.173% due 07/25/2046 •  | 23 | 26 |
|  4.173% due 09/25/2046 •  | 185 | 183 |
|  4.193% due 04/25/2035 •  | 200 | 156 |
|  4.413% due 11/25/2035 •  | 80 | 76 |
|  5.093% due 10/25/2035 •  | 115 | 78 |
|  5.750% due 07/25/2035 | 86 | 52 |
|  6.000% due 08/25/2036 •  | 197 | 108 |
|  6.000% due 05/25/2037 | 594 | 247 |
|  CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
|  6.000% due 07/25/2036 | 575 | 245 |
|  CSMC Trust | CSMC Trust | CSMC Trust |
|  2.000% due 01/25/2060 | 553 | 486 |
|  CSMC Trust Capital Certificates | CSMC Trust Capital Certificates | CSMC Trust Capital Certificates |
|  3.883% due 12/29/2037 ~ | 3546 | 1764 |
|  DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust |
|  5.332% due 10/15/2039 •  | 1000 | 998 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  3.943% due 02/25/2047 •  | 1501 | 839 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  4.502% due 08/25/2035 ~ | 48 | 40 |
|  6.000% due 05/25/2036 | 6 | 2 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  IndyMac IMJA Mortgage Loan Trust | IndyMac IMJA Mortgage Loan Trust | IndyMac IMJA Mortgage Loan Trust |
|  6.250% due 11/25/2037 | 254 | 95 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.706% due 11/25/2035 ~ | 201 | 195 |
|  4.274% due 05/25/2037 ~ | 76 | 65 |
|  4.293% due 02/25/2037 •  | 188 | 125 |
|  LUX | LUX | LUX |
|  6.363% due 08/15/2040 •  | 500 | 503 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  6.735% due 11/25/2034 ~ | 53 | 53 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.013% due 03/25/2037 •  | 1705 | 395 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  3.199% due 11/25/2037 ~ | 225 | 156 |
|  PMT Loan Trust | PMT Loan Trust | PMT Loan Trust |
|  5.012% due 08/25/2056 •  | 187 | 188 |
|  RALI Trust | RALI Trust | RALI Trust |
|  3.510% due 12/26/2034 ~ | 214 | 69 |
|  4.143% due 08/25/2035 •  | 265 | 214 |
|  5.271% due 07/25/2035 ~ | 12 | 11 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  6.000% due 10/25/2036 | 10 | 8 |
|  VASA Trust | VASA Trust | VASA Trust |
|  4.687% due 07/15/2039 •  | 500 | 491 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  4.260% due 12/25/2036 ~ | 80 | 74 |
|  4.657% due 07/25/2047 •  | 48 | 43 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $12,242) | Total Non-Agency Mortgage-Backed Securities (Cost $12,242) | 9721 |
| ASSET-BACKED SECURITIES 3.5% | ASSET-BACKED SECURITIES 3.5% | ASSET-BACKED SECURITIES 3.5% |
| CMBS OTHER 0.3% | CMBS OTHER 0.3% | CMBS OTHER 0.3% |
|  Acore Issuer LLC | Acore Issuer LLC | Acore Issuer LLC |
|  5.125% due 08/20/2043 •  | 500 | 500 |
|  ACRES Commercial Realty Issuer LLC | ACRES Commercial Realty Issuer LLC | ACRES Commercial Realty Issuer LLC |
|  0.000% due 08/18/2044 •  | 500 | 499 |
|  AREIT Ltd. | AREIT Ltd. | AREIT Ltd. |
|  5.790% due 08/17/2041 •  | 148 | 148 |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  5.000% due 02/18/2040 •  | 500 | 499 |
|  |  | 1646 |
| HOME EQUITY OTHER 2.1% | HOME EQUITY OTHER 2.1% | HOME EQUITY OTHER 2.1% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.793% due 06/25/2037 •  | 248 | 213 |
|  4.843% due 03/25/2034 •  | 348 | 339 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.618% due 12/25/2045 •  | 431 | 332 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  5.593% due 07/25/2034 •  | 87 | 101 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.113% due 12/25/2036 •  | 807 | 454 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.033% due 12/25/2036 •  | 368 | 182 |
|  4.253% due 12/25/2046 •  | 317 | 157 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.573% due 11/25/2035 •  | 434 | 411 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.013% due 08/25/2036 •  | 447 | 155 |
|  4.093% due 08/25/2036 •  | 1011 | 352 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  3.923% due 01/25/2037 •  | 3060 | 1156 |
|  3.933% due 10/25/2036 •  | 583 | 254 |
|  3.943% due 10/25/2036 •  | 1475 | 770 |
|  3.943% due 12/25/2036 •  | 80 | 40 |
|  4.093% due 06/25/2036 •  | 126 | 113 |
|  4.253% due 09/25/2036 •  | 641 | 269 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.465% due 09/25/2046 þ | 952 | 306 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  6.793% due 01/25/2033 •  | 42 | 36 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust | People's Financial Realty Mortgage Securities Trust |
|  3.933% due 09/25/2036 •  | 3308 | 774 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  5.879% due 06/25/2037 þ | 2099 | 507 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.248% due 12/25/2035 •  | 872 | 729 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.673% due 08/25/2034 •  | 106 | 107 |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.153% due 02/25/2036 •  | 939 | 458 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.918% due 01/25/2035 •  | 1024 | 933 |
|  5.173% due 04/25/2033 •  | 35 | 37 |
|  5.368% due 01/25/2035 •  | 1102 | 963 |
|  5.518% due 01/25/2035 •  | 981 | 410 |
|  |  | 10558 |
| WHOLE LOAN COLLATERAL 0.3% | WHOLE LOAN COLLATERAL 0.3% | WHOLE LOAN COLLATERAL 0.3% |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.143% due 12/25/2035 •  | 222 | 103 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.103% due 03/25/2037 •  | 457 | 430 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.293% due 03/25/2036 •  | 1092 | 693 |
|  4.293% due 05/25/2036 •  | 662 | 355 |
|  |  | 1581 |
| OTHER ABS 0.8% | OTHER ABS 0.8% | OTHER ABS 0.8% |
|  MAST Ltd. | MAST Ltd. | MAST Ltd. |
|  5.134% due 02/15/2051 | 497 | 490 |
|  Navesink CLO 6 Ltd. | Navesink CLO 6 Ltd. | Navesink CLO 6 Ltd. |
|  0.000% due 04/15/2037 •  | 1000 | 1000 |
|  Sandstone Peak Ltd. | Sandstone Peak Ltd. | Sandstone Peak Ltd. |
|  4.842% due 04/15/2038 •  | 1000 | 998 |
|  Sycamore Tree CLO Ltd. | Sycamore Tree CLO Ltd. | Sycamore Tree CLO Ltd. |
|  0.000% due 01/20/2037 •  | 1000 | 999 |
|  VB-S1 Issuer LLC | VB-S1 Issuer LLC | VB-S1 Issuer LLC |
|  4.693% due 03/15/2056 | 300 | 295 |
|  |  | 3782 |
|  Total Asset-Backed Securities (Cost $20,443) | Total Asset-Backed Securities (Cost $20,443) | 17567 |
| SOVEREIGN ISSUES 10.6% | SOVEREIGN ISSUES 10.6% | SOVEREIGN ISSUES 10.6% |
|  Australia Government Bonds | Australia Government Bonds | Australia Government Bonds |
|  1.000% due 11/21/2031 | 900 | 508 |
|  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 |
|  6.000% due 04/01/2033 | 3695000 | 4105 |
|  Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional |
|  6.000% due 08/15/2060 (g) | 2325 | 383 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  4.500% due 11/26/2030 | 100 | 112 |
|  5.750% due 11/26/2034 | 100 | 109 |
|  6.500% due 11/26/2038 | 200 | 220 |
|  Colombia TES | Colombia TES | Colombia TES |
|  11.000% due 08/22/2029 | 11584700 | 2921 |
|  11.750% due 01/24/2035 | 17062100 | 4230 |
|  12.750% due 11/28/2040 | 4861500 | 1289 |
|  Costa Rica Government International Bonds | Costa Rica Government International Bonds | Costa Rica Government International Bonds |
|  6.001% due 01/16/2036 | 500 | 596 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 5100 | 5133 |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
|  1.750% due 03/20/2034 | 120 | 63 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  7.300% due 08/12/2033 | 3500 | 1102 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 | 5900 | 1611 |
|  6.150% due 08/12/2032 | 1109 | 333 |
|  6.950% due 08/12/2031 | 1673 | 521 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  8.250% due 03/31/2032 | 85500 | 4934 |
|  8.500% due 01/31/2037 | 12000 | 663 |
|  8.875% due 02/28/2035 | 58820 | 3416 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **27** |

---

------

Schedule of Investments PIMCO Credit Opportunities Bond Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  4.125% due 01/12/2029 | $| 3800 | 3751 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
|  2.000% due 11/20/2037 | AUD | 130 | 61 |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  4.375% due 03/07/2030 | GBP | 8800 | 11628 |
|  4.375% due 07/31/2054 |  | 5503 | 6065 |
|  Total Sovereign Issues (Cost $53,704) | Total Sovereign Issues (Cost $53,704) | Total Sovereign Issues (Cost $53,704) | 53754 |
|  |  | **SHARES** |  |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  SES SA «(c) |  | 937 | 14 |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
|  Kaisa Group Holdings Ltd. (c) |  | 645103 | 7 |
|  Total Common Stocks (Cost $0) | Total Common Stocks (Cost $0) | Total Common Stocks (Cost $0) | 21 |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  Constellation Oil Services Holding SA - Exp. 06/10/2071 «(k) |  | 1 | 0 |
|  Total Warrants (Cost $0) | Total Warrants (Cost $0) | Total Warrants (Cost $0) | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | SHARES | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 3.3% | SHORT-TERM INSTRUMENTS 3.3% | SHORT-TERM INSTRUMENTS 3.3% | SHORT-TERM INSTRUMENTS 3.3% | SHORT-TERM INSTRUMENTS 3.3% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  3.720% (j) |  | 285032 | $— | 285 |
| REPURCHASE AGREEMENTS (l) 2.3% | REPURCHASE AGREEMENTS (l) 2.3% | REPURCHASE AGREEMENTS (l) 2.3% | REPURCHASE AGREEMENTS (l) 2.3% | REPURCHASE AGREEMENTS (l) 2.3% |
|  |  |  |  | 11409 |
| TURKEY TREASURY BILLS 0.1% | TURKEY TREASURY BILLS 0.1% | TURKEY TREASURY BILLS 0.1% | TURKEY TREASURY BILLS 0.1% | TURKEY TREASURY BILLS 0.1% |
|  38.695% due 04/07/2026 (e)(f) |  | 20000 |  | 447 |
| U.S. TREASURY BILLS 0.8% | U.S. TREASURY BILLS 0.8% | U.S. TREASURY BILLS 0.8% | U.S. TREASURY BILLS 0.8% | U.S. TREASURY BILLS 0.8% |
|  3.683% due 05/19/2026 - 06/30/2026 (d)(e)(o)(q) | $— | 4143 |  | 4114 |
| Total Short-Term Instruments<br>(Cost $16,320) | Total Short-Term Instruments<br>(Cost $16,320) | Total Short-Term Instruments<br>(Cost $16,320) |  | 16255 |
| Total Investments in Securities (Cost $594,406) | Total Investments in Securities (Cost $594,406) | Total Investments in Securities (Cost $594,406) |  | 583126 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 16.3% | INVESTMENTS IN AFFILIATES 16.3% | INVESTMENTS IN AFFILIATES 16.3% | INVESTMENTS IN AFFILIATES 16.3% |
| SHORT-TERM INSTRUMENTS 16.3% | SHORT-TERM INSTRUMENTS 16.3% | SHORT-TERM INSTRUMENTS 16.3% | SHORT-TERM INSTRUMENTS 16.3% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 16.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 16.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 16.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 16.3% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 8495018 | $— | 82733 |
| Total Short-Term Instruments<br>(Cost $82,744) | Total Short-Term Instruments<br>(Cost $82,744) |  | 82733 |
| Total Investments in Affiliates (Cost $82,744) | Total Investments in Affiliates (Cost $82,744) |  | 82733 |
| Total Investments 131.4% (Cost $677,150) | Total Investments 131.4% (Cost $677,150) | $— | 665859 |
|  Financial Derivative<br>Instruments (n)(p) 1.7%<br> (Cost or Premiums, net $9,592) | Financial Derivative<br>Instruments (n)(p) 1.7%<br> (Cost or Premiums, net $9,592) |  | 8390 |
| Other Assets and Liabilities, net (33.1)% | Other Assets and Liabilities, net (33.1)% |  | (167620) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 506629 |

---

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

^ Security is in default.

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

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

(a) Payment in-kind security.

(b) Security is not accruing income as of the date of this report.

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

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

(e) Zero coupon security.

(f) Coupon represents a yield to maturity.

(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 |
|  Constellation Oil Services Holding SA - Exp. 06/10/2071 | 06/10/2022 | $0 | $0 | 0.00% |
|  Flourish Century Holdings Ltd. 6.600% due 02/04/2049 | 02/03/2026 | 0 | 0 | 0.00 |
|  Grifols SA 7.500% due 05/01/2030 | 08/20/2025 | 607 | 599 | 0.12 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 | 0.12% |

---

28 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

March 31, 2026

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 3.390% | 03/25/2026 | 06/12/2026 | $2181 | Meritage Homes Corp. 3.875% due 04/15/2029 | $(2181) | $2181 | $2182 |
| BRC | 3.380 | 03/20/2026 | 05/01/2026 | 2000 | Meritage Homes Corp. 5.650% due 03/15/2035 | (2004) | 2000 | 2002 |
| JML | (0.500) | 12/24/2025 | 04/02/2026 | 3041 | LANXESS AG 0.625% due 12/01/2029 | (3431) | 3514 | 3484 |
|  | 5.250 | 12/24/2025 | 04/02/2026 | 1744 | LANXESS AG 0.625% due 12/01/2029 | (2018) | 2016 | 2016 |
| RDR | 3.400 | 03/20/2026 | 05/01/2026 | $1698 | General Motors Co. 6.800% due 10/01/2027 | (1701) | 1698 | 1700 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11335) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11409 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11384 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(2)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(2)</sup> | Amount<br>Borrowed<sup>(2)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BPS | 1.600% | 03/30/2026 | TBD<sup>(3)</sup> | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(594) | $(687) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(687) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales<sup>(4)</sup> |
|  Corporate Bonds & Notes (1.6)% | Corporate Bonds & Notes (1.6)% | Corporate Bonds & Notes (1.6)% | Corporate Bonds & Notes (1.6)% | Corporate Bonds & Notes (1.6)% | Corporate Bonds & Notes (1.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials (1.6)% | &nbsp;&nbsp;&nbsp;&nbsp; Industrials (1.6)% | &nbsp;&nbsp;&nbsp;&nbsp; Industrials (1.6)% | &nbsp;&nbsp;&nbsp;&nbsp; Industrials (1.6)% | &nbsp;&nbsp;&nbsp;&nbsp; Industrials (1.6)% | &nbsp;&nbsp;&nbsp;&nbsp; Industrials (1.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 6.800% | 10/01/2027 | 1600 | $(1677) | $(1700) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lanxess AG | 0.625 | 12/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | (2069) | (2019) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meritage Homes Corp. | 3.875 | 04/15/2029 | $2200 | (2089) | (2181) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meritage Homes Corp. | 5.650 | 03/15/2035 | 2000 | (1999) | (2004) |
|  Total Short Sales (1.6)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7834) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7904) |

---

#### 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 | Payable for<br>Short Sales<sup>(4)</sup> | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(5)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $2182 | $0 | $0 | $0 | $2182 | $(2181) | $1 |
|  BPS | 0 | (687) | 0 | 0 | (687) | 664 | (23) |
|  BRC | 2002 | 0 | 0 | 0 | 2002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2004) | (2) |
|  JML | 5500 | 0 | 0 | 0 | 5500 | (5449) | 51 |
|  RDR | 1700 | 0 | 0 | 0 | 1700 | (1701) | (1) |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  BNY | 0 | 0 | 0 | (1700) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1700) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1700) |
|  GSC | 0 | 0 | 0 | (2181) | (2181) | 0 | (2181) |
|  MJR | 0 | 0 | 0 | (2019) | (2019) | 0 | (2019) |
|  PER | 0 | 0 | 0 | (2004) | (2004) | 0 | (2004) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11384 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(687) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7904) |  |  |  |

---

#### 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 | $(687) | $(687) |
|  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;(687) | $(687) |
|  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;(687) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 29

------

Schedule of Investments PIMCO Credit Opportunities Bond Fund (Cont.)

(m) Securities with an aggregate market value of $664 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 $(4498) at a weighted average interest rate of 2.955%. 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> Payable for short sales includes $(104) of accrued interest. 

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

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

#### PURCHASED OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Cost | Market<br>Value |
|  Call - CBOE U.S. Treasury 5-Year Note May Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110.000 | 04/24/2026 | 2276 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2276 | $899 | $139 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 |

---

#### 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 | 10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $(4) | $(11) |
|  Call - EUREX Euro-Bund 10-Year Bond April Futures |  | 128.000 | 04/24/2026 | 10 | 10 | (4) | (1) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 10-Year Bond June Futures  | 06/2026 | 512 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38065 | $(237) | $358 | $0 |
|  Euro-BTP Future June Futures  | 06/2026 | 391 | 52551 | 287 | 633 | 0 |
|  Euro-Schatz June Futures  | 06/2026 | 808 | 98763 | (456) | 131 | (5) |
|  Long Guilt June Futures  | 06/2026 | 161 | 18708 | (1039) | 141 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 44 | 4760 | 20 | 6 | 0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 379 | 42087 | 37 | 89 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 66 | 7492 | 58 | 19 | 0 |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2026 | 87 | 9907 | (339) | 33 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 404 | 47091 | (1302) | 88 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2971) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |
| SHORT FUTURES CONTRACTS |  |  |  |  |  |  |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bobl June Futures  | 06/2026 | 246 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32821) | $608 | $0 | $(131) |
|  Euro-Bund June Futures  | 06/2026 | 372 | (53915) | 5 | 0 | (391) |
|  Euro-Buxl 30-Year Bond June Futures  | 06/2026 | 21 | (2676) | 32 | 0 | (49) |
|  |  |  |  | $645 | $0 | $(571) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2326) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(576) |

---

30 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

March 31, 2026

#### 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 |
|  Bath & Body Works, Inc. | (1.000)% | Quarterly | 12/20/2030 | 2.108% | $5300 | $277 | $(35) | $242 | $0 | $(18) |
|  Caesars Entertainment, Inc. | (1.000) | Quarterly | 12/20/2030 | 3.515 | 10500 | (915) | 271 | (644) | 0 | (29) |
|  CCO Holdings LLC | (1.000) | Quarterly | 12/20/2030 | 2.600 | 7900 | (754) | (37) | (791) | 0 | (9) |
|  Lanxess | (1.000) | Quarterly | 12/20/2030 | 1.942 | 1200 | 52 | 4 | 56 | 0 | (10) |
|  Macy's Retail Holdings LLC | (1.000) | Quarterly | 06/20/2030 | 1.742 | $2300 | 279 | (215) | 64 | 0 | (5) |
|  Navient Corp. | (5.000) | Quarterly | 12/20/2030 | 5.602 | 7000 | (625) | 771 | 146 | 0 | (12) |
|  Newell Brands, Inc. | (1.000) | Quarterly | 12/20/2030 | 4.289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465 | 11 | 1476 | 0 | (45) |
|  Whirlpool Corp. | (1.000) | Quarterly | 12/20/2029 | 2.581 | 6000 | 31 | 283 | 314 | 2 | 0 |
|  Whirlpool Corp. | (1.000) | Quarterly | 06/20/2030 | 2.851 | 2200 | 116 | 34 | 150 | 0 | (3) |
|  WPP Finance SA | (1.000) | Quarterly | 12/20/2030 | 1.466 | 10900 | 83 | 167 | 250 | 10 | 0 |
|  |  |  |  |  |  | $9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131) |

---

#### 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 |
|  AT&T, Inc. | 1.000% | Quarterly | 06/20/2027 | 0.319% | $100 | $(1) | $2 | $1 | $0 | $0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.395 | 400 | (2) | 7 | 5 | 0 | 0 |
|  Deutsche Bank | 1.000 | Quarterly | 12/20/2030 | 0.947 | 800 | 11 | (9) | 2 | 1 | 0 |
|  Electrolux AB | 1.000 | Quarterly | 12/20/2030 | 0.312 | 3800 | 65 | (5) | 60 | 9 | 0 |
|  Goldman Sachs Group, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.312 | $800 | 5 | (3) | 2 | 0 | 0 |
|  Goldman Sachs Group, Inc. | 1.000 | Quarterly | 12/20/2030 | 0.665 | 1600 | 34 | (10) | 24 | 1 | 0 |
|  Jaguar Land Rover Automotive | 5.000 | Quarterly | 12/20/2030 | 0.312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | (639) | 205 | (434) | 14 | 0 |
|  Stellantis NV | 5.000 | Quarterly | 12/20/2030 | 1.874 | 3300 | 642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124) | 518 | 7 | 0 |
|  T-Mobile USA, Inc. | 5.000 | Quarterly | 06/20/2028 | 0.255 | $100 | 17 | (7) | 10 | 0 | 0 |
|  United Group BV | 5.000 | Quarterly | 12/20/2030 | 0.373 | 3000 | (302) | 116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186) | 26 | 0 |
|  Valeo SNR | 1.000 | Quarterly | 12/20/2030 | 0.210 | 3300 | 124 | 63 | 187 | 3 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2028 | 0.423 | $200 | 0 | 3 | 3 | 0 | 0 |
|  Worldline SA/France | 5.000 | Quarterly | 12/20/2030 | 10.922 | 1400 | (231) | (60) | (291) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) |
|  ZF Europe Finance BV | 5.000 | Quarterly | 12/20/2030 | 3.798 | 800 | 50 | (4) | 46 | 0 | (5) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(227) | $174 | $(53) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | $(26) |

---

#### 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.HY-44 5-Year Index | 5.000% | Quarterly | 06/20/2030 | $198 | $13 | $(1) | $12 | $2 | $0 |
|  CDX.HY-45 5-Year Index | 5.000 | Quarterly | 12/20/2030 | 28215 | 2181 | (648) | 1533 | 253 | 0 |
|  CDX.HY-46 5-Year Index | 5.000 | Quarterly | 06/20/2031 | 7100 | 278 | 74 | 352 | 65 | 0 |
|  CDX.IG-46 5-Year Index | 1.000 | Quarterly | 06/20/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105600 | 1630 | 228 | 1858 | 229 | 0 |
|  CDX.IT-RAXX XOV45 | 5.000 | Quarterly | 06/20/2031 | 4400 | 344 | (17) | 327 | 26 | 0 |
|  CDX.iTraxx Main 45 5-Year Index | 1.000 | Quarterly | 06/20/2031 | 49900 | 831 | (20) | 811 | 70 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5277 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(384) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4893 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/18/2031 | 8100 | $(35) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(310) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(345) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | $0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/18/2036 | 390 | (14) | (5) | (19) | 2 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 4.160 | Annual | 01/31/2039 | 3600 | (6) | 202 | 196 | 0 | (17) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 03/18/2056 | 4320 | 17 | 267 | 284 | 0 | (21) |
| Receive<sup>(7)</sup> | 1-Day SGD-SIBCSORA Compounded-OIS | 1.750 | Semi-Annual | 09/16/2031 | 27890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | 148 | 408 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110) |
| Receive<sup>(7)</sup> | 1-Day THB-THOR Compounded-OIS | 1.500 | Quarterly | 09/16/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706040 | 291 | 55 | 346 | 0 | (44) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/17/2027 | $1800 | 4 | (10) | (6) | 1 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.407 | Annual | 08/31/2030 | 300 | 0 | 2 | 2 | 0 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.422 | Annual | 08/31/2030 | 400 | 0 | 2 | 2 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 6162 | (6) | (12) | (18) | 0 | (7) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.564 | Annual | 01/31/2033 | 350 | 0 | 3 | 3 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.901 | Annual | 02/15/2035 | 400 | 0 | (3) | (3) | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **31** |

---

------

Schedule of Investments PIMCO Credit Opportunities Bond Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908% | Annual | 03/04/2035 | $300 | $(1) | $(1) | $(2) | $0 | $0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 300 | (1) | (1) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 300 | (1) | (1) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 400 | (1) | (4) | (5) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 600 | (2) | (3) | (5) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 250 | (1) | 0 | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.640 | Annual | 08/15/2035 | 1100 | 2 | 15 | 17 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 08/15/2035 | 1100 | (1) | 13 | 12 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/15/2035 | 1871 | 5 | 13 | 18 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 09/17/2035 | 300 | (1) | 8 | 7 | 0 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.712 | Annual | 11/15/2035 | 425 | 0 | 5 | 5 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2036 | 45300 | (927) | 355 | (632) | 0 | (96) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.281 | Annual | 02/15/2040 | 13700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305 | (173) | 1132 | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2045 | 2200 | 57 | 67 | 124 | 4 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 11/15/2053 | 5700 | 119 | 58 | 177 | 19 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.998 | Annual | 11/15/2053 | 200 | 0 | 5 | 5 | 1 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.083 | Annual | 11/15/2053 | 150 | 0 | 2 | 2 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.085 | Annual | 11/15/2053 | 16140 | 28 | 114 | 75 | 0 | (13) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2055 | 12500 | 580 | 249 | 829 | 47 | 0 |
| Pay | 1-Year BRL-CDI | 12.030 | Maturity | 01/04/2027 | 23400 | 0 | (142) | (142) | 6 | 0 |
| Pay | 1-Year BRL-CDI | 13.926 | Maturity | 01/04/2027 | 37400 | 0 | (67) | (67) | 0 | (3) |
| Pay | 1-Year BRL-CDI | 13.013 | Maturity | 01/02/2029 | 113500 | 81 | (401) | (320) | 131 | 0 |
| Pay | 1-Year BRL-CDI | 13.300 | Maturity | 01/02/2029 | 14700 | 0 | (25) | (25) | 17 | 0 |
| Pay | 1-Year BRL-CDI | 13.359 | Maturity | 01/02/2029 | 18200 | 0 | (43) | (43) | 21 | 0 |
| Pay | 1-Year BRL-CDI | 13.402 | Maturity | 01/02/2029 | 24300 | 0 | (56) | (56) | 28 | 0 |
| Receive | 3-Month PLN-WIBOR | 5.155 | Annual | 10/25/2034 | 12700 | (228) | 129 | (99) | 9 | 0 |
| Receive | 3-Month ZAR-JIBAR | 8.160 | Quarterly | 03/31/2032 | 83300 | (266) | 188 | (78) | 0 | (39) |
| Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2030 | 14300 | 117 | (346) | (229) | 69 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 12/17/2035 | 5600 | (62) | (250) | (312) | 50 | 0 |
| Receive | 6-Month CLP-CHILIBOR | 5.660 | Semi-Annual | 04/01/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3655800 | (152) | 13 | (139) | 4 | 0 |
| Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 09/16/2036 | 26010 | (229) | (717) | (946) | 230 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.000 | Annual | 03/17/2053 | 10 | 1 | 6 | 7 | 0 | 0 |
| Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 09/16/2056 | 13530 | 248 | 93 | 341 | 0 | (151) |
|  |  |  |  |  |  | $1181 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(558) | $496 | $668 | $(508) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $6240 | $486 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6599 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(665) |

---

#### 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** |  | Variation Margin<br>Liability<sup>(8)</sup> | Variation Margin<br>Liability<sup>(8)</sup> | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** |  | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3062 | $(12) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(576) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(670) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1258) |

---

(o) Securities with an aggregate market value of $12,728 and cash of $8,418 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 $10 is outstanding at period end. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> 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. 

---

| | | |
|:---|:---|:---|
| **32** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(8)</sup> Unsettled variation margin asset of $39 for closed futures and unsettled variation margin liability of $(5) for closed swap agreements is outstanding at period end. 

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 04/2026 | 70 | $51 | $1 | $0 |
|  | 04/2026 | $257 | 194 | 0 | 0 |
|  | 05/2026 | 194 | $257 | 0 | 0 |
|  BOA | 04/2026 | 17902 | 3430 | 0 | (26) |
|  | 04/2026 | 1490 | 216 | 0 | 0 |
|  | 04/2026 | 1978 | 2323 | 40 | (3) |
|  | 04/2026 | 13543 | 144 | 0 | 0 |
|  | 04/2026 | 62248 | 390 | 0 | (2) |
|  | 04/2026 | 160407 | 110 | 3 | 0 |
|  | 04/2026 | 1168 | 316 | 1 | 0 |
|  | 04/2026 | 226 | 177 | 1 | 0 |
|  | 04/2026 | $3433 | 17902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | 0 |
|  | 04/2026 | 80 | 552 | 0 | 0 |
|  | 04/2026 | 5158 | 4428 | 0 | (40) |
|  | 04/2026 | 144 | 13519 | 0 | (1) |
|  | 04/2026 | 359 | 532953 | 0 | (5) |
|  | 04/2026 | 3971 | 14388 | 0 | (96) |
|  | 04/2026 | 238 | 4093 | 4 | 0 |
|  | 05/2026 | 505 | 439 | 3 | 0 |
|  | 05/2026 | 389 | 61912 | 2 | 0 |
|  | 06/2026 | 5 | $1 | 0 | 0 |
|  | 06/2026 | 2014 | 652 | 10 | 0 |
|  | 06/2026 | 7560 | 422 | 3 | 0 |
|  | 06/2026 | $104 | 323 | 0 | (1) |
|  | 09/2026 | 1261041 | $320 | 0 | (11) |
|  BPS | 04/2026 | 14485 | 2781 | 0 | (15) |
|  | 04/2026 | 483 | 70 | 0 | 0 |
|  | 04/2026 | 1979 | 641 | 11 | 0 |
|  | 04/2026 | 403075 | 268 | 1 | (1) |
|  | 04/2026 | 53239 | 1647 | 31 | (1) |
|  | 04/2026 | $640 | 919 | 0 | (6) |
|  | 04/2026 | 2775 | 14485 | 21 | 0 |
|  | 04/2026 | 1183 | 880 | 0 | (18) |
|  | 04/2026 | 2609 | 44146805 | 0 | (9) |
|  | 04/2026 | 581 | 1830 | 3 | (2) |
|  | 04/2026 | 299 | 447202 | 1 | (3) |
|  | 04/2026 | 779 | 2809 | 0 | (22) |
|  | 04/2026 | 1 | 30 | 0 | 0 |
|  | 04/2026 | 1433 | 45804 | 0 | (4) |
|  | 04/2026 | 3079 | $182 | 0 | 0 |
|  | 05/2026 | 1293 | 409 | 0 | (3) |
|  | 05/2026 | 113712 | 1202 | 0 | (5) |
|  | 05/2026 | 26101 | 810 | 0 | (4) |
|  | 05/2026 | $470 | 2467 | 3 | 0 |
|  | 05/2026 | 600 | 10215469 | 2 | 0 |
|  | 05/2026 | 120 | 3939 | 0 | 0 |
|  | 06/2026 | 134 | $0 | 0 | 0 |
|  | 06/2026 | $236 | 3972600 | 0 | (2) |
|  BRC | 04/2026 | 128619 | $2804 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43) |
|  | 04/2026 | $89 | 321 | 0 | (3) |
|  | 04/2026 | 524 | 4756 | 0 | (22) |
|  | 04/2026 | 4548 | 208009 | 52 | 0 |
|  | 04/2026 | 36719 | $2244 | 77 | 0 |
|  | 05/2026 | 18413 | 395 | 0 | (2) |
|  | 05/2026 | $115 | 425007 | 0 | 0 |
|  | 05/2026 | 648 | 29975 | 0 | (1) |
|  | 08/2026 | 433983 | $115 | 0 | 0 |
|  BSH | 04/2026 | 278224 | 1743 | 0 | (10) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **33** |

---

------

Schedule of Investments PIMCO Credit Opportunities Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2026 | $57181 | 42955 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(326) |
|  | 04/2026 | 4506 | 7805 | 0 | (21) |
|  | 05/2026 | 42955 | $57179 | 327 | 0 |
|  | 05/2026 | 7805 | 4511 | 21 | 0 |
|  | 05/2026 | $1743 | 277386 | 11 | 0 |
|  | 12/2026 | 1776 | $525 | 21 | 0 |
|  CBK | 04/2026 | 8417 | 5979 | 172 | 0 |
|  | 04/2026 | 7132 | 5225 | 98 | 0 |
|  | 04/2026 | 517 | 75 | 0 | 0 |
|  | 04/2026 | 6928830 | 1821 | 0 | (64) |
|  | 04/2026 | 1394 | 1619 | 7 | 0 |
|  | 04/2026 | 823 | 1103 | 13 | 0 |
|  | 04/2026 | 160019 | 1716 | 25 | (2) |
|  | 04/2026 | 1165 | 119 | 0 | (1) |
|  | 04/2026 | 1130 | 121 | 2 | 0 |
|  | 04/2026 | 31 | 1 | 0 | 0 |
|  | 04/2026 | 2497 | 78 | 0 | 0 |
|  | 04/2026 | $821 | 1146 | 0 | (30) |
|  | 04/2026 | 232 | 1598 | 0 | 0 |
|  | 04/2026 | 506 | 1886832 | 7 | 0 |
|  | 04/2026 | 7467 | 6455 | 31 | (37) |
|  | 04/2026 | 6407 | 4829 | 0 | (15) |
|  | 04/2026 | 8905 | 815492 | 0 | (283) |
|  | 04/2026 | 404 | 603909 | 0 | (2) |
|  | 05/2026 | 1377540 | $373 | 1 | 0 |
|  | 06/2026 | 6632511 | 1749 | 0 | (27) |
|  | 06/2026 | 1341 | 434 | 6 | 0 |
|  | 06/2026 | $3367 | 12875603 | 80 | 0 |
|  | 06/2026 | 160 | 2695062 | 0 | (2) |
|  | 07/2026 | 3039245 | $797 | 0 | (12) |
|  | 09/2026 | 3717873 | 4154 | 138 | 0 |
|  | 09/2026 | 1002567 | 255 | 0 | (8) |
|  DUB | 04/2026 | 308 | 45 | 0 | 0 |
|  | 04/2026 | 3993 | 1290 | 20 | 0 |
|  | 04/2026 | 296268 | 3192 | 64 | (3) |
|  | 04/2026 | $4185 | 6101 | 24 | 0 |
|  | 04/2026 | 15 | 102 | 0 | 0 |
|  | 04/2026 | 712 | 66520 | 1 | (10) |
|  | 04/2026 | 8147 | 10407 | 0 | (53) |
|  | 04/2026 | 538 | 17569 | 0 | (5) |
|  | 05/2026 | 6101 | $4184 | 0 | (24) |
|  | 05/2026 | 102 | 15 | 0 | 0 |
|  | 05/2026 | 10384 | 8147 | 52 | 0 |
|  | 06/2026 | 3801233 | 1020 | 2 | 0 |
|  | 06/2026 | 17533 | 538 | 3 | 0 |
|  | 06/2026 | $195 | 606 | 0 | (2) |
|  | 07/2026 | 2315 | $685 | 22 | 0 |
|  FAR | 04/2026 | 5 | 4 | 0 | 0 |
|  | 04/2026 | 145 | 187 | 7 | 0 |
|  | 04/2026 | 47609 | 64338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323 | 0 |
|  | 04/2026 | 302202 | 1893 | 0 | (11) |
|  | 04/2026 | $973 | 775 | 0 | (3) |
|  | 04/2026 | 288 | 250 | 1 | 0 |
|  | 04/2026 | 99 | 358 | 0 | (3) |
|  | 04/2026 | 44 | 56 | 0 | 0 |
|  | 05/2026 | 772 | $973 | 3 | 0 |
|  | 05/2026 | 2150 | 679 | 0 | (5) |
|  | 05/2026 | 56 | 44 | 0 | 0 |
|  | 05/2026 | $1893 | 301289 | 11 | 0 |
|  | 06/2026 | 1434 | $465 | 8 | 0 |
|  | 06/2026 | 910 | 269 | 8 | 0 |
|  | 06/2026 | $3838 | 66756 | 0 | (136) |
|  | 07/2026 | 1302 | $385 | 13 | 0 |
|  | 08/2026 | 1432 | 424 | 15 | 0 |
|  GLM | 04/2026 | 43581 | 8219 | 0 | (194) |
|  | 04/2026 | 922470 | 245 | 0 | (5) |
|  | 04/2026 | 1944 | 625 | 7 | 0 |
|  | 04/2026 | 5443 | 60 | 2 | 0 |
|  | 04/2026 | $7685 | 43581 | 729 | 0 |
|  | 04/2026 | 204 | 1404 | 0 | (1) |

---

---

| | | |
|:---|:---|:---|
| **34** | **PIMCO CREDIT BOND FUNDS** | 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 | $70 | 1190861 | $0 | $0 |
|  | 04/2026 | 4262 | 77661 | 67 | 0 |
|  | 04/2026 | 298 | 9772 | 0 | (1) |
|  | 06/2026 | 15 | $3 | 0 | 0 |
|  | 06/2026 | 1858885 | 500 | 2 | 0 |
|  | 06/2026 | 3693483 | 219 | 2 | 0 |
|  | 06/2026 | 33357 | 1878 | 28 | 0 |
|  | 06/2026 | 9755 | 298 | 0 | 0 |
|  | 06/2026 | $6907 | 37193 | 179 | 0 |
|  | 06/2026 | 375 | 6348258 | 0 | (2) |
|  | 06/2026 | 97 | 303 | 0 | 0 |
|  | 07/2026 | 14 | $2 | 0 | 0 |
|  | 07/2026 | 42598 | 11 | 0 | 0 |
|  IND | 04/2026 | 85226 | 100633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125 | 0 |
|  JPM | 04/2026 | 966 | 140 | 0 | 0 |
|  | 04/2026 | 520 | 597 | 0 | (4) |
|  | 04/2026 | 21428 | 227 | 0 | 0 |
|  | 04/2026 | 3434 | 933 | 10 | (1) |
|  | 04/2026 | 9792 | 7770 | 154 | 0 |
|  | 04/2026 | $16 | 107 | 0 | 0 |
|  | 04/2026 | 2193 | 1868 | 0 | (33) |
|  | 04/2026 | 227 | 21391 | 0 | (2) |
|  | 04/2026 | 523 | 899 | 0 | (6) |
|  | 04/2026 | 114319 | $6833 | 88 | (2) |
|  | 05/2026 | 778 | 533 | 0 | (3) |
|  | 05/2026 | 107 | 15 | 0 | 0 |
|  | 05/2026 | 132112 | 7370 | 27 | 0 |
|  | 06/2026 | 1261 | 408 | 6 | 0 |
|  | 06/2026 | 8345 | 465 | 3 | 0 |
|  | 06/2026 | $7608 | 133108 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(227) |
|  MBC | 04/2026 | 589 | $411 | 5 | 0 |
|  | 04/2026 | 3470 | 4013 | 13 | (11) |
|  | 04/2026 | 457 | 609 | 4 | 0 |
|  | 04/2026 | 423632 | 2689 | 26 | (6) |
|  | 04/2026 | 3079048 | 2104 | 57 | 0 |
|  | 04/2026 | 1324 | 135 | 0 | (1) |
|  | 04/2026 | 2700 | 287 | 2 | 0 |
|  | 04/2026 | 20677 | 651 | 23 | 0 |
|  | 04/2026 | $586 | 845 | 0 | (3) |
|  | 04/2026 | 284 | 223 | 0 | (5) |
|  | 04/2026 | 566 | 2096569 | 4 | 0 |
|  | 04/2026 | 6324 | 5460 | 4 | (18) |
|  | 04/2026 | 226 | 170 | 0 | (1) |
|  | 04/2026 | 9444 | 1500700 | 12 | 0 |
|  | 04/2026 | 261 | 2490 | 0 | (4) |
|  | 05/2026 | 565 | $650 | 0 | (4) |
|  | 05/2026 | $826 | 131706 | 6 | 0 |
|  | 05/2026 | 135 | 1324 | 2 | 0 |
|  | 06/2026 | 943 | $52 | 0 | 0 |
|  | 07/2026 | 2145088 | 566 | 0 | (4) |
|  MYI | 04/2026 | 854 | 1103 | 35 | 0 |
|  | 04/2026 | 1654 | 11 | 0 | 0 |
|  | 04/2026 | 248 | 70 | 3 | 0 |
|  | 04/2026 | $3272 | 59606 | 51 | 0 |
|  | 05/2026 | 369 | 1939 | 3 | 0 |
|  RBC | 04/2026 | 445 | $349 | 3 | 0 |
|  RYL | 04/2026 | 239438 | 2560 | 31 | 0 |
|  SCX | 04/2026 | 63776 | 409 | 7 | 0 |
|  | 04/2026 | 8704 | 5204 | 202 | 0 |
|  | 04/2026 | 1486 | 47 | 2 | 0 |
|  | 04/2026 | $5209 | 7211 | 0 | (24) |
|  | 04/2026 | 325 | 29938 | 0 | (9) |
|  | 04/2026 | 270 | 976 | 0 | (7) |
|  | 04/2026 | 61 | 1941 | 0 | 0 |
|  | 05/2026 | 7201 | $5209 | 24 | 0 |
|  | 06/2026 | 1066223 | 284 | 0 | (2) |
|  | 06/2026 | $646 | 10898991 | 0 | (6) |
|  | 07/2026 | 1095790 | $284 | 0 | (7) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **35** |

---

------

Schedule of Investments PIMCO Credit Opportunities Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  SOG | 04/2026 | 139 | $184 | $0 | $0 |
|  | 04/2026 | 351763 | 2261 | 44 | 0 |
|  | 04/2026 | 928 | 97 | 0 | (1) |
|  | 04/2026 | $85554 | 74127 | 136 | (11) |
|  | 04/2026 | 304 | 27793 | 0 | (11) |
|  | 05/2026 | 73722 | $85208 | 0 | (133) |
|  | 05/2026 | $97 | 927 | 1 | 0 |
|  | 06/2026 | 1023 | $332 | 6 | 0 |
|  | 06/2026 | 5711 | 1695 | 60 | 0 |
|  SSB | 04/2026 | 238119 | 2575 | 60 | 0 |
|  | 04/2026 | 17153 | 110 | 2 | 0 |
|  | 06/2026 | 1603772 | 415 | 0 | (15) |
|  | 08/2026 | 9704025 | 2544 | 0 | (17) |
|  UAG | 04/2026 | 1152 | 313 | 3 | 0 |
|  | 04/2026 | $1043 | 3876565 | 12 | 0 |
|  | 04/2026 | 122 | 440 | 0 | (3) |
|  | 05/2026 | 261 | 963459 | 0 | (1) |
|  | 06/2026 | 13675913 | $3587 | 0 | (75) |
|  | 06/2026 | 1655 | 535 | 8 | 0 |
|  | 06/2026 | 1202 | 67 | 0 | 0 |
|  | 08/2026 | 983805 | 261 | 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;7110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2306) |

---

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| BOA | Put - OTC USD versus KRW | KRW 1,400.000 | 07/09/2026 | 824 | $8 | $3 |
|  | Put - OTC USD versus KRW | 1400.000 | 07/13/2026 | 1460 | 10 | 5 |
| MBC | Put - OTC USD versus KRW | 1400.000 | 07/09/2026 | 2122 | 20 | 6 |
|  | Put - OTC USD versus KRW | 1400.000 | 07/10/2026 | 2116 | 17 | 6 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |

---

#### 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 2-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.750% | 08/10/2026 | 413000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 | $475 |
|  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;613 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 |

---

#### 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 | 1500 | $(3) | $(2) |

---

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | 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 1,350.000 | 07/09/2026 | 824 | $(3) | $(1) |
|  | Put - OTC USD versus KRW | 1350.000 | 07/13/2026 | 1460 | (3) | (1) |
| MBC | Put - OTC USD versus KRW | 1350.000 | 07/09/2026 | 2122 | (7) | (1) |
|  | Put - OTC USD versus KRW | 1350.000 | 07/10/2026 | 2116 | (5) | (2) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |

---

36 PIMCO CREDIT BOND FUNDS 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 Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.500% | 01/31/2028 | 44800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133) | $(298) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695 | 04/27/2026 | 1100 | (4) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.055 | 04/27/2026 | 1100 | (4) | (3) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141) | $(304) |
|  Total Written Options | Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(311) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2026<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(6)</sup> | Swap Agreements,<br>at Value<sup>(6)</sup> |
| Counterparty | Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2026<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| CBK | Soft Bank Group Corp. | (1.000)% | Quarterly | 12/20/2030 | 3.560% | 618100 | $366 | $45 | $411 | $0 |
| GST | Soft Bank Group Corp. | (1.000) | Quarterly | 12/20/2030 | 3.560 | 618100 | 369 | 43 | 412 | 0 |
| JPM | Celanese U.S. Holdings LLC | (5.000) | Quarterly | 12/20/2030 | 2.497 | $6500 | (620) | (58) | 0 | (678) |
|  | Indonesia Government International Bonds | (1.000) | Quarterly | 06/20/2031 | 1.025 | 11900 | (11) | 21 | 10 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(678) |

---

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2026<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(6)</sup> | Swap Agreements,<br>at Value<sup>(6)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2026<sup>(4)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BRC | Argentine Republic Government International Bonds | 5.000% | Quarterly | 12/20/2026 | 2.754 | $300 | $6 | $(1) | $5 | $0 |
| DUB | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | 141 | 0 | 1 | 1 | 0 |
| GST | Morgan Stanley | 1.000 | Quarterly | 12/20/2030 | 0.710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | 31 | (9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | 0 |
|  | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 1.662 | 1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | 0 | (2) |
| JPM | Ecuador Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 2.178 | 250 | 8 | 1 | 9 | 0 |
| MYC | Argentine Republic Government International Bonds | 5.000 | Quarterly | 12/20/2026 | 2.754 | 100 | 2 | 0 | 2 | 0 |
|  |  |  |  |  |  |  | $31 | $6 | $39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(3)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(5)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(6)</sup> | Swap Agreements,<br>at Value<sup>(6)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(5)</sup> | Notional<br>Amount<sup>(5)</sup> | Premiums<br>Paid/(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 | 860 | $195 | $(23) | $172 | $0 |
| BPS | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 |  | 6900 | 1588 | (207) | 1381 | 0 |
| CBK | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 |  | 100 | 23 | (3) | 20 | 0 |
| JPM | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 |  | 300 | 69 | (9) | 60 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(242) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(7)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(7)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| MYC | Receive | IBoxing index | 142836 | 338.850% | Maturity | 03/22/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48400 | $0 | $(227) | $0 | $(227) |
|  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;2010 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(412) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(907) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 37

------

Schedule of Investments PIMCO Credit Opportunities Bond Fund (Cont.)

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of 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 | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(8)</sup> |
|  AZD | $1 | $0 | $0 | $1 | $0 | $0 | $0 | $0 | $1 | $0 | $1 |
|  BOA | 90 | 483 | 172 | 745 | (185) | (302) | 0 | (487) | 258 | (260) | (2) |
|  BPS | 73 | 0 | 1381 | 1454 | (95) | 0 | 0 | (95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(171) |
|  BRC | 129 | 0 | 5 | 134 | (71) | 0 | 0 | (71) | 63 | (100) | (37) |
|  BSH | 380 | 0 | 0 | 380 | (357) | 0 | 0 | (357) | 23 | (10) | 13 |
|  CBK | 580 | 0 | 431 | 1011 | (483) | 0 | 0 | (483) | 528 | (338) | 190 |
|  DUB | 188 | 0 | 1 | 189 | (97) | 0 | 0 | (97) | 92 | 0 | 92 |
|  FAR | 1389 | 0 | 0 | 1389 | (158) | 0 | 0 | (158) | 1231 | (1440) | (209) |
|  GLM | 1016 | 0 | 0 | 1016 | (203) | (6) | 0 | (209) | 807 | (610) | 197 |
|  GST | 0 | 0 | 434 | 434 | 0 | 0 | (2) | (2) | 432 | (440) | (8) |
|  IND | 2125 | 0 | 0 | 2125 | 0 | 0 | 0 | 0 | 2125 | (2910) | (785) |
|  JPM | 288 | 0 | 79 | 367 | (278) | 0 | (678) | (956) | (589) | 572 | (17) |
|  MBC | 158 | 12 | 0 | 170 | (57) | (3) | 0 | (60) | 110 | 0 | 110 |
|  MYC | 0 | 0 | 2 | 2 | 0 | 0 | (227) | (227) | (225) | 0 | (225) |
|  MYI | 92 | 0 | 0 | 92 | 0 | 0 | 0 | 0 | 92 | 49 | 141 |
|  RBC | 3 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 3 | 0 | 3 |
|  RYL | 31 | 0 | 0 | 31 | 0 | 0 | 0 | 0 | 31 | 0 | 31 |
|  SCX | 235 | 0 | 0 | 235 | (55) | 0 | 0 | (55) | 180 | 0 | 180 |
|  SOG | 247 | 0 | 0 | 247 | (156) | 0 | 0 | (156) | 91 | 0 | 91 |
|  SSB | 62 | 0 | 0 | 62 | (32) | 0 | 0 | (32) | 30 | 0 | 30 |
|  UAG | 23 | 0 | 0 | 23 | (79) | 0 | 0 | (79) | (56) | 0 | (56) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2306) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(311) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(907) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3524) |  |  |  |

---

(q) Securities with an aggregate market value of $621 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>¨</sup> Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

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

---

| | | |
|:---|:---|:---|
| **38** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

#### 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; Purchased Options  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $0 | $139 | $139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 1537 | 1537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 718 | 0 | 0 | 668 | 1386 |
|  | $0 | $718 | $0 | $0 | $2344 | $3062 |
|  Over 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 | $7110 | $0 | $7110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 20 | 475 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2505 | 0 | 0 | 0 | 2505 |
|  | $0 | $2505 | $0 | $7130 | $475 | $10110 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3223 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7130 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2819 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13172 |
|  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 | $12 | $12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 576 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 162 | 0 | 0 | 508 | 670 |
|  | $0 | $162 | $0 | $0 | $1096 | $1258 |
|  Over 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 | $2306 | $0 | $2306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 2 | 0 | 5 | 304 | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 680 | 0 | 0 | 227 | 907 |
|  | $0 | $682 | $0 | $2311 | $531 | $3524 |
|  | $0 | $844 | $0 | $2311 | $1627 | $4782 |

---

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; Purchased Options  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $0 | $(131) | $(131) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 227 | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 4250 | 4250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (105) | 0 | 0 | 758 | 653 |
|  | $0 | $(105) | $0 | $0 | $5104 | $4999 |
|  Over 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 | $(9221) | $0 | $(9221) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | (645) | 0 | (56) | (128) | (829) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 14 | 0 | 27 | 421 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 196 | 0 | 0 | (54) | 142 |
|  | $0 | $(435) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9250) | $239 | $(9446) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(540) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(9250) | $5343 | $(4447) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $0 | $0 | $(760) | $(760) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | (4) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (5947) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5947) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 314 | 0 | 0 | 130 | 444 |
|  | $0 | $314 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6581) | $(6267) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 39

------

Schedule of Investments PIMCO Credit Opportunities Bond Fund (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  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $6627 | $0 | $6627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (22) | (82) | (104) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 9 | (172) | (163) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (199) | 0 | 0 | (227) | (426) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(199) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6614 | $(481) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5934 |
|  | $0 | $115 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $6614 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7062) | $(333) |

---

#### 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 | $27500 | $2370 | $29870 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 82544 | 0 | 82544 |
| &nbsp;&nbsp; Industrials | 0 | 155936 | 0 | 155936 |
| &nbsp;&nbsp; Utilities | 0 | 27763 | 0 | 27763 |
|  U.S. Government Agencies | 0 | 174748 | 226 | 174974 |
|  U.S. Treasury Obligations | 0 | 14721 | 0 | 14721 |
|  Non-Agency Mortgage-Backed Securities | 0 | 9721 | 0 | 9721 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; CMBS Other | 0 | 1646 | 0 | 1646 |
| &nbsp;&nbsp; Home Equity Other | 0 | 10558 | 0 | 10558 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 1581 | 0 | 1581 |
| &nbsp;&nbsp; Other ABS | 0 | 3782 | 0 | 3782 |
|  Sovereign Issues | 0 | 53754 | 0 | 53754 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 0 | 0 | 14 | 14 |
| &nbsp;&nbsp; Real Estate | 7 | 0 | 0 | 7 |
|  Corporate Bonds & Notes | 0 | 0 | 0 | 0 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 285 | 0 | 0 | 285 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 11409 | 0 | 11409 |
| &nbsp;&nbsp; Turkey Treasury Bills | 0 | 447 | 0 | 447 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 4114 | 0 | 4114 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580224 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2610 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583126 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 | $82733 | $0 | $0 | $82733 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83025 | $580224 | $2610 | $665859 |
|  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 |
|  Corporate Bonds & Notes | $0 | $(7904) | $0 | $(7904) |
|  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 | 1263 | 1760 | 0 | 3023 |
|  Over the counter | 0 | 10109 | 1 | 10110 |
|  | $1263 | $11869 | $1 | $13133 |
|  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 | (588) | (665) | 0 | (1253) |
|  Over the counter | 0 | (3524) | 0 | (3524) |
|  | $(588) | $(4189) | $0 | $(4777) |
|  Total Financial Derivative Instruments | $675 | $7680 | $1 | $8356 |
|  Totals | $83700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2611 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666311 |

---

There were no significant transfers into or out of Level 3 during the period ended March 31, 2026.

---

| | | |
|:---|:---|:---|
| **40** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Diversified Income Fund 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 106.3% | INVESTMENTS IN SECURITIES 106.3% | INVESTMENTS IN SECURITIES 106.3% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 5.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 5.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 5.6% |
|  Alfa-Bank CJSC | Alfa-Bank CJSC | Alfa-Bank CJSC |
|  5.860% (EUR003M + 2.100%) due 10/21/2026 «~(l) | 647 | 647 |
|  Aligned Data Centers International LP | Aligned Data Centers International LP | Aligned Data Centers International LP |
|  7.223% due 12/18/2029 «~ | 7500 | 7549 |
|  Altice France SA | Altice France SA | Altice France SA |
|  10.547% (TSFR3M + 6.875%) due 05/31/2031 ~ | 4718 | 4737 |
|  Amentum Government Services Holdings LLC | Amentum Government Services Holdings LLC | Amentum Government Services Holdings LLC |
|  5.668% (TSFR1M + 2.000%) due 09/29/2031 ~ | 2305 | 2309 |
|  Bank of Industry Ltd. | Bank of Industry Ltd. | Bank of Industry Ltd. |
|  3.724% (EUR003M + 1.700%) due 08/23/2027 ~ | 4725 | 5449 |
|  BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. |
|  6.918% (TSFR1M + 3.250%) due 12/11/2030 ~ | 1931 | 1905 |
|  Castlelake LP | Castlelake LP | Castlelake LP |
|  2.950% due 05/12/2031 «~ | 4885 | 4577 |
|  Clover Holdings 2 LLC | Clover Holdings 2 LLC | Clover Holdings 2 LLC |
|  TBD% - 3.500% due 12/10/2029 ~µ | 1374 | 1267 |
|  7.676% (TSFR1M + 4.000%) due 12/09/2031 ~ | 4922 | 4725 |
|  Columbus McKinnon Corp. | Columbus McKinnon Corp. | Columbus McKinnon Corp. |
|  7.200% (TSFR3M + 3.500%) due 02/03/2033 ~ | 1945 | 1940 |
|  Coreweave Compute Acquisition Co. IV LLC | Coreweave Compute Acquisition Co. IV LLC | Coreweave Compute Acquisition Co. IV LLC |
|  9.669% - 9.700% (TSFR3M + 6.000%) due 05/16/2029 «~ | 990 | 1020 |
|  Cotiviti Corp. | Cotiviti Corp. | Cotiviti Corp. |
|  6.418% (TSFR1M + 2.750%) due 05/01/2031 ~ | 7222 | 6671 |
|  Databricks, Inc. | Databricks, Inc. | Databricks, Inc. |
|  1.000% due 01/05/2032 ~µ | 3469 | 3452 |
|  8.171% (TSFR1M + 4.500%) due 01/05/2032 ~ | 4831 | 4807 |
|  Finastra USA, Inc. | Finastra USA, Inc. | Finastra USA, Inc. |
|  7.671% (TSFR3M + 4.000%) due 09/15/2032 ~ | 4500 | 4237 |
|  Fortress Intermediate 3, Inc. | Fortress Intermediate 3, Inc. | Fortress Intermediate 3, Inc. |
|  6.669% (TSFR1M + 3.000%) due 06/27/2031 «~ | 3555 | 3533 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  6.166% (TSFR3M + 2.500%) due 03/03/2032 ~ | 1617 | 1619 |
|  Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
|  7.170% (TSFR3M + 3.500%) due 10/01/2032 ~ | 998 | 996 |
|  ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. |
|  7.450% (TSFR3M + 3.750%) due 10/07/2032 ~ | 3000 | 2427 |
|  IRB Holding Corp. | IRB Holding Corp. | IRB Holding Corp. |
|  6.176% (TSFR1M + 2.500%) due 12/16/2030 ~ | 2607 | 2603 |
|  Kaseya, Inc. | Kaseya, Inc. | Kaseya, Inc. |
|  6.918% (TSFR1M + 3.250%) due 03/22/2032 ~ | 2084 | 1952 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  7.152% (TSFR3M + 3.500%) due 05/19/2031 ~ | 1150 | 1151 |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
|  5.418% (TSFR1M + 1.750%) due 10/23/2030 ~ | 1750 | 1754 |
|  Mercury Aggregator LP | Mercury Aggregator LP | Mercury Aggregator LP |
|  TBD% due 04/03/2027 «~ | 64 | 0 |
|  Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
|  7.269% - 9.442% (TSFR1M + 3.500%) due 04/30/2029 ~ | 3563 | 2354 |
|  7.269% - 9.442% (TSFR3M + 5.750%) due 04/30/2029 «~ | 252 | 192 |
|  Nouryon Finance BV | Nouryon Finance BV | Nouryon Finance BV |
|  5.527% (EUR003M + 3.500%) due 04/03/2028 ~ | 555 | 635 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  OCS Group Holdings Ltd. | OCS Group Holdings Ltd. | OCS Group Holdings Ltd. |
|  8.980% due 11/28/2031 ~ | 1500 | 1978 |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
|  6.700% (TSFR3M + 3.000%) due 06/20/2031 ~ | 2049 | 1974 |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  3.886% (EUR006M + 1.750%) due 03/05/2027 «~ | 4200 | 4860 |
|  Petco Health & Wellness Co., Inc. | Petco Health & Wellness Co., Inc. | Petco Health & Wellness Co., Inc. |
|  7.950% (TSFR3M + 4.250%) due 02/03/2031 ~ | 2900 | 2841 |
|  Polaris Newco LLC | Polaris Newco LLC | Polaris Newco LLC |
|  7.928% (TSFR3M + 4.000%) due 06/02/2028 ~ | 2362 | 2086 |
|  Project Flash | Project Flash | Project Flash |
|  0.563% - 5.933% (TSFR3M + 2.250%) due 04/30/2030 «~µ | 3662 | 3663 |
|  0.563% - 5.933% (TSFR1M + 2.250%) due 04/30/2030 «~µ | 1830 | 1830 |
|  Project Hudson II | Project Hudson II | Project Hudson II |
|  7.730% due 05/29/2026 «~ | 1700 | 1706 |
|  Qnity Electronics, Inc. | Qnity Electronics, Inc. | Qnity Electronics, Inc. |
|  5.668% (TSFR1M + 2.000%) due 11/01/2032 ~ | 1496 | 1496 |
|  QualityTech LP | QualityTech LP | QualityTech LP |
|  7.173% (TSFR1M + 3.500%) due 10/30/2031 «~ | 3168 | 3164 |
|  QuidelOrtho Corp. | QuidelOrtho Corp. | QuidelOrtho Corp. |
|  7.668% (TSFR1M + 4.000%) due 08/20/2032 ~ | 3682 | 3682 |
|  Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP |
|  TBD% (TSFR3M + 2.500%) due 09/18/2031 ~ | 2810 | 2821 |
|  SCUR-Alpha 1503 GmbH | SCUR-Alpha 1503 GmbH | SCUR-Alpha 1503 GmbH |
|  9.167% (TSFR3M + 5.500%) due 03/29/2030 ~ | 970 | 854 |
|  SOCAR Turkey Enerji AS | SOCAR Turkey Enerji AS | SOCAR Turkey Enerji AS |
|  5.558% (EUR006M + 3.450%) due 08/11/2026 «~ | 4000 | 4635 |
|  Spirit Airlines, Inc. | Spirit Airlines, Inc. | Spirit Airlines, Inc. |
|  TBD% due 07/14/2026 «~ | 839 | 454 |
|  TBD% (TSFR1M + 8.000%) due 07/14/2026 ~ | 75 | 74 |
|  TBD% due 07/14/2026 ~ | 98 | 97 |
|  Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
|  5.425% (TSFR1M + 1.750%) due 09/22/2028 ~ | 820 | 820 |
|  Stepstone Group Midco 2 GmbH | Stepstone Group Midco 2 GmbH | Stepstone Group Midco 2 GmbH |
|  6.599% (EUR006M + 4.500%) due 04/26/2032 ~ | 3700 | 3757 |
|  Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |
|  5.917% (TSFR3M + 2.250%) due 04/09/2032 ~ | 3292 | 3291 |
|  Subcalidora 2 | Subcalidora 2 | Subcalidora 2 |
|  7.877% (EUR003M + 5.750%) due 08/14/2029 «~ | 4000 | 4519 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  6.168% (TSFR1M + 2.500%) due 08/19/2032 ~ | 2189 | 2191 |
|  Transnet SOC Ltd. | Transnet SOC Ltd. | Transnet SOC Ltd. |
|  10.658% due 03/02/2028 «~ | 78286 | 4566 |
|  Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds |
|  8.315% (EUR006M + 6.210%) due 04/27/2031 «~ | 4600 | 5551 |
|  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 «~ | 13388 | 13639 |
|  8.782% (TSFR1M + 5.000%) due 06/28/2028 ~ | 1773 | 1674 |
|  VEON Amsterdam BV | VEON Amsterdam BV | VEON Amsterdam BV |
|  7.902% (TSFR3M + 4.250%) due 03/25/2027 «~ | 2100 | 2089 |
|  Virgin Media Bristol LLC | Virgin Media Bristol LLC | Virgin Media Bristol LLC |
|  7.037% (TSFR1M + 3.250%) due 01/31/2029 ~ | 5630 | 5445 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.052% (TSFR6M + 3.175%) due 03/31/2031 ~ | $— | 1800 | 1648 |
|  Virgin Media Investment Holdings Ltd. | Virgin Media Investment Holdings Ltd. | Virgin Media Investment Holdings Ltd. | Virgin Media Investment Holdings Ltd. |
|  6.978% due 08/01/2030 «~ |  | 2000 | 2541 |
|  White Cap Buyer LLC | White Cap Buyer LLC | White Cap Buyer LLC | White Cap Buyer LLC |
|  6.918% (TSFR1M + 3.250%) due 10/19/2029 ~ | $— | 1941 | 1871 |
|  Total Loan Participations and Assignments (Cost $167,756) | Total Loan Participations and Assignments (Cost $167,756) | Total Loan Participations and Assignments (Cost $167,756) | 166325 |
| CORPORATE BONDS & NOTES 39.6% | CORPORATE BONDS & NOTES 39.6% | CORPORATE BONDS & NOTES 39.6% | CORPORATE BONDS & NOTES 39.6% |
| BANKING & FINANCE 13.0% | BANKING & FINANCE 13.0% | BANKING & FINANCE 13.0% | BANKING & FINANCE 13.0% |
|  123 Lights Re Ltd. | 123 Lights Re Ltd. | 123 Lights Re Ltd. | 123 Lights Re Ltd. |
|  14.510% (FHMMUSTF + 11.000%) due 09/14/2031 ~ |  | 250 | 258 |
|  Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC | Abu Dhabi Developmental Holding Co. PJSC |
|  5.500% due 05/08/2034 |  | 3300 | 3344 |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
|  3.650% due 07/21/2027 |  | 1930 | 1910 |
|  Alamo Re Ltd. | Alamo Re Ltd. | Alamo Re Ltd. | Alamo Re Ltd. |
|  15.390% (FHMMUSTF + 11.880%) due 06/08/2026 ~ |  | 700 | 714 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | 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 |  | 1600 | 1573 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  8.000% due 11/01/2031 |  | 5966 | 6604 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  2.375% due 07/15/2031 |  | 100 | 88 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  2.100% due 06/15/2030 |  | 1200 | 1080 |
|  Antares Holdings LP | Antares Holdings LP | Antares Holdings LP | Antares Holdings LP |
|  2.750% due 01/15/2027 |  | 1050 | 1028 |
|  ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund |
|  6.200% due 03/21/2032 |  | 2400 | 2354 |
|  Armor RE II Ltd. | Armor RE II Ltd. | Armor RE II Ltd. | Armor RE II Ltd. |
|  13.760% (BRMMUSDF + 10.200%) due 05/07/2031 ~ |  | 700 | 737 |
|  Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | Arthur J Gallagher & Co. |
|  5.150% due 02/15/2035 |  | 900 | 893 |
|  Avilease Capital Ltd. | Avilease Capital Ltd. | Avilease Capital Ltd. | Avilease Capital Ltd. |
|  4.750% due 11/12/2030 |  | 2800 | 2728 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  2.528% due 11/18/2027 |  | 1576 | 1523 |
|  4.850% due 04/01/2033 |  | 2700 | 2588 |
|  4.950% due 10/15/2032 |  | 4100 | 3995 |
|  Azule Energy Finance PLC | Azule Energy Finance PLC | Azule Energy Finance PLC | Azule Energy Finance PLC |
|  8.250% due 01/22/2031 |  | 3100 | 3134 |
|  Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA | Banca Monte dei Paschi di Siena SpA |
|  7.708% due 01/18/2028 •  |  | 2400 | 2945 |
|  10.500% due 07/23/2029 |  | 2400 | 3295 |
|  Banco Internacional del Peru SAA Interbank | Banco Internacional del Peru SAA Interbank | Banco Internacional del Peru SAA Interbank | Banco Internacional del Peru SAA Interbank |
|  4.800% due 07/15/2031 | $— | 2900 | 2858 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  5.565% due 01/17/2030 |  | 2200 | 2255 |
|  Bank Hapoalim BM | Bank Hapoalim BM | Bank Hapoalim BM | Bank Hapoalim BM |
|  4.722% due 07/14/2029 |  | 1700 | 1680 |
|  5.252% due 01/14/2033 |  | 1100 | 1087 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  2.687% due 04/22/2032 •  |  | 3000 | 2720 |
|  3.705% due 04/24/2028 •  |  | 3700 | 3673 |
|  4.948% due 07/22/2028 •  |  | 4100 | 4127 |
|  5.288% due 04/25/2034 •  |  | 1250 | 1266 |
|  Barclays PLC | Barclays PLC | Barclays PLC | Barclays PLC |
|  4.219% due 05/24/2030 •  |  | 1900 | 1871 |
|  4.521% due 02/24/2032 •  |  | 2300 | 2251 |
|  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 |
|  5.250% due 09/10/2029 |  | 1000 | 1007 |
|  Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC |
|  6.250% due 04/18/2034 |  | 1300 | 1251 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **41** |

---

------

Schedule of Investments PIMCO Diversified Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  7.000% due 08/16/2028 •(i)(j) | 2000 | 2029 |
|  BPCE SA | BPCE SA | BPCE SA |
|  6.714% due 10/19/2029 •  | 2500 | 2616 |
|  7.003% due 10/19/2034 •  | 2500 | 2733 |
|  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 |
|  5.750% due 05/15/2026 | 1037 | 1037 |
|  Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
|  7.500% due 07/15/2033 | 3300 | 2751 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  6.840% due 09/13/2034 •  | 2500 | 2724 |
|  CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
|  7.500% due 05/30/2029 | 2300 | 2415 |
|  CIMA Finance DAC | CIMA Finance DAC | CIMA Finance DAC |
|  2.950% due 09/05/2029 | 1900 | 1777 |
|  Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC |
|  5.900% due 02/10/2030 | 2200 | 2212 |
|  Citadel LP | Citadel LP | Citadel LP |
|  6.375% due 01/23/2032 | 2125 | 2204 |
|  Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC |
|  5.750% due 03/27/2036 | 2200 | 2172 |
|  Commerzbank AG | Commerzbank AG | Commerzbank AG |
|  8.625% due 02/28/2033 •  | 1100 | 1528 |
|  CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. |
|  2.800% due 07/15/2030 | 1270 | 1149 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  9.700% due 03/05/2045 | 3800 | 1162 |
|  10.100% due 12/15/2043 | 31400 | 9790 |
|  Credit Opportunities Partners LLC | Credit Opportunities Partners LLC | Credit Opportunities Partners LLC |
|  6.520% due 03/20/2028 «(l) | 2700 | 2678 |
|  Credit Suisse AG AT1 Claim | Credit Suisse AG AT1 Claim | Credit Suisse AG AT1 Claim |
|  1.000% due 12/31/2060 | 12750 | 4462 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  2.250% due 01/15/2031 | 2050 | 1811 |
|  Deloitte LLP | Deloitte LLP | Deloitte LLP |
|  5.250% due 01/30/2030 «(l) | 2000 | 2009 |
|  5.410% due 01/30/2032 «(l) | 2000 | 2006 |
|  5.590% due 01/30/2035 «(l) | 2000 | 1992 |
|  5.690% due 01/30/2037 «(l) | 500 | 495 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  3.729% due 01/14/2032 •  | 3000 | 2789 |
|  5.882% due 07/08/2031 •  | 2275 | 2320 |
|  Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange |
|  4.500% due 01/18/2032 | 2800 | 2552 |
|  Encore Capital Group, Inc. | Encore Capital Group, Inc. | Encore Capital Group, Inc. |
|  8.500% due 05/15/2030 | 1900 | 2010 |
|  9.250% due 04/01/2029 | 3000 | 3142 |
|  Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC | Equinix Europe 2 Financing Corp. LLC |
|  4.600% due 11/15/2030 | 6600 | 6541 |
|  Erste Group Bank AG | Erste Group Bank AG | Erste Group Bank AG |
|  7.000% due 04/15/2031 •(i)(j)(m) | 2400 | 2926 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  2.900% due 02/16/2028 | 1600 | 1535 |
|  3.815% due 11/02/2027 | 800 | 784 |
|  4.542% due 08/01/2026 | 600 | 599 |
|  5.875% due 11/07/2029 | 5000 | 5064 |
|  7.350% due 11/04/2027 | 300 | 310 |
|  Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. |
|  6.625% due 01/15/2027 | 2500 | 2498 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  3.125% due 10/12/2028 | 2000 | 1827 |
|  6.125% due 01/15/2031 | 3600 | 3380 |
|  FTAI Aviation Investors LLC | FTAI Aviation Investors LLC | FTAI Aviation Investors LLC |
|  5.500% due 05/01/2028 | 6750 | 6753 |
|  7.000% due 05/01/2031 | 6400 | 6565 |
|  Gaci First Investment Co. | Gaci First Investment Co. | Gaci First Investment Co. |
|  5.125% due 02/14/2053 | 2700 | 2284 |
|  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 | 100 | 96 |
|  5.750% due 06/01/2028 | 890 | 904 |
|  5.750% due 11/01/2037 | 6000 | 5813 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  4.148% due 01/21/2029 •  | 1700 | 1690 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.016% due 10/23/2035 •  | $— | 1800 | $— | 1767 |
|  5.330% due 07/23/2035 •  |  | 4050 |  | 4065 |
|  Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC |
|  3.700% due 03/15/2028 |  | 1450 |  | 1427 |
|  GSG Bidco Ltd. | GSG Bidco Ltd. | GSG Bidco Ltd. | GSG Bidco Ltd. | GSG Bidco Ltd. |
|  4.700% due 06/15/2031 |  | 2500 |  | 2867 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  6.375% due 07/01/2034 | $— | 1400 |  | 1410 |
|  Handshake Re Ltd. | Handshake Re Ltd. | Handshake Re Ltd. | Handshake Re Ltd. | Handshake Re Ltd. |
|  8.060% (JMMMUSTF + 4.500%) due 01/08/2030 ~ |  | 250 |  | 249 |
|  Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC | Hardwood Funding LLC |
|  4.840% due 06/07/2028 «(l) |  | 2400 |  | 2403 |
|  4.980% due 06/07/2030 «(l) |  | 1500 |  | 1504 |
|  HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC | 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 |  | 422 |  | 421 |
|  3.750% due 09/15/2030 |  | 2520 |  | 2321 |
|  HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund | HPS Corporate Lending Fund |
|  5.950% due 04/14/2032 |  | 1700 |  | 1644 |
|  ICBC Standard Bank PLC | ICBC Standard Bank PLC | ICBC Standard Bank PLC | ICBC Standard Bank PLC | ICBC Standard Bank PLC |
|  20.000% due 12/13/2029 « |  | 37313000 |  | 3060 |
|  ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV |
|  5.750% due 11/16/2026 •(i)(j) | $— | 2800 |  | 2798 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  6.625% due 06/20/2033 |  | 3300 |  | 3581 |
|  ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. |
|  7.875% due 09/30/2032 (m) |  | 2200 |  | 1706 |
|  ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL |
|  8.750% due 05/01/2029 |  | 3500 |  | 3259 |
|  JAB Holdings BV | JAB Holdings BV | JAB Holdings BV | JAB Holdings BV | JAB Holdings BV |
|  2.200% due 11/23/2030 |  | 335 |  | 299 |
|  Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. |
|  6.125% due 11/01/2032 |  | 2500 |  | 2474 |
|  6.750% due 05/01/2033 |  | 3100 |  | 3147 |
|  7.125% due 04/30/2031 |  | 5300 |  | 5451 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  2.182% due 06/01/2028 •  |  | 6900 |  | 6727 |
|  3.509% due 01/23/2029 •  |  | 8000 |  | 7874 |
|  5.294% due 07/22/2035 •  |  | 3900 |  | 3950 |
|  KAF Kaerntner Ausgleichszahlungs-Fonds | KAF Kaerntner Ausgleichszahlungs-Fonds | KAF Kaerntner Ausgleichszahlungs-Fonds | KAF Kaerntner Ausgleichszahlungs-Fonds | KAF Kaerntner Ausgleichszahlungs-Fonds |
|  0.000% due 04/03/2049 « |  | 23238 |  | 2014 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  5.875% due 10/15/2035 | $— | 2108 |  | 2034 |
|  Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. |
|  5.718% due 09/15/2026 «•  |  | 1200 |  | 1396 |
|  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. |
|  4.250% due 02/01/2027 | $— | 1130 |  | 1117 |
|  Lazard Group LLC | Lazard Group LLC | Lazard Group LLC | Lazard Group LLC | Lazard Group LLC |
|  6.000% due 03/15/2031 |  | 1975 |  | 2053 |
|  Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. | Lima Metro Line 2 Finance Ltd. |
|  5.875% due 07/05/2034 |  | 75 |  | 76 |
|  Midcap Financial Issuer Trust | Midcap Financial Issuer Trust | Midcap Financial Issuer Trust | Midcap Financial Issuer Trust | Midcap Financial Issuer Trust |
|  6.500% due 05/01/2028 |  | 850 |  | 826 |
|  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 |  | 2000 |  | 1800 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  2.869% due 09/13/2030 •  |  | 1000 |  | 943 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  3.772% due 01/24/2029 •  |  | 3100 |  | 3059 |
|  5.173% due 01/16/2030 •  |  | 5000 |  | 5071 |
|  5.320% due 07/19/2035 •  |  | 4800 |  | 4818 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.600% due 06/28/2031 •(i)(j) |  | 1700 |  | 1524 |
|  5.125% due 05/12/2027 •(i)(j) |  | 1700 |  | 2216 |
|  New Immo Holding SA | New Immo Holding SA | New Immo Holding SA | New Immo Holding SA | New Immo Holding SA |
|  3.250% due 07/23/2027 |  | 2400 |  | 2723 |
|  4.875% due 12/08/2028 |  | 2500 |  | 2826 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 | $— | 1500 |  | 1573 |
|  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 |
|  5.625% due 09/29/2028 |  | 4400 |  | 4321 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  4.000% due 09/15/2030 | 550 | 497 |
|  5.375% due 11/15/2029 | 3149 | 3039 |
|  6.125% due 05/15/2030 | 1700 | 1663 |
|  6.625% due 01/15/2028 | 2720 | 2741 |
|  6.625% due 05/15/2029 | 3800 | 3808 |
|  Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. |
|  6.375% due 02/01/2027 | 1000 | 992 |
|  Palm RE Ltd. | Palm RE Ltd. | Palm RE Ltd. |
|  13.240% (BNMMDTSC + 9.700%) due 06/09/2031 ~ | 250 | 262 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (g) | 7600 | 5951 |
|  Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC |
|  7.125% due 06/01/2031 | 4600 | 4618 |
|  PRIO Luxembourg Holding SARL | PRIO Luxembourg Holding SARL | PRIO Luxembourg Holding SARL |
|  6.750% due 10/15/2030 | 3200 | 3117 |
|  Purple Re Ltd. | Purple Re Ltd. | Purple Re Ltd. |
|  12.686% (JMMMUSTF + 9.126%) due 06/07/2027 ~ | 700 | 722 |
|  Rayonier LP | Rayonier LP | Rayonier LP |
|  2.750% due 05/17/2031 | 300 | 270 |
|  RLJ Lodging Trust LP | RLJ Lodging Trust LP | RLJ Lodging Trust LP |
|  3.750% due 07/01/2026 | 975 | 971 |
|  Rocket Cos., Inc. | Rocket Cos., Inc. | Rocket Cos., Inc. |
|  6.125% due 08/01/2030 | 1900 | 1919 |
|  7.125% due 02/01/2032 | 1850 | 1908 |
|  Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. |
|  4.000% due 10/15/2033 | 2425 | 2176 |
|  Sabine Re Ltd. | Sabine Re Ltd. | Sabine Re Ltd. |
|  12.060% (BNMMDTSC + 8.520%) due 04/07/2031 ~ | 400 | 413 |
|  Samhallsbyggnadsbolaget I Norden Holding AB | Samhallsbyggnadsbolaget I Norden Holding AB | Samhallsbyggnadsbolaget I Norden Holding AB |
|  2.375% due 08/04/2026 | 1100 | 1263 |
|  Sammons Financial Group, Inc. | Sammons Financial Group, Inc. | Sammons Financial Group, Inc. |
|  3.350% due 04/16/2031 | 1025 | 942 |
|  6.875% due 04/15/2034 | 3000 | 3181 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  5.741% due 03/20/2031 •  | 1200 | 1232 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  3.823% due 11/03/2028 •  | 2400 | 2370 |
|  SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. |
|  3.875% due 02/15/2027 | 3200 | 3169 |
|  Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
|  5.250% due 10/15/2028 | 2300 | 2275 |
|  5.750% due 01/15/2031 | 3000 | 2966 |
|  Takeoff Merger Sub, Inc. | Takeoff Merger Sub, Inc. | Takeoff Merger Sub, Inc. |
|  4.400% due 03/24/2028 | 1500 | 1492 |
|  4.500% due 03/24/2029 | 1600 | 1590 |
|  Tesco Property Finance 2 PLC | Tesco Property Finance 2 PLC | Tesco Property Finance 2 PLC |
|  6.052% due 10/13/2039 | 6118 | 8209 |
|  Tesco Property Finance 4 PLC | Tesco Property Finance 4 PLC | Tesco Property Finance 4 PLC |
|  5.801% due 10/13/2040 | 182 | 236 |
|  Tesco Property Finance 6 PLC | Tesco Property Finance 6 PLC | Tesco Property Finance 6 PLC |
|  5.411% due 07/13/2044 | 84 | 106 |
|  Thames Ssnm Unfunded Comm | Thames Ssnm Unfunded Comm | Thames Ssnm Unfunded Comm |
|  9.750% due 10/10/2027 | 162 | 206 |
|  Trust 2401 | Trust 2401 | Trust 2401 |
|  6.390% due 01/15/2050 | 1392 | 1271 |
|  7.375% due 02/13/2034 | 1424 | 1507 |
|  Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno |
|  6.390% due 01/15/2050 | 708 | 638 |
|  7.375% due 02/13/2034 | 576 | 610 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  2.095% due 02/11/2032 •  | 700 | 617 |
|  3.091% due 05/14/2032 •  | 1525 | 1399 |
|  4.194% due 04/01/2031 •  | 2500 | 2447 |
|  5.428% due 02/08/2030 •  | 2000 | 2044 |
|  5.617% due 09/13/2030 •  | 1600 | 1650 |
|  VB DPR Finance Co. | VB DPR Finance Co. | VB DPR Finance Co. |
|  6.833% due 03/15/2035 «(l) | 4300 | 4347 |
|  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 | 3550 | 3451 |
|  4.125% due 08/15/2030 | 625 | 599 |

---

---

| | | |
|:---|:---|:---|
| **42** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.250% due 12/01/2026 | $— | 2030 | 2025 |
|  5.750% due 02/01/2027 |  | 1030 | 1036 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  2.393% due 06/02/2028 •  |  | 2900 | 2831 |
|  5.211% due 12/03/2035 •  |  | 4000 | 3984 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  7.375% due 03/15/2032 |  | 508 | 567 |
|  |  |  | 383092 |
| INDUSTRIALS 22.6% | INDUSTRIALS 22.6% | INDUSTRIALS 22.6% | INDUSTRIALS 22.6% |
|  1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. |
|  4.000% due 10/15/2030 |  | 3400 | 3198 |
|  4.375% due 01/15/2028 |  | 4660 | 4598 |
|  1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. |
|  10.000% due 04/15/2032 |  | 1350 | 1383 |
|  Advance Auto Parts, Inc. | Advance Auto Parts, Inc. | Advance Auto Parts, Inc. | Advance Auto Parts, Inc. |
|  7.000% due 08/01/2030 |  | 3500 | 3548 |
|  AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC |
|  5.150% due 04/01/2034 |  | 1000 | 1008 |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.600% due 09/15/2028 |  | 376 | 371 |
|  5.250% due 10/01/2030 |  | 604 | 613 |
|  Aker BP ASA | Aker BP ASA | Aker BP ASA | Aker BP ASA |
|  4.000% due 01/15/2031 |  | 1300 | 1248 |
|  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 |  | 899 | 900 |
|  Albion Financing 1 SARL/Aggreko Holdings, Inc. | 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 |  | 3400 | 3477 |
|  Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. | Allegion U.S. Holding Co., Inc. |
|  3.550% due 10/01/2027 |  | 600 | 592 |
|  Allwyn Entertainment Financing U.K. PLC | Allwyn Entertainment Financing U.K. PLC | Allwyn Entertainment Financing U.K. PLC | Allwyn Entertainment Financing U.K. PLC |
|  4.625% due 08/15/2031 (m) |  | 3500 | 3897 |
|  ALROSA Finance SA | ALROSA Finance SA | ALROSA Finance SA | ALROSA Finance SA |
|  3.100% due 06/25/2027 ^«(d) | $— | 5500 | 330 |
|  Altice France Lux 3/Altice Holdings 1 | Altice France Lux 3/Altice Holdings 1 | Altice France Lux 3/Altice Holdings 1 | Altice France Lux 3/Altice Holdings 1 |
|  10.000% due 01/15/2033 |  | 100 | 91 |
|  Altice France SA | Altice France SA | Altice France SA | Altice France SA |
|  9.500% due 11/01/2029 |  | 800 | 809 |
|  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 |  | 3209 | 2876 |
|  3.000% due 04/15/2030 |  | 100 | 97 |
|  3.150% due 08/15/2033 |  | 239 | 223 |
|  3.200% due 12/15/2029 |  | 1286 | 1254 |
|  3.350% due 04/15/2031 |  | 1188 | 1150 |
|  3.375% due 11/01/2028 |  | 1138 | 1124 |
|  3.575% due 07/15/2029 |  | 710 | 701 |
|  3.600% due 03/22/2029 |  | 526 | 520 |
|  3.600% due 04/15/2031 |  | 107 | 102 |
|  3.650% due 02/15/2029 |  | 341 | 332 |
|  3.700% due 04/01/2028 |  | 220 | 219 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
|  5.500% due 04/20/2026 |  | 315 | 315 |
|  American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. |
|  3.875% due 11/15/2029 |  | 1000 | 949 |
|  ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG |
|  12.250% due 03/30/2029 |  | 3600 | 3832 |
|  Anglo American Capital PLC | Anglo American Capital PLC | Anglo American Capital PLC | Anglo American Capital PLC |
|  4.625% due 03/19/2031 |  | 3000 | 2967 |
|  AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC |
|  3.750% due 10/01/2030 |  | 400 | 387 |
|  Antofagasta PLC | Antofagasta PLC | Antofagasta PLC | Antofagasta PLC |
|  2.375% due 10/14/2030 |  | 800 | 718 |
|  Apache Corp. | Apache Corp. | Apache Corp. | Apache Corp. |
|  4.875% due 11/15/2027 |  | 870 | 875 |
|  Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. |
|  4.000% due 05/01/2028 |  | 700 | 691 |
|  Avantor Funding, Inc. | Avantor Funding, Inc. | Avantor Funding, Inc. | Avantor Funding, Inc. |
|  4.625% due 07/15/2028 |  | 2545 | 2485 |
|  Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
|  6.250% due 03/15/2033 |  | 2000 | 2043 |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
|  8.375% due 10/01/2028 |  | 1000 | 1034 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
|  4.375% due 12/15/2028 | 2300 | 2277 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.375% due 11/21/2030 | 575 | 605 |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 14390 | 14806 |
|  Block, Inc. | Block, Inc. | Block, Inc. |
|  2.750% due 06/01/2026 | 1325 | 1320 |
|  3.500% due 06/01/2031 | 1400 | 1274 |
|  5.625% due 08/15/2030 | 5400 | 5373 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  3.250% due 02/01/2028 | 2390 | 2344 |
|  5.040% due 05/01/2027 | 600 | 603 |
|  5.150% due 05/01/2030 | 2835 | 2883 |
|  5.930% due 05/01/2060 | 1670 | 1604 |
|  6.388% due 05/01/2031 | 1400 | 1493 |
|  Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |
|  3.875% due 09/01/2028 | 870 | 848 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  2.900% due 09/15/2036 | 997 | 917 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  3.137% due 11/15/2035 | 906 | 770 |
|  3.187% due 11/15/2036 | 1640 | 1371 |
|  3.469% due 04/15/2034 | 5234 | 4716 |
|  Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
|  4.250% due 02/01/2032 | 3200 | 2950 |
|  6.750% due 05/15/2035 | 2000 | 2001 |
|  Burberry Group PLC | Burberry Group PLC | Burberry Group PLC |
|  5.750% due 06/20/2030 | 3000 | 3976 |
|  BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. |
|  4.125% due 06/30/2028 | 1770 | 1722 |
|  Cameron LNG LLC | Cameron LNG LLC | Cameron LNG LLC |
|  3.302% due 01/15/2035 | 300 | 261 |
|  3.402% due 01/15/2038 | 400 | 349 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  5.400% due 12/15/2034 | 1100 | 1113 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  4.000% due 08/01/2028 | 6550 | 6399 |
|  5.125% due 05/01/2029 | 4000 | 3973 |
|  Carvana Co. | Carvana Co. | Carvana Co. |
|  9.000% due 06/01/2030 | 3000 | 3123 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. |
|  4.500% due 05/01/2032 | 1125 | 1006 |
|  5.125% due 05/01/2027 | 923 | 923 |
|  5.375% due 06/01/2029 | 1000 | 987 |
|  CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. |
|  3.569% due 12/01/2031 | 3175 | 2903 |
|  Cencora, Inc. | Cencora, Inc. | Cencora, Inc. |
|  3.625% due 05/22/2032 | 1850 | 2117 |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  2.500% due 03/01/2031 | 3000 | 2519 |
|  4.250% due 12/15/2027 | 1194 | 1174 |
|  4.625% due 12/15/2029 | 1900 | 1805 |
|  Cerdia Finanz GmbH | Cerdia Finanz GmbH | Cerdia Finanz GmbH |
|  9.375% due 10/03/2031 | 1500 | 1493 |
|  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 | 2200 | 1544 |
|  3.850% due 04/01/2061 | 5425 | 3171 |
|  3.900% due 06/01/2052 | 1875 | 1195 |
|  Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC |
|  3.700% due 11/15/2029 | 1410 | 1370 |
|  Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH |
|  6.750% due 02/15/2032 | 2800 | 3171 |
|  Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. |
|  4.625% due 11/15/2028 | 1900 | 1869 |
|  Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
|  6.000% due 10/01/2030 | 1900 | 1926 |
|  6.750% due 03/15/2033 | 3200 | 3306 |
|  CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. |
|  5.250% due 05/15/2030 | 1750 | 1650 |
|  6.000% due 01/15/2029 | 1000 | 990 |
|  Cirsa Finance International SARL | Cirsa Finance International SARL | Cirsa Finance International SARL |
|  4.875% due 10/15/2031 | 1100 | 1253 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.150% (EUR003M + 3.000%) due 10/15/2032 ~ |  | 1800 | $— | 2074 |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
|  6.625% due 08/15/2033 | $— | 2000 |  | 1780 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  6.750% due 04/15/2032 |  | 3900 |  | 3695 |
|  Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. | 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 |  | 2375 |  | 2073 |
|  Columbus McKinnon Corp. | Columbus McKinnon Corp. | Columbus McKinnon Corp. | Columbus McKinnon Corp. | Columbus McKinnon Corp. |
|  7.125% due 02/01/2033 |  | 1375 |  | 1376 |
|  CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
|  4.975% due 09/01/2035 |  | 2500 |  | 2441 |
|  Continental Wind LLC | Continental Wind LLC | Continental Wind LLC | Continental Wind LLC | Continental Wind LLC |
|  6.000% due 02/28/2033 |  | 118 |  | 121 |
|  CoreWeave, Inc. | CoreWeave, Inc. | CoreWeave, Inc. | CoreWeave, Inc. | CoreWeave, Inc. |
|  9.000% due 02/01/2031 |  | 3500 |  | 3335 |
|  Coty, Inc. | Coty, Inc. | Coty, Inc. | Coty, Inc. | Coty, Inc. |
|  3.875% due 04/15/2026 |  | 277 |  | 320 |
|  CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC | 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 | $— | 1200 |  | 1171 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  5.773% due 01/10/2033 |  | 181 |  | 183 |
|  5.926% due 01/10/2034 |  | 20 |  | 21 |
|  6.036% due 12/10/2028 |  | 30 |  | 30 |
|  6.943% due 01/10/2030 |  | 3585 |  | 3692 |
|  7.507% due 01/10/2032 |  | 3108 |  | 3283 |
|  8.353% due 07/10/2031 |  | 668 |  | 724 |
|  Cyprium Corp./Cyprium Holdings Luxembourg SARL | Cyprium Corp./Cyprium Holdings Luxembourg SARL | Cyprium Corp./Cyprium Holdings Luxembourg SARL | Cyprium Corp./Cyprium Holdings Luxembourg SARL | Cyprium Corp./Cyprium Holdings Luxembourg SARL |
|  6.125% due 04/15/2031 |  | 3075 |  | 3039 |
|  Dcli Bidco LLC | Dcli Bidco LLC | Dcli Bidco LLC | Dcli Bidco LLC | Dcli Bidco LLC |
|  7.750% due 11/15/2029 |  | 1075 |  | 1088 |
|  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 |  | 1250 |  | 1137 |
|  Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
|  5.550% due 04/01/2035 |  | 1000 |  | 1021 |
|  Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. |
|  4.279% due 03/15/2032 (m) |  | 2950 |  | 2614 |
|  5.050% due 03/15/2042 |  | 2425 |  | 1604 |
|  DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. |
|  4.125% due 06/15/2029 |  | 1480 |  | 1449 |
|  EchoStar Corp. |  |  |  |  |
|  10.750% due 11/30/2029 |  | 1525 |  | 1648 |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  5.875% due 05/28/2045 |  | 2600 |  | 1916 |
|  Efesto Bidco SpA Efesto U.S. LLC | Efesto Bidco SpA Efesto U.S. LLC | 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 |  | 3200 |  | 3188 |
|  Empresa de los Ferrocarriles del Estado | Empresa de los Ferrocarriles del Estado | Empresa de los Ferrocarriles del Estado | Empresa de los Ferrocarriles del Estado | Empresa de los Ferrocarriles del Estado |
|  3.068% due 08/18/2050 |  | 1700 |  | 1060 |
|  Empresa de Transporte de Pasajeros Metro SA | Empresa de Transporte de Pasajeros Metro SA | 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 |  | 1000 |  | 952 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  3.750% due 05/15/2030 |  | 780 |  | 754 |
|  5.250% due 04/15/2029 |  | 200 |  | 204 |
|  6.000% due 02/01/2029 |  | 1125 |  | 1134 |
|  6.125% due 12/15/2045 |  | 2080 |  | 2034 |
|  6.500% due 02/01/2042 |  | 800 |  | 835 |
|  Eni SpA | Eni SpA | Eni SpA | Eni SpA | Eni SpA |
|  5.500% due 05/15/2034 |  | 3425 |  | 3510 |
|  5.750% due 05/19/2035 |  | 900 |  | 934 |
|  Esab Corp. | Esab Corp. | Esab Corp. | Esab Corp. | Esab Corp. |
|  6.250% due 04/15/2029 |  | 1100 |  | 1118 |
|  Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. |
|  4.750% due 02/01/2032 |  | 4800 |  | 4679 |
|  5.375% due 02/01/2029 |  | 660 |  | 660 |
|  Ferguson Finance PLC | Ferguson Finance PLC | Ferguson Finance PLC | Ferguson Finance PLC | Ferguson Finance PLC |
|  3.250% due 06/02/2030 |  | 600 |  | 565 |
|  First Student Bidco, Inc./First Transit Parent, Inc. | First Student Bidco, Inc./First Transit Parent, Inc. | 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 |  | 2675 |  | 2563 |
|  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 |  | 2000 |  | 1822 |
|  Flora Food Management BV | Flora Food Management BV | Flora Food Management BV | Flora Food Management BV | Flora Food Management BV |
|  6.875% due 07/02/2029 |  | 3200 |  | 3476 |
|  7.500% due 10/31/2030 |  | 1600 |  | 1833 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **43** |

---

------

Schedule of Investments PIMCO Diversified Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Flutter Treasury DAC | Flutter Treasury DAC | Flutter Treasury DAC |
|  5.875% due 06/04/2031 | 2000 | 1983 |
|  6.375% due 04/29/2029 | 4000 | 4084 |
|  Gartner, Inc. | Gartner, Inc. | Gartner, Inc. |
|  3.750% due 10/01/2030 | 2825 | 2570 |
|  4.950% due 03/20/2031 | 2100 | 2050 |
|  Gazprom PJSC Via Gaz Capital SA | Gazprom PJSC Via Gaz Capital SA | Gazprom PJSC Via Gaz Capital SA |
|  8.625% due 04/28/2034 | 5500 | 4537 |
|  Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
|  7.375% due 10/01/2032 | 1800 | 1871 |
|  Goat Holdco LLC | Goat Holdco LLC | Goat Holdco LLC |
|  6.750% due 02/01/2032 | 2125 | 2140 |
|  goeasy Ltd. | goeasy Ltd. | goeasy Ltd. |
|  6.875% due 05/15/2030 | 75 | 62 |
|  6.875% due 02/15/2031 | 35 | 28 |
|  7.375% due 10/01/2030 | 1850 | 1534 |
|  9.250% due 12/01/2028 | 375 | 349 |
|  Gray Media, Inc. | Gray Media, Inc. | Gray Media, Inc. |
|  9.625% due 07/15/2032 | 3000 | 3003 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  6.129% due 02/23/2038 | 3700 | 3751 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  3.500% due 09/01/2030 | 1230 | 1168 |
|  4.625% due 03/15/2052 | 1300 | 1039 |
|  5.625% due 09/01/2028 | 1324 | 1351 |
|  5.750% due 03/01/2035 | 2500 | 2571 |
|  5.875% due 02/01/2029 | 1600 | 1647 |
|  HealthEquity, Inc. | HealthEquity, Inc. | HealthEquity, Inc. |
|  4.500% due 10/01/2029 | 2000 | 1937 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  3.625% due 02/15/2032 | 1825 | 1660 |
|  3.750% due 05/01/2029 | 2100 | 2011 |
|  4.000% due 05/01/2031 | 1375 | 1292 |
|  Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
|  6.625% due 01/15/2034 | 1700 | 1708 |
|  7.375% due 07/15/2032 | 2225 | 2309 |
|  Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |
|  4.750% due 05/15/2029 | 1625 | 1580 |
|  Ingevity Corp. | Ingevity Corp. | Ingevity Corp. |
|  3.875% due 11/01/2028 | 1600 | 1537 |
|  International Distribution Services PLC | International Distribution Services PLC | International Distribution Services PLC |
|  7.375% due 09/14/2030 | 1000 | 1380 |
|  Intralot Capital Luxembourg SA | Intralot Capital Luxembourg SA | Intralot Capital Luxembourg SA |
|  6.750% due 10/15/2031 (m) | 3000 | 3322 |
|  IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
|  5.700% due 05/15/2028 | 1000 | 1020 |
|  6.250% due 06/01/2032 | 1800 | 1830 |
|  JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP |
|  9.875% due 09/20/2031 | 1200 | 1136 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  4.000% due 05/15/2034 | 1478 | 1403 |
|  John Lewis PLC | John Lewis PLC | John Lewis PLC |
|  4.250% due 12/18/2034 | 975 | 1074 |
|  Kallpa Generacion SA | Kallpa Generacion SA | Kallpa Generacion SA |
|  5.875% due 01/30/2032 | 1400 | 1436 |
|  KazMunayGas National Co. JSC | KazMunayGas National Co. JSC | KazMunayGas National Co. JSC |
|  5.375% due 04/24/2030 | 1600 | 1620 |
|  5.750% due 04/19/2047 | 1579 | 1472 |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
|  7.750% due 01/15/2032 | 1625 | 1864 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  4.375% due 06/01/2046 | 1000 | 783 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  3.900% due 08/08/2029 | 1630 | 1572 |
|  Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |
|  7.000% due 03/31/2034 | 2500 | 2561 |
|  Leviathan Bond Ltd. | Leviathan Bond Ltd. | Leviathan Bond Ltd. |
|  6.500% due 06/30/2027 | 1470 | 1471 |
|  Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. |
|  5.500% due 10/01/2030 | 2500 | 2451 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
|  3.750% due 01/15/2028 | 1500 | 1464 |
|  4.750% due 10/15/2027 | 480 | 477 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  3.500% due 10/15/2032 | 1235 | 1136 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  5.000% due 03/01/2032 | 2000 | 2024 |
|  MGM China Holdings Ltd. | MGM China Holdings Ltd. | MGM China Holdings Ltd. |
|  4.750% due 02/01/2027 | 3900 | 3857 |
|  Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. |
|  8.500% due 03/15/2033 | 1100 | 1072 |
|  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 | 1400 | 1359 |
|  Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC |
|  6.469% due 09/15/2032 | 1700 | 2263 |
|  National Football League | National Football League | National Football League |
|  5.480% due 10/05/2028 «(l) | 6600 | 6668 |
|  5.580% due 10/05/2033 «(l) | 5000 | 5002 |
|  National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. |
|  2.950% due 03/01/2031 | 1150 | 1046 |
|  National Mentor Holdings, Inc. | National Mentor Holdings, Inc. | National Mentor Holdings, Inc. |
|  10.500% due 12/15/2030 | 3500 | 3615 |
|  Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. |
|  9.500% due 02/15/2033 | 2100 | 2040 |
|  New Albertsons LP | New Albertsons LP | New Albertsons LP |
|  6.570% due 02/23/2028 | 800 | 805 |
|  Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. |
|  6.500% due 09/15/2033 | 1900 | 1916 |
|  7.250% due 04/15/2034 (b) | 1200 | 1205 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.345% due 09/17/2027 | 3500 | 3407 |
|  Noble Finance II LLC | Noble Finance II LLC | Noble Finance II LLC |
|  8.000% due 04/15/2030 | 5200 | 5357 |
|  NPC Ukrenergo | NPC Ukrenergo | NPC Ukrenergo |
|  6.875% due 11/09/2028 | 600 | 553 |
|  NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
|  6.375% due 10/01/2030 | 1310 | 1355 |
|  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 | 200 | 197 |
|  3.875% due 06/18/2026 | 1400 | 1398 |
|  OAK-Eagle Acquireco, Inc. | OAK-Eagle Acquireco, Inc. | OAK-Eagle Acquireco, Inc. |
|  8.750% due 07/01/2034 (b) | 1100 | 1152 |
|  OCP SA | OCP SA | OCP SA |
|  6.700% due 03/01/2036 | 3000 | 3089 |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
|  3.875% due 10/01/2028 | 1750 | 1970 |
|  4.250% due 10/01/2028 | 1700 | 1625 |
|  ON Semiconductor Corp. | ON Semiconductor Corp. | ON Semiconductor Corp. |
|  3.875% due 09/01/2028 | 1820 | 1757 |
|  Open Text Holdings, Inc. | Open Text Holdings, Inc. | Open Text Holdings, Inc. |
|  4.125% due 02/15/2030 | 600 | 537 |
|  ORLEN SA | ORLEN SA | ORLEN SA |
|  6.000% due 01/30/2035 | 1800 | 1837 |
|  Paramount Global | Paramount Global | Paramount Global |
|  4.600% due 01/15/2045 | 2300 | 1375 |
|  4.900% due 08/15/2044 | 3200 | 1991 |
|  Pertamina Persero PT | Pertamina Persero PT | Pertamina Persero PT |
|  4.150% due 02/25/2060 | 1000 | 695 |
|  4.175% due 01/21/2050 | 1500 | 1096 |
|  4.700% due 07/30/2049 | 3000 | 2386 |
|  6.500% due 05/27/2041 | 3000 | 3066 |
|  6.500% due 11/07/2048 | 3500 | 3534 |
|  Petroleos de Venezuela SA | Petroleos de Venezuela SA | Petroleos de Venezuela SA |
|  5.500% due 04/12/2037 ^(d) | 27535 | 9271 |
|  Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA |
|  5.625% due 06/19/2047 | 5950 | 4180 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.350% due 02/12/2048 | 4526 | 3467 |
|  6.375% due 01/23/2045 | 4710 | 3713 |
|  6.750% due 09/21/2047 | 13456 | 10748 |
|  6.950% due 01/28/2060 | 4262 | 3362 |
|  7.690% due 01/23/2050 | 10170 | 8814 |
|  Picard Groupe SAS | Picard Groupe SAS | Picard Groupe SAS |
|  6.375% due 07/01/2029 | 2000 | 2339 |
|  Pinnacle Bidco PLC | Pinnacle Bidco PLC | Pinnacle Bidco PLC |
|  8.250% due 10/11/2028 | 3000 | 3592 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
|  4.625% due 04/15/2030 | 2510 | 2411 |
|  6.500% due 03/15/2036 | 4000 | 3921 |
|  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 | 2400 | 2337 |
|  5.750% due 04/15/2026 | 80 | 80 |
|  Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. |
|  6.250% due 04/01/2029 | 3400 | 3408 |
|  ProFrac Holdings II LLC | ProFrac Holdings II LLC | ProFrac Holdings II LLC |
|  10.932% (TSFR3M + 7.250%) due 01/23/2029 ~ | 535 | 534 |
|  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 | 900 | 902 |
|  6.250% due 08/15/2033 | 700 | 709 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
|  6.375% due 03/01/2032 | 5300 | 5378 |
|  QXO Building Products, Inc. | QXO Building Products, Inc. | QXO Building Products, Inc. |
|  6.750% due 04/30/2032 | 3000 | 3063 |
|  ReNew Pvt Ltd. | ReNew Pvt Ltd. | ReNew Pvt Ltd. |
|  5.875% due 03/05/2027 | 478 | 473 |
|  Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC |
|  5.750% due 10/15/2027 | 3200 | 3252 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  5.625% due 09/30/2031 | 2000 | 2020 |
|  Sands China Ltd. | Sands China Ltd. | Sands China Ltd. |
|  4.375% due 06/18/2030 | 3700 | 3573 |
|  Santos Finance Ltd. | Santos Finance Ltd. | Santos Finance Ltd. |
|  3.649% due 04/29/2031 | 1325 | 1241 |
|  Sartorius Finance BV | Sartorius Finance BV | Sartorius Finance BV |
|  4.875% due 09/14/2035 | 2800 | 3347 |
|  Sasol Financing USA LLC | Sasol Financing USA LLC | Sasol Financing USA LLC |
|  4.375% due 09/18/2026 | 1800 | 1792 |
|  6.500% due 09/27/2028 | 4350 | 4406 |
|  8.750% due 04/10/2033 (b) | 3100 | 3100 |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  3.500% due 11/24/2070 | 2000 | 1197 |
|  Seadrill Finance Ltd. | Seadrill Finance Ltd. | Seadrill Finance Ltd. |
|  8.375% due 08/01/2030 | 3350 | 3467 |
|  Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. |
|  9.625% due 12/01/2032 | 3698 | 4113 |
|  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 | 250 | 241 |
|  Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC |
|  4.125% due 07/01/2030 | 2500 | 2342 |
|  SM Energy Co. | SM Energy Co. | SM Energy Co. |
|  9.625% due 06/15/2033 | 1300 | 1437 |
|  Snap, Inc. | Snap, Inc. | Snap, Inc. |
|  6.875% due 03/15/2034 | 5300 | 4989 |
|  Sonangol Finance Ltd. | Sonangol Finance Ltd. | Sonangol Finance Ltd. |
|  10.000% due 01/29/2031 | 3400 | 3391 |
|  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 | 909 | 906 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  3.650% due 08/15/2031 | 58 | 53 |
|  4.100% due 10/01/2029 | 931 | 915 |
|  Stagwell Global LLC | Stagwell Global LLC | Stagwell Global LLC |
|  5.625% due 08/15/2029 | 1225 | 1167 |
|  Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
|  3.375% due 01/15/2031 | 5095 | 4570 |
|  4.750% due 01/15/2028 | 1200 | 1187 |
|  Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
|  4.625% due 12/01/2031 | 2000 | 1869 |
|  Sunoco LP | Sunoco LP | Sunoco LP |
|  5.625% due 03/15/2031 | 3400 | 3387 |
|  SV RNO Property Owner 1 LLC | SV RNO Property Owner 1 LLC | SV RNO Property Owner 1 LLC |
|  5.875% due 03/01/2031 | 3100 | 3066 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.550% due 02/15/2031 | 1165 | 1059 |
|  2.625% due 02/15/2029 | 2475 | 2355 |

---

---

| | | |
|:---|:---|:---|
| **44** | **PIMCO CREDIT BOND FUNDS** | 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)** |
|  2.875% due 02/15/2031 | $— | 3210 | $— | 2961 |
|  3.875% due 04/15/2030 |  | 3150 |  | 3069 |
|  TGS ASA | TGS ASA | TGS ASA | TGS ASA | TGS ASA |
|  8.500% due 01/15/2030 |  | 1000 |  | 1048 |
|  Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
|  9.750% due 10/10/2027 |  | 699 |  | 1011 |
|  TK Elevator Midco GmbH | TK Elevator Midco GmbH | TK Elevator Midco GmbH | TK Elevator Midco GmbH | TK Elevator Midco GmbH |
|  4.375% due 07/15/2027 |  | 189 |  | 219 |
|  Topaz Solar Farms LLC | Topaz Solar Farms LLC | Topaz Solar Farms LLC | Topaz Solar Farms LLC | Topaz Solar Farms LLC |
|  5.750% due 09/30/2039 | $— | 529 |  | 526 |
|  TopBuild Corp. | TopBuild Corp. | TopBuild Corp. | TopBuild Corp. | TopBuild Corp. |
|  3.625% due 03/15/2029 |  | 1500 |  | 1430 |
|  4.125% due 02/15/2032 |  | 3925 |  | 3622 |
|  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 |  | 2700 |  | 2388 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  6.750% due 01/31/2034 |  | 4250 |  | 4309 |
|  Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust | Turkish Airlines Pass-Through Trust |
|  4.200% due 09/15/2028 |  | 57 |  | 56 |
|  Twilio, Inc. | Twilio, Inc. | Twilio, Inc. | Twilio, Inc. | Twilio, Inc. |
|  3.625% due 03/15/2029 |  | 1800 |  | 1723 |
|  U.S. Foods, Inc. | U.S. Foods, Inc. | U.S. Foods, Inc. | U.S. Foods, Inc. | U.S. Foods, Inc. |
|  4.750% due 02/15/2029 |  | 600 |  | 592 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  10.625% due 06/28/2028 |  | 779 |  | 651 |
|  UCB SA | UCB SA | UCB SA | UCB SA | UCB SA |
|  4.250% due 03/20/2030 |  | 1100 |  | 1292 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. | UKG, Inc. | UKG, Inc. |
|  6.875% due 02/01/2031 | $— | 4000 |  | 3913 |
|  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 |  | 219 |  | 202 |
|  2.900% due 11/01/2029 |  | 471 |  | 452 |
|  3.100% due 01/07/2030 |  | 152 |  | 148 |
|  3.500% due 09/01/2031 |  | 310 |  | 302 |
|  4.150% due 02/25/2033 |  | 917 |  | 899 |
|  5.800% due 07/15/2037 |  | 2732 |  | 2821 |
|  5.875% due 04/15/2029 |  | 1716 |  | 1746 |
|  Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
|  4.500% due 05/01/2029 |  | 1100 |  | 1034 |
|  8.500% due 07/31/2031 |  | 4000 |  | 4023 |
|  Valaris Ltd. | Valaris Ltd. | Valaris Ltd. | Valaris Ltd. | Valaris Ltd. |
|  8.375% due 04/30/2030 |  | 725 |  | 752 |
|  Var Energi ASA | Var Energi ASA | Var Energi ASA | Var Energi ASA | Var Energi ASA |
|  5.875% due 05/22/2030 |  | 4200 |  | 4337 |
|  Vedanta Resources Finance II PLC | Vedanta Resources Finance II PLC | Vedanta Resources Finance II PLC | Vedanta Resources Finance II PLC | Vedanta Resources Finance II PLC |
|  9.125% due 10/15/2032 |  | 2600 |  | 2618 |
|  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 08/15/2029 |  | 7700 |  | 7323 |
|  3.875% due 11/01/2033 |  | 4300 |  | 3813 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  7.000% due 01/15/2030 |  | 1600 |  | 1634 |
|  8.125% due 06/01/2028 |  | 3000 |  | 3070 |
|  9.500% due 02/01/2029 |  | 8300 |  | 8979 |
|  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 |  | 1500 |  | 1543 |
|  6.500% due 01/15/2034 |  | 7350 |  | 7667 |
|  Viking Ocean Cruises Ship VII Ltd. | Viking Ocean Cruises Ship VII Ltd. | Viking Ocean Cruises Ship VII Ltd. | Viking Ocean Cruises Ship VII Ltd. | Viking Ocean Cruises Ship VII Ltd. |
|  5.625% due 02/15/2029 |  | 550 |  | 549 |
|  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 |
|  4.250% due 01/15/2030 |  | 5200 |  | 6099 |
|  5.250% due 05/15/2029 |  | 100 |  | 127 |
|  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 |
|  4.250% due 01/31/2031 | $— | 6250 |  | 5373 |
|  6.750% due 01/15/2033 (m) |  | 1800 |  | 1611 |
|  7.750% due 04/15/2032 |  | 1400 |  | 1344 |
|  VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. |
|  5.000% due 02/15/2028 |  | 2518 |  | 2509 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  5.050% due 03/27/2028 |  | 6100 |  | 6141 |
|  VZ Secured Financing BV | VZ Secured Financing BV | VZ Secured Financing BV | VZ Secured Financing BV | VZ Secured Financing BV |
|  7.500% due 01/15/2033 |  | 10500 |  | 9907 |
|  Wabtec Transportation Netherlands BV | Wabtec Transportation Netherlands BV | Wabtec Transportation Netherlands BV | Wabtec Transportation Netherlands BV | Wabtec Transportation Netherlands BV |
|  1.250% due 12/03/2027 |  | 400 |  | 447 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. |
|  6.750% due 10/15/2033 | 3700 | 3783 |
|  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 | 2300 | 2405 |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  5.100% due 09/12/2034 | 4500 | 4431 |
|  WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC |
|  7.000% due 08/01/2033 | 1500 | 1458 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. |
|  5.250% due 05/15/2027 | 3800 | 3788 |
|  Wynn Macau Ltd. | Wynn Macau Ltd. | Wynn Macau Ltd. |
|  5.625% due 08/26/2028 | 4425 | 4350 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |
|  5.125% due 10/01/2029 | 2250 | 2222 |
|  Yellowstone Energy LP | Yellowstone Energy LP | Yellowstone Energy LP |
|  5.750% due 12/31/2026 | 469 | 464 |
|  Yinson Boronia Production BV | Yinson Boronia Production BV | Yinson Boronia Production BV |
|  8.947% due 07/31/2042 | 5319 | 5806 |
|  Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
|  4.625% due 01/31/2032 | 2125 | 2031 |
|  Zayo Group Holdings, Inc.<br>(5.750% Cash and 0.500% PIK) | Zayo Group Holdings, Inc.<br>(5.750% Cash and 0.500% PIK) | Zayo Group Holdings, Inc.<br>(5.750% Cash and 0.500% PIK) |
|  6.250% due 03/09/2030 (c) | 168 | 167 |
|  |  | 664573 |
| UTILITIES 4.0% | UTILITIES 4.0% | UTILITIES 4.0% |
|  Alabama Power Co. | Alabama Power Co. | Alabama Power Co. |
|  1.450% due 09/15/2030 | 1570 | 1379 |
|  Altice Holdings 1 SARL | Altice Holdings 1 SARL | Altice Holdings 1 SARL |
|  0.010% due 12/31/2099 « | 2 | 34 |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
|  3.550% due 09/15/2055 | 3891 | 2532 |
|  3.650% due 09/15/2059 | 5552 | 3600 |
|  Chile Electricity Lux MPC II SARL | Chile Electricity Lux MPC II SARL | Chile Electricity Lux MPC II SARL |
|  5.672% due 10/20/2035 | 2718 | 2747 |
|  Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC |
|  3.750% due 02/15/2031 | 1965 | 1821 |
|  Cleveland Electric Illuminating Co. | Cleveland Electric Illuminating Co. | Cleveland Electric Illuminating Co. |
|  4.550% due 11/15/2030 | 1500 | 1483 |
|  Comision Ejecutiva Hidroelectrica del Rio Lempa | Comision Ejecutiva Hidroelectrica del Rio Lempa | Comision Ejecutiva Hidroelectrica del Rio Lempa |
|  8.650% due 01/24/2033 | 2800 | 2874 |
|  ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA |
|  6.750% due 02/28/2030 | 1500 | 1519 |
|  Dhafrah Pv2 Energy Co. LLC | Dhafrah Pv2 Energy Co. LLC | Dhafrah Pv2 Energy Co. LLC |
|  5.794% due 06/30/2053 | 2200 | 2139 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  5.000% due 06/15/2030 | 2125 | 2154 |
|  Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
|  3.750% due 04/01/2031 | 3250 | 3745 |
|  Edison International | Edison International | Edison International |
|  5.750% due 06/15/2027 | 1300 | 1310 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  9.125% due 03/15/2033 •(i) | 6100 | 7066 |
|  ENEL Finance International NV | ENEL Finance International NV | ENEL Finance International NV |
|  2.500% due 07/12/2031 | 1700 | 1511 |
|  6.000% due 10/07/2039 | 1300 | 1320 |
|  Entergy Texas, Inc. | Entergy Texas, Inc. | Entergy Texas, Inc. |
|  1.750% due 03/15/2031 | 2000 | 1749 |
|  Eskom Holdings | Eskom Holdings | Eskom Holdings |
|  6.350% due 08/10/2028 | 2000 | 2014 |
|  Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC | Gazprom PJSC via Gaz Finance PLC |
|  2.950% due 01/27/2029 | 4800 | 3624 |
|  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 | 3000 | 2988 |
|  8.250% due 01/15/2029 | 1825 | 1887 |
|  IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. |
|  4.250% due 05/01/2030 | 300 | 289 |
|  National Grid PLC | National Grid PLC | National Grid PLC |
|  0.750% due 09/01/2033 | 4200 | 3872 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  2.200% due 12/02/2026 | 6900 | 4675 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Niagara Energy SAC | Niagara Energy SAC | Niagara Energy SAC |
|  5.746% due 10/03/2034 | 1600 | 1597 |
|  NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
|  5.407% due 10/15/2035 | 2200 | 2159 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  5.050% due 11/01/2034 | 1575 | 1533 |
|  5.625% due 01/15/2028 | 750 | 760 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.100% due 08/01/2027 | 300 | 291 |
|  2.500% due 02/01/2031 | 1400 | 1255 |
|  3.250% due 06/01/2031 | 350 | 323 |
|  3.300% due 03/15/2027 | 700 | 692 |
|  3.300% due 12/01/2027 | 3000 | 2939 |
|  3.500% due 08/01/2050 | 130 | 86 |
|  3.750% due 07/01/2028 | 2050 | 2015 |
|  3.750% due 08/15/2042 | 100 | 75 |
|  3.950% due 12/01/2047 | 1000 | 729 |
|  4.200% due 03/01/2029 | 2000 | 1977 |
|  4.200% due 06/01/2041 | 500 | 403 |
|  4.250% due 03/15/2046 | 200 | 152 |
|  4.300% due 03/15/2045 | 600 | 469 |
|  4.450% due 04/15/2042 | 500 | 413 |
|  4.500% due 07/01/2040 | 1400 | 1195 |
|  4.600% due 06/15/2043 | 300 | 248 |
|  4.650% due 08/01/2028 | 800 | 801 |
|  4.950% due 07/01/2050 | 444 | 368 |
|  5.050% due 10/15/2032 | 5200 | 5169 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  7.125% due 08/15/2056 •  | 3000 | 2835 |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara |
|  3.000% due 06/30/2030 | 5200 | 4744 |
|  4.000% due 06/30/2050 | 5400 | 3698 |
|  4.375% due 02/05/2050 | 1000 | 740 |
|  4.875% due 07/17/2049 | 3200 | 2568 |
|  6.150% due 05/21/2048 | 2820 | 2689 |
|  Rio Oil Finance Trust | Rio Oil Finance Trust | Rio Oil Finance Trust |
|  8.200% due 04/06/2028 | 1065 | 1098 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  1.700% due 10/01/2030 | 1900 | 1682 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  2.850% due 08/01/2029 | 100 | 94 |
|  3.650% due 02/01/2050 | 1475 | 1013 |
|  4.650% due 10/01/2043 | 800 | 672 |
|  4.875% due 03/01/2049 | 600 | 502 |
|  5.150% due 06/01/2029 | 2100 | 2130 |
|  5.625% due 02/01/2036 | 1000 | 1003 |
|  6.650% due 04/01/2029 | 200 | 208 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  2.550% due 02/01/2030 | 800 | 749 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  4.750% due 01/15/2033 | 800 | 790 |
|  5.000% due 01/15/2036 | 2800 | 2743 |
|  Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. |
|  9.625% due 05/03/2029 | 2200 | 2301 |
|  |  | 116240 |
|  Total Corporate Bonds & Notes (Cost $1,200,748) | Total Corporate Bonds & Notes (Cost $1,200,748) | 1163905 |
| CONVERTIBLE BONDS & NOTES 0.1% | CONVERTIBLE BONDS & NOTES 0.1% | CONVERTIBLE BONDS & NOTES 0.1% |
| BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% |
|  Nexi SpA | Nexi SpA | Nexi SpA |
|  0.000% due 02/24/2028 (g) | 2900 | 3090 |
|  Total Convertible Bonds & Notes<br>(Cost $3,124) | Total Convertible Bonds & Notes<br>(Cost $3,124) | 3090 |
| U.S. GOVERNMENT AGENCIES 12.9% | U.S. GOVERNMENT AGENCIES 12.9% | U.S. GOVERNMENT AGENCIES 12.9% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  4.000% due 06/01/2049 | 265 | 253 |
|  Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
|  4.287% due 09/15/2030 •  | 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 |
|  5.059% due 10/25/2044 - 02/25/2045 •  | 21 | 19 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **45** |

---

------

Schedule of Investments PIMCO Diversified Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.259% due 07/25/2044 •  | 29 | 28 |
|  6.500% due 07/25/2043 | 3 | 3 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.000% due 02/01/2047 | 473 | 425 |
|  3.500% due 11/01/2045 - 10/01/2048 | 4801 | 4467 |
|  4.000% due 07/01/2048 - 04/01/2049 | 760 | 728 |
|  5.000% due 11/01/2035 | 11 | 12 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  0.874% due 09/25/2040 •(a) | 227 | 6 |
|  2.024% due 09/25/2037 •(a) | 279 | 23 |
|  6.850% due 12/18/2027 | 2 | 2 |
|  Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust | Federal National Mortgage Association REMICS Trust |
|  6.500% due 06/25/2028 | 2 | 2 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  5.125% due 11/20/2026 - 11/20/2027 •  | 1 | 1 |
|  6.112% due 09/16/2042 ~ | 59 | 59 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  4.000% due 05/01/2056 | 61600 | 58085 |
|  4.500% due 05/01/2056 - 06/01/2056 | 90500 | 87243 |
|  5.000% due 05/01/2056 | 52800 | 52012 |
|  6.000% due 05/01/2056 - 06/01/2056 | 68460 | 69694 |
|  6.500% due 05/01/2056 - 06/01/2056 | 104730 | 108263 |
|  Total U.S. Government Agencies<br>(Cost $382,329) | Total U.S. Government Agencies<br>(Cost $382,329) | 381326 |
| U.S. TREASURY OBLIGATIONS 4.4% | U.S. TREASURY OBLIGATIONS 4.4% | U.S. TREASURY OBLIGATIONS 4.4% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.875% due 02/15/2041 | 57400 | 39786 |
|  2.875% due 05/15/2043 (o) | 12532 | 9629 |
|  3.125% due 02/15/2043 (o)(q) | 18631 | 14924 |
|  3.750% due 11/15/2043 (q) | 1500 | 1300 |
|  3.875% due 02/15/2043 | 28000 | 24888 |
|  4.625% due 05/15/2044 (o)(q) | 21700 | 21052 |
|  4.750% due 11/15/2043 (o)(q) | 5000 | 4941 |
|  4.750% due 02/15/2045 (o)(q) | 13200 | 12974 |
|  Total U.S. Treasury Obligations<br>(Cost $158,328) | Total U.S. Treasury Obligations<br>(Cost $158,328) | 129494 |
| 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 |
|  4.070% due 01/25/2036 ~ | 13 | 12 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  3.983% due 05/25/2046 •  | 96 | 86 |
|  4.003% due 10/25/2046 •  | 364 | 183 |
|  4.559% due 02/25/2047 •  | 19190 | 6476 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  5.799% due 12/25/2035 •  | 480 | 148 |
|  6.500% due 03/25/2047 þ | 1589 | 920 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  2.847% due 04/20/2042 | 5310 | 4365 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  2.372% due 03/20/2036 ~ | 10 | 10 |
|  5.044% due 09/20/2035 ~ | 17 | 14 |
|  5.500% due 01/25/2036 | 10 | 10 |
|  6.000% due 07/25/2037 | 184 | 158 |
|  6.000% due 08/25/2037 | 51 | 41 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  4.309% due 02/25/2036 ~ | 5 | 4 |
|  4.944% due 11/20/2046 ~ | 332 | 299 |
|  5.296% due 06/25/2035 ~ | 31 | 28 |
|  6.000% due 10/25/2036 | 43 | 37 |
|  Bank5 | Bank5 | Bank5 |
|  5.270% due 12/15/2058 | 14000 | 14311 |
|  BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust |
|  4.314% due 12/15/2051 | 600 | 593 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  3.946% due 03/25/2036 ~ | 113 | 94 |
|  4.047% due 08/25/2036 ~ | 228 | 151 |
|  4.126% due 11/25/2036 ~ | 92 | 39 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.133% due 08/25/2036 •  | $— | 345 | $— | 314 |
|  4.330% due 11/25/2036 ~ |  | 84 |  | 46 |
|  4.433% due 11/25/2036 ~ |  | 1850 |  | 922 |
|  4.718% due 09/25/2035 ~ |  | 263 |  | 138 |
|  5.158% due 05/25/2035 ~ |  | 435 |  | 422 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  4.335% due 02/25/2036 ~ |  | 133 |  | 124 |
|  4.780% due 01/25/2035 ~ |  | 186 |  | 183 |
|  4.865% due 08/25/2035 ~ |  | 154 |  | 145 |
|  4.991% due 01/25/2035 ~ |  | 3 |  | 3 |
|  5.714% due 01/25/2034 ~ |  | 1 |  | 1 |
|  6.185% due 01/25/2034 ~ |  | 3 |  | 2 |
|  Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
|  4.077% due 07/15/2051 |  | 3914 |  | 3901 |
|  5.738% due 12/15/2057 |  | 4900 |  | 5061 |
|  BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust |
|  5.857% due 02/15/2057 |  | 6000 |  | 6199 |
|  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 ~ |  | 5204 |  | 4679 |
|  3.250% due 09/25/2063 ~ |  | 4985 |  | 4472 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  5.500% due 11/25/2035 |  | 207 |  | 143 |
|  5.500% due 07/25/2037 |  | 925 |  | 0 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.043% due 01/25/2036 •  |  | 39 |  | 38 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.253% due 05/25/2035 •  |  | 45 |  | 40 |
|  5.500% due 01/25/2035 |  | 134 |  | 136 |
|  5.500% due 09/25/2035 |  | 50 |  | 50 |
|  5.500% due 12/25/2035 |  | 155 |  | 79 |
|  6.000% due 05/25/2036 |  | 128 |  | 57 |
|  6.000% due 01/25/2037 |  | 2679 |  | 1190 |
|  6.116% due 02/25/2034 ~ |  | 17 |  | 17 |
|  6.116% due 07/20/2034 ~ |  | 30 |  | 29 |
|  CHL Reperforming Loan REMICS Trust | CHL Reperforming Loan REMICS Trust | CHL Reperforming Loan REMICS Trust | CHL Reperforming Loan REMICS Trust | CHL Reperforming Loan REMICS Trust |
|  4.133% due 06/25/2035 •  |  | 20 |  | 20 |
|  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 |  | 1044 |  | 1043 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.430% due 05/25/2035 ~ |  | 63 |  | 61 |
|  4.451% due 09/25/2037 ~ |  | 144 |  | 137 |
|  4.593% due 04/25/2037 ~ |  | 112 |  | 101 |
|  5.387% due 08/25/2035 ~ |  | 8 |  | 7 |
|  5.900% due 10/25/2035 •  |  | 65 |  | 63 |
|  6.033% due 03/25/2034 ~ |  | 5 |  | 5 |
|  6.480% due 10/25/2035 •  |  | 49 |  | 50 |
|  6.490% due 05/25/2035 •  |  | 2 |  | 2 |
|  6.625% due 09/25/2037 ~ |  | 13 |  | 12 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  6.000% due 06/25/2037 |  | 357 |  | 327 |
|  COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
|  4.228% due 05/10/2051 |  | 1000 |  | 981 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  3.985% due 12/20/2046 •  |  | 575 |  | 519 |
|  4.033% due 06/25/2036 •  |  | 1219 |  | 1180 |
|  4.153% due 04/25/2046 •  |  | 3965 |  | 3756 |
|  4.193% due 02/25/2036 •  |  | 2982 |  | 2607 |
|  4.210% due 07/20/2046 •  |  | 204 |  | 178 |
|  4.350% due 09/20/2046 •  |  | 370 |  | 337 |
|  4.450% due 11/20/2035 •  |  | 1579 |  | 1521 |
|  4.474% due 02/25/2037 ~ |  | 300 |  | 270 |
|  4.615% due 10/25/2035 ~ |  | 6 |  | 5 |
|  4.859% due 12/25/2035 •  |  | 112 |  | 99 |
|  5.500% due 03/25/2035 |  | 2705 |  | 2386 |
|  5.500% due 11/25/2035 |  | 466 |  | 249 |
|  5.500% due 12/25/2035 |  | 306 |  | 178 |
|  5.500% due 01/25/2036 |  | 95 |  | 50 |
|  5.750% due 02/25/2035 |  | 247 |  | 161 |
|  5.750% due 03/25/2037 •  |  | 78 |  | 39 |
|  6.000% due 10/25/2036 |  | 2839 |  | 1264 |
|  6.000% due 02/25/2037 |  | 2403 |  | 812 |
|  6.250% due 11/25/2036 |  | 595 |  | 430 |
|  6.250% due 12/25/2036 •  |  | 436 |  | 173 |
|  6.250% due 08/25/2037 |  | 2670 |  | 1170 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  5.523% due 06/25/2033 ~ |  | 32 |  | 32 |
|  6.000% due 01/25/2036 |  | 382 |  | 247 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  5.181% due 07/25/2070 ~ | 3512 | 3509 |
|  CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust |
|  6.672% due 06/25/2036 þ | 191 | 47 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.293% due 02/25/2035 •  | 611 | 604 |
|  5.500% due 12/25/2035 | 146 | 125 |
|  Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust | Deutsche Alt-B Securities, Inc. Mortgage Loan Trust |
|  6.800% due 07/25/2036 þ | 61 | 54 |
|  EMF-NL Prime BV | EMF-NL Prime BV | EMF-NL Prime BV |
|  2.833% due 04/17/2041 •  | 58 | 67 |
|  Eurosail PLC | Eurosail PLC | Eurosail PLC |
|  2.499% due 09/10/2044 •  | 3217 | 3702 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  4.565% due 09/13/2045 •  | 1891 | 2474 |
|  4.815% due 06/13/2045 •  | 943 | 1248 |
|  First Horizon Asset Securities, Inc. | First Horizon Asset Securities, Inc. | First Horizon Asset Securities, Inc. |
|  5.177% due 02/25/2036 ~ | 14 | 13 |
|  First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust | First Horizon Mortgage Pass-Through Trust |
|  5.750% due 05/25/2037 | 389 | 113 |
|  GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust | GMACM Mortgage Loan Trust |
|  3.634% due 04/19/2036 ~ | 25 | 21 |
|  3.723% due 11/19/2035 ~ | 16 | 14 |
|  GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust | GreenPoint Mortgage Funding Trust |
|  4.333% due 11/25/2045 •  | 15 | 15 |
|  GreenPoint Mortgage Pass-Through Certificates | GreenPoint Mortgage Pass-Through Certificates | GreenPoint Mortgage Pass-Through Certificates |
|  6.745% due 10/25/2033 ~ | 22 | 22 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  5.648% due 06/25/2065 þ | 10588 | 10655 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.111% due 05/25/2035 ~ | 103 | 76 |
|  4.373% due 08/25/2046 •  | 10636 | 2223 |
|  4.478% due 01/25/2036 ~ | 24 | 23 |
|  4.741% due 11/25/2035 ~ | 61 | 59 |
|  4.865% due 06/25/2034 ~ | 7 | 7 |
|  4.966% due 11/25/2035 ~ | 54 | 23 |
|  6.000% due 02/25/2036 | 956 | 382 |
|  6.000% due 03/25/2037 | 155 | 73 |
|  6.000% due 05/25/2037 | 37 | 26 |
|  6.843% due 05/25/2034 ~ | 27 | 27 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.171% due 09/19/2037 •  | 210 | 186 |
|  4.171% due 01/19/2038 •  | 299 | 268 |
|  4.201% due 12/19/2036 •  | 1828 | 1538 |
|  4.316% due 06/19/2036 ~ | 105 | 53 |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  4.313% due 01/25/2036 •  | 35 | 35 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.309% due 07/25/2037 ~ | 86 | 57 |
|  3.802% due 08/25/2036 ~ | 43 | 27 |
|  4.026% due 06/25/2036 ~ | 150 | 134 |
|  4.273% due 07/25/2035 •  | 18 | 17 |
|  4.333% due 06/25/2037 •  | 53 | 67 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  4.073% due 03/25/2037 •  | 335 | 292 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  3.942% due 07/27/2037 ~ | 358 | 333 |
|  4.869% due 06/25/2037 ~ | 537 | 405 |
|  4.912% due 11/25/2054 •  | 2009 | 2014 |
|  4.923% due 06/25/2036 ~ | 31 | 21 |
|  5.094% due 08/25/2035 ~ | 86 | 77 |
|  5.320% due 07/25/2035 ~ | 7 | 7 |
|  5.337% due 04/25/2035 ~ | 85 | 83 |
|  5.460% due 04/25/2036 ~ | 89 | 80 |
|  5.750% due 01/25/2036 | 187 | 81 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.153% due 07/25/2037 •  | 228 | 215 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  3.243% due 11/25/2033 ~ | 9 | 8 |
|  4.273% due 05/25/2037 •  | 78 | 31 |
|  4.473% due 05/25/2047 •  | 843 | 709 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  4.193% due 03/25/2036 •  | 497 | 40 |
|  5.000% due 12/26/2049 | 383 | 338 |

---

---

| | | |
|:---|:---|:---|
| **46** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.113% due 01/25/2037 •  | 5360 | 1601 |
|  4.385% due 06/25/2037 ~ | 73 | 32 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.213% due 02/25/2036 •  | 250 | 248 |
|  4.265% due 05/25/2034 ~ | 71 | 64 |
|  5.277% due 11/25/2035 •  | 25 | 25 |
|  MFA Trust | MFA Trust | MFA Trust |
|  1.381% due 04/25/2065 ~ | 789 | 776 |
|  6.775% due 10/25/2058 þ | 2022 | 2035 |
|  Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust | Mill City Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 1233 | 1214 |
|  3.250% due 05/25/2062 ~ | 32 | 31 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  3.199% due 11/25/2037 ~ | 499 | 345 |
|  6.000% due 10/25/2037 | 3863 | 2000 |
|  Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust | Morgan Stanley Residential Mortgage Loan Trust |
|  5.044% due 07/25/2069 ~ | 2909 | 2902 |
|  MortgageIT Securities Corp. Mortgage Loan Trust | MortgageIT Securities Corp. Mortgage Loan Trust | MortgageIT Securities Corp. Mortgage Loan Trust |
|  4.293% due 09/25/2037 •  | 2741 | 2071 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 1920 | 1862 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  6.320% due 03/25/2047 þ | 56 | 52 |
|  OBX Trust | OBX Trust | OBX Trust |
|  6.844% due 04/25/2063 þ | 1463 | 1471 |
|  Prime Mortgage Trust | Prime Mortgage Trust | Prime Mortgage Trust |
|  4.293% due 02/25/2035 •  | 15 | 15 |
|  Prime Property Fund LLC | Prime Property Fund LLC | Prime Property Fund LLC |
|  1.000% due 03/15/2031 « | 1300 | 1276 |
|  Project Cashmere | Project Cashmere | Project Cashmere |
|  4.543% due 12/30/2057 «(b) | 57000 | 39327 |
|  RALI Trust | RALI Trust | RALI Trust |
|  3.993% due 05/25/2037 •  | 180 | 170 |
|  4.173% due 07/25/2036 •  | 66 | 62 |
|  4.193% due 12/25/2046 •  | 105 | 98 |
|  4.253% due 05/25/2037 •  | 31 | 27 |
|  4.678% due 02/25/2035 ~ | 45 | 40 |
|  5.787% due 02/25/2036 ~ | 72 | 63 |
|  6.000% due 06/25/2036 | 40 | 33 |
|  6.000% due 05/25/2037 | 36 | 30 |
|  6.500% due 07/25/2036 | 147 | 122 |
|  RBSGC Structured Trust | RBSGC Structured Trust | RBSGC Structured Trust |
|  5.500% due 11/25/2035 ~ | 755 | 624 |
|  RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust |
|  6.500% due 10/26/2036 ~ | 692 | 593 |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  4.193% due 01/25/2046 •  | 717 | 190 |
|  6.000% due 02/25/2036 | 321 | 121 |
|  6.250% due 09/25/2037 | 1863 | 661 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  5.390% due 02/25/2036 ~ | 133 | 127 |
|  5.398% due 09/25/2035 ~ | 113 | 70 |
|  6.000% due 10/25/2036 | 164 | 134 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  3.859% due 01/25/2035 ~ | 35 | 35 |
|  4.193% due 04/25/2047 •  | 200 | 168 |
|  4.243% due 09/25/2036 ~ | 563 | 379 |
|  4.393% due 10/25/2034 •  | 1741 | 1594 |
|  4.676% due 09/25/2035 ~ | 280 | 252 |
|  4.752% due 03/25/2036 ~ | 25 | 20 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.233% due 05/25/2036 •  | 487 | 409 |
|  4.313% due 05/25/2046 •  | 27 | 17 |
|  Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust | Structured Asset Mortgage Investments Trust |
|  4.451% due 09/19/2032 •  | 2 | 1 |
|  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 ~ | 10 | 10 |
|  Tib Finance PLC | Tib Finance PLC | Tib Finance PLC |
|  7.111% due 11/15/2034 «(l) | 2600 | 2536 |
|  Towd Point Mortgage Trust |  |  |
|  2.900% due 10/25/2059 ~ | 6253 | 6018 |
|  4.793% due 10/25/2048 •  | 3270 | 3276 |
|  4.793% due 05/25/2058 •  | 195 | 199 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  6.665% due 09/25/2068 þ | 3384 | 3399 |
|  7.070% due 10/25/2068 þ | 4078 | 4109 |
|  Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC | Wachovia Mortgage Loan Trust LLC |
|  3.713% due 08/20/2035 ~ | 25 | 24 |
|  6.627% due 10/20/2035 ~ | 1 | 1 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.829% due 12/25/2046 •  | 94 | 84 |
|  4.030% due 02/27/2034 •  | 5 | 5 |
|  4.089% due 02/25/2037 ~ | 1091 | 995 |
|  4.136% due 12/25/2036 ~ | 137 | 125 |
|  4.313% due 11/25/2045 •  | 329 | 312 |
|  4.333% due 12/25/2045 •  | 262 | 243 |
|  4.433% due 08/25/2045 •  | 156 | 149 |
|  4.445% due 09/25/2036 ~ | 120 | 106 |
|  4.559% due 02/25/2047 •  | 230 | 216 |
|  4.609% due 06/25/2047 •  | 22 | 22 |
|  4.739% due 10/25/2046 •  | 426 | 380 |
|  4.859% due 08/25/2046 •  | 607 | 573 |
|  4.907% due 07/25/2046 •  | 369 | 342 |
|  5.259% due 06/25/2042 •  | 1 | 1 |
|  5.259% due 08/25/2042 •  | 1 | 1 |
|  5.302% due 09/25/2033 ~ | 813 | 804 |
|  5.359% due 10/25/2046 •  | 69 | 66 |
|  Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust | Washington Mutual Mortgage Pass-Through Certificates Trust |
|  3.889% due 09/25/2036 þ | 15104 | 3911 |
|  4.273% due 01/25/2047 •  | 277 | 255 |
|  4.699% due 05/25/2047 •  | 2 | 6 |
|  Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust | Wells Fargo Commercial Mortgage Trust |
|  2.725% due 02/15/2053 | 900 | 841 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  5.865% due 11/25/2037 ~ | 104 | 96 |
|  6.086% due 04/25/2036 ~ | 7 | 7 |
|  6.338% due 09/25/2033 ~ | 6 | 6 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $219,680) | Total Non-Agency Mortgage-Backed Securities (Cost $219,680) | 202065 |
| ASSET-BACKED SECURITIES 14.8% | ASSET-BACKED SECURITIES 14.8% | ASSET-BACKED SECURITIES 14.8% |
| AUTOMOBILE ABS OTHER 2.6% | AUTOMOBILE ABS OTHER 2.6% | AUTOMOBILE ABS OTHER 2.6% |
|  CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust |
|  4.350% due 07/15/2030 | 5500 | 5473 |
|  5.010% due 09/16/2030 | 4800 | 4853 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  4.430% due 09/16/2030 | 2990 | 2983 |
|  4.710% due 12/17/2029 | 1800 | 1805 |
|  4.910% due 10/15/2031 | 7200 | 7217 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  4.660% due 01/15/2031 | 1000 | 1002 |
|  5.160% due 07/15/2031 | 7665 | 7723 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  4.570% due 01/15/2030 | 11700 | 11724 |
|  5.490% due 07/17/2028 | 1474 | 1477 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  6.670% due 12/17/2029 | 1600 | 1637 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  4.490% due 09/15/2031 | 8000 | 8025 |
|  4.680% due 09/15/2031 | 5700 | 5713 |
|  4.870% due 05/15/2031 | 1000 | 1007 |
|  5.060% due 05/15/2031 | 6800 | 6863 |
|  5.450% due 03/15/2030 | 2405 | 2427 |
|  6.400% due 03/17/2031 | 2313 | 2377 |
|  6.430% due 02/18/2031 | 5400 | 5553 |
|  |  | 77859 |
| AUTOMOBILE SEQUENTIAL 2.4% | AUTOMOBILE SEQUENTIAL 2.4% | AUTOMOBILE SEQUENTIAL 2.4% |
|  Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes | Ally Bank Auto Credit-Linked Notes |
|  4.452% due 06/15/2033 | 6794 | 6807 |
|  CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust |
|  4.030% due 12/17/2029 | 1700 | 1699 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  4.100% due 06/11/2029 | 4500 | 4496 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  4.190% due 12/17/2029 | 990 | 990 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  4.310% due 11/15/2028 | 2200 | 2201 |
|  4.450% due 05/15/2030 | 4800 | 4808 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  3.970% due 11/15/2029 | 3150 | 3140 |
|  4.040% due 11/15/2028 | 10500 | 10492 |
|  4.440% due 03/15/2029 | 8300 | 8324 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  3.930% due 07/15/2030 | 8400 | 8349 |
|  4.040% due 03/15/2029 | 3200 | 3199 |
|  Tesla Lease Electric Vehicle Securitization LLC | Tesla Lease Electric Vehicle Securitization LLC | Tesla Lease Electric Vehicle Securitization LLC |
|  4.140% due 06/20/2028 | 3675 | 3676 |
|  Upgrade Auto Receivables Trust | Upgrade Auto Receivables Trust | Upgrade Auto Receivables Trust |
|  4.540% due 05/15/2029 | 1408 | 1409 |
|  4.590% due 10/15/2031 | 2200 | 2182 |
|  4.600% due 01/15/2031 | 7550 | 7537 |
|  |  | 69309 |
| CMBS OTHER 0.3% | CMBS OTHER 0.3% | CMBS OTHER 0.3% |
|  ACREC LLC | ACREC LLC | ACREC LLC |
|  5.130% due 01/18/2043 •  | 1900 | 1899 |
|  Greystone CRE Notes LLC |  |  |
|  5.154% due 01/15/2043 •  | 5100 | 5102 |
|  LoanCore Issuer Ltd. |  |  |
|  5.222% due 01/17/2037 •  | 513 | 512 |
|  |  | 7513 |
| HOME EQUITY OTHER 4.3% | HOME EQUITY OTHER 4.3% | HOME EQUITY OTHER 4.3% |
|  Aames Mortgage Investment Trust | Aames Mortgage Investment Trust | Aames Mortgage Investment Trust |
|  5.098% due 06/25/2035 •  | 4817 | 4392 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.393% due 02/25/2036 •  | 3 | 3 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
|  3.674% due 04/25/2034 •  | 618 | 613 |
|  4.468% due 01/25/2036 •  | 55 | 56 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.333% due 05/25/2036 •  | 532 | 126 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.843% due 08/25/2037 •  | 190 | 173 |
|  5.043% due 08/25/2037 •  | 21 | 21 |
|  5.593% due 07/25/2035 •  | 6934 | 6964 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.843% due 01/25/2037 •  | 6193 | 6541 |
|  Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust |
|  4.273% due 06/25/2036 •  | 1371 | 1343 |
|  4.588% due 09/25/2035 •  | 411 | 414 |
|  4.618% due 02/25/2035 •  | 845 | 850 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.293% due 08/25/2036 •  | 770 | 765 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.493% due 11/25/2036 •  | 671 | 586 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.053% due 11/25/2037 •  | 2923 | 2783 |
|  4.083% due 11/25/2037 •  | 4202 | 4038 |
|  4.111% due 02/25/2036 ~ | 7250 | 6853 |
|  4.233% due 09/25/2037 •  | 44 | 48 |
|  4.242% due 10/25/2046 ~ | 53 | 56 |
|  4.253% due 05/25/2037 •  | 1447 | 1424 |
|  4.373% due 06/25/2037 •  | 2029 | 2001 |
|  5.006% due 10/25/2035 ~ | 123 | 123 |
|  Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust | Fieldstone Mortgage Investment Trust |
|  4.108% due 11/25/2036 •  | 1636 | 1076 |
|  First NLC Trust | First NLC Trust | First NLC Trust |
|  3.933% due 08/25/2037 •  | 123 | 62 |
|  4.073% due 08/25/2037 •  | 82 | 41 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.133% due 09/25/2036 •  | 887 | 190 |
|  4.273% due 11/25/2036 •  | 10456 | 3230 |
|  4.393% due 03/25/2037 •  | 164 | 65 |
|  4.393% due 05/25/2047 •  | 90 | 56 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.293% due 05/25/2046 •  | 1943 | 1888 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **47** |

---

------

Schedule of Investments PIMCO Diversified Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.353% due 08/25/2036 •  | 1592 | 1586 |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  3.933% due 11/25/2036 •  | 3794 | 3580 |
|  3.983% due 04/25/2037 •  | 2860 | 1948 |
|  4.033% due 11/25/2036 •  | 1600 | 1340 |
|  4.453% due 03/25/2036 •  | 5634 | 5356 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.303% due 02/25/2036 •  | 1895 | 1885 |
|  4.723% due 12/25/2035 •  | 990 | 980 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.093% due 07/25/2036 •  | 834 | 393 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.543% due 02/25/2034 •  | 600 | 596 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.113% due 11/25/2036 •  | 16615 | 9742 |
|  4.618% due 10/25/2034 •  | 159 | 157 |
|  MASTR Specialized Loan Trust | MASTR Specialized Loan Trust | MASTR Specialized Loan Trust |
|  4.918% due 11/25/2035 •  | 1860 | 1795 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  3.933% due 04/25/2047 •  | 880 | 333 |
|  4.313% due 03/25/2037 •  | 647 | 615 |
|  4.433% due 03/25/2037 •  | 338 | 321 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  3.883% due 01/25/2037 •  | 434 | 199 |
|  3.933% due 10/25/2036 •  | 1603 | 700 |
|  3.993% due 09/25/2036 •  | 1391 | 478 |
|  4.013% due 10/25/2036 •  | 972 | 424 |
|  4.588% due 03/25/2034 •  | 318 | 344 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  4.143% due 04/25/2037 •  | 135 | 69 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  6.000% due 04/25/2037 ~ | 10361 | 3412 |
|  6.226% due 10/25/2036 þ | 172 | 45 |
|  Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust | Nationstar Home Equity Loan Trust |
|  4.243% due 03/25/2037 •  | 3000 | 2776 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  4.678% due 05/25/2034 •  | 2609 | 2743 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  3.933% due 03/25/2037 •  | 177 | 164 |
|  4.233% due 01/25/2037 •  | 302 | 176 |
|  4.293% due 07/25/2036 •  | 1188 | 711 |
|  Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust | Renaissance Home Equity Loan Trust |
|  4.733% due 05/25/2034 •  | 1022 | 928 |
|  5.612% due 04/25/2037 þ | 927 | 226 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.233% due 12/25/2036 •  | 133 | 133 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.888% due 03/25/2035 •  | 945 | 951 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.093% due 05/25/2047 •  | 10304 | 7652 |
|  4.193% due 09/25/2047 •  | 4324 | 4097 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  3.913% due 12/25/2036 •  | 218 | 45 |
|  4.053% due 01/25/2037 •  | 4420 | 4263 |
|  4.753% due 10/25/2035 •  | 3151 | 2402 |
|  SG Mortgage Securities Trust | SG Mortgage Securities Trust | SG Mortgage Securities Trust |
|  4.213% due 10/25/2036 •  | 2000 | 1621 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  3.943% due 06/25/2037 •  | 2097 | 1416 |
|  4.313% due 02/25/2037 •  | 1211 | 322 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.593% due 07/25/2034 •  | 2895 | 2995 |
|  4.693% due 04/25/2035 •  | 11000 | 10510 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.423% due 11/25/2037 •  | 510 | 500 |
|  |  | 127710 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.113% due 01/25/2037 •  | 454 | 254 |
|  4.233% due 01/25/2037 •  | 1943 | 1087 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.513% due 04/25/2037 •  | 193 | 51 |
|  |  | 1392 |
| WHOLE LOAN COLLATERAL 0.4% | WHOLE LOAN COLLATERAL 0.4% | WHOLE LOAN COLLATERAL 0.4% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.593% due 09/25/2046 •  | 1086 | 1029 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.183% due 06/25/2037 •  | 189 | 189 |
|  7.250% due 05/25/2036 þ | 121 | 59 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.273% due 10/25/2036 •  | 709 | 465 |
|  5.068% due 07/25/2034 •  | 9 | 8 |
|  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 |
|  4.553% due 12/25/2035 •  | 265 | 264 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.213% due 11/25/2036 •  | 22484 | 5880 |
|  4.373% due 12/25/2035 •  | 177 | 175 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.333% due 04/25/2037 •  | 4419 | 3280 |
|  4.393% due 12/25/2036 •  | 128 | 125 |
|  |  | 11474 |
| OTHER ABS 4.8% | OTHER ABS 4.8% | OTHER ABS 4.8% |
|  AMMC CLO 27 Ltd. | AMMC CLO 27 Ltd. | AMMC CLO 27 Ltd. |
|  4.748% due 01/20/2037 •  | 1100 | 1100 |
|  Anchorage Capital CLO 20 Ltd. | Anchorage Capital CLO 20 Ltd. | Anchorage Capital CLO 20 Ltd. |
|  4.768% due 01/20/2035 •  | 1000 | 1000 |
|  Anchorage Credit Funding 19 Ltd. | Anchorage Credit Funding 19 Ltd. | Anchorage Credit Funding 19 Ltd. |
|  5.036% due 10/25/2040 | 1800 | 1784 |
|  5.336% due 10/25/2040 | 1400 | 1386 |
|  Anchorage Credit Funding 8 Ltd. | Anchorage Credit Funding 8 Ltd. | Anchorage Credit Funding 8 Ltd. |
|  4.430% due 07/25/2037 | 727 | 720 |
|  ARES LXII CLO Ltd. | ARES LXII CLO Ltd. | ARES LXII CLO Ltd. |
|  4.738% due 01/25/2034 •  | 1300 | 1300 |
|  5.068% due 01/25/2034 •  | 3100 | 3101 |
|  BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust |
|  5.170% due 09/17/2036 | 7500 | 7532 |
|  Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust |
|  5.022% due 10/16/2028 •  | 2400 | 2402 |
|  CarVal CLO I Ltd. | CarVal CLO I Ltd. | CarVal CLO I Ltd. |
|  4.901% due 07/16/2031 •  | 672 | 673 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  5.312% due 06/25/2054 •  | 3053 | 3074 |
|  6.500% due 06/25/2054 | 3703 | 3846 |
|  7.330% due 06/25/2054 | 1855 | 1928 |
|  7.580% due 06/25/2054 | 1628 | 1696 |
|  8.210% due 06/25/2054 | 420 | 442 |
|  10.120% due 06/25/2054 | 417 | 441 |
|  Cumulus Static CLO DAC | Cumulus Static CLO DAC | Cumulus Static CLO DAC |
|  3.184% due 11/15/2033 •  | 2645 | 3062 |
|  IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. | IFC Emerging Markets Securitization Ltd. |
|  4.971% due 12/31/2035 •  | 2636 | 2639 |
|  Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. | Madison Park Funding XLVI Ltd. |
|  4.672% due 10/15/2034 •  | 3300 | 3298 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  5.372% due 03/15/2072 •  | 544 | 547 |
|  7.230% due 03/15/2072 | 500 | 540 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  4.610% due 02/21/2061 | 7673 | 7580 |
|  4.650% due 08/20/2054 | 5155 | 5096 |
|  4.670% due 06/22/2065 | 6188 | 6126 |
|  4.840% due 05/17/2055 | 2027 | 2019 |
|  4.973% due 02/21/2061 •  | 2110 | 2121 |
|  5.022% due 05/17/2055 •  | 2555 | 2572 |
|  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 •  | 2300 | 2300 |
|  Oportun Funding Trust | Oportun Funding Trust | Oportun Funding Trust |
|  4.960% due 08/16/2032 | 90 | 90 |
|  5.240% due 08/16/2032 | 600 | 601 |
|  5.780% due 08/16/2032 | 500 | 501 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  0.000% due 04/15/2032 «~ | 700 | 276 |
|  4.883% due 04/15/2033 | 9999 | 9930 |
|  5.329% due 10/15/2032 | 2300 | 2302 |
|  5.440% due 03/15/2033 | 4500 | 4509 |
|  5.617% due 04/15/2032 « | 302 | 302 |
|  5.639% due 10/15/2032 | 2700 | 2705 |
|  5.823% due 04/15/2032 « | 450 | 450 |
|  6.261% due 04/15/2032 « | 470 | 470 |
|  10.273% due 04/15/2032 « | 580 | 565 |
|  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 | 115 | 116 |
|  Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. |
|  4.660% due 01/15/2034 •  | 900 | 900 |
|  Reach ABS Trust | Reach ABS Trust | Reach ABS Trust |
|  4.320% due 02/15/2033 | 745 | 745 |
|  4.370% due 02/15/2033 | 4300 | 4286 |
|  Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. | Silver Rock CLO II Ltd. |
|  4.708% due 01/20/2035 •  | 1300 | 1300 |
|  Sixth Street CLO VIII Ltd. | Sixth Street CLO VIII Ltd. | Sixth Street CLO VIII Ltd. |
|  4.818% due 10/20/2034 •  | 12000 | 12015 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  5.322% due 09/15/2053 •  | 4526 | 4607 |
|  6.150% due 09/15/2053 | 2788 | 2912 |
|  6.930% due 09/15/2053 | 1932 | 2030 |
|  7.540% due 09/15/2053 | 408 | 427 |
|  8.870% due 09/15/2053 | 842 | 903 |
|  Start II Ltd. | Start II Ltd. | Start II Ltd. |
|  4.089% due 03/15/2044 | 150 | 150 |
|  Switch ABS Issuer LLC | Switch ABS Issuer LLC | Switch ABS Issuer LLC |
|  5.121% due 10/25/2055 | 7100 | 6947 |
|  UPG HI Issuer Trust | UPG HI Issuer Trust | UPG HI Issuer Trust |
|  5.000% due 09/25/2047 | 6521 | 6488 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  4.728% due 04/20/2034 •  | 3300 | 3302 |
|  |  | 140154 |
|  Total Asset-Backed Securities (Cost $445,157) | Total Asset-Backed Securities (Cost $445,157) | 435411 |
| SOVEREIGN ISSUES 21.1% | SOVEREIGN ISSUES 21.1% | SOVEREIGN ISSUES 21.1% |
|  Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds |
|  2.700% due 09/02/2070 | 4900 | 2551 |
|  3.875% due 04/16/2050 | 11900 | 8943 |
|  Angola Government International Bonds | Angola Government International Bonds | Angola Government International Bonds |
|  9.125% due 11/26/2049 | 4700 | 4099 |
|  9.375% due 03/31/2033 | 2200 | 2179 |
|  Argentina Republic Government International Bonds | Argentina Republic Government International Bonds | Argentina Republic Government International Bonds |
|  0.750% due 07/09/2030 þ | 9106 | 7648 |
|  3.500% due 07/09/2041 þ | 26580 | 17835 |
|  4.125% due 07/09/2035 þ | 2441 | 1770 |
|  Avenir Issuer IV Ireland DAC | Avenir Issuer IV Ireland DAC | Avenir Issuer IV Ireland DAC |
|  6.000% due 10/25/2027 | 3870 | 3749 |
|  Baiterek National Investment Holding JSC | Baiterek National Investment Holding JSC | Baiterek National Investment Holding JSC |
|  16.950% due 04/02/2029 «(b) | 700000 | 1454 |
|  16.950% due 04/02/2031 «(b) | 600000 | 1259 |
|  Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego | Bank Gospodarstwa Krajowego |
|  5.750% due 07/09/2034 | 2725 | 2816 |
|  Benin Sukuk SA | Benin Sukuk SA | Benin Sukuk SA |
|  6.200% due 01/29/2033 | 4700 | 4368 |
|  Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds |
|  7.250% due 01/12/2056 | 4864 | 4782 |
|  Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
|  3.100% due 05/07/2041 | 3900 | 2963 |
|  3.750% due 01/14/2032 | 3100 | 3560 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  5.000% due 09/19/2032 | 2000 | 2182 |
|  5.000% due 06/15/2045 | 3900 | 2808 |
|  5.750% due 11/26/2034 | 1800 | 1966 |
|  6.500% due 01/21/2033 | 3900 | 3824 |
|  6.500% due 11/26/2038 | 700 | 772 |
|  7.500% due 02/02/2034 | 4100 | 4201 |
|  Colombia TES | Colombia TES | Colombia TES |
|  11.750% due 01/24/2035 | 20137000 | 4993 |

---

---

| | | |
|:---|:---|:---|
| **48** | **PIMCO CREDIT BOND FUNDS** | 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)** |
|  13.250% due 02/09/2033 |  | 118027100 | $— | 31644 |
|  Congolese International Bonds | Congolese International Bonds | Congolese International Bonds | Congolese International Bonds | Congolese International Bonds |
|  9.875% due 11/07/2032 (l) | $— | 3200 |  | 3004 |
|  Costa Rica Government International Bonds | Costa Rica Government International Bonds | Costa Rica Government International Bonds | Costa Rica Government International Bonds | Costa Rica Government International Bonds |
|  5.500% due 11/21/2030 |  | 3500 |  | 4141 |
|  6.001% due 01/16/2036 |  | 3000 |  | 3573 |
|  7.300% due 11/13/2054 | $— | 1700 |  | 1839 |
|  Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC |
|  18.400% due 10/16/2028 |  | 826000 |  | 1776 |
|  Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds | Dominican Republic International Bonds |
|  4.875% due 09/23/2032 | $— | 3550 |  | 3280 |
|  5.750% due 03/17/2034 |  | 2600 |  | 2482 |
|  5.875% due 01/30/2060 |  | 3100 |  | 2598 |
|  6.500% due 02/15/2048 |  | 1250 |  | 1175 |
|  6.850% due 01/27/2045 |  | 4225 |  | 4134 |
|  6.950% due 03/15/2037 |  | 2000 |  | 2041 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 |  | 13750 |  | 13839 |
|  Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
|  0.000% due 07/31/2030 (g) |  | 527 |  | 441 |
|  5.000% due 07/31/2040 þ |  | 2778 |  | 2171 |
|  6.900% due 07/31/2035 þ |  | 6927 |  | 6091 |
|  8.750% due 01/29/2034 |  | 1300 |  | 1279 |
|  9.250% due 01/29/2039 |  | 1900 |  | 1868 |
|  Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds |
|  21.954% due 03/04/2028 |  | 384300 |  | 6884 |
|  Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds |
|  6.375% due 04/11/2031 |  | 11825 |  | 12866 |
|  7.500% due 02/16/2061 | $— | 3600 |  | 2744 |
|  8.750% due 09/30/2051 |  | 1900 |  | 1671 |
|  El Salvador Government International Bonds | El Salvador Government International Bonds | El Salvador Government International Bonds | El Salvador Government International Bonds | El Salvador Government International Bonds |
|  9.250% due 04/17/2030 |  | 1525 |  | 1588 |
|  9.650% due 11/21/2054 |  | 2750 |  | 2924 |
|  European Union | European Union | European Union | European Union | European Union |
|  3.000% due 12/04/2034 |  | 34300 |  | 38778 |
|  Gabon Government International Bonds | Gabon Government International Bonds | Gabon Government International Bonds | Gabon Government International Bonds | Gabon Government International Bonds |
|  9.500% due 02/18/2029 | $— | 3200 |  | 3010 |
|  Ghana Government International Bonds | Ghana Government International Bonds | Ghana Government International Bonds | Ghana Government International Bonds | Ghana Government International Bonds |
|  0.000% due 07/03/2026 (g) |  | 100 |  | 98 |
|  0.000% due 01/03/2030 (g) |  | 525 |  | 444 |
|  5.000% due 07/03/2029 þ |  | 4830 |  | 4617 |
|  5.000% due 07/03/2035 þ |  | 4343 |  | 3715 |
|  Guatemala Government Bonds | Guatemala Government Bonds | Guatemala Government Bonds | Guatemala Government Bonds | Guatemala Government Bonds |
|  3.700% due 10/07/2033 |  | 2100 |  | 1840 |
|  4.500% due 05/03/2026 |  | 4000 |  | 4012 |
|  4.900% due 06/01/2030 |  | 1400 |  | 1380 |
|  6.125% due 06/01/2050 |  | 1400 |  | 1333 |
|  Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
|  3.125% due 09/21/2051 |  | 1125 |  | 673 |
|  5.375% due 09/26/2030 |  | 2200 |  | 2218 |
|  5.375% due 09/12/2033 |  | 9200 |  | 11158 |
|  Indonesia Government International Bonds | Indonesia Government International Bonds | Indonesia Government International Bonds | Indonesia Government International Bonds | Indonesia Government International Bonds |
|  4.100% due 03/04/2034 |  | 3800 |  | 4235 |
|  Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
|  4.875% due 01/30/2032 |  | 4600 |  | 4959 |
|  5.250% due 03/22/2030 |  | 3300 |  | 3768 |
|  5.875% due 10/17/2031 |  | 2000 |  | 2262 |
|  8.250% due 01/30/2037 | $— | 900 |  | 926 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  3.200% due 09/20/2055 |  | 140000 |  | 811 |
|  Lebanon Government International Bonds | Lebanon Government International Bonds | Lebanon Government International Bonds | Lebanon Government International Bonds | Lebanon Government International Bonds |
|  6.000% due 01/27/2049 ^(d) | $— | 3925 |  | 941 |
|  6.850% due 03/23/2027 ^(d) |  | 3925 |  | 935 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  3.771% due 05/24/2061 |  | 29126 |  | 17490 |
|  4.750% due 04/27/2032 |  | 1600 |  | 1539 |
|  5.000% due 04/27/2051 |  | 2000 |  | 1568 |
|  5.125% due 03/19/2038 |  | 2600 |  | 2906 |
|  5.625% due 02/09/2034 | $— | 8025 |  | 7858 |
|  5.750% due 10/12/2110 |  | 2000 |  | 1632 |
|  6.625% due 01/29/2038 |  | 5800 |  | 5925 |
|  Nigeria Government International Bonds | Nigeria Government International Bonds | Nigeria Government International Bonds | Nigeria Government International Bonds | Nigeria Government International Bonds |
|  7.143% due 02/23/2030 |  | 3000 |  | 3028 |
|  7.375% due 09/28/2033 |  | 1600 |  | 1571 |
|  7.875% due 02/16/2032 |  | 3000 |  | 3042 |
|  8.631% due 01/13/2036 |  | 2700 |  | 2815 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  9.130% due 01/13/2046 | $— | 2100 | $— | 2195 |
|  Oman Government International Bonds | Oman Government International Bonds | Oman Government International Bonds | Oman Government International Bonds | Oman Government International Bonds |
|  5.625% due 01/17/2028 |  | 5400 |  | 5469 |
|  6.000% due 08/01/2029 |  | 800 |  | 824 |
|  6.750% due 01/17/2048 |  | 4980 |  | 5189 |
|  Pakistan Government International Bonds | Pakistan Government International Bonds | Pakistan Government International Bonds | Pakistan Government International Bonds | Pakistan Government International Bonds |
|  6.000% due 04/08/2026 |  | 4600 |  | 4599 |
|  7.375% due 04/08/2031 (m) |  | 2200 |  | 2039 |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  4.500% due 04/16/2050 |  | 1300 |  | 991 |
|  6.400% due 02/14/2035 (m) |  | 4900 |  | 5098 |
|  6.700% due 01/26/2036 (m) |  | 9050 |  | 9567 |
|  Paraguay Government International Bonds | Paraguay Government International Bonds | Paraguay Government International Bonds | Paraguay Government International Bonds | Paraguay Government International Bonds |
|  5.600% due 03/13/2048 |  | 1500 |  | 1386 |
|  6.000% due 02/09/2036 |  | 2000 |  | 2079 |
|  8.500% due 04/04/2038 |  | 19626000 |  | 2975 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 |  | 2700 |  | 737 |
|  6.150% due 08/12/2032 |  | 14800 |  | 4448 |
|  6.900% due 08/12/2037 |  | 5700 |  | 1629 |
|  8.750% due 11/21/2033 | $— | 2715 |  | 3288 |
|  Provincia de Buenos Aires/Government Bonds | Provincia de Buenos Aires/Government Bonds | Provincia de Buenos Aires/Government Bonds | Provincia de Buenos Aires/Government Bonds | Provincia de Buenos Aires/Government Bonds |
|  6.625% due 09/01/2037 þ |  | 6226 |  | 4708 |
|  Republic of Cameroon International Bonds | Republic of Cameroon International Bonds | Republic of Cameroon International Bonds | Republic of Cameroon International Bonds | Republic of Cameroon International Bonds |
|  5.950% due 07/07/2032 |  | 2300 |  | 2292 |
|  9.500% due 07/31/2031 | $— | 2000 |  | 1951 |
|  Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds |
|  7.875% due 10/09/2033 |  | 1900 |  | 1765 |
|  8.000% due 05/22/2032 |  | 688 |  | 663 |
|  8.800% due 10/09/2038 |  | 500 |  | 460 |
|  9.500% due 03/05/2036 |  | 2700 |  | 2649 |
|  9.750% due 02/16/2031 |  | 2100 |  | 2158 |
|  Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
|  5.500% due 03/18/2054 |  | 4700 |  | 4358 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  7.000% due 02/28/2031 |  | 4100 |  | 227 |
|  8.000% due 01/31/2030 |  | 39700 |  | 2321 |
|  8.500% due 01/31/2037 |  | 326800 |  | 18051 |
|  8.875% due 02/28/2035 |  | 257900 |  | 14979 |
|  9.000% due 01/31/2040 |  | 4200 |  | 234 |
|  10.500% due 12/21/2026 |  | 3000 |  | 181 |
|  Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds |
|  5.650% due 09/27/2047 | $— | 3010 |  | 2358 |
|  5.750% due 09/30/2049 |  | 3500 |  | 2711 |
|  Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds |
|  5.375% due 05/29/2027 |  | 2000 |  | 2333 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  2.000% due 04/14/2033 (m) |  | 2000 |  | 1816 |
|  5.250% due 03/10/2030 |  | 1700 |  | 1995 |
|  5.250% due 05/30/2032 |  | 700 |  | 799 |
|  5.375% due 03/22/2031 |  | 2650 |  | 3089 |
|  5.375% due 06/07/2033 |  | 5400 |  | 6083 |
|  5.625% due 05/30/2037 |  | 400 |  | 436 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  3.375% due 03/05/2032 |  | 3825 |  | 4288 |
|  3.450% due 02/02/2061 | $— | 2000 |  | 1239 |
|  3.750% due 01/21/2055 |  | 3100 |  | 2108 |
|  4.125% due 01/12/2029 |  | 11200 |  | 11057 |
|  4.500% due 10/26/2046 |  | 26100 |  | 21254 |
|  5.375% due 01/13/2031 |  | 7300 |  | 7464 |
|  Senegal Government International Bonds | Senegal Government International Bonds | Senegal Government International Bonds | Senegal Government International Bonds | Senegal Government International Bonds |
|  5.375% due 06/08/2037 |  | 2600 |  | 1522 |
|  6.250% due 05/23/2033 | $— | 2500 |  | 1338 |
|  7.750% due 06/10/2031 |  | 5000 |  | 2894 |
|  Serbia International Bonds | Serbia International Bonds | Serbia International Bonds | Serbia International Bonds | Serbia International Bonds |
|  1.500% due 06/26/2029 |  | 6500 |  | 6863 |
|  1.650% due 03/03/2033 |  | 2500 |  | 2354 |
|  2.050% due 09/23/2036 |  | 900 |  | 789 |
|  3.125% due 05/15/2027 |  | 2900 |  | 3318 |
|  Sri Lanka Government International Bonds | Sri Lanka Government International Bonds | Sri Lanka Government International Bonds | Sri Lanka Government International Bonds | Sri Lanka Government International Bonds |
|  3.100% due 01/15/2030 þ | $— | 950 |  | 874 |
|  3.350% due 03/15/2033 þ |  | 1863 |  | 1560 |
|  3.600% due 06/15/2035 þ |  | 1258 |  | 953 |
|  3.600% due 05/15/2036 þ |  | 873 |  | 781 |
|  3.600% due 02/15/2038 þ |  | 972 |  | 861 |
|  4.000% due 04/15/2028 |  | 865 |  | 827 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  36.000% due 08/12/2026 | TRY | 122000 | 2701 |
|  40.299% (BISTREFI) due 09/06/2028 ~ |  | 114600 | 2568 |
|  Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds |
|  4.875% due 04/16/2043 | $| 11400 | 8027 |
|  5.125% due 02/17/2028 |  | 9600 | 9478 |
|  5.750% due 05/11/2047 (m) |  | 1710 | 1281 |
|  6.000% due 01/14/2041 |  | 3500 | 2911 |
|  6.125% due 10/24/2028 |  | 10900 | 10940 |
|  7.625% due 04/26/2029 |  | 5100 | 5275 |
|  7.625% due 05/15/2034 |  | 6200 | 6312 |
|  Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds |
|  4.500% due 02/01/2029 þ(m) |  | 7581 | 5345 |
|  4.500% due 02/01/2034 þ |  | 7095 | 3803 |
|  4.500% due 02/01/2035 þ |  | 188 | 99 |
|  Venezuela Government International Bonds | Venezuela Government International Bonds | Venezuela Government International Bonds | Venezuela Government International Bonds |
|  7.000% due 03/31/2038 ^(d) |  | 12900 | 5321 |
|  9.250% due 09/15/2027 ^(d) |  | 3125 | 1500 |
|  9.250% due 05/07/2028 ^(d) |  | 900 | 414 |
|  11.750% due 10/21/2026 ^(d) |  | 25 | 13 |
|  11.950% due 08/05/2031 ^(d) |  | 50 | 26 |
|  Vietnam Government International Bonds | Vietnam Government International Bonds | Vietnam Government International Bonds | Vietnam Government International Bonds |
|  5.500% due 03/12/2028 þ(m) |  | 3410 | 3287 |
|  Total Sovereign Issues (Cost $631,259) | Total Sovereign Issues (Cost $631,259) | Total Sovereign Issues (Cost $631,259) | 621037 |
|  |  | **SHARES** |  |
| COMMON STOCKS 0.1% | COMMON STOCKS 0.1% | COMMON STOCKS 0.1% | COMMON STOCKS 0.1% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  Clear Channel Outdoor Holdings, Inc. (e) |  | 228414 | 541 |
|  SES SA «(e) |  | 72646 | 1090 |
|  |  |  | 1631 |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
|  Caesars Entertainment, Inc. (e) |  | 4701 | 124 |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  Hipotecaria Su Casita SA «(e) |  | 157773 | 0 |
|  Windstream Services LLC (e) |  | 60014 | 563 |
|  |  |  | 563 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Mcdermott International Ltd. (e) |  | 115 | 3 |
|  Spirit Aviation Holdings, Inc. (e) |  | 26823 | 7 |
|  |  |  | 10 |
|  Total Common Stocks (Cost $2,935) | Total Common Stocks (Cost $2,935) | Total Common Stocks (Cost $2,935) | 2328 |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  Windstream Holdings II LLC - Exp. 08/01/2035 |  | 11691 | 110 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Spirit Aviation Holdings, Inc. - Exp. 03/11/2035 « |  | 30487 | 2 |
|  Total Warrants (Cost $447) | Total Warrants (Cost $447) | Total Warrants (Cost $447) | 112 |
| PREFERRED SECURITIES 0.3% | PREFERRED SECURITIES 0.3% | PREFERRED SECURITIES 0.3% | PREFERRED SECURITIES 0.3% |
| BANKING & FINANCE 0.3% | BANKING & FINANCE 0.3% | BANKING & FINANCE 0.3% | BANKING & FINANCE 0.3% |
|  Brighthouse Holdings LLC | Brighthouse Holdings LLC | Brighthouse Holdings LLC | Brighthouse Holdings LLC |
|  6.500% due 07/27/2037 þ(i) |  | 400000 | 341 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **49** |

---

------

Schedule of Investments PIMCO Diversified Income Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
|  4.000% due 12/01/2030 •(i) | 2400000 | $| 2223 |
|  5.000% due 12/01/2027 •(i) | 4200000 |  | 4138 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  10.250% ~ | 4258 |  | 721 |
|  Windstream Holdings II LLC | Windstream Holdings II LLC | Windstream Holdings II LLC | Windstream Holdings II LLC |
|  11.000% « | 383 |  | 407 |
|  Total Preferred Securities (Cost $8,082) | Total Preferred Securities (Cost $8,082) |  | 7830 |
| SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | 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% (k) | 669899 |  | 670 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| NIGERIA TREASURY BILLS 0.3% | NIGERIA TREASURY BILLS 0.3% | NIGERIA TREASURY BILLS 0.3% | NIGERIA TREASURY BILLS 0.3% | NIGERIA TREASURY BILLS 0.3% |
|  28.424% due 06/11/2026 - 06/30/2026 (f)(g)(h) |  | 12409452 | $— | 8587 |
| SOUTH AFRICA TREASURY BILLS 0.3% | SOUTH AFRICA TREASURY BILLS 0.3% | SOUTH AFRICA TREASURY BILLS 0.3% | SOUTH AFRICA TREASURY BILLS 0.3% | SOUTH AFRICA TREASURY BILLS 0.3% |
|  7.329% due 05/06/2026 - 08/19/2026 (f)(g)(h) |  | 150600 |  | 8767 |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |
|  3.672% due 04/21/2026 - 05/26/2026 (f)(g)(q) | $— | 314 |  | 313 |
| Total Short-Term Instruments<br>(Cost $17,493) | Total Short-Term Instruments<br>(Cost $17,493) | Total Short-Term Instruments<br>(Cost $17,493) |  | 18337 |
| Total Investments in Securities (Cost $3,237,338) | Total Investments in Securities (Cost $3,237,338) | Total Investments in Securities (Cost $3,237,338) |  | 3131260 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 6.6% | INVESTMENTS IN AFFILIATES 6.6% | INVESTMENTS IN AFFILIATES 6.6% | INVESTMENTS IN AFFILIATES 6.6% |
| SHORT-TERM INSTRUMENTS 6.6% | SHORT-TERM INSTRUMENTS 6.6% | SHORT-TERM INSTRUMENTS 6.6% | SHORT-TERM INSTRUMENTS 6.6% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.6% |
|  PIMCO Short-Term Floating NAV Portfolio III | 19864940 |  | 193465 |
| Total Short-Term Instruments (Cost $193,115) | Total Short-Term Instruments (Cost $193,115) |  | 193465 |
| Total Investments in Affiliates (Cost $193,115) | Total Investments in Affiliates (Cost $193,115) |  | 193465 |
| Total Investments 112.9% (Cost $3,430,453) | Total Investments 112.9% (Cost $3,430,453) | $— | 3324725 |
|  Financial Derivative<br>Instruments (n)(p) 0.6%<br> (Cost or Premiums, net $29,182) | Financial Derivative<br>Instruments (n)(p) 0.6%<br> (Cost or Premiums, net $29,182) |  | 18599 |
| Other Assets and Liabilities, net (13.5)% | Other Assets and Liabilities, net (13.5)% |  | (399773) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 2943551 |

---

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

^ Security is in default.

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

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

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

(b) When-issued security.

(c) Payment in-kind security.

(d) Security is not accruing income as of the date of this report.

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

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

(g) Zero coupon security.

(h) Coupon represents a yield to maturity.

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

(j) Contingent convertible security.

(k) Coupon represents a 7-Day Yield.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Issuer Description | 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 | 10/17/2025 | $647 | $647 | 0.02% |
|  Congolese International Bonds | 9.875 | 11/07/2032 | 03/02/2026 - 03/03/2026 | 2960 | 3004 | 0.10 |
|  Credit Opportunities Partners LLC | 6.520 | 03/20/2028 | 02/20/2025 | 2700 | 2678 | 0.09 |
|  Deloitte LLP | 5.250 | 01/30/2030 | 10/30/2024 | 2000 | 2009 | 0.07 |
|  Deloitte LLP | 5.410 | 01/30/2032 | 10/30/2024 | 2000 | 2006 | 0.07 |
|  Deloitte LLP | 5.590 | 01/30/2035 | 10/30/2024 | 2000 | 1992 | 0.07 |
|  Deloitte LLP | 5.690 | 01/30/2037 | 10/30/2024 | 500 | 495 | 0.02 |
|  Hardwood Funding LLC | 4.840 | 06/07/2028 | 03/11/2025 | 2400 | 2403 | 0.08 |
|  Hardwood Funding LLC | 4.980 | 06/07/2030 | 03/11/2025 | 1500 | 1504 | 0.05 |
|  National Football League | 5.480 | 10/05/2028 | 03/14/2024 | 6600 | 6668 | 0.23 |
|  National Football League | 5.580 | 10/05/2033 | 03/14/2024 | 5000 | 5002 | 0.17 |
|  Tib Finance PLC | 7.111 | 11/15/2034 | 09/18/2024 | 2600 | 2536 | 0.09 |
|  VB DPR Finance Co. | 6.833 | 03/15/2035 | 01/31/2025 | 4300 | 4347 | 0.15 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35207 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35291 | 1.21% |

---

50 PIMCO CREDIT BOND FUNDS 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>** | **Amount<br>Borrowed<sup>(1)</sup>** | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BPS | 1.600% | 03/30/2026 | TBD<sup>(2)</sup> | EUR | (792) | $(916) |
|  BRC | 1.500 | 02/10/2026 | TBD<sup>(2)</sup> |  | (2686) | (3111) |
|  MYI | (1.250) | 12/12/2025 | TBD<sup>(2)</sup> | $— | (383) | (382) |
|  | 1.000 | 03/26/2026 | TBD<sup>(2)</sup> | EUR | (585) | (676) |
|  | 1.600 | 03/13/2026 | TBD<sup>(2)</sup> |  | (248) | (287) |
|  | 3.450 | 12/12/2025 | TBD<sup>(2)</sup> | $— | (402) | (406) |
|  | 3.490 | 03/30/2026 | 04/10/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1811) | (1811) |
|  Total Reverse Repurchase Agreements |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7589) |

---

#### 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 |
|  BPS | $0 | $(916) | $0 | $(916) | $885 | $(31) |
|  BRC | 0 | (3111) | 0 | (3111) | 2926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(185) |
|  MYI | 0 | (3562) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3562) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3898 | 336 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7589) | $&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 | $(1686) | $0 | $(4703) | $(6389) |
|  Sovereign Issues | 0 | (125) | 0 | (1075) | (1200) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1811) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5778) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7589) |
|  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  | $(7589) |

---

(m) Securities with an aggregate market value of $7,709 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 $(10204) at a weighted average interest rate of 3.007%. 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;(n) 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 | 249 | $21481 | $(367) | $86 | $0 |
|  Euro-Bobl June Futures  | 06/2026 | 1014 | 135288 | (1483) | 410 | 0 |
|  Euro-Bund June Futures  | 06/2026 | 201 | 29131 | (728) | 211 | 0 |
|  Euro-Buxl 30-Year Bond June Futures  | 06/2026 | 58 | 7392 | (88) | 137 | 0 |
|  Euro-Schatz June Futures  | 06/2026 | 1348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1345) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **51** |

---

------

Schedule of Investments PIMCO Diversified Income Fund (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  Long Guilt June Futures  | 06/2026 | 462 | $53684 | $(2860) | $404 | $0 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2026 | 236 | 48957 | (364) | 18 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 1735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187692 | (1768) | 244 | 0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 1085 | 120486 | (2173) | 254 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 1498 | 170046 | (3431) | 445 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 345 | 40214 | (1271) | 76 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15878) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2503 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |

---

#### SHORT FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Oat June Futures  | 06/2026 | 135 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18520) | $587 | $0 | $(172) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15291) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2503 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180) |

---

#### 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 |
|  AT&T, Inc. | 1.000% | Quarterly | 06/20/2028 | 0.395% | $3700 | $(38) | $87 | $49 | $1 | $0 |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2026 | 0.213 | 300 | (2) | 3 | 1 | 0 | 0 |
|  Bombardier, Inc. | 5.000 | Quarterly | 12/20/2027 | 0.465 | 2000 | (15) | 170 | 155 | 1 | 0 |
|  Charter Communications | 5.000 | Quarterly | 12/20/2030 | 2.600 | 1500 | 149 | 1 | 150 | 2 | 0 |
|  Discovery Global Holdings, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.970 | 200 | (1) | 1 | 0 | 0 | 0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2027 | 0.653 | 400 | 21 | 1 | 22 | 0 | 0 |
|  Glencore Finance | 5.000 | Quarterly | 12/20/2031 | 1.163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | 770 | 19 | 789 | 1 | 0 |
|  ZF Europe Finance BV | 5.000 | Quarterly | 12/20/2029 | 3.160 | 10200 | 786 | (42) | 744 | 0 | (78) |
|  ZF Europe Finance BV | 5.000 | Quarterly | 06/20/2030 | 3.449 | 1700 | 69 | 47 | 116 | 0 | (11) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1739 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89) |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(4)</sup> | Asset | Liability |
|  CDX.EM-44 5-Year Index | 1.000% | Quarterly | 12/20/2030 | $26900 | $(451) | $(71) | $(522) | $123 | $0 |
|  CDX.EM-45 5-Year Index | 1.000 | Quarterly | 06/20/2031 | 25700 | (1106) | 31 | (1075) | 140 | 0 |
|  CDX.HY-43 5-Year Index | 5.000 | Quarterly | 12/20/2029 | 16236 | 1365 | (399) | 966 | 132 | 0 |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 1089 | 84 | (19) | 65 | 9 | 0 |
|  CDX.HY-45 5-Year Index | 5.000 | Quarterly | 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106212 | 7230 | (1460) | 5770 | 954 | 0 |
|  CDX.HY-46 5-Year Index | 5.000 | Quarterly | 06/20/2031 | 30300 | 1189 | 313 | 1502 | 277 | 0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 1200 | 26 | (4) | 22 | 2 | 0 |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 104025 | 2300 | (422) | 1878 | 204 | 0 |
|  CDX.IG-46 5-Year Index | 1.000 | Quarterly | 06/20/2031 | 128400 | 2218 | 41 | 2259 | 278 | 0 |
|  CDX.IT-RAXX XOV45 | 5.000 | Quarterly | 06/20/2031 | 10520 | 884 | (101) | 783 | 61 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13739 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2091) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11648 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2180 | $&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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65400 | $(381) | $(12) | $(393) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 96500 | 1164 | 759 | 1923 | 0 | (94) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 24700 | (806) | 732 | (74) | 0 | (27) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2032 | 62500 | (862) | 698 | (164) | 0 | (74) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 64800 | 4127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1322) | 2805 | 0 | (57) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 28900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336 | 159 | 1495 | 0 | (24) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.736 | Annual | 08/15/2035 | 82300 | 0 | 643 | 643 | 0 | (72) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 09/17/2035 | 5900 | (17) | 165 | 148 | 0 | (5) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 | 32600 | 4446 | 757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | 0 |
| Pay | 1-Year BRL-CDI | 13.926 | Maturity | 01/04/2027 | 14200 | 0 | (26) | (26) | 0 | (1) |

---

---

| | | |
|:---|:---|:---|
| **52** | **PIMCO CREDIT BOND FUNDS** | 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** | **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 | 13.927% | Maturity | 01/04/2027 | BRL | 112800 | $0 | $(202) | $(202) | $0 | $(9) |
| Pay | 1-Year BRL-CDI | 12.820 | Maturity | 01/02/2029 |  | 34200 | 0 | (158) | (158) | 0 | (7) |
| Pay | 1-Year BRL-CDI | 12.905 | Maturity | 01/02/2029 |  | 7800 | 0 | (37) | (37) | 0 | (2) |
| Pay | 1-Year BRL-CDI | 13.258 | Maturity | 01/02/2029 |  | 82200 | 0 | (224) | (224) | 25 | 0 |
| Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 |  | 74600 | 0 | (348) | (348) | 0 | (40) |
| Pay | 1-Year BRL-CDI | 13.320 | Maturity | 01/02/2029 |  | 77000 | 4 | (252) | (248) | 10 | (4) |
| Pay | 1-Year BRL-CDI | 12.867 | Maturity | 01/02/2031 |  | 57900 | 0 | (462) | (462) | 0 | (133) |
| Pay | 1-Year BRL-CDI | 13.015 | Maturity | 01/02/2031 |  | 28900 | 0 | (175) | (175) | 0 | (40) |
| Pay | 1-Year BRL-CDI | 13.245 | Maturity | 01/02/2031 |  | 5100 | 0 | (19) | (19) | 0 | (1) |
| Pay | 1-Year BRL-CDI | 13.255 | Maturity | 01/02/2031 |  | 39700 | (9) | (131) | (140) | 0 | (10) |
| Pay | 1-Year BRL-CDI | 13.560 | Maturity | 01/02/2031 |  | 4900 | 0 | (4) | (4) | 4 | 0 |
| Pay | 1-Year BRL-CDI | 13.681 | Maturity | 01/02/2031 |  | 9600 | (2) | 4 | 2 | 14 | 0 |
| Pay | 1-Year BRL-CDI | 13.725 | Maturity | 01/02/2031 |  | 500 | 0 | 0 | 0 | 1 | 0 |
| Pay | 3-Month ZAR-JIBAR | 6.770 | Quarterly | 03/10/2028 | ZAR | 31800 | 0 | (19) | (19) | 5 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 2.750 | Semi-Annual | 06/17/2026 | AUD | 34600 | 3287 | (3445) | (158) | 0 | (1) |
| Pay<sup>(5)</sup> | 6-Month AUD-BBR-BBSW | 4.750 | Semi-Annual | 12/20/2033 |  | 86800 | 627 | (1292) | (665) | 385 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/18/2036 |  | 27600 | 73 | (1291) | (1218) | 256 | 0 |
| Pay | 6-Month CZK-PRIBOR | 3.365 | Annual | 11/28/2029 | CZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174100 | (79) | (193) | (272) | 13 | 0 |
| Receive | 6-Month CZK-PRIBOR | 3.575 | Annual | 07/03/2030 |  | 156465 | 115 | (32) | 83 | 0 | (13) |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 09/16/2031 | EUR | 14800 | 13 | (361) | (348) | 74 | 0 |
| Pay<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 09/16/2036 |  | 17140 | (130) | (494) | (624) | 151 | 0 |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 09/16/2056 |  | 15950 | 301 | 101 | 402 | 0 | (178) |
| Pay | CAONREPO | 2.500 | Semi-Annual | 12/17/2030 | CAD | 800 | 0 | (9) | (9) | 1 | 0 |
|  |  |  |  |  |  |  | $13207 | $(6490) | $6717 | $1055 | $(853) |
|  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;28685 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8294) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20391 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3240 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(942) |

---

#### 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;2503 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3240 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5743 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(942) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1122) |

---

(o) Securities with an aggregate market value of $51,476 and cash of $16,133 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 Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

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

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | Asset | Liability |
|  AZD | 04/2026 | CAD | 19122 | $13959 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  | 04/2026 | SGD | 17 | 14 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **53** |

---

------

Schedule of Investments PIMCO Diversified Income Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BOA | 04/2026 | 41446 | $7944 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57) |
|  | 04/2026 | 3434 | 498 | 0 | (1) |
|  | 04/2026 | 3414 | 3924 | 0 | (22) |
|  | 04/2026 | 133606 | 1423 | 12 | 0 |
|  | 04/2026 | 393727 | 269 | 7 | 0 |
|  | 04/2026 | 2695 | 729 | 3 | 0 |
|  | 04/2026 | $7941 | 41446 | 61 | 0 |
|  | 04/2026 | 180 | 1241 | 0 | 0 |
|  | 04/2026 | 1423 | 133845 | 1 | 0 |
|  | 05/2026 | 3930 | 3414 | 22 | 0 |
|  | 05/2026 | 31284 | $1810 | 0 | (32) |
|  | 06/2026 | 5059 | 1637 | 25 | 0 |
|  | 06/2026 | 17630 | 984 | 6 | 0 |
|  | 06/2026 | $866 | 4593 | 9 | 0 |
|  | 06/2026 | 241 | 751 | 0 | (1) |
|  | 08/2026 | 35423 | $2034 | 0 | (37) |
|  BPS | 04/2026 | 704 | 501 | 15 | 0 |
|  | 04/2026 | 8056 | 1544 | 0 | (12) |
|  | 04/2026 | 1174 | 171 | 0 | 0 |
|  | 04/2026 | 4953 | 1604 | 29 | 0 |
|  | 04/2026 | 363939 | 3862 | 0 | (11) |
|  | 04/2026 | 937613 | 624 | 2 | (1) |
|  | 04/2026 | 1054 | 283 | 0 | (1) |
|  | 04/2026 | 122917 | 3802 | 72 | (2) |
|  | 04/2026 | $2717 | 3873 | 0 | (44) |
|  | 04/2026 | 1543 | 8056 | 12 | 0 |
|  | 04/2026 | 6050 | 102364691 | 0 | (20) |
|  | 04/2026 | 1182 | 3743 | 9 | 0 |
|  | 04/2026 | 693 | 1035090 | 1 | (6) |
|  | 04/2026 | 4356 | 15699 | 0 | (127) |
|  | 04/2026 | 2 | 72 | 0 | 0 |
|  | 04/2026 | 3320 | 106111 | 1 | (8) |
|  | 04/2026 | 45273 | $2673 | 1 | 0 |
|  | 05/2026 | 3739 | 1182 | 0 | (9) |
|  | 05/2026 | 263341 | 2783 | 0 | (11) |
|  | 05/2026 | 60515 | 1878 | 0 | (8) |
|  | 05/2026 | $1090 | 5722 | 8 | 0 |
|  | 05/2026 | 1396 | 23768642 | 3 | 0 |
|  | 05/2026 | 3153 | 298508 | 15 | 0 |
|  | 05/2026 | 276 | 9061 | 0 | (1) |
|  | 05/2026 | 34127 | $1929 | 0 | (83) |
|  | 06/2026 | 1534 | 0 | 0 | 0 |
|  | 06/2026 | $570 | 9600463 | 0 | (5) |
|  | 06/2026 | 55 | 17 | 0 | (1) |
|  | 07/2026 | 84 | 26 | 0 | (1) |
|  | 05/2030 | 1467 | $5053 | 230 | 0 |
|  BRC | 04/2026 | 24 | 17 | 0 | 0 |
|  | 04/2026 | 10014 | 2800 | 102 | 0 |
|  | 04/2026 | 268096 | 5815 | 0 | (103) |
|  | 04/2026 | $2578 | 9277 | 0 | (79) |
|  | 04/2026 | 7768 | 355115 | 78 | 0 |
|  | 04/2026 | 109760 | $6707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | 0 |
|  | 05/2026 | $17 | 24 | 0 | 0 |
|  | 05/2026 | 1423 | 66254 | 7 | 0 |
|  | 06/2026 | 70 | $23 | 0 | 0 |
|  | 12/2026 | 1430 | 81 | 0 | (1) |
|  BSH | 04/2026 | 566138 | 3546 | 0 | (21) |
|  | 04/2026 | $30177 | 22669 | 0 | (172) |
|  | 04/2026 | 11970 | 20734 | 0 | (55) |
|  | 04/2026 | 583 | 2107 | 0 | (15) |
|  | 05/2026 | 22669 | $30175 | 172 | 0 |
|  | 05/2026 | 20734 | 11983 | 56 | 0 |
|  | 05/2026 | $3546 | 564433 | 21 | 0 |
|  CBK | 04/2026 | 863 | $608 | 13 | 0 |
|  | 04/2026 | 1171 | 170 | 0 | 0 |
|  | 04/2026 | 40941 | 47449 | 127 | 0 |
|  | 04/2026 | 1435 | 1919 | 19 | 0 |
|  | 04/2026 | 1019691 | 10910 | 142 | 0 |

---

---

| | | |
|:---|:---|:---|
| **54** | **PIMCO CREDIT BOND FUNDS** | 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 | 1550 | $159 | $0 | $(1) |
|  | 04/2026 | 3945 | 423 | 6 | 0 |
|  | 04/2026 | 74 | 2 | 0 | 0 |
|  | 04/2026 | 5619 | 176 | 1 | 0 |
|  | 04/2026 | $1246 | 1759 | 0 | (32) |
|  | 04/2026 | 531 | 3661 | 0 | 0 |
|  | 04/2026 | 9423 | 8156 | 4 | 0 |
|  | 04/2026 | 7734 | 5819 | 0 | (32) |
|  | 04/2026 | 28931 | 2664300 | 22 | (734) |
|  | 04/2026 | 539 | 1839 | 0 | (11) |
|  | 04/2026 | 3 | 101 | 0 | 0 |
|  | 05/2026 | 0 | 12 | 0 | 0 |
|  | 05/2026 | 1600 | 5547 | 0 | (10) |
|  | 06/2026 | 42558925 | $11139 | 0 | (257) |
|  | 06/2026 | 1208 | 392 | 7 | 0 |
|  | 06/2026 | $391 | 6569214 | 0 | (5) |
|  DUB | 04/2026 | 124 | $18 | 0 | 0 |
|  | 04/2026 | 1475 | 70 | 0 | 0 |
|  | 04/2026 | 9993 | 3228 | 49 | 0 |
|  | 04/2026 | 408270 | 4335 | 29 | (6) |
|  | 04/2026 | $14767 | 21526 | 85 | 0 |
|  | 04/2026 | 23 | 160 | 0 | 0 |
|  | 04/2026 | 4741 | 446836 | 31 | (23) |
|  | 04/2026 | 19064 | 24352 | 0 | (123) |
|  | 04/2026 | 1235 | 40340 | 0 | (11) |
|  | 05/2026 | 21526 | $14761 | 0 | (85) |
|  | 05/2026 | 24297 | 19064 | 122 | 0 |
|  | 05/2026 | $18 | 123 | 0 | 0 |
|  | 06/2026 | 435271 | $819 | 0 | (71) |
|  | 06/2026 | 40258 | 1235 | 7 | 0 |
|  | 07/2026 | $2193 | 1177220 | 171 | 0 |
|  | 09/2026 | 7911326 | $621 | 0 | (5) |
|  | 12/2026 | 13089638 | 1007 | 0 | (8) |
|  | 12/2026 | 1908 | 108 | 0 | (2) |
|  FAR | 04/2026 | 9462 | 6706 | 177 | 0 |
|  | 04/2026 | 4716 | 6111 | 213 | 0 |
|  | 04/2026 | 26096 | 35265 | 725 | 0 |
|  | 04/2026 | 704894 | 4417 | 0 | (25) |
|  | 04/2026 | $4168 | 3321 | 0 | (14) |
|  | 04/2026 | 1217 | 190170 | 0 | (19) |
|  | 04/2026 | 2863 | 10333 | 0 | (80) |
|  | 04/2026 | 103 | 131 | 0 | (1) |
|  | 05/2026 | 3310 | $4168 | 14 | 0 |
|  | 05/2026 | 6219 | 1965 | 0 | (15) |
|  | 05/2026 | 131 | 103 | 1 | 0 |
|  | 05/2026 | $4417 | 702765 | 25 | 0 |
|  | 06/2026 | 3601 | $1168 | 20 | 0 |
|  | 06/2026 | 88594 | 5093 | 180 | 0 |
|  | 07/2026 | 5865 | 1734 | 58 | 0 |
|  | 08/2026 | 19996 | 5914 | 204 | 0 |
|  GLM | 04/2026 | 196511 | 37372 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(566) |
|  | 04/2026 | 4882 | 1570 | 17 | 0 |
|  | 04/2026 | 13607 | 149 | 5 | 0 |
|  | 04/2026 | $34986 | 196511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2951 | 0 |
|  | 04/2026 | 473 | 3249 | 0 | (2) |
|  | 04/2026 | 162 | 2743647 | 0 | (1) |
|  | 04/2026 | 10757 | 195996 | 169 | 0 |
|  | 04/2026 | 687 | 22547 | 0 | (3) |
|  | 05/2026 | 9375 | $1739 | 0 | (60) |
|  | 05/2026 | 117 | 154 | 0 | 0 |
|  | 06/2026 | 9233733 | 548 | 5 | 0 |
|  | 06/2026 | 3132 | 176 | 2 | 0 |
|  | 06/2026 | 22506 | 687 | 0 | 0 |
|  | 06/2026 | $2591 | 13786 | 36 | 0 |
|  | 06/2026 | 931 | 15749958 | 0 | (5) |
|  | 07/2026 | 25662 | 138094 | 459 | 0 |
|  | 07/2026 | 1035 | 556889 | 87 | 0 |
|  | 08/2026 | 49288 | $2765 | 0 | (120) |
|  IND | 04/2026 | 217074 | 256318 | 5413 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **55** |

---

------

Schedule of Investments PIMCO Diversified Income Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  JPM | 04/2026 | 2408 | $349 | $0 | $(1) |
|  | 04/2026 | 894 | 42 | 0 | 0 |
|  | 04/2026 | 211411 | 2249 | 16 | 0 |
|  | 04/2026 | 5965 | 1625 | 21 | (3) |
|  | 04/2026 | 24466 | 19414 | 384 | 0 |
|  | 04/2026 | 25844 | 574 | 0 | (8) |
|  | 04/2026 | $9 | 2998 | 0 | 0 |
|  | 04/2026 | 2249 | 211773 | 5 | 0 |
|  | 04/2026 | 12827 | 229683 | 0 | (27) |
|  | 04/2026 | 1009 | 1708 | 0 | (28) |
|  | 04/2026 | 574 | 25868 | 8 | 0 |
|  | 04/2026 | 336910 | $20143 | 266 | (6) |
|  | 05/2026 | $19 | 130 | 0 | 0 |
|  | 05/2026 | 39 | 6210 | 0 | 0 |
|  | 06/2026 | 3175 | $1028 | 16 | 0 |
|  | 06/2026 | 19355 | 1079 | 6 | 0 |
|  | 06/2026 | $236 | 734 | 0 | (2) |
|  | 06/2027 | 2520971 | $187 | 0 | (1) |
|  MBC | 04/2026 | 871 | 608 | 7 | 0 |
|  | 04/2026 | 429 | 543 | 6 | 0 |
|  | 04/2026 | 1649 | 2198 | 16 | 0 |
|  | 04/2026 | 314140 | 1965 | 0 | (14) |
|  | 04/2026 | 2683335 | 1834 | 49 | 0 |
|  | 04/2026 | 328 | 34 | 0 | 0 |
|  | 04/2026 | 9290 | 994 | 13 | 0 |
|  | 04/2026 | 49810 | 1568 | 55 | 0 |
|  | 04/2026 | $1110 | 873 | 0 | (18) |
|  | 04/2026 | 9306 | 8047 | 14 | (20) |
|  | 04/2026 | 2709 | 425807 | 2 | (27) |
|  | 04/2026 | 352 | 3442 | 4 | 0 |
|  | 05/2026 | 575 | $759 | 0 | (3) |
|  | 05/2026 | 3443 | 352 | 0 | (4) |
|  | 05/2026 | $1848 | 1605 | 10 | 0 |
|  | 05/2026 | 1965 | 313192 | 14 | 0 |
|  | 06/2026 | 2277 | $126 | 0 | 0 |
|  MYI | 04/2026 | 602 | 170 | 8 | 0 |
|  | 04/2026 | $8258 | 150428 | 128 | 0 |
|  NGF | 04/2026 | 1567 | $163 | 1 | 0 |
|  | 04/2026 | $4271 | 196451 | 30 | 0 |
|  SCX | 04/2026 | 22442 | $13417 | 521 | 0 |
|  | 04/2026 | 3415 | 107 | 4 | 0 |
|  | 04/2026 | $13828 | 19145 | 0 | (65) |
|  | 04/2026 | 825 | 76002 | 0 | (22) |
|  | 04/2026 | 959 | 149561 | 0 | (16) |
|  | 04/2026 | 678 | 2452 | 0 | (17) |
|  | 04/2026 | 316 | 10094 | 0 | (1) |
|  | 05/2026 | 19119 | $13828 | 65 | 0 |
|  | 06/2026 | 33426 | 62 | 0 | (6) |
|  | 06/2026 | $1646 | 27750150 | 0 | (14) |
|  | 11/2026 | 72731 | $45 | 0 | (4) |
|  SOG | 04/2026 | 8156 | 9408 | 0 | (19) |
|  | 04/2026 | $1228 | 948 | 0 | (42) |
|  | 04/2026 | 292403 | 253382 | 469 | 0 |
|  | 04/2026 | 5302 | 824924 | 0 | (104) |
|  | 05/2026 | 253382 | $292861 | 0 | (458) |
|  | 05/2026 | $9423 | 8156 | 19 | 0 |
|  | 06/2026 | 2619 | $849 | 14 | 0 |
|  | 06/2026 | 33883 | 10057 | 357 | 0 |
|  | 07/2026 | 13520 | 4001 | 136 | 0 |
|  SSB | 04/2026 | 15258 | 10858 | 331 | 0 |
|  | 04/2026 | $6 | 967 | 0 | 0 |
|  | 04/2026 | 1451 | 13200 | 0 | (57) |
|  UAG | 04/2026 | 1806 | $86 | 1 | 0 |
|  | 04/2026 | 2680 | 728 | 6 | 0 |
|  | 04/2026 | $3851 | 13945 | 0 | (94) |
|  | 06/2026 | 4203 | $1360 | 20 | 0 |
|  | 06/2026 | 2905 | 162 | 1 | 0 |
|  | 09/2026 | 83603509 | 21724 | 0 | (193) |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16041 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4548) |

---

56 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

March 31, 2026

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>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 | Panama Government International Bonds | 1.000% | Quarterly | 12/20/2030 | 1.186 | % | $3300 | $(36) | $11 | $0 | $(25) |
|  | Romania Government International Bonds | 1.000 | Quarterly | 06/20/2030 | 1.420 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10100 | (505) | 346 | 0 | (159) |
| BPS | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.329 |  | 1500 | 8 | (5) | 3 | 0 |
| BRC | Argentine Republic Government International Bonds | 5.000 | Quarterly | 12/20/2026 | 2.754 |  | 1775 | 40 | (9) | 31 | 0 |
|  | Peru Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 0.804 |  | 2000 | 36 | (18) | 18 | 0 |
| CBK | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 3.980 |  | 1500 | (176) | 196 | 20 | 0 |
|  | Panama Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 1.186 |  | 800 | (11) | 5 | 0 | (6) |
| DUB | Eskom « | 4.650 | Quarterly | 06/30/2029 |  | <sup>¨</sup> | 5000 | 0 | 215 | 215 | 0 |
|  | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | <sup>¨</sup> | 1694 | 0 | 9 | 9 | 0 |
| GST | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 3.980 |  | 1100 | (128) | 143 | 15 | 0 |
|  | Indonesia Government International Bonds | 1.000 | Quarterly | 06/20/2031 | 1.025 |  | 1400 | 1 | (2) | 0 | (1) |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 0.669 |  | 600 | (6) | 11 | 5 | 0 |
|  | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 1.662 |  | 7900 | (67) | 57 | 0 | (10) |
| JPM | Ecuador Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 2.178 |  | 1800 | 59 | 4 | 63 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.329 |  | 1100 | (9) | 11 | 2 | 0 |
|  | Panama Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 1.186 |  | 970 | (12) | 5 | 0 | (7) |
|  | Poland Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 0.446 |  | 2875 | 38 | 12 | 50 | 0 |
| MYC | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2026 | 2.371 |  | 2075 | 26 | (10) | 16 | 0 |
|  | Argentine Republic Government International Bonds | 5.000 | Quarterly | 12/20/2026 | 2.754 |  | 1575 | (53) | 81 | 28 | 0 |
|  | Argentine Republic Government International Bonds | 5.000 | Quarterly | 06/20/2027 | 3.980 |  | 1700 | 34 | (11) | 23 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.369 |  | 3600 | 10 | 8 | 18 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.445 |  | 1300 | (4) | 13 | 9 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2028 | 0.581 |  | 900 | (17) | 25 | 8 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 0.669 |  | 3900 | (41) | 76 | 35 | 0 |
|  | Panama Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 1.186 |  | 1130 | (14) | 5 | 0 | (9) |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.588 |  | 4000 | (1067) | 1040 | 0 | (27) |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1894) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2218 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(244) |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(4)</sup> | Swap Agreements,<br>at Value<sup>(4)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2030 | EUR | 500 | $116 | $(16) | $100 | $0 |
| BPS | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 |  | 2000 | 461 | (61) | 400 | 0 |
| CBK | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 |  | 900 | 204 | (24) | 180 | 0 |
| GST | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 |  | 1400 | 289 | (9) | 280 | 0 |
| JPM | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | 1321 | (120) | 1201 | 0 |
|  |  |  |  |  |  |  | $2391 | $(230) | $2161 | $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;497 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1988 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2729 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(244) |

---

#### 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 | $213 | $0 | $0 | $213 | $0 | $0 | $0 | $0 | $213 | $0 | $213 |
|  BOA | 146 | 0 | 100 | 246 | (150) | 0 | (184) | (334) | (88) | 0 | (88) |
|  BPS | 398 | 0 | 403 | 801 | (351) | 0 | 0 | (351) | 450 | (290) | 160 |
|  BRC | 416 | 0 | 49 | 465 | (183) | 0 | 0 | (183) | 282 | (360) | (78) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **57** |

---

------

Schedule of Investments PIMCO Diversified Income Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| **Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Net Market<br>Value of OTC<br>Derivatives** | **Collateral<br>Pledged/<br>(Received)** | **Net<br>Exposure<sup>(5)</sup>** |
|  BSH | $249 | $0 | $0 | $249 | $(263) | $0 | $0 | $(263) | $(14) | $241 | $227 |
|  CBK | 341 | 0 | 200 | 541 | (1082) | 0 | (6) | (1088) | (547) | 357 | (190) |
|  DUB | 494 | 0 | 224 | 718 | (334) | 0 | 0 | (334) | 384 | (600) | (216) |
|  FAR | 1617 | 0 | 0 | 1617 | (154) | 0 | 0 | (154) | 1463 | (1730) | (267) |
|  GLM | 3731 | 0 | 0 | 3731 | (757) | 0 | 0 | (757) | 2974 | (2710) | 264 |
|  GST | 0 | 0 | 300 | 300 | 0 | 0 | (11) | (11) | 289 | (300) | (11) |
|  IND | 5413 | 0 | 0 | 5413 | 0 | 0 | 0 | 0 | 5413 | (7410) | (1997) |
|  JPM | 722 | 0 | 1316 | 2038 | (76) | 0 | (7) | (83) | 1955 | (2060) | (105) |
|  MBC | 190 | 0 | 0 | 190 | (86) | 0 | 0 | (86) | 104 | 0 | 104 |
|  MYC | 0 | 0 | 137 | 137 | 0 | 0 | (36) | (36) | 101 | 0 | 101 |
|  MYI | 136 | 0 | 0 | 136 | 0 | 0 | 0 | 0 | 136 | (290) | (154) |
|  NGF | 31 | 0 | 0 | 31 | 0 | 0 | 0 | 0 | 31 | 0 | 31 |
|  SCX | 590 | 0 | 0 | 590 | (145) | 0 | 0 | (145) | 445 | (500) | (55) |
|  SOG | 995 | 0 | 0 | 995 | (623) | 0 | 0 | (623) | 372 | (290) | 82 |
|  SSB | 331 | 0 | 0 | 331 | (57) | 0 | 0 | (57) | 274 | (290) | (16) |
|  UAG | 28 | 0 | 0 | 28 | (287) | 0 | 0 | (287) | (259) | 0 | (259) |
|  Total Over the Counter | $16041 | $0 | $2729 | $18770 | $(4548) | $0 | $(244) | $(4792) |  |  |  |

---

(q) Securities with an aggregate market value of $598 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>¨</sup> Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

<sup>(5)</sup> 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 | $2503 | $2503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2185 | 0 | 0 | 1055 | 3240 |
|  | $0 | $2185 | $0 | $0 | $3558 | $5743 |
|  Over 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 | $16041 | $0 | $16041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2729 | 0 | 0 | 0 | 2729 |
|  | $0 | $2729 | $0 | $16041 | $0 | $18770 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4914 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16041 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3558 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24513 |

---

58 PIMCO CREDIT BOND FUNDS 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** |
|  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 | $180 | $180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 89 | 0 | 0 | 853 | 942 |
|  | $0 | $89 | $0 | $0 | $1033 | $1122 |
|  Over 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 | $4548 | $0 | $4548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 244 | 0 | 0 | 0 | 244 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $244 | $0 | $4548 | $0 | $4792 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4548 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5914 |

---

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 | $320 | $320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 8420 | 8420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 11329 | 0 | 0 | 7249 | 18578 |
|  | $0 | $11329 | $0 | $0 | $15989 | $27318 |
|  Over 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 | $(43064) | $0 | $(43064) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 70 | 0 | 295 | 1450 | 1815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1421 | 0 | 0 | 0 | 1421 |
|  | $0 | $1491 | $0 | $(42769) | $1450 | $(39828) |
|  | $0 | $12820 | $0 | $(42769) | $17439 | $(12510) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $1 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19305) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19305) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 975 | 0 | 0 | (5659) | (4684) |
|  | $0 | $975 | $0 | $0 | $(24963) | $(23988) |
|  Over 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 | $19134 | $0 | $19134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | (5) | 0 | (209) | (71) | (285) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 512 | 0 | 0 | 0 | 512 |
|  | $0 | $507 | $0 | $18925 | $(71) | $19361 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18925 | $(25034) | $(4627) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 59

------

Schedule of Investments PIMCO Diversified Income Fund (Cont.)

#### 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 | $95590 | $70735 | $166325 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 359188 | 23904 | 383092 |
| &nbsp;&nbsp; Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664573 |
| &nbsp;&nbsp; Utilities | 0 | 116206 | 34 | 116240 |
|  Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 3090 | 0 | 3090 |
|  U.S. Government Agencies | 0 | 381326 | 0 | 381326 |
|  U.S. Treasury Obligations | 0 | 129494 | 0 | 129494 |
|  Non-Agency Mortgage-Backed Securities | 0 | 158926 | 43139 | 202065 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 0 | 77859 | 0 | 77859 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 69309 | 0 | 69309 |
| &nbsp;&nbsp; CMBS Other | 0 | 7513 | 0 | 7513 |
| &nbsp;&nbsp; Home Equity Other | 0 | 127710 | 0 | 127710 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 1392 | 0 | 1392 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 11474 | 0 | 11474 |
| &nbsp;&nbsp; Other ABS | 0 | 138091 | 2063 | 140154 |
|  Sovereign Issues | 0 | 618324 | 2713 | 621037 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 541 | 0 | 1090 | 1631 |
| &nbsp;&nbsp; Consumer Discretionary | 124 | 0 | 0 | 124 |
| &nbsp;&nbsp; Financials | 0 | 563 | 0 | 563 |
| &nbsp;&nbsp; Industrials | 10 | 0 | 0 | 10 |
|  Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Communication Services | 0 | 110 | 0 | 110 |
| &nbsp;&nbsp; Industrials | 0 | 0 | 2 | 2 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 721 | 6702 | 407 | 7830 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 670 | 0 | 0 | 670 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2026** |
| &nbsp;&nbsp; Nigeria Treasury Bills | $0 | $8587 | $0 | $8587 |
| &nbsp;&nbsp; South Africa Treasury Bills | 0 | 8767 | 0 | 8767 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 313 | 0 | 313 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5166 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2970007 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156087 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3131260 |
|  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 | $193465 | $0 | $0 | $193465 |
|  Total Investments | $198631 | $2970007 | $156087 | $3324725 |
|  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 | 1466 | 4277 | 0 | 5743 |
|  Over the counter | 0 | 18546 | 224 | 18770 |
|  | $1466 | $22823 | $224 | $24513 |
|  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 | (180) | (942) | 0 | (1122) |
|  Over the counter | 0 | (4792) | 0 | (4792) |
|  | $(180) | $(5734) | $0 | $(5914) |
|  Total Financial Derivative Instruments | $1286 | $17089 | $224 | $18599 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199917 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2987096 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156311 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3343324 |

---

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 |
|  Loan Participations and Assignments | $60541 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34264 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34678) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | $581 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1953 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7799 | $0 | $70735 | $1475 |
|  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 | 17498 | 4513 | 0 | 0 | 0 | (122) | 2015 | 0 | 23904 | (122) |
| &nbsp;&nbsp; Industrials | 13682 | 0 | (1744) | 0 | 0 | 526 | 0 | (464) | 12000 | (10) |
| &nbsp;&nbsp; Utilities | 0 | 28 | 0 | 0 | 0 | 6 | 0 | 0 | 34 | 6 |
|  Non-Agency Mortgage-Backed Securities | 6582 | 38570 | 0 | 53 | 0 | 2299 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4365) | 43139 | 2024 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Other ABS | 3777 | 0 | (1347) | 14 | 0 | (381) | 0 | 0 | 2063 | (377) |
|  Sovereign Issues | 0 | 2695 | 0 | 0 | 0 | 18 | 0 | 0 | 2713 | 18 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services<sup>(3)</sup> | 1123 | 0 | (884) | 0 | 429 | 422 | 0 | 0 | 1090 | 1090 |
| &nbsp;&nbsp; Financials | 2447 | 0 | (2568) | 0 | (3606) | 3727 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Industrials | 402 | 0 | 0 | 0 | 0 | (395) | 0 | (7) | 0 | 0 |
|  Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Financials | 5 | 0 | (30) | 0 | 16 | 9 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Industrials | 457 | 0 | 0 | 0 | 0 | (455) | 0 | 0 | 2 | (455) |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 382 | 0 | 0 | 0 | 25 | 0 | 0 | 407 | 25 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106514 | $80452 | $(41251) | $342 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2580) | $7632 | $9814 | $(4836) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156087 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3674 |

---

60 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

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>** |
|  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 | $332 | $0 | $(19) | $0 | $0 | $(89) | $0 | $0 | $224 | $(73) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106846 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80452 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41270) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2580) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7543 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9814 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4836) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156311 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3601 |

---

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) | (% Unless Noted Otherwise) |
| **Category and Subcategory** | Ending<br>Balance<br>at 03/31/2026 | Valuation<br>Technique | Unobservable<br>Inputs | **Input Value(s)**  | **Input Value(s)**  | **Weighted**<br>**Average** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $51639 | Discounted Cash Flow | Discount Rate |  | 4.270-12.687 | 8.151 |
|  | 4577 | Indicative Market Quotation | Broker Quote |  | 95.500 |  |
|  | 2541 | Recent Transaction | Purchase Price |  | 96.000 |  |
|  | 11978 | Third Party Vendor | Broker Quote |  | 12.500-100.250 | 98.219 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 18830 | Discounted Cash Flow | Discount Rate |  | 4.774-6.961 | 5.892 |
|  | 3060 | Proxy Pricing | Base Price |  | 100.000 |  |
|  | 2014 | Indicative Market Quotation | Broker Quote |  | 7.500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 11670 | Discounted Cash Flow | Discount Rate |  | 4.943-5.561 | 5.247 |
|  | 330 | Third Party Vendor | Expected Recovery |  | 6.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 34 | Indicative Market Quotation | Broker Quote |  | 12.000 |  |
|  Non-Agency Mortgage-Backed Securities |  |  |  |  |  |  |
|  | 3812 | Discounted Cash Flow | Discount Rate |  | 5.340-6.273 | 5.960 |
|  | 39327 | Recent Transaction | Purchase Price |  | 100.000 |  |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp;&nbsp;&nbsp; Other ABS | 2063 | Discounted Cash Flow | Discount Rate |  | 6.454-20.000 | 9.861 |
|  Sovereign Issues | 2713 | Proxy pricing | Base Price |  | 100.000 |  |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 1090 | Indicative Market Quotation | Broker Quote | $— | 15.000 |  |
|  Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 2 | Indicative Market Quotation | Broker Quote | $— | 0.080 |  |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 407 | Discounted Cash Flow | Discount Rate |  | 11.900 |  |
|  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 | 224 | Indicative Market Quotation | Broker Quote |  | 0.191-4.267 | 4.098 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156311 |  |  |  |  |  |

---

<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> Sector type updated from Utilities to Communication Services since prior fiscal year end.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **61** |

---

------

Schedule of Investments PIMCO ESG Income Fund

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 127.4% | INVESTMENTS IN SECURITIES 127.4% | INVESTMENTS IN SECURITIES 127.4% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% |
|  Altice France SA | Altice France SA | Altice France SA |
|  9.047% (TSFR3M + 5.375%) due 05/14/2029 ~ | 1894 | 1886 |
|  Spa Holdings 3 OYJ | Spa Holdings 3 OYJ | Spa Holdings 3 OYJ |
|  8.211% (TSFR3M + 4.512%) due 05/23/2030 ~ | 299 | 296 |
|  Total Loan Participations and Assignments (Cost $2,188) | Total Loan Participations and Assignments (Cost $2,188) | 2182 |
| CORPORATE BONDS & NOTES 25.2% | CORPORATE BONDS & NOTES 25.2% | CORPORATE BONDS & NOTES 25.2% |
| BANKING & FINANCE 14.0% | BANKING & FINANCE 14.0% | BANKING & FINANCE 14.0% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  2.470% due 12/13/2029 •  | 500 | 473 |
|  ACEF Holding SCA |  |  |
|  0.750% due 06/14/2028 | 500 | 542 |
|  AIB Group PLC | AIB Group PLC | AIB Group PLC |
|  2.875% due 05/30/2031 •  | 400 | 462 |
|  6.608% due 09/13/2029 •  | 500 | 523 |
|  Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
|  2.000% due 05/18/2032 | 400 | 335 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  2.200% due 11/02/2028 | 800 | 754 |
|  8.000% due 11/01/2031 | 450 | 500 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  5.500% due 02/01/2034 | 450 | 454 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  2.100% due 06/15/2030 | 500 | 450 |
|  3.100% due 06/15/2050 | 300 | 193 |
|  Asian Development Bank | Asian Development Bank | Asian Development Bank |
|  6.720% due 02/08/2028 | 187400 | 1936 |
|  Banco Mercantil del Norte SA | Banco Mercantil del Norte SA | Banco Mercantil del Norte SA |
|  6.625% due 01/24/2032 •(f)(g) | 200 | 191 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  2.299% due 07/21/2032 •  | 1400 | 1236 |
|  6.204% due 11/10/2028 •  | 1600 | 1644 |
|  Banque Ouest Africaine de Developpement | Banque Ouest Africaine de Developpement | Banque Ouest Africaine de Developpement |
|  2.750% due 01/22/2033 | 870 | 842 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  5.501% due 08/09/2028 •  | 1000 | 1012 |
|  7.385% due 11/02/2028 •  | 800 | 833 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  4.625% due 02/25/2031 •(f)(g) | 400 | 356 |
|  7.750% due 08/16/2029 •(f)(g) | 1000 | 1032 |
|  Boston Properties LP | Boston Properties LP | Boston Properties LP |
|  2.550% due 04/01/2032 | 150 | 129 |
|  3.400% due 06/21/2029 | 100 | 96 |
|  BPCE SA | BPCE SA | BPCE SA |
|  2.045% due 10/19/2027 •  | 500 | 493 |
|  5.389% due 05/28/2031 •  | 1080 | 1095 |
|  5.748% due 07/19/2033 •  | 300 | 306 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
|  2.724% due 04/15/2031 | 350 | 318 |
|  CNP Assurances SA | CNP Assurances SA | CNP Assurances SA |
|  1.250% due 01/27/2029 | 500 | 543 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  4.375% due 06/29/2027 •(f)(g) | 400 | 465 |
|  CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. |
|  2.800% due 07/15/2030 | 800 | 724 |
|  CPI Property Group SA | CPI Property Group SA | CPI Property Group SA |
|  1.500% due 01/27/2031 | 100 | 90 |
|  4.000% due 01/22/2028 þ | 200 | 255 |
|  Credit Agricole Assurances SA | Credit Agricole Assurances SA | Credit Agricole Assurances SA |
|  1.500% due 10/06/2031 | 500 | 510 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  3.100% due 11/15/2029 | 400 | 378 |
|  CTP NV | CTP NV | CTP NV |
|  1.250% due 06/21/2029 | 200 | 214 |
|  1.500% due 09/27/2031 | 500 | 500 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  1.875% due 02/23/2028 •  | 200 | 229 |
|  Digital Dutch Finco BV | Digital Dutch Finco BV | Digital Dutch Finco BV |
|  1.000% due 01/15/2032 | 300 | 290 |
|  1.250% due 02/01/2031 | 200 | 204 |
|  EQT AB | EQT AB | EQT AB |
|  0.875% due 05/14/2031 | 800 | 791 |
|  2.375% due 04/06/2028 | 800 | 903 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  3.900% due 04/15/2032 | 400 | 378 |
|  First American Financial Corp. | First American Financial Corp. | First American Financial Corp. |
|  2.400% due 08/15/2031 | 600 | 517 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  5.918% due 03/20/2028 | 1400 | 1418 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  3.125% due 10/12/2028 | 400 | 365 |
|  Globalworth Real Estate Investments Ltd. | Globalworth Real Estate Investments Ltd. | Globalworth Real Estate Investments Ltd. |
|  6.250% due 03/31/2030 | 376 | 443 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  2.383% due 07/21/2032 •  | 400 | 353 |
|  2.615% due 04/22/2032 •  | 500 | 449 |
|  Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC |
|  4.625% due 05/04/2032 | 1000 | 984 |
|  Grainger PLC | Grainger PLC | Grainger PLC |
|  3.000% due 07/03/2030 | 100 | 119 |
|  Hanwha Life Insurance Co. Ltd. | Hanwha Life Insurance Co. Ltd. | Hanwha Life Insurance Co. Ltd. |
|  3.379% due 02/04/2032 •  | 300 | 296 |
|  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 | 115 | 115 |
|  3.750% due 09/15/2030 | 300 | 276 |
|  Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
|  2.900% due 12/15/2031 | 250 | 222 |
|  3.375% due 12/15/2029 | 600 | 570 |
|  3.500% due 09/15/2030 | 200 | 188 |
|  5.700% due 07/01/2034 | 300 | 303 |
|  Howard Hughes Corp. | Howard Hughes Corp. | Howard Hughes Corp. |
|  4.375% due 02/01/2031 | 600 | 551 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  2.871% due 11/22/2032 •  | 700 | 627 |
|  6.254% due 03/09/2034 •  | 600 | 636 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  3.950% due 11/01/2027 | 230 | 217 |
|  5.950% due 02/15/2028 | 400 | 380 |
|  ING Groep NV | ING Groep NV | ING Groep NV |
|  2.727% due 04/01/2032 •  | 200 | 181 |
|  3.875% due 05/16/2027 •(f)(g) | 200 | 193 |
|  4.250% due 05/16/2031 •(f)(g) | 200 | 174 |
|  4.252% due 03/28/2033 •  | 500 | 482 |
|  4.875% due 05/16/2029 •(f)(g) | 200 | 189 |
|  5.525% due 03/25/2036 •  | 300 | 304 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  6.625% due 06/20/2033 | 700 | 760 |
|  Jones Lang LaSalle, Inc. | Jones Lang LaSalle, Inc. | Jones Lang LaSalle, Inc. |
|  6.875% due 12/01/2028 | 500 | 528 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  2.545% due 11/08/2032 •  | 1400 | 1245 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  2.500% due 11/15/2032 | 200 | 163 |
|  2.650% due 11/15/2033 | 900 | 716 |
|  Legal & General Group PLC | Legal & General Group PLC | Legal & General Group PLC |
|  5.625% due 03/24/2031 •(f)(g) | 200 | 246 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  3.574% due 11/07/2028 •  | 400 | 395 |
|  3.750% due 03/18/2028 •  | 500 | 497 |
|  Logicor Financing SARL | Logicor Financing SARL | Logicor Financing SARL |
|  3.250% due 11/13/2028 | 700 | 804 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  2.494% due 10/13/2032 •  | 500 | 442 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen |
|  5.875% due 05/23/2042 •  | 400 | 409 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  5.125% due 05/12/2027 •(f)(g) | 200 | 261 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  NE Property BV | NE Property BV | NE Property BV |
|  3.375% due 07/14/2027 | 300 | 346 |
|  Nexi SpA | Nexi SpA | Nexi SpA |
|  1.625% due 04/30/2026 | 550 | 635 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  2.172% due 07/14/2028 | 700 | 663 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
|  3.750% due 03/01/2029 •(f)(g) | 500 | 464 |
|  Norinchukin Bank | Norinchukin Bank | Norinchukin Bank |
|  5.094% due 10/16/2029 | 1400 | 1416 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  3.500% due 01/15/2027 | 781 | 767 |
|  7.125% due 11/15/2031 (j) | 600 | 595 |
|  PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
|  5.750% due 09/15/2031 | 200 | 185 |
|  Prologis LP | Prologis LP | Prologis LP |
|  4.200% due 02/15/2033 | 1400 | 1003 |
|  Regency Centers LP | Regency Centers LP | Regency Centers LP |
|  3.700% due 06/15/2030 | 100 | 97 |
|  Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  6.174% due 01/09/2030 •  | 500 | 517 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  3.823% due 11/03/2028 •  | 1400 | 1383 |
|  6.534% due 01/10/2029 •  | 300 | 310 |
|  Shinhan Bank Co. Ltd. | Shinhan Bank Co. Ltd. | Shinhan Bank Co. Ltd. |
|  4.000% due 04/23/2029 (g) | 200 | 196 |
|  4.375% due 04/13/2032 (g) | 500 | 489 |
|  Sirius Real Estate Ltd. | Sirius Real Estate Ltd. | Sirius Real Estate Ltd. |
|  1.125% due 06/22/2026 | 300 | 345 |
|  1.750% due 11/24/2028 | 200 | 221 |
|  SLM Corp. | SLM Corp. | SLM Corp. |
|  3.125% due 11/02/2026 | 900 | 892 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  2.678% due 06/29/2032 •  | 200 | 178 |
|  3.603% due 01/12/2033 •  | 200 | 182 |
|  6.301% due 01/09/2029 •  | 600 | 617 |
|  7.767% due 11/16/2028 •  | 500 | 524 |
|  Sun Communities Operating LP | Sun Communities Operating LP | Sun Communities Operating LP |
|  4.200% due 04/15/2032 | 300 | 286 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  4.375% due 02/10/2031 •(f)(g) | 200 | 177 |
|  5.959% due 01/12/2034 •  | 300 | 313 |
|  UDR, Inc. | UDR, Inc. | UDR, Inc. |
|  3.100% due 11/01/2034 | 100 | 86 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  5.459% due 06/30/2035 •  | 400 | 399 |
|  VIA Outlets BV | VIA Outlets BV | VIA Outlets BV |
|  1.750% due 11/15/2028 | 500 | 550 |
|  Vonovia SE | Vonovia SE | Vonovia SE |
|  1.875% due 06/28/2028 | 600 | 672 |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  4.000% due 11/15/2029 | 100 | 98 |
|  Workspace Group PLC | Workspace Group PLC | Workspace Group PLC |
|  2.250% due 03/11/2028 | 600 | 746 |
|  ZF Finance GmbH | ZF Finance GmbH | ZF Finance GmbH |
|  2.000% due 05/06/2027 | 700 | 798 |
|  |  | 55847 |
| INDUSTRIALS 7.8% | INDUSTRIALS 7.8% | INDUSTRIALS 7.8% |
|  180 Medical, Inc. | 180 Medical, Inc. | 180 Medical, Inc. |
|  3.875% due 10/15/2029 | 700 | 680 |
|  Accor SA | Accor SA | Accor SA |
|  2.375% due 11/29/2028 | 900 | 1008 |
|  Ball Corp. | Ball Corp. | Ball Corp. |
|  3.125% due 09/15/2031 | 580 | 523 |
|  BCP V Modular Services Finance II PLC | BCP V Modular Services Finance II PLC | BCP V Modular Services Finance II PLC |
|  4.750% due 11/30/2028 | 100 | 109 |
|  6.500% due 07/10/2031 | 400 | 396 |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 6980 | 7182 |
|  Boise Cascade Co. | Boise Cascade Co. | Boise Cascade Co. |
|  4.875% due 07/01/2030 | 500 | 492 |

---

---

| | | |
|:---|:---|:---|
| **62** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. |
|  3.569% due 12/01/2031 | 500 | 457 |
|  Cellnex Finance Co. SA | Cellnex Finance Co. SA | Cellnex Finance Co. SA |
|  3.875% due 07/07/2041 | 200 | 158 |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  2.625% due 08/01/2031 | 600 | 502 |
|  3.000% due 10/15/2030 | 500 | 439 |
|  Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. |
|  7.625% due 07/01/2029 | 500 | 512 |
|  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 | 1130 | 1095 |
|  Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. |
|  4.054% due 03/15/2029 | 500 | 484 |
|  5.050% due 03/15/2042 | 200 | 132 |
|  Fair Isaac Corp. | Fair Isaac Corp. | Fair Isaac Corp. |
|  4.000% due 06/15/2028 | 570 | 554 |
|  Gap, Inc. | Gap, Inc. | Gap, Inc. |
|  3.625% due 10/01/2029 | 250 | 234 |
|  3.875% due 10/01/2031 | 250 | 227 |
|  Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC |
|  2.625% due 02/01/2029 | 400 | 439 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  3.625% due 02/15/2032 | 250 | 227 |
|  4.000% due 05/01/2031 | 200 | 188 |
|  Illumina, Inc. | Illumina, Inc. | Illumina, Inc. |
|  2.550% due 03/23/2031 | 300 | 269 |
|  InterContinental Hotels Group PLC | InterContinental Hotels Group PLC | InterContinental Hotels Group PLC |
|  3.375% due 10/08/2028 | 300 | 378 |
|  International Distribution Services PLC | International Distribution Services PLC | International Distribution Services PLC |
|  7.375% due 09/14/2030 | 500 | 690 |
|  JDE Peet's NV | JDE Peet's NV | JDE Peet's NV |
|  2.250% due 09/24/2031 | 800 | 696 |
|  Lenovo Group Ltd. | Lenovo Group Ltd. | Lenovo Group Ltd. |
|  3.421% due 11/02/2030 | 400 | 378 |
|  Marks & Spencer PLC | Marks & Spencer PLC | Marks & Spencer PLC |
|  3.250% due 07/10/2027 | 300 | 388 |
|  Metalsa SAPI de CV | Metalsa SAPI de CV | Metalsa SAPI de CV |
|  3.750% due 05/04/2031 | 450 | 391 |
|  Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. |
|  2.703% due 04/15/2032 | 200 | 181 |
|  MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
|  3.625% due 09/01/2030 | 600 | 567 |
|  NetApp, Inc. | NetApp, Inc. | NetApp, Inc. |
|  5.500% due 03/17/2032 | 350 | 358 |
|  5.700% due 03/17/2035 | 350 | 357 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.345% due 09/17/2027 | 380 | 370 |
|  5.250% due 07/17/2029 | 400 | 458 |
|  NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. | NXP BV/NXP Funding LLC/NXP USA, Inc. |
|  2.500% due 05/11/2031 | 300 | 269 |
|  5.000% due 01/15/2033 | 1300 | 1294 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  2.300% due 03/25/2028 | 300 | 286 |
|  4.800% due 08/03/2028 | 280 | 280 |
|  ReNew Pvt Ltd. | ReNew Pvt Ltd. | ReNew Pvt Ltd. |
|  5.875% due 03/05/2027 | 200 | 198 |
|  Sartorius Finance BV | Sartorius Finance BV | Sartorius Finance BV |
|  4.875% due 09/14/2035 | 600 | 717 |
|  Snam SpA | Snam SpA | Snam SpA |
|  5.000% due 05/28/2030 | 1200 | 1213 |
|  St. Mary's Cement, Inc. | St. Mary's Cement, Inc. | St. Mary's Cement, Inc. |
|  5.750% due 04/02/2034 | 400 | 412 |
|  Transurban Finance Co. Pty. Ltd. | Transurban Finance Co. Pty. Ltd. | Transurban Finance Co. Pty. Ltd. |
|  2.450% due 03/16/2031 | 600 | 542 |
|  VeriSign, Inc. | VeriSign, Inc. | VeriSign, Inc. |
|  2.700% due 06/15/2031 | 400 | 358 |
|  Vilmorin & Cie SA | Vilmorin & Cie SA | Vilmorin & Cie SA |
|  1.375% due 03/26/2028 | 400 | 441 |
|  Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
|  4.500% due 07/15/2031 | 200 | 223 |
|  4.750% due 07/15/2031 | 1700 | 1464 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Weir Group, Inc. | Weir Group, Inc. | Weir Group, Inc. |
|  5.350% due 05/06/2030 | 600 | 608 |
|  XPLR Infrastructure Operating Partners LP | XPLR Infrastructure Operating Partners LP | XPLR Infrastructure Operating Partners LP |
|  7.250% due 01/15/2029 (j) | 800 | 826 |
|  ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. |
|  6.750% due 04/23/2030 | 250 | 242 |
|  |  | 30892 |
| UTILITIES 3.4% | UTILITIES 3.4% | UTILITIES 3.4% |
|  AES Andes SA | AES Andes SA | AES Andes SA |
|  6.300% due 03/15/2029 | 350 | 358 |
|  AES Corp. | AES Corp. | AES Corp. |
|  2.450% due 01/15/2031 | 720 | 637 |
|  5.450% due 06/01/2028 | 300 | 303 |
|  7.600% due 01/15/2055 •  | 500 | 496 |
|  CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC |
|  5.300% due 04/01/2053 | 700 | 659 |
|  Clean Renewable Power Mauritius Pte. Ltd. | Clean Renewable Power Mauritius Pte. Ltd. | Clean Renewable Power Mauritius Pte. Ltd. |
|  4.250% due 03/25/2027 | 147 | 144 |
|  Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC |
|  5.750% due 01/15/2034 | 800 | 787 |
|  Dhafrah Pv2 Energy Co. LLC | Dhafrah Pv2 Energy Co. LLC | Dhafrah Pv2 Energy Co. LLC |
|  5.794% due 06/30/2053 | 700 | 681 |
|  Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
|  3.550% due 03/15/2052 | 402 | 284 |
|  Edison International | Edison International | Edison International |
|  6.250% due 03/15/2030 | 1400 | 1451 |
|  Greenko Wind Projects Mauritius Ltd. | Greenko Wind Projects Mauritius Ltd. | Greenko Wind Projects Mauritius Ltd. |
|  7.250% due 09/27/2028 | 788 | 783 |
|  Iberdrola International BV | Iberdrola International BV | Iberdrola International BV |
|  6.750% due 09/15/2033 | 250 | 273 |
|  India Green Power Holdings | India Green Power Holdings | India Green Power Holdings |
|  4.000% due 02/22/2027 | 200 | 196 |
|  Nova Securitisation SARL | Nova Securitisation SARL | Nova Securitisation SARL |
|  5.750% due 02/03/2031 | 1000 | 969 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  6.700% due 04/01/2053 | 1100 | 1140 |
|  Pattern Energy Operations LP/Pattern Energy Operations, Inc. | Pattern Energy Operations LP/Pattern Energy Operations, Inc. | Pattern Energy Operations LP/Pattern Energy Operations, Inc. |
|  4.500% due 08/15/2028 | 500 | 488 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  2.950% due 08/15/2051 | 350 | 220 |
|  Solar Star Funding LLC | Solar Star Funding LLC | Solar Star Funding LLC |
|  5.375% due 06/30/2035 | 130 | 130 |
|  Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. |
|  3.150% due 05/01/2050 | 100 | 65 |
|  Star Energy Geothermal Wayang Windu Ltd. | Star Energy Geothermal Wayang Windu Ltd. | Star Energy Geothermal Wayang Windu Ltd. |
|  6.750% due 04/24/2033 | 255 | 256 |
|  TDC Net AS | TDC Net AS | TDC Net AS |
|  5.056% due 05/31/2028 | 400 | 474 |
|  TerraForm Power Operating LLC | TerraForm Power Operating LLC | TerraForm Power Operating LLC |
|  5.000% due 01/31/2028 | 200 | 198 |
|  United Utilities Water Finance PLC | United Utilities Water Finance PLC | United Utilities Water Finance PLC |
|  3.750% due 05/23/2034 | 600 | 680 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  5.050% due 05/09/2033 | 1700 | 1723 |
|  Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
|  5.125% due 06/04/2081 •  | 110 | 86 |
|  |  | 13481 |
|  Total Corporate Bonds & Notes (Cost $101,156) | Total Corporate Bonds & Notes (Cost $101,156) | 100220 |
| U.S. GOVERNMENT AGENCIES 46.4% | U.S. GOVERNMENT AGENCIES 46.4% | U.S. GOVERNMENT AGENCIES 46.4% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  4.000% due 09/01/2049 - 11/01/2053 | 3734 | 3531 |
|  4.500% due 06/01/2053 - 09/01/2053 | 3126 | 3027 |
|  5.000% due 02/01/2053 - 07/01/2054 | 9025 | 8917 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.500% due 09/01/2052 - 12/01/2053 | 19950 | 20123 |
|  6.500% due 02/01/2054 - 04/01/2055 | 12329 | 12757 |
|  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 |
|  0.839% due 11/25/2030 ~(a) | 2746 | 86 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  3.000% due 07/01/2052 - 01/01/2059 | 1527 | 1333 |
|  3.500% due 05/01/2056 - 08/01/2059 | 1326 | 1208 |
|  4.000% due 05/01/2053 - 05/01/2054 | 7552 | 7141 |
|  4.500% due 07/01/2052 - 05/01/2054 | 7307 | 7068 |
|  5.000% due 08/01/2052 -06/01/2054 | 19957 | 19710 |
|  5.500% due 12/01/2052 - 01/01/2055 | 7137 | 7181 |
|  6.000% due 10/01/2053 - 01/01/2055 | 2469 | 2520 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  5.500% due 07/20/2053 - 08/20/2053 | 3295 | 3341 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  5.000% due 05/01/2056 | 2800 | 2768 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 06/01/2040 | 5900 | 5174 |
|  3.500% due 06/01/2056 | 9400 | 8599 |
|  4.000% due 04/01/2056 | 6300 | 5946 |
|  4.500% due 05/01/2056 | 3600 | 3471 |
|  5.000% due 05/01/2056 | 4700 | 4630 |
|  6.000% due 06/01/2056 | 34380 | 34995 |
|  6.500% due 05/01/2056 | 20200 | 20882 |
|  Total U.S. Government Agencies (Cost $183,036) | Total U.S. Government Agencies (Cost $183,036) | 184408 |
| U.S. TREASURY OBLIGATIONS 13.1% | U.S. TREASURY OBLIGATIONS 13.1% | U.S. TREASURY OBLIGATIONS 13.1% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  4.250% due 08/15/2054 | 600 | 538 |
|  4.500% due 11/15/2054 | 3200 | 2990 |
|  4.625% due 11/15/2045 | 1376 | 1328 |
|  4.625% due 02/15/2046 | 200 | 193 |
|  4.750% due 02/15/2056 | 6595 | 6433 |
|  4.875% due 08/15/2045 | 203 | 202 |
|  U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) | U.S. Treasury Inflation Protected Securities (e) |
|  0.875% due 02/15/2047 (n) | 1078 | 765 |
|  1.500% due 02/15/2053 (l) | 656 | 504 |
|  0.125% due 01/15/2031 (l) | 2249 | 2115 |
|  0.125% due 01/15/2032 | 9855 | 9072 |
|  1.375% due 07/15/2033 | 3427 | 3351 |
|  1.875% due 07/15/2034 (e) | 7151 | 7189 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  2.750% due 08/15/2032 | 2200 | 2035 |
|  3.750% due 04/30/2027 | 700 | 700 |
|  3.875% due 09/30/2029 (l) | 3000 | 3001 |
|  4.000% due 07/31/2032 | 6300 | 6269 |
|  4.125% due 02/15/2036 | 300 | 295 |
|  4.250% due 08/15/2035 | 330 | 329 |
|  4.500% due 04/15/2027 | 4500 | 4535 |
|  Total U.S. Treasury Obligations (Cost $51,843) | Total U.S. Treasury Obligations (Cost $51,843) | 51844 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 8.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 8.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 8.4% |
|  1211 Avenue of the Americas Trust | 1211 Avenue of the Americas Trust | 1211 Avenue of the Americas Trust |
|  4.142% due 08/10/2035 ~ | 2300 | 2113 |
|  280 Park Avenue Mortgage Trust | 280 Park Avenue Mortgage Trust | 280 Park Avenue Mortgage Trust |
|  5.050% due 09/15/2034 •  | 1000 | 990 |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  4.033% due 08/25/2036 •  | 603 | 207 |
|  4.353% due 08/25/2036 •  | 242 | 74 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  3.983% due 12/25/2046 •  | 26 | 23 |
|  4.213% due 06/25/2037 •  | 110 | 108 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **63** |

---

------

Schedule of Investments PIMCO ESG Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  0.000% due 09/15/2038 ~(a) | 261000 | 0 |
|  6.537% due 09/15/2038 •  | 1000 | 938 |
|  BBCCRE Trust | BBCCRE Trust | BBCCRE Trust |
|  4.563% due 08/10/2033 ~ | 2660 | 2239 |
|  BBCMS Mortgage Trust | BBCMS Mortgage Trust | BBCMS Mortgage Trust |
|  3.688% due 02/15/2053 ~ | 2453 | 1726 |
|  BBCMS Trust | BBCMS Trust | BBCMS Trust |
|  4.957% due 08/10/2035 ~ | 900 | 837 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  4.113% due 06/25/2046 •  | 244 | 226 |
|  Beast Mortgage Trust | Beast Mortgage Trust | Beast Mortgage Trust |
|  6.287% due 03/15/2036 •  | 500 | 107 |
|  Bridgegate Funding PLC | Bridgegate Funding PLC | Bridgegate Funding PLC |
|  7.744% due 10/16/2062 •  | 950 | 1258 |
|  8.744% due 10/16/2062 •  | 950 | 1258 |
|  BSST Mortgage Trust | BSST Mortgage Trust | BSST Mortgage Trust |
|  6.523% due 02/15/2037 •  | 1200 | 265 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.531% due 03/25/2037 ~ | 89 | 84 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  4.135% due 02/25/2047 ~ | 32 | 29 |
|  CHL Reperforming Loan REMICS Trust | CHL Reperforming Loan REMICS Trust | CHL Reperforming Loan REMICS Trust |
|  4.723% due 01/25/2034 ~ | 62 | 56 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  6.000% due 06/25/2037 | 205 | 188 |
|  COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
|  6.937% due 12/15/2038 •  | 1000 | 977 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.173% due 10/25/2046 •  | 55 | 53 |
|  4.430% due 11/20/2035 •  | 111 | 101 |
|  Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
|  4.629% due 04/25/2047 •  | 60 | 55 |
|  DOLP Trust | DOLP Trust | DOLP Trust |
|  3.704% due 05/10/2041 ~ | 1600 | 1339 |
|  DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust |
|  6.037% due 10/15/2043 •  | 1000 | 992 |
|  6.537% due 10/15/2043 •  | 996 | 975 |
|  GS Mortgage Securities Trust | GS Mortgage Securities Trust | GS Mortgage Securities Trust |
|  3.602% due 10/10/2049 ~ | 200 | 187 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.299% due 06/19/2036 ~ | 113 | 46 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.133% due 01/25/2037 •  | 54 | 49 |
|  4.313% due 07/25/2035 •  | 333 | 222 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.877% due 06/15/2038 •  | 1000 | 856 |
|  6.087% due 03/15/2036 •  | 1600 | 1174 |
|  6.887% due 03/15/2036 •  | 300 | 164 |
|  KREST Commercial Mortgage Securities Trust | KREST Commercial Mortgage Securities Trust | KREST Commercial Mortgage Securities Trust |
|  2.927% due 11/05/2044 ~ | 2000 | 1346 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.193% due 03/25/2037 •  | 724 | 193 |
|  MFT Mortgage Trust | MFT Mortgage Trust | MFT Mortgage Trust |
|  3.283% due 08/10/2040 ~ | 1180 | 896 |
|  3.358% due 02/10/2042 | 100 | 84 |
|  Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
|  5.087% due 12/15/2036 •  | 1480 | 179 |
|  5.587% due 12/15/2036 •  | 1097 | 24 |
|  Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust | Morgan Stanley Mortgage Loan Trust |
|  4.113% due 06/25/2036 •  | 243 | 47 |
|  Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
|  0.514% due 02/15/2039 ~(a) | 23885 | 329 |
|  NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust | NYO Commercial Mortgage Trust |
|  6.332% due 11/15/2038 •  | 1500 | 1488 |
|  One New York Plaza Trust | One New York Plaza Trust | One New York Plaza Trust |
|  4.737% due 01/15/2036 •  | 189 | 182 |
|  5.037% due 01/15/2036 •  | 1000 | 946 |
|  RALI Trust | RALI Trust | RALI Trust |
|  5.500% due 02/25/2036 | 181 | 151 |
|  6.000% due 06/25/2036 | 110 | 90 |
|  6.000% due 06/25/2037 | 166 | 135 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust | Residential Asset Securitization Trust |
|  2.897% due 04/25/2037 •(a) | $| 510 | 60 |
|  4.103% due 04/25/2037 •  |  | 510 | 93 |
|  SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
|  5.587% due 05/15/2038 •  |  | 450 | 448 |
|  6.187% due 05/15/2038 •  |  | 450 | 447 |
|  Starwood Mortgage Trust | Starwood Mortgage Trust | Starwood Mortgage Trust | Starwood Mortgage Trust |
|  6.092% due 11/15/2036 •  |  | 1100 | 1099 |
|  Trinity Square PLC | Trinity Square PLC | Trinity Square PLC | Trinity Square PLC |
|  5.044% (SONIO/N + 1.300%) due 07/15/2059 ~ | GBP | 1800 | 2384 |
|  VASA Trust | VASA Trust | VASA Trust | VASA Trust |
|  5.537% due 07/15/2039 •  | $| 400 | 377 |
|  5.887% due 07/15/2039 •  |  | 400 | 371 |
|  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 ~ |  | 1700 | 1693 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  6.000% due 11/25/2037 |  | 63 | 62 |
|  Worldwide Plaza Trust | Worldwide Plaza Trust | Worldwide Plaza Trust | Worldwide Plaza Trust |
|  3.526% due 11/10/2036 |  | 100 | 80 |
|  3.596% due 11/10/2036 ~ |  | 1310 | 179 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $40,780) | Total Non-Agency Mortgage-Backed Securities (Cost $40,780) | Total Non-Agency Mortgage-Backed Securities (Cost $40,780) | 33299 |
| ASSET-BACKED SECURITIES 10.2% | ASSET-BACKED SECURITIES 10.2% | ASSET-BACKED SECURITIES 10.2% | ASSET-BACKED SECURITIES 10.2% |
| AUTOMOBILE SEQUENTIAL 0.5% | AUTOMOBILE SEQUENTIAL 0.5% | AUTOMOBILE SEQUENTIAL 0.5% | AUTOMOBILE SEQUENTIAL 0.5% |
|  FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust |
|  5.690% due 02/15/2030 |  | 433 | 436 |
|  5.890% due 06/15/2030 |  | 984 | 990 |
|  Research-Driven Pagaya Motor Asset Trust IV | Research-Driven Pagaya Motor Asset Trust IV | Research-Driven Pagaya Motor Asset Trust IV | Research-Driven Pagaya Motor Asset Trust IV |
|  2.650% due 03/25/2030 |  | 254 | 253 |
|  Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V |
|  5.320% due 09/25/2030 |  | 197 | 198 |
|  |  |  | 1877 |
| CMBS OTHER 0.1% | CMBS OTHER 0.1% | CMBS OTHER 0.1% | CMBS OTHER 0.1% |
|  Starwood Ltd. |  |  |  |
|  5.894% due 04/18/2038 •  |  | 400 | 404 |
| HOME EQUITY OTHER 2.6% | HOME EQUITY OTHER 2.6% | HOME EQUITY OTHER 2.6% | HOME EQUITY OTHER 2.6% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.133% due 11/25/2036 •  |  | 455 | 186 |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.093% due 07/25/2036 •  |  | 130 | 119 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.593% due 11/25/2034 •  |  | 300 | 286 |
|  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 •  |  | 2097 | 1945 |
|  5.638% due 05/25/2035 •  |  | 403 | 387 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.073% due 11/25/2036 •  |  | 20 | 20 |
|  5.668% due 12/25/2034 •  |  | 197 | 199 |
|  Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust |
|  4.723% due 09/25/2034 •  |  | 52 | 51 |
|  4.753% due 03/25/2035 •  |  | 204 | 204 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.228% due 01/25/2045 •  |  | 243 | 231 |
|  4.273% due 03/25/2047 •  |  | 179 | 173 |
|  EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust | EquiFirst Mortgage Loan Trust |
|  5.593% due 04/25/2035 •  |  | 210 | 195 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  3.933% due 03/25/2036 •  |  | 48 | 15 |
|  6.948% due 06/25/2036 þ |  | 211 | 45 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.113% due 10/25/2036 •  |  | 717 | 218 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  4.693% due 10/25/2035 •  |  | 225 | 212 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.393% due 12/25/2036 •  |  | 926 | 897 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  4.528% due 10/25/2035 •  | 1800 | 1621 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.673% due 08/25/2034 •  | 71 | 72 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.768% due 05/25/2035 •  | 1639 | 1550 |
|  Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust | Structured Asset Securities Corp. Mortgage Loan Trust |
|  4.213% due 02/25/2037 •  | 62 | 61 |
|  4.228% due 07/25/2036 •  | 1570 | 1623 |
|  |  | 10310 |
| WHOLE LOAN COLLATERAL 0.6% | WHOLE LOAN COLLATERAL 0.6% | WHOLE LOAN COLLATERAL 0.6% |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  4.333% due 03/25/2036 •  | 1508 | 1467 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.133% due 10/25/2036 •  | 101 | 93 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.783% due 10/25/2033 •  | 131 | 131 |
|  4.993% due 01/25/2035 •  | 626 | 610 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.963% due 12/25/2035 •  | 103 | 103 |
|  |  | 2404 |
| OTHER ABS 6.4% | OTHER ABS 6.4% | OTHER ABS 6.4% |
|  37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. | 37 Capital CLO II Ltd. |
|  4.962% due 07/15/2034 •  | 1300 | 1301 |
|  Arbour CLO VI DAC | Arbour CLO VI DAC | Arbour CLO VI DAC |
|  3.134% due 11/15/2037 •  | 2600 | 3006 |
|  Arbour CLO XIII DAC | Arbour CLO XIII DAC | Arbour CLO XIII DAC |
|  3.584% due 08/15/2038 •  | 1100 | 1264 |
|  Capital Four CLO IV DAC | Capital Four CLO IV DAC | Capital Four CLO IV DAC |
|  3.635% due 04/15/2038 •  | 1600 | 1850 |
|  Capital Four CLO X DAC | Capital Four CLO X DAC | Capital Four CLO X DAC |
|  3.279% due 10/25/2038 •  | 2800 | 3231 |
|  CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC | CVC Cordatus Opportunity Loan Fund-R DAC |
|  3.524% due 08/15/2033 •  | 1400 | 1617 |
|  GoodLeap Sustainable Home Solutions Trust | GoodLeap Sustainable Home Solutions Trust | GoodLeap Sustainable Home Solutions Trust |
|  4.000% due 04/20/2049 | 740 | 639 |
|  4.950% due 07/20/2049 | 752 | 679 |
|  Grosvenor Place CLO DAC | Grosvenor Place CLO DAC | Grosvenor Place CLO DAC |
|  4.208% due 08/15/2039 •  | 300 | 348 |
|  Loanpal Solar Loan Ltd. | Loanpal Solar Loan Ltd. | Loanpal Solar Loan Ltd. |
|  2.220% due 03/20/2048 | 113 | 89 |
|  Margay CLO II DAC | Margay CLO II DAC | Margay CLO II DAC |
|  3.244% due 07/15/2037 •  | 1600 | 1845 |
|  Mosaic Solar Loan Trust | Mosaic Solar Loan Trust | Mosaic Solar Loan Trust |
|  2.640% due 01/20/2053 | 463 | 406 |
|  MV Credit Euro CLO III DAC | MV Credit Euro CLO III DAC | MV Credit Euro CLO III DAC |
|  3.284% due 02/15/2038 •  | 3200 | 3699 |
|  Northwoods Capital XIV-B Ltd. | Northwoods Capital XIV-B Ltd. | Northwoods Capital XIV-B Ltd. |
|  4.883% due 11/13/2031 •  | 998 | 999 |
|  Service Experts Issuer LLC | Service Experts Issuer LLC | Service Experts Issuer LLC |
|  2.670% due 02/02/2032 | 168 | 165 |
|  Sunnova Helios XI Issuer LLC | Sunnova Helios XI Issuer LLC | Sunnova Helios XI Issuer LLC |
|  5.300% due 05/20/2050 | 937 | 864 |
|  Sunnova Sol IV Issuer LLC | Sunnova Sol IV Issuer LLC | Sunnova Sol IV Issuer LLC |
|  2.790% due 02/22/2049 | 1291 | 1084 |
|  Sunnova Sol V Issuer LLC | Sunnova Sol V Issuer LLC | Sunnova Sol V Issuer LLC |
|  5.400% due 04/30/2058 | 1021 | 996 |
|  Sunrun Demeter Issuer LLC | Sunrun Demeter Issuer LLC | Sunrun Demeter Issuer LLC |
|  2.270% due 01/30/2057 | 583 | 530 |
|  Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust |
|  5.080% due 06/21/2050 | 1011 | 1012 |
|  |  | 25624 |
|  Total Asset-Backed Securities (Cost $41,233) | Total Asset-Backed Securities (Cost $41,233) | 40619 |
| SOVEREIGN ISSUES 5.9% | SOVEREIGN ISSUES 5.9% | SOVEREIGN ISSUES 5.9% |
|  Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds |
|  6.125% due 03/15/2034 | 700 | 700 |

---

---

| | | |
|:---|:---|:---|
| **64** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
|  2.750% due 01/31/2027 | 300 | 296 |
|  3.500% due 01/31/2034 | 300 | 271 |
|  3.875% due 04/14/2036 | 700 | 783 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  6.500% due 01/21/2033 | 4400 | 4314 |
|  Costa Rica Government International Bonds | Costa Rica Government International Bonds | Costa Rica Government International Bonds |
|  5.500% due 11/21/2030 | 500 | 592 |
|  Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
|  4.000% due 07/25/2029 | 1100 | 1289 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  2.400% due 03/20/2055 | 91000 | 445 |
|  3.200% due 09/20/2055 | 81000 | 469 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  2.250% due 08/12/2036 | 610 | 548 |
|  4.490% due 05/25/2032 | 1100 | 1266 |
|  4.875% due 05/16/2036 | 1100 | 1240 |
|  5.625% due 02/09/2034 | 500 | 490 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  4.000% due 08/24/2034 (e) | 1230 | 64 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  6.850% due 08/12/2035 | 5000 | 1467 |
|  7.300% due 08/12/2033 | 4800 | 1511 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  7.000% due 02/28/2031 | 2400 | 133 |
|  8.875% due 02/28/2035 | 90375 | 5249 |
|  Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds |
|  5.375% due 05/29/2027 | 400 | 467 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  2.000% due 04/14/2033 | 200 | 182 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.500% due 09/18/2028 | EUR | 500 | 597 |
|  6.375% due 09/18/2033 |  | 500 | 595 |
|  Serbia International Bonds | Serbia International Bonds | Serbia International Bonds | Serbia International Bonds |
|  1.000% due 09/23/2028 |  | 300 | 321 |
|  Uruguay Government International Bonds | Uruguay Government International Bonds | Uruguay Government International Bonds | Uruguay Government International Bonds |
|  4.975% due 04/20/2055 | $| 100 | 89 |
|  Total Sovereign Issues (Cost $22,951) | Total Sovereign Issues (Cost $22,951) | Total Sovereign Issues (Cost $22,951) | 23378 |
|  |  | **SHARES** |  |
| COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% | COMMON STOCKS 0.0% |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
|  MNSN Holdings, Inc. «(b)(h) |  | 1017 | 63 |
|  Total Common Stocks (Cost $17) | Total Common Stocks (Cost $17) | Total Common Stocks (Cost $17) | 63 |
| PREFERRED SECURITIES 0.2% | PREFERRED SECURITIES 0.2% | PREFERRED SECURITIES 0.2% | PREFERRED SECURITIES 0.2% |
| BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  5.875% due 10/09/2027 •(f)(g) |  | 200000 | 235 |
|  Goldman Sachs Group, Inc. |  |  |  |
|  3.650% due 08/10/2026 •(f) |  | 100000 | 99 |
|  |  |  | 334 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  SVB Financial Trust |  |  |  |
|  11.000% due 11/07/2032 |  | 1159 | 547 |
| Total Preferred Securities (Cost $1,288) | Total Preferred Securities (Cost $1,288) | Total Preferred Securities (Cost $1,288) | 881 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | SHARES | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 17.4% | SHORT-TERM INSTRUMENTS 17.4% | SHORT-TERM INSTRUMENTS 17.4% | SHORT-TERM INSTRUMENTS 17.4% | SHORT-TERM INSTRUMENTS 17.4% |
| REPURCHASE AGREEMENTS (i) 17.2% | REPURCHASE AGREEMENTS (i) 17.2% | REPURCHASE AGREEMENTS (i) 17.2% | REPURCHASE AGREEMENTS (i) 17.2% | REPURCHASE AGREEMENTS (i) 17.2% |
|  |  |  | $— | 68400 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) | PRINCIPAL<br>AMOUNT<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% | U.S. TREASURY BILLS 0.2% |
|  3.698% due 05/26/2026 - 07/21/2026 (c)(d)(n) | $— | 791 |  | 784 |
| Total Short-Term Instruments<br>(Cost $69,184) | Total Short-Term Instruments<br>(Cost $69,184) | Total Short-Term Instruments<br>(Cost $69,184) |  | 69184 |
| Total Investments in Securities (Cost $513,676) | Total Investments in Securities (Cost $513,676) | Total Investments in Securities (Cost $513,676) |  | 506078 |
| Total Investments 127.4% (Cost $513,676) | Total Investments 127.4% (Cost $513,676) | Total Investments 127.4% (Cost $513,676) | $— | 506078 |
|  Financial Derivative<br>Instruments (k)(m) 0.5%<br> (Cost or Premiums, net $2,714) |  |  |  | 2012 |
| Other Assets and Liabilities, net (27.9)% | Other Assets and Liabilities, net (27.9)% | Other Assets and Liabilities, net (27.9)% |  | (110835) |
| Net Assets 100.0% |  |  | $— | 397255 |

---

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

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

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

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

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

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

(d) Zero coupon security.

(e) Principal amount of security is adjusted for inflation.

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

(g) Contingent convertible security.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  MNSN Holdings, Inc. | 04/26/2022 - 07/19/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | 0.02% |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 3.670% | 03/31/2026 | 04/01/2026 | $5300 | U.S. Treasury Notes 3.625% due 10/31/2030 | $(5421) | $5300 | $5301 |
|  | 3.680 | 04/01/2026 | 04/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31900 | U.S. Treasury Notes 4.125% due 03/31/2029 | (32540) | 31900 | 31900 |
|  | 3.710 | 03/31/2026 | 04/01/2026 | 31200 | U.S. Treasury Notes 4.125% due 03/31/2029 | (31867) | 31200 | 31203 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69828) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68404 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 65

------

Schedule of Investments PIMCO ESG Income Fund (Cont.)

#### 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 |
|  MSC | 2.750% | 12/12/2025 | TBD<sup>(3)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(628) | $(633) |
|  MYI | 3.490 | 03/30/2026 | 04/10/2026 | (162) | (163) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(796) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (1.9)% | U.S. Government Agencies (1.9)% | U.S. Government Agencies (1.9)% | U.S. Government Agencies (1.9)% | U.S. Government Agencies (1.9)% | U.S. Government Agencies (1.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 05/01/2056 | $750 | $(601) | $(604) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 05/01/2056 | 750 | (628) | (631) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 5.500 | 05/01/2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | (6452) | (6421) |
|  Total Short Sales (1.9)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7681) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7656) |

---

#### 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 |
|  BOS | $68404 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68404 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69828) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1424) |
|  MSC | 0 | (633) | 0 | (633) | 826 | 193 |
|  MYI | 0 | (163) | 0 | (163) | 198 | 35 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68404 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(796) | $&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 | $(163) | $0 | $(633) | $(796) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(633) | $(796) |
|  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;(796) |

---

(j) Securities with an aggregate market value of $1,024 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 $(8694) 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. 

<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;(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 | 2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $(1) | $(2) |
|  Call - EUREX Euro-Bund 10-Year Bond April Futures |  | 128.000 | 04/24/2026 | 2 | 2 | (1) | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### 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 | 5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $(1) | $(2) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 113.000 | 04/24/2026 | 5 | 5 | (1) | (1) |
|  |  |  |  |  | $(2) | $(3) |
|  Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |

---

66 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

March 31, 2026

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 10-Year Bond June Futures  | 06/2026 | 80 | $5948 | $(29) | $56 | $0 |
|  Euro-Bobl June Futures  | 06/2026 | 1 | 133 | (3) | 1 | 0 |
|  Euro-Bund June Futures  | 06/2026 | 6 | 870 | (22) | 6 | 0 |
|  Long Guilt June Futures  | 06/2026 | 69 | 8018 | (383) | 60 | 0 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2026 | 368 | 76340 | (568) | 29 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32021 | (467) | 41 | 0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 810 | 89948 | (1620) | 190 | 0 |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2026 | 20 | 2278 | (74) | 7 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 67 | 7810 | (55) | 15 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3221) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | $&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 | 4 | $(963) | $15 | $0 | $0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5108) | 117 | 0 | (13) |
|  |  |  |  | $132 | $0 | $(13) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3089) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |

---

#### 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 |
|  British Telecommunications PLC | 1.000% | Quarterly | 06/20/2028 | 0.226% | EUR 200 | $(1) | $5 | $4 | $0 | $0 |
|  British Telecommunications PLC | 1.000 | Quarterly | 12/20/2028 | 0.294 | 700 | (10) | 25 | 15 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - 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.HY-46 5-Year Index | 5.000% | Quarterly | 06/20/2031 | $5400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/18/2031 | 25700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(350) | $(746) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1096) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | $0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 4.320 | Annual | 10/20/2033 | 100 | (1) | 1 | 0 | 1 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.700 | Annual | 03/28/2034 | 100 | 0 | 6 | 6 | 0 | (1) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/18/2036 | 1550 | 11 | 63 | 74 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Annual | 12/15/2026 | 590000 | 31 | 3 | 34 | 0 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Annual | 06/16/2028 | 1600000 | 44 | 308 | 352 | 0 | (7) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.550 | Annual | 09/14/2028 | 260000 | (32) | (4) | (36) | 1 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Annual | 12/15/2028 | 1100000 | 106 | 182 | 288 | 0 | (6) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.700 | Annual | 09/18/2029 | 580000 | 97 | 11 | 108 | 0 | (5) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Annual | 06/15/2032 | 233400 | 1 | 126 | 127 | 0 | (3) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/18/2034 | 340000 | 154 | 14 | 168 | 0 | (7) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 03/15/2042 | 79000 | 134 | 4 | 138 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.928 | Semi-Annual | 05/06/2026 | $250 | 0 | 1 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/20/2026 | 30800 | (401) | 398 | (3) | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 12/20/2026 | 11200 | 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(281) | (31) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.350 | Semi-Annual | 01/20/2027 | 100 | 0 | 3 | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.360 | Semi-Annual | 02/15/2027 | 550 | 0 | 14 | 14 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.450 | Semi-Annual | 02/17/2027 | 500 | 0 | 13 | 13 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **67** |

---

------

Schedule of Investments PIMCO ESG Income Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.420% | Semi-Annual | 02/24/2027 | $400 | $0 | $10 | $10 | $0 | $0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.430 | Annual | 09/30/2027 | 700 | 0 | 18 | 18 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.450 | Annual | 10/04/2027 | 670 | 0 | 17 | 17 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/13/2027 | 600 | (1) | 0 | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Semi-Annual | 12/16/2027 | 500 | (9) | 33 | 24 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 890 | 20 | (7) | 13 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 01/12/2029 | 110 | 0 | 7 | 7 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.940 | Annual | 02/22/2029 | 500 | (1) | 6 | 5 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 02/27/2029 | 200 | (1) | 3 | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26800 | (196) | 126 | (70) | 0 | (22) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2029 | 2470 | 228 | (81) | 147 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 03/19/2030 | 54800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1595) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192 | 0 | (52) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 1440 | 41 | 4 | 45 | 0 | (1) |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.407 | Annual | 08/31/2030 | 110 | 0 | 1 | 1 | 0 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.422 | Annual | 08/31/2030 | 220 | 0 | 1 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Semi-Annual | 12/16/2030 | 1900 | (15) | 249 | 234 | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.450 | Semi-Annual | 05/10/2031 | 800 | 8 | 83 | 91 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 0.750 | Semi-Annual | 06/16/2031 | 700 | 52 | 52 | 104 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 8400 | 190 | (213) | (23) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.450 | Semi-Annual | 07/16/2031 | 250 | (1) | 32 | 31 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2032 | 13800 | (751) | 436 | (315) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.610 | Annual | 12/12/2032 | 200 | (1) | 2 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.350 | Annual | 12/14/2032 | 100 | 0 | 2 | 2 | 0 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.564 | Annual | 01/31/2033 | 110 | 0 | 1 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 03/18/2033 | 12400 | (93) | 69 | (24) | 0 | (14) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 05/22/2033 | 18580 | 179 | 187 | 366 | 0 | (21) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 06/06/2033 | 11110 | (57) | 115 | 58 | 0 | (13) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 3490 | 52 | 141 | 193 | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 11/22/2033 | 200 | (1) | (6) | (7) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.030 | Annual | 12/15/2033 | 200 | (1) | (3) | (4) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 12/19/2033 | 200 | (1) | (2) | (3) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 12/26/2033 | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.854 | Annual | 12/29/2033 | 200 | (1) | 0 | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 01/02/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.810 | Annual | 01/02/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.684 | Annual | 01/03/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.648 | Annual | 01/08/2034 | 200 | (1) | 3 | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.670 | Annual | 01/08/2034 | 200 | (1) | 2 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.594 | Annual | 01/09/2034 | 200 | 0 | 2 | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 01/17/2034 | 200 | (1) | 3 | 2 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 01/23/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.738 | Annual | 01/23/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 01/24/2034 | 100 | 0 | (1) | (1) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.665 | Annual | 01/24/2034 | 200 | (1) | 0 | (1) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.685 | Annual | 01/24/2034 | 200 | (1) | 0 | (1) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 01/31/2034 | 100 | 0 | (1) | (1) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.725 | Annual | 02/07/2034 | 100 | (1) | 1 | 0 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.783 | Annual | 02/07/2034 | 100 | (1) | 1 | 0 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 02/21/2034 | 400 | (2) | 5 | 3 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.650 | Annual | 03/05/2034 | 200 | (1) | (1) | (2) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 03/05/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.710 | Annual | 03/05/2034 | 200 | (1) | 0 | (1) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 04/10/2034 | 200 | (1) | 2 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 04/15/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 04/16/2034 | 200 | (1) | 3 | 2 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 04/17/2034 | 200 | (1) | 5 | 4 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.085 | Annual | 04/22/2034 | 200 | (1) | 5 | 4 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 04/22/2034 | 200 | (1) | 6 | 5 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.078 | Annual | 04/29/2034 | 200 | (1) | 5 | 4 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 04/30/2034 | 500 | (1) | 12 | 11 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.130 | Annual | 05/03/2034 | 200 | (1) | 6 | 5 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 06/05/2034 | 200 | (1) | (3) | (4) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 11400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.994 | Annual | 07/02/2034 | 300 | (1) | (3) | (4) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.060 | Annual | 07/02/2034 | 200 | (1) | (3) | (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 07/10/2034 | 400 | (1) | (1) | (2) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 08/05/2034 | 200 | (1) | 0 | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.795 | Annual | 08/06/2034 | 200 | (1) | 1 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.645 | Annual | 08/07/2034 | 200 | (1) | 4 | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/07/2034 | 200 | (1) | 2 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.679 | Annual | 08/13/2034 | 200 | (1) | 3 | 2 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **68** | **PIMCO CREDIT BOND FUNDS** | 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 | 3.569% | Annual | 08/14/2034 | $200 | $(1) | $5 | $4 | $0 | $0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 08/19/2034 | 400 | (1) | 8 | 7 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 08/20/2034 | 200 | (1) | 5 | 4 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.558 | Annual | 08/21/2034 | 200 | (1) | 5 | 4 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.613 | Annual | 08/22/2034 | 200 | (1) | 4 | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 08/28/2034 | 200 | (1) | 5 | 4 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.565 | Annual | 08/28/2034 | 200 | (1) | 5 | 4 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.599 | Annual | 08/28/2034 | 200 | (1) | 4 | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.605 | Annual | 08/28/2034 | 100 | 0 | 2 | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.611 | Annual | 08/28/2034 | 400 | (2) | 8 | 6 | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.643 | Annual | 08/28/2034 | 200 | (1) | 4 | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 09/04/2034 | 100 | 0 | 3 | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.514 | Annual | 09/04/2034 | 200 | (1) | 6 | 5 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 09/04/2034 | 200 | (1) | 5 | 4 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.410 | Annual | 09/05/2034 | 200 | (1) | 7 | 6 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 100 | (1) | 5 | 4 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.240 | Annual | 09/16/2034 | 100 | 0 | 4 | 4 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 | 200 | (1) | 9 | 8 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.231 | Annual | 09/18/2034 | 200 | (1) | 10 | 9 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 | 200 | (1) | 10 | 9 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.450 | Annual | 10/11/2034 | 200 | (1) | (4) | (5) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.375 | Annual | 10/15/2034 | 200 | (1) | (6) | (7) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.385 | Annual | 10/17/2034 | 200 | (1) | (5) | (6) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.395 | Annual | 10/17/2034 | 300 | (1) | (8) | (9) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.400 | Annual | 10/17/2034 | 100 | 0 | (3) | (3) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.446 | Annual | 10/23/2034 | 200 | (1) | (4) | (5) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.463 | Annual | 10/23/2034 | 200 | (1) | (4) | (5) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.481 | Annual | 10/29/2034 | 200 | (1) | (4) | (5) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.465 | Annual | 10/30/2034 | 400 | (1) | (9) | (10) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.495 | Annual | 10/30/2034 | 200 | (1) | (4) | (5) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.515 | Annual | 11/06/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | (4) | (20) | (24) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.866 | Annual | 11/14/2034 | 600 | (2) | 5 | 3 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.865 | Annual | 11/20/2034 | 600 | (3) | 6 | 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 12/30/2034 | 200 | (1) | 4 | 3 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 | 200 | (1) | 3 | 2 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 | 200 | (1) | 2 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 01/08/2035 | 100 | 0 | 0 | 0 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.896 | Annual | 01/08/2035 | 200 | (1) | 2 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 | 200 | (1) | 2 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 01/15/2035 | 100 | 0 | 1 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.071 | Annual | 01/15/2035 | 200 | (1) | 5 | 4 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 01/21/2035 | 100 | 0 | 2 | 2 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 01/22/2035 | 200 | (1) | 5 | 4 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 02/26/2035 | 250 | (1) | (3) | (4) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 200 | (1) | 0 | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 100 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 200 | (1) | 0 | (1) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 200 | (1) | 0 | (1) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 5800 | (435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(255) | 6 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 400 | (1) | (2) | (3) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 200 | (1) | 0 | (1) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/07/2035 | 400 | (2) | (2) | (4) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 09/17/2035 | 200 | (1) | 6 | 5 | 0 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.712 | Annual | 11/15/2035 | 110 | 0 | 1 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.755 | Annual | 02/15/2036 | 290 | 0 | 3 | 3 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2036 | 6900 | (103) | 25 | (78) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.066 | Annual | 02/15/2046 | 90 | 0 | 1 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.076 | Annual | 02/15/2046 | 90 | 0 | 1 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.967 | Semi-Annual | 06/23/2051 | 100 | (1) | 40 | 39 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.785 | Semi-Annual | 08/12/2051 | 250 | (3) | 109 | 106 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.815 | Semi-Annual | 01/24/2052 | 50 | 0 | (21) | (21) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.867 | Semi-Annual | 01/26/2052 | 50 | 0 | (21) | (21) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 12/21/2052 | 100 | (30) | (10) | (40) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.080 | Annual | 02/23/2053 | 200 | (2) | (33) | (35) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 06/21/2053 | 2400 | 149 | 432 | 581 | 8 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.370 | Annual | 07/12/2053 | 100 | (1) | (12) | (13) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.537 | Annual | 07/24/2053 | 100 | (7) | (21) | (28) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.830 | Annual | 10/12/2053 | 100 | (1) | (4) | (5) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 10/16/2053 | 100 | (1) | (4) | (5) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 10/17/2053 | 100 | (1) | (4) | (5) | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **69** |

---

------

Schedule of Investments PIMCO ESG Income Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.015% | Annual | 11/15/2053 | $220 | $0 | $5 | $5 | $1 | $0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.082 | Annual | 11/15/2053 | 100 | 0 | 1 | 1 | 0 | 0 |
| Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.083 | Annual | 11/15/2053 | 110 | 0 | 1 | 1 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 03/05/2054 | 100 | (1) | (9) | (10) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 | 165 | 344 | 10 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.052 | Annual | 02/15/2056 | 90 | 0 | 1 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.059 | Annual | 02/15/2056 | 90 | 0 | 1 | 1 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2056 | 2200 | 15 | (66) | (51) | 0 | (9) |
| Pay | 1-Year BRL-CDI | 9.815 | Maturity | 01/04/2027 | 13200 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(209) | 4 | 0 |
| Pay | 1-Year BRL-CDI | 9.832 | Maturity | 01/04/2027 | 6100 | 0 | (96) | (96) | 2 | 0 |
| Pay | 1-Year BRL-CDI | 10.256 | Maturity | 01/04/2027 | 18400 | (7) | (243) | (250) | 5 | 0 |
| Pay | 1-Year BRL-CDI | 13.354 | Maturity | 01/02/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83675 | (39) | (184) | (223) | 97 | 0 |
| Pay | 3-Month NZD-BBR | 4.750 | Semi-Annual | 06/19/2029 | 1600 | 10 | 29 | 39 | 2 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/20/2034 | 4000 | (15) | (77) | (92) | 32 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 | 6300 | 134 | (298) | (164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 | 700 | (3) | (12) | (15) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 | 450 | (2) | (8) | (10) | 0 | 0 |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/16/2028 | 8300 | (2) | (122) | (124) | 17 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.370 | Annual | 10/09/2028 | 200 | (1) | 5 | 4 | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.450 | Annual | 10/20/2028 | 200 | 0 | 5 | 5 | 1 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.270 | Annual | 11/08/2028 | 200 | (1) | (2) | (3) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 3.255 | Annual | 11/22/2028 | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.179 | Annual | 11/29/2028 | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.920 | Annual | 12/13/2028 | 200 | 0 | (1) | (1) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Receive | 6-Month EUR-EURIBOR | 2.880 | Annual | 12/19/2028 | 200 | 0 | (1) | (1) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.950 | Annual | 12/29/2028 | 100 | 0 | (1) | (1) | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.760 | Annual | 01/03/2029 | 100 | 0 | 0 | 0 | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.770 | Annual | 04/16/2029 | 200 | 0 | 3 | 3 | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.860 | Annual | 04/24/2029 | 100 | 0 | 2 | 2 | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.780 | Annual | 05/02/2029 | 200 | 0 | 3 | 3 | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.827 | Annual | 05/06/2029 | 200 | 0 | 4 | 4 | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.950 | Annual | 06/12/2029 | 100 | 0 | 2 | 2 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.818 | Annual | 06/26/2029 | 200 | 0 | (3) | (3) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.650 | Annual | 08/14/2029 | 200 | 0 | (2) | (2) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.300 | Annual | 09/25/2029 | 200 | 0 | 2 | 2 | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.360 | Annual | 10/07/2029 | 200 | 0 | 4 | 4 | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 | 200 | 0 | 1 | 1 | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.350 | Annual | 04/29/2030 | 200 | 0 | 2 | 2 | 0 | (1) |
| Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 09/16/2031 | 2000 | 2 | (49) | (47) | 10 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.547 | Annual | 03/09/2033 | 500 | (11) | (3) | (14) | 3 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.270 | Annual | 08/21/2033 | 100 | 0 | 4 | 4 | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.300 | Annual | 10/03/2033 | 400 | (2) | 15 | 13 | 3 | 0 |
| Receive | 6-Month EUR-EURIBOR | 3.250 | Annual | 11/06/2033 | 100 | (1) | (2) | (3) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 3.148 | Annual | 11/20/2033 | 100 | 0 | (2) | (2) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 3.280 | Annual | 11/22/2033 | 100 | 0 | (3) | (3) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 3.305 | Annual | 11/27/2033 | 100 | 0 | (3) | (3) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 3.128 | Annual | 12/04/2033 | 100 | 0 | (1) | (1) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 3.063 | Annual | 12/06/2033 | 100 | 0 | (1) | (1) | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.990 | Annual | 12/08/2033 | 100 | 0 | 0 | 0 | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.970 | Annual | 12/15/2033 | 200 | (1) | 1 | 0 | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.890 | Annual | 12/22/2033 | 200 | (1) | 2 | 1 | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.910 | Annual | 12/29/2033 | 100 | 0 | 0 | 0 | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.650 | Annual | 01/08/2034 | 200 | (1) | 6 | 5 | 0 | (1) |
| Pay | 6-Month EUR-EURIBOR | 2.760 | Annual | 03/04/2034 | 100 | 0 | (2) | (2) | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/05/2034 | 100 | 0 | (2) | (2) | 1 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.670 | Annual | 04/03/2034 | 100 | 0 | 1 | 1 | 0 | (1) |
| Pay | 6-Month EUR-EURIBOR | 2.770 | Annual | 04/29/2034 | 100 | 0 | 0 | 0 | 1 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.710 | Annual | 08/06/2034 | 200 | (1) | 3 | 2 | 0 | (2) |
| Receive | 6-Month EUR-EURIBOR | 2.680 | Annual | 08/07/2034 | 100 | 0 | 1 | 1 | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.590 | Annual | 08/19/2034 | 100 | 0 | 2 | 2 | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.580 | Annual | 08/29/2034 | 100 | 0 | 2 | 2 | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.390 | Annual | 10/01/2034 | 100 | 0 | 5 | 5 | 0 | (1) |
| Pay | 6-Month EUR-EURIBOR | 2.410 | Annual | 11/05/2034 | 400 | (1) | (20) | (21) | 3 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.380 | Annual | 12/31/2034 | 100 | 0 | (6) | (6) | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 | 100 | 0 | (7) | (7) | 1 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 02/12/2035 | 100 | 0 | 6 | 6 | 0 | (1) |
| Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 | 100 | 0 | (5) | (5) | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.610 | Annual | 03/24/2035 | 100 | 0 | (4) | (4) | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 | 100 | 0 | (5) | (5) | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 | 100 | 0 | (4) | (4) | 1 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.510 | Annual | 04/09/2035 | 100 | 0 | 3 | 3 | 0 | (1) |

---

---

| | | |
|:---|:---|:---|
| **70** | **PIMCO CREDIT BOND FUNDS** | 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** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 6-Month EUR-EURIBOR | 2.520% | Annual | 04/09/2035 | EUR | 100 | $0 | $3 | $3 | $0 | $(1) |
| Receive | 6-Month EUR-EURIBOR | 2.550 | Annual | 04/16/2035 |  | 100 | 0 | 3 | 3 | 0 | (1) |
| Receive | 6-Month EUR-EURIBOR | 2.450 | Annual | 05/05/2035 |  | 100 | 0 | 4 | 4 | 0 | (1) |
| Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 09/16/2036 |  | 700 | 12 | 14 | 26 | 0 | (6) |
| Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 09/16/2056 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5050 | 99 | 28 | 127 | 0 | (56) |
|  |  |  |  |  |  |  | $2260 | $(402) | $1858 | $381 | $(307) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2449 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(304) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2145 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(307) |

---

#### 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;405 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | $(307) | $(325) |

---

(l) Securities with an aggregate market value of $1,759 and cash of $8,019 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 $2 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

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

&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 |
|  BOA | 04/2026 | 4 | $1 | $0 | $0 |
|  | 04/2026 | 1367 | 1000 | 17 | 0 |
|  | 04/2026 | 5422 | 58 | 0 | 0 |
|  | 04/2026 | 165486 | 1037 | 0 | (5) |
|  | 04/2026 | $1 | 4 | 0 | 0 |
|  | 04/2026 | 58 | 5432 | 0 | 0 |
|  | 04/2026 | 2 | 298 | 0 | 0 |
|  | 05/2026 | 1037 | 164988 | 6 | 0 |
|  | 06/2026 | 4 | $1 | 0 | 0 |
|  BPS | 04/2026 | 186 | 132 | 4 | 0 |
|  | 04/2026 | 392 | 520 | 1 | 0 |
|  | 05/2026 | $46 | 14 | 0 | (1) |
|  | 06/2026 | 33 | 10 | 0 | 0 |
|  | 07/2026 | 21 | 6 | 0 | 0 |
|  | 06/2027 | 16 | 5 | 0 | 0 |
|  | 05/2029 | 70 | $240 | 11 | 0 |
|  | 07/2029 | 9 | 30 | 1 | 0 |
|  | 05/2030 | 51 | 177 | 8 | 0 |
|  BRC | 04/2026 | 6619 | 8952 | 191 | 0 |
|  | 04/2026 | 4934 | 302 | 10 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **71** |

---

------

Schedule of Investments PIMCO ESG Income Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BSH | 04/2026 | 913993 | $5725 | $0 | $(34) |
|  | 04/2026 | $9431 | 7085 | 0 | (54) |
|  | 05/2026 | 7085 | $9431 | 54 | 0 |
|  | 05/2026 | $5725 | 911239 | 34 | 0 |
|  CBK | 04/2026 | 570 | $762 | 8 | 0 |
|  | 04/2026 | 43905 | 470 | 6 | 0 |
|  | 04/2026 | $605 | 451 | 0 | (8) |
|  | 04/2026 | 470 | 43978 | 1 | (3) |
|  | 08/2026 | 968 | $287 | 11 | 0 |
|  GLM | 04/2026 | 27614 | 5196 | 0 | (135) |
|  | 04/2026 | $5299 | 27614 | 32 | 0 |
|  | 06/2026 | 11 | $2 | 0 | 0 |
|  | 06/2026 | $5196 | 27982 | 135 | 0 |
|  | 06/2026 | 2898 | 50559 | 0 | (94) |
|  | 07/2026 | 10 | $2 | 0 | 0 |
|  JPM | 04/2026 | 9831 | 105 | 1 | 0 |
|  | 04/2026 | $105 | 9847 | 0 | 0 |
|  | 04/2026 | 13174 | $789 | 11 | 0 |
|  | 05/2026 | $2825 | 50648 | 0 | (10) |
|  MBC | 04/2026 | 313 | $218 | 2 | 0 |
|  | 04/2026 | 257 | 341 | 1 | 0 |
|  | 04/2026 | 352045 | 2202 | 0 | (17) |
|  | 04/2026 | $403 | 302 | 0 | (3) |
|  | 04/2026 | 2241 | 348656 | 0 | (45) |
|  | 05/2026 | 2202 | 350981 | 17 | 0 |
|  MYI | 04/2026 | 11620 | $122 | 0 | 0 |
|  | 04/2026 | $122 | 11675 | 2 | 0 |
|  | 04/2026 | 21 | 3297 | 0 | 0 |
|  SCX | 04/2026 | 988 | 1368 | 0 | (5) |
|  | 04/2026 | 767 | 70737 | 0 | (20) |
|  | 04/2026 | 1028 | 160416 | 0 | (18) |
|  | 05/2026 | 1366 | $988 | 5 | 0 |
|  SOG | 04/2026 | 37397 | 44266 | 1041 | 0 |
|  | 04/2026 | $43156 | 37397 | 69 | 0 |
|  | 04/2026 | 5686 | 884794 | 0 | (111) |
|  | 05/2026 | 37397 | $43223 | 0 | (68) |
|  | 06/2026 | 9634 | 2860 | 102 | 0 |
|  SSB | 04/2026 | 812 | 578 | 18 | 0 |
|  | 04/2026 | $219 | 34188 | 0 | (4) |
|  | 05/2026 | 1311 | $901 | 0 | (3) |
|  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;1799 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(638) |

---

#### 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 |
| GLM Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.110% | 07/26/2032 | 200 | $32 | $10 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.110 | 07/26/2032 | 300 | 49 | 99 |
| MYC Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.400 | 07/20/2027 | 300 | 39 | 3 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.400 | 07/20/2027 | 300 | 40 | 88 |
|  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;160 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 |

---

#### 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 |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.600% | 04/16/2026 | 600 | $(2) | $(1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.900 | 04/16/2026 | 600 | (2) | (3) |
| MYC Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.540 | 04/16/2026 | 200 | (1) | 1 |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.920 | 04/16/2026 | 200 | 0 | (1) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |

---

72 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

March 31, 2026

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>March 31, 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 |
| MYC | South Africa Government International Bonds | 1.000% | Quarterly | 12/20/2026 | 0.728% | $1000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
| BOA | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2030 | 400 | $91 | $(11) | $80 | $0 |
| BPS | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 190 | 44 | (6) | 38 | 0 |
| JPM | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 100 | 23 | (3) | 20 | 0 |
| MYI | CMBX.NA.AAA.14 Index | 0.500 | Monthly | 12/16/2072 | $2100 | 0 | 4 | 4 | 0 |
|  |  |  |  |  |  | $158 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) | $142 | $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;114 | $31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | $&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>(6)</sup> |
|  BOA | $23 | $0 | $80 | $103 | $(5) | $0 | $0 | $(5) | $98 | $0 | $98 |
|  BPS | 25 | 0 | 38 | 63 | (1) | 0 | 0 | (1) | 62 | 0 | 62 |
|  BRC | 201 | 0 | 0 | 201 | 0 | 0 | 0 | 0 | 201 | (240) | (39) |
|  BSH | 88 | 0 | 0 | 88 | (88) | 0 | 0 | (88) | 0 | 0 | 0 |
|  CBK | 26 | 0 | 0 | 26 | (11) | 0 | 0 | (11) | 15 | 0 | 15 |
|  GLM | 167 | 109 | 0 | 276 | (229) | (4) | 0 | (233) | 43 | 82 | 125 |
|  JPM | 12 | 0 | 20 | 32 | (10) | 0 | 0 | (10) | 22 | 0 | 22 |
|  MBC | 20 | 0 | 0 | 20 | (65) | 0 | 0 | (65) | (45) | 0 | (45) |
|  MYC | 0 | 91 | 3 | 94 | 0 | 0 | 0 | 0 | 94 | 84 | 178 |
|  MYI | 2 | 0 | 4 | 6 | 0 | 0 | 0 | 0 | 6 | 0 | 6 |
|  SCX | 5 | 0 | 0 | 5 | (43) | 0 | 0 | (43) | (38) | 0 | (38) |
|  SOG | 1212 | 0 | 0 | 1212 | (179) | 0 | 0 | (179) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1380) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(347) |
|  SSB | 18 | 0 | 0 | 18 | (7) | 0 | 0 | (7) | 11 | 0 | 11 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2144 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(638) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(642) |  |  |  |

---

(n) Securities with an aggregate market value of $166 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 Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

<sup>(6)</sup> 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 | **73** |

---

------

Schedule of Investments PIMCO ESG Income Fund (Cont.)

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

Fair Values of Financial Derivative Instruments on the 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 |  |  |  |  |  |  |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $405 | $405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 49 | 0 | 0 | 381 | 430 |
|  | $0 | $49 | $0 | $0 | $786 | $835 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799 | $0 | $1799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 145 | 0 | 0 | 0 | 145 |
|  | $0 | $145 | $0 | $1799 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | $2144 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $1799 | $986 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2979 |
|  Financial Derivative Instruments - Liabilities |  |  |  |  |  |  |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $5 | $5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 307 | 307 |
|  | $0 | $0 | $0 | $0 | $325 | $325 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $638 | $0 | $638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 4 | 4 |
|  | $0 | $0 | $0 | $638 | $4 | $642 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $638 | $329 | $967 |

---

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 | 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 | $64 | $64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 2696 | 2696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (73) | 0 | 0 | 2426 | 2353 |
|  | $0 | $(73) | $0 | $0 | $5186 | $5113 |
|  Over 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 | $(3385) | $0 | $(3385) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 145 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 88 | 0 | 0 | 0 | 88 |
|  | $0 | $88 | $0 | $(3385) | $145 | $(3152) |
|  | $0 | $15 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3385) | $5331 | $1961 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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 | $(4063) | $(4063) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 67 | 0 | 0 | (2526) | (2459) |
|  | $0 | $67 | $0 | $0 | $(6589) | $(6522) |
|  Over 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 | $2108 | $0 | $2108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | (35) | (35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (51) | 0 | 0 | 0 | (51) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) | $0 | $2108 | $(20) | $2037 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $2108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6609) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4485) |

---

74 PIMCO CREDIT BOND FUNDS 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 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 | $2182 | $0 | $2182 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 55847 | 0 | 55847 |
| &nbsp;&nbsp; Industrials | 0 | 30892 | 0 | 30892 |
| &nbsp;&nbsp; Utilities | 0 | 13481 | 0 | 13481 |
|  U.S. Government Agencies | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184408 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184408 |
|  U.S. Treasury Obligations | 0 | 51844 | 0 | 51844 |
|  Non-Agency Mortgage-Backed Securities | 0 | 33299 | 0 | 33299 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile Sequential | 0 | 1877 | 0 | 1877 |
| &nbsp;&nbsp; CMBS Other | 0 | 404 | 0 | 404 |
| &nbsp;&nbsp; Home Equity Other | 0 | 10310 | 0 | 10310 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 2404 | 0 | 2404 |
| &nbsp;&nbsp; Other ABS | 0 | 25624 | 0 | 25624 |
|  Sovereign Issues | 0 | 23378 | 0 | 23378 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Real Estate | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | 63 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 334 | 0 | 334 |
| &nbsp;&nbsp; Industrials | 0 | 547 | 0 | 547 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 68400 | 0 | 68400 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>03/31/2026** |
| &nbsp;&nbsp; U.S. Treasury Bills | $0 | $784 | $0 | $784 |
|  Total Investments | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506015 | $63 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506078 |
|  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 | $(7656) | $0 | $(7656) |
|  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 | 123 | 712 | 0 | 835 |
|  Over the counter | 0 | 2144 | 0 | 2144 |
|  | $123 | $2856 | $0 | $2979 |
|  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) | (323) | 0 | (325) |
|  Over the counter | 0 | (642) | 0 | (642) |
|  | $(2) | $(965) | $0 | $(967) |
|  Total Financial Derivative Instruments | $121 | $1891 | $0 | $2012 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | $500250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | $500434 |

---

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 | **75** |

---

------

Schedule of Investments PIMCO High Yield Fund

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 96.7% | INVESTMENTS IN SECURITIES 96.7% | INVESTMENTS IN SECURITIES 96.7% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 2.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 2.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 2.6% |
|  B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
|  7.168% (TSFR1M + 3.500%) due 10/10/2029 ~ | 15481 | 14542 |
|  Clover Holdings 2 LLC | Clover Holdings 2 LLC | Clover Holdings 2 LLC |
|  TBD% - 3.500% due 12/10/2029 ~µ | 2674 | 2465 |
|  7.750% due 12/09/2031 ~ | 9272 | 8774 |
|  Coreweave Compute Acquisition Co. IV LLC | Coreweave Compute Acquisition Co. IV LLC | Coreweave Compute Acquisition Co. IV LLC |
|  9.669% - 9.700% (TSFR3M + 6.000%) due 05/16/2029 «~ | 2329 | 2400 |
|  Cotiviti Corp. | Cotiviti Corp. | Cotiviti Corp. |
|  6.418% (TSFR1M + 2.750%) due 05/01/2031 ~ | 7821 | 7225 |
|  Finastra USA, Inc. | Finastra USA, Inc. | Finastra USA, Inc. |
|  7.671% (TSFR3M + 4.000%) due 09/15/2032 ~ | 16625 | 15652 |
|  Gray Television, Inc. | Gray Television, Inc. | Gray Television, Inc. |
|  8.918% (TSFR1M + 5.250%) due 06/04/2029 ~ | 90 | 90 |
|  Ineos U.S. Finance LLC | Ineos U.S. Finance LLC | Ineos U.S. Finance LLC |
|  6.918% (TSFR1M + 3.250%) due 02/18/2030 ~ | 28165 | 24698 |
|  McAfee LLC | McAfee LLC | McAfee LLC |
|  6.668% (TSFR1M + 3.000%) due 03/01/2029 ~ | 20747 | 18594 |
|  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 «~ | 1087 | 826 |
|  Nscale AS | Nscale AS | Nscale AS |
|  TBD% - 8.700% (TSFR3M + 5.000%) due 08/11/2032 «~µ | 20000 | 20000 |
|  Paradigm Parent LLC | Paradigm Parent LLC | Paradigm Parent LLC |
|  8.200% (TSFR3M + 4.500%) due 04/16/2032 ~ | 3234 | 2684 |
|  Peraton Corp. | Peraton Corp. | Peraton Corp. |
|  7.517% (TSFR3M + 3.750%) due 02/01/2028 ~ | 1945 | 1664 |
|  Renaissance Holding Corp. | Renaissance Holding Corp. | Renaissance Holding Corp. |
|  7.667% (TSFR3M + 4.000%) due 04/05/2030 ~ | 11023 | 7926 |
|  Spirit Airlines, Inc. | Spirit Airlines, Inc. | Spirit Airlines, Inc. |
|  TBD% due 07/14/2026 «~ | 13624 | 7376 |
|  TBD% (TSFR1M + 8.000%) due 07/14/2026 ~ | 1221 | 1209 |
|  TBD% due 07/14/2026 ~ | 1588 | 1572 |
|  Stepstone Group Midco 2 GmbH | Stepstone Group Midco 2 GmbH | Stepstone Group Midco 2 GmbH |
|  8.199% (TSFR6M + 4.500%) due 12/19/2031 ~ | 30398 | 26750 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  5.918% (TSFR1M + 2.250%) due 03/22/2030 ~ | 2057 | 2060 |
|  6.168% (TSFR1M + 2.500%) due 02/28/2031 ~ | 10123 | 10136 |
|  6.168% (TSFR1M + 2.500%) due 02/13/2033 ~ | 1925 | 1928 |
|  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 «~ | 3825 | 3897 |
|  8.782% (TSFR1M + 5.000%) due 06/28/2028 ~ | 4508 | 4258 |
|  Virgin Media Investment Holdings Ltd. | Virgin Media Investment Holdings Ltd. | Virgin Media Investment Holdings Ltd. |
|  6.978% due 08/01/2030 «~ | 2000 | 2541 |
|  Total Loan Participations and Assignments (Cost $201,930) | Total Loan Participations and Assignments (Cost $201,930) | 189267 |
| CORPORATE BONDS & NOTES 81.3% | CORPORATE BONDS & NOTES 81.3% | CORPORATE BONDS & NOTES 81.3% |
| BANKING & FINANCE 13.5% | BANKING & FINANCE 13.5% | BANKING & FINANCE 13.5% |
|  123 Lights Re Ltd. | 123 Lights Re Ltd. | 123 Lights Re Ltd. |
|  14.510% (FHMMUSTF + 11.000%) due 09/14/2031 ~ | 250 | 258 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Alamo Re Ltd. | Alamo Re Ltd. | Alamo Re Ltd. |
|  11.944% (FHMMUSTF + 8.434%) due 06/07/2027 ~ | 2100 | 2177 |
|  15.390% (FHMMUSTF + 11.880%) due 06/08/2026 ~ | 2100 | 2141 |
|  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 | 8000 | 7866 |
|  6.750% due 04/15/2028 | 3000 | 3018 |
|  7.000% due 01/15/2031 | 9925 | 10015 |
|  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 | 1700 | 1725 |
|  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 | 23311 | 22789 |
|  AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. |
|  4.875% due 06/30/2029 | 5225 | 5010 |
|  6.375% due 02/15/2029 | 3150 | 3170 |
|  Armor RE II Ltd. | Armor RE II Ltd. | Armor RE II Ltd. |
|  13.760% (BRMMUSDF + 10.200%) due 05/07/2031 ~ | 750 | 790 |
|  Asurion LLC/Asurion Co-Issuer, Inc. | Asurion LLC/Asurion Co-Issuer, Inc. | Asurion LLC/Asurion Co-Issuer, Inc. |
|  8.000% due 12/31/2032 | 21917 | 22756 |
|  8.375% due 02/01/2034 | 17512 | 17014 |
|  Bayou Re Ltd. | Bayou Re Ltd. | Bayou Re Ltd. |
|  22.040% (BNMMDTSC + 18.500%) due 04/30/2031 ~ | 250 | 269 |
|  Black Pearl Compute LLC | Black Pearl Compute LLC | Black Pearl Compute LLC |
|  6.125% due 02/15/2031 | 4500 | 4586 |
|  Blue Ridge Re Ltd. | Blue Ridge Re Ltd. | Blue Ridge Re Ltd. |
|  7.010% (FHMMUSTF + 3.500%) due 01/08/2029 ~ | 250 | 252 |
|  9.510% (FHMMUSTF + 6.000%) due 01/08/2029 ~ | 250 | 247 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  8.500% due 08/14/2028 •(f)(h) | 8000 | 8341 |
|  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 | 6269 | 6155 |
|  Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
|  7.500% due 07/15/2033 | 6325 | 5274 |
|  9.250% due 07/01/2031 | 23725 | 21440 |
|  Cape Lookout Re Ltd. | Cape Lookout Re Ltd. | Cape Lookout Re Ltd. |
|  9.510% (FHMMUSTF + 6.000%) due 03/21/2033 ~ | 300 | 300 |
|  10.410% (FHMMUSTF + 6.900%) due 03/13/2032 ~ | 850 | 887 |
|  Charles River Re Ltd. | Charles River Re Ltd. | Charles River Re Ltd. |
|  11.172% (BNMMDTSC + 7.632%) due 05/10/2031 ~ | 250 | 257 |
|  Citrus Re Ltd. | Citrus Re Ltd. | Citrus Re Ltd. |
|  8.922% (T-BILL 3MO + 5.250%) due 06/07/2033 ~ | 500 | 500 |
|  Coinbase Global, Inc. | Coinbase Global, Inc. | Coinbase Global, Inc. |
|  3.375% due 10/01/2028 | 11043 | 10346 |
|  CTR Partnership LP/CareTrust Capital Corp. | CTR Partnership LP/CareTrust Capital Corp. | CTR Partnership LP/CareTrust Capital Corp. |
|  3.875% due 06/30/2028 | 10000 | 9723 |
|  Diversified Healthcare Trust | Diversified Healthcare Trust | Diversified Healthcare Trust |
|  4.375% due 03/01/2031 | 12825 | 11411 |
|  7.250% due 10/15/2030 | 6321 | 6383 |
|  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 | 7000 | 6750 |
|  Encore Capital Group, Inc. | Encore Capital Group, Inc. | Encore Capital Group, Inc. |
|  6.625% due 04/15/2031 | 700 | 697 |
|  8.500% due 05/15/2030 | 20225 | 21397 |
|  9.250% due 04/01/2029 | 6325 | 6625 |
|  Everglades Re II Ltd. | Everglades Re II Ltd. | Everglades Re II Ltd. |
|  14.041% (GSMMUSTI + 10.500%) due 05/13/2027 ~ | 1100 | 1115 |
|  15.041% (GSMMUSTI + 11.500%) due 05/13/2031 ~ | 1100 | 1117 |
|  16.291% (GSMMUSTI + 12.750%) due 05/13/2027 ~ | 630 | 641 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. |
|  6.625% due 01/15/2027 | 6900 | 6895 |
|  12.250% due 10/01/2030 | 18375 | 19840 |
|  Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
|  9.250% due 02/01/2029 | 6400 | 6491 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  6.125% due 01/15/2031 | 11318 | 10627 |
|  FTAI Aviation Investors LLC | FTAI Aviation Investors LLC | FTAI Aviation Investors LLC |
|  5.500% due 05/01/2028 | 8300 | 8304 |
|  7.000% due 05/01/2031 | 16515 | 16942 |
|  Gateway Re Ltd. | Gateway Re Ltd. | Gateway Re Ltd. |
|  5.560% (BRMMUSDF + 2.000%) due 07/06/2029 ~ | 500 | 500 |
|  Golden Bear Re Ltd. | Golden Bear Re Ltd. | Golden Bear Re Ltd. |
|  13.162% (T-BILL 1MO + 9.500%) due 03/08/2032 ~ | 300 | 300 |
|  13.412% (JMMMUSTF + 9.750%) due 01/08/2029 ~ | 450 | 458 |
|  Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. |
|  11.290% (BNMMDTSC + 7.750%) due 04/08/2032 ~ | 300 | 311 |
|  Greystar Real Estate Partners LLC | Greystar Real Estate Partners LLC | Greystar Real Estate Partners LLC |
|  7.750% due 09/01/2030 | 5600 | 5829 |
|  GSG Bidco Ltd. | GSG Bidco Ltd. | GSG Bidco Ltd. |
|  4.700% due 06/15/2031 | 4175 | 4787 |
|  Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
|  3.050% due 02/15/2030 | 1700 | 1569 |
|  Howard Hughes Corp. | Howard Hughes Corp. | Howard Hughes Corp. |
|  5.875% due 03/01/2032 | 2325 | 2240 |
|  HUB International Ltd. | HUB International Ltd. | HUB International Ltd. |
|  5.625% due 12/01/2029 | 8850 | 8592 |
|  7.250% due 06/15/2030 | 21425 | 21960 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  3.250% due 01/15/2030 | 3850 | 3116 |
|  5.950% due 02/15/2028 | 5500 | 5223 |
|  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 | 2825 | 2771 |
|  10.000% due 11/15/2029 | 10775 | 10628 |
|  Integrity RE III Ltd. | Integrity RE III Ltd. | Integrity RE III Ltd. |
|  6.010% (FHMMUSTF + 2.500%) due 06/07/2029 ~ | 500 | 500 |
|  13.260% (FHMMUSTF + 9.750%) due 06/06/2027 ~ | 250 | 256 |
|  15.760% (FHMMUSTF + 12.250%) due 06/06/2028 ~ | 250 | 260 |
|  29.010% (FHMMUSTF + 25.500%) due 06/06/2027 ~ | 300 | 330 |
|  ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. |
|  7.875% due 09/30/2032 | 25950 | 20118 |
|  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 | 12855 | 12115 |
|  Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. |
|  5.000% due 07/15/2032 | 10605 | 10019 |
|  Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. |
|  4.500% due 02/15/2031 | 14825 | 13929 |
|  4.875% due 09/15/2027 | 13196 | 13179 |
|  4.875% due 09/15/2029 | 12350 | 12023 |
|  5.250% due 03/15/2028 | 2469 | 2459 |
|  Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. |
|  6.750% due 05/01/2033 | 23250 | 23605 |
|  7.125% due 04/30/2031 | 40750 | 41914 |
|  Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC |
|  9.500% due 02/15/2029 | 4825 | 5066 |
|  Kona Spc Ltd. | Kona Spc Ltd. | Kona Spc Ltd. |
|  5.718% due 09/15/2026 «•  | 1000 | 1163 |
|  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. |
|  4.250% due 02/01/2027 | 2950 | 2916 |
|  4.750% due 06/15/2029 | 2075 | 2012 |
|  7.000% due 07/15/2031 | 3050 | 3155 |
|  Locke Tavern Re Ltd. | Locke Tavern Re Ltd. | Locke Tavern Re Ltd. |
|  4.060% (JMMMUSTF + 3.250%) due 04/11/2033 ~ | 250 | 250 |

---

---

| | | |
|:---|:---|:---|
| **76** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. | Longleaf Pine Re Ltd. |
|  21.473% (GSMMUSTI + 17.932%) due 05/27/2031 ~ | 1150 | 1217 |
|  Luca RE Ltd. | Luca RE Ltd. | Luca RE Ltd. |
|  10.810% (JMMMUSTF + 7.250%) due 07/22/2031 ~ | 250 | 258 |
|  Millrose Properties, Inc. | Millrose Properties, Inc. | Millrose Properties, Inc. |
|  6.250% due 09/15/2032 | 2700 | 2654 |
|  6.375% due 08/01/2030 | 5825 | 5827 |
|  MMIFS Re Ltd. | MMIFS Re Ltd. | MMIFS Re Ltd. |
|  5.151% (CAONINDX + 2.900%) due 01/10/2033 ~ | 250 | 180 |
|  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 | 2750 | 2790 |
|  Nature Coast Re Ltd. | Nature Coast Re Ltd. | Nature Coast Re Ltd. |
|  11.661% (T-BILL 3MO + 8.000%) due 02/26/2030 ~ | 300 | 299 |
|  13.291% (GSMMUSTI + 9.750%) due 04/10/2033 ~ | 250 | 259 |
|  Navient Corp. | Navient Corp. | Navient Corp. |
|  6.750% due 06/15/2026 | 424 | 425 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 | 30400 | 31888 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  1.850% due 09/16/2026 | 3925 | 3860 |
|  5.625% due 09/29/2028 | 18150 | 17824 |
|  6.125% due 09/30/2030 | 26350 | 25346 |
|  6.950% due 09/15/2026 | 3075 | 3092 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  3.500% due 01/15/2027 | 9009 | 8845 |
|  5.375% due 11/15/2029 | 9000 | 8686 |
|  6.125% due 05/15/2030 | 10050 | 9834 |
|  6.750% due 09/15/2033 | 12300 | 11809 |
|  7.500% due 05/15/2031 | 11250 | 11317 |
|  Orange Capital RE DAC | Orange Capital RE DAC | Orange Capital RE DAC |
|  8.026% (EUR003M + 6.000%) due 01/17/2029 ~ | 250 | 304 |
|  Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. |
|  6.375% due 02/01/2027 | 13314 | 13206 |
|  Palm RE Ltd. | Palm RE Ltd. | Palm RE Ltd. |
|  11.290% (BNMMDTSC + 7.750%) due 06/07/2032 ~ | 250 | 258 |
|  13.240% (BNMMDTSC + 9.700%) due 06/09/2031 ~ | 250 | 262 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (e) | 7650 | 5990 |
|  Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC |
|  7.125% due 06/01/2031 | 23325 | 23415 |
|  Pebblebrook Hotel LP/PEB Finance Corp. | Pebblebrook Hotel LP/PEB Finance Corp. | Pebblebrook Hotel LP/PEB Finance Corp. |
|  6.375% due 10/15/2029 | 6685 | 6703 |
|  PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
|  4.250% due 02/15/2029 | 13000 | 12329 |
|  5.750% due 09/15/2031 | 5200 | 4818 |
|  7.125% due 11/15/2030 | 10450 | 10393 |
|  7.875% due 12/15/2029 | 7650 | 7830 |
|  Purple Re Ltd. | Purple Re Ltd. | Purple Re Ltd. |
|  6.060% (JMMMUSTF + 2.500%) due 06/07/2033 ~ | 250 | 250 |
|  12.686% (JMMMUSTF + 9.126%) due 06/07/2027 ~ | 1300 | 1341 |
|  RHP Hotel Properties LP/RHP Finance Corp. | RHP Hotel Properties LP/RHP Finance Corp. | RHP Hotel Properties LP/RHP Finance Corp. |
|  4.500% due 02/15/2029 | 15000 | 14549 |
|  5.750% due 03/15/2034 | 100 | 99 |
|  RLJ Lodging Trust LP | RLJ Lodging Trust LP | RLJ Lodging Trust LP |
|  3.750% due 07/01/2026 | 2105 | 2096 |
|  4.000% due 09/15/2029 | 8600 | 8061 |
|  Rocket Cos., Inc. | Rocket Cos., Inc. | Rocket Cos., Inc. |
|  6.125% due 08/01/2030 | 22025 | 22242 |
|  6.500% due 08/01/2029 | 15440 | 15633 |
|  7.125% due 02/01/2032 | 7250 | 7479 |
|  Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. |
|  3.625% due 03/01/2029 | 4100 | 3885 |
|  3.875% due 03/01/2031 | 5800 | 5355 |
|  SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. |
|  3.125% due 02/01/2029 | 20500 | 19438 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Service Properties Trust | Service Properties Trust | Service Properties Trust | Service Properties Trust |
|  0.000% due 09/30/2028 (e) | $| 15100 | 13757 |
|  SLM Corp. | SLM Corp. | SLM Corp. | SLM Corp. |
|  6.500% due 01/31/2030 |  | 3675 | 3610 |
|  Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
|  4.375% due 01/15/2027 |  | 1000 | 996 |
|  5.250% due 10/15/2028 |  | 4550 | 4501 |
|  5.750% due 01/15/2031 |  | 17675 | 17476 |
|  6.000% due 04/15/2030 |  | 4425 | 4419 |
|  6.500% due 07/01/2030 |  | 6875 | 7025 |
|  6.500% due 10/15/2030 |  | 4775 | 4846 |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial | Synchrony Financial |
|  7.250% due 02/02/2033 |  | 1000 | 1022 |
|  Torrey Pines Re Ltd. | Torrey Pines Re Ltd. | Torrey Pines Re Ltd. | Torrey Pines Re Ltd. |
|  9.596% (JMMMUSTF + 6.036%) due 06/07/2027 ~ |  | 250 | 258 |
|  10.666% (JMMMUSTF + 7.106%) due 06/07/2027 ~ |  | 300 | 311 |
|  12.938% (BRMMUSDF + 9.378%) due 06/05/2026 ~ |  | 250 | 252 |
|  Tremont Re Ltd. | Tremont Re Ltd. | Tremont Re Ltd. | Tremont Re Ltd. |
|  7.661% (T-BILL 1MO + 4.000%) due 03/22/2033 ~ |  | 250 | 250 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  5.459% due 06/30/2035 •  |  | 14200 | 14180 |
|  Ursa Re II Ltd. | Ursa Re II Ltd. | Ursa Re II Ltd. | Ursa Re II Ltd. |
|  8.661% (MSMMUSTF + 5.000%) due 12/07/2029 ~ |  | 250 | 248 |
|  Ursa Re Ltd. | Ursa Re Ltd. | Ursa Re Ltd. | Ursa Re Ltd. |
|  11.041% (GSMMUSTI + 7.500%) due 02/22/2028 ~ |  | 550 | 562 |
|  USI, Inc. | USI, Inc. | USI, Inc. | USI, Inc. |
|  7.500% due 01/15/2032 |  | 500 | 507 |
|  UWM Holdings LLC | UWM Holdings LLC | UWM Holdings LLC | UWM Holdings LLC |
|  6.250% due 03/15/2031 |  | 7200 | 6563 |
|  Veraison Re Ltd. | Veraison Re Ltd. | Veraison Re Ltd. | Veraison Re Ltd. |
|  7.691% (GSMMUSTI + 4.150%) due 03/08/2029 ~ |  | 250 | 250 |
|  8.541% (GSMMUSTI + 5.000%) due 03/08/2033 ~ |  | 250 | 254 |
|  VFH Parent LLC/Valor Co-Issuer, Inc. | 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 |  | 7400 | 7609 |
|  Vornado Realty LP | Vornado Realty LP | Vornado Realty LP | Vornado Realty LP |
|  3.400% due 06/01/2031 |  | 4270 | 3805 |
|  5.750% due 02/01/2033 |  | 2575 | 2527 |
|  Windmill III Re DAC | Windmill III Re DAC | Windmill III Re DAC | Windmill III Re DAC |
|  7.236% (EUR003M + 5.210%) due 07/05/2028 ~ | EUR | 250 | 299 |
|  Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. |
|  10.040% (BNMMDTSC + 6.500%) due 02/21/2028 ~ | $| 250 | 256 |
|  WULF Compute LLC | WULF Compute LLC | WULF Compute LLC | WULF Compute LLC |
|  7.750% due 10/15/2030 |  | 10210 | 10795 |
|  |  |  | 965018 |
| INDUSTRIALS 62.8% | INDUSTRIALS 62.8% | INDUSTRIALS 62.8% | INDUSTRIALS 62.8% |
|  1011778 BC ULC/New Red Finance, Inc. | 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 |  | 13950 | 13326 |
|  3.875% due 01/15/2028 |  | 20000 | 19561 |
|  4.000% due 10/15/2030 |  | 18800 | 17680 |
|  4.375% due 01/15/2028 |  | 9000 | 8880 |
|  1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. |
|  10.000% due 04/15/2032 |  | 51430 | 52700 |
|  ADT Security Corp. | ADT Security Corp. | ADT Security Corp. | ADT Security Corp. |
|  5.875% due 10/15/2033 |  | 8025 | 7780 |
|  Advance Auto Parts, Inc. | Advance Auto Parts, Inc. | Advance Auto Parts, Inc. | Advance Auto Parts, Inc. |
|  7.000% due 08/01/2030 |  | 20300 | 20578 |
|  Advanced Drainage Systems, Inc. | Advanced Drainage Systems, Inc. | Advanced Drainage Systems, Inc. | Advanced Drainage Systems, Inc. |
|  5.375% due 03/01/2034 |  | 100 | 98 |
|  Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. | Advantage Sales & Marketing, Inc. |
|  9.000% due 11/15/2030 |  | 3550 | 2645 |
|  Ahlstrom Holding 3 OYJ | Ahlstrom Holding 3 OYJ | Ahlstrom Holding 3 OYJ | Ahlstrom Holding 3 OYJ |
|  4.875% due 02/04/2028 |  | 21543 | 21065 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Albertsons Cos., Inc. | Albertsons Cos., Inc. | Albertsons Cos., Inc. |
|  5.625% due 03/31/2032 | 28050 | 27639 |
|  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 |
|  5.750% due 03/31/2034 | 5925 | 5804 |
|  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 | 35516 | 36325 |
|  Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC |
|  7.875% due 02/15/2031 | 3025 | 3121 |
|  Allison Transmission, Inc. | Allison Transmission, Inc. | Allison Transmission, Inc. |
|  3.750% due 01/30/2031 | 9675 | 9012 |
|  4.750% due 10/01/2027 | 2425 | 2411 |
|  Altice France SA | Altice France SA | Altice France SA |
|  6.875% due 10/15/2030 | 10310 | 9872 |
|  Alumina Pty. Ltd. | Alumina Pty. Ltd. | Alumina Pty. Ltd. |
|  6.125% due 03/15/2030 | 1850 | 1889 |
|  AMC Networks, Inc. | AMC Networks, Inc. | AMC Networks, Inc. |
|  10.500% due 07/15/2032 | 11125 | 10991 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.375% due 11/01/2028 | 2465 | 2435 |
|  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 | 2834 | 2838 |
|  5.750% due 04/20/2029 | 20525 | 20426 |
|  American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. |
|  3.875% due 11/15/2029 | 17283 | 16397 |
|  4.000% due 01/15/2028 | 9125 | 8960 |
|  ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG |
|  12.250% due 03/30/2029 | 1200 | 1277 |
|  APi Group DE, Inc. | APi Group DE, Inc. | APi Group DE, Inc. |
|  4.125% due 07/15/2029 | 19750 | 18824 |
|  APLD ComputeCo 2 LLC | APLD ComputeCo 2 LLC | APLD ComputeCo 2 LLC |
|  6.750% due 03/15/2031 | 9350 | 9288 |
|  Aramark Services, Inc. | Aramark Services, Inc. | Aramark Services, Inc. |
|  5.000% due 02/01/2028 | 12325 | 12259 |
|  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 | 6175 | 5878 |
|  6.250% due 01/30/2031 | 2361 | 2343 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp. | Ascent Resources Utica Holdings LLC/ARU Finance Corp. | Ascent Resources Utica Holdings LLC/ARU Finance Corp. |
|  5.875% due 06/30/2029 | 125 | 125 |
|  Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. |
|  10.000% due 03/31/2029 | 8900 | 6705 |
|  ATS Corp. | ATS Corp. | ATS Corp. |
|  4.125% due 12/15/2028 | 11000 | 10609 |
|  Avantor Funding, Inc. | Avantor Funding, Inc. | Avantor Funding, Inc. |
|  4.625% due 07/15/2028 | 8650 | 8448 |
|  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 | 18201 | 17772 |
|  5.750% due 07/15/2027 | 2818 | 2812 |
|  Axalta Coating Systems Dutch Holding B BV | Axalta Coating Systems Dutch Holding B BV | Axalta Coating Systems Dutch Holding B BV |
|  7.250% due 02/15/2031 | 25 | 26 |
|  Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC |
|  3.375% due 02/15/2029 | 19100 | 18086 |
|  Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
|  6.125% due 03/15/2030 | 7916 | 8067 |
|  6.250% due 03/15/2033 | 6022 | 6152 |
|  B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
|  8.000% due 09/15/2028 | 13750 | 13557 |
|  Ball Corp. | Ball Corp. | Ball Corp. |
|  2.875% due 08/15/2030 | 24475 | 22291 |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
|  8.375% due 10/01/2028 | 20340 | 21026 |
|  Beacon Mobility Corp. | Beacon Mobility Corp. | Beacon Mobility Corp. |
|  7.250% due 08/01/2030 | 8775 | 9071 |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 17525 | 18032 |
|  BioMarin Pharmaceutical, Inc. | BioMarin Pharmaceutical, Inc. | BioMarin Pharmaceutical, Inc. |
|  5.500% due 02/15/2034 | 1780 | 1754 |
|  BKV Upstream Midstream LLC | BKV Upstream Midstream LLC | BKV Upstream Midstream LLC |
|  7.500% due 10/15/2030 | 500 | 506 |
|  Block, Inc. | Block, Inc. | Block, Inc. |
|  2.750% due 06/01/2026 | 10850 | 10808 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **77** |

---

------

Schedule of Investments PIMCO High Yield Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.500% due 06/01/2031 | $— | 26075 | $— | 23732 |
|  5.625% due 08/15/2030 |  | 16500 |  | 16418 |
|  6.000% due 08/15/2033 |  | 3600 |  | 3544 |
|  6.500% due 05/15/2032 |  | 16200 |  | 16358 |
|  Boise Cascade Co. | Boise Cascade Co. | Boise Cascade Co. | Boise Cascade Co. | Boise Cascade Co. |
|  4.875% due 07/01/2030 |  | 800 |  | 787 |
|  Bombardier, Inc. | Bombardier, Inc. | Bombardier, Inc. | Bombardier, Inc. | Bombardier, Inc. |
|  8.750% due 11/15/2030 |  | 7678 |  | 8175 |
|  Brink's Co. | Brink's Co. | Brink's Co. | Brink's Co. | Brink's Co. |
|  4.625% due 10/15/2027 |  | 4125 |  | 4074 |
|  Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
|  4.250% due 02/01/2032 |  | 24457 |  | 22546 |
|  5.000% due 03/01/2030 |  | 12100 |  | 11793 |
|  BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. |
|  4.125% due 06/30/2028 |  | 4350 |  | 4233 |
|  4.125% due 04/15/2029 |  | 11025 |  | 10607 |
|  Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |
|  4.625% due 10/15/2029 |  | 475 |  | 457 |
|  6.000% due 10/15/2032 |  | 1525 |  | 1405 |
|  6.500% due 02/15/2032 |  | 11600 |  | 11474 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  4.000% due 08/01/2028 |  | 3000 |  | 2931 |
|  5.125% due 05/01/2029 |  | 350 |  | 348 |
|  5.750% due 03/15/2030 |  | 7950 |  | 8017 |
|  5.750% due 08/01/2032 |  | 37600 |  | 37635 |
|  5.875% due 06/15/2031 |  | 250 |  | 253 |
|  Carpenter Technology Corp. | Carpenter Technology Corp. | Carpenter Technology Corp. | Carpenter Technology Corp. | Carpenter Technology Corp. |
|  5.625% due 03/01/2034 |  | 725 |  | 719 |
|  Carvana Co. | Carvana Co. | Carvana Co. | Carvana Co. | Carvana Co. |
|  9.000% due 06/01/2030 |  | 11025 |  | 11477 |
|  9.000% due 06/01/2031 |  | 7075 |  | 7655 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. |
|  4.250% due 02/01/2031 |  | 22375 |  | 20408 |
|  4.500% due 08/15/2030 |  | 27000 |  | 25248 |
|  4.500% due 05/01/2032 |  | 9575 |  | 8562 |
|  4.750% due 03/01/2030 |  | 26800 |  | 25447 |
|  5.000% due 02/01/2028 |  | 14575 |  | 14464 |
|  5.125% due 05/01/2027 |  | 1692 |  | 1691 |
|  5.375% due 06/01/2029 |  | 8775 |  | 8660 |
|  7.000% due 02/01/2033 (j) |  | 9565 |  | 9601 |
|  7.375% due 02/01/2036 (j) |  | 6750 |  | 6728 |
|  Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC |
|  1.400% due 08/05/2026 |  | 8102 |  | 7991 |
|  6.500% due 04/15/2030 (j) |  | 2450 |  | 2502 |
|  7.000% due 02/15/2031 |  | 450 |  | 462 |
|  Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
|  2.450% due 07/15/2028 |  | 400 |  | 373 |
|  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. | 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 |  | 7685 |  | 5720 |
|  Central Parent, Inc./CDK Global, Inc. | Central Parent, Inc./CDK Global, Inc. | Central Parent, Inc./CDK Global, Inc. | Central Parent, Inc./CDK Global, Inc. | Central Parent, Inc./CDK Global, Inc. |
|  7.250% due 06/15/2029 |  | 1125 |  | 811 |
|  Cerdia Finanz GmbH | Cerdia Finanz GmbH | Cerdia Finanz GmbH | Cerdia Finanz GmbH | Cerdia Finanz GmbH |
|  9.375% due 10/03/2031 |  | 25018 |  | 24906 |
|  Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. |
|  4.625% due 11/15/2028 |  | 4353 |  | 4283 |
|  7.625% due 07/01/2029 |  | 4553 |  | 4658 |
|  Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
|  6.000% due 10/01/2030 |  | 13275 |  | 13459 |
|  6.750% due 03/15/2033 |  | 12350 |  | 12758 |
|  CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. |
|  4.750% due 02/15/2031 |  | 9225 |  | 8510 |
|  5.250% due 05/15/2030 |  | 6175 |  | 5824 |
|  6.000% due 01/15/2029 |  | 11942 |  | 11818 |
|  6.125% due 04/01/2030 |  | 5475 |  | 4766 |
|  6.875% due 04/15/2029 |  | 3025 |  | 2912 |
|  9.750% due 01/15/2034 |  | 25950 |  | 26965 |
|  10.875% due 01/15/2032 |  | 11859 |  | 12738 |
|  Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. |
|  4.750% due 01/15/2028 |  | 21900 |  | 21617 |
|  5.500% due 04/01/2027 |  | 375 |  | 375 |
|  6.750% due 05/01/2031 |  | 5700 |  | 5814 |
|  Cipher Compute LLC | Cipher Compute LLC | Cipher Compute LLC | Cipher Compute LLC | Cipher Compute LLC |
|  7.125% due 11/15/2030 |  | 2575 |  | 2671 |
|  Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. | Clarivate Science Holdings Corp. |
|  3.875% due 07/01/2028 |  | 5775 |  | 5455 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. |
|  7.125% due 02/15/2031 | 425 | 445 |
|  7.500% due 03/15/2033 | 225 | 238 |
|  Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. |
|  6.750% due 04/15/2030 | 6000 | 5857 |
|  7.000% due 03/15/2032 | 9625 | 9325 |
|  7.500% due 09/15/2031 | 8325 | 8312 |
|  7.625% due 01/15/2034 | 13265 | 12972 |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
|  6.500% due 03/31/2029 | 36525 | 35669 |
|  6.625% due 08/15/2033 | 11800 | 10502 |
|  8.250% due 06/30/2032 | 9602 | 9115 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  6.625% due 04/15/2029 | 7100 | 6978 |
|  6.750% due 04/15/2032 | 2275 | 2155 |
|  6.875% due 01/15/2030 | 9350 | 9100 |
|  8.750% due 04/15/2030 | 22450 | 20967 |
|  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 (j) | 19375 | 16915 |
|  7.000% due 06/15/2027 | 9500 | 9397 |
|  Coherent Corp. | Coherent Corp. | Coherent Corp. |
|  5.000% due 12/15/2029 | 21075 | 20690 |
|  Columbus McKinnon Corp. | Columbus McKinnon Corp. | Columbus McKinnon Corp. |
|  7.125% due 02/01/2033 | 13069 | 13075 |
|  CompoSecure Holdings LLC | CompoSecure Holdings LLC | CompoSecure Holdings LLC |
|  5.625% due 02/01/2033 | 5125 | 5011 |
|  Comstock Resources, Inc. | Comstock Resources, Inc. | Comstock Resources, Inc. |
|  5.875% due 01/15/2030 | 4150 | 4021 |
|  6.750% due 03/01/2029 | 12310 | 12167 |
|  Connect Finco SARL/Connect U.S. Finco LLC | Connect Finco SARL/Connect U.S. Finco LLC | Connect Finco SARL/Connect U.S. Finco LLC |
|  9.000% due 09/15/2029 | 2000 | 2104 |
|  CoreWeave, Inc. | CoreWeave, Inc. | CoreWeave, Inc. |
|  9.000% due 02/01/2031 | 15420 | 14692 |
|  9.250% due 06/01/2030 | 9595 | 9332 |
|  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 | 18105 | 17665 |
|  Crescent Energy Finance LLC | Crescent Energy Finance LLC | Crescent Energy Finance LLC |
|  7.375% due 01/15/2033 | 7950 | 7954 |
|  7.875% due 04/15/2032 | 675 | 690 |
|  8.375% due 01/15/2034 | 5475 | 5728 |
|  Crocs, Inc. | Crocs, Inc. | Crocs, Inc. |
|  4.125% due 08/15/2031 | 5000 | 4504 |
|  Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. |
|  3.000% due 02/15/2029 | 20971 | 19962 |
|  CVR Energy, Inc. | CVR Energy, Inc. | CVR Energy, Inc. |
|  7.500% due 02/15/2031 | 5100 | 5142 |
|  Cyprium Corp./Cyprium Holdings Luxembourg SARL | Cyprium Corp./Cyprium Holdings Luxembourg SARL | Cyprium Corp./Cyprium Holdings Luxembourg SARL |
|  6.125% due 04/15/2031 | 4000 | 3953 |
|  Czechoslovak Group AS | Czechoslovak Group AS | Czechoslovak Group AS |
|  6.500% due 01/10/2031 | 19200 | 19644 |
|  Danaos Corp. | Danaos Corp. | Danaos Corp. |
|  6.875% due 10/15/2032 | 2575 | 2619 |
|  DaVita, Inc. | DaVita, Inc. | DaVita, Inc. |
|  4.625% due 06/01/2030 | 2525 | 2429 |
|  6.875% due 09/01/2032 | 5400 | 5537 |
|  Dcli Bidco LLC | Dcli Bidco LLC | Dcli Bidco LLC |
|  7.750% due 11/15/2029 | 7550 | 7641 |
|  Deluxe Corp. | Deluxe Corp. | Deluxe Corp. |
|  8.125% due 09/15/2029 | 1350 | 1403 |
|  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 | 14782 | 15624 |
|  Directv Financing LLC | Directv Financing LLC | Directv Financing LLC |
|  8.875% due 02/01/2030 | 689 | 688 |
|  Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC |
|  3.625% due 05/15/2030 | 4050 | 3770 |
|  3.950% due 03/20/2028 | 12675 | 12425 |
|  6.350% due 06/01/2040 | 1100 | 812 |
|  Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. |
|  3.755% due 03/15/2027 | 5457 | 5393 |
|  4.054% due 03/15/2029 | 9150 | 8858 |
|  4.279% due 03/15/2032 | 14495 | 12846 |
|  5.050% due 03/15/2042 | 22625 | 14962 |
|  DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
|  5.125% due 06/01/2029 | 75 | 67 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.250% due 12/01/2026 | $— | 2000 | 1984 |
|  5.750% due 12/01/2028 |  | 1825 | 1766 |
|  7.375% due 07/01/2028 |  | 1425 | 1384 |
|  DISH Network Corp. | DISH Network Corp. | DISH Network Corp. | DISH Network Corp. |
|  11.750% due 11/15/2027 |  | 18211 | 18772 |
|  EchoStar Corp. | EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
|  10.750% due 11/30/2029 |  | 31594 | 34149 |
|  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) | EchoStar Corp. (6.750% Cash or 6.750% PIK) |
|  6.750% due 11/30/2030 (b) |  | 13725 | 13876 |
|  Efesto Bidco SpA Efesto U.S. LLC | 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 |  | 15450 | 15393 |
|  Element Solutions, Inc. | Element Solutions, Inc. | Element Solutions, Inc. | Element Solutions, Inc. |
|  3.875% due 09/01/2028 |  | 8500 | 8281 |
|  Ellucian Holdings, Inc. | Ellucian Holdings, Inc. | Ellucian Holdings, Inc. | Ellucian Holdings, Inc. |
|  6.500% due 12/01/2029 |  | 5475 | 5361 |
|  Esab Corp. | Esab Corp. | Esab Corp. | Esab Corp. |
|  5.625% due 04/01/2031 |  | 3750 | 3786 |
|  Excelerate Energy LP | Excelerate Energy LP | Excelerate Energy LP | Excelerate Energy LP |
|  8.000% due 05/15/2030 |  | 8800 | 9216 |
|  Fair Isaac Corp. | Fair Isaac Corp. | Fair Isaac Corp. | Fair Isaac Corp. |
|  4.000% due 06/15/2028 |  | 3100 | 3011 |
|  6.250% due 09/15/2034 |  | 6650 | 6546 |
|  Fibercop SpA | Fibercop SpA | Fibercop SpA | Fibercop SpA |
|  6.000% due 09/30/2034 |  | 675 | 644 |
|  6.375% due 11/15/2033 |  | 7050 | 6984 |
|  7.200% due 07/18/2036 |  | 2800 | 2787 |
|  First Quantum Minerals Ltd. | First Quantum Minerals Ltd. | First Quantum Minerals Ltd. | First Quantum Minerals Ltd. |
|  7.250% due 02/15/2034 |  | 1300 | 1324 |
|  First Student Bidco, Inc./First Transit Parent, Inc. | 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 |  | 13250 | 12693 |
|  Flora Food Management BV | Flora Food Management BV | Flora Food Management BV | Flora Food Management BV |
|  7.500% due 10/31/2030 |  | 7125 | 8162 |
|  Fortescue Treasury Pty. Ltd. | Fortescue Treasury Pty. Ltd. | Fortescue Treasury Pty. Ltd. | Fortescue Treasury Pty. Ltd. |
|  4.375% due 04/01/2031 | $— | 187 | 177 |
|  4.500% due 09/15/2027 |  | 8176 | 8103 |
|  5.875% due 04/15/2030 |  | 3147 | 3188 |
|  Fortress Intermediate 3, Inc. | Fortress Intermediate 3, Inc. | Fortress Intermediate 3, Inc. | Fortress Intermediate 3, Inc. |
|  7.500% due 06/01/2031 |  | 6325 | 6294 |
|  Froneri Lux FinCo SARL | Froneri Lux FinCo SARL | Froneri Lux FinCo SARL | Froneri Lux FinCo SARL |
|  6.000% due 08/01/2032 |  | 8625 | 8418 |
|  Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
|  6.000% due 01/15/2030 |  | 19200 | 19327 |
|  Gap, Inc. | Gap, Inc. | Gap, Inc. | Gap, Inc. |
|  3.625% due 10/01/2029 |  | 9129 | 8534 |
|  3.875% due 10/01/2031 |  | 1150 | 1043 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  3.500% due 09/01/2028 |  | 8000 | 7784 |
|  4.000% due 08/01/2028 |  | 14900 | 14495 |
|  4.375% due 08/15/2029 |  | 1500 | 1460 |
|  Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
|  7.375% due 10/01/2032 |  | 10500 | 10913 |
|  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. | Go Daddy Operating Co. LLC/GD Finance Co., Inc. |
|  3.500% due 03/01/2029 |  | 12100 | 11271 |
|  5.250% due 12/01/2027 |  | 1727 | 1721 |
|  goeasy Ltd. | goeasy Ltd. | goeasy Ltd. | goeasy Ltd. |
|  6.875% due 05/15/2030 |  | 700 | 581 |
|  6.875% due 02/15/2031 |  | 400 | 322 |
|  7.375% due 10/01/2030 |  | 6175 | 5120 |
|  9.250% due 12/01/2028 |  | 3365 | 3133 |
|  Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC |
|  3.750% due 02/01/2030 |  | 850 | 781 |
|  Gray Media, Inc. | Gray Media, Inc. | Gray Media, Inc. | Gray Media, Inc. |
|  4.750% due 10/15/2030 |  | 7025 | 5428 |
|  5.375% due 11/15/2031 |  | 3225 | 2397 |
|  9.625% due 07/15/2032 |  | 17600 | 17615 |
|  10.500% due 07/15/2029 (j) |  | 5355 | 5694 |
|  Griffon Corp. | Griffon Corp. | Griffon Corp. | Griffon Corp. |
|  5.750% due 03/01/2028 |  | 14945 | 14925 |
|  Grifols SA | Grifols SA | Grifols SA | Grifols SA |
|  4.750% due 10/15/2028 |  | 6000 | 5881 |
|  GSG Bidco Ltd. | GSG Bidco Ltd. | GSG Bidco Ltd. | GSG Bidco Ltd. |
|  5.375% due 06/15/2036 |  | 4225 | 4850 |
|  Gulfport Energy Operating Corp. | Gulfport Energy Operating Corp. | Gulfport Energy Operating Corp. | Gulfport Energy Operating Corp. |
|  6.750% due 09/01/2029 | $— | 4150 | 4249 |

---

---

| | | |
|:---|:---|:---|
| **78** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  HealthEquity, Inc. | HealthEquity, Inc. | HealthEquity, Inc. |
|  4.500% due 10/01/2029 | 11800 | 11431 |
|  Hertz Corp. | Hertz Corp. | Hertz Corp. |
|  12.625% due 07/15/2029 | 3900 | 3425 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  3.625% due 02/15/2032 | 19000 | 17283 |
|  3.750% due 05/01/2029 | 9400 | 9003 |
|  4.000% due 05/01/2031 | 12100 | 11366 |
|  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. |
|  5.000% due 06/01/2029 | 2075 | 1971 |
|  Hologic, Inc. | Hologic, Inc. | Hologic, Inc. |
|  3.250% due 02/15/2029 | 17675 | 17655 |
|  Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
|  7.375% due 07/15/2032 | 15245 | 15821 |
|  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) | 125 | 125 |
|  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) | 8750 | 8901 |
|  Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |
|  4.750% due 05/15/2029 | 12400 | 12060 |
|  Industrial F&B Investments III, Inc. | Industrial F&B Investments III, Inc. | Industrial F&B Investments III, Inc. |
|  7.750% due 02/11/2033 | 4900 | 4955 |
|  INEOS Finance PLC | INEOS Finance PLC | INEOS Finance PLC |
|  6.750% due 05/15/2028 | 4000 | 3870 |
|  Ingevity Corp. | Ingevity Corp. | Ingevity Corp. |
|  3.875% due 11/01/2028 | 46104 | 44292 |
|  Installed Building Products, Inc. | Installed Building Products, Inc. | Installed Building Products, Inc. |
|  5.625% due 02/01/2034 | 3800 | 3717 |
|  Insulet Corp. | Insulet Corp. | Insulet Corp. |
|  6.500% due 04/01/2033 | 4850 | 4954 |
|  IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
|  6.250% due 06/01/2032 | 8225 | 8363 |
|  JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP |
|  9.875% due 09/20/2031 | 29225 | 27659 |
|  KBR, Inc. | KBR, Inc. | KBR, Inc. |
|  4.750% due 09/30/2028 | 1982 | 1945 |
|  Kodiak Gas Services LLC | Kodiak Gas Services LLC | Kodiak Gas Services LLC |
|  5.875% due 04/01/2031 | 1300 | 1307 |
|  6.500% due 10/01/2033 | 7125 | 7207 |
|  6.750% due 10/01/2035 | 275 | 280 |
|  7.250% due 02/15/2029 | 2850 | 2954 |
|  Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC | Kraken Oil & Gas Partners LLC |
|  7.625% due 08/15/2029 | 2975 | 3040 |
|  Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. |
|  3.625% due 01/15/2031 | 2800 | 2593 |
|  3.750% due 02/15/2028 | 5565 | 5416 |
|  4.000% due 02/15/2030 | 4800 | 4584 |
|  Lamb Weston Holdings, Inc. | Lamb Weston Holdings, Inc. | Lamb Weston Holdings, Inc. |
|  4.875% due 05/15/2028 | 4000 | 3956 |
|  LBM Acquisition LLC | LBM Acquisition LLC | LBM Acquisition LLC |
|  6.250% due 01/15/2029 | 23575 | 17256 |
|  Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |
|  6.875% due 06/30/2033 | 4525 | 4611 |
|  7.000% due 03/31/2034 | 22325 | 22868 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  8.375% due 02/15/2032 | 3825 | 4088 |
|  9.875% due 08/15/2030 | 9575 | 10138 |
|  11.000% due 10/15/2030 | 23070 | 24840 |
|  Light & Wonder International, Inc. | Light & Wonder International, Inc. | Light & Wonder International, Inc. |
|  7.500% due 09/01/2031 | 1700 | 1746 |
|  Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. |
|  3.875% due 06/01/2029 | 1000 | 950 |
|  4.625% due 12/15/2027 | 5175 | 5122 |
|  5.500% due 10/01/2030 | 8850 | 8677 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
|  3.750% due 01/15/2028 | 9175 | 8955 |
|  Lsf12 Helix Parent LLC | Lsf12 Helix Parent LLC | Lsf12 Helix Parent LLC |
|  7.125% due 02/01/2033 | 3450 | 3329 |
|  Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC |
|  4.125% due 06/30/2028 | 11427 | 11168 |
|  Masterbrand, Inc. | Masterbrand, Inc. | Masterbrand, Inc. |
|  7.000% due 07/15/2032 | 1675 | 1638 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Matador Resources Co. | Matador Resources Co. | Matador Resources Co. |
|  6.250% due 04/15/2033 | 23124 | 23160 |
|  6.500% due 04/15/2032 | 14101 | 14265 |
|  Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC |
|  3.625% due 10/01/2031 | 2975 | 2649 |
|  4.625% due 06/01/2028 | 5000 | 4891 |
|  5.000% due 12/15/2027 | 10482 | 10445 |
|  Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |
|  7.875% due 04/15/2030 | 13000 | 13009 |
|  Maxam Prill SARL | Maxam Prill SARL | Maxam Prill SARL |
|  7.750% due 07/15/2030 | 3625 | 3696 |
|  McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. |
|  5.750% due 08/01/2028 | 6659 | 6589 |
|  7.375% due 09/01/2031 | 4500 | 4597 |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
|  5.250% due 10/01/2029 (j) | 1000 | 992 |
|  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 | 11625 | 9711 |
|  Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. |
|  8.500% due 03/15/2033 | 15575 | 15179 |
|  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 | 9125 | 8855 |
|  Mineral Resources Ltd. | Mineral Resources Ltd. | Mineral Resources Ltd. |
|  7.000% due 04/01/2031 | 7225 | 7390 |
|  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 | 200 | 192 |
|  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 | 16455 | 14230 |
|  Motion Finco SARL | Motion Finco SARL | Motion Finco SARL |
|  8.375% due 02/15/2032 | 11075 | 9163 |
|  Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. |
|  3.750% due 02/15/2031 | 9775 | 9089 |
|  5.625% due 05/01/2027 | 5250 | 5256 |
|  Nabors Industries, Inc. | Nabors Industries, Inc. | Nabors Industries, Inc. |
|  7.625% due 11/15/2032 | 30550 | 31292 |
|  National Mentor Holdings, Inc. | National Mentor Holdings, Inc. | National Mentor Holdings, Inc. |
|  10.500% due 12/15/2030 | 19425 | 20065 |
|  NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
|  6.750% due 02/01/2032 | 7375 | 7324 |
|  7.750% due 02/15/2029 | 2125 | 2214 |
|  NCR Atleos Corp. | NCR Atleos Corp. | NCR Atleos Corp. |
|  9.500% due 04/01/2029 | 5650 | 6051 |
|  NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. |
|  5.125% due 04/15/2029 | 7000 | 6702 |
|  5.250% due 10/01/2030 | 10500 | 9949 |
|  Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. |
|  9.290% due 04/15/2029 | 5600 | 5620 |
|  9.500% due 02/15/2033 | 6000 | 5829 |
|  10.375% due 05/15/2031 | 10900 | 11008 |
|  Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
|  9.419% due 04/30/2029 | 7517 | 6074 |
|  Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. |
|  6.500% due 09/15/2033 | 15500 | 15627 |
|  7.250% due 04/15/2034 (a) | 12410 | 12460 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.345% due 09/17/2027 | 5385 | 5242 |
|  4.810% due 09/17/2030 | 1300 | 1182 |
|  Noble Finance II LLC | Noble Finance II LLC | Noble Finance II LLC |
|  8.000% due 04/15/2030 | 31864 | 32823 |
|  Nordstrom, Inc. | Nordstrom, Inc. | Nordstrom, Inc. |
|  4.250% due 08/01/2031 | 1850 | 1667 |
|  4.375% due 04/01/2030 | 250 | 234 |
|  5.000% due 01/15/2044 | 6000 | 4011 |
|  Northriver Midstream Finance LP | Northriver Midstream Finance LP | Northriver Midstream Finance LP |
|  6.750% due 07/15/2032 | 15875 | 15933 |
|  Novelis Corp. | Novelis Corp. | Novelis Corp. |
|  4.750% due 01/30/2030 | 9450 | 8947 |
|  NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
|  6.375% due 10/01/2030 | 13625 | 14095 |
|  OAK-Eagle Acquireco, Inc. | OAK-Eagle Acquireco, Inc. | OAK-Eagle Acquireco, Inc. |
|  7.250% due 07/01/2033 (a) | 6900 | 7154 |
|  8.750% due 07/01/2034 (a) | 4375 | 4583 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Odeon Finco PLC | Odeon Finco PLC | Odeon Finco PLC |
|  12.750% due 11/01/2027 | 1150 | 1188 |
|  Olin Corp. | Olin Corp. | Olin Corp. |
|  6.625% due 04/01/2033 | 9025 | 8840 |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
|  4.250% due 10/01/2028 | 5906 | 5645 |
|  7.250% due 02/15/2033 | 10525 | 10051 |
|  ON Semiconductor Corp. | ON Semiconductor Corp. | ON Semiconductor Corp. |
|  3.875% due 09/01/2028 | 13000 | 12552 |
|  Open Text Corp. | Open Text Corp. | Open Text Corp. |
|  3.875% due 12/01/2029 | 1375 | 1230 |
|  Open Text Holdings, Inc. | Open Text Holdings, Inc. | Open Text Holdings, Inc. |
|  4.125% due 02/15/2030 | 8040 | 7191 |
|  4.125% due 12/01/2031 | 4525 | 3865 |
|  Option Care Health, Inc. | Option Care Health, Inc. | Option Care Health, Inc. |
|  4.375% due 10/31/2029 | 15000 | 14467 |
|  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 | 11775 | 11433 |
|  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 | 5100 | 4536 |
|  Paramount Global | Paramount Global | Paramount Global |
|  3.375% due 02/15/2028 | 1175 | 1139 |
|  3.700% due 06/01/2028 | 6825 | 6604 |
|  4.200% due 06/01/2029 | 3780 | 3611 |
|  4.375% due 03/15/2043 | 5665 | 3429 |
|  4.600% due 01/15/2045 | 13959 | 8347 |
|  4.850% due 07/01/2042 | 2675 | 1710 |
|  4.900% due 08/15/2044 | 11085 | 6897 |
|  4.950% due 01/15/2031 | 7100 | 6580 |
|  5.250% due 04/01/2044 | 1430 | 906 |
|  5.850% due 09/01/2043 | 9600 | 6670 |
|  6.875% due 04/30/2036 | 4525 | 3972 |
|  7.875% due 07/30/2030 | 2215 | 2313 |
|  Park River Holdings, Inc. | Park River Holdings, Inc. | Park River Holdings, Inc. |
|  8.000% due 03/15/2031 | 2075 | 2067 |
|  Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. |
|  4.250% due 08/01/2029 | 15225 | 14637 |
|  5.625% due 03/01/2034 | 3275 | 3162 |
|  Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC |
|  5.875% due 07/01/2029 | 9709 | 9726 |
|  6.250% due 02/01/2033 | 1575 | 1605 |
|  7.000% due 01/15/2032 | 7750 | 8030 |
|  8.000% due 04/15/2027 | 2900 | 2904 |
|  Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
|  5.150% due 06/15/2030 | 1700 | 1537 |
|  Petco Health & Wellness Co., Inc. | Petco Health & Wellness Co., Inc. | Petco Health & Wellness Co., Inc. |
|  8.250% due 02/01/2031 | 2250 | 2248 |
|  Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |
|  3.500% due 03/01/2032 | 3200 | 2908 |
|  Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
|  4.500% due 09/15/2031 | 9850 | 9170 |
|  4.625% due 04/15/2030 | 20475 | 19670 |
|  6.500% due 03/15/2036 | 23975 | 23503 |
|  Precision Drilling Corp. | Precision Drilling Corp. | Precision Drilling Corp. |
|  6.875% due 01/15/2029 | 2400 | 2419 |
|  Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. |
|  9.375% due 09/01/2029 | 9300 | 9651 |
|  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 | 3000 | 2922 |
|  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 | 11050 | 10745 |
|  6.250% due 04/01/2029 | 24743 | 24801 |
|  PTC, Inc. | PTC, Inc. | PTC, Inc. |
|  4.000% due 02/15/2028 | 6205 | 6052 |
|  Qnity Electronics, Inc. | Qnity Electronics, Inc. | Qnity Electronics, Inc. |
|  5.750% due 08/15/2032 | 3950 | 3960 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
|  6.375% due 03/01/2032 | 27665 | 28073 |
|  QXO Building Products, Inc. | QXO Building Products, Inc. | QXO Building Products, Inc. |
|  6.750% due 04/30/2032 | 19925 | 20341 |
|  Rakuten Group, Inc. | Rakuten Group, Inc. | Rakuten Group, Inc. |
|  8.125% due 12/15/2029 •(f) | 3025 | 3003 |
|  9.750% due 04/15/2029 | 20950 | 22347 |
|  11.250% due 02/15/2027 | 5800 | 6010 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **79** |

---

------

Schedule of Investments PIMCO High Yield Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Rand Parent LLC | Rand Parent LLC | Rand Parent LLC |
|  8.500% due 02/15/2030 | 4975 | 5111 |
|  Range Resources Corp. | Range Resources Corp. | Range Resources Corp. |
|  4.750% due 02/15/2030 | 5025 | 4903 |
|  Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |
|  6.875% due 11/15/2031 | 25365 | 24475 |
|  RB Global Holdings, Inc. | RB Global Holdings, Inc. | RB Global Holdings, Inc. |
|  7.750% due 03/15/2031 | 1475 | 1530 |
|  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 | 15625 | 15195 |
|  ROBLOX Corp. | ROBLOX Corp. | ROBLOX Corp. |
|  3.875% due 05/01/2030 | 10600 | 9968 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  6.875% due 07/31/2056 •  | 1125 | 1130 |
|  7.000% due 04/15/2055 •  | 1400 | 1406 |
|  7.125% due 04/15/2055 •  | 1650 | 1689 |
|  Roller Bearing Co. of America, Inc. | Roller Bearing Co. of America, Inc. | Roller Bearing Co. of America, Inc. |
|  4.375% due 10/15/2029 | 6515 | 6338 |
|  Sabre GLBL, Inc. | Sabre GLBL, Inc. | Sabre GLBL, Inc. |
|  10.750% due 03/15/2030 | 138 | 117 |
|  SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. |
|  4.875% due 05/01/2028 | 4800 | 4748 |
|  Seadrill Finance Ltd. | Seadrill Finance Ltd. | Seadrill Finance Ltd. |
|  8.375% due 08/01/2030 | 24475 | 25328 |
|  Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. |
|  4.091% due 06/01/2029 | 7988 | 7738 |
|  5.750% due 12/01/2034 | 200 | 200 |
|  5.875% due 07/15/2030 | 280 | 285 |
|  9.625% due 12/01/2032 | 10000 | 11123 |
|  Service Corp. International | Service Corp. International | Service Corp. International |
|  3.375% due 08/15/2030 | 14875 | 13733 |
|  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 | 26950 | 25955 |
|  Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC |
|  3.125% due 09/01/2026 | 10275 | 10217 |
|  3.875% due 09/01/2031 (j) | 25525 | 23198 |
|  4.125% due 07/01/2030 | 26645 | 24966 |
|  5.000% due 08/01/2027 | 4479 | 4475 |
|  5.875% due 04/15/2032 | 15050 | 14965 |
|  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 | 2975 | 2982 |
|  SK Invictus Intermediate II SARL | SK Invictus Intermediate II SARL | SK Invictus Intermediate II SARL |
|  5.000% due 10/30/2029 | 3245 | 3167 |
|  SM Energy Co. | SM Energy Co. | SM Energy Co. |
|  5.000% due 10/15/2026 | 4550 | 4545 |
|  6.750% due 08/01/2029 | 6054 | 6150 |
|  8.750% due 07/01/2031 | 18650 | 19504 |
|  9.625% due 06/15/2033 | 3480 | 3847 |
|  Smyrna Ready Mix Concrete LLC | Smyrna Ready Mix Concrete LLC | Smyrna Ready Mix Concrete LLC |
|  6.000% due 11/01/2028 | 4550 | 4518 |
|  Snap, Inc. | Snap, Inc. | Snap, Inc. |
|  6.875% due 03/01/2033 | 17347 | 16394 |
|  6.875% due 03/15/2034 | 21000 | 19769 |
|  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 | 2825 | 2455 |
|  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 | 11964 | 11924 |
|  SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. |
|  5.500% due 09/30/2027 | 1700 | 1702 |
|  6.500% due 06/01/2032 | 2875 | 2877 |
|  Stagwell Global LLC | Stagwell Global LLC | Stagwell Global LLC |
|  5.625% due 08/15/2029 | 27675 | 26372 |
|  Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
|  3.375% due 01/15/2031 | 24100 | 21618 |
|  4.375% due 07/15/2030 | 4575 | 4315 |
|  4.750% due 01/15/2028 | 5000 | 4946 |
|  Staples, Inc. | Staples, Inc. | Staples, Inc. |
|  10.750% due 09/01/2029 | 8400 | 7775 |
|  Star Parent, Inc. | Star Parent, Inc. | Star Parent, Inc. |
|  9.000% due 10/01/2030 | 6075 | 6301 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
|  4.500% due 02/15/2028 | 16400 | 16083 |
|  4.625% due 12/01/2031 | 3002 | 2806 |
|  6.625% due 03/15/2032 | 1440 | 1447 |
|  Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |
|  7.250% due 03/15/2032 | 5750 | 5997 |
|  Sunoco LP | Sunoco LP | Sunoco LP |
|  4.500% due 10/01/2029 | 3000 | 2901 |
|  5.625% due 03/15/2031 | 12800 | 12750 |
|  7.000% due 05/01/2029 | 9325 | 9582 |
|  Sunoco LP/Sunoco Finance Corp. | Sunoco LP/Sunoco Finance Corp. | Sunoco LP/Sunoco Finance Corp. |
|  4.500% due 05/15/2029 | 3550 | 3464 |
|  Synergy Infrastructure Holdings LLC | Synergy Infrastructure Holdings LLC | Synergy Infrastructure Holdings LLC |
|  7.875% due 12/01/2030 | 3080 | 3147 |
|  Talos Production, Inc. | Talos Production, Inc. | Talos Production, Inc. |
|  9.000% due 02/01/2029 | 4200 | 4375 |
|  Teleflex, Inc. | Teleflex, Inc. | Teleflex, Inc. |
|  4.625% due 11/15/2027 | 5059 | 5018 |
|  Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
|  4.375% due 01/15/2030 | 7300 | 7075 |
|  5.125% due 11/01/2027 | 100 | 100 |
|  5.500% due 11/15/2032 | 17725 | 17574 |
|  6.125% due 10/01/2028 | 5000 | 5014 |
|  Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV |
|  6.000% due 12/01/2032 | 13285 | 13643 |
|  Teva Pharmaceutical Finance Netherlands IV BV | Teva Pharmaceutical Finance Netherlands IV BV | Teva Pharmaceutical Finance Netherlands IV BV |
|  5.750% due 12/01/2030 | 1000 | 1013 |
|  TGS ASA | TGS ASA | TGS ASA |
|  8.500% due 01/15/2030 | 18188 | 19068 |
|  Tidewater, Inc. | Tidewater, Inc. | Tidewater, Inc. |
|  9.125% due 07/15/2030 | 3350 | 3572 |
|  TK Elevator U.S. Newco, Inc. | TK Elevator U.S. Newco, Inc. | TK Elevator U.S. Newco, Inc. |
|  5.250% due 07/15/2027 | 2730 | 2725 |
|  TopBuild Corp. | TopBuild Corp. | TopBuild Corp. |
|  3.625% due 03/15/2029 | 24571 | 23420 |
|  4.125% due 02/15/2032 | 22558 | 20819 |
|  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 | 11445 | 10121 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  4.625% due 01/15/2029 | 15800 | 15534 |
|  6.000% due 01/15/2033 | 15000 | 15008 |
|  6.250% due 01/31/2034 | 4800 | 4857 |
|  6.375% due 03/01/2029 | 23400 | 23866 |
|  6.875% due 12/15/2030 | 14625 | 14995 |
|  7.125% due 12/01/2031 | 3750 | 3875 |
|  Transocean Aquila Ltd. | Transocean Aquila Ltd. | Transocean Aquila Ltd. |
|  8.000% due 09/30/2028 | 615 | 633 |
|  Transocean International Ltd. | Transocean International Ltd. | Transocean International Ltd. |
|  7.875% due 10/15/2032 | 10388 | 11107 |
|  8.250% due 05/15/2029 | 1550 | 1602 |
|  8.500% due 05/15/2031 | 12025 | 12619 |
|  8.750% due 02/15/2030 | 5145 | 5367 |
|  Travel & Leisure Co. | Travel & Leisure Co. | Travel & Leisure Co. |
|  4.625% due 03/01/2030 | 1075 | 1026 |
|  Trivium Packaging Finance BV | Trivium Packaging Finance BV | Trivium Packaging Finance BV |
|  8.250% due 07/15/2030 | 2151 | 2252 |
|  Twilio, Inc. | Twilio, Inc. | Twilio, Inc. |
|  3.625% due 03/15/2029 | 3000 | 2871 |
|  3.875% due 03/15/2031 | 6200 | 5788 |
|  U.S. Acute Care Solutions LLC | U.S. Acute Care Solutions LLC | U.S. Acute Care Solutions LLC |
|  9.750% due 05/15/2029 | 6225 | 6021 |
|  U.S. Foods, Inc. | U.S. Foods, Inc. | U.S. Foods, Inc. |
|  4.625% due 06/01/2030 | 7000 | 6822 |
|  4.750% due 02/15/2029 | 23375 | 23081 |
|  6.875% due 09/15/2028 | 3525 | 3607 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. |
|  6.875% due 02/01/2031 | 21951 | 21472 |
|  United Airlines Holdings, Inc. | United Airlines Holdings, Inc. | United Airlines Holdings, Inc. |
|  4.875% due 03/01/2029 | 18300 | 17945 |
|  5.375% due 03/01/2031 | 975 | 956 |
|  United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
|  3.750% due 01/15/2032 | 5200 | 4772 |
|  3.875% due 02/15/2031 | 1000 | 941 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.000% due 07/15/2030 | $— | 10000 | $— | 9506 |
|  4.875% due 01/15/2028 |  | 2000 |  | 1993 |
|  5.375% due 11/15/2033 |  | 3050 |  | 2969 |
|  6.125% due 03/15/2034 |  | 8200 |  | 8313 |
|  Uniti Services LLC | Uniti Services LLC | Uniti Services LLC | Uniti Services LLC | Uniti Services LLC |
|  7.500% due 10/15/2033 |  | 11650 |  | 12120 |
|  Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
|  4.500% due 05/01/2029 |  | 16268 |  | 15295 |
|  7.375% due 06/30/2030 |  | 3500 |  | 3432 |
|  8.000% due 08/15/2028 |  | 5400 |  | 5484 |
|  8.500% due 07/31/2031 |  | 975 |  | 980 |
|  9.375% due 08/01/2032 |  | 16525 |  | 17043 |
|  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. |
|  7.125% due 03/15/2029 |  | 2000 |  | 2047 |
|  Valaris Ltd. | Valaris Ltd. | Valaris Ltd. | Valaris Ltd. | Valaris Ltd. |
|  8.375% due 04/30/2030 |  | 24925 |  | 25840 |
|  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 |  | 12675 |  | 11238 |
|  4.125% due 08/15/2031 |  | 5200 |  | 4826 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  7.000% due 01/15/2030 |  | 31950 |  | 32639 |
|  8.125% due 06/01/2028 |  | 3000 |  | 3070 |
|  8.375% due 06/01/2031 |  | 17925 |  | 18651 |
|  9.500% due 02/01/2029 |  | 12700 |  | 13739 |
|  9.875% due 02/01/2032 |  | 4362 |  | 4687 |
|  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 |  | 31875 |  | 32799 |
|  6.500% due 01/15/2034 |  | 10350 |  | 10796 |
|  6.500% due 06/15/2034 |  | 15075 |  | 15702 |
|  6.750% due 01/15/2036 |  | 7166 |  | 7595 |
|  7.500% due 05/01/2033 |  | 13575 |  | 14930 |
|  7.750% due 05/01/2035 |  | 4300 |  | 4822 |
|  Veritiv Operating Co. | Veritiv Operating Co. | Veritiv Operating Co. | Veritiv Operating Co. | Veritiv Operating Co. |
|  10.500% due 11/30/2030 |  | 6775 |  | 7049 |
|  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 |  | 6050 |  | 6197 |
|  Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. | Vertiv Group Corp. |
|  4.125% due 11/15/2028 |  | 15000 |  | 14782 |
|  Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. |
|  5.875% due 10/15/2033 |  | 5325 |  | 5261 |
|  7.000% due 02/15/2029 |  | 4300 |  | 4310 |
|  9.125% due 07/15/2031 |  | 20200 |  | 21321 |
|  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 |  | 13100 |  | 10749 |
|  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 |  | 11400 |  | 10119 |
|  5.500% due 05/15/2029 |  | 26825 |  | 25744 |
|  Viridien | Viridien | Viridien | Viridien | Viridien |
|  10.000% due 10/15/2030 |  | 3402 |  | 3623 |
|  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 (j) |  | 4800 |  | 4151 |
|  7.875% due 05/01/2027 (j) |  | 12425 |  | 12276 |
|  9.500% due 06/01/2028 |  | 19533 |  | 19099 |
|  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 |
|  4.750% due 07/15/2031 |  | 12480 |  | 10751 |
|  6.750% due 01/15/2033 |  | 3220 |  | 2881 |
|  7.750% due 04/15/2032 |  | 16300 |  | 15645 |
|  VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. |
|  5.000% due 02/15/2028 |  | 6250 |  | 6227 |
|  Voyager Parent LLC | Voyager Parent LLC | Voyager Parent LLC | Voyager Parent LLC | Voyager Parent LLC |
|  9.250% due 07/01/2032 |  | 10375 |  | 10778 |
|  VZ Secured Financing BV | VZ Secured Financing BV | VZ Secured Financing BV | VZ Secured Financing BV | VZ Secured Financing BV |
|  5.000% due 01/15/2032 |  | 6691 |  | 5742 |
|  7.500% due 01/15/2033 |  | 30825 |  | 29083 |
|  Wayfair LLC | Wayfair LLC | Wayfair LLC | Wayfair LLC | Wayfair LLC |
|  6.750% due 11/15/2032 |  | 3000 |  | 3025 |
|  7.250% due 10/31/2029 |  | 3743 |  | 3823 |
|  7.750% due 09/15/2030 |  | 3380 |  | 3522 |
|  WBI Operating LLC | WBI Operating LLC | WBI Operating LLC | WBI Operating LLC | WBI Operating LLC |
|  6.250% due 10/15/2030 |  | 7325 |  | 7374 |
|  Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. |
|  6.750% due 10/15/2033 |  | 26925 |  | 27529 |
|  WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. |
|  5.250% due 04/15/2031 |  | 7060 |  | 7035 |

---

---

| | | |
|:---|:---|:---|
| **80** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  WEX, Inc. | WEX, Inc. | WEX, Inc. |
|  6.500% due 03/15/2033 | 350 | 343 |
|  Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. |
|  6.500% due 06/15/2033 | 2075 | 1968 |
|  White Cap Supply Holdings LLC | White Cap Supply Holdings LLC | White Cap Supply Holdings LLC |
|  7.375% due 11/15/2030 | 3725 | 3616 |
|  Wildfire Intermediate Holdings LLC | Wildfire Intermediate Holdings LLC | Wildfire Intermediate Holdings LLC |
|  7.500% due 10/15/2029 | 2480 | 2515 |
|  Williams Scotsman, Inc. | Williams Scotsman, Inc. | Williams Scotsman, Inc. |
|  4.625% due 08/15/2028 | 542 | 534 |
|  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 | 12275 | 12838 |
|  WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC |
|  5.625% due 08/15/2029 | 4300 | 3959 |
|  6.625% due 08/15/2032 | 7250 | 7071 |
|  7.000% due 08/01/2033 | 4625 | 4496 |
|  Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. | Wyndham Hotels & Resorts, Inc. |
|  4.375% due 08/15/2028 | 8600 | 8406 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. |
|  5.250% due 05/15/2027 | 16000 | 15951 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |
|  5.125% due 10/01/2029 | 8000 | 7901 |
|  7.125% due 02/15/2031 | 12500 | 13110 |
|  XPLR Infrastructure Operating Partners LP | XPLR Infrastructure Operating Partners LP | XPLR Infrastructure Operating Partners LP |
|  7.250% due 01/15/2029 | 1100 | 1135 |
|  Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
|  3.625% due 03/15/2031 | 14100 | 13033 |
|  4.625% due 01/31/2032 | 4200 | 4014 |
|  4.750% due 01/15/2030 | 4800 | 4723 |
|  6.875% due 11/15/2037 | 550 | 600 |
|  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) | 5943 | 5912 |
|  Zebra Technologies Corp. | Zebra Technologies Corp. | Zebra Technologies Corp. |
|  6.500% due 06/01/2032 | 425 | 428 |
|  ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. |
|  6.750% due 04/23/2030 | 23210 | 22469 |
|  6.875% due 04/23/2032 | 1600 | 1522 |
|  7.500% due 03/24/2031 | 5825 | 5726 |
|  Ziggo Bond Co. BV | Ziggo Bond Co. BV | Ziggo Bond Co. BV |
|  5.125% due 02/28/2030 | 3300 | 2835 |
|  Ziggo BV | Ziggo BV | Ziggo BV |
|  4.875% due 01/15/2030 | 21900 | 20472 |
|  ZipRecruiter, Inc. | ZipRecruiter, Inc. | ZipRecruiter, Inc. |
|  5.000% due 01/15/2030 | 3650 | 2111 |
|  ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. |
|  3.875% due 02/01/2029 | 12400 | 10318 |
|  |  | 4495095 |
| UTILITIES 5.0% | UTILITIES 5.0% | UTILITIES 5.0% |
|  AES Corp. | AES Corp. | AES Corp. |
|  6.950% due 07/15/2055 •  | 9300 | 8686 |
|  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 | 6059 | 6323 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
|  5.800% due 03/15/2056 •  | 7950 | 7859 |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp. | Antero Midstream Partners LP/Antero Midstream Finance Corp. | Antero Midstream Partners LP/Antero Midstream Finance Corp. |
|  5.750% due 01/15/2028 | 1775 | 1776 |
|  Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC |
|  4.750% due 03/15/2028 | 11350 | 11205 |
|  Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
|  3.750% due 03/01/2031 | 16000 | 15273 |
|  4.625% due 02/01/2029 | 3685 | 3641 |
|  5.000% due 02/01/2031 | 15000 | 15046 |
|  ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA |
|  6.750% due 02/28/2030 | 9900 | 10024 |
|  Edison International | Edison International | Edison International |
|  8.125% due 06/15/2053 •  | 4150 | 4228 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  9.125% due 03/15/2033 •(f) | 9600 | 11120 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Emera U.S. Finance LLC | Emera U.S. Finance LLC | Emera U.S. Finance LLC |
|  6.650% due 10/01/2056 •  | 6475 | 6477 |
|  6.850% due 10/01/2056 •  | 3750 | 3756 |
|  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 | 8900 | 8864 |
|  7.875% due 05/15/2032 | 14442 | 14862 |
|  8.000% due 05/15/2033 | 4350 | 4498 |
|  8.875% due 04/15/2030 | 2000 | 2090 |
|  Hilcorp Energy I LP/Hilcorp Finance Co. | Hilcorp Energy I LP/Hilcorp Finance Co. | Hilcorp Energy I LP/Hilcorp Finance Co. |
|  5.750% due 02/01/2029 | 2343 | 2312 |
|  6.000% due 04/15/2030 | 2000 | 1948 |
|  6.250% due 11/01/2028 | 2900 | 2916 |
|  6.875% due 05/15/2034 | 9100 | 8909 |
|  Lightning Power LLC | Lightning Power LLC | Lightning Power LLC |
|  7.250% due 08/15/2032 | 7300 | 7594 |
|  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 | 7400 | 7628 |
|  NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
|  3.375% due 02/15/2029 | 8925 | 8465 |
|  3.625% due 02/15/2031 | 2425 | 2234 |
|  5.750% due 07/15/2029 | 17764 | 17746 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  7.125% due 08/15/2056 •  | 20225 | 19112 |
|  7.375% due 09/15/2055 •  | 5170 | 4944 |
|  Pattern Energy Operations LP/Pattern Energy Operations, Inc. | Pattern Energy Operations LP/Pattern Energy Operations, Inc. | Pattern Energy Operations LP/Pattern Energy Operations, Inc. |
|  4.500% due 08/15/2028 | 3100 | 3029 |
|  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 | 5450 | 5600 |
|  9.875% due 03/15/2030 | 4775 | 5121 |
|  PG&E Corp. | PG&E Corp. | PG&E Corp. |
|  6.850% due 09/15/2056 •  | 9200 | 9095 |
|  7.375% due 03/15/2055 •  | 5950 | 5993 |
|  Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. |
|  7.000% due 09/15/2056 •  | 3550 | 3524 |
|  7.250% due 09/15/2056 •  | 3750 | 3736 |
|  Sierra Pacific Power Co. | Sierra Pacific Power Co. | Sierra Pacific Power Co. |
|  6.375% due 09/15/2056 •  | 7475 | 7416 |
|  Talen Energy Supply LLC | Talen Energy Supply LLC | Talen Energy Supply LLC |
|  6.250% due 02/01/2034 | 15800 | 15635 |
|  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 | 6900 | 6814 |
|  TerraForm Power Operating LLC | TerraForm Power Operating LLC | TerraForm Power Operating LLC |
|  5.000% due 01/31/2028 | 7900 | 7817 |
|  TXNM Energy, Inc. | TXNM Energy, Inc. | TXNM Energy, Inc. |
|  7.000% due 07/31/2056 •  | 10200 | 10175 |
|  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 | 15625 | 15554 |
|  Veon Midco BV | Veon Midco BV | Veon Midco BV |
|  3.375% due 11/25/2027 | 15705 | 14909 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  4.375% due 05/01/2029 | 17725 | 17314 |
|  5.000% due 07/31/2027 | 1560 | 1555 |
|  7.750% due 10/15/2031 | 3350 | 3511 |
|  Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
|  5.125% due 06/04/2081 •  | 800 | 622 |
|  VoltaGrid LLC | VoltaGrid LLC | VoltaGrid LLC |
|  7.375% due 11/01/2030 | 4000 | 4133 |
|  |  | 361089 |
|  Total Corporate Bonds & Notes (Cost $5,853,261) | Total Corporate Bonds & Notes (Cost $5,853,261) | 5821202 |
| U.S. TREASURY OBLIGATIONS 8.6% | U.S. TREASURY OBLIGATIONS 8.6% | U.S. TREASURY OBLIGATIONS 8.6% |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  0.750% due 04/30/2026 (l) | 178000 | 177580 |
|  3.375% due 02/29/2028 | 91650 | 90934 |
|  3.500% due 02/28/2031 (j) | 148850 | 145972 |
|  3.625% due 12/31/2030 | 165700 | 163464 |
|  3.750% due 10/31/2032 | 925 | 906 |
|  4.250% due 05/15/2035 | 29625 | 29551 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.250% due 08/15/2035 | $— | 4029 | $— | 4015 |
|  Total U.S. Treasury Obligations (Cost $614,930) | Total U.S. Treasury Obligations (Cost $614,930) | Total U.S. Treasury Obligations (Cost $614,930) |  | 612422 |
|  | **SHARES** | **SHARES** |  |  |
| COMMON STOCKS 0.0% | 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% | INDUSTRIALS 0.0% |
|  Spirit Aviation Holdings, Inc. (c) |  | 548816 |  | 137 |
|  Total Common Stocks (Cost $8,168) | Total Common Stocks (Cost $8,168) | Total Common Stocks (Cost $8,168) |  | 137 |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Spirit Aviation Holdings, Inc. - Exp. 03/11/2035 « |  | 602610 |  | 48 |
|  Total Warrants (Cost $7,327) | Total Warrants (Cost $7,327) | Total Warrants (Cost $7,327) |  | 48 |
|  | **PRINCIPAL**<br> **AMOUNT**<br> (000S) | **PRINCIPAL**<br> **AMOUNT**<br> (000S) |  |  |
| SHORT-TERM INSTRUMENTS 4.2% | SHORT-TERM INSTRUMENTS 4.2% | SHORT-TERM INSTRUMENTS 4.2% | SHORT-TERM INSTRUMENTS 4.2% | SHORT-TERM INSTRUMENTS 4.2% |
| REPURCHASE AGREEMENTS (i) 4.0% | REPURCHASE AGREEMENTS (i) 4.0% | REPURCHASE AGREEMENTS (i) 4.0% | REPURCHASE AGREEMENTS (i) 4.0% | REPURCHASE AGREEMENTS (i) 4.0% |
|  |  |  |  | 289700 |
| U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% | U.S. TREASURY BILLS 0.2% |
|  3.682% due 04/21/2026 -07/21/2026 (d)(e)(l)(n) | $— | 13800 |  | 13719 |
| Total Short-Term Instruments (Cost $303,419) | Total Short-Term Instruments (Cost $303,419) | Total Short-Term Instruments (Cost $303,419) |  | 303419 |
| Total Investments in Securities (Cost $6,989,035) | Total Investments in Securities (Cost $6,989,035) | Total Investments in Securities (Cost $6,989,035) |  | 6926495 |
|  | **SHARES** | **SHARES** |  |  |
| INVESTMENTS IN AFFILIATES 7.2% | INVESTMENTS IN AFFILIATES 7.2% | INVESTMENTS IN AFFILIATES 7.2% | INVESTMENTS IN AFFILIATES 7.2% | INVESTMENTS IN AFFILIATES 7.2% |
| MUTUAL FUNDS 1.8% | MUTUAL FUNDS 1.8% | MUTUAL FUNDS 1.8% | MUTUAL FUNDS 1.8% | MUTUAL FUNDS 1.8% |
|  PIMCO Preferred And<br>Capital Securities Active Exchange-Traded Fund |  | 860342 |  | 43593 |
|  PIMCO Senior Loan Active Exchange-Traded Fund |  | 1697595 |  | 83826 |
| Total Mutual Funds (Cost $128,852) | Total Mutual Funds (Cost $128,852) | Total Mutual Funds (Cost $128,852) |  | 127419 |
| SHORT-TERM INSTRUMENTS 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% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.4% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III |  | 39543136 |  | 385111 |
| Total Short-Term Instruments (Cost $385,001) | Total Short-Term Instruments (Cost $385,001) | Total Short-Term Instruments (Cost $385,001) |  | 385111 |
| Total Investments in Affiliates (Cost $513,853) | Total Investments in Affiliates (Cost $513,853) | Total Investments in Affiliates (Cost $513,853) |  | 512530 |
| Total Investments 103.9% (Cost $7,502,888) | Total Investments 103.9% (Cost $7,502,888) | Total Investments 103.9% (Cost $7,502,888) | $— | 7439025 |
|  Financial Derivative Instruments (k)(m) 0.1%<br> (Cost or Premiums, net $31,615) | Financial Derivative Instruments (k)(m) 0.1%<br> (Cost or Premiums, net $31,615) | Financial Derivative Instruments (k)(m) 0.1%<br> (Cost or Premiums, net $31,615) |  | 7580 |
| Other Assets and Liabilities, net (4.0)% | Other Assets and Liabilities, net (4.0)% | Other Assets and Liabilities, net (4.0)% |  | (284135) |
| Net Assets 100.0% | Net Assets 100.0% | Net Assets 100.0% | $— | 7162470 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 81

------

Schedule of Investments PIMCO High Yield Fund (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.

(a) When-issued security.

(b) Payment in-kind security.

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

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

(e) Zero coupon security.

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

(g) Institutional Class Shares of each Fund.

(h) Contingent convertible security.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 3.680% | 04/01/2026 | 04/02/2026 | $60500 | U.S. Treasury Notes 4.125% due 03/31/2029 | $(61714) | $60500 | $60500 |
|  | 3.710 | 03/31/2026 | 04/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137700 | U.S. Treasury Notes 4.125% due 03/31/2029 | (140641) | 137700 | 137714 |
| SAL | 3.670 | 04/01/2026 | 04/02/2026 | 100 | U.S. Treasury Notes 3.625% due 03/31/2028 | (102) | 100 | 100 |
|  | 3.720 | 03/31/2026 | 04/01/2026 | 91400 | U.S. Treasury Bills 0.000% due 04/28/2026 | (93269) | 91400 | 91410 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(295726) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289724 |

---

#### 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 | 3.000% | 12/19/2025 | TBD<sup>(3)</sup> | $(8675) | $(8750) |
|  | 3.000 | 03/20/2026 | 05/01/2026 | (5451) | (5457) |
|  | 3.450 | 12/12/2025 | TBD<sup>(3)</sup> | (8140) | (8226) |
|  JPS | 3.500 | 03/26/2026 | 04/02/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55789) | (55821) |
|  MSC | 3.000 | 03/20/2026 | 05/01/2026 | (2053) | (2055) |
|  | 3.400 | 03/20/2026 | 05/01/2026 | (3438) | (3442) |
|  | 3.500 | 03/20/2026 | 05/01/2026 | (1925) | (1927) |
|  | 3.550 | 03/20/2026 | 05/01/2026 | (5940) | (5947) |
|  | 3.550 | 03/31/2026 | 05/01/2026 | (7307) | (7307) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98932) |

---

#### 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 |
|  BOS | $198214 | $0 | $0 | $198214 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(202355) | $(4141) |
|  BRC | 0 | (22433) | 0 | (22433) | 25778 | 3345 |
|  JPS | 0 | (55821) | 0 | (55821) | 55898 | 77 |
|  MSB | 0 | 0 | 0 | 0 | 372 | 372 |
|  MSC | 0 | (20678) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20678) | 26895 | 6217 |
|  SAL | 91510 | 0 | 0 | 91510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93371) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1861) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289724 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98932) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

82 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

March 31, 2026

#### 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 |  |  |  |  |  |
|  Corporate Bonds & Notes | $0 | $0 | $(26135) | $(16976) | $(43111) |
|  U.S. Treasury Obligations | 0 | (55821) | 0 | 0 | (55821) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55821) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26135) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16976) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98932) |
|  Payable for reverse repurchase agreements  |  |  |  |  | $(98932) |

---

(j) Securities with an aggregate market value of $108,571 and cash of $372 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 $(27821) at a weighted average interest rate of 3.386%. 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;(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 | 1605 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332950 | $(1125) | $48 | $(76) |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 3555 | 384579 | (5389) | 500 | 0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 5974 | 663394 | (2545) | 1139 | (51) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 467 | 53012 | (1182) | 139 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 381 | 44410 | (1465) | 83 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11706) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127) |

---

#### 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 | 77 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11160) | $298 | $0 | $(81) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11408) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(208) |

---

#### 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% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13375 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1293 | $46 | $1339 | $15 | $0 |
|  Discovery Global Holdings, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.970 | 3875 | (14) | 16 | 2 | 1 | 0 |
|  Telecom Italia spa | 1.000 | Quarterly | 12/20/2029 | 0.794 | 1075 | (22) | 32 | 10 | 0 | (2) |
|  |  |  |  |  |  | $1257 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### 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;335437 | $23701 | $(5477) | $18224 | $3014 | $0 |
|  CDX.HY-46 5-Year Index | 5.000 | Quarterly | 06/20/2031 | 263875 | 10535 | 2547 | 13082 | 2408 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34236 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2930) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31306 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5422 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 83

------

Schedule of Investments PIMCO High Yield Fund (Cont.)

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250% | Annual | 06/18/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261300 | $(2583) | $(540) | $(3123) | $75 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 160375 | (4424) | 3461 | (963) | 0 | (151) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 08/31/2030 | 76737 | 251 | 510 | 761 | 0 | (76) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 38875 | (1633) | 1442 | (191) | 0 | (44) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2032 | 28700 | 1511 | (865) | 646 | 0 | (33) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 48483 | (202) | 61 | (141) | 0 | (57) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2033 | 22000 | 5 | 4 | 9 | 0 | (23) |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.916 | Annual | 11/15/2053 | 65150 | 0 | 2586 | 2586 | 230 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.998 | Annual | 11/15/2053 | 1584 | 0 | 42 | 42 | 6 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.083 | Annual | 11/15/2053 | 1900 | 0 | 24 | 24 | 7 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 | 30350 | 3334 | 1464 | 4798 | 111 | 0 |
|  |  |  |  |  |  | $(3741) | $8189 | $4448 | $429 | $(384) |
|  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;31752 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5353 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5867 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(386) |

---

#### 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;1909 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5867 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7776 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(208) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(386) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(594) |

---

(l) Securities with an aggregate market value of $86,900 and cash of $7,953 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 Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

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

&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 | $690 | 945 | $0 | $(11) |
|  CBK | 04/2026 | 8402 | $9755 | 44 | 0 |
|  | 04/2026 | 842 | 1127 | 13 | 0 |
|  | 04/2026 | $1205 | 894 | 0 | (22) |
|  DUB | 04/2026 | 1193 | 1739 | 7 | 0 |
|  | 05/2026 | 1739 | $1193 | 0 | (7) |
|  FAR | 04/2026 | 666 | 472 | 13 | 0 |
|  GLM | 05/2026 | 245 | 324 | 0 | 0 |
|  IND | 04/2026 | 14583 | 17219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 | 0 |
|  JPM | 04/2026 | $9856 | 8397 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150) |

---

---

| | | |
|:---|:---|:---|
| **84** | **PIMCO CREDIT BOND FUNDS** | 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** |
|  MBC | 04/2026 | 780 | $909 | $7 | $0 |
|  | 04/2026 | 1505 | 2009 | 17 | 0 |
|  | 05/2026 | 1208 | 1593 | 0 | (6) |
|  SCX | 04/2026 | 946 | 684 | 3 | 0 |
|  | 05/2026 | $684 | 945 | 0 | (3) |
|  SOG | 04/2026 | 8442 | $9988 | 231 | 0 |
|  | 04/2026 | $27476 | 23810 | 44 | 0 |
|  | 05/2026 | 23810 | $27519 | 0 | (43) |
|  SSB | 04/2026 | 1073 | 764 | 23 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(242) |

---

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>March 31, 2026<sup>(2)</sup> | 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 | 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> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | Nissan Motor Co. Ltd. | 1.000% | Quarterly | 12/20/2030 | 2.738% | JPY | 104700 | $(53) | $4 | $0 | $(49) |
| JPM | Nissan Motor Co. Ltd. | 1.000 | Quarterly | 12/20/2030 | 2.738 |  | 49900 | (26) | 3 | 0 | (23) |
| MYC | Nissan Motor Co. Ltd. | 1.000 | Quarterly | 12/20/2030 | 2.738 |  | 29900 | (15) | 1 | 0 | (14) |
| NGF | Nissan Motor Co. Ltd. | 1.000 | Quarterly | 12/20/2030 | 2.738 |  | 84700 | (43) | 3 | 0 | (40) |
|  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;(137) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126) |

---

#### 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 | $0 | $0 | $0 | $0 | $(11) | $0 | $0 | $(11) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |
|  CBK | 57 | 0 | 0 | 57 | (22) | 0 | 0 | (22) | 35 | 0 | 35 |
|  DUB | 7 | 0 | 0 | 7 | (7) | 0 | 0 | (7) | 0 | 0 | 0 |
|  FAR | 13 | 0 | 0 | 13 | 0 | 0 | 0 | 0 | 13 | 0 | 13 |
|  GST | 0 | 0 | 0 | 0 | 0 | 0 | (49) | (49) | (49) | 0 | (49) |
|  IND | 364 | 0 | 0 | 364 | 0 | 0 | 0 | 0 | 364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(320) | 44 |
|  JPM | 0 | 0 | 0 | 0 | (150) | 0 | (23) | (173) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(173) | 272 | 99 |
|  MBC | 24 | 0 | 0 | 24 | (6) | 0 | 0 | (6) | 18 | 0 | 18 |
|  MYC | 0 | 0 | 0 | 0 | 0 | 0 | (14) | (14) | (14) | 0 | (14) |
|  NGF | 0 | 0 | 0 | 0 | 0 | 0 | (40) | (40) | (40) | 0 | (40) |
|  SCX | 3 | 0 | 0 | 3 | (3) | 0 | 0 | (3) | 0 | 0 | 0 |
|  SOG | 275 | 0 | 0 | 275 | (43) | 0 | 0 | (43) | 232 | (270) | (38) |
|  SSB | 23 | 0 | 0 | 23 | 0 | 0 | 0 | 0 | 23 | 0 | 23 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766 | $&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;766 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(242) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(368) |  |  |  |

---

(n) Securities with an aggregate market value of $272 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 Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **85** |

---

------

Schedule of Investments PIMCO High Yield Fund (Cont.)

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

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

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of 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 | $1909 | $1909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 5438 | 0 | 0 | 429 | 5867 |
|  | $0 | $5438 | $0 | $0 | $2338 | $7776 |
|  Over 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 | $766 | $0 | $766 |
|  | $&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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2338 | $8542 |
|  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 | $208 | $208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 0 | 384 | 386 |
|  | $0 | $2 | $0 | $0 | $592 | $594 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $242 | $0 | $242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 126 | 0 | 0 | 0 | 126 |
|  | $0 | $126 | $0 | $242 | $0 | $368 |
|  | $0 | $128 | $0 | $242 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962 |

---

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 | $8953 | $8953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 33393 | 0 | 0 | (3782) | 29611 |
|  | $0 | $33393 | $0 | $0 | $5171 | $38564 |
|  Over 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 | $(367) | $0 | $(367) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 24 | 0 | 0 | 0 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3 | 0 | 0 | 0 | 3 |
|  | $0 | $27 | $0 | $(367) | $0 | $(340) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33420 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(367) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5171 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38224 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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 | $(17041) | $(17041) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 900 | 0 | 0 | 5423 | 6323 |
|  | $0 | $900 | $0 | $0 | $(11618) | $(10718) |
|  Over 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 | $692 | $0 | $692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 11 | 0 | 0 | 0 | 11 |
|  | $0 | $11 | $0 | $692 | $0 | $703 |
|  | $0 | $911 | $0 | $692 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11618) | $(10015) |

---

86 PIMCO CREDIT BOND FUNDS 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 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 | $152227 | $37040 | $189267 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 963855 | 1163 | 965018 |
| &nbsp;&nbsp; Industrials | 0 | 4495095 | 0 | 4495095 |
| &nbsp;&nbsp; Utilities | 0 | 361089 | 0 | 361089 |
|  U.S. Treasury Obligations | 0 | 612422 | 0 | 612422 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Industrials | 137 | 0 | 0 | 137 |
|  Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Industrials | 0 | 0 | 48 | 48 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 289700 | 0 | 289700 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 13719 | 0 | 13719 |
|  | $137 | $6888107 | $38251 | $6926495 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Mutual Funds | 127419 | 0 | 0 | 127419 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 385111 | 0 | 0 | 385111 |
|  | $512530 | $0 | $0 | $512530 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512667 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6888107 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38251 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7439025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 | $7776 | $0 | $7776 |
|  Over the counter | 0 | 766 | 0 | 766 |
|  | $0 | $8542 | $0 | $8542 |
|  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 | (81) | (513) | 0 | (594) |
|  Over the counter | 0 | (368) | 0 | (368) |
|  | $(81) | $(881) | $0 | $(962) |
|  Total Financial Derivative Instruments | $(81) | $7661 | $0 | $7580 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512586 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6895768 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38251 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7446605 |

---

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 | **87** |

---

------

Schedule of Investments PIMCO High Yield Spectrum Fund

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 94.7% | INVESTMENTS IN SECURITIES 94.7% | INVESTMENTS IN SECURITIES 94.7% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 7.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 7.1% | LOAN PARTICIPATIONS AND ASSIGNMENTS 7.1% |
|  Altice France SA | Altice France SA | Altice France SA |
|  10.547% (TSFR3M + 6.875%) due 05/31/2031 ~ | 753 | 756 |
|  Clearwater Analytics LLC | Clearwater Analytics LLC | Clearwater Analytics LLC |
|  5.675% (TSFR1M + 2.000%) due 04/21/2032 ~ | 796 | 796 |
|  Clover Holdings 2 LLC | Clover Holdings 2 LLC | Clover Holdings 2 LLC |
|  TBD% - 3.500% due 12/10/2029 ~µ | 198 | 182 |
|  7.676% (TSFR1M + 4.000%) due 12/09/2031 ~ | 1390 | 1334 |
|  Columbus McKinnon Corp. | Columbus McKinnon Corp. | Columbus McKinnon Corp. |
|  7.200% (TSFR3M + 3.500%) due 02/03/2033 ~ | 619 | 617 |
|  Cotiviti Corp. | Cotiviti Corp. | Cotiviti Corp. |
|  6.418% (TSFR1M + 2.750%) due 05/01/2031 ~ | 884 | 817 |
|  6.418% (TSFR1M + 2.750%) due 03/26/2032 ~ | 298 | 275 |
|  Cyberswift U.S. Finco LLC | Cyberswift U.S. Finco LLC | Cyberswift U.S. Finco LLC |
|  7.646% (TSFR3M + 4.000%) due 10/08/2032 ~ | 500 | 494 |
|  Envision Healthcare Corp. | Envision Healthcare Corp. | Envision Healthcare Corp. |
|  11.641% (TSFR3M + 7.875%) due 07/20/2026 «~ | 105 | 105 |
|  11.641% (TSFR3M + 7.875%) due 11/03/2028 «~ | 428 | 441 |
|  Finastra USA, Inc. | Finastra USA, Inc. | Finastra USA, Inc. |
|  7.671% (TSFR3M + 4.000%) due 09/15/2032 ~ | 1300 | 1224 |
|  Galaxy U.S. Opco, Inc. | Galaxy U.S. Opco, Inc. | Galaxy U.S. Opco, Inc. |
|  12.667% (TSFR3M + 5.250%) due 07/31/2030 ~ | 502 | 435 |
|  Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
|  7.170% (TSFR3M + 3.500%) due 10/01/2032 ~ | 500 | 499 |
|  Golden State Food LLC | Golden State Food LLC | Golden State Food LLC |
|  TBD% (TSFR3M + 3.500%) due 12/04/2031 ~ | 469 | 470 |
|  Ineos U.S. Finance LLC | Ineos U.S. Finance LLC | Ineos U.S. Finance LLC |
|  6.918% (TSFR1M + 3.250%) due 02/18/2030 ~ | 582 | 510 |
|  ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. |
|  7.450% (TSFR3M + 3.750%) due 10/07/2032 ~ | 800 | 647 |
|  Jane Street Group LLC | Jane Street Group LLC | Jane Street Group LLC |
|  5.673% (TSFR3M + 2.000%) due 12/15/2031 ~ | 1795 | 1765 |
|  McAfee LLC | McAfee LLC | McAfee LLC |
|  6.668% (TSFR1M + 3.000%) due 03/01/2029 ~ | 794 | 712 |
|  MH Sub I LLC | MH Sub I LLC | MH Sub I LLC |
|  7.918% (TSFR1M + 4.250%) due 12/31/2031 ~ | 988 | 663 |
|  Modena Buyer LLC | Modena Buyer LLC | Modena Buyer LLC |
|  7.917% (TSFR3M + 4.250%) due 07/01/2031 ~ | 203 | 183 |
|  MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
|  7.417% (TSFR3M + 3.750%) due 12/31/2030 ~ | 44 | 44 |
|  Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. | Neptune Bidco U.S., Inc. |
|  8.760% (TSFR3M + 5.000%) due 02/03/2033 ~ | 1000 | 956 |
|  Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
|  7.269% - 9.442% (TSFR1M + 3.500%) due 04/30/2029 ~ | 72 | 24 |
|  Ontario Gaming GTA LP | Ontario Gaming GTA LP | Ontario Gaming GTA LP |
|  7.950% (TSFR3M + 4.250%) due 08/01/2030 ~ | 549 | 515 |
|  Paradigm Parent LLC | Paradigm Parent LLC | Paradigm Parent LLC |
|  8.200% (TSFR3M + 4.500%) due 04/16/2032 ~ | 1369 | 1136 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Peraton Corp. | Peraton Corp. | Peraton Corp. | Peraton Corp. |
|  7.517% (TSFR3M + 3.750%) due 02/01/2028 ~ | $| 796 | 681 |
|  Petco Health & Wellness Co., Inc. | Petco Health & Wellness Co., Inc. | Petco Health & Wellness Co., Inc. | Petco Health & Wellness Co., Inc. |
|  7.950% (TSFR3M + 4.250%) due 02/03/2031 ~ |  | 550 | 539 |
|  Polaris Newco LLC | Polaris Newco LLC | Polaris Newco LLC | Polaris Newco LLC |
|  7.928% (TSFR3M + 4.000%) due 06/02/2028 ~ |  | 399 | 352 |
|  QualityTech LP | QualityTech LP | QualityTech LP | QualityTech LP |
|  7.173% (TSFR1M + 3.500%) due 10/30/2031 «~ |  | 990 | 989 |
|  QuidelOrtho Corp. | QuidelOrtho Corp. | QuidelOrtho Corp. | QuidelOrtho Corp. |
|  7.668% (TSFR1M + 4.000%) due 08/20/2032 ~ |  | 498 | 498 |
|  Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP |
|  6.200% (TSFR3M + 2.500%) due 09/18/2031 ~ |  | 393 | 395 |
|  Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC |
|  7.518% (TSFR1M + 3.750%) due 10/16/2028 ~ |  | 742 | 636 |
|  Spirit Airlines, Inc. | Spirit Airlines, Inc. | Spirit Airlines, Inc. | Spirit Airlines, Inc. |
|  TBD% due 07/14/2026 «~ |  | 156 | 84 |
|  TBD% (TSFR1M + 8.000%) due 07/14/2026 ~ |  | 14 | 14 |
|  TBD% due 07/14/2026 ~ |  | 18 | 18 |
|  Stepstone Group Midco 2 GmbH | Stepstone Group Midco 2 GmbH | Stepstone Group Midco 2 GmbH | Stepstone Group Midco 2 GmbH |
|  6.599% (EUR006M + 4.500%) due 04/26/2032 ~ | EUR | 525 | 533 |
|  Stonepeak Bayou Holdings LP | Stonepeak Bayou Holdings LP | Stonepeak Bayou Holdings LP | Stonepeak Bayou Holdings LP |
|  6.450% (TSFR3M + 2.750%) due 10/01/2032 ~ | $| 500 | 487 |
|  Subcalidora 2 | Subcalidora 2 | Subcalidora 2 | Subcalidora 2 |
|  7.877% (EUR003M + 5.750%) due 08/14/2029 «~ | EUR | 1000 | 1130 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  6.168% (TSFR1M + 2.500%) due 02/28/2031 ~ | $| 1731 | 1734 |
|  6.168% (TSFR1M + 2.500%) due 08/19/2032 ~ |  | 1570 | 1572 |
|  Transnet SOC Ltd. | Transnet SOC Ltd. | Transnet SOC Ltd. | Transnet SOC Ltd. |
|  10.658% due 03/02/2028 «~ | ZAR | 10857 | 633 |
|  Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. |
|  7.450% (TSFR3M + 3.750%) due 09/15/2028 ~ | $| 745 | 708 |
|  U.S. Renal Care, Inc. | 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 «~ |  | 1125 | 1146 |
|  8.782% (TSFR1M + 5.000%) due 06/28/2028 ~ |  | 788 | 744 |
|  VEON Amsterdam BV | VEON Amsterdam BV | VEON Amsterdam BV | VEON Amsterdam BV |
|  7.902% (TSFR3M + 4.250%) due 03/25/2027 «~ |  | 900 | 895 |
|  Veritiv Corp. | Veritiv Corp. | Veritiv Corp. | Veritiv Corp. |
|  7.700% (TSFR3M + 4.000%) due 12/02/2030 ~ |  | 518 | 505 |
|  Total Loan Participations and Assignments (Cost $30,904) | Total Loan Participations and Assignments (Cost $30,904) | Total Loan Participations and Assignments (Cost $30,904) | 29893 |
| CORPORATE BONDS & NOTES 75.7% | CORPORATE BONDS & NOTES 75.7% | CORPORATE BONDS & NOTES 75.7% | CORPORATE BONDS & NOTES 75.7% |
| BANKING & FINANCE 13.3% | BANKING & FINANCE 13.3% | BANKING & FINANCE 13.3% | BANKING & FINANCE 13.3% |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
|  7.000% due 01/15/2031 |  | 1500 | 1514 |
|  7.375% due 10/01/2032 |  | 350 | 347 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. |
|  6.000% due 06/01/2029 |  | 100 | 97 |
|  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 | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL |
|  4.625% due 06/01/2028 |  | 1500 | 1466 |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  8.000% due 11/01/2031 |  | 100 | 111 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. |
|  6.375% due 02/15/2029 | 700 | 705 |
|  Asurion LLC/Asurion Co-Issuer, Inc. | Asurion LLC/Asurion Co-Issuer, Inc. | Asurion LLC/Asurion Co-Issuer, Inc. |
|  8.375% due 02/01/2034 | 1000 | 972 |
|  Atrium Finance PLC | Atrium Finance PLC | Atrium Finance PLC |
|  2.625% due 09/05/2027 | 375 | 411 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  9.625% due 12/15/2029 •(g)(h) | 700 | 764 |
|  Black Pearl Compute LLC | Black Pearl Compute LLC | Black Pearl Compute LLC |
|  6.125% due 02/15/2031 | 650 | 662 |
|  Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP |
|  8.875% due 04/12/2029 | 200 | 203 |
|  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 |
|  5.750% due 05/15/2026 | 261 | 261 |
|  Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
|  6.875% due 04/15/2030 | 1100 | 972 |
|  7.500% due 07/15/2033 | 575 | 479 |
|  Canary Wharf Group Investment Holdings PLC | Canary Wharf Group Investment Holdings PLC | Canary Wharf Group Investment Holdings PLC |
|  3.375% due 04/23/2028 | 300 | 374 |
|  Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP |
|  7.200% due 12/12/2028 | 300 | 312 |
|  CrossCountry Intermediate HoldCo LLC | CrossCountry Intermediate HoldCo LLC | CrossCountry Intermediate HoldCo LLC |
|  6.500% due 10/01/2030 | 458 | 437 |
|  Diversified Healthcare Trust | Diversified Healthcare Trust | Diversified Healthcare Trust |
|  7.250% due 10/15/2030 | 1250 | 1262 |
|  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 | 800 | 771 |
|  Encore Capital Group, Inc. | Encore Capital Group, Inc. | Encore Capital Group, Inc. |
|  4.250% due 06/01/2028 | 750 | 952 |
|  6.625% due 04/15/2031 | 500 | 498 |
|  8.500% due 05/15/2030 | 900 | 952 |
|  9.250% due 04/01/2029 | 500 | 524 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  5.918% due 03/20/2028 | 575 | 583 |
|  Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. |
|  6.625% due 01/15/2027 | 600 | 600 |
|  Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
|  8.375% due 04/01/2032 | 350 | 345 |
|  9.125% due 05/15/2031 | 700 | 712 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  3.125% due 10/12/2028 | 800 | 731 |
|  6.125% due 01/15/2031 | 900 | 845 |
|  FTAI Aviation Investors LLC | FTAI Aviation Investors LLC | FTAI Aviation Investors LLC |
|  5.500% due 05/01/2028 | 1450 | 1451 |
|  GGAM Finance Ltd. | GGAM Finance Ltd. | GGAM Finance Ltd. |
|  8.000% due 02/15/2027 | 300 | 303 |
|  Greengrove RE Ltd. | Greengrove RE Ltd. | Greengrove RE Ltd. |
|  11.290% (BNMMDTSC + 7.750%) due 04/08/2032 ~ | 250 | 259 |
|  GSG Bidco Ltd. | GSG Bidco Ltd. | GSG Bidco Ltd. |
|  4.700% due 06/15/2031 | 575 | 659 |
|  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 | 400 | 368 |
|  HUB International Ltd. | HUB International Ltd. | HUB International Ltd. |
|  7.250% due 06/15/2030 | 1900 | 1947 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  3.950% due 11/01/2027 | 325 | 307 |
|  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 | 300 | 294 |
|  9.000% due 06/15/2030 | 300 | 282 |
|  ICBC Standard Bank PLC | ICBC Standard Bank PLC | ICBC Standard Bank PLC |
|  20.000% due 12/13/2029 « | 5910000 | 485 |
|  ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. | ION Platform Finance U.S., Inc. |
|  7.875% due 09/30/2032 | 1025 | 795 |
|  ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL | ION Platform Finance U.S., Inc./ION Platform Finance SARL |
|  8.750% due 05/01/2029 | 500 | 466 |
|  Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. |
|  4.500% due 02/15/2031 | 775 | 728 |
|  Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. |
|  6.750% due 05/01/2033 | 200 | 203 |
|  7.125% due 04/30/2031 | 1500 | 1543 |

---

---

| | | |
|:---|:---|:---|
| **88** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC | Jefferson Capital Holdings LLC |
|  8.250% due 05/15/2030 | 500 | 522 |
|  Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. |
|  4.300% due 02/01/2061 | 375 | 235 |
|  Lion/Polaris Lux Midco SARL | Lion/Polaris Lux Midco SARL | Lion/Polaris Lux Midco SARL |
|  5.747% (EUR003M + 3.625%) due 07/01/2029 ~ | 600 | 695 |
|  Midcap Financial Issuer Trust | Midcap Financial Issuer Trust | Midcap Financial Issuer Trust |
|  6.500% due 05/01/2028 | 125 | 121 |
|  Millrose Properties, Inc. | Millrose Properties, Inc. | Millrose Properties, Inc. |
|  6.375% due 08/01/2030 | 450 | 450 |
|  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 | 375 | 380 |
|  Nature Coast Re Ltd. | Nature Coast Re Ltd. | Nature Coast Re Ltd. |
|  13.291% (GSMMUSTI + 9.750%) due 04/10/2033 ~ | 250 | 259 |
|  Navient Corp. | Navient Corp. | Navient Corp. |
|  9.375% due 07/25/2030 | 300 | 293 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 | 650 | 682 |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  2.750% due 03/09/2028 | 625 | 585 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  5.375% due 11/15/2029 | 1000 | 965 |
|  6.125% due 05/15/2030 | 1750 | 1712 |
|  6.750% due 09/15/2033 | 900 | 864 |
|  7.500% due 05/15/2031 | 475 | 478 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (e) | 800 | 626 |
|  Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC |
|  7.125% due 06/01/2031 | 1200 | 1205 |
|  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 | 500 | 480 |
|  Pebblebrook Hotel LP/PEB Finance Corp. | Pebblebrook Hotel LP/PEB Finance Corp. | Pebblebrook Hotel LP/PEB Finance Corp. |
|  6.375% due 10/15/2029 | 775 | 777 |
|  PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
|  5.750% due 09/15/2031 | 150 | 139 |
|  6.875% due 05/15/2032 | 750 | 725 |
|  Rfna LP | Rfna LP | Rfna LP |
|  7.875% due 02/15/2030 | 500 | 478 |
|  RHP Hotel Properties LP/RHP Finance Corp. | RHP Hotel Properties LP/RHP Finance Corp. | RHP Hotel Properties LP/RHP Finance Corp. |
|  4.500% due 02/15/2029 | 1100 | 1067 |
|  Rocket Cos., Inc. | Rocket Cos., Inc. | Rocket Cos., Inc. |
|  6.125% due 08/01/2030 | 2375 | 2398 |
|  6.500% due 08/01/2029 | 400 | 405 |
|  7.125% due 02/01/2032 | 100 | 103 |
|  SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. |
|  3.875% due 02/15/2027 | 1100 | 1089 |
|  Service Properties Trust | Service Properties Trust | Service Properties Trust |
|  0.000% due 09/30/2028 (e) | 1400 | 1275 |
|  SLM Corp. | SLM Corp. | SLM Corp. |
|  3.125% due 11/02/2026 | 1050 | 1041 |
|  6.500% due 01/31/2030 | 475 | 467 |
|  Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
|  5.250% due 10/15/2028 | 400 | 396 |
|  6.500% due 10/15/2030 | 500 | 507 |
|  Sunrise FinCo I BV | Sunrise FinCo I BV | Sunrise FinCo I BV |
|  4.875% due 07/15/2031 | 600 | 572 |
|  Thames Ssnm Unfunded Comm | Thames Ssnm Unfunded Comm | Thames Ssnm Unfunded Comm |
|  9.750% due 10/10/2027 | 90 | 115 |
|  Titanium 2l Bondco SARL | Titanium 2l Bondco SARL | Titanium 2l Bondco SARL |
|  6.250% due 01/14/2031 | 971 | 182 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  9.250% due 11/13/2028 •(g)(h) | 100 | 107 |
|  USI, Inc. | USI, Inc. | USI, Inc. |
|  7.500% due 01/15/2032 | 1000 | 1014 |
|  UWM Holdings LLC | UWM Holdings LLC | UWM Holdings LLC |
|  6.250% due 03/15/2031 | 700 | 638 |
|  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 | 630 | 648 |
|  Vornado Realty LP | Vornado Realty LP | Vornado Realty LP |
|  5.750% due 02/01/2033 | 1600 | 1570 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Winston RE Ltd. | Winston RE Ltd. | Winston RE Ltd. |
|  10.040% (BNMMDTSC + 6.500%) due 02/21/2028 ~ | 250 | 256 |
|  WULF Compute LLC | WULF Compute LLC | WULF Compute LLC |
|  7.750% due 10/15/2030 | 650 | 687 |
|  |  | 56160 |
| INDUSTRIALS 59.2% | INDUSTRIALS 59.2% | INDUSTRIALS 59.2% |
|  1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. |
|  4.000% due 10/15/2030 | 3950 | 3715 |
|  1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. |
|  10.000% due 04/15/2032 | 2100 | 2152 |
|  ADT Security Corp. | ADT Security Corp. | ADT Security Corp. |
|  4.875% due 07/15/2032 | 400 | 374 |
|  Advance Auto Parts, Inc. | Advance Auto Parts, Inc. | Advance Auto Parts, Inc. |
|  7.000% due 08/01/2030 | 1900 | 1926 |
|  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 | 625 | 597 |
|  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 | 2275 | 2327 |
|  Allison Transmission, Inc. | Allison Transmission, Inc. | Allison Transmission, Inc. |
|  3.750% due 01/30/2031 | 875 | 815 |
|  Allwyn Entertainment Financing U.K. PLC | Allwyn Entertainment Financing U.K. PLC | Allwyn Entertainment Financing U.K. PLC |
|  7.875% due 04/30/2029 | 854 | 874 |
|  Altice France SA | Altice France SA | Altice France SA |
|  6.875% due 10/15/2030 | 510 | 488 |
|  9.500% due 11/01/2029 | 2483 | 2511 |
|  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 | 142 | 142 |
|  5.750% due 04/20/2029 | 200 | 199 |
|  American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. |
|  3.875% due 11/15/2029 | 700 | 664 |
|  4.000% due 01/15/2028 | 700 | 687 |
|  ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG |
|  12.250% due 03/30/2029 | 325 | 346 |
|  Apache Corp. | Apache Corp. | Apache Corp. |
|  4.875% due 11/15/2027 | 1000 | 1006 |
|  APLD ComputeCo 2 LLC | APLD ComputeCo 2 LLC | APLD ComputeCo 2 LLC |
|  6.750% due 03/15/2031 | 600 | 596 |
|  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 |
|  2.000% due 09/01/2028 | 600 | 655 |
|  Ascent Resources Utica Holdings LLC/ARU<br>Finance Corp. | Ascent Resources Utica Holdings LLC/ARU<br>Finance Corp. | Ascent Resources Utica Holdings LLC/ARU<br>Finance Corp. |
|  5.875% due 06/30/2029 | 400 | 400 |
|  6.625% due 10/15/2032 | 100 | 102 |
|  Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. | Aston Martin Capital Holdings Ltd. |
|  10.000% due 03/31/2029 | 200 | 151 |
|  AthenaHealth Group, Inc. | AthenaHealth Group, Inc. | AthenaHealth Group, Inc. |
|  6.500% due 02/15/2030 | 1150 | 1081 |
|  ATS Corp. | ATS Corp. | ATS Corp. |
|  4.125% due 12/15/2028 | 482 | 465 |
|  Avis Budget Finance PLC | Avis Budget Finance PLC | Avis Budget Finance PLC |
|  7.000% due 02/28/2029 | 200 | 228 |
|  Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC |
|  3.375% due 02/15/2029 | 1125 | 1065 |
|  Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
|  6.125% due 03/15/2030 | 1725 | 1758 |
|  B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
|  8.000% due 09/15/2028 | 1050 | 1035 |
|  Ball Corp. | Ball Corp. | Ball Corp. |
|  2.875% due 08/15/2030 | 1850 | 1685 |
|  Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
|  8.375% due 10/01/2028 | 400 | 413 |
|  Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. |
|  4.875% due 06/01/2028 | 75 | 69 |
|  5.000% due 01/30/2028 | 300 | 254 |
|  11.000% due 09/30/2028 | 289 | 295 |
|  Beacon Mobility Corp. | Beacon Mobility Corp. | Beacon Mobility Corp. |
|  7.250% due 08/01/2030 | 1225 | 1266 |
|  BKV Upstream Midstream LLC | BKV Upstream Midstream LLC | BKV Upstream Midstream LLC |
|  7.500% due 10/15/2030 | 175 | 177 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Block, Inc. | Block, Inc. | Block, Inc. |
|  3.500% due 06/01/2031 | 1250 | 1138 |
|  6.000% due 08/15/2033 | 950 | 935 |
|  6.500% due 05/15/2032 | 1475 | 1489 |
|  Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
|  4.250% due 02/01/2032 | 1355 | 1249 |
|  5.000% due 03/01/2030 | 1075 | 1048 |
|  BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. |
|  4.125% due 06/30/2028 | 950 | 924 |
|  Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |
|  6.500% due 02/15/2032 | 575 | 569 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  4.000% due 08/01/2028 | 1500 | 1465 |
|  5.125% due 05/01/2029 | 600 | 596 |
|  5.750% due 03/15/2030 | 700 | 706 |
|  5.750% due 08/01/2032 | 1200 | 1201 |
|  5.875% due 06/15/2031 | 500 | 506 |
|  Carvana Co. | Carvana Co. | Carvana Co. |
|  9.000% due 06/01/2030 | 345 | 359 |
|  9.000% due 06/01/2031 | 670 | 725 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. |
|  4.500% due 08/15/2030 | 2350 | 2197 |
|  4.500% due 05/01/2032 | 1975 | 1766 |
|  4.500% due 06/01/2033 | 500 | 436 |
|  5.125% due 05/01/2027 | 615 | 615 |
|  5.375% due 06/01/2029 | 400 | 395 |
|  7.000% due 02/01/2033 | 1000 | 1004 |
|  Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC |
|  6.500% due 04/15/2030 | 700 | 715 |
|  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 | 400 | 298 |
|  Cerdia Finanz GmbH | Cerdia Finanz GmbH | Cerdia Finanz GmbH |
|  9.375% due 10/03/2031 | 1750 | 1742 |
|  Cerved Group SpA | Cerved Group SpA | Cerved Group SpA |
|  6.000% due 02/15/2029 | 50 | 51 |
|  Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. |
|  4.625% due 11/15/2028 | 275 | 271 |
|  Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
|  6.000% due 10/01/2030 | 600 | 608 |
|  6.750% due 03/15/2033 | 875 | 904 |
|  CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. |
|  4.750% due 02/15/2031 | 800 | 738 |
|  5.250% due 05/15/2030 | 675 | 637 |
|  6.000% due 01/15/2029 | 500 | 495 |
|  6.125% due 04/01/2030 | 400 | 348 |
|  6.875% due 04/15/2029 | 600 | 578 |
|  9.750% due 01/15/2034 | 700 | 727 |
|  10.875% due 01/15/2032 | 160 | 172 |
|  Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. |
|  5.750% due 04/01/2030 | 650 | 643 |
|  Cidron Aida Finco SARL | Cidron Aida Finco SARL | Cidron Aida Finco SARL |
|  7.000% due 10/27/2031 | 400 | 438 |
|  Cirsa Finance International SARL | Cirsa Finance International SARL | Cirsa Finance International SARL |
|  5.150% (EUR003M + 3.000%) due 10/15/2032 ~ | 500 | 576 |
|  CITGO Petroleum Corp. | CITGO Petroleum Corp. | CITGO Petroleum Corp. |
|  8.375% due 01/15/2029 | 400 | 413 |
|  Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. |
|  7.750% due 04/15/2028 | 300 | 302 |
|  Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. |
|  7.000% due 03/15/2032 | 900 | 872 |
|  7.625% due 01/15/2034 | 500 | 489 |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
|  6.625% due 08/15/2033 | 800 | 712 |
|  9.000% due 09/30/2029 | 1325 | 1279 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  6.625% due 04/15/2029 | 300 | 295 |
|  6.750% due 04/15/2032 | 475 | 450 |
|  6.875% due 01/15/2030 | 300 | 292 |
|  8.750% due 04/15/2030 | 1850 | 1728 |
|  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 | 900 | 786 |
|  7.000% due 06/15/2027 | 300 | 296 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **89** |

---

------

Schedule of Investments PIMCO High Yield Spectrum Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Columbus McKinnon Corp. | Columbus McKinnon Corp. | Columbus McKinnon Corp. |
|  7.125% due 02/01/2033 | 1058 | 1059 |
|  CompoSecure Holdings LLC | CompoSecure Holdings LLC | CompoSecure Holdings LLC |
|  5.625% due 02/01/2033 | 600 | 587 |
|  Comstock Resources, Inc. | Comstock Resources, Inc. | Comstock Resources, Inc. |
|  5.875% due 01/15/2030 | 575 | 557 |
|  6.750% due 03/01/2029 | 200 | 198 |
|  CoreWeave, Inc. | CoreWeave, Inc. | CoreWeave, Inc. |
|  9.000% due 02/01/2031 | 800 | 762 |
|  9.250% due 06/01/2030 | 825 | 802 |
|  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 | 1000 | 976 |
|  Crescent Energy Finance LLC | Crescent Energy Finance LLC | Crescent Energy Finance LLC |
|  7.625% due 04/01/2032 | 700 | 711 |
|  7.875% due 04/15/2032 | 250 | 256 |
|  Crocs, Inc. | Crocs, Inc. | Crocs, Inc. |
|  4.125% due 08/15/2031 | 250 | 225 |
|  Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. | Crowdstrike Holdings, Inc. |
|  3.000% due 02/15/2029 | 1400 | 1333 |
|  CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
|  4.125% due 12/01/2030 | 1050 | 631 |
|  5.375% due 02/01/2028 | 175 | 130 |
|  5.500% due 04/15/2027 | 375 | 326 |
|  5.750% due 01/15/2030 | 1325 | 504 |
|  7.500% due 04/01/2028 | 350 | 193 |
|  11.750% due 01/31/2029 | 1175 | 850 |
|  Cyprium Corp./Cyprium Holdings Luxembourg SARL | Cyprium Corp./Cyprium Holdings Luxembourg SARL | Cyprium Corp./Cyprium Holdings Luxembourg SARL |
|  6.125% due 04/15/2031 | 500 | 494 |
|  6.375% due 04/15/2034 | 300 | 292 |
|  DaVita, Inc. | DaVita, Inc. | DaVita, Inc. |
|  4.625% due 06/01/2030 | 700 | 673 |
|  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 | 1575 | 1665 |
|  Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. |
|  4.279% due 03/15/2032 | 2375 | 2105 |
|  5.050% due 03/15/2042 | 850 | 562 |
|  DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
|  5.125% due 06/01/2029 | 50 | 45 |
|  5.250% due 12/01/2026 | 1000 | 992 |
|  5.750% due 12/01/2028 | 550 | 532 |
|  7.375% due 07/01/2028 | 450 | 437 |
|  7.750% due 07/01/2026 | 400 | 399 |
|  Dream Finders Homes, Inc. | Dream Finders Homes, Inc. | Dream Finders Homes, Inc. |
|  6.875% due 09/15/2030 | 400 | 383 |
|  EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
|  10.750% due 11/30/2029 | 1875 | 2027 |
|  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 | 1000 | 996 |
|  EW Scripps Co. | EW Scripps Co. | EW Scripps Co. |
|  9.875% due 08/15/2030 | 1400 | 1360 |
|  Excelerate Energy LP | Excelerate Energy LP | Excelerate Energy LP |
|  8.000% due 05/15/2030 | 475 | 497 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. |
|  6.750% due 01/15/2030 | 550 | 514 |
|  Fibercop SpA | Fibercop SpA | Fibercop SpA |
|  4.750% due 06/30/2030 | 600 | 689 |
|  Fiesta Purchaser, Inc. | Fiesta Purchaser, Inc. | Fiesta Purchaser, Inc. |
|  9.625% due 09/15/2032 | 100 | 102 |
|  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 | 1206 | 1155 |
|  Flora Food Management BV | Flora Food Management BV | Flora Food Management BV |
|  7.500% due 10/31/2030 | 750 | 859 |
|  Fortescue Treasury Pty. Ltd. | Fortescue Treasury Pty. Ltd. | Fortescue Treasury Pty. Ltd. |
|  4.375% due 04/01/2031 | 932 | 881 |
|  Froneri Lux FinCo SARL | Froneri Lux FinCo SARL | Froneri Lux FinCo SARL |
|  4.750% due 08/01/2032 | 1000 | 1096 |
|  Full House Resorts, Inc. | Full House Resorts, Inc. | Full House Resorts, Inc. |
|  8.250% due 02/15/2028 | 200 | 182 |
|  Gap, Inc. | Gap, Inc. | Gap, Inc. |
|  3.625% due 10/01/2029 | 200 | 187 |
|  Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
|  7.375% due 10/01/2032 | 700 | 728 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. |
|  8.250% due 01/15/2032 | 350 | 363 |
|  goeasy Ltd. | goeasy Ltd. | goeasy Ltd. |
|  6.875% due 05/15/2030 | 75 | 62 |
|  6.875% due 02/15/2031 | 35 | 28 |
|  7.375% due 10/01/2030 | 450 | 373 |
|  9.250% due 12/01/2028 | 350 | 326 |
|  Gray Media, Inc. | Gray Media, Inc. | Gray Media, Inc. |
|  5.375% due 11/15/2031 | 575 | 427 |
|  7.250% due 08/15/2033 | 400 | 403 |
|  9.625% due 07/15/2032 | 1225 | 1226 |
|  10.500% due 07/15/2029 | 270 | 287 |
|  Grifols SA | Grifols SA | Grifols SA |
|  7.500% due 05/01/2030 (j) | 750 | 899 |
|  HealthEquity, Inc. | HealthEquity, Inc. | HealthEquity, Inc. |
|  4.500% due 10/01/2029 | 1075 | 1041 |
|  High Ridge | High Ridge | High Ridge |
|  8.875% due 03/15/2049 ^«(c) | 1750 | 29 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  3.625% due 02/15/2032 | 2550 | 2320 |
|  3.750% due 05/01/2029 | 25 | 24 |
|  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. |
|  5.000% due 06/01/2029 | 500 | 475 |
|  Hologic, Inc. | Hologic, Inc. | Hologic, Inc. |
|  3.250% due 02/15/2029 | 1477 | 1475 |
|  Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
|  6.625% due 01/15/2034 | 1575 | 1582 |
|  7.375% due 07/15/2032 | 225 | 234 |
|  Illuminate Buyer LLC/Illuminate Holdings IV, Inc. | Illuminate Buyer LLC/Illuminate Holdings IV, Inc. | Illuminate Buyer LLC/Illuminate Holdings IV, Inc. |
|  9.000% due 07/01/2028 | 87 | 87 |
|  Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |
|  4.750% due 05/15/2029 | 800 | 778 |
|  Incora Intermediate II LLC (0.500% PIK) | Incora Intermediate II LLC (0.500% PIK) | Incora Intermediate II LLC (0.500% PIK) |
|  0.500% due 01/31/2030 «(b) | 243 | 243 |
|  Incora Top Holdco LLC | Incora Top Holdco LLC | Incora Top Holdco LLC |
|  6.000% due 01/30/2033 «(j) | 169 | 256 |
|  Industrial F&B Investments III, Inc. | Industrial F&B Investments III, Inc. | Industrial F&B Investments III, Inc. |
|  7.750% due 02/11/2033 | 400 | 404 |
|  Ingevity Corp. | Ingevity Corp. | Ingevity Corp. |
|  3.875% due 11/01/2028 | 1325 | 1273 |
|  Intralot Capital Luxembourg SA | Intralot Capital Luxembourg SA | Intralot Capital Luxembourg SA |
|  6.750% due 10/15/2031 | 400 | 443 |
|  IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
|  2.250% due 01/15/2028 | 1000 | 1123 |
|  JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP | JetBlue Airways Corp./JetBlue Loyalty LP |
|  9.875% due 09/20/2031 | 825 | 781 |
|  KBR, Inc. | KBR, Inc. | KBR, Inc. |
|  4.750% due 09/30/2028 | 800 | 785 |
|  Kinetik Holdings LP | Kinetik Holdings LP | Kinetik Holdings LP |
|  6.625% due 12/15/2028 | 550 | 560 |
|  Kodiak Gas Services LLC | Kodiak Gas Services LLC | Kodiak Gas Services LLC |
|  6.750% due 10/01/2035 | 400 | 407 |
|  Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. |
|  4.000% due 02/15/2030 | 400 | 382 |
|  LBM Acquisition LLC | LBM Acquisition LLC | LBM Acquisition LLC |
|  9.500% due 06/15/2031 | 600 | 523 |
|  Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |
|  8.500% due 01/15/2036 | 900 | 940 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  5.375% due 01/15/2029 | 200 | 193 |
|  10.000% due 06/01/2032 | 700 | 716 |
|  11.000% due 10/15/2030 | 50 | 54 |
|  Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. |
|  4.375% due 01/15/2031 | 475 | 447 |
|  5.500% due 10/01/2030 | 500 | 490 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
|  3.750% due 01/15/2028 | 1850 | 1806 |
|  4.750% due 10/15/2027 | 500 | 497 |
|  Lsf12 Helix Parent LLC | Lsf12 Helix Parent LLC | Lsf12 Helix Parent LLC |
|  7.125% due 02/01/2033 | 600 | 579 |
|  Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC |
|  5.875% due 06/30/2029 | 200 | 196 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Matador Resources Co. | Matador Resources Co. | Matador Resources Co. |
|  6.250% due 04/15/2033 | 450 | 451 |
|  6.500% due 04/15/2032 | 400 | 405 |
|  Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC |
|  6.125% due 09/15/2033 | 525 | 511 |
|  Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |
|  7.875% due 04/15/2030 | 700 | 700 |
|  McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. |
|  7.375% due 09/01/2031 | 600 | 613 |
|  MGM Resorts International | MGM Resorts International | MGM Resorts International |
|  4.625% due 09/01/2026 | 500 | 500 |
|  Michaels Cos., Inc. | Michaels Cos., Inc. | Michaels Cos., Inc. |
|  8.500% due 03/15/2033 | 1300 | 1267 |
|  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 | 400 | 388 |
|  Miller Homes Group Finco PLC | Miller Homes Group Finco PLC | Miller Homes Group Finco PLC |
|  7.000% due 05/15/2029 | 325 | 423 |
|  Mineral Resources Ltd. | Mineral Resources Ltd. | Mineral Resources Ltd. |
|  9.250% due 10/01/2028 | 400 | 415 |
|  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 | 250 | 240 |
|  Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. |
|  3.875% due 11/15/2030 | 475 | 425 |
|  Moss Creek Resources Holdings, Inc. | Moss Creek Resources Holdings, Inc. | Moss Creek Resources Holdings, Inc. |
|  8.250% due 09/01/2031 | 325 | 325 |
|  Motion Finco SARL | Motion Finco SARL | Motion Finco SARL |
|  8.375% due 02/15/2032 | 400 | 331 |
|  MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
|  5.750% due 12/31/2030 | 135 | 103 |
|  MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) | MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) | MPH Acquisition Holdings LLC (6.500% Cash and 5.000% PIK) |
|  11.500% due 12/31/2030 (b) | 74 | 67 |
|  Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. |
|  3.750% due 02/15/2031 | 1200 | 1116 |
|  Nabors Industries, Inc. | Nabors Industries, Inc. | Nabors Industries, Inc. |
|  7.625% due 11/15/2032 | 1300 | 1332 |
|  National Mentor Holdings, Inc. | National Mentor Holdings, Inc. | National Mentor Holdings, Inc. |
|  10.500% due 12/15/2030 | 1300 | 1343 |
|  NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
|  5.875% due 01/15/2031 | 700 | 681 |
|  NCR Atleos Corp. | NCR Atleos Corp. | NCR Atleos Corp. |
|  9.500% due 04/01/2029 | 250 | 268 |
|  NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. |
|  5.125% due 04/15/2029 | 675 | 646 |
|  5.250% due 10/01/2030 | 200 | 189 |
|  Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
|  7.269% due 04/30/2029 | 30 | 24 |
|  Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. |
|  6.500% due 09/15/2033 | 1500 | 1512 |
|  7.250% due 04/15/2034 (a) | 500 | 502 |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.345% due 09/17/2027 | 1050 | 1022 |
|  8.125% due 07/17/2035 | 1200 | 1236 |
|  Noble Finance II LLC | Noble Finance II LLC | Noble Finance II LLC |
|  8.000% due 04/15/2030 | 1425 | 1468 |
|  Nordstrom, Inc. | Nordstrom, Inc. | Nordstrom, Inc. |
|  5.000% due 01/15/2044 | 300 | 201 |
|  Northriver Midstream Finance LP | Northriver Midstream Finance LP | Northriver Midstream Finance LP |
|  6.750% due 07/15/2032 | 600 | 602 |
|  Novelis Corp. | Novelis Corp. | Novelis Corp. |
|  6.875% due 01/30/2030 | 575 | 580 |
|  Novelis Sheet Ingot GmbH | Novelis Sheet Ingot GmbH | Novelis Sheet Ingot GmbH |
|  3.375% due 04/15/2029 | 450 | 495 |
|  NuStar Logistics LP | NuStar Logistics LP | NuStar Logistics LP |
|  6.375% due 10/01/2030 | 500 | 517 |
|  OAK-Eagle Acquireco, Inc. | OAK-Eagle Acquireco, Inc. | OAK-Eagle Acquireco, Inc. |
|  7.250% due 07/01/2033 (a) | 600 | 622 |
|  8.750% due 07/01/2034 (a) | 700 | 733 |
|  Odfjell Rig III Ltd. | Odfjell Rig III Ltd. | Odfjell Rig III Ltd. |
|  7.250% due 03/08/2031 | 600 | 622 |

---

---

| | | |
|:---|:---|:---|
| **90** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
|  5.375% due 10/01/2029 (k) | 500 | 536 |
|  6.750% due 08/01/2032 | 575 | 548 |
|  7.250% due 06/15/2031 | 500 | 489 |
|  OneSky Flight LLC | OneSky Flight LLC | OneSky Flight LLC |
|  8.875% due 12/15/2029 | 300 | 310 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV |
|  6.750% due 05/15/2034 | 500 | 446 |
|  7.875% due 05/15/2034 | 325 | 268 |
|  Paramount Global | Paramount Global | Paramount Global |
|  4.375% due 03/15/2043 | 700 | 424 |
|  4.600% due 01/15/2045 | 1200 | 718 |
|  4.900% due 08/15/2044 | 500 | 311 |
|  5.850% due 09/01/2043 | 2900 | 2015 |
|  Park River Holdings, Inc. | Park River Holdings, Inc. | Park River Holdings, Inc. |
|  8.750% due 12/31/2030 | 169 | 156 |
|  Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. |
|  4.250% due 08/01/2029 | 1225 | 1178 |
|  5.625% due 03/01/2034 | 500 | 483 |
|  PetSmart LLC/PetSmart Finance Corp. | PetSmart LLC/PetSmart Finance Corp. | PetSmart LLC/PetSmart Finance Corp. |
|  7.500% due 09/15/2032 | 425 | 427 |
|  Pinnacle Bidco PLC | Pinnacle Bidco PLC | Pinnacle Bidco PLC |
|  8.250% due 10/11/2028 | 1600 | 1916 |
|  Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
|  4.625% due 04/15/2030 | 500 | 480 |
|  6.250% due 10/15/2034 | 600 | 588 |
|  6.500% due 03/15/2036 | 1400 | 1372 |
|  Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. | Prime Healthcare Services, Inc. |
|  9.375% due 09/01/2029 | 350 | 363 |
|  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 | 1500 | 1461 |
|  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 | 925 | 899 |
|  6.250% due 04/01/2029 | 500 | 501 |
|  PTC, Inc. | PTC, Inc. | PTC, Inc. |
|  4.000% due 02/15/2028 | 1300 | 1268 |
|  Qnity Electronics, Inc. | Qnity Electronics, Inc. | Qnity Electronics, Inc. |
|  5.750% due 08/15/2032 | 600 | 601 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
|  6.375% due 03/01/2032 | 1450 | 1471 |
|  6.750% due 03/01/2033 | 600 | 610 |
|  QXO Building Products, Inc. | QXO Building Products, Inc. | QXO Building Products, Inc. |
|  6.750% due 04/30/2032 | 1400 | 1429 |
|  Rakuten Group, Inc. | Rakuten Group, Inc. | Rakuten Group, Inc. |
|  9.750% due 04/15/2029 | 575 | 613 |
|  Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC | Raven Acquisition Holdings LLC |
|  6.875% due 11/15/2031 | 1650 | 1592 |
|  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 | 875 | 851 |
|  ROBLOX Corp. | ROBLOX Corp. | ROBLOX Corp. |
|  3.875% due 05/01/2030 | 400 | 376 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  5.625% due 09/30/2031 | 600 | 606 |
|  Ryan Specialty LLC | Ryan Specialty LLC | Ryan Specialty LLC |
|  5.875% due 08/01/2032 | 525 | 519 |
|  SCIL IV LLC/SCIL USA Holdings LLC | SCIL IV LLC/SCIL USA Holdings LLC | SCIL IV LLC/SCIL USA Holdings LLC |
|  9.500% due 07/15/2028 | 300 | 358 |
|  Seadrill Finance Ltd. | Seadrill Finance Ltd. | Seadrill Finance Ltd. |
|  8.375% due 08/01/2030 | 1100 | 1138 |
|  Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. |
|  4.125% due 01/15/2031 | 553 | 519 |
|  5.750% due 12/01/2034 | 1100 | 1099 |
|  9.625% due 12/01/2032 | 358 | 398 |
|  Service Corp. International | Service Corp. International | Service Corp. International |
|  3.375% due 08/15/2030 | 954 | 881 |
|  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 | 1975 | 1902 |
|  Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC |
|  3.875% due 09/01/2031 | 400 | 364 |
|  4.000% due 07/15/2028 | 550 | 531 |
|  4.125% due 07/01/2030 | 1675 | 1569 |
|  5.000% due 08/01/2027 | 750 | 749 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  SM Energy Co. | SM Energy Co. | SM Energy Co. |
|  6.750% due 08/01/2029 | 450 | 457 |
|  Snap, Inc. | Snap, Inc. | Snap, Inc. |
|  6.875% due 03/01/2033 | 1350 | 1276 |
|  6.875% due 03/15/2034 | 800 | 753 |
|  Stagwell Global LLC | Stagwell Global LLC | Stagwell Global LLC |
|  5.625% due 08/15/2029 | 1125 | 1072 |
|  Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
|  3.375% due 01/15/2031 | 1000 | 897 |
|  4.750% due 01/15/2028 | 600 | 594 |
|  Staples, Inc. | Staples, Inc. | Staples, Inc. |
|  10.750% due 09/01/2029 | 300 | 278 |
|  Star Parent, Inc. | Star Parent, Inc. | Star Parent, Inc. |
|  9.000% due 10/01/2030 | 450 | 467 |
|  Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
|  4.500% due 02/15/2028 | 425 | 417 |
|  4.625% due 12/01/2031 | 725 | 678 |
|  Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |
|  7.250% due 03/15/2032 | 925 | 965 |
|  Sunoco LP | Sunoco LP | Sunoco LP |
|  5.625% due 03/15/2031 | 2200 | 2191 |
|  SV RNO Property Owner 1 LLC | SV RNO Property Owner 1 LLC | SV RNO Property Owner 1 LLC |
|  5.875% due 03/01/2031 | 1200 | 1187 |
|  TeamSystem SpA | TeamSystem SpA | TeamSystem SpA |
|  5.516% due 07/31/2031 •  | 300 | 334 |
|  Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
|  4.250% due 06/01/2029 | 700 | 679 |
|  5.500% due 11/15/2032 | 1200 | 1190 |
|  6.125% due 10/01/2028 | 1000 | 1003 |
|  TGNR Intermediate Holdings LLC | TGNR Intermediate Holdings LLC | TGNR Intermediate Holdings LLC |
|  5.500% due 10/15/2029 | 25 | 24 |
|  TGS ASA | TGS ASA | TGS ASA |
|  8.500% due 01/15/2030 | 700 | 734 |
|  Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
|  9.750% due 10/10/2027 | 390 | 564 |
|  Tidewater, Inc. | Tidewater, Inc. | Tidewater, Inc. |
|  9.125% due 07/15/2030 | 850 | 906 |
|  TK Elevator Midco GmbH | TK Elevator Midco GmbH | TK Elevator Midco GmbH |
|  4.375% due 07/15/2027 | 102 | 118 |
|  Topaz Solar Farms LLC | Topaz Solar Farms LLC | Topaz Solar Farms LLC |
|  5.750% due 09/30/2039 | 258 | 257 |
|  TopBuild Corp. | TopBuild Corp. | TopBuild Corp. |
|  3.625% due 03/15/2029 | 1925 | 1835 |
|  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 | 1100 | 973 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  6.875% due 12/15/2030 | 625 | 641 |
|  Transocean Aquila Ltd. | Transocean Aquila Ltd. | Transocean Aquila Ltd. |
|  8.000% due 09/30/2028 | 308 | 316 |
|  Transocean International Ltd. | Transocean International Ltd. | Transocean International Ltd. |
|  7.875% due 10/15/2032 | 1000 | 1069 |
|  8.750% due 02/15/2030 | 350 | 365 |
|  Travel & Leisure Co. | Travel & Leisure Co. | Travel & Leisure Co. |
|  6.625% due 07/31/2026 | 475 | 476 |
|  Trivium Packaging Finance BV | Trivium Packaging Finance BV | Trivium Packaging Finance BV |
|  8.250% due 07/15/2030 | 400 | 419 |
|  Twilio, Inc. | Twilio, Inc. | Twilio, Inc. |
|  3.625% due 03/15/2029 | 625 | 598 |
|  3.875% due 03/15/2031 | 300 | 280 |
|  U.S. Acute Care Solutions LLC | U.S. Acute Care Solutions LLC | U.S. Acute Care Solutions LLC |
|  9.750% due 05/15/2029 | 125 | 121 |
|  U.S. Foods, Inc. | U.S. Foods, Inc. | U.S. Foods, Inc. |
|  4.625% due 06/01/2030 | 275 | 268 |
|  4.750% due 02/15/2029 | 1300 | 1284 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  10.625% due 06/28/2028 | 210 | 175 |
|  UKG, Inc. | UKG, Inc. | UKG, Inc. |
|  6.875% due 02/01/2031 | 1250 | 1223 |
|  United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
|  3.750% due 01/15/2032 | 1700 | 1560 |
|  Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
|  4.500% due 05/01/2029 | 750 | 705 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.375% due 06/30/2030 | $| 250 | 245 |
|  8.500% due 07/31/2031 |  | 825 | 830 |
|  9.375% due 08/01/2032 |  | 950 | 980 |
|  Valaris Ltd. | Valaris Ltd. | Valaris Ltd. | Valaris Ltd. |
|  8.375% due 04/30/2030 |  | 1425 | 1477 |
|  Valvoline, Inc. | Valvoline, Inc. | Valvoline, Inc. | Valvoline, Inc. |
|  3.625% due 06/15/2031 |  | 575 | 520 |
|  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 |  | 2375 | 2106 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  7.000% due 01/15/2030 |  | 3500 | 3575 |
|  8.125% due 06/01/2028 |  | 900 | 921 |
|  9.500% due 02/01/2029 |  | 100 | 108 |
|  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 |  | 1100 | 1132 |
|  6.500% due 01/15/2034 |  | 1775 | 1851 |
|  7.500% due 05/01/2033 |  | 525 | 577 |
|  Versant Media Group, Inc. | Versant Media Group, Inc. | Versant Media Group, Inc. | Versant Media Group, Inc. |
|  7.250% due 01/30/2031 |  | 700 | 717 |
|  Viavi Solutions, Inc. | Viavi Solutions, Inc. | Viavi Solutions, Inc. | Viavi Solutions, Inc. |
|  3.750% due 10/01/2029 |  | 275 | 258 |
|  Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC |
|  4.250% due 01/15/2030 | GBP | 950 | 1114 |
|  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 | $| 1375 | 1189 |
|  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 |
|  4.500% due 07/15/2031 | GBP | 1400 | 1562 |
|  4.750% due 07/15/2031 | $| 2225 | 1917 |
|  VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. |
|  5.000% due 02/15/2028 |  | 2400 | 2391 |
|  Voyager Parent LLC | Voyager Parent LLC | Voyager Parent LLC | Voyager Parent LLC |
|  9.250% due 07/01/2032 |  | 600 | 623 |
|  VZ Secured Financing BV | VZ Secured Financing BV | VZ Secured Financing BV | VZ Secured Financing BV |
|  5.000% due 01/15/2032 |  | 2175 | 1867 |
|  7.500% due 01/15/2033 |  | 600 | 566 |
|  Wayfair LLC | Wayfair LLC | Wayfair LLC | Wayfair LLC |
|  6.750% due 11/15/2032 |  | 400 | 403 |
|  WBI Operating LLC | WBI Operating LLC | WBI Operating LLC | WBI Operating LLC |
|  6.250% due 10/15/2030 |  | 500 | 503 |
|  Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. |
|  6.750% due 10/15/2033 |  | 1450 | 1483 |
|  WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. |
|  5.250% due 04/15/2031 |  | 700 | 698 |
|  Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. |
|  6.125% due 06/15/2030 |  | 300 | 293 |
|  White Cap Supply Holdings LLC | White Cap Supply Holdings LLC | White Cap Supply Holdings LLC | White Cap Supply Holdings LLC |
|  7.375% due 11/15/2030 |  | 500 | 485 |
|  Windstream Services LLC/Windstream Escrow Finance Corp. | 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 |  | 1650 | 1726 |
|  WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC |
|  5.625% due 08/15/2029 |  | 800 | 737 |
|  7.000% due 08/01/2033 |  | 650 | 632 |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. |
|  5.250% due 05/15/2027 |  | 1000 | 997 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |
|  5.125% due 10/01/2029 |  | 600 | 593 |
|  7.125% due 02/15/2031 |  | 300 | 315 |
|  Yinson Boronia Production BV | Yinson Boronia Production BV | Yinson Boronia Production BV | Yinson Boronia Production BV |
|  8.947% due 07/31/2042 |  | 607 | 663 |
|  Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
|  5.375% due 04/01/2032 |  | 625 | 621 |
|  6.875% due 11/15/2037 |  | 350 | 382 |
|  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) | Zayo Group Holdings, Inc. (5.750% Cash and 0.500% PIK) |
|  6.250% due 03/09/2030 (b) |  | 599 | 595 |
|  Zebra Technologies Corp. | Zebra Technologies Corp. | Zebra Technologies Corp. | Zebra Technologies Corp. |
|  6.500% due 06/01/2032 |  | 500 | 504 |
|  ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. | ZF North America Capital, Inc. |
|  7.500% due 03/24/2031 |  | 600 | 590 |
|  ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. |
|  3.875% due 02/01/2029 |  | 1050 | 874 |
|  |  |  | 250362 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 91

------

Schedule of Investments PIMCO High Yield Spectrum Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| UTILITIES 3.2% | UTILITIES 3.2% | UTILITIES 3.2% |
|  Altice Holdings 1 SARL | Altice Holdings 1 SARL | Altice Holdings 1 SARL |
|  0.010% due 12/31/2099 « | 2 | 28 |
|  Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC |
|  3.750% due 02/15/2031 | 800 | 741 |
|  ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA |
|  6.750% due 02/28/2030 | 525 | 532 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  9.125% due 03/15/2033 •(g) | 500 | 579 |
|  FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple |
|  7.250% due 01/31/2041 | 198 | 199 |
|  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 | 1250 | 1245 |
|  7.875% due 05/15/2032 | 425 | 437 |
|  Hilcorp Energy I LP/Hilcorp Finance Co. | Hilcorp Energy I LP/Hilcorp Finance Co. | Hilcorp Energy I LP/Hilcorp Finance Co. |
|  6.875% due 05/15/2034 | 675 | 661 |
|  iliad SA | iliad SA | iliad SA |
|  4.250% due 12/15/2029 | 400 | 464 |
|  NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
|  5.750% due 01/15/2034 | 1100 | 1086 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  7.125% due 08/15/2056 •  | 700 | 661 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  5.200% due 06/01/2034 | 500 | 496 |
|  Talen Energy Supply LLC | Talen Energy Supply LLC | Talen Energy Supply LLC |
|  6.500% due 02/01/2036 | 400 | 403 |
|  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 | 50 | 49 |
|  6.750% due 03/15/2034 | 600 | 603 |
|  TerraForm Power Operating LLC | TerraForm Power Operating LLC | TerraForm Power Operating LLC |
|  5.000% due 01/31/2028 | 300 | 297 |
|  TransAlta Corp. | TransAlta Corp. | TransAlta Corp. |
|  6.500% due 03/15/2040 | 100 | 99 |
|  TXNM Energy, Inc. | TXNM Energy, Inc. | TXNM Energy, Inc. |
|  7.000% due 07/31/2056 •  | 600 | 599 |
|  Veon Midco BV | Veon Midco BV | Veon Midco BV |
|  3.375% due 11/25/2027 | 1100 | 1044 |
|  Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
|  5.125% due 06/04/2081 •  | 500 | 389 |
|  7.000% due 04/04/2079 •  | 950 | 978 |
|  VoltaGrid LLC | VoltaGrid LLC | VoltaGrid LLC |
|  7.375% due 11/01/2030 | 500 | 517 |
|  Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. | Yinson Production Financial Services Pte. Ltd. |
|  9.625% due 05/03/2029 | 1200 | 1255 |
|  |  | 13362 |
|  Total Corporate Bonds & Notes (Cost $321,554) | Total Corporate Bonds & Notes (Cost $321,554) | 319884 |
| CONVERTIBLE BONDS & NOTES 0.3% | CONVERTIBLE BONDS & NOTES 0.3% | CONVERTIBLE BONDS & NOTES 0.3% |
| INDUSTRIALS 0.3% | INDUSTRIALS 0.3% | INDUSTRIALS 0.3% |
|  ams-OSRAM AG | ams-OSRAM AG | ams-OSRAM AG |
|  2.125% due 11/03/2027 | 900 | 1005 |
|  Ubisoft Entertainment SA | Ubisoft Entertainment SA | Ubisoft Entertainment SA |
|  2.375% due 11/15/2028 | 100 | 111 |
|  Total Convertible Bonds & Notes (Cost $995) | Total Convertible Bonds & Notes (Cost $995) | 1116 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% |
| ARIZONA 0.1% | ARIZONA 0.1% | ARIZONA 0.1% |
|  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 | 400 | 422 |
|  Total Municipal Bonds & Notes (Cost $400) | Total Municipal Bonds & Notes (Cost $400) | 422 |
| U.S. TREASURY OBLIGATIONS 9.7% | U.S. TREASURY OBLIGATIONS 9.7% | U.S. TREASURY OBLIGATIONS 9.7% |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.500% due 12/31/2031 (k)(m) | 24350 | 24933 |
|  4.625% due 02/15/2035 | 15900 | 16317 |
|  Total U.S. Treasury Obligations (Cost $41,336) | Total U.S. Treasury Obligations (Cost $41,336) | 41250 |
| SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% | SOVEREIGN ISSUES 0.1% |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  40.299% (BISTREFI) due 09/06/2028 ~ | 13000 | 291 |
|  Total Sovereign Issues (Cost $378) | Total Sovereign Issues (Cost $378) | 291 |
|  | SHARES |  |
| COMMON STOCKS 0.4% | COMMON STOCKS 0.4% | COMMON STOCKS 0.4% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  Clear Channel Outdoor Holdings, Inc. (d) | 51501 | 122 |
|  SES SA «(d) | 28420 | 426 |
|  |  | 548 |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
|  Desarrolladora Homex SAB de CV «(d) | 294527 | 0 |
| HEALTH CARE 0.2% | HEALTH CARE 0.2% | HEALTH CARE 0.2% |
|  AmSurg Corp. «(d)(j) | 3438 | 151 |
|  Healogics, Inc. «(d) | 44931 | 746 |
|  |  | 897 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  CHC Group LLC «(d) | 3887 | 0 |
|  Incora New Equity «(d)(j) | 7427 | 281 |
|  Spirit Aviation Holdings, Inc. (d) | 8196 | 2 |
|  |  | 283 |
|  Total Common Stocks (Cost $6,076) | Total Common Stocks (Cost $6,076) | 1728 |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
|  Revlon Group Holdings LLC - Exp. 04/28/2028 « | 3087 | 0 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Spirit Aviation Holdings, Inc. - Exp. 03/11/2035 « | 9316 | 1 |
|  Total Warrants (Cost $315) | Total Warrants (Cost $315) | 1 |
| PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  ADLER Group SA « | 173624 | 0 |
|  Total Preferred Securities (Cost $0) | Total Preferred Securities (Cost $0) | 0 |
| SHORT-TERM INSTRUMENTS 1.3% | SHORT-TERM INSTRUMENTS 1.3% | SHORT-TERM INSTRUMENTS 1.3% |
| 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% (i) | 673864 | 674 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| SHORT-TERM NOTES 0.5% | SHORT-TERM NOTES 0.5% | SHORT-TERM NOTES 0.5% |
|  Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes |
|  3.723% due 06/26/2026 (b) | 2081 | 2081 |
| U.S. TREASURY BILLS 0.7% | U.S. TREASURY BILLS 0.7% | U.S. TREASURY BILLS 0.7% |
|  3.651% due 04/02/2026 (e)(f) | 2900 | 2900 |
| Total Short-Term Instruments<br>(Cost $5,655) | Total Short-Term Instruments<br>(Cost $5,655) | 5655 |
| Total Investments in Securities<br>(Cost $407,613) | Total Investments in Securities<br>(Cost $407,613) | 400240 |
|  | SHARES |  |
| INVESTMENTS IN AFFILIATES 0.3% | INVESTMENTS IN AFFILIATES 0.3% | INVESTMENTS IN AFFILIATES 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% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 154762 | 1507 |
| Total Short-Term Instruments<br>(Cost $1,507) | Total Short-Term Instruments<br>(Cost $1,507) | 1507 |
| Total Investments in Affiliates<br>(Cost $1,507) | Total Investments in Affiliates<br>(Cost $1,507) | 1507 |
| Total Investments 95.0%<br>(Cost $409,120) | Total Investments 95.0%<br>(Cost $409,120) | 401747 |
|  Financial Derivative<br>Instruments (l)(n) 0.4%<br> (Cost or Premiums, net $4,079) |  | 1613 |
| Other Assets and Liabilities, net 4.6% | Other Assets and Liabilities, net 4.6% | 19366 |
| Net Assets 100.0% | Net Assets 100.0% | 422726 |

---

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

^ Security is in default.

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

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

---

| | | |
|:---|:---|:---|
| **92** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

• 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) Coupon represents a yield to maturity.

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

(h) Contingent convertible security.

(i) Coupon represents a 7-Day Yield.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  AmSurg Corp. | 11/02/2023 - 11/06/2023 | $144 | $151 | 0.04% |
|  Grifols SA 7.500% due 05/01/2030 | 08/01/2025 | 904 | 899 | 0.21 |
|  Incora New Equity | 01/31/2025 | 361 | 281 | 0.07 |
|  Incora Top Holdco LLC 6.000% due 01/30/2033 | 01/31/2025 - 01/31/2026 | 169 | 256 | 0.06 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1578 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1587 | 0.38% |

---

#### 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 |
|  MYI | (0.100)% | 10/28/2025 | TBD<sup>(2)</sup> | EUR (472) | $(545) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(545) |

---

#### 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 | 3.770% | 03/26/2026 | 04/09/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2165) | $(2166) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2166) |

---

#### 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/<br>(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 |
|  MYI | $0 | $(545) | $0 | $(545) | $536 | $(9) |
|  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 | (2166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(545) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2166) |  |  |  |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 93

------

Schedule of Investments PIMCO High Yield Spectrum Fund (Cont.)

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  Corporate Bonds & Notes | $0 | $0 | $0 | $(545) | $(545) |
|  Total | $0 | $0 | $0 | $(545) | $(545) |
|  Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions |
|  U.S. Treasury Obligations | 0 | (2166) | 0 | 0 | (2166) |
|  Total | $0 | $(2166) | $0 | $0 | $(2166) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2166) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(545) | $(2711) |
|  Payable for reverse repurchase agreements and sale-buyback financing transactions  | Payable for reverse repurchase agreements and sale-buyback financing transactions  | Payable for reverse repurchase agreements and sale-buyback financing transactions  | Payable for reverse repurchase agreements and sale-buyback financing transactions  | Payable for reverse repurchase agreements and sale-buyback financing transactions  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2711) |

---

(k) Securities with an aggregate market value of $2,686 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 $(1888) at a weighted average interest rate of 1.113%. 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 $(2) of deferred price drop. 

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

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

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Euro-Bobl June Futures  | 06/2026 | 8 | $1067 | $(7) | $4 | $0 |
|  Long Guilt June Futures  | 06/2026 | 14 | 1627 | (94) | 12 | 0 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2026 | 236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48957 | (157) | 19 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 100 | 10818 | (1) | 0 | (1) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 10 | 1134 | 0 | 2 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 19 | 2215 | 7 | 4 | 0 |
|  Total Futures Contracts |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(252) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### 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 | 12/20/2027 | 0.465% | $800 | $(6) | $68 | $62 | $0 | $0 |
|  Charter Communications | 5.000 | Quarterly | 12/20/2030 | 2.600 | 2350 | 251 | (16) | 235 | 3 | 0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 12/20/2027 | 0.835 | 500 | 50 | (14) | 36 | 0 | 0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2028 | 0.935 | 550 | 45 | 4 | 49 | 0 | 0 |
|  Worldline SA/France | 5.000 | Quarterly | 12/20/2028 | 10.418 | 1100 | (165) | 19 | (146) | 0 | (15) |
|  ZF Europe Finance BV | 5.000 | Quarterly | 12/20/2029 | 3.160 | 700 | 54 | (3) | 51 | 0 | (6) |
|  ZF Europe Finance BV | 5.000 | Quarterly | 06/20/2030 | 3.449 | 675 | 14 | 32 | 46 | 0 | (4) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) |

---

#### 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;30393 | $2338 | $(687) | $1651 | $273 | $0 |
|  CDX.HY-46 5-Year Index | 5.000 | Quarterly | 06/20/2031 | 7300 | 287 | 75 | 362 | 67 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(612) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

94 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

March 31, 2026

#### 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 | 12/17/2032 | $1850 | $(47) | $42 | $(5) | $0 | $(2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2035 | 5800 | 327 | (23) | 304 | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 | 2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 | 4 | 415 | 10 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2056 | 3350 | 26 | 51 | 77 | 13 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 06/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7700 | 40 | (216) | (176) | 38 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/18/2036 | 800 | 1 | (36) | (35) | 7 | 0 |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 09/16/2036 | 200 | 8 | (1) | 7 | 0 | 0 |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 09/16/2056 | 2640 | 53 | 14 | 67 | 0 | (29) |
|  |  |  |  |  |  | $819 | $(165) | $654 | $68 | $(37) |
|  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;3687 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(687) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62) |

---

#### 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> | **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;41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463 | $&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;(62) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63) |

---

(m) Securities with an aggregate market value of $754 and cash of $7,138 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 Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

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

<sup>(6)</sup> Unsettled variation margin asset of $11 for closed swap agreements is outstanding at period end. 

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 04/2026 | $195 | 268 | $0 | $(3) |
|  BOA | 04/2026 | 1222 | 1063 | 7 | 0 |
|  | 05/2026 | 1063 | $1224 | 0 | (7) |
|  | 06/2026 | 58 | 19 | 0 | 0 |
|  BPS | 04/2026 | 121 | 86 | 3 | 0 |
|  | 04/2026 | 52 | 17 | 0 | 0 |
|  | 04/2026 | 508 | 141 | 4 | 0 |
|  | 04/2026 | $12 | 39 | 0 | 0 |
|  | 05/2026 | 39 | $12 | 0 | 0 |
|  BRC | 04/2026 | 498 | 139 | 4 | 0 |
|  | 04/2026 | $564 | 25631 | 2 | 0 |
|  | 04/2026 | 1935 | $118 | 4 | 0 |
|  | 05/2026 | $13 | 599 | 0 | 0 |
|  BSH | 04/2026 | 5172 | 3885 | 0 | (30) |
|  | 04/2026 | 468 | 1693 | 0 | (12) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **95** |

---

------

Schedule of Investments PIMCO High Yield Spectrum Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2026 | 3885 | $5171 | $30 | $0 |
|  CBK | 04/2026 | 573 | 665 | 3 | 0 |
|  | 04/2026 | 81 | 108 | 1 | 0 |
|  | 04/2026 | $12736 | 11023 | 5 | 0 |
|  | 04/2026 | 0 | 9 | 0 | 0 |
|  DUB | 04/2026 | 105 | $34 | 1 | 0 |
|  | 04/2026 | 104 | 81 | 1 | 0 |
|  | 04/2026 | $83 | 121 | 0 | 0 |
|  | 05/2026 | 121 | $83 | 0 | (1) |
|  | 05/2026 | $81 | 103 | 0 | (1) |
|  | 09/2026 | 1253070 | $98 | 0 | (1) |
|  FAR | 04/2026 | 188 | 236 | 1 | 0 |
|  | 04/2026 | 5814 | 7857 | 162 | 0 |
|  | 04/2026 | 555 | 154 | 4 | 0 |
|  | 04/2026 | $244 | 188 | 0 | (9) |
|  | 05/2026 | 65 | $21 | 0 | 0 |
|  | 05/2026 | $236 | 188 | 0 | (1) |
|  | 06/2026 | 41 | $13 | 0 | 0 |
|  GLM | 04/2026 | 56 | 18 | 0 | 0 |
|  | 05/2026 | 14 | 18 | 0 | 0 |
|  IND | 04/2026 | 27747 | 32763 | 692 | 0 |
|  JPM | 04/2026 | $673 | 573 | 0 | (10) |
|  | 04/2026 | 83 | 104 | 0 | (2) |
|  | 04/2026 | 5167 | $309 | 4 | 0 |
|  MBC | 04/2026 | 1063 | 1224 | 0 | (4) |
|  | 04/2026 | 73 | 97 | 1 | 0 |
|  | 04/2026 | $2555 | 2201 | 0 | (11) |
|  | 04/2026 | 2673 | 2002 | 0 | (23) |
|  | 05/2026 | 67 | $89 | 0 | 0 |
|  | 05/2026 | $2254 | 1958 | 12 | 0 |
|  SCX | 04/2026 | 268 | $194 | 1 | 0 |
|  | 04/2026 | $104 | 3316 | 0 | 0 |
|  | 05/2026 | 194 | 268 | 0 | (1) |
|  SOG | 04/2026 | 12298 | $14223 | 34 | (26) |
|  | 04/2026 | $30952 | 26821 | 50 | 0 |
|  | 05/2026 | 26821 | $31000 | 0 | (48) |
|  | 05/2026 | $12735 | 11023 | 25 | 0 |
|  | 06/2026 | 39 | $13 | 0 | 0 |
|  UAG | 04/2026 | 684 | 189 | 5 | 0 |
|  | 04/2026 | $271 | 979 | 0 | (7) |
|  | 06/2026 | 57 | $18 | 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;1056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(197) |

---

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>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 |
| GST | Nissan Motor Co. Ltd. | 1.000% | Quarterly | 12/20/2030 | 2.738% | 10200 | $(5) | $0 | $0 | $(5) |
|  | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 1.662 | $2000 | (17) | 15 | 0 | (2) |
| JPM | Nissan Motor Co. Ltd. | 1.000 | Quarterly | 12/20/2030 | 2.738 | 14500 | (8) | 1 | 0 | (7) |
| MYC | Nissan Motor Co. Ltd. | 1.000 | Quarterly | 12/20/2030 | 2.738 | 29500 | (15) | 1 | 0 | (14) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) | $&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;(28) |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(4)</sup> | Swap Agreements,<br>at Value<sup>(4)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(3)</sup> | Notional<br>Amount<sup>(3)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2030 | EUR | 730 | $166 | $(20) | $146 | $0 |
| BPS | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 |  | 510 | 118 | (16) | 102 | 0 |
| CBK | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 |  | 220 | 50 | (6) | 44 | 0 |
| JPM | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 |  | 450 | 103 | (13) | 90 | 0 |
|  |  |  |  |  |  |  | $437 | $(55) | $382 | $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;392 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) |

---

96 PIMCO CREDIT BOND FUNDS 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 | 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 | $0 | $0 | $0 | $0 | $(3) | $0 | $0 | $(3) | $(3) | $0 | $(3) |
|  BOA | 7 | 0 | 146 | 153 | (7) | 0 | 0 | (7) | 146 | 0 | 146 |
|  BPS | 7 | 0 | 102 | 109 | 0 | 0 | 0 | 0 | 109 | (130) | (21) |
|  BRC | 10 | 0 | 0 | 10 | 0 | 0 | 0 | 0 | 10 | (20) | (10) |
|  BSH | 30 | 0 | 0 | 30 | (42) | 0 | 0 | (42) | (12) | 0 | (12) |
|  CBK | 9 | 0 | 44 | 53 | 0 | 0 | 0 | 0 | 53 | 0 | 53 |
|  DUB | 2 | 0 | 0 | 2 | (3) | 0 | 0 | (3) | (1) | 0 | (1) |
|  FAR | 167 | 0 | 0 | 167 | (10) | 0 | 0 | (10) | 157 | 0 | 157 |
|  GST | 0 | 0 | 0 | 0 | 0 | 0 | (7) | (7) | (7) | 0 | (7) |
|  IND | 692 | 0 | 0 | 692 | 0 | 0 | 0 | 0 | 692 | (720) | (28) |
|  JPM | 4 | 0 | 90 | 94 | (12) | 0 | (7) | (19) | 75 | 0 | 75 |
|  MBC | 13 | 0 | 0 | 13 | (38) | 0 | 0 | (38) | (25) | 0 | (25) |
|  MYC | 0 | 0 | 0 | 0 | 0 | 0 | (14) | (14) | (14) | 0 | (14) |
|  SCX | 1 | 0 | 0 | 1 | (1) | 0 | 0 | (1) | 0 | 0 | 0 |
|  SOG | 109 | 0 | 0 | 109 | (74) | 0 | 0 | (74) | 35 | 0 | 35 |
|  UAG | 5 | 0 | 0 | 5 | (7) | 0 | 0 | (7) | (2) | 0 | (2) |
|  Total Over the Counter | $1056 | $0 | $382 | $1438 | $(197) | $0 | $(28) | $(225) |  |  |  |

---

<sup>(1)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(3)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

<sup>(5)</sup> 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 | $41 | $41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 343 | 0 | 0 | 79 | 422 |
|  | $0 | $343 | $0 | $0 | $120 | $463 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $1056 | $0 | $1056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 382 | 0 | 0 | 0 | 382 |
|  | $0 | $382 | $0 | $1056 | $0 | $1438 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1901 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 97

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO High Yield Spectrum Fund | **(Cont.)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $1 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 25 | 0 | 0 | 37 | 62 |
|  | $0 | $25 | $0 | $0 | $38 | $63 |
|  Over 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 | $197 | $0 | $197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 28 | 0 | 0 | 0 | 28 |
|  | $0 | $28 | $0 | $197 | $0 | $225 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 |

---

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 | $(210) | $(210) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2693 | 0 | 0 | (17) | 2676 |
|  | $0 | $2693 | $0 | $0 | $(227) | $2466 |
|  Over 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 | $(9640) | $0 | $(9640) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 11 | 0 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 188 | 0 | 0 | 0 | 188 |
|  | $0 | $188 | $0 | $(9629) | $0 | $(9441) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2881 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9629) | $(227) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6975) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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 | $(250) | $(250) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 130 | 0 | 0 | (165) | (35) |
|  | $0 | $130 | $0 | $0 | $(415) | $(285) |
|  Over 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 | $3542 | $0 | $3542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | (3) | 0 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (65) | 0 | 0 | 0 | (65) |
|  | $0 | $(65) | $0 | $3539 | $0 | $3474 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $65 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $3539 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(415) | $3189 |

---

#### 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 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 |
|  Loan Participations and Assignments | $0 | $24470 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5423 | $29893 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 55675 | 485 | 56160 |
| &nbsp;&nbsp; Industrials | 0 | 249834 | 528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250362 |
| &nbsp;&nbsp; Utilities | 0 | 13334 | 28 | 13362 |
|  Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes |
| &nbsp;&nbsp; Industrials | 0 | 1116 | 0 | 1116 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Arizona | 0 | 422 | 0 | 422 |
|  U.S. Treasury Obligations | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41250 | 0 | 41250 |
|  Sovereign Issues | 0 | 291 | 0 | 291 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | 0 | 426 | 548 |
| &nbsp;&nbsp; Health Care | 0 | 0 | 897 | 897 |
| &nbsp;&nbsp; Industrials | 2 | 0 | 281 | 283 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair Value<br>at 03/31/2026** |
|  Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Industrials | $0 | $0 | $1 | $1 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 674 | 0 | 0 | 674 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 2081 | 0 | 2081 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 2900 | 0 | 2900 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391373 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8069 | $400240 |
|  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 | $1507 | $0 | $0 | $1507 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2305 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391373 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8069 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401747 |

---

---

| | | |
|:---|:---|:---|
| **98** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair Value<br>at 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 | $16 | $436 | $0 | $452 |
|  Over the counter | 0 | 1438 | 0 | 1438 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890 |
|  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 | (63) | 0 | (63) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair Value<br>at 03/31/2026** |
|  Over the counter | $0 | $(225) | $0 | $(225) |
|  | $0 | $(288) | $0 | $(288) |
|  Total Financial Derivative Instruments | $16 | $1586 | $0 | $1602 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2321 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392959 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8069 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403349 |

---

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** | **Net<br>Sales/<br>Settlements** | **Accrued<br>Discounts/<br>(Premiums)** | **Realized<br>Gain/<br>(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 | $7137 | $1801 | $(3798) | $65 | $(37) | $64 | $989 | $(798) | $5423 | $93 |
|  Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 0 | 492 | 0 | 0 | 0 | (7) | 0 | 0 | 485 | (7) |
|  Industrials | 1497 | 39 | (1394) | 0 | 0 | 386 | 0 | 0 | 528 | 16 |
| &nbsp;&nbsp; Utilities | 0 | 24 | 0 | 0 | 0 | 4 | 0 | 0 | 28 | 4 |
|  Common Stocks |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Communication Services | 0 | 0 | 0 | 0 | 0 | 426 | 0 | 0 | 426 | 426 |
| &nbsp;&nbsp; Energy | 97 | 0 | (44) | 0 | 44 | (97) | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Financials | 957 | 0 | (1005) | 0 | (1209) | 1257 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Health Care | 1138 | 0 | 0 | 0 | 0 | (241) | 0 | 0 | 897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(241) |
| &nbsp;&nbsp; Industrials | 388 | 0 | 0 | 0 | 0 | (105) | 0 | (2) | 281 | 16 |
|  Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Industrials | 140 | 0 | 0 | 0 | 0 | (139) | 0 | 0 | 1 | (139) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11354 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2356 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6241) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1202) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(800) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8069 | $168 |

---

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)** | **(% Unless Noted Otherwise)** |
| **Category and Subcategory** | **Ending<br>Balance<br>at 03/31/2026** | **Valuation<br>Technique** | **Unobservable<br>Inputs** | **Input Value(s)** | **Input Value(s)** | **Weighted<br>Average** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $546 | Comparable Companies | EBITDA Multiple |  | 16.360 |  |
|  | 3804 | Discounted Cash Flow | Discount Rate |  | 8.726-12.687 | 9.957 |
|  | 1073 | Third Party Vendor | Broker Quote |  | 12.500-100.250 | 97.230 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 485 | Proxy Pricing | Base Price |  | 100.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 499 | Comparable Companies / Discounted Cash Flow | EBITDA Multiple/Discount Rate |  | 12.500/10.000 |  |
|  | 29 | Expected Recovery | Price |  | 1.630 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 28 | Indicative Market Quotation | Broker Quote |  | 12.000 |  |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 426 | Indicative Market Quotation | Broker Quote | $— | 15.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 897 | Comparable Companies | EBITDA Multiple |  | 9.123-16.360 | 10.344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 281 | Comparable Companies / Discounted Cash Flow | EBITDA Multiple/Discount Rate |  | 12.500/10.000 |  |
|  Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 1 | Indicative Market Quotation | Broker Quote | $— | 0.080 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8069 |  |  |  |  |  |

---

<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 | **99** |

---

------

Schedule of Investments PIMCO Long-Term Credit Bond Fund

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 116.2% | INVESTMENTS IN SECURITIES 116.2% | INVESTMENTS IN SECURITIES 116.2% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.9% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.9% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.9% |
|  Alfa-Bank CJSC | Alfa-Bank CJSC | Alfa-Bank CJSC |
|  5.860% (EUR003M + 2.100%) due 10/21/2026 «~(k) | 863 | 863 |
|  Altice France SA | Altice France SA | Altice France SA |
|  8.891% (EUR003M + 6.875%) due 05/30/2031 ~ | 1139 | 1322 |
|  BCP V Modular Services Holdings IV Ltd. | BCP V Modular Services Holdings IV Ltd. | BCP V Modular Services Holdings IV Ltd. |
|  6.552% (EUR003M + 4.425%) due 07/10/2031 ~ | 1000 | 1051 |
|  Databricks, Inc. | Databricks, Inc. | Databricks, Inc. |
|  1.000% due 01/05/2032 ~µ | 322 | 321 |
|  8.171% (TSFR1M + 4.500%) due 01/05/2032 ~ | 1456 | 1448 |
|  Dorchester LLC | Dorchester LLC | Dorchester LLC |
|  4.610% (EUR003M + 2.300%) due 01/04/2027 «~(k) | 1400 | 1618 |
|  JetBlue Airways Corp. | JetBlue Airways Corp. | JetBlue Airways Corp. |
|  8.435% (TSFR3M + 4.750%) due 08/27/2029 ~ | 3940 | 3623 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
|  5.675% (TSFR1M + 2.000%) due 10/21/2032 ~ | 3092 | 3097 |
|  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 «~ | 34 | 26 |
|  Oi SA | Oi SA | Oi SA |
|  TBD% due 12/30/2050 «~ | 1480 | 15 |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  3.886% (EUR006M + 1.750%) due 03/05/2027 «~ | 12000 | 13885 |
|  Project Hudson II | Project Hudson II | Project Hudson II |
|  7.730% due 05/29/2026 «~ | 1600 | 1606 |
|  Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |
|  5.917% (TSFR3M + 2.250%) due 04/09/2032 ~ | 1297 | 1296 |
|  Westmoreland Coal Co. | Westmoreland Coal Co. | Westmoreland Coal Co. |
|  8.000% due 03/15/2029 «~ | 908 | 395 |
|  Total Loan Participations and Assignments (Cost $31,850) | Total Loan Participations and Assignments (Cost $31,850) | 30566 |
| CORPORATE BONDS & NOTES 64.5% | CORPORATE BONDS & NOTES 64.5% | CORPORATE BONDS & NOTES 64.5% |
| BANKING & FINANCE 23.0% | BANKING & FINANCE 23.0% | BANKING & FINANCE 23.0% |
|  Aircastle Ltd. | Aircastle Ltd. | Aircastle Ltd. |
|  5.950% due 02/15/2029 | 1400 | 1439 |
|  Alfa Bank AO Via Alfa Bond Issuance PLC | Alfa Bank AO Via Alfa Bond Issuance PLC | Alfa Bank AO Via Alfa Bond Issuance PLC |
|  5.950% due 04/15/2030 ^«(c)(i) | 1200 | 72 |
|  American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
|  6.150% due 10/01/2034 | 6900 | 6847 |
|  American Financial Group, Inc. | American Financial Group, Inc. | American Financial Group, Inc. |
|  4.500% due 06/15/2047 | 7700 | 6226 |
|  American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  3.375% due 07/15/2051 | 2000 | 1313 |
|  3.625% due 04/15/2032 | 3700 | 3418 |
|  American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  2.950% due 01/15/2051 | 8300 | 5127 |
|  3.100% due 06/15/2050 | 10900 | 7005 |
|  3.700% due 10/15/2049 | 10000 | 7195 |
|  4.050% due 03/15/2032 | 7800 | 7477 |
|  Antares Holdings LP | Antares Holdings LP | Antares Holdings LP |
|  3.750% due 07/15/2027 | 3750 | 3646 |
|  6.350% due 10/23/2029 | 6500 | 6437 |
|  7.950% due 08/11/2028 | 1600 | 1660 |
|  Aon North America, Inc. | Aon North America, Inc. | Aon North America, Inc. |
|  5.750% due 03/01/2054 | 1700 | 1639 |
|  Apollo Debt Solutions BDC | Apollo Debt Solutions BDC | Apollo Debt Solutions BDC |
|  6.700% due 07/29/2031 | 2300 | 2328 |
|  6.900% due 04/13/2029 | 1200 | 1228 |
|  Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. |
|  3.635% due 06/30/2050 | 2465 | 1765 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ARES Finance Co. II LLC | ARES Finance Co. II LLC | ARES Finance Co. II LLC |
|  3.250% due 06/15/2030 | 1100 | 1031 |
|  ARES Finance Co. IV LLC | ARES Finance Co. IV LLC | ARES Finance Co. IV LLC |
|  3.650% due 02/01/2052 | 1900 | 1281 |
|  ARES Management Corp. | ARES Management Corp. | ARES Management Corp. |
|  5.600% due 10/11/2054 | 5700 | 5026 |
|  ARES Strategic Income Fund | ARES Strategic Income Fund | ARES Strategic Income Fund |
|  6.200% due 03/21/2032 | 1400 | 1373 |
|  Assured Guaranty U.S. Holdings, Inc. | Assured Guaranty U.S. Holdings, Inc. | Assured Guaranty U.S. Holdings, Inc. |
|  3.600% due 09/15/2051 | 1200 | 812 |
|  Athene Global Funding | Athene Global Funding | Athene Global Funding |
|  5.322% due 11/13/2031 | 1500 | 1484 |
|  5.526% due 07/11/2031 | 3350 | 3353 |
|  Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
|  6.750% due 10/25/2028 | 4097 | 4290 |
|  Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. | Avolon Holdings Funding Ltd. |
|  4.700% due 01/30/2031 | 700 | 686 |
|  4.950% due 10/15/2032 | 6500 | 6333 |
|  5.375% due 05/30/2030 | 1300 | 1315 |
|  AXIS Specialty Finance LLC | AXIS Specialty Finance LLC | AXIS Specialty Finance LLC |
|  3.900% due 07/15/2029 | 3000 | 2945 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  7.750% due 01/14/2032 •(h)(i) | 2300 | 2363 |
|  7.883% due 11/15/2034 •  | 1800 | 2038 |
|  8.375% due 06/21/2028 •(h)(i) | 2000 | 2471 |
|  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 | 200 | 200 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  9.625% due 11/21/2028 •(h)(i) | 1000 | 1078 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  2.572% due 10/20/2032 •  | 6000 | 5340 |
|  2.676% due 06/19/2041 •  | 19400 | 13915 |
|  2.972% due 07/21/2052 •  | 800 | 506 |
|  3.311% due 04/22/2042 •  | 12200 | 9311 |
|  4.083% due 03/20/2051 •  | 300 | 232 |
|  5.468% due 01/23/2035 •  | 6800 | 6944 |
|  5.511% due 01/24/2036 •  | 1700 | 1734 |
|  5.872% due 09/15/2034 •  | 8500 | 8904 |
|  Bank of America NA | Bank of America NA | Bank of America NA |
|  6.000% due 10/15/2036 | 1200 | 1267 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  5.207% due 02/24/2037 •  | 7300 | 7068 |
|  5.335% due 09/10/2035 •  | 1000 | 991 |
|  5.851% due 03/21/2035 •  | 5100 | 6695 |
|  6.224% due 05/09/2034 •  | 4400 | 4622 |
|  9.250% due 09/15/2028 •(h)(i) | 1000 | 1395 |
|  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 |
|  8.450% due 06/29/2038 •(i) | 1300 | 1399 |
|  BGC Group, Inc. | BGC Group, Inc. | BGC Group, Inc. |
|  6.150% due 04/02/2030 | 4200 | 4274 |
|  6.600% due 06/10/2029 | 500 | 516 |
|  8.000% due 05/25/2028 | 2100 | 2215 |
|  Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC | Blackstone Holdings Finance Co. LLC |
|  2.800% due 09/30/2050 | 350 | 208 |
|  3.200% due 01/30/2052 | 10000 | 6378 |
|  3.500% due 09/10/2049 | 1900 | 1302 |
|  Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC |
|  4.375% due 02/15/2032 | 3700 | 3299 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  3.132% due 01/20/2033 •(m) | 3200 | 2878 |
|  BPCE SA | BPCE SA | BPCE SA |
|  6.293% due 01/14/2036 •  | 1100 | 1152 |
|  7.003% due 10/19/2034 •  | 4800 | 5248 |
|  Broadstone Net Lease LLC | Broadstone Net Lease LLC | Broadstone Net Lease LLC |
|  5.000% due 11/01/2032 | 800 | 787 |
|  Brookfield Capital Finance LLC | Brookfield Capital Finance LLC | Brookfield Capital Finance LLC |
|  6.087% due 06/14/2033 | 1200 | 1252 |
|  Brookfield Finance LLC/Brookfield Finance, Inc. | Brookfield Finance LLC/Brookfield Finance, Inc. | Brookfield Finance LLC/Brookfield Finance, Inc. |
|  3.450% due 04/15/2050 | 2000 | 1322 |
|  Brookfield Finance, Inc. | Brookfield Finance, Inc. | Brookfield Finance, Inc. |
|  3.500% due 03/30/2051 | 8700 | 5816 |
|  3.625% due 02/15/2052 | 1900 | 1292 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.968% due 03/04/2054 | $— | 7075 | $— | 6869 |
|  Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. | Brown & Brown, Inc. |
|  6.250% due 06/23/2055 |  | 3100 |  | 3094 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  3.625% due 09/14/2028 •(h)(i) |  | 1400 |  | 1548 |
|  Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP | Cantor Fitzgerald LP |
|  7.200% due 12/12/2028 | $— | 3000 |  | 3118 |
|  Carlyle Finance LLC | Carlyle Finance LLC | Carlyle Finance LLC | Carlyle Finance LLC | Carlyle Finance LLC |
|  5.650% due 09/15/2048 |  | 3100 |  | 2918 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  5.950% due 08/15/2034 |  | 3100 |  | 3228 |
|  CI Financial Corp. | CI Financial Corp. | CI Financial Corp. | CI Financial Corp. | CI Financial Corp. |
|  4.100% due 06/15/2051 |  | 1200 |  | 797 |
|  7.500% due 05/30/2029 |  | 3200 |  | 3360 |
|  Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC | Citadel Finance LLC |
|  5.900% due 02/10/2030 |  | 2200 |  | 2212 |
|  Citadel LP | Citadel LP | Citadel LP | Citadel LP | Citadel LP |
|  6.375% due 01/23/2032 |  | 3700 |  | 3837 |
|  Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia | Commonwealth Bank of Australia |
|  3.784% due 03/14/2032 (i) |  | 1800 |  | 1692 |
|  Constellation Global Funding | Constellation Global Funding | 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 | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  4.375% due 06/29/2027 •(h)(i) |  | 1600 |  | 1858 |
|  COPT Defense Properties LP | COPT Defense Properties LP | COPT Defense Properties LP | COPT Defense Properties LP | COPT Defense Properties LP |
|  4.500% due 10/15/2030 | $— | 700 |  | 691 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  6.375% due 09/15/2054 •  |  | 4000 |  | 3933 |
|  CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. | CoStar Group, Inc. |
|  2.800% due 07/15/2030 |  | 800 |  | 724 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  7.250% due 09/23/2028 •(h)(i) |  | 6100 |  | 7397 |
|  Credit Opportunities Partners LLC | Credit Opportunities Partners LLC | Credit Opportunities Partners LLC | Credit Opportunities Partners LLC | Credit Opportunities Partners LLC |
|  6.520% due 03/20/2028 «(k) | $— | 900 |  | 893 |
|  6.740% due 03/20/2030 «(k) |  | 1000 |  | 985 |
|  Credit Suisse AG AT1 Claim | Credit Suisse AG AT1 Claim | Credit Suisse AG AT1 Claim | Credit Suisse AG AT1 Claim | Credit Suisse AG AT1 Claim |
|  1.000% due 12/31/2060 |  | 9666 |  | 3384 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  2.100% due 04/01/2031 |  | 5800 |  | 5055 |
|  5.200% due 09/01/2034 |  | 6300 |  | 6232 |
|  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) |  | 1600 |  | 1610 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  3.729% due 01/14/2032 •  |  | 2900 |  | 2696 |
|  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 |  | 4600 |  | 4192 |
|  EPR Properties | EPR Properties | EPR Properties | EPR Properties | EPR Properties |
|  3.750% due 08/15/2029 |  | 2450 |  | 2348 |
|  Equinix, Inc. | Equinix, Inc. | Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  3.000% due 07/15/2050 |  | 3200 |  | 1994 |
|  3.400% due 02/15/2052 |  | 2500 |  | 1656 |
|  Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. |
|  5.594% due 01/11/2033 |  | 1000 |  | 1022 |
|  6.700% due 03/28/2055 •  |  | 800 |  | 810 |
|  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) |  | 1200 |  | 1365 |
|  Essential Properties LP | Essential Properties LP | Essential Properties LP | Essential Properties LP | Essential Properties LP |
|  5.400% due 12/01/2035 | $— | 1000 |  | 985 |
|  Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
|  5.500% due 04/01/2034 |  | 1200 |  | 1217 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  4.950% due 01/15/2033 |  | 400 |  | 396 |
|  Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. | Fairfax Financial Holdings Ltd. |
|  6.000% due 12/07/2033 |  | 2700 |  | 2822 |
|  6.100% due 03/15/2055 |  | 3500 |  | 3437 |
|  6.350% due 03/22/2054 |  | 1000 |  | 1011 |
|  Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange | Farmers Insurance Exchange |
|  4.747% due 11/01/2057 •  |  | 5000 |  | 4220 |
|  Fidelity National Financial, Inc. | Fidelity National Financial, Inc. | Fidelity National Financial, Inc. | Fidelity National Financial, Inc. | Fidelity National Financial, Inc. |
|  3.200% due 09/17/2051 |  | 8100 |  | 4945 |
|  First American Financial Corp. | First American Financial Corp. | First American Financial Corp. | First American Financial Corp. | First American Financial Corp. |
|  5.450% due 09/30/2034 |  | 1800 |  | 1765 |

---

---

| | | |
|:---|:---|:---|
| **100** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Flourish Century Holdings Ltd. | Flourish Century Holdings Ltd. | Flourish Century Holdings Ltd. |
|  6.600% due 02/04/2049 ^«(c)(k) | 4900 | 0 |
|  FMR LLC | FMR LLC | FMR LLC |
|  6.450% due 11/15/2039 | 4500 | 4880 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  3.815% due 11/02/2027 | 2262 | 2217 |
|  4.970% due 04/06/2029 | 3400 | 3359 |
|  5.113% due 05/03/2029 | 268 | 266 |
|  5.420% due 04/09/2031 | 2000 | 1965 |
|  5.850% due 05/17/2027 | 3680 | 3708 |
|  6.798% due 11/07/2028 | 970 | 1004 |
|  7.350% due 11/04/2027 | 520 | 537 |
|  Franklin Resources, Inc. | Franklin Resources, Inc. | Franklin Resources, Inc. |
|  2.950% due 08/12/2051 | 900 | 558 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  3.125% due 10/12/2028 | 2100 | 1918 |
|  6.125% due 01/15/2030 (m) | 1900 | 1810 |
|  7.875% due 01/15/2029 | 1000 | 1012 |
|  FTAI Aviation Investors LLC | FTAI Aviation Investors LLC | FTAI Aviation Investors LLC |
|  7.875% due 12/01/2030 | 1200 | 1254 |
|  GA Global Funding Trust | GA Global Funding Trust | GA Global Funding Trust |
|  5.200% due 12/09/2031 | 650 | 637 |
|  5.500% due 01/08/2029 | 3700 | 3746 |
|  5.900% due 01/13/2035 | 1500 | 1489 |
|  GATX Corp. | GATX Corp. | GATX Corp. |
|  4.500% due 03/30/2045 | 1038 | 859 |
|  GGAM Finance Ltd. | GGAM Finance Ltd. | GGAM Finance Ltd. |
|  8.000% due 02/15/2027 | 1400 | 1415 |
|  Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
|  6.750% due 03/15/2054 | 6100 | 5688 |
|  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 | 5000 | 4802 |
|  5.625% due 09/15/2034 | 4500 | 4434 |
|  5.750% due 11/01/2037 | 8000 | 7750 |
|  6.250% due 09/15/2054 | 1500 | 1457 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  2.615% due 04/22/2032 •  | 8700 | 7818 |
|  4.017% due 10/31/2038 •  | 5100 | 4454 |
|  5.016% due 10/23/2035 •  | 7900 | 7757 |
|  5.330% due 07/23/2035 •  | 6700 | 6725 |
|  Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC | Goodman U.S. Finance Five LLC |
|  4.625% due 05/04/2032 | 2000 | 1968 |
|  Goodman U.S. Finance Four LLC | Goodman U.S. Finance Four LLC | Goodman U.S. Finance Four LLC |
|  4.500% due 10/15/2037 | 3600 | 3309 |
|  Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC | Goodman U.S. Finance Three LLC |
|  3.700% due 03/15/2028 | 3700 | 3642 |
|  HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
|  6.375% due 07/01/2034 | 2000 | 2015 |
|  6.750% due 07/15/2035 | 3100 | 3190 |
|  Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
|  3.050% due 02/15/2030 | 2600 | 2400 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  5.133% due 11/06/2036 •  | 3800 | 3719 |
|  5.875% due 09/28/2026 •(h)(i) | 5178 | 6841 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  5.950% due 02/15/2028 | 800 | 760 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  4.950% due 06/01/2042 •  | 1750 | 1467 |
|  7.750% due 01/11/2027 •(h)(i) | 4610 | 5445 |
|  7.778% due 06/20/2054 •  | 1700 | 1940 |
|  7.800% due 11/28/2053 | 3000 | 3508 |
|  Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
|  2.700% due 01/15/2034 | 3500 | 2924 |
|  4.950% due 01/15/2033 | 1400 | 1368 |
|  Itau Unibanco Holding SA | Itau Unibanco Holding SA | Itau Unibanco Holding SA |
|  6.000% due 02/27/2030 | 6400 | 6571 |
|  JAB Holdings BV | JAB Holdings BV | JAB Holdings BV |
|  2.200% due 11/23/2030 | 585 | 523 |
|  3.750% due 05/28/2051 | 750 | 512 |
|  4.500% due 04/08/2052 | 2100 | 1603 |
|  Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. |
|  6.500% due 01/20/2043 | 2100 | 2048 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  3.109% due 04/22/2051 •  | 6300 | 4116 |
|  3.328% due 04/22/2052 •(m) | 14200 | 9676 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.810% due 10/22/2036 •  | $— | 1000 | 971 |
|  5.294% due 07/22/2035 •  |  | 3000 | 3038 |
|  5.350% due 06/01/2034 •  |  | 7100 | 7247 |
|  5.502% due 01/24/2036 •  |  | 6500 | 6655 |
|  6.254% due 10/23/2034 •  |  | 3200 | 3442 |
|  8.750% due 09/01/2030 |  | 275 | 319 |
|  Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
|  5.000% due 11/30/2027 |  | 101 | 9 |
|  Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) | Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) | Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) | Kaisa Group Holdings Ltd. (5.250% Cash or 6.250% PIK) |
|  5.250% due 12/28/2028 (b) |  | 192 | 2 |
|  Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) | Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) | Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) | Kaisa Group Holdings Ltd. (5.500% Cash or 6.500% PIK) |
|  5.500% due 12/28/2029 (b) |  | 321 | 1 |
|  Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK) | Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK) | Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK) | Kaisa Group Holdings Ltd. (5.750% Cash or 6.750% PIK) |
|  5.750% due 12/28/2030 (b) |  | 387 | 1 |
|  Kaisa Group Holdings Ltd. (6.000% Cash or 7.000% PIK) | Kaisa Group Holdings Ltd. (6.000% Cash or 7.000% PIK) | Kaisa Group Holdings Ltd. (6.000% Cash or 7.000% PIK) | Kaisa Group Holdings Ltd. (6.000% Cash or 7.000% PIK) |
|  6.000% due 12/28/2031 (b) |  | 583 | 3 |
|  Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) | Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) | Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) | Kaisa Group Holdings Ltd. (6.250% Cash or 7.250% PIK) |
|  6.250% due 12/28/2032 (b) |  | 545 | 9 |
|  Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) | Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) | Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) | Kaisa Group Holdings Ltd. (6.721% Cash or 7.721% PIK) |
|  6.721% due 12/28/2027 (b) |  | 131 | 1 |
|  KBC Group NV | KBC Group NV | KBC Group NV | KBC Group NV |
|  8.000% due 09/05/2028 •(h)(i) |  | 1000 | 1235 |
|  Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
|  2.500% due 11/15/2032 | $— | 3400 | 2770 |
|  2.650% due 11/15/2033 |  | 1000 | 796 |
|  5.875% due 10/15/2035 |  | 900 | 868 |
|  6.250% due 01/15/2036 |  | 1600 | 1587 |
|  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 |  | 4700 | 3123 |
|  KKR Group Finance Co. XII LLC | KKR Group Finance Co. XII LLC | KKR Group Finance Co. XII LLC | KKR Group Finance Co. XII LLC |
|  4.850% due 05/17/2032 |  | 1526 | 1501 |
|  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 |  | 600 | 601 |
|  Lazard Group LLC | Lazard Group LLC | Lazard Group LLC | Lazard Group LLC |
|  6.000% due 03/15/2031 |  | 900 | 935 |
|  Legg Mason, Inc. | Legg Mason, Inc. | Legg Mason, Inc. | Legg Mason, Inc. |
|  5.625% due 01/15/2044 |  | 1400 | 1354 |
|  Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. |
|  3.951% due 10/15/2050 |  | 900 | 654 |
|  Lloyds Bank PLC | 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 | Lloyds Banking Group PLC |
|  5.679% due 01/05/2035 •  |  | 5600 | 5755 |
|  7.875% due 06/27/2029 •(h)(i) |  | 200 | 271 |
|  8.500% due 09/27/2027 •(h)(i) |  | 1000 | 1366 |
|  Marex Group PLC | Marex Group PLC | Marex Group PLC | Marex Group PLC |
|  5.829% due 05/08/2028 | $— | 300 | 303 |
|  Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. |
|  2.900% due 12/15/2051 |  | 1300 | 803 |
|  4.350% due 01/30/2047 |  | 200 | 164 |
|  5.400% due 03/15/2055 (m) |  | 5300 | 4974 |
|  Massachusetts Mutual Life Insurance Co. | Massachusetts Mutual Life Insurance Co. | Massachusetts Mutual Life Insurance Co. | Massachusetts Mutual Life Insurance Co. |
|  5.077% due 02/15/2069 •  |  | 2500 | 2225 |
|  5.672% due 12/01/2052 |  | 2000 | 1923 |
|  Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. |
|  6.100% due 06/11/2055 •  |  | 3300 | 3315 |
|  Mercury General Corp. | Mercury General Corp. | Mercury General Corp. | Mercury General Corp. |
|  4.400% due 03/15/2027 |  | 610 | 606 |
|  Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. | Mitsubishi UFJ Financial Group, Inc. |
|  4.505% due 01/14/2032 •  |  | 5000 | 4929 |
|  5.133% due 07/20/2033 •  |  | 2800 | 2828 |
|  5.188% due 09/12/2036 •  |  | 1000 | 993 |
|  Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. | Mizuho Financial Group, Inc. |
|  2.201% due 07/10/2031 •  |  | 3200 | 2884 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  0.000% due 04/02/2032 þ(k) |  | 11300 | 8420 |
|  2.734% (EUR003M + 0.700%) due 10/05/2029 ~ |  | 600 | 693 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.943% due 01/21/2033 •  | $— | 4800 | $— | 4317 |
|  3.383% due 01/23/2032 •  |  | 4000 |  | 4542 |
|  4.892% due 10/22/2036 •  | $— | 4500 |  | 4352 |
|  5.320% due 07/19/2035 •  |  | 5000 |  | 5019 |
|  5.587% due 01/18/2036 •  |  | 2100 |  | 2142 |
|  5.831% due 04/19/2035 •  |  | 7400 |  | 7685 |
|  Nasdaq, Inc. | Nasdaq, Inc. | Nasdaq, Inc. | Nasdaq, Inc. | Nasdaq, Inc. |
|  6.100% due 06/28/2063 |  | 800 |  | 803 |
|  National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. | National Health Investors, Inc. |
|  5.350% due 02/01/2033 |  | 400 |  | 394 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  7.875% due 12/20/2031 •(h)(i) |  | 1000 |  | 1332 |
|  Nationwide Mutual Insurance Co. | Nationwide Mutual Insurance Co. | Nationwide Mutual Insurance Co. | Nationwide Mutual Insurance Co. | Nationwide Mutual Insurance Co. |
|  9.375% due 08/15/2039 | $— | 2500 |  | 3205 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  4.600% due 06/28/2031 •(h)(i) |  | 1300 |  | 1166 |
|  5.125% due 05/12/2027 •(h)(i) |  | 2500 |  | 3259 |
|  7.625% due 09/30/2035 •(h)(i)(m) |  | 3300 |  | 4326 |
|  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 | $— | 400 |  | 399 |
|  4.875% due 04/15/2045 |  | 2700 |  | 2310 |
|  New Immo Holding SA | New Immo Holding SA | New Immo Holding SA | New Immo Holding SA | New Immo Holding SA |
|  2.750% due 11/26/2026 |  | 2200 |  | 2517 |
|  Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. | Newmark Group, Inc. |
|  7.500% due 01/12/2029 | $— | 3000 |  | 3147 |
|  Nippon Life Insurance Co. | Nippon Life Insurance Co. | Nippon Life Insurance Co. | Nippon Life Insurance Co. | Nippon Life Insurance Co. |
|  6.250% due 09/13/2053 •  |  | 4500 |  | 4599 |
|  Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. | Nomura Holdings, Inc. |
|  7.000% due 07/15/2030 •(h)(i) |  | 2000 |  | 2015 |
|  Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp | Nordea Bank Abp |
|  3.750% due 03/01/2029 •(h)(i) |  | 400 |  | 371 |
|  Norinchukin Bank | Norinchukin Bank | Norinchukin Bank | Norinchukin Bank | Norinchukin Bank |
|  4.683% due 03/10/2031 |  | 3900 |  | 3857 |
|  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. |
|  6.170% due 05/29/2055 |  | 4000 |  | 4112 |
|  Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. |
|  4.750% due 01/15/2028 |  | 1400 |  | 1399 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  7.875% due 03/15/2030 |  | 2500 |  | 2582 |
|  Pacific Life Insurance Co. | Pacific Life Insurance Co. | Pacific Life Insurance Co. | Pacific Life Insurance Co. | Pacific Life Insurance Co. |
|  5.950% due 09/15/2055 |  | 5500 |  | 5407 |
|  9.250% due 06/15/2039 |  | 8800 |  | 11762 |
|  Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC | Panama Infrastructure Receivable Purchaser PLC |
|  0.000% due 04/05/2032 (e) |  | 2400 |  | 1879 |
|  Penn Mutual Life Insurance Co. | Penn Mutual Life Insurance Co. | Penn Mutual Life Insurance Co. | Penn Mutual Life Insurance Co. | Penn Mutual Life Insurance Co. |
|  7.625% due 06/15/2040 |  | 1000 |  | 1154 |
|  Phillips Edison Grocery Center Operating Partnership I LP | Phillips Edison Grocery Center Operating Partnership I LP | Phillips Edison Grocery Center Operating Partnership I LP | Phillips Edison Grocery Center Operating Partnership I LP | Phillips Edison Grocery Center Operating Partnership I LP |
|  5.750% due 07/15/2034 |  | 1600 |  | 1644 |
|  Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP |
|  6.875% due 07/15/2029 |  | 3190 |  | 3343 |
|  Pine Street Trust III | Pine Street Trust III | Pine Street Trust III | Pine Street Trust III | Pine Street Trust III |
|  6.223% due 05/15/2054 |  | 5000 |  | 4998 |
|  Progressive Corp. | Progressive Corp. | Progressive Corp. | Progressive Corp. | Progressive Corp. |
|  4.125% due 04/15/2047 |  | 500 |  | 399 |
|  Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
|  5.432% due 01/14/2032 |  | 3500 |  | 3591 |
|  Regency Centers LP | Regency Centers LP | Regency Centers LP | Regency Centers LP | Regency Centers LP |
|  4.650% due 03/15/2049 |  | 500 |  | 423 |
|  Rexford Industrial Realty LP | Rexford Industrial Realty LP | Rexford Industrial Realty LP | Rexford Industrial Realty LP | Rexford Industrial Realty LP |
|  2.125% due 12/01/2030 |  | 1800 |  | 1595 |
|  RGA Global Funding | RGA Global Funding | RGA Global Funding | RGA Global Funding | RGA Global Funding |
|  5.250% due 01/09/2030 |  | 1800 |  | 1832 |
|  5.500% due 01/11/2031 |  | 2900 |  | 2983 |
|  Royal Bank of Scotland International Ltd. | Royal Bank of Scotland International Ltd. | 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) |  | 5000 |  | 4936 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  2.896% due 03/15/2032 •  |  | 1700 |  | 1543 |
|  5.694% due 04/15/2031 •  |  | 2500 |  | 2572 |
|  SBA Tower Trust | SBA Tower Trust | SBA Tower Trust | SBA Tower Trust | SBA Tower Trust |
|  2.328% due 07/15/2052 |  | 200 |  | 193 |
|  SBL Holdings, Inc. | SBL Holdings, Inc. | SBL Holdings, Inc. | SBL Holdings, Inc. | SBL Holdings, Inc. |
|  7.200% due 10/30/2034 |  | 500 |  | 438 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **101** |

---

------

Schedule of Investments PIMCO Long-Term Credit Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Selective Insurance Group, Inc. | Selective Insurance Group, Inc. | Selective Insurance Group, Inc. |
|  5.375% due 03/01/2049 | 1700 | 1529 |
|  Sixth Street Lending Partners | Sixth Street Lending Partners | Sixth Street Lending Partners |
|  5.750% due 01/15/2030 | 1600 | 1577 |
|  Stifel Financial Corp. | Stifel Financial Corp. | Stifel Financial Corp. |
|  4.000% due 05/15/2030 | 1100 | 1069 |
|  Store Capital LLC | Store Capital LLC | Store Capital LLC |
|  2.750% due 11/18/2030 | 1400 | 1261 |
|  5.400% due 04/30/2030 | 800 | 804 |
|  Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. | Sumitomo Mitsui Financial Group, Inc. |
|  4.494% due 01/15/2032 •  | 6000 | 5910 |
|  5.558% due 07/09/2034 | 1700 | 1743 |
|  5.632% due 01/15/2035 | 1000 | 1033 |
|  Takeoff Merger Sub, Inc. | Takeoff Merger Sub, Inc. | Takeoff Merger Sub, Inc. |
|  4.500% due 03/24/2029 | 4400 | 4373 |
|  Teachers Insurance & Annuity Association of America | Teachers Insurance & Annuity Association of America | Teachers Insurance & Annuity Association of America |
|  4.270% due 05/15/2047 | 400 | 322 |
|  6.850% due 12/16/2039 | 371 | 416 |
|  Tesco Property Finance 3 PLC | Tesco Property Finance 3 PLC | Tesco Property Finance 3 PLC |
|  5.744% due 04/13/2040 | 85 | 110 |
|  Tesco Property Finance 5 PLC | Tesco Property Finance 5 PLC | Tesco Property Finance 5 PLC |
|  5.661% due 10/13/2041 | 45 | 58 |
|  Tesco Property Finance 6 PLC | Tesco Property Finance 6 PLC | Tesco Property Finance 6 PLC |
|  5.411% due 07/13/2044 | 675 | 845 |
|  Thames Ssnm Unfunded Comm | Thames Ssnm Unfunded Comm | Thames Ssnm Unfunded Comm |
|  9.750% due 10/10/2027 | 106 | 134 |
|  Trust 2401 | Trust 2401 | Trust 2401 |
|  6.390% due 01/15/2050 | 596 | 544 |
|  6.950% due 01/30/2044 | 4158 | 4040 |
|  7.375% due 02/13/2034 | 712 | 754 |
|  Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno |
|  6.390% due 01/15/2050 | 304 | 274 |
|  6.950% due 01/30/2044 | 1142 | 1125 |
|  7.375% due 02/13/2034 | 288 | 305 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  3.179% due 02/11/2043 •  | 1400 | 1029 |
|  4.194% due 04/01/2031 •  | 600 | 587 |
|  4.875% due 02/12/2027 •(h)(i) | 4800 | 4756 |
|  5.379% due 09/06/2045 •  | 1000 | 945 |
|  5.959% due 01/12/2034 •  | 6200 | 6472 |
|  6.850% due 09/10/2029 •(h)(i) | 3500 | 3471 |
|  7.000% due 02/05/2035 •(h)(i) | 2000 | 1945 |
|  7.000% due 01/08/2036 •(h)(i) | 4000 | 3869 |
|  7.125% due 08/10/2034 •(h)(i) | 3000 | 2951 |
|  UDR, Inc. | UDR, Inc. | UDR, Inc. |
|  5.125% due 09/01/2034 | 1500 | 1492 |
|  UniCredit SpA | UniCredit SpA | UniCredit SpA |
|  7.296% due 04/02/2034 •  | 1400 | 1474 |
|  7.500% due 06/03/2026 •(h)(i) | 2000 | 2323 |
|  Unigel Netherlands Holding Corp. BV (15.000% Cash or 15.000% PIK) | Unigel Netherlands Holding Corp. BV (15.000% Cash or 15.000% PIK) | Unigel Netherlands Holding Corp. BV (15.000% Cash or 15.000% PIK) |
|  15.000% due 12/31/2044 ^(b)(c) | 1445 | 29 |
|  Unum Group | Unum Group | Unum Group |
|  4.500% due 12/15/2049 | 3100 | 2455 |
|  VICI Properties LP | VICI Properties LP | VICI Properties LP |
|  5.625% due 04/01/2035 | 1000 | 996 |
|  5.625% due 05/15/2052 | 3000 | 2684 |
|  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 | 2800 | 2722 |
|  Voya Financial, Inc. | Voya Financial, Inc. | Voya Financial, Inc. |
|  4.700% due 01/23/2048 •  | 500 | 475 |
|  5.000% due 09/20/2034 | 600 | 584 |
|  5.700% due 07/15/2043 | 630 | 601 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  3.350% due 03/02/2033 •  | 6600 | 6062 |
|  4.611% due 04/25/2053 •  | 11300 | 9378 |
|  4.892% due 09/15/2036 •  | 1500 | 1460 |
|  5.211% due 12/03/2035 •  | 300 | 299 |
|  5.499% due 01/23/2035 •  | 5000 | 5091 |
|  5.557% due 07/25/2034 •  | 19000 | 19478 |
|  6.491% due 10/23/2034 •  | 2200 | 2383 |
|  Welltower OP LLC | Welltower OP LLC | Welltower OP LLC |
|  5.125% due 03/15/2043 | 800 | 750 |
|  6.500% due 03/15/2041 | 925 | 1017 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
|  4.000% due 03/09/2052 | 5000 | 3682 |
|  7.375% due 03/15/2032 | 681 | 759 |
|  Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. |
|  3.875% due 09/15/2049 | 725 | 527 |
|  |  | 790052 |
| INDUSTRIALS 26.1% | INDUSTRIALS 26.1% | INDUSTRIALS 26.1% |
|  7-Eleven, Inc. | 7-Eleven, Inc. | 7-Eleven, Inc. |
|  2.800% due 02/10/2051 | 1000 | 586 |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  4.250% due 11/21/2049 | 21000 | 17058 |
|  4.400% due 11/06/2042 | 2970 | 2611 |
|  4.450% due 05/14/2046 | 7000 | 6014 |
|  4.700% due 05/14/2045 | 900 | 803 |
|  4.750% due 03/15/2045 | 3000 | 2685 |
|  4.850% due 06/15/2044 | 3300 | 3002 |
|  Abu Dhabi Crude Oil Pipeline LLC | Abu Dhabi Crude Oil Pipeline LLC | Abu Dhabi Crude Oil Pipeline LLC |
|  4.600% due 11/02/2047 | 1400 | 1219 |
|  Adani Electricity Mumbai Ltd. | Adani Electricity Mumbai Ltd. | Adani Electricity Mumbai Ltd. |
|  3.949% due 02/12/2030 | 1570 | 1437 |
|  Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. | Adani Transmission Step-One Ltd. |
|  4.250% due 05/21/2036 | 599 | 523 |
|  Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. | Adnoc Murban Rsc Ltd. |
|  5.125% due 09/11/2054 | 2000 | 1725 |
|  Air Canada Pass-Through Trust | Air Canada Pass-Through Trust | Air Canada Pass-Through Trust |
|  3.300% due 07/15/2031 | 1170 | 1121 |
|  Aker BP ASA | Aker BP ASA | Aker BP ASA |
|  5.800% due 10/01/2054 | 5000 | 4574 |
|  Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust | Alaska Airlines Pass-Through Trust |
|  4.800% due 02/15/2029 | 1138 | 1139 |
|  Alcon Finance Corp. | Alcon Finance Corp. | Alcon Finance Corp. |
|  3.800% due 09/23/2049 | 2200 | 1645 |
|  Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
|  2.700% due 06/03/2060 | 6400 | 3499 |
|  4.100% due 04/13/2062 | 1200 | 897 |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.200% due 12/15/2029 | 1695 | 1653 |
|  3.375% due 11/01/2028 | 2370 | 2342 |
|  3.575% due 07/15/2029 | 548 | 541 |
|  3.650% due 02/15/2029 | 2296 | 2235 |
|  4.900% due 11/11/2039 | 900 | 879 |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  4.563% due 06/15/2048 | 2610 | 2189 |
|  4.663% due 06/15/2051 | 5053 | 4242 |
|  4.875% due 03/01/2053 | 5400 | 4686 |
|  5.650% due 03/02/2053 (m) | 9600 | 9304 |
|  5.750% due 03/02/2063 | 4800 | 4621 |
|  AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC | AngloGold Ashanti Holdings PLC |
|  3.750% due 10/01/2030 | 600 | 580 |
|  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 (m) | 6100 | 5944 |
|  4.900% due 02/01/2046 | 3148 | 2839 |
|  Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. | Anheuser-Busch InBev Worldwide, Inc. |
|  4.439% due 10/06/2048 | 4100 | 3440 |
|  4.950% due 01/15/2042 | 5600 | 5228 |
|  Ashtead Capital, Inc. | Ashtead Capital, Inc. | Ashtead Capital, Inc. |
|  5.800% due 04/15/2034 | 1600 | 1632 |
|  Bacardi Ltd. | Bacardi Ltd. | Bacardi Ltd. |
|  5.300% due 05/15/2048 | 3600 | 3144 |
|  Baptist Healthcare System Obligated Group | Baptist Healthcare System Obligated Group | Baptist Healthcare System Obligated Group |
|  3.540% due 08/15/2050 | 300 | 216 |
|  Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC | Bayer U.S. Finance II LLC |
|  4.400% due 07/15/2044 | 6000 | 4749 |
|  4.875% due 06/25/2048 | 3400 | 2787 |
|  Bayer U.S. Finance LLC | Bayer U.S. Finance LLC | Bayer U.S. Finance LLC |
|  6.875% due 11/21/2053 | 2300 | 2425 |
|  Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
|  5.110% due 02/08/2034 | 3600 | 3624 |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 32525 | 33466 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  BMW U.S. Capital LLC | BMW U.S. Capital LLC | BMW U.S. Capital LLC |
|  4.566% (SOFRINDX + 0.920%) due 03/21/2028 ~ | 5000 | 5016 |
|  Boeing Co. | Boeing Co. | Boeing Co. |
|  3.625% due 02/01/2031 | 4200 | 3996 |
|  3.650% due 03/01/2047 | 700 | 493 |
|  3.950% due 08/01/2059 | 4300 | 2970 |
|  5.705% due 05/01/2040 | 4700 | 4710 |
|  5.805% due 05/01/2050 | 11600 | 11221 |
|  5.930% due 05/01/2060 | 12460 | 11970 |
|  7.008% due 05/01/2064 | 1000 | 1107 |
|  Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |
|  5.950% due 04/15/2035 | 1500 | 1513 |
|  Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
|  4.250% due 10/26/2049 | 630 | 506 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  3.300% due 06/15/2034 | 2526 | 2394 |
|  4.125% due 03/20/2033 | 1403 | 1358 |
|  Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  3.137% due 11/15/2035 | 1728 | 1469 |
|  3.419% due 04/15/2033 | 2949 | 2698 |
|  3.469% due 04/15/2034 | 5300 | 4775 |
|  3.500% due 02/15/2041 | 5300 | 4231 |
|  4.926% due 05/15/2037 | 5843 | 5671 |
|  Cameron LNG LLC | Cameron LNG LLC | Cameron LNG LLC |
|  3.701% due 01/15/2039 | 2600 | 2206 |
|  Canadian Pacific Railway Co. | Canadian Pacific Railway Co. | Canadian Pacific Railway Co. |
|  6.125% due 09/15/2115 | 6470 | 6544 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  5.125% due 05/01/2029 | 600 | 596 |
|  5.750% due 03/15/2030 | 1200 | 1210 |
|  5.750% due 08/01/2032 | 900 | 901 |
|  CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. | CDW LLC/CDW Finance Corp. |
|  3.569% due 12/01/2031 | 1900 | 1737 |
|  5.550% due 08/22/2034 | 1000 | 983 |
|  Cellnex Finance Co. SA | Cellnex Finance Co. SA | Cellnex Finance Co. SA |
|  3.875% due 07/07/2041 | 600 | 475 |
|  Centene Corp. | Centene Corp. | Centene Corp. |
|  4.625% due 12/15/2029 | 1900 | 1805 |
|  CF Industries, Inc. | CF Industries, Inc. | CF Industries, Inc. |
|  5.150% due 03/15/2034 | 3200 | 3182 |
|  5.375% due 03/15/2044 | 1800 | 1679 |
|  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 | 2500 | 1755 |
|  3.700% due 04/01/2051 | 11000 | 6815 |
|  3.850% due 04/01/2061 | 9600 | 5612 |
|  3.900% due 06/01/2052 | 3400 | 2167 |
|  3.950% due 06/30/2062 | 1700 | 1000 |
|  4.400% due 12/01/2061 | 2374 | 1526 |
|  4.800% due 03/01/2050 | 4900 | 3625 |
|  5.375% due 05/01/2047 | 5100 | 4108 |
|  Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC |
|  2.742% due 12/31/2039 | 1300 | 1100 |
|  3.700% due 11/15/2029 | 6500 | 6317 |
|  Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
|  3.250% due 01/31/2032 (m) | 2100 | 1915 |
|  5.750% due 08/15/2034 | 2900 | 2989 |
|  Cheniere Energy, Inc. | Cheniere Energy, Inc. | Cheniere Energy, Inc. |
|  5.200% due 07/30/2036 | 3100 | 3070 |
|  5.650% due 04/15/2034 | 2000 | 2060 |
|  Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
|  5.850% due 08/01/2034 | 800 | 808 |
|  Chord Energy Corp. | Chord Energy Corp. | Chord Energy Corp. |
|  6.750% due 03/15/2033 | 300 | 310 |
|  Cigna Group | Cigna Group | Cigna Group |
|  5.250% due 01/15/2036 | 1300 | 1302 |
|  5.600% due 02/15/2054 | 800 | 758 |
|  Cleveland Clinic Foundation | Cleveland Clinic Foundation | Cleveland Clinic Foundation |
|  4.858% due 01/01/2114 | 45 | 38 |
|  Comcast Corp. | Comcast Corp. | Comcast Corp. |
|  2.937% due 11/01/2056 | 12149 | 6735 |
|  5.500% due 05/15/2064 | 3800 | 3368 |
|  6.050% due 05/15/2055 (m) | 900 | 891 |
|  CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
|  4.975% due 09/01/2035 | 2500 | 2441 |

---

---

| | | |
|:---|:---|:---|
| **102** | **PIMCO CREDIT BOND FUNDS** | 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)** |
|  5.580% due 09/01/2045 | $— | 800 | $— | 772 |
|  5.662% due 09/01/2055 |  | 800 |  | 771 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  4.500% due 05/09/2047 |  | 1200 |  | 979 |
|  5.250% due 11/15/2048 |  | 3500 |  | 3153 |
|  Constellation Pharmaceutical, Inc. | Constellation Pharmaceutical, Inc. | Constellation Pharmaceutical, Inc. | Constellation Pharmaceutical, Inc. | Constellation Pharmaceutical, Inc. |
|  5.550% due 07/01/2033 «(k) |  | 1214 |  | 1244 |
|  CSL Finance PLC | CSL Finance PLC | CSL Finance PLC | CSL Finance PLC | CSL Finance PLC |
|  4.625% due 04/27/2042 |  | 900 |  | 796 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  5.125% due 07/20/2045 |  | 7400 |  | 6502 |
|  5.300% due 12/05/2043 |  | 6700 |  | 6116 |
|  5.625% due 02/21/2053 |  | 3500 |  | 3210 |
|  6.000% due 06/01/2044 |  | 5600 |  | 5517 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  7.507% due 01/10/2032 |  | 7835 |  | 8276 |
|  8.353% due 07/10/2031 |  | 167 |  | 181 |
|  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 |  | 2383 |  | 2381 |
|  Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. |
|  5.750% due 09/15/2054 |  | 4400 |  | 4138 |
|  Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
|  5.550% due 04/01/2035 |  | 1400 |  | 1429 |
|  5.750% due 04/18/2054 |  | 4100 |  | 3880 |
|  Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. | Discovery Global Holdings, Inc. |
|  5.141% due 03/15/2052 |  | 741 |  | 451 |
|  DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. | DT Midstream, Inc. |
|  4.300% due 04/15/2032 |  | 2900 |  | 2768 |
|  Ecopetrol SA | Ecopetrol SA | Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
|  5.875% due 05/28/2045 |  | 4705 |  | 3468 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  4.550% due 03/01/2048 |  | 1400 |  | 1158 |
|  4.650% due 01/15/2043 |  | 1435 |  | 1243 |
|  5.100% due 01/15/2044 |  | 500 |  | 456 |
|  5.125% due 02/15/2053 |  | 8100 |  | 7121 |
|  5.650% due 06/15/2054 |  | 2500 |  | 2357 |
|  5.850% due 11/01/2064 |  | 2000 |  | 1914 |
|  Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. |
|  4.950% due 02/27/2063 |  | 3100 |  | 2723 |
|  5.100% due 02/09/2064 |  | 2000 |  | 1801 |
|  5.200% due 08/14/2064 |  | 2600 |  | 2366 |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
|  6.700% due 11/15/2053 |  | 4400 |  | 4779 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  4.550% due 01/15/2031 |  | 7200 |  | 7137 |
|  5.000% due 05/15/2044 |  | 4857 |  | 4233 |
|  5.150% due 03/15/2045 |  | 11100 |  | 9671 |
|  5.350% due 05/15/2045 |  | 2465 |  | 2206 |
|  Eni SpA | Eni SpA | Eni SpA | Eni SpA | Eni SpA |
|  5.950% due 05/15/2054 |  | 2747 |  | 2735 |
|  Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC |
|  4.200% due 09/01/2048 |  | 5000 |  | 3960 |
|  4.200% due 04/01/2050 |  | 4200 |  | 3305 |
|  Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
|  4.450% due 02/15/2043 |  | 5697 |  | 4927 |
|  4.850% due 03/15/2044 |  | 3579 |  | 3241 |
|  4.950% due 10/15/2054 |  | 830 |  | 729 |
|  5.200% due 01/15/2036 |  | 6600 |  | 6639 |
|  5.550% due 02/16/2055 |  | 6700 |  | 6450 |
|  6.900% (TSFR3M + 3.248%) due 08/16/2077 ~ |  | 1450 |  | 1449 |
|  Essent Group Ltd. | Essent Group Ltd. | Essent Group Ltd. | Essent Group Ltd. | Essent Group Ltd. |
|  6.250% due 07/01/2029 |  | 1000 |  | 1035 |
|  Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. | Ferguson Enterprises, Inc. |
|  5.000% due 10/03/2034 |  | 1800 |  | 1780 |
|  Ferguson Finance PLC | Ferguson Finance PLC | Ferguson Finance PLC | Ferguson Finance PLC | Ferguson Finance PLC |
|  3.250% due 06/02/2030 |  | 700 |  | 660 |
|  Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
|  4.400% due 07/01/2049 (m) |  | 1355 |  | 1025 |
|  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 |  | 7300 |  | 6650 |
|  Gartner, Inc. | Gartner, Inc. | Gartner, Inc. | Gartner, Inc. | Gartner, Inc. |
|  5.600% due 11/20/2035 |  | 2000 |  | 1898 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  4.150% due 08/15/2049 |  | 3700 |  | 2644 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.550% due 11/15/2035 | $— | 2400 | $— | 2314 |
|  Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL | Greensaif Pipelines Bidco SARL |
|  6.103% due 08/23/2042 |  | 3200 |  | 3188 |
|  6.510% due 02/23/2042 |  | 1900 |  | 1970 |
|  GSG Bidco Ltd. | GSG Bidco Ltd. | GSG Bidco Ltd. | GSG Bidco Ltd. | GSG Bidco Ltd. |
|  6.375% due 06/15/2051 |  | 7500 |  | 8610 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  3.500% due 07/15/2051 | $— | 4900 |  | 3246 |
|  4.375% due 03/15/2042 |  | 2040 |  | 1717 |
|  4.625% due 03/15/2052 |  | 3100 |  | 2477 |
|  5.125% due 06/15/2039 |  | 2400 |  | 2263 |
|  5.250% due 06/15/2049 |  | 2600 |  | 2296 |
|  5.900% due 06/01/2053 |  | 800 |  | 762 |
|  5.950% due 09/15/2054 |  | 1400 |  | 1348 |
|  Hoag Memorial Hospital Presbyterian | Hoag Memorial Hospital Presbyterian | Hoag Memorial Hospital Presbyterian | Hoag Memorial Hospital Presbyterian | Hoag Memorial Hospital Presbyterian |
|  3.803% due 07/15/2052 |  | 1100 |  | 825 |
|  Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
|  5.375% due 12/15/2031 |  | 800 |  | 810 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  5.400% due 06/23/2032 |  | 4700 |  | 4786 |
|  Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC | Imperial Brands Finance PLC |
|  6.125% due 07/27/2027 |  | 1500 |  | 1531 |
|  Integris Baptist Medical Center, Inc. | Integris Baptist Medical Center, Inc. | Integris Baptist Medical Center, Inc. | Integris Baptist Medical Center, Inc. | Integris Baptist Medical Center, Inc. |
|  3.875% due 08/15/2050 |  | 1700 |  | 1238 |
|  Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
|  3.200% due 08/12/2061 |  | 3000 |  | 1676 |
|  5.700% due 02/10/2053 |  | 6600 |  | 6082 |
|  IRB Infrastructure Developers Ltd. | IRB Infrastructure Developers Ltd. | IRB Infrastructure Developers Ltd. | IRB Infrastructure Developers Ltd. | IRB Infrastructure Developers Ltd. |
|  7.110% due 03/11/2032 |  | 1600 |  | 1607 |
|  JetBlue Airways Corp./JetBlue Loyalty LP | 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 (m) |  | 1600 |  | 1514 |
|  JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust | JetBlue Pass-Through Trust |
|  2.750% due 11/15/2033 |  | 1007 |  | 895 |
|  Johnson Controls, Inc. | Johnson Controls, Inc. | Johnson Controls, Inc. | Johnson Controls, Inc. | Johnson Controls, Inc. |
|  4.950% due 07/02/2064 |  | 20 |  | 16 |
|  Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
|  5.550% due 06/01/2045 |  | 4000 |  | 3819 |
|  6.950% due 06/01/2028 |  | 3795 |  | 3952 |
|  7.420% due 02/15/2037 |  | 2980 |  | 3369 |
|  8.050% due 10/15/2030 |  | 3825 |  | 4279 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  4.875% due 10/01/2049 |  | 1200 |  | 982 |
|  Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  3.500% due 08/18/2026 |  | 6800 |  | 6778 |
|  3.900% due 08/08/2029 |  | 5800 |  | 5592 |
|  6.200% due 08/15/2034 |  | 4500 |  | 4614 |
|  Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
|  4.300% due 06/15/2062 |  | 1800 |  | 1404 |
|  Marathon Petroleum Corp. | Marathon Petroleum Corp. | Marathon Petroleum Corp. | Marathon Petroleum Corp. | Marathon Petroleum Corp. |
|  6.500% due 03/01/2041 |  | 1800 |  | 1920 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  5.250% due 10/15/2035 |  | 400 |  | 398 |
|  Mars, Inc. | Mars, Inc. | Mars, Inc. | Mars, Inc. | Mars, Inc. |
|  5.700% due 05/01/2055 |  | 1900 |  | 1854 |
|  5.800% due 05/01/2065 |  | 2100 |  | 2062 |
|  Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  2.950% due 04/15/2031 |  | 4000 |  | 3672 |
|  Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
|  5.550% due 08/15/2064 |  | 1000 |  | 900 |
|  Moody's Corp. | Moody's Corp. | Moody's Corp. | Moody's Corp. | Moody's Corp. |
|  3.100% due 11/29/2061 |  | 4000 |  | 2370 |
|  MPLX LP | MPLX LP | MPLX LP | MPLX LP | MPLX LP |
|  4.900% due 04/15/2058 |  | 1900 |  | 1545 |
|  4.950% due 03/14/2052 |  | 700 |  | 582 |
|  5.200% due 03/01/2047 |  | 900 |  | 797 |
|  5.950% due 04/01/2055 |  | 6600 |  | 6290 |
|  MSCI, Inc. | MSCI, Inc. | MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
|  3.625% due 11/01/2031 |  | 1800 |  | 1666 |
|  National Football League | National Football League | National Football League | National Football League | National Football League |
|  5.250% due 10/05/2034 «(k) |  | 4900 |  | 4885 |
|  5.420% due 10/05/2037 «(k) |  | 1800 |  | 1795 |
|  NetApp, Inc. | NetApp, Inc. | NetApp, Inc. | NetApp, Inc. | NetApp, Inc. |
|  5.700% due 03/17/2035 |  | 360 |  | 367 |
|  New York & Presbyterian Hospital | New York & Presbyterian Hospital | New York & Presbyterian Hospital | New York & Presbyterian Hospital | New York & Presbyterian Hospital |
|  4.063% due 08/01/2056 |  | 45 |  | 35 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
|  9.419% due 04/30/2029 | 776 | 580 |
|  Northern Natural Gas Co. | Northern Natural Gas Co. | Northern Natural Gas Co. |
|  4.300% due 01/15/2049 | 5000 | 3979 |
|  Northwell Healthcare, Inc. | Northwell Healthcare, Inc. | Northwell Healthcare, Inc. |
|  3.809% due 11/01/2049 | 2500 | 1841 |
|  4.260% due 11/01/2047 | 30 | 24 |
|  NTT Finance Corp. | NTT Finance Corp. | NTT Finance Corp. |
|  5.171% due 07/16/2032 | 2000 | 2015 |
|  Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  4.400% due 04/15/2046 | 3900 | 3087 |
|  ONEOK Partners LP | ONEOK Partners LP | ONEOK Partners LP |
|  6.125% due 02/01/2041 | 1475 | 1499 |
|  Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  3.650% due 03/25/2041 | 5700 | 4060 |
|  3.850% due 04/01/2060 | 6615 | 3897 |
|  3.950% due 03/25/2051 | 15900 | 10082 |
|  4.100% due 03/25/2061 | 6400 | 3938 |
|  5.500% due 09/27/2064 | 6000 | 4599 |
|  5.875% due 09/26/2045 (m) | 6100 | 5267 |
|  5.950% due 09/26/2055 (m) | 600 | 505 |
|  6.100% due 09/26/2065 | 4100 | 3402 |
|  6.550% due 02/04/2046 | 1800 | 1680 |
|  6.700% due 02/04/2056 | 2700 | 2508 |
|  6.850% due 02/04/2066 | 2700 | 2485 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  6.700% due 02/16/2032 | 900 | 882 |
|  6.840% due 01/23/2030 | 4000 | 4011 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  3.875% due 08/21/2042 | 2600 | 2091 |
|  4.625% due 10/29/2035 | 2000 | 1925 |
|  Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. |
|  3.050% due 10/01/2041 | 4000 | 2929 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  3.800% due 03/15/2032 | 5400 | 5043 |
|  4.550% due 03/15/2052 | 1800 | 1423 |
|  Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC |
|  5.750% due 10/15/2027 | 100 | 134 |
|  Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
|  5.375% due 01/15/2036 | 200 | 197 |
|  5.500% due 04/01/2028 | 2000 | 2023 |
|  5.625% due 09/30/2031 | 1200 | 1212 |
|  6.000% due 02/01/2033 | 1100 | 1111 |
|  Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
|  3.550% due 09/02/2050 | 4300 | 2904 |
|  RTX Corp. | RTX Corp. | RTX Corp. |
|  4.050% due 05/04/2047 | 2705 | 2148 |
|  4.350% due 04/15/2047 | 700 | 581 |
|  4.450% due 11/16/2038 | 1430 | 1322 |
|  6.100% due 03/15/2034 | 1800 | 1939 |
|  6.400% due 03/15/2054 | 1600 | 1726 |
|  Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
|  4.500% due 05/15/2030 | 3600 | 3575 |
|  Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. |
|  6.550% due 03/15/2056 | 2900 | 2912 |
|  Santos Finance Ltd. | Santos Finance Ltd. | Santos Finance Ltd. |
|  3.649% due 04/29/2031 | 4500 | 4214 |
|  5.750% due 11/13/2035 | 1200 | 1204 |
|  6.875% due 09/19/2033 | 2500 | 2724 |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  3.500% due 11/24/2070 | 5000 | 2992 |
|  5.875% due 07/17/2064 | 1200 | 1094 |
|  6.000% due 02/02/2056 | 5400 | 5098 |
|  Seadrill Finance Ltd. | Seadrill Finance Ltd. | Seadrill Finance Ltd. |
|  8.375% due 08/01/2030 | 400 | 414 |
|  Snam SpA | Snam SpA | Snam SpA |
|  6.500% due 05/28/2055 | 3000 | 3093 |
|  South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC | South Bow USA Infrastructure Holdings LLC |
|  6.176% due 10/01/2054 | 2000 | 1908 |
|  Southern Co. | Southern Co. | Southern Co. |
|  3.750% due 09/15/2051 •  | 5000 | 4968 |
|  4.250% due 07/01/2036 | 1000 | 920 |
|  Southern Natural Gas Co. LLC | Southern Natural Gas Co. LLC | Southern Natural Gas Co. LLC |
|  7.350% due 02/15/2031 | 1400 | 1540 |
|  Spectra Energy Partners LP | Spectra Energy Partners LP | Spectra Energy Partners LP |
|  4.500% due 03/15/2045 | 1675 | 1405 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **103** |

---

------

Schedule of Investments PIMCO Long-Term Credit Bond Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
|  4.600% due 06/15/2028 | $| 8800 | 8809 |
|  Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust | Spirit Airlines Pass-Through Trust |
|  4.100% due 10/01/2029 |  | 747 | 734 |
|  Stryker Corp. | Stryker Corp. | Stryker Corp. | Stryker Corp. |
|  4.625% due 03/15/2046 |  | 2200 | 1907 |
|  5.200% due 02/10/2035 |  | 2800 | 2836 |
|  Sutter Health | Sutter Health | Sutter Health | Sutter Health |
|  3.161% due 08/15/2040 |  | 350 | 271 |
|  Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
|  5.700% due 04/01/2055 |  | 6800 | 6506 |
|  T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  2.700% due 03/15/2032 |  | 1100 | 979 |
|  3.300% due 02/15/2051 |  | 4700 | 3079 |
|  3.400% due 10/15/2052 |  | 10900 | 7146 |
|  3.500% due 04/15/2031 |  | 200 | 189 |
|  3.600% due 11/15/2060 |  | 11300 | 7342 |
|  5.650% due 01/15/2053 |  | 4200 | 3975 |
|  Tapestry, Inc. | Tapestry, Inc. | Tapestry, Inc. | Tapestry, Inc. |
|  5.500% due 03/11/2035 |  | 2000 | 2004 |
|  Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  4.950% due 04/15/2052 |  | 500 | 419 |
|  5.500% due 02/15/2035 |  | 1500 | 1514 |
|  TD SYNNEX Corp. | TD SYNNEX Corp. | TD SYNNEX Corp. | TD SYNNEX Corp. |
|  2.650% due 08/09/2031 |  | 1500 | 1333 |
|  Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA | Telefonica Emisiones SA |
|  4.895% due 03/06/2048 |  | 3500 | 2898 |
|  Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC |
|  2.900% due 03/01/2030 |  | 2100 | 1968 |
|  8.375% due 06/15/2032 |  | 1275 | 1497 |
|  Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
|  9.750% due 10/10/2027 | GBP | 456 | 660 |
|  Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
|  4.500% due 09/15/2042 | $| 820 | 619 |
|  5.250% due 07/15/2042 | GBP | 800 | 857 |
|  5.500% due 09/01/2041 | $| 6225 | 5370 |
|  5.875% due 11/15/2040 |  | 4520 | 4100 |
|  6.750% due 06/15/2039 |  | 3500 | 3476 |
|  7.300% due 07/01/2038 |  | 5000 | 5236 |
|  TopBuild Corp. | TopBuild Corp. | TopBuild Corp. | TopBuild Corp. |
|  4.125% due 02/15/2032 |  | 1600 | 1477 |
|  TotalEnergies Capital SA | TotalEnergies Capital SA | TotalEnergies Capital SA | TotalEnergies Capital SA |
|  5.638% due 04/05/2064 |  | 1500 | 1440 |
|  Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC |
|  4.600% due 03/15/2048 |  | 4440 | 3719 |
|  5.400% due 08/15/2041 |  | 1400 | 1351 |
|  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 |  | 700 | 562 |
|  Unigel Luxembourg SA (11.000% Cash or 12.000% PIK) | Unigel Luxembourg SA (11.000% Cash or 12.000% PIK) | Unigel Luxembourg SA (11.000% Cash or 12.000% PIK) | Unigel Luxembourg SA (11.000% Cash or 12.000% PIK) |
|  11.000% due 12/31/2028 ^(b)(c) |  | 1778 | 53 |
|  Unigel Luxembourg SA (13.500% Cash or 15.000% PIK) | Unigel Luxembourg SA (13.500% Cash or 15.000% PIK) | Unigel Luxembourg SA (13.500% Cash or 15.000% PIK) | Unigel Luxembourg SA (13.500% Cash or 15.000% PIK) |
|  13.500% due 12/31/2027 ^(b)(c) |  | 817 | 49 |
|  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 |  | 4973 | 4581 |
|  3.100% due 01/07/2030 |  | 331 | 322 |
|  3.450% due 01/07/2030 |  | 2702 | 2628 |
|  4.000% due 10/11/2027 |  | 343 | 343 |
|  4.150% due 02/25/2033 |  | 1528 | 1498 |
|  4.550% due 08/25/2031 |  | 2698 | 2606 |
|  5.450% due 08/15/2038 |  | 940 | 961 |
|  5.875% due 04/15/2029 |  | 1172 | 1193 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
|  3.875% due 08/15/2059 |  | 7100 | 4958 |
|  5.050% due 04/15/2053 |  | 15400 | 13560 |
|  5.200% due 04/15/2063 |  | 8800 | 7690 |
|  6.050% due 02/15/2063 |  | 300 | 300 |
|  University of Southern California | University of Southern California | University of Southern California | University of Southern California |
|  5.250% due 10/01/2111 |  | 40 | 36 |
|  UPMC | UPMC | UPMC | UPMC |
|  5.035% due 05/15/2033 |  | 1100 | 1109 |
|  Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. | Vale Overseas Ltd. |
|  6.400% due 06/28/2054 |  | 3500 | 3548 |
|  Var Energi ASA | Var Energi ASA | Var Energi ASA | Var Energi ASA |
|  8.000% due 11/15/2032 |  | 1200 | 1368 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  3.875% due 08/15/2029 | 2570 | 2444 |
|  3.875% due 11/01/2033 | 5500 | 4877 |
|  4.125% due 08/15/2031 | 1200 | 1114 |
|  6.250% due 01/15/2030 | 2500 | 2558 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  7.000% due 01/15/2030 | 4900 | 5006 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
|  7.750% due 05/01/2035 | 600 | 673 |
|  Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. |
|  5.875% due 10/15/2033 | 600 | 593 |
|  Viper Energy Partners LLC | Viper Energy Partners LLC | Viper Energy Partners LLC |
|  5.700% due 08/01/2035 | 1400 | 1412 |
|  Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC | Virgin Media Secured Finance PLC |
|  4.250% due 01/15/2030 | 2100 | 2463 |
|  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 | 5800 | 6179 |
|  VMware LLC | VMware LLC | VMware LLC |
|  2.200% due 08/15/2031 | 5900 | 5181 |
|  4.700% due 05/15/2030 | 2100 | 2113 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  5.050% due 03/27/2028 | 1500 | 1510 |
|  Waste Connections, Inc. | Waste Connections, Inc. | Waste Connections, Inc. |
|  4.200% due 01/15/2033 | 2200 | 2130 |
|  Weatherford International Ltd. | Weatherford International Ltd. | Weatherford International Ltd. |
|  6.750% due 10/15/2033 | 600 | 613 |
|  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 | 800 | 505 |
|  Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
|  5.300% due 03/01/2048 | 2900 | 2453 |
|  Williams Cos., Inc. | Williams Cos., Inc. | Williams Cos., Inc. |
|  3.500% due 10/15/2051 | 3500 | 2382 |
|  5.650% due 03/15/2033 | 3800 | 3926 |
|  5.800% due 11/15/2054 | 2400 | 2311 |
|  Woodside Finance Ltd. | Woodside Finance Ltd. | Woodside Finance Ltd. |
|  3.700% due 09/15/2026 | 1300 | 1295 |
|  5.700% due 09/12/2054 | 5600 | 5275 |
|  6.000% due 05/19/2035 | 1000 | 1043 |
|  Workday, Inc. | Workday, Inc. | Workday, Inc. |
|  3.800% due 04/01/2032 | 4500 | 4179 |
|  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 | 1500 | 1486 |
|  Yellowstone Energy LP | Yellowstone Energy LP | Yellowstone Energy LP |
|  5.750% due 12/31/2026 | 223 | 221 |
|  Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. |
|  4.250% due 08/15/2035 | 205 | 190 |
|  4.450% due 08/15/2045 | 2397 | 2055 |
|  |  | 897225 |
| UTILITIES 15.4% | UTILITIES 15.4% | UTILITIES 15.4% |
|  AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. |
|  4.150% due 05/01/2049 | 1600 | 1216 |
|  AES Corp. | AES Corp. | AES Corp. |
|  6.950% due 07/15/2055 •  | 700 | 654 |
|  7.600% due 01/15/2055 •  | 3475 | 3449 |
|  Alabama Power Co. | Alabama Power Co. | Alabama Power Co. |
|  3.450% due 10/01/2049 | 2100 | 1461 |
|  Ameren Illinois Co. | Ameren Illinois Co. | Ameren Illinois Co. |
|  3.250% due 03/15/2050 | 1000 | 670 |
|  Anglian Water Services Financing PLC | Anglian Water Services Financing PLC | Anglian Water Services Financing PLC |
|  6.000% due 06/20/2039 | 400 | 495 |
|  Appalachian Power Co. | Appalachian Power Co. | Appalachian Power Co. |
|  4.500% due 08/01/2032 | 2600 | 2538 |
|  Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |
|  3.350% due 05/15/2050 | 1500 | 997 |
|  3.500% due 12/01/2049 | 1400 | 961 |
|  4.500% due 04/01/2042 | 700 | 603 |
|  AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
|  3.550% due 09/15/2055 | 8889 | 5785 |
|  3.650% due 06/01/2051 | 1200 | 825 |
|  3.650% due 09/15/2059 | 32908 | 21340 |
|  3.800% due 12/01/2057 | 24217 | 16389 |
|  4.300% due 12/15/2042 | 2700 | 2243 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.700% due 11/01/2054 | $— | 4100 | $— | 3842 |
|  5.850% due 04/30/2046 |  | 2700 |  | 2633 |
|  6.000% due 04/30/2056 |  | 3400 |  | 3329 |
|  Basin Electric Power Cooperative | Basin Electric Power Cooperative | Basin Electric Power Cooperative | Basin Electric Power Cooperative | Basin Electric Power Cooperative |
|  5.850% due 10/15/2055 |  | 1500 |  | 1463 |
|  Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. |
|  4.600% due 05/01/2053 |  | 1000 |  | 818 |
|  Black Hills Corp. | Black Hills Corp. | Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
|  6.000% due 01/15/2035 |  | 2050 |  | 2129 |
|  Brooklyn Union Gas Co. | Brooklyn Union Gas Co. | Brooklyn Union Gas Co. | Brooklyn Union Gas Co. | Brooklyn Union Gas Co. |
|  4.487% due 03/04/2049 |  | 1200 |  | 959 |
|  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 |
|  3.350% due 04/01/2051 |  | 2500 |  | 1709 |
|  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 |
|  6.497% due 08/15/2043 |  | 1500 |  | 1572 |
|  6.714% due 08/15/2063 |  | 1200 |  | 1297 |
|  Comision Federal de Electricidad | Comision Federal de Electricidad | Comision Federal de Electricidad | Comision Federal de Electricidad | Comision Federal de Electricidad |
|  5.750% due 02/14/2042 |  | 55 |  | 49 |
|  Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. |
|  4.000% due 03/01/2048 |  | 700 |  | 545 |
|  Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. |
|  3.600% due 06/15/2061 |  | 9880 |  | 6627 |
|  3.700% due 11/15/2059 |  | 1700 |  | 1157 |
|  4.500% due 05/15/2058 |  | 5800 |  | 4644 |
|  4.650% due 12/01/2048 |  | 3000 |  | 2563 |
|  Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
|  5.600% due 06/15/2042 |  | 2195 |  | 2161 |
|  5.750% due 03/15/2054 |  | 2000 |  | 1941 |
|  5.800% due 03/01/2033 |  | 3800 |  | 3982 |
|  Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. |
|  4.050% due 05/15/2048 |  | 2500 |  | 1964 |
|  4.200% due 09/01/2052 |  | 3100 |  | 2460 |
|  DTE Electric Co. | DTE Electric Co. | DTE Electric Co. | DTE Electric Co. | DTE Electric Co. |
|  4.050% due 05/15/2048 |  | 1600 |  | 1257 |
|  5.400% due 04/01/2053 |  | 3000 |  | 2867 |
|  Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
|  3.950% due 03/15/2048 |  | 6000 |  | 4612 |
|  5.350% due 01/15/2053 |  | 6800 |  | 6376 |
|  5.400% due 01/15/2054 |  | 9200 |  | 8734 |
|  Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
|  3.300% due 06/15/2041 |  | 1900 |  | 1430 |
|  3.500% due 06/15/2051 |  | 11400 |  | 7645 |
|  3.950% due 08/15/2047 |  | 2300 |  | 1708 |
|  Duke Energy Ohio, Inc. | Duke Energy Ohio, Inc. | Duke Energy Ohio, Inc. | Duke Energy Ohio, Inc. | Duke Energy Ohio, Inc. |
|  5.650% due 04/01/2053 |  | 1300 |  | 1265 |
|  Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC |
|  2.900% due 08/15/2051 |  | 1100 |  | 681 |
|  3.600% due 09/15/2047 |  | 900 |  | 658 |
|  Duquesne Light Holdings, Inc. | Duquesne Light Holdings, Inc. | Duquesne Light Holdings, Inc. | Duquesne Light Holdings, Inc. | Duquesne Light Holdings, Inc. |
|  2.532% due 10/01/2030 |  | 700 |  | 638 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  4.875% due 09/21/2038 |  | 2300 |  | 2133 |
|  4.950% due 10/13/2045 |  | 2150 |  | 1864 |
|  6.000% due 04/22/2064 |  | 8100 |  | 7718 |
|  6.900% due 05/23/2053 |  | 1400 |  | 1499 |
|  Emera U.S. Finance LP | Emera U.S. Finance LP | Emera U.S. Finance LP | Emera U.S. Finance LP | Emera U.S. Finance LP |
|  4.750% due 06/15/2046 |  | 2100 |  | 1734 |
|  Empresa Electrica Cochrane SpA | Empresa Electrica Cochrane SpA | Empresa Electrica Cochrane SpA | Empresa Electrica Cochrane SpA | Empresa Electrica Cochrane SpA |
|  5.500% due 05/14/2027 |  | 928 |  | 929 |
|  Enel Finance America LLC | Enel Finance America LLC | Enel Finance America LLC | Enel Finance America LLC | Enel Finance America LLC |
|  2.875% due 07/12/2041 |  | 9750 |  | 6866 |
|  ENEL Finance International NV | ENEL Finance International NV | ENEL Finance International NV | ENEL Finance International NV | ENEL Finance International NV |
|  4.750% due 05/25/2047 |  | 1500 |  | 1241 |
|  5.500% due 06/26/2034 |  | 2900 |  | 2947 |
|  Entergy Corp. | Entergy Corp. | Entergy Corp. | Entergy Corp. | Entergy Corp. |
|  3.750% due 06/15/2050 |  | 4000 |  | 2831 |
|  7.125% due 12/01/2054 •  |  | 1000 |  | 1025 |
|  Entergy Texas, Inc. | Entergy Texas, Inc. | Entergy Texas, Inc. | Entergy Texas, Inc. | Entergy Texas, Inc. |
|  5.550% due 09/15/2054 |  | 2000 |  | 1886 |
|  Evergy, Inc. | Evergy, Inc. | Evergy, Inc. | Evergy, Inc. | Evergy, Inc. |
|  6.650% due 06/01/2055 •  |  | 1000 |  | 1008 |
|  Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy |
|  4.450% due 12/15/2030 |  | 1100 |  | 1085 |
|  FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
|  4.850% due 07/15/2047 |  | 2200 |  | 1881 |

---

---

| | | |
|:---|:---|:---|
| **104** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  FirstEnergy Transmission LLC | FirstEnergy Transmission LLC | FirstEnergy Transmission LLC |
|  5.450% due 07/15/2044 | 6330 | 5997 |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 659 | 647 |
|  Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
|  4.750% due 09/01/2040 | 1000 | 940 |
|  Indiana Michigan Power Co. | Indiana Michigan Power Co. | Indiana Michigan Power Co. |
|  4.550% due 03/15/2046 | 400 | 339 |
|  Interstate Power & Light Co. | Interstate Power & Light Co. | Interstate Power & Light Co. |
|  5.450% due 09/30/2054 | 2600 | 2421 |
|  IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. | IPALCO Enterprises, Inc. |
|  4.250% due 05/01/2030 | 1600 | 1542 |
|  ITC Holdings Corp. | ITC Holdings Corp. | ITC Holdings Corp. |
|  5.400% due 06/01/2033 | 2300 | 2339 |
|  Kentucky Utilities Co. | Kentucky Utilities Co. | Kentucky Utilities Co. |
|  4.375% due 10/01/2045 | 2300 | 1906 |
|  KeySpan Gas East Corp. | KeySpan Gas East Corp. | KeySpan Gas East Corp. |
|  3.586% due 01/18/2052 | 3000 | 2000 |
|  Liberty Utilities Co. | Liberty Utilities Co. | Liberty Utilities Co. |
|  5.869% due 01/31/2034 | 2000 | 2076 |
|  MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. |
|  3.650% due 08/01/2048 | 3575 | 2622 |
|  4.250% due 05/01/2046 | 3450 | 2841 |
|  4.250% due 07/15/2049 | 14325 | 11500 |
|  5.500% due 11/15/2056 | 4000 | 3840 |
|  5.850% due 09/15/2054 | 2100 | 2110 |
|  Mississippi Power Co. | Mississippi Power Co. | Mississippi Power Co. |
|  4.250% due 03/15/2042 | 1700 | 1429 |
|  Monongahela Power Co. | Monongahela Power Co. | Monongahela Power Co. |
|  5.400% due 12/15/2043 | 4224 | 3965 |
|  Nevada Power Co. | Nevada Power Co. | Nevada Power Co. |
|  3.125% due 08/01/2050 | 5300 | 3417 |
|  New England Power Co. | New England Power Co. | New England Power Co. |
|  3.800% due 12/05/2047 | 3300 | 2468 |
|  New York State Electric & Gas Corp. | New York State Electric & Gas Corp. | New York State Electric & Gas Corp. |
|  3.300% due 09/15/2049 | 900 | 609 |
|  Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. | Niagara Mohawk Power Corp. |
|  2.759% due 01/10/2032 | 2500 | 2237 |
|  5.783% due 09/16/2052 | 1050 | 1012 |
|  NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
|  3.950% due 03/30/2048 | 1245 | 935 |
|  4.375% due 05/15/2047 | 1800 | 1447 |
|  5.800% due 02/01/2042 | 300 | 296 |
|  Northern States Power Co. | Northern States Power Co. | Northern States Power Co. |
|  5.100% due 05/15/2053 | 11600 | 10577 |
|  NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. |
|  4.950% due 09/15/2052 | 1300 | 1152 |
|  Oglethorpe Power Corp. | Oglethorpe Power Corp. | Oglethorpe Power Corp. |
|  4.500% due 04/01/2047 | 1000 | 821 |
|  6.200% due 12/01/2053 | 2700 | 2762 |
|  Ohio Power Co. | Ohio Power Co. | Ohio Power Co. |
|  2.900% due 10/01/2051 | 2700 | 1626 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  5.050% due 04/01/2045 | 2200 | 1889 |
|  5.200% due 07/15/2048 | 6562 | 5772 |
|  5.850% due 11/01/2064 | 17000 | 15502 |
|  6.250% due 10/15/2055 | 1900 | 1865 |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  2.500% due 02/01/2031 | 2400 | 2152 |
|  3.250% due 06/01/2031 | 1500 | 1384 |
|  3.300% due 08/01/2040 | 2700 | 2021 |
|  3.500% due 08/01/2050 | 7850 | 5195 |
|  3.750% due 07/01/2028 | 2400 | 2359 |
|  3.950% due 12/01/2047 | 4800 | 3497 |
|  4.300% due 03/15/2045 | 1600 | 1251 |
|  4.500% due 07/01/2040 | 4200 | 3586 |
|  4.500% due 12/15/2041 | 2900 | 2422 |
|  4.550% due 07/01/2030 | 5700 | 5625 |
|  4.750% due 02/15/2044 | 1200 | 1004 |
|  4.950% due 07/01/2050 | 4200 | 3482 |
|  5.250% due 03/01/2052 | 2700 | 2300 |
|  6.000% due 08/15/2035 | 1500 | 1551 |
|  6.100% due 10/15/2055 | 1300 | 1250 |
|  6.700% due 04/01/2053 | 5500 | 5699 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  2.900% due 06/15/2052 | 10600 | 6043 |
|  4.150% due 02/15/2050 | 200 | 146 |
|  5.350% due 12/01/2053 | 3500 | 3005 |
|  5.450% due 02/15/2034 | 2800 | 2791 |
|  5.800% due 01/15/2055 | 3300 | 3017 |
|  7.375% due 09/15/2055 •  | 2600 | 2486 |
|  PECO Energy Co. | PECO Energy Co. | PECO Energy Co. |
|  4.375% due 08/15/2052 | 5700 | 4635 |
|  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 | 4000 | 2740 |
|  Petrobras Global Finance BV | Petrobras Global Finance BV | Petrobras Global Finance BV |
|  6.250% due 01/10/2036 | 8700 | 8509 |
|  PG&E Corp. | PG&E Corp. | PG&E Corp. |
|  7.375% due 03/15/2055 •  | 2500 | 2518 |
|  Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. |
|  3.350% due 06/01/2050 | 2900 | 1967 |
|  3.640% due 11/01/2046 | 1000 | 734 |
|  5.400% due 06/15/2033 | 700 | 719 |
|  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 06/15/2044 | 2400 | 2030 |
|  Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado |
|  5.850% due 05/15/2055 | 2400 | 2381 |
|  Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. |
|  4.100% due 06/15/2030 | 500 | 485 |
|  RWE Finance U.S. LLC | RWE Finance U.S. LLC | RWE Finance U.S. LLC |
|  5.125% due 09/18/2035 | 2600 | 2529 |
|  San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
|  3.700% due 03/15/2052 | 2200 | 1568 |
|  3.750% due 06/01/2047 | 1895 | 1406 |
|  4.100% due 06/15/2049 | 1578 | 1212 |
|  4.150% due 05/15/2048 | 2795 | 2199 |
|  4.500% due 08/15/2040 | 4050 | 3647 |
|  5.200% due 03/15/2036 | 1100 | 1098 |
|  5.950% due 03/15/2056 | 3400 | 3411 |
|  Sempra | Sempra | Sempra |
|  3.800% due 02/01/2038 | 1800 | 1520 |
|  4.000% due 02/01/2048 | 925 | 689 |
|  6.000% due 10/15/2039 | 3635 | 3720 |
|  6.375% due 04/01/2056 •  | 2600 | 2612 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  2.950% due 02/01/2051 | 900 | 542 |
|  3.600% due 02/01/2045 | 1400 | 999 |
|  3.900% due 12/01/2041 | 3800 | 2961 |
|  3.900% due 03/15/2043 | 8500 | 6445 |
|  4.000% due 04/01/2047 | 8938 | 6648 |
|  4.050% due 03/15/2042 | 2000 | 1563 |
|  4.125% due 03/01/2048 | 1800 | 1349 |
|  4.650% due 10/01/2043 | 2950 | 2477 |
|  4.875% due 03/01/2049 | 1100 | 920 |
|  5.450% due 06/01/2052 | 3100 | 2753 |
|  5.625% due 02/01/2036 | 2879 | 2886 |
|  5.900% due 03/01/2055 | 2200 | 2099 |
|  5.950% due 02/01/2038 | 1500 | 1525 |
|  6.050% due 03/15/2039 | 4500 | 4584 |
|  6.200% due 09/15/2055 | 2600 | 2581 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  3.750% due 09/15/2042 | 1600 | 1246 |
|  3.950% due 02/15/2050 | 3500 | 2617 |
|  5.125% due 11/15/2040 | 300 | 289 |
|  Southern Power Co. | Southern Power Co. | Southern Power Co. |
|  5.250% due 07/15/2043 | 500 | 470 |
|  Southwestern Electric Power Co. | Southwestern Electric Power Co. | Southwestern Electric Power Co. |
|  3.250% due 11/01/2051 | 6760 | 4327 |
|  6.200% due 03/15/2040 | 8200 | 8538 |
|  Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. |
|  3.750% due 06/15/2049 | 1600 | 1160 |
|  6.000% due 06/01/2054 | 5850 | 5898 |
|  SW Finance I PLC | SW Finance I PLC | SW Finance I PLC |
|  7.000% due 04/16/2040 | 2300 | 2956 |
|  System Energy Resources, Inc. | System Energy Resources, Inc. | System Energy Resources, Inc. |
|  5.300% due 12/15/2034 | 1200 | 1197 |
|  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. |
|  4.000% due 01/15/2032 | 4575 | 4338 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Union Electric Co. | Union Electric Co. | Union Electric Co. |
|  5.125% due 03/15/2055 | 1800 | 1632 |
|  5.250% due 01/15/2054 | 5000 | 4617 |
|  5.450% due 03/15/2053 | 2800 | 2658 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  2.850% due 09/03/2041 | 6000 | 4224 |
|  2.987% due 10/30/2056 | 3887 | 2283 |
|  3.000% due 11/20/2060 | 21700 | 12488 |
|  5.875% due 11/30/2055 | 3000 | 2920 |
|  6.000% due 11/30/2065 | 1100 | 1067 |
|  Virginia Electric & Power Co. | Virginia Electric & Power Co. | Virginia Electric & Power Co. |
|  2.950% due 11/15/2051 | 9900 | 6085 |
|  Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  5.350% due 01/31/2036 | 7000 | 6852 |
|  5.700% due 12/30/2034 | 300 | 302 |
|  Vodafone Group PLC | Vodafone Group PLC | Vodafone Group PLC |
|  5.125% due 06/04/2081 •  | 3900 | 3033 |
|  5.875% due 06/28/2064 | 6600 | 6270 |
|  |  | 527283 |
|  Total Corporate Bonds & Notes (Cost $2,488,518) | Total Corporate Bonds & Notes (Cost $2,488,518) | 2214560 |
| CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% | CONVERTIBLE BONDS & NOTES 0.0% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
|  0.000% due 12/31/2026 (e) | 114 | 1 |
|  0.000% due 12/31/2027 (e) | 142 | 0 |
|  0.000% due 12/31/2028 (e) | 228 | 0 |
|  0.000% due 12/31/2029 (e) | 228 | 0 |
|  0.000% due 12/31/2030 (e) | 285 | 1 |
|  0.000% due 12/31/2031 (e) | 285 | 0 |
|  0.000% due 12/31/2032 (e) | 535 | 1 |
|  Total Convertible Bonds & Notes (Cost $98) | Total Convertible Bonds & Notes (Cost $98) | 3 |
| MUNICIPAL BONDS & NOTES 1.6% | MUNICIPAL BONDS & NOTES 1.6% | MUNICIPAL BONDS & NOTES 1.6% |
| CALIFORNIA 0.2% | CALIFORNIA 0.2% | CALIFORNIA 0.2% |
|  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 | 2300 | 2395 |
|  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 | 2505 | 2816 |
|  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 | 700 | 744 |
|  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 |
|  4.214% due 06/01/2050 | 600 | 455 |
|  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 | 440 | 360 |
|  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 | 835 | 669 |
|  |  | 7439 |
| 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 | 9420 | 10175 |
| ILLINOIS 0.0% | ILLINOIS 0.0% | ILLINOIS 0.0% |
|  Chicago, Illinois General Obligation Bonds, Series 2009 | Chicago, Illinois General Obligation Bonds, Series 2009 | Chicago, Illinois General Obligation Bonds, Series 2009 |
|  6.050% due 01/01/2029 | 195 | 197 |
|  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 | 635 | 669 |
|  |  | 866 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 105

------

Schedule of Investments PIMCO Long-Term Credit Bond Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| 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 | 800 | 880 |
| OHIO 0.4% | OHIO 0.4% | OHIO 0.4% |
|  American Municipal Power, Inc., Ohio Revenue Bonds, (BABs),Series 2010 | American Municipal Power, Inc., Ohio Revenue Bonds, (BABs),Series 2010 | American Municipal Power, Inc., Ohio Revenue Bonds, (BABs),Series 2010 |
|  6.270% due 02/15/2050 | 4400 | 4511 |
|  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 | 4990 | 6031 |
|  8.084% due 02/15/2050 | 1000 | 1249 |
|  |  | 11791 |
| PENNSYLVANIA 0.4% | PENNSYLVANIA 0.4% | PENNSYLVANIA 0.4% |
|  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 0.3% | TEXAS 0.3% | TEXAS 0.3% |
|  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 | 3915 | 4347 |
|  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 |
|  5.169% due 04/01/2041 | 5400 | 5474 |
|  University of Texas System Revenue Bonds, Series 2017 | University of Texas System Revenue Bonds, Series 2017 | University of Texas System Revenue Bonds, Series 2017 |
|  3.354% due 08/15/2047 | 45 | 34 |
|  |  | 9855 |
| WASHINGTON 0.0% | WASHINGTON 0.0% | WASHINGTON 0.0% |
|  Washington State Convention Center Public Facilities District Revenue Bonds, (BABs), Series 2010 | Washington State Convention Center Public Facilities District Revenue Bonds, (BABs), Series 2010 | Washington State Convention Center Public Facilities District Revenue Bonds, (BABs), Series 2010 |
|  6.790% due 07/01/2040 | 930 | 1000 |
|  Total Municipal Bonds & Notes (Cost $54,029) | Total Municipal Bonds & Notes (Cost $54,029) | 54498 |
| U.S. GOVERNMENT AGENCIES 11.1% | U.S. GOVERNMENT AGENCIES 11.1% | U.S. GOVERNMENT AGENCIES 11.1% |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  5.500% due 08/01/2054 - 01/01/2055 | 14281 | 14361 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  4.000% due 04/01/2056 - 05/01/2056 | 65300 | 61147 |
|  4.500% due 06/01/2040 - 05/01/2056 | 2300 | 2219 |
|  5.000% due 05/01/2056 | 15300 | 15124 |
|  6.000% due 05/01/2056 | 5900 | 5993 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 06/01/2040 | 20 | 18 |
|  4.000% due 04/01/2056 - 06/01/2056 | 95290 | 89805 |
|  4.500% due 05/01/2056 - 06/01/2056 | 66500 | 64087 |
|  5.000% due 04/01/2056 - 05/01/2056 | 131700 | 129792 |
|  Total U.S. Government Agencies (Cost $384,014) | Total U.S. Government Agencies (Cost $384,014) | 382546 |
| U.S. TREASURY OBLIGATIONS 27.2% | U.S. TREASURY OBLIGATIONS 27.2% | U.S. TREASURY OBLIGATIONS 27.2% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  1.875% due 02/15/2051 | 46200 | 25663 |
|  1.875% due 11/15/2051 (o)(q) | 39900 | 21931 |
|  2.250% due 05/15/2041 | 46500 | 33904 |
|  2.250% due 02/15/2052 | 25700 | 15497 |
|  2.500% due 02/15/2045 (o)(q) | 38400 | 26942 |
|  2.750% due 08/15/2047 (o)(q) | 25300 | 17911 |
|  2.750% due 11/15/2047 (o) | 5200 | 3669 |
|  2.875% due 05/15/2052 | 23900 | 16580 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.000% due 05/15/2047 (m)(o)(q) | 32300 | 24016 |
|  3.000% due 02/15/2048 (m)(o)(q) | 5700 | 4205 |
|  3.000% due 08/15/2048 (m)(o) | 170300 | 125031 |
|  3.125% due 05/15/2048 (o) | 6000 | 4517 |
|  3.250% due 05/15/2042 (o) | 7230 | 5959 |
|  3.375% due 08/15/2042 (o) | 1211 | 1012 |
|  3.750% due 08/15/2041 | 72835 | 64982 |
|  3.875% due 05/15/2043 (m)(o) | 92642 | 82137 |
|  4.000% due 11/15/2042 | 25171 | 22784 |
|  4.250% due 02/15/2054 | 26300 | 23564 |
|  4.250% due 08/15/2054 | 55600 | 49810 |
|  4.375% due 05/15/2041 (o) | 55758 | 53722 |
|  4.375% due 08/15/2043 (o) | 53076 | 50114 |
|  4.625% due 02/15/2046 (m) | 800 | 771 |
|  4.625% due 05/15/2054 (m)(o) | 102500 | 97759 |
|  4.625% due 11/15/2055 (q) | 31359 | 29967 |
|  4.750% due 11/15/2053 (m)(o) | 101220 | 98444 |
|  4.750% due 02/15/2056 (o) | 2125 | 2073 |
|  4.875% due 08/15/2045 (o)(q) | 3562 | 3551 |
|  U.S. Treasury Inflation Protected Securities (g) | U.S. Treasury Inflation Protected Securities (g) | U.S. Treasury Inflation Protected Securities (g) |
|  1.000% due 02/15/2046 | 1922 | 1427 |
|  2.125% due 02/15/2054 | 6051 | 5341 |
|  2.375% due 02/15/2055 (m) | 5730 | 5332 |
|  2.375% due 02/15/2056 | 7125 | 6624 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  4.125% due 02/15/2036 (m)(o)(q) | 6370 | 6271 |
|  U.S. Treasury STRIPS | U.S. Treasury STRIPS | U.S. Treasury STRIPS |
|  0.000% due 02/15/2042 (a) | 1500 | 682 |
|  Total U.S. Treasury Obligations (Cost $1,034,259) | Total U.S. Treasury Obligations (Cost $1,034,259) | 932192 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 0.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.4% | NON-AGENCY MORTGAGE-BACKED SECURITIES 0.4% |
|  86333 AA1 | 86333 AA1 | 86333 AA1 |
|  1.000% due 03/26/2029 «(k) | 3500 | 3447 |
|  86333 AB9 | 86333 AB9 | 86333 AB9 |
|  5.170% due 03/26/2031 «(k) | 3500 | 3420 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  5.500% due 01/25/2036 | 14 | 15 |
|  5.750% due 03/25/2036 | 41 | 33 |
|  Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust | Bear Stearns ALT-A Trust |
|  5.989% due 11/25/2034 ~ | 15 | 15 |
|  Bear Stearns ARM Trust | Bear Stearns ARM Trust | Bear Stearns ARM Trust |
|  5.619% due 11/25/2034 ~ | 227 | 215 |
|  BX Commercial Mortgage Trust | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
|  4.685% due 02/15/2039 •  | 204 | 204 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.740% due 12/25/2037 ~ | 108 | 95 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.453% due 09/25/2035 •  | 75 | 55 |
|  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 •  | 106 | 101 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.143% due 03/25/2035 •  | 455 | 425 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  4.393% due 07/25/2035 •  | 205 | 165 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  5.681% due 11/25/2033 ~ | 2 | 2 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  5.449% due 05/25/2033 ~ | 2 | 2 |
|  NAAC Reperforming Loan REMICS Trust Certificates | NAAC Reperforming Loan REMICS Trust Certificates | NAAC Reperforming Loan REMICS Trust Certificates |
|  4.243% due 02/25/2035 •  | 601 | 491 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 11/25/2059 ~ | 3323 | 3195 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  4.863% due 02/25/2035 •  | 93 | 93 |
|  PMT Loan Trust | PMT Loan Trust | PMT Loan Trust |
|  5.012% due 08/25/2056 •  | 524 | 526 |
|  RALI Trust | RALI Trust | RALI Trust |
|  4.678% due 02/25/2035 ~ | 350 | 314 |
|  RFMSI Trust | RFMSI Trust | RFMSI Trust |
|  5.390% due 02/25/2036 ~ | 133 | 127 |
|  Sequoia Mortgage Trust | Sequoia Mortgage Trust | Sequoia Mortgage Trust |
|  4.678% due 05/20/2034 •  | 199 | 188 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.810% due 03/25/2034 ~ | 4 | 4 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  4.793% due 05/25/2058 •  | 127 | 129 |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  2.373% due 11/25/2041 ~ | 112 | 105 |
|  4.673% due 07/25/2044 •  | 92 | 90 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $13,753) | Total Non-Agency Mortgage-Backed Securities (Cost $13,753) | 13456 |
| ASSET-BACKED SECURITIES 0.4% | ASSET-BACKED SECURITIES 0.4% | ASSET-BACKED SECURITIES 0.4% |
| CMBS OTHER 0.1% | CMBS OTHER 0.1% | CMBS OTHER 0.1% |
|  GS REFT Issuer Ltd. | GS REFT Issuer Ltd. | GS REFT Issuer Ltd. |
|  5.170% due 04/19/2043 •  | 1800 | 1805 |
|  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 |
|  |  | 3931 |
| HOME EQUITY OTHER 0.0% | HOME EQUITY OTHER 0.0% | HOME EQUITY OTHER 0.0% |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.588% due 01/25/2035 •  | 538 | 524 |
|  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 |
|  4.663% due 07/25/2034 •  | 1 | 1 |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  4.533% due 01/25/2034 •  | 3 | 3 |
|  RAAC Trust | RAAC Trust | RAAC Trust |
|  4.553% due 10/25/2046 •  | 51 | 51 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  1.966% due 03/25/2035 •  | 39 | 34 |
|  |  | 613 |
| OTHER ABS 0.3% | OTHER ABS 0.3% | OTHER ABS 0.3% |
|  AIM Aviation Finance Ltd. | AIM Aviation Finance Ltd. | AIM Aviation Finance Ltd. |
|  6.213% due 02/15/2040 þ | 792 | 777 |
|  Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund | Dryden 54 Senior Loan Fund |
|  4.818% due 10/19/2029 •  | 54 | 54 |
|  ECAF I Ltd. | ECAF I Ltd. | ECAF I Ltd. |
|  4.947% due 06/15/2040 | 839 | 781 |
|  Labrador Aviation Finance Ltd. | Labrador Aviation Finance Ltd. | Labrador Aviation Finance Ltd. |
|  4.300% due 01/15/2042 | 816 | 837 |
|  METAL LLC | METAL LLC | METAL LLC |
|  4.581% due 10/15/2042 | 1530 | 1071 |
|  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 | 325 | 326 |
|  Venture XIX CLO Ltd. | Venture XIX CLO Ltd. | Venture XIX CLO Ltd. |
|  5.194% due 01/15/2032 •  | 249 | 249 |
|  |  | 10103 |
|  Total Asset-Backed Securities (Cost $15,033) | Total Asset-Backed Securities (Cost $15,033) | 14647 |
| SOVEREIGN ISSUES 6.8% | SOVEREIGN ISSUES 6.8% | SOVEREIGN ISSUES 6.8% |
|  Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds |
|  2.700% due 09/02/2070 | 2900 | 1510 |
|  3.125% due 09/30/2049 | 1400 | 926 |
|  3.875% due 04/16/2050 | 3400 | 2555 |
|  Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds |
|  7.125% due 05/13/2054 | 1100 | 1083 |
|  7.250% due 01/12/2056 | 1398 | 1374 |
|  Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional |
|  6.000% due 08/15/2060 (g) | 16739 | 2759 |
|  Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA | Cassa Depositi e Prestiti SpA |
|  5.875% due 04/30/2029 | 3000 | 3131 |

---

---

| | | |
|:---|:---|:---|
| **106** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Chile Government International Bonds | Chile Government International Bonds | Chile Government International Bonds |
|  4.000% due 01/31/2052 | 600 | 469 |
|  5.330% due 01/05/2054 | 33 | 31 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  6.125% due 01/21/2031 | 2100 | 2068 |
|  7.500% due 02/02/2034 | 2600 | 2664 |
|  Colombia TES | Colombia TES | Colombia TES |
|  11.000% due 08/22/2029 | 23006300 | 5801 |
|  11.500% due 07/25/2046 | 4643000 | 1120 |
|  11.750% due 01/24/2035 | 42231100 | 10471 |
|  12.750% due 11/28/2040 | 25658100 | 6801 |
|  13.250% due 02/09/2033 | 20082900 | 5384 |
|  Costa Rica Government International Bonds | Costa Rica Government International Bonds | Costa Rica Government International Bonds |
|  6.001% due 01/16/2036 | 3500 | 4169 |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  5.375% due 02/19/2030 | 1500 | 1524 |
|  5.500% due 03/12/2034 | 9300 | 9432 |
|  Japan Government Forty Year Bonds | Japan Government Forty Year Bonds | Japan Government Forty Year Bonds |
|  2.200% due 03/20/2064 | 626000 | 2734 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  2.100% due 09/20/2054 | 98350 | 450 |
|  2.300% due 12/20/2054 | 1172150 | 5606 |
|  2.400% due 03/20/2055 | 781000 | 3818 |
|  3.200% due 09/20/2055 | 2257000 | 13071 |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  2.400% due 03/20/2045 | 318000 | 1771 |
|  2.700% due 09/20/2045 | 77250 | 448 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  4.500% due 03/19/2034 | 4500 | 5067 |
|  5.625% due 02/09/2034 | 5300 | 5190 |
|  5.625% due 09/22/2035 | 9300 | 9012 |
|  New South Wales Treasury Corp. | New South Wales Treasury Corp. | New South Wales Treasury Corp. |
|  1.750% due 03/20/2034 | 1600 | 844 |
|  3.500% due 11/20/2037 | 3200 | 1785 |
|  4.750% due 02/20/2037 | 800 | 511 |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  4.500% due 05/15/2047 | 35 | 28 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  7.300% due 08/12/2033 | 20900 | 6581 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 | 51100 | 13952 |
|  6.150% due 08/12/2032 | 9064 | 2724 |
|  6.950% due 08/12/2031 | 8350 | 2602 |
|  Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds |
|  5.500% due 01/17/2048 | 400 | 385 |
|  Queensland Treasury Corp. | Queensland Treasury Corp. | Queensland Treasury Corp. |
|  1.500% due 08/20/2032 | 5700 | 3142 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  8.500% due 01/31/2037 | 197300 | 10898 |
|  8.875% due 02/28/2035 (m) | 340300 | 19765 |
|  9.000% due 01/31/2040 | 3200 | 178 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  1.750% due 07/13/2030 | 1100 | 1120 |
|  2.875% due 04/13/2042 | 1100 | 797 |
|  3.750% due 02/07/2034 | 400 | 400 |
|  5.625% due 02/22/2036 | 1000 | 1110 |
|  5.625% due 05/30/2037 | 6000 | 6534 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  3.450% due 02/02/2061 | 12000 | 7435 |
|  4.125% due 01/12/2029 | 4000 | 3949 |
|  5.125% due 01/13/2028 | 7300 | 7379 |
|  5.750% due 01/16/2054 | 6300 | 5955 |
|  Treasury Corp. of Victoria | Treasury Corp. of Victoria | Treasury Corp. of Victoria |
|  2.000% due 11/20/2037 | 7700 | 3592 |
|  U.K. Gilts | U.K. Gilts | U.K. Gilts |
|  4.375% due 07/31/2054 | 17786 | 19603 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds |
|  0.000% due 02/01/2030 þ(f) | 26 | 15 |
|  0.000% due 02/01/2034 þ(f) | 97 | 42 |
|  0.000% due 02/01/2035 þ(f) | 82 | 38 |
|  0.000% due 02/01/2036 þ(f) | 68 | 32 |
|  4.500% due 02/01/2034 þ | 95 | 51 |
|  4.500% due 02/01/2035 þ | 166 | 87 |
|  4.500% due 02/01/2036 þ | 213 | 110 |
|  Total Sovereign Issues (Cost $240,140) | Total Sovereign Issues (Cost $240,140) | 232083 |
|  | **SHARES** |  |
| COMMON STOCKS 0.1% | COMMON STOCKS 0.1% | COMMON STOCKS 0.1% |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  Stichting Administratiekantoor «(d) | 6729 | 0 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Foresea Holdings SA « | 63984 | 1471 |
|  Westmoreland Mining Holdings «(d)(k) | 32131 | 19 |
|  Westmoreland Mining LLC «(d)(k) | 32414 | 138 |
|  |  | 1628 |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
|  Kaisa Group Holdings Ltd. (d) | 6996889 | 79 |
|  MNSN Holdings, Inc. «(d)(k) | 2831 | 176 |
|  |  | 255 |
|  Total Common Stocks (Cost $2,492) | Total Common Stocks (Cost $2,492) | 1883 |
| PREFERRED SECURITIES 2.7% | PREFERRED SECURITIES 2.7% | PREFERRED SECURITIES 2.7% |
| BANKING & FINANCE 2.7% | BANKING & FINANCE 2.7% | BANKING & FINANCE 2.7% |
|  American AgCredit Corp. | American AgCredit Corp. | American AgCredit Corp. |
|  5.250% due 06/15/2026 •(h) | 11000000 | 11061 |
|  Capital Farm Credit ACA | Capital Farm Credit ACA | Capital Farm Credit ACA |
|  8.393% due 06/15/2026 •(h) | 6400000 | 6382 |
|  Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
|  4.000% due 12/01/2030 •(h) | 9000000 | 8336 |
|  5.000% due 12/01/2027 •(h) | 2000000 | 1970 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  6.875% due 12/31/2099 | 3400000 | 3426 |
|  6.950% due 02/15/2030 •(h) | 3800000 | 3831 |
|  Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. |
|  4.000% due 10/06/2026 •(h) | 1100000 | 1084 |
|  CoBank ACB | CoBank ACB | CoBank ACB |
|  4.250% due 01/01/2027 •(h) | 3500000 | 3445 |
|  6.250% due 10/01/2026 •(h) | 3700000 | 3710 |
|  7.125% due 01/01/2030 •(h) | 2000000 | 2061 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  6.500% due 12/31/2099 þ(h) | 1822950 | 2335 |
|  Depository Trust & Clearing Corp. | Depository Trust & Clearing Corp. | Depository Trust & Clearing Corp. |
|  3.375% due 06/20/2026 •(h) | 4500000 | 4467 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  3.650% due 08/10/2026 •(h) | 4400000 | 4362 |
|  6.850% due 02/10/2030 •(h) | 4900000 | 4994 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  3.650% due 06/01/2026 •(h) | 4000000 | 3985 |
|  4.200% due 09/01/2026 (h) | 75000 | 1313 |
|  4.625% due 06/01/2026 (h) | 111000 | 2122 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.437% (TSFR3M + 2.745%) due 07/01/2026 ~(h) | 5800000 | $— | 5810 |
|  6.500% due 04/01/2030 •(h) | 5300000 |  | 5442 |
|  6.875% due 06/01/2029 •(h) | 610000 |  | 635 |
|  State Street Corp. | State Street Corp. | State Street Corp. | State Street Corp. |
|  6.700% due 03/15/2029 •(h) | 5200000 |  | 5299 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  4.750% due 06/15/2026 (h) | 98700 |  | 1875 |
|  6.850% due 09/15/2029 •(h) | 3700000 |  | 3834 |
|  7.625% due 09/15/2028 •(h) | 500000 |  | 527 |
|  |  |  | 92306 |
| 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 | 3227 |  | 1525 |
|  Total Preferred Securities (Cost $97,058) |  |  | 93831 |
| SHORT-TERM INSTRUMENTS 0.5% | SHORT-TERM INSTRUMENTS 0.5% | SHORT-TERM INSTRUMENTS 0.5% | SHORT-TERM INSTRUMENTS 0.5% |
| 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) | 587062 |  | 587 |
| REPURCHASE AGREEMENTS (l) 0.5% | REPURCHASE AGREEMENTS (l) 0.5% | REPURCHASE AGREEMENTS (l) 0.5% | REPURCHASE AGREEMENTS (l) 0.5% |
|  |  |  | 17647 |
| Total Short-Term Instruments (Cost $18,018) | Total Short-Term Instruments (Cost $18,018) |  | 18234 |
| Total Investments in Securities (Cost $4,379,262) | Total Investments in Securities (Cost $4,379,262) |  | 3988499 |
| INVESTMENTS IN AFFILIATES 0.6% | INVESTMENTS IN AFFILIATES 0.6% | INVESTMENTS IN AFFILIATES 0.6% | INVESTMENTS IN AFFILIATES 0.6% |
| SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% | SHORT-TERM INSTRUMENTS 0.6% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.6% |
|  PIMCO Short-Term Floating NAV Portfolio III | 2084785 |  | 20304 |
| Total Short-Term Instruments (Cost $20,303) | Total Short-Term Instruments (Cost $20,303) |  | 20304 |
| Total Investments in Affiliates (Cost $20,303) | Total Investments in Affiliates (Cost $20,303) |  | 20304 |
| Total Investments 116.8% (Cost $4,399,565) | Total Investments 116.8% (Cost $4,399,565) | $— | 4008803 |
|  Financial Derivative Instruments (n)(p) 0.6%<br> (Cost or Premiums, net $91,179) | Financial Derivative Instruments (n)(p) 0.6%<br> (Cost or Premiums, net $91,179) |  | 23359 |
| Other Assets and Liabilities, net (17.4)% | Other Assets and Liabilities, net (17.4)% |  | (598575) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 3433587 |

---

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

^ Security is in default.

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

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **107** |

---

------

Schedule of Investments PIMCO Long-Term Credit Bond Fund (Cont.)

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

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

(b) Payment in-kind security.

(c) Security is not accruing income as of the date of this report.

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

(e) 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 |
|  86333 AA 11.000% due 03/26/2029 | 02/25/2026 | $3500 | $3447 | 0.10% |
|  86333 AB 95.170% due 03/26/2031 | 02/25/2026 | 3500 | 3420 | 0.10 |
|  Alfa-Bank CJSC 5.860% due 10/21/2026 | 10/27/2025 | 863 | 863 | 0.03 |
|  Constellation Pharmaceutical, Inc. 5.550% due 07/01/2033 | 01/16/2025 | 1214 | 1244 | 0.04 |
|  Credit Opportunities Partners LLC 6.520% due 03/20/2028 | 02/20/2025 | 900 | 893 | 0.03 |
|  Credit Opportunities Partners LLC 6.740% due 03/20/2030 | 03/20/2025 | 1000 | 985 | 0.03 |
|  Dorchester LLC 4.610% due 01/04/2027 | 12/10/2025 | 1637 | 1618 | 0.05 |
|  Flourish Century Holdings Ltd. 6.600% due 02/04/2049 | 02/03/2026 | 0 | 0 | 0.00 |
|  MNSN Holdings, Inc. | 04/26/2022 | 55 | 176 | 0.01 |
|  Morgan Stanley 0.000% due 04/02/2032 | 02/11/2020 | 10215 | 8420 | 0.24 |
|  National Football League 5.250% due 10/05/2034 | 06/27/2025 | 4900 | 4885 | 0.14 |
|  National Football League 5.420% due 10/05/2037 | 06/27/2025 | 1800 | 1795 | 0.05 |
|  Royal Bank of Scotland International Ltd. 4.660% due 12/16/2028 | 11/18/2025 | 5000 | 4936 | 0.14 |
|  Westmoreland Mining Holdings | 12/08/2014 | 936 | 19 | 0.00 |
|  Westmoreland Mining LLC | 06/30/2023 | 215 | 138 | 0.00 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35735 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32839 | 0.96% |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | 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 | 6.800% | 03/30/2026 | TBD<sup>(2)</sup> | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298614 | Republic of South Africa Government Bonds 8.750% due 02/28/2048 | $(19738) | $17647 | $17654 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19738) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17647 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17654 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(3)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(3)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BOS | 2.500% | 03/25/2026 | 04/01/2026 | $(770) | $(770) |
|  | 3.500 | 03/27/2026 | 06/12/2026 | (31998) | (32013) |
|  | 3.750 | 03/30/2026 | 04/06/2026 | (15189) | (15192) |
|  BPS | 3.600 | 12/12/2025 | TBD<sup>(4)</sup> | (1355) | (1369) |
|  BRC | 2.500 | 03/13/2026 | TBD<sup>(4)</sup> | (617) | (818) |
|  | 2.650 | 12/19/2025 | TBD<sup>(4)</sup> | (211) | (281) |
|  | 2.650 | 01/14/2026 | TBD<sup>(4)</sup> | (1581) | (2104) |
|  | 2.650 | 01/20/2026 | TBD<sup>(4)</sup> | (529) | (703) |
|  | 6.700 | 03/30/2026 | TBD<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(298614) | (17654) |

---

---

| | | |
|:---|:---|:---|
| **108** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Borrowing<br>Rate<sup>(3)</sup>** | **Settlement<br>Date** | **Maturity<br>Date** | **Amount<br>Borrowed<sup>(3)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** |
|  BSN | 3.770% | 03/06/2026 | 04/06/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60786) | $(60952) |
|  DEU | 3.760 | 03/18/2026 | 04/08/2026 | (4278) | (4285) |
|  | 3.770 | 03/03/2026 | 04/07/2026 | (1818) | (1824) |
|  JPS | 3.500 | 04/01/2026 | 04/07/2026 | (2998) | (2998) |
|  | 3.650 | 03/20/2026 | 05/01/2026 | (513) | (514) |
|  | 3.660 | 04/01/2026 | 04/07/2026 | (775) | (775) |
|  | 3.680 | 03/25/2026 | 04/01/2026 | (2987) | (2989) |
|  | 3.750 | 03/31/2026 | 04/01/2026 | (17446) | (17446) |
|  | 3.760 | 03/10/2026 | 04/21/2026 | (5271) | (5284) |
|  | 3.760 | 03/17/2026 | 04/21/2026 | (666) | (667) |
|  | 3.760 | 03/20/2026 | 04/13/2026 | (2306) | (2309) |
|  | 3.760 | 03/23/2026 | 04/06/2026 | (12243) | (12255) |
|  MYI | 0.000 | 04/01/2026 | TBD<sup>(4)</sup> | (904) | (904) |
|  | 1.000 | 04/01/2026 | TBD<sup>(4)</sup> | (1534) | (1534) |
|  | 2.950 | 02/03/2026 | 04/01/2026 | (1570) | (1577) |
|  | 3.500 | 12/18/2025 | 04/01/2026 | (890) | (899) |
|  RCY | 3.770 | 02/06/2026 | 04/20/2026 | (37812) | (38026) |
|  STR | 3.730 | 04/01/2026 | 04/02/2026 | (60173) | (60173) |
|  | 3.760 | 03/31/2026 | 04/01/2026 | (48510) | (48510) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(334825) |

---

#### SALE-BUYBACK TRANSACTIONS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(3)</sup> | Borrowing<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(3)</sup> | Payable for<br>Sale-Buyback<br>Transactions<sup>(5)</sup> |
|  BCY | 3.740% | 04/01/2026 | 04/08/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1160) | $(1161) |
|  | 3.770 | 03/27/2026 | 04/06/2026 | (4292) | (4294) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5455) |

---

#### 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<sup>(5)</sup> | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/<br>(Received) | Net Exposure<sup>(6)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $0 | $(47975) | $0 | $(47975) | $49437 | $1462 |
|  BPS | 0 | (1369) | 0 | (1369) | 1514 | 145 |
|  BRC | 17654 | (21560) | 0 | (3906) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2234) |
|  BSN | 0 | (60952) | 0 | (60952) | 59887 | (1065) |
|  DEU | 0 | (6109) | 0 | (6109) | 5943 | (166) |
|  JPS | 0 | (45237) | 0 | (45237) | 40990 | (4247) |
|  MYI | 0 | (4914) | 0 | (4914) | 2415 | (2499) |
|  RCY | 0 | (38026) | 0 | (38026) | 38102 | 76 |
|  STR | 0 | (108683) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108683) | 48629 | (60054) |
|  Master Securities Forward Transaction Agreement |  |  |  |  |  |  |
|  BCY | 0 | 0 | (5455) | (5455) | 5406 | (49) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17654 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(334825) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5455) |  |  |  |

---

#### 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 | $(32527) | $(5275) | $(37802) |
|  U.S. Treasury Obligations | (69715) | (140794) | 0 | 0 | (210509) |
|  Non-Agency Mortgage-Backed Securities | (2476) | 0 | 0 | 0 | (2476) |
|  Sovereign Issues | 0 | 0 | 0 | (17654) | (17654) |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72191) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140794) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32527) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22929) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(268441) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **109** |

---

------

Schedule of Investments PIMCO Long-Term Credit Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Overnight and<br>Continuous** | **Up to 30 days** | **31-90 days** | **Greater Than 90 days** | **Total** |
|  Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions |
|  U.S. Treasury Obligations | $0 | $(5455) | $0 | $0 | $(5455) |
|  Total | $0 | $(5455) | $0 | $0 | $(5455) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72191) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146249) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32527) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22929) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(273896) |
|  Payable for reverse repurchase agreements and sale-buyback financing transactions <sup>(7)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions <sup>(7)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions <sup>(7)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions <sup>(7)</sup> | Payable for reverse repurchase agreements and sale-buyback financing transactions <sup>(7)</sup> | $(273896) |

---

(m) Securities with an aggregate market value of $273,735 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> Open maturity repurchase agreement.

<sup>(3)</sup> The average amount of borrowings outstanding during the period ended March 31, 2026 was $(95062) at a weighted average interest rate of 4.408%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(4)</sup> Open maturity reverse repurchase agreement.

<sup>(5)</sup> Payable for sale-buyback transactions includes $(3) of deferred price drop. 

<sup>(6)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

<sup>(7)</sup> Unsettled reverse repurchase agreements liability of $(66384) is outstanding at period end. 

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

#### PURCHASED OPTIONS:

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | **Notional<br>Amount** | Cost | Market<br>Value |
|  Call - CME 3-Month SOFR Active Contract June 2026 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.500 | 06/12/2026 | 819 | $2048 | $641 | $27 |
|  Call - CME 3-Month SOFR Active Contract June 2026 Futures | 98.000 | 06/12/2026 | 854 | 2135 | 416 | 16 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |

---

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - EUREX Euro-Bund 10-Year Bond April Futures | EUR 125.500 | 04/24/2026 | 21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | $(9) | $(22) |
|  Call - EUREX Euro-Bund 10-Year Bond April Futures | 128.000 | 04/24/2026 | 21 | 21 | (7) | (3) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) |

---

#### 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 | 44 | $44 | $(15) | $(16) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 113.000 | 04/24/2026 | 44 | 44 | (10) | (6) |
|  Call - CME 3-Month SOFR Active Contract June 2026 Futures | 98.500 | 06/12/2026 | 819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2048 | (224) | (5) |
|  |  |  |  |  | $(249) | $(27) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(265) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52) |

---

#### 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 | 689 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165989 | $591 | $60 | $0 |
|  3-Month SOFR Active Contract December Futures  | 03/2028 | 351 | 84762 | 527 | 18 | 0 |
|  3-Month SOFR Active Contract September Futures  | 12/2026 | 632 | 152209 | 538 | 39 | 0 |
|  3-Month SOFR Active Contract September Futures  | 12/2027 | 1049 | 253163 | 1298 | 52 | 0 |
|  Australia Government 10-Year Bond June Futures  | 06/2026 | 267 | 19850 | (62) | 187 | 0 |
|  Euro-Bobl June Futures  | 06/2026 | 16 | 2135 | (34) | 9 | 0 |
|  Euro-Bund June Futures  | 06/2026 | 61 | 8841 | (221) | 64 | 0 |
|  Long Guilt June Futures  | 06/2026 | 256 | 29747 | (1595) | 224 | 0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 1137 | 126260 | (1716) | 266 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 140 | 15892 | (332) | 42 | 0 |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2026 | 101 | 11501 | (377) | 38 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 4498 | 524298 | (16703) | 984 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18086) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1983 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

110 PIMCO CREDIT BOND FUNDS 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 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2026 | 52 | $(10787) | $78 | $0 | $(4) |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 1499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162161) | 2160 | 0 | (211) |
|  |  |  |  | $2238 | $0 | $(215) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15848) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1983 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(215) |

---

#### 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 |
|  Ford Motor Co. | (5.000)% | Quarterly | 06/20/2030 | 1.559% | $4600 | $(521) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88) | $(609) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |
|  General Motors Co. | (5.000) | Quarterly | 06/20/2030 | 1.057 | 13600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2144) | 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2091) | 0 | (42) |
|  |  |  |  |  |  | $(2665) | $(35) | $(2700) | $0 | $(53) |

---

#### 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/<br>(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/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(6)</sup> | Asset | Liability |
|  AES Corp. | 5.000% | Quarterly | 12/20/2028 | 0.658% | $1500 | $186 | $(15) | $171 | $0 | $0 |
|  American International Group, Inc. | 1.000 | Quarterly | 12/20/2027 | 0.271 | 2000 | (12) | 37 | 25 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.234 | 4200 | 64 | (55) | 9 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.395 | 1100 | (6) | 21 | 15 | 1 | 0 |
|  Bank of America Corp. | 1.000 | Quarterly | 12/20/2026 | 0.317 | 4100 | 53 | (32) | 21 | 1 | 0 |
|  Comcast Corp. | 1.000 | Quarterly | 12/20/2026 | 0.165 | 4500 | 119 | (90) | 29 | 0 | 0 |
|  Deutsche Bank | 1.000 | Quarterly | 12/20/2030 | 0.693 | 1100 | 19 | (1) | 18 | 0 | 0 |
|  Enbridge, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.188 | $3700 | 36 | (13) | 23 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.051 | 1900 | 22 | (17) | 5 | 0 | 0 |
|  Glencore Finance | 5.000 | Quarterly | 06/20/2031 | 1.059 | 2000 | 461 | (21) | 440 | 1 | 0 |
|  Goldman Sachs Group, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.312 | $700 | 4 | (3) | 1 | 0 | 0 |
|  MGM Resorts International | 5.000 | Quarterly | 12/20/2029 | 1.607 | 3400 | 465 | (67) | 398 | 7 | 0 |
|  Morgan Stanley | 1.000 | Quarterly | 06/20/2026 | 0.303 | 3600 | 14 | (7) | 7 | 0 | 0 |
|  Oracle Corp. | 1.000 | Quarterly | 06/20/2030 | 1.622 | 4700 | 103 | (212) | (109) | 9 | 0 |
|  Teck Resources Ltd. | 5.000 | Quarterly | 06/20/2026 | 0.098 | 3600 | 611 | (566) | 45 | 0 | 0 |
|  Tesco PLC | 1.000 | Quarterly | 06/20/2028 | 0.247 | 1100 | 11 | 10 | 21 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.240 | $3300 | 80 | (61) | 19 | 0 | 0 |
|  Volkswagen International Finance NV | 1.000 | Quarterly | 06/20/2028 | 0.426 | 1500 | 12 | 10 | 22 | 1 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2242 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1082) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - BUY PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | **Notional<br>Amount<sup>(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.HY-44 5-Year Index | (5.000)% | Quarterly | 06/20/2030 | $4653 | $(110) | $(169) | $(279) | $0 | $(39) |
|  CDX.HY-45 5-Year Index | (5.000) | Quarterly | 12/20/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20097 | (1534) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1092) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(181) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1644) | $273 | $(1371) | $0 | $(220) |

---

#### 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-36 5-Year Index | 1.000% | Quarterly | 12/20/2026 | $2116 | $(78) | $84 | $6 | $1 | $0 |
|  CDX.EM-40 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 700 | (33) | 33 | 0 | 3 | 0 |
|  CDX.EM-41 5-Year Index | 1.000 | Quarterly | 06/20/2029 | 200 | (8) | 7 | (1) | 1 | 0 |
|  CDX.EM-42 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 400 | (12) | 9 | (3) | 2 | 0 |
|  CDX.EM-44 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 100 | (2) | 0 | (2) | 0 | 0 |
|  CDX.EM-45 5-Year Index | 1.000 | Quarterly | 06/20/2031 | 200 | (9) | 1 | (8) | 1 | 0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 20900 | 454 | (73) | 381 | 37 | 0 |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 2208075 | 48267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8399) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39868 | 4323 | 0 |
|  CDX.IG-46 5-Year Index | 1.000 | Quarterly | 06/20/2031 | 1430325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24196 | 970 | 25166 | 3087 | 0 |
|  CDX.iTraxx Crossover 44 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 7500 | 143 | (13) | 130 | 9 | 0 |
|  |  |  |  |  | $72918 | $(7381) | $65537 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7464 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 111

------

Schedule of Investments PIMCO Long-Term Credit Bond Fund (Cont.)

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/<br>(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/18/2031 | 44680 | $(916) | $(989) | $(1905) | $142 | $0 |
|  Receive<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 09/16/2036 | 33400 | 1092 | 656 | 1748 | 0 | (133) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2027 | $120700 | 3989 | 2823 | 6812 | 0 | (30) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 05/31/2028 | 72200 | 0 | 208 | 208 | 0 | (32) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 59200 | 74 | (429) | (355) | 0 | (56) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 4400 | (9) | (33) | (42) | 0 | (4) |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 08/31/2030 | 182726 | 597 | 1215 | 1812 | 0 | (181) |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.337 | Annual | 08/31/2030 | 3600 | 0 | 34 | 34 | 0 | (4) |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.369 | Annual | 08/31/2030 | 4400 | 0 | 36 | 36 | 0 | (4) |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.407 | Annual | 08/31/2030 | 1800 | 0 | 12 | 12 | 0 | (2) |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.422 | Annual | 08/31/2030 | 2000 | 0 | 13 | 13 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/18/2031 | 16200 | (22) | 111 | 89 | 0 | (17) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 88300 | 250 | (513) | (263) | 0 | (96) |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.564 | Annual | 01/31/2033 | 1500 | 0 | 13 | 13 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.901 | Annual | 02/15/2035 | 2900 | (2) | (18) | (20) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 1490 | (5) | (6) | (11) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 2600 | (9) | (3) | (12) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 2600 | (9) | (8) | (17) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 3000 | (9) | (27) | (36) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 5000 | (15) | (28) | (43) | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 2600 | (7) | (6) | (13) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.640 | Annual | 08/15/2035 | 5900 | 12 | 79 | 91 | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 08/15/2035 | 5900 | (5) | 68 | 63 | 0 | (5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/15/2035 | 10062 | 26 | 69 | 95 | 0 | (9) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 09/17/2035 | 2300 | (7) | 65 | 58 | 0 | (2) |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.712 | Annual | 11/15/2035 | 1800 | 0 | 20 | 20 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.679 | Annual | 02/15/2036 | 2000 | 0 | 30 | 30 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.755 | Annual | 02/15/2036 | 4100 | 0 | 35 | 35 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.748 | Annual | 03/03/2036 | 4800 | (10) | 55 | 45 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.775 | Annual | 03/03/2036 | 4700 | (10) | 44 | 34 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/18/2036 | 2500 | (66) | 38 | (28) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.066 | Annual | 02/15/2046 | 700 | 0 | 10 | 10 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 11/15/2053 | 7200 | 151 | 73 | 224 | 24 | 0 |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.010 | Annual | 11/15/2053 | 900 | 0 | 22 | 22 | 3 | 0 |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 11/15/2053 | 900 | 0 | 21 | 21 | 3 | 0 |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.082 | Annual | 11/15/2053 | 800 | 0 | 10 | 10 | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.085 | Annual | 11/15/2053 | 20376 | 36 | 229 | 265 | 68 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 75575 | 6693 | 1857 | 8550 | 269 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.052 | Annual | 02/15/2056 | 1000 | 0 | 14 | 14 | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.059 | Annual | 02/15/2056 | 900 | 0 | 12 | 12 | 4 | 0 |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 06/17/2056 | 30400 | 530 | 183 | 713 | 116 | 0 |
|  Pay | 1-Year BRL-CDI | 12.030 | Maturity | 01/04/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205800 | 0 | (1251) | (1251) | 55 | 0 |
|  Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 | 234100 | 0 | (420) | (420) | 0 | (18) |
|  Pay | 1-Year BRL-CDI | 13.359 | Maturity | 01/02/2029 | 110600 | 0 | (261) | (261) | 128 | 0 |
|  Pay | 1-Year BRL-CDI | 13.402 | Maturity | 01/02/2029 | 166400 | 0 | (385) | (385) | 193 | 0 |
|  Pay | 1-Year BRL-CDI | 13.657 | Maturity | 01/02/2031 | 52700 | (20) | 18 | (2) | 70 | 0 |
|  Pay | 1-Year BRL-CDI | 13.681 | Maturity | 01/02/2031 | 14900 | (12) | 15 | 3 | 21 | 0 |
|  Pay | 1-Year BRL-CDI | 13.725 | Maturity | 01/02/2031 | 500 | 0 | 0 | 0 | 1 | 0 |
|  Pay | 1-Year BRL-CDI | 13.899 | Maturity | 01/02/2031 | 4200 | 0 | 5 | 5 | 6 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/19/2030 | 115200 | 947 | (2792) | (1845) | 556 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 12/17/2035 | 33300 | (379) | (1475) | (1854) | 296 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 | 5500 | (20) | (97) | (117) | 3 | 0 |
|  Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 09/16/2031 | 49300 | 13 | (1172) | (1159) | 246 | 0 |
|  Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 09/16/2056 | 22980 | 430 | 149 | 579 | 0 | (256) |
|  |  |  |  |  |  | $13308 | $(1671) | $11637 | $2212 | $(895) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84159 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9896) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74263 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9696 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1168) |

---

#### 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;43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1983 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9696 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11722 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(234) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1168) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1454) |

---

112 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

March 31, 2026

(o) Securities with an aggregate market value of $150,963 and cash of $17,575 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 $20 is outstanding at period end. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> 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 liability of $(19) for closed futures is outstanding at period end. 

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 04/2026 | 31736 | $23168 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 | $0 |
|  | 04/2026 | 20 | 16 | 0 | 0 |
|  BOA | 04/2026 | 7403 | 1414 | 0 | (15) |
|  | 04/2026 | 5999 | 870 | 0 | (1) |
|  | 04/2026 | 779 | 907 | 7 | 0 |
|  | 04/2026 | 155544 | 1657 | 14 | 0 |
|  | 04/2026 | 466639 | 319 | 9 | 0 |
|  | 04/2026 | 4773 | 1291 | 5 | 0 |
|  | 04/2026 | 14239 | 11140 | 65 | 0 |
|  | 04/2026 | $1418 | 7403 | 11 | 0 |
|  | 04/2026 | 310 | 2137 | 0 | 0 |
|  | 04/2026 | 2272 | 212604 | 2 | (16) |
|  | 04/2026 | 251 | 4633 | 7 | 0 |
|  | 04/2026 | 6961 | 25710 | 0 | (35) |
|  | 06/2026 | 5673 | $1836 | 28 | 0 |
|  | 06/2026 | 30830 | 1720 | 10 | 0 |
|  | 06/2026 | $1414 | 7502 | 15 | 0 |
|  | 06/2026 | 447 | 1393 | 0 | (3) |
|  BPS | 04/2026 | 54710 | $10482 | 0 | (80) |
|  | 04/2026 | 2782 | 404 | 0 | 0 |
|  | 04/2026 | 5577 | 1806 | 32 | 0 |
|  | 04/2026 | 994691 | 10569 | 30 | 0 |
|  | 04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3480541 | 2333 | 21 | (3) |
|  | 04/2026 | 245 | 145 | 4 | 0 |
|  | 04/2026 | 1885 | 507 | 0 | (1) |
|  | 04/2026 | 249848 | 7754 | 173 | (3) |
|  | 04/2026 | $3223 | 4608 | 0 | (44) |
|  | 04/2026 | 10340 | 54710 | 222 | 0 |
|  | 04/2026 | 12406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209963709 | 1 | (37) |
|  | 04/2026 | 1331 | 4215 | 10 | 0 |
|  | 04/2026 | 21449 | 1999989 | 47 | (259) |
|  | 04/2026 | 1268 | 1893777 | 3 | (11) |
|  | 04/2026 | 4546 | 16386 | 0 | (132) |
|  | 04/2026 | 3 | 86 | 0 | 0 |
|  | 04/2026 | 5744 | 183596 | 1 | (15) |
|  | 04/2026 | 41060 | $2425 | 1 | 0 |
|  | 05/2026 | 4210 | 1331 | 0 | (10) |
|  | 05/2026 | 460090 | 4863 | 0 | (20) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **113** |

---

------

Schedule of Investments PIMCO Long-Term Credit Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2026 | 105563 | $3276 | $0 | $(15) |
|  | 05/2026 | $1900 | 9973 | 14 | 0 |
|  | 05/2026 | 2436 | 41468703 | 6 | 0 |
|  | 05/2026 | 486 | 15955 | 0 | (1) |
|  | 06/2026 | 214 | $0 | 0 | 0 |
|  | 06/2026 | $668 | 11255710 | 0 | (6) |
|  BRC | 04/2026 | 2343 | $449 | 0 | (3) |
|  | 04/2026 | 52 | 37 | 0 | 0 |
|  | 04/2026 | 259540 | 5630 | 0 | (96) |
|  | 04/2026 | $441 | 2343 | 11 | 0 |
|  | 04/2026 | 2618 | 9421 | 0 | (80) |
|  | 04/2026 | 40436 | 1807211 | 122 | 0 |
|  | 04/2026 | 43612 | $2665 | 91 | 0 |
|  | 05/2026 | 11621 | 249 | 0 | (2) |
|  | 05/2026 | $37 | 52 | 0 | 0 |
|  | 06/2026 | 74 | $24 | 0 | 0 |
|  BSH | 04/2026 | 474265 | 2971 | 0 | (18) |
|  | 04/2026 | $56203 | 42220 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(321) |
|  | 04/2026 | 18698 | 32389 | 0 | (86) |
|  | 05/2026 | 42220 | $56201 | 321 | 0 |
|  | 05/2026 | 32389 | 18719 | 87 | 0 |
|  | 05/2026 | $2971 | 472836 | 17 | 0 |
|  | 07/2026 | 37849 | $11241 | 423 | 0 |
|  | 12/2026 | 11863 | 3506 | 142 | 0 |
|  CBK | 04/2026 | 9899 | 6950 | 120 | 0 |
|  | 04/2026 | 2085 | 302 | 0 | (1) |
|  | 04/2026 | 12915924 | 3395 | 0 | (119) |
|  | 04/2026 | 8122 | 9428 | 40 | 0 |
|  | 04/2026 | 6293 | 8438 | 109 | 0 |
|  | 04/2026 | 1187129 | 12702 | 165 | 0 |
|  | 04/2026 | 8370 | 862 | 0 | (3) |
|  | 04/2026 | 6765 | 725 | 11 | 0 |
|  | 04/2026 | 88 | 3 | 0 | 0 |
|  | 04/2026 | 6868 | 215 | 1 | 0 |
|  | 04/2026 | $950 | 6548 | 1 | 0 |
|  | 04/2026 | 3919 | 2939 | 0 | (29) |
|  | 04/2026 | 30678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2827668 | 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(746) |
|  | 04/2026 | 3592 | $211 | 0 | (1) |
|  | 05/2026 | $0 | 10 | 0 | 0 |
|  | 06/2026 | 12548004 | $3320 | 0 | (41) |
|  | 06/2026 | 23655 | 7674 | 135 | 0 |
|  | 06/2026 | $461 | 7748303 | 0 | (6) |
|  | 06/2026 | 28771 | 507274 | 0 | (635) |
|  | 07/2026 | 10413 | $3025 | 49 | 0 |
|  | 08/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31391910 | 8257 | 0 | (28) |
|  | 09/2026 | 3891 | 1125 | 16 | 0 |
|  | 09/2026 | $510 | 9129 | 0 | (8) |
|  DUB | 04/2026 | 64387 | $9398 | 49 | 0 |
|  | 04/2026 | 11252 | 3635 | 55 | 0 |
|  | 04/2026 | 474153 | 5034 | 33 | (7) |
|  | 04/2026 | $25304 | 36886 | 146 | 0 |
|  | 04/2026 | 4557 | 31517 | 19 | 0 |
|  | 04/2026 | 5508 | 519165 | 37 | (26) |
|  | 04/2026 | 32807 | 41908 | 0 | (212) |
|  | 04/2026 | 2225 | 72661 | 0 | (19) |
|  | 05/2026 | 36886 | $25294 | 0 | (146) |
|  | 05/2026 | 31441 | 4557 | 0 | (19) |
|  | 05/2026 | 41814 | 32807 | 210 | 0 |
|  | 06/2026 | 72513 | 2225 | 12 | 0 |
|  | 06/2026 | 4792 | 151 | 1 | 0 |
|  FAR | 04/2026 | 10394 | 7366 | 195 | 0 |
|  | 04/2026 | 3201 | 4147 | 144 | 0 |
|  | 04/2026 | 29255 | 39535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813 | 0 |
|  | 04/2026 | 590503 | 3700 | 0 | (21) |
|  | 04/2026 | 929 | 29 | 1 | 0 |
|  | 04/2026 | $4218 | 3361 | 0 | (14) |
|  | 04/2026 | 766 | 119647 | 0 | (12) |
|  | 04/2026 | 2907 | 10492 | 0 | (81) |
|  | 04/2026 | 177 | 226 | 0 | (1) |
|  | 05/2026 | 3349 | $4218 | 14 | 0 |

---

---

| | | |
|:---|:---|:---|
| **114** | **PIMCO CREDIT BOND FUNDS** | 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 | 7002 | $2213 | $0 | $(17) |
|  | 05/2026 | 226 | 177 | 1 | 0 |
|  | 05/2026 | $3700 | 588719 | 21 | 0 |
|  | 06/2026 | 4038 | $1310 | 23 | 0 |
|  | 06/2026 | 11079 | 3252 | 81 | 0 |
|  | 08/2026 | 6391 | 1890 | 65 | 0 |
|  | 09/2026 | $414 | 7314 | 0 | (12) |
|  GLM | 04/2026 | 243222 | $46146 | 0 | (810) |
|  | 04/2026 | 146280 | 39 | 0 | (1) |
|  | 04/2026 | 5475 | 1761 | 19 | 0 |
|  | 04/2026 | 15421 | 169 | 6 | 0 |
|  | 04/2026 | 42903 | 1318 | 15 | 0 |
|  | 04/2026 | $44606 | 243222 | 2349 | 0 |
|  | 04/2026 | 857 | 5881 | 0 | (3) |
|  | 04/2026 | 294 | 4973567 | 0 | (1) |
|  | 04/2026 | 2127 | 39224 | 60 | 0 |
|  | 04/2026 | 2559 | 83618 | 0 | (21) |
|  | 06/2026 | 10241044 | $607 | 5 | 0 |
|  | 06/2026 | 6049 | 339 | 4 | 0 |
|  | 06/2026 | 40643 | 1241 | 1 | 0 |
|  | 06/2026 | $4231 | 22516 | 59 | 0 |
|  | 06/2026 | 1088 | 18410388 | 0 | (5) |
|  | 07/2026 | 41914 | 225547 | 749 | 0 |
|  IND | 04/2026 | 91184 | $107668 | 2274 | 0 |
|  | 06/2026 | 5214994 | 1385 | 0 | (12) |
|  JPM | 04/2026 | 10271 | 7527 | 143 | 0 |
|  | 04/2026 | 4004 | 580 | 0 | (2) |
|  | 04/2026 | 854 | 981 | 0 | (6) |
|  | 04/2026 | 246126 | 2618 | 19 | 0 |
|  | 04/2026 | 1824094 | 1206 | 0 | (7) |
|  | 04/2026 | 9392 | 2551 | 26 | (5) |
|  | 04/2026 | 27875 | 22119 | 438 | 0 |
|  | 04/2026 | $4792 | 33162 | 22 | 0 |
|  | 04/2026 | 8517 | 7256 | 0 | (130) |
|  | 04/2026 | 2618 | 246547 | 6 | 0 |
|  | 04/2026 | 1206 | 1824360 | 7 | 0 |
|  | 04/2026 | 792 | 14597 | 22 | 0 |
|  | 04/2026 | 1102 | 1896 | 0 | (13) |
|  | 04/2026 | 209306 | $12452 | 116 | (17) |
|  | 05/2026 | 1371 | 940 | 0 | (6) |
|  | 05/2026 | 33081 | 4792 | 0 | (22) |
|  | 05/2026 | $33 | 5203 | 0 | 0 |
|  | 06/2026 | 3607 | $1168 | 18 | 0 |
|  | 06/2026 | 35089 | 1956 | 10 | 0 |
|  | 06/2026 | $10 | 174580 | 0 | 0 |
|  | 06/2026 | 423 | 1315 | 0 | (4) |
|  MBC | 04/2026 | 6826 | $4800 | 90 | 0 |
|  | 04/2026 | 1086 | 1390 | 32 | 0 |
|  | 04/2026 | 794 | 912 | 0 | (5) |
|  | 04/2026 | 11470 | 15461 | 280 | 0 |
|  | 04/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29340804 | 1726 | 0 | (3) |
|  | 04/2026 | 263161 | 1646 | 0 | (12) |
|  | 04/2026 | 1555 | 160 | 0 | (1) |
|  | 04/2026 | 10255 | 6031 | 138 | 0 |
|  | 04/2026 | 8730 | 930 | 7 | 0 |
|  | 04/2026 | 58895 | 1853 | 65 | 0 |
|  | 04/2026 | $1654 | 2387 | 0 | (7) |
|  | 04/2026 | 1174 | 923 | 0 | (20) |
|  | 04/2026 | 2475 | 1859 | 0 | (14) |
|  | 04/2026 | 2176 | 342812 | 2 | (17) |
|  | 04/2026 | 2543 | 3721963 | 0 | (68) |
|  | 04/2026 | 637 | 11750 | 18 | 0 |
|  | 04/2026 | 1049 | 10000 | 0 | (16) |
|  | 05/2026 | 531 | $610 | 0 | (5) |
|  | 05/2026 | $1646 | 262367 | 12 | 0 |
|  | 06/2026 | 3926 | $217 | 0 | 0 |
|  | 06/2026 | $1726 | 29410180 | 3 | 0 |
|  MYI | 04/2026 | 709 | $200 | 9 | 0 |
|  SCX | 04/2026 | 23785 | 14220 | 552 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **115** |

---

------

Schedule of Investments PIMCO Long-Term Credit Bond Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2026 | 6201 | $195 | $7 | $0 |
|  | 04/2026 | $30378 | 42059 | 0 | (143) |
|  | 04/2026 | 3110 | 283228 | 0 | (119) |
|  | 04/2026 | 2225 | 351097 | 0 | (13) |
|  | 04/2026 | 758 | 2741 | 0 | (19) |
|  | 05/2026 | 42001 | $30378 | 142 | 0 |
|  | 06/2026 | $1821 | 30695900 | 0 | (16) |
|  | 07/2026 | 7110149 | $1846 | 0 | (43) |
|  | 07/2026 | $4468 | 6390015 | 0 | (207) |
|  SOG | 04/2026 | 7509 | $8885 | 205 | 0 |
|  | 04/2026 | $117691 | 101986 | 189 | 0 |
|  | 04/2026 | 3336 | 519005 | 0 | (65) |
|  | 04/2026 | 26 | 245 | 0 | 0 |
|  | 05/2026 | 101986 | $117875 | 0 | (184) |
|  | 05/2026 | 245 | 26 | 0 | 0 |
|  | 06/2026 | 2897 | 939 | 15 | 0 |
|  | 06/2026 | 11303 | 3355 | 119 | 0 |
|  SSB | 04/2026 | 16762 | 11928 | 363 | 0 |
|  | 04/2026 | $239 | 22058 | 0 | (7) |
|  | 04/2026 | 4 | 608 | 0 | 0 |
|  | 04/2026 | 1677 | 15250 | 0 | (66) |
|  UAG | 04/2026 | 4695 | $1276 | 11 | 0 |
|  | 04/2026 | $2065 | 7676826 | 24 | 0 |
|  | 04/2026 | 3568 | 12922 | 0 | (87) |
|  | 06/2026 | 7790079 | $2065 | 0 | (21) |
|  | 06/2026 | 4675 | 1513 | 23 | 0 |
|  | 06/2026 | 5008 | 279 | 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;13574 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5740) |

---

#### 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 Call - OTC 2-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.500% | 04/29/2026 | 129200 | $608 | $7 |
| FAR Call - OTC 2-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.000 | 04/29/2026 | 150500 | 414 | 1 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |

---

#### WRITTEN OPTIONS:

#### CREDIT DEFAULT SWAPTIONS ON CREDIT INDEXES

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Buy/Sell<br>Protection | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
|  BOA | Put - OTC iTraxx Europe 44 5-Year | Sell | 1.050% | 05/20/2026 | 4600 | $(8) | $(6) |
|  GST | Put - OTC CDX.IG-45 5-Year Index | Sell | 0.850 | 05/20/2026 | 10100 | (12) | (8) |
|  | Put - OTC CDX.IG-45 5-Year Index | Sell | 0.800 | 06/17/2026 | 17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) |
|  |  |  |  |  |  | $(38) | $(37) |

---

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | **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 1,350.000 | 07/09/2026 | 2904 | $(11) | $(2) |
|  | Put - OTC USD versus KRW | 1350.000 | 07/13/2026 | 5154 | (11) | (5) |
| MBC | Put - OTC USD versus KRW | 1350.000 | 07/09/2026 | 7478 | (24) | (6) |
|  | Put - OTC USD versus KRW | 1350.000 | 07/10/2026 | 7466 | (19) | (6) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) |

---

116 PIMCO CREDIT BOND FUNDS 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 | 2200 | $(7) | $(3) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.900 | 04/20/2026 | 2200 | (7) | (13) |
| BPS Call - OTC 2-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 1.500 | 04/29/2026 | 129200 | (194) | 0 |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.600 | 04/16/2026 | 4100 | (13) | (4) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.900 | 04/16/2026 | 4100 | (13) | (21) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695 | 04/27/2026 | 4200 | (15) | (12) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.055 | 04/27/2026 | 4200 | (15) | (12) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.669 | 04/30/2026 | 7700 | (28) | (22) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.069 | 04/30/2026 | 7700 | (28) | (23) |
| MYC Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.540 | 04/16/2026 | 1700 | (3) | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.920 | 04/16/2026 | 1700 | (4) | (6) |
|  |  |  |  |  |  | $(327) | $(116) |
|  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;(430) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172) |

---

#### 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 |
| GST | Mexico Government International Bonds | 1.000% | Quarterly | 12/20/2028 | 0.669% | $900 | $(9) | $17 | $8 | $0 |
|  | Saudi Arabia Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.397 | 900 | 21 | (17) | 4 | 0 |
|  | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 1.662 | 1100 | (9) | 8 | 0 | (1) |
| JPM | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.329 | 1600 | (12) | 15 | 3 | 0 |
| MYC | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.369 | 4000 | 11 | 9 | 20 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.445 | 2900 | (10) | 30 | 20 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2028 | 0.581 | 1300 | (25) | 37 | 12 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 0.669 | 5400 | (57) | 105 | 48 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed Receive<br>Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| Counterparty | Index/Tranches | Fixed Receive<br>Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2030 | EUR | 5300 | $1208 | $(147) | $1061 | $0 |
| BPS | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 |  | 6600 | 1403 | (82) | 1321 | 0 |
| BRC | CDX.iTraxx Japan 45 5-Year Index | 1.000 | Quarterly | 06/20/2031 | JPY | 6660 | 1 | 0 | 1 | 0 |
| CBK | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | EUR | 900 | 204 | (24) | 180 | 0 |
|  | CDX.iTraxx Japan 45 5-Year Index | 1.000 | Quarterly | 06/20/2031 | JPY | 5380 | 0 | 0 | 0 | 0 |
| GST | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | EUR | 2200 | 450 | (10) | 440 | 0 |
| JPM | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 |  | 11500 | 2457 | (156) | 2301 | 0 |
|  | CDX.iTraxx Japan 45 5-Year Index | 1.000 | Quarterly | 06/20/2031 | JPY | 32040 | 3 | 0 | 3 | 0 |
|  |  |  |  |  |  |  | $5726 | $(419) | $5307 | $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;5636 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(215) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5422 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### 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> |
|  AZD | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $354 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $354 | $(260) | $94 |
|  BOA | 173 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234 | (70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) | 0 | (99) | 1135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115) |
|  BPS | 565 | 7 | 1321 | 1893 | (637) | 0 | 0 | (637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256 | (990) | 266 |
|  BRC | 224 | 0 | 1 | 225 | (181) | 0 | 0 | (181) | 44 | 0 | 44 |
|  BSH | 990 | 0 | 0 | 990 | (425) | 0 | 0 | (425) | 565 | (590) | (25) |
|  CBK | 673 | 0 | 180 | 853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1617) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1617) | (764) | 1096 | 332 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **117** |

---

------

Schedule of Investments PIMCO Long-Term Credit Bond Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| **Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Net Market<br>Value of OTC<br>Derivatives** | **Collateral<br>Pledged/<br>(Received)** | **Net<br>Exposure<sup>(6)</sup>** |
|  DUB | $562 | $0 | $0 | $562 | $(429) | $0 | $0 | $(429) | $133 | $0 | $133 |
|  FAR | 1358 | 1 | 0 | 1359 | (158) | 0 | 0 | (158) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1431) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(230) |
|  GLM | 3267 | 0 | 0 | 3267 | (841) | (94) | 0 | (935) | 2332 | (1990) | 342 |
|  GST | 0 | 0 | 452 | 452 | 0 | (31) | (1) | (32) | 420 | (430) | (10) |
|  IND | 2274 | 0 | 0 | 2274 | (12) | 0 | 0 | (12) | 2262 | (3100) | (838) |
|  JPM | 827 | 0 | 2307 | 3134 | (212) | 0 | 0 | (212) | 2922 | (2700) | 222 |
|  MBC | 647 | 0 | 0 | 647 | (168) | (12) | 0 | (180) | 467 | (350) | 117 |
|  MYC | 0 | 0 | 100 | 100 | 0 | (6) | 0 | (6) | 94 | 0 | 94 |
|  MYI | 9 | 0 | 0 | 9 | 0 | 0 | 0 | 0 | 9 | 0 | 9 |
|  SCX | 701 | 0 | 0 | 701 | (560) | 0 | 0 | (560) | 141 | 0 | 141 |
|  SOG | 528 | 0 | 0 | 528 | (249) | 0 | 0 | (249) | 279 | (270) | 9 |
|  SSB | 363 | 0 | 0 | 363 | (73) | 0 | 0 | (73) | 290 | (310) | (20) |
|  UAG | 59 | 0 | 0 | 59 | (108) | 0 | 0 | (108) | (49) | 0 | (49) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13574 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5422 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19004 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5740) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5913) |  |  |  |

---

(q) Securities with an aggregate market value of $1,096 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 Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

<sup>(6)</sup> 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; Purchased Options  | $0 | $0 | $0 | $0 | $43 | $43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 1983 | 1983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 7484 | 0 | 0 | 2212 | 9696 |
|  | $0 | $7484 | $0 | $0 | $4238 | $11722 |
|  Over 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 | $13574 | $0 | $13574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 5422 | 0 | 0 | 0 | 5422 |
|  | $0 | $5422 | $0 | $13574 | $8 | $19004 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12906 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13574 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4246 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30726 |

---

118 PIMCO CREDIT BOND FUNDS 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** |
|  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 | $52 | $52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 234 | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 273 | 0 | 0 | 895 | 1168 |
|  | $0 | $273 | $0 | $0 | $1181 | $1454 |
|  Over 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 | $5740 | $0 | $5740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 37 | 0 | 19 | 116 | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 0 | 1 |
|  | $0 | $38 | $0 | $5759 | $116 | $5913 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5759 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7367 |

---

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 | $1927 | $1927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 6859 | 6859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 26947 | 0 | 0 | 17982 | 44929 |
|  | $0 | $26947 | $0 | $0 | $26768 | $53715 |
|  Over 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 | $(17969) | $0 | $(17969) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | (1595) | 0 | (226) | 0 | (1821) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 108 | 0 | 151 | 2981 | 3240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 494 | 0 | 0 | 0 | 494 |
|  | $0 | $(993) | $0 | $(18044) | $2981 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16056) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25954 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18044) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29749 | $37659 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $0 | $0 | $(1014) | $(1014) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 215 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (23109) | (23109) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (2213) | 0 | 0 | (12308) | (14521) |
|  | $0 | $(2213) | $0 | $0 | $(36216) | $(38429) |
|  Over 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 | $11284 | $0 | $11284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 106 | (1015) | (909) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | (7) | 0 | 12 | 128 | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (352) | 0 | 0 | 0 | (352) |
|  | $0 | $(359) | $0 | $11402 | $(887) | $10156 |
|  | $0 | $(2572) | $0 | $11402 | $(37103) | $(28273) |

---

#### 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 | $12158 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18408 | $30566 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 783166 | 6886 | 790052 |
| &nbsp;&nbsp; Industrials | 0 | 889301 | 7924 | 897225 |
| &nbsp;&nbsp; Utilities | 0 | 527283 | 0 | 527283 |
|  Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 3 | 0 | 3 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 7439 | 0 | 7439 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at**<br> **03/31/2026** |
| &nbsp;&nbsp; Georgia | $0 | $10175 | $0 | $10175 |
| &nbsp;&nbsp; Illinois | 0 | 866 | 0 | 866 |
| &nbsp;&nbsp; Indiana | 0 | 880 | 0 | 880 |
| &nbsp;&nbsp; Ohio | 0 | 11791 | 0 | 11791 |
| &nbsp;&nbsp; Pennsylvania | 0 | 12492 | 0 | 12492 |
| &nbsp;&nbsp; Texas | 0 | 9855 | 0 | 9855 |
| &nbsp;&nbsp; Washington | 0 | 1000 | 0 | 1000 |
|  U.S. Government Agencies | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382546 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382546 |
|  U.S. Treasury Obligations | 0 | 932192 | 0 | 932192 |
|  Non-Agency Mortgage-Backed Securities | 0 | 6589 | 6867 | 13456 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **119** |

---

------

Schedule of Investments PIMCO Long-Term Credit Bond Fund (Cont.) March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at**<br> **03/31/2026** |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; CMBS Other | $0 | $3931 | $0 | $3931 |
| &nbsp;&nbsp; Home Equity Other | 0 | 613 | 0 | 613 |
| &nbsp;&nbsp; Other ABS | 0 | 10103 | 0 | 10103 |
|  Sovereign Issues | 0 | 232083 | 0 | 232083 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Industrials | 0 | 0 | 1628 | 1628 |
| &nbsp;&nbsp; Real Estate | 79 | 0 | 176 | 255 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5310 | 86996 | 0 | 92306 |
| &nbsp;&nbsp; Industrials | 0 | 1525 | 0 | 1525 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 587 | 0 | 0 | 587 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 17647 | 0 | 17647 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5976 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3940634 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41889 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3988499 |
|  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 | $20304 | $0 | $0 | $20304 |
|  Total Investments | $26280 | $3940634 | $41889 | $4008803 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 | $484 | $11238 | $0 | $11722 |
|  Over the counter | 0 | 19004 | 0 | 19004 |
|  | $484 | $30242 | $0 | $30726 |
|  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 | (25) | (1410) | 0 | (1435) |
|  Over the counter | 0 | (5913) | 0 | (5913) |
|  | $(25) | $(7323) | $0 | $(7348) |
|  Total Financial Derivative Instruments | $459 | $22919 | $0 | $23378 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26739 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3963553 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41889 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4032181 |

---

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 | 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 | $18661 | $2635 | $(3920) | $21 | $97 | $914 | $0 | $0 | $18408 | $928 |
|  Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 1998 | 5000 | 0 | 0 | 0 | (112) | 0 | 0 | 6886 | (113) |
| &nbsp;&nbsp; Industrials | 2374 | 6700 | (1084) | 0 | 0 | 155 | 0 | (221) | 7924 | 8 |
|  Non-Agency Mortgage-Backed Securities | 0 | 7000 | 0 | 0 | 0 | (133) | 0 | 0 | 6867 | (133) |
|  Common Stocks |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Financials | 7 | 0 | 0 | 0 | 0 | (7) | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Industrials | 1752 | 0 | 0 | 0 | 0 | (124) | 0 | 0 | 1628 | (124) |
| &nbsp;&nbsp; Real Estate<sup>(2)</sup> | 13 | 0 | 0 | 0 | 0 | 163 | 0 | 0 | 176 | 163 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24805 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21335 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5004) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(221) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41889 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729 |

---

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) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 03/31/2026 | Valuation<br>Technique | Unobservable<br>Inputs | **Input Value(s)** | **Input Value(s)** | **Weighted**<br> **Average** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $16354 | Discounted Cash Flow | Discount Rate |  | 4.270-5.770 | 4.819 |
|  | 15 | Other Valuation Techniques<sup>(3)</sup> |  |  |  |  |
|  | 1618 | Recent Transaction | Purchase Price |  | 100.000 |  |
|  | 421 | Third Party Vendor | Broker Quote |  | 43.500-76.000 | 45.491 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 6814 | Discounted Cash Flow | Discount Rate |  | 5.173-7.181 | 5.697 |
|  | 72 | Third Party Vendor | Expected Recovery |  | 6.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 7924 | Discounted Cash Flow | Discount Rate |  | 4.638-5.445 | 5.218 |
|  Non-Agency Mortgage-Backed Securities | 6867 | Discounted Cash Flow | Discount Rate |  | 5.434-5.700 | 5.567 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 1628 | Indicative Market Quotation | Broker Quote | $— | 0.594-23.000 | 21.151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 176 | Other Valuation Techniques<sup>(3)</sup> |  |  |  |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41889 |  |  |  |  |  |

---

<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> Sector type updated from Financials to Real Estate since prior fiscal year end.

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

---

| | | |
|:---|:---|:---|
| **120** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO Low Duration Credit Fund 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 90.5% | INVESTMENTS IN SECURITIES 90.5% | INVESTMENTS IN SECURITIES 90.5% | INVESTMENTS IN SECURITIES 90.5% | INVESTMENTS IN SECURITIES 90.5% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 50.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 50.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 50.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 50.0% | LOAN PARTICIPATIONS AND ASSIGNMENTS 50.0% |
|  Acrisure LLC |  |  |  |  |
|  6.918% (TSFR1M + 3.250%) due 06/21/2032 ~ | $— | 574 | $— | 557 |
|  Action Environmental Group, Inc. |  |  |  |  |
|  6.685% (TSFR3M + 3.000%) due 10/24/2030 ~ |  | 546 |  | 545 |
|  Advanced Drainage Systems, Inc. |  |  |  |  |
|  5.298% (TSFR1M + 1.625%) due 02/28/2033 ~ |  | 100 |  | 101 |
|  AGI-CFI Acquisition Corp. |  |  |  |  |
|  TBD% due 03/25/2033 |  | 125 |  | 124 |
|  Ahead DB Holdings LLC |  |  |  |  |
|  6.200% (TSFR3M + 2.500%) due 02/03/2031 ~ |  | 291 |  | 287 |
|  AI Aqua Merger Sub, Inc. |  |  |  |  |
|  6.411% - 6.414% (TSFR3M + 2.750%) due 07/31/2028 ~ |  | 587 |  | 586 |
|  AL GCX Holdings LLC |  |  |  |  |
|  5.923% (TSFR1M + 2.250%) due 12/17/2032 ~ |  | 125 |  | 125 |
|  Albion Financing 3 SARL |  |  |  |  |
|  6.664% (TSFR3M + 3.000%) due 05/21/2031 ~ |  | 175 |  | 175 |
|  Alkermes, Inc. |  |  |  |  |
|  6.418% (TSFR1M + 2.750%) due 08/12/2031 ~ |  | 225 |  | 227 |
|  Alliant Holdings Intermediate LLC |  |  |  |  |
|  6.168% (TSFR1M + 2.500%) due 09/19/2031 ~ |  | 946 |  | 939 |
|  Allied Universal Holdco LLC |  |  |  |  |
|  6.918% (TSFR1M + 3.250%) due 08/20/2032 ~ |  | 299 |  | 299 |
|  Altice France SA |  |  |  |  |
|  10.547% (TSFR3M + 6.875%) due 05/31/2031 ~ |  | 369 |  | 370 |
|  American Axle & Manufacturing, Inc. |  |  |  |  |
|  6.912% (TSFR3M + 3.250%) due 02/03/2033 ~ |  | 347 |  | 346 |
|  AP Core Holdings II LLC |  |  |  |  |
|  9.428% (TSFR3M + 5.500%) due 09/01/2027 ~ |  | 43 |  | 42 |
|  Ascend Learning LLC |  |  |  |  |
|  6.668% (TSFR1M + 3.000%) due 12/11/2028 ~ |  | 292 |  | 285 |
|  Aspire Bakeries Holdings LLC |  |  |  |  |
|  TBD% (TSFR1M + 3.000%) due 12/23/2030 «~ |  | 594 |  | 595 |
|  Asurion LLC |  |  |  |  |
|  TBD% due 02/23/2033 |  | 150 |  | 145 |
|  7.918% (TSFR1M + 4.250%) due 09/19/2030 ~ |  | 590 |  | 585 |
|  Athenahealth Group, Inc. |  |  |  |  |
|  6.418% (TSFR1M + 2.750%) due 02/15/2029 ~ |  | 346 |  | 340 |
|  Avalara, Inc. |  |  |  |  |
|  6.450% (TSFR3M + 2.750%) due 03/26/2032 ~ |  | 299 |  | 292 |
|  Avis Budget Car Rental LLC |  |  |  |  |
|  6.168% (TSFR1M + 2.500%) due 07/16/2032 ~ |  | 323 |  | 318 |
|  Azuria Water Solutions, Inc. |  |  |  |  |
|  TBD% due 01/27/2033 |  | 221 |  | 219 |
|  TBD% due 01/27/2033 µ |  | 29 |  | 29 |
|  B&G Foods, Inc. |  |  |  |  |
|  7.168% (TSFR1M + 3.500%) due 10/10/2029 ~ |  | 323 |  | 303 |
|  Barnes Group, Inc. |  |  |  |  |
|  6.168% (TSFR1M + 2.500%) due 01/27/2032 ~ |  | 407 |  | 407 |
|  Bausch & Lomb Corp. |  |  |  |  |
|  TBD% (TSFR1M + 3.750%) due 01/15/2031 ~ |  | 1007 |  | 1010 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  BCPE Empire Holdings, Inc. |  |  |  |  |
|  6.918% (TSFR1M + 3.250%) due 12/11/2030 ~ | $— | 718 | $— | 708 |
|  Beach Acquisition Bidco LLC |  |  |  |  |
|  6.950% (TSFR3M + 3.250%) due 09/12/2032 ~ |  | 50 |  | 50 |
|  Belron Finance LLC |  |  |  |  |
|  5.660% (TSFR3M + 2.000%) due 10/16/2031 ~ |  | 468 |  | 468 |
|  Blackfin Pipeline LLC |  |  |  |  |
|  6.668% (TSFR1M + 3.000%) due 09/29/2032 ~ |  | 324 |  | 326 |
|  Blackhawk Network Holdings, Inc. |  |  |  |  |
|  TBD% (TSFR1M + 3.500%) due 03/12/2029 ~ |  | 394 |  | 390 |
|  Boxer Parent Co., Inc. |  |  |  |  |
|  6.673% (TSFR3M + 3.000%) due 07/30/2031 ~ |  | 476 |  | 443 |
|  Broadstreet Partners, Inc. |  |  |  |  |
|  6.162% - 6.168% (TSFR1M + 2.500%) due 06/13/2031 ~ |  | 148 |  | 144 |
|  Cengage Learning, Inc. |  |  |  |  |
|  TBD% - 6.676% (TSFR3M + 3.000%) due 03/24/2031 ~ |  | 419 |  | 411 |
|  Central Parent, Inc. |  |  |  |  |
|  6.950% (TSFR3M + 3.250%) due 07/06/2029 ~ |  | 234 |  | 168 |
|  Century De Buyer LLC |  |  |  |  |
|  6.667% (TSFR3M + 3.000%) due 10/30/2030 ~ |  | 123 |  | 120 |
|  Charter NEX U.S., Inc. |  |  |  |  |
|  TBD% (TSFR1M + 2.500%) due 11/29/2030 ~ |  | 485 |  | 483 |
|  Chobani LLC |  |  |  |  |
|  5.918% (TSFR1M + 2.250%) due 10/28/2032 ~ |  | 723 |  | 724 |
|  Citco Funding LLC |  |  |  |  |
|  5.667% (TSFR3M + 2.000%) due 01/30/2033 ~ |  | 200 |  | 199 |
|  Cloud Software Group, Inc. |  |  |  |  |
|  6.950% (TSFR3M + 3.250%) due 03/21/2031 ~ |  | 341 |  | 313 |
|  6.950% (TSFR3M + 3.250%) due 08/13/2032 ~ |  | 647 |  | 594 |
|  Clover Holdings 2 LLC |  |  |  |  |
|  TBD% - 3.500% due 12/10/2029 ~µ |  | 32 |  | 29 |
|  7.676% (TSFR1M + 4.000%) due 12/09/2031 ~ |  | 372 |  | 357 |
|  Clydesdale Acquisition Holdings, Inc. |  |  |  |  |
|  6.843% (TSFR1M + 3.175%) due 04/13/2029 ~ |  | 542 |  | 518 |
|  6.918% (TSFR1M + 3.250%) due 04/01/2032 ~ |  | 4 |  | 3 |
|  Columbus McKinnon Corp. |  |  |  |  |
|  7.200% (TSFR3M + 3.500%) due 02/03/2033 ~ |  | 177 |  | 176 |
|  CompoSecure Holdings LLC |  |  |  |  |
|  5.928% (TSFR1M + 2.250%) due 01/14/2033 ~ |  | 400 |  | 400 |
|  Cotiviti Corp. |  |  |  |  |
|  6.418% (TSFR1M + 2.750%) due 05/01/2031 ~ |  | 803 |  | 742 |
|  Covia Holdings Corp. |  |  |  |  |
|  6.402% (TSFR3M + 2.750%) due 02/26/2032 ~ |  | 397 |  | 397 |
|  CP Atlas Buyer, Inc. |  |  |  |  |
|  8.918% (TSFR1M + 5.250%) due 07/08/2030 ~ |  | 398 |  | 368 |
|  CPPIB OVM Member U.S. LLC |  |  |  |  |
|  5.950% (TSFR3M + 2.250%) due 08/20/2031 ~ |  | 566 |  | 567 |
|  Crescent Midstream Operating LLC |  |  |  |  |
|  7.416% due 02/18/2033 ~ |  | 100 |  | 100 |
|  Crown Subsea Communications Holding, Inc. | Crown Subsea Communications Holding, Inc. | Crown Subsea Communications Holding, Inc. |  |  |
|  6.668% (TSFR1M + 3.000%) due 01/30/2031 ~ |  | 297 |  | 298 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  CSC Holdings LLC |  |  |  |  |
|  8.250% (JY0003M + 1.500%) due 04/15/2027 ~ | $— | 148 | $— | 130 |
|  Cyberswift U.S. Finco LLC |  |  |  |  |
|  7.646% (TSFR3M + 4.000%) due 10/08/2032 ~ |  | 325 |  | 321 |
|  Darktrace PLC |  |  |  |  |
|  6.898% (TSFR3M + 3.250%) due 10/09/2031 ~ |  | 371 |  | 356 |
|  Dayforce, Inc. |  |  |  |  |
|  6.661% - 6.663% (TSFR3M + 3.000%) due 02/04/2033 ~ |  | 525 |  | 498 |
|  DG Investment Intermediate Holdings 2, Inc. | DG Investment Intermediate Holdings 2, Inc. | DG Investment Intermediate Holdings 2, Inc. |  |  |
|  6.918% (TSFR1M + 3.250%) due 07/09/2032 ~ |  | 100 |  | 100 |
|  Electronic Arts, Inc. |  |  |  |  |
|  TBD% due 03/24/2033 |  | 500 |  | 498 |
|  Ellucian Holdings, Inc. |  |  |  |  |
|  6.168% (TSFR1M + 2.500%) due 10/08/2029 ~ |  | 397 |  | 387 |
|  EMG Utica LLC |  |  |  |  |
|  7.200% (TSFR3M + 3.500%) due 04/01/2030 «~ |  | 99 |  | 100 |
|  Envision Healthcare Corp. |  |  |  |  |
|  11.641% (TSFR3M + 7.875%) due 07/20/2026 «~ |  | 209 |  | 209 |
|  11.641% (TSFR3M + 7.875%) due 11/03/2028 «~ |  | 852 |  | 877 |
|  EOC Borrower LLC |  |  |  |  |
|  6.418% (TSFR1M + 2.750%) due 03/24/2032 ~ |  | 124 |  | 123 |
|  Epicor Software Corp. |  |  |  |  |
|  6.168% (TSFR1M + 2.500%) due 05/30/2031 ~ |  | 399 |  | 392 |
|  Fertitta Entertainment LLC |  |  |  |  |
|  6.918% (TSFR1M + 3.250%) due 01/27/2029 ~ |  | 291 |  | 286 |
|  Fiesta Purchaser, Inc. |  |  |  |  |
|  6.418% (TSFR1M + 2.750%) due 02/12/2031 ~ |  | 442 |  | 432 |
|  Finastra USA, Inc. |  |  |  |  |
|  7.671% (TSFR3M + 4.000%) due 09/15/2032 ~ |  | 625 |  | 588 |
|  First Advantage Holdings LLC |  |  |  |  |
|  6.450% (TSFR3M + 2.750%) due 10/31/2031 ~ |  | 454 |  | 443 |
|  First Student Bidco, Inc. |  |  |  |  |
|  TBD% (TSFR3M + 2.250%) due 08/15/2030 ~ |  | 1095 |  | 1093 |
|  Fortress Intermediate 3, Inc. |  |  |  |  |
|  6.669% (TSFR1M + 3.000%) due 06/27/2031 «~ |  | 568 |  | 564 |
|  Gainwell Acquisition Corp. |  |  |  |  |
|  7.800% (TSFR3M + 4.000%) due 10/01/2027 ~ |  | 298 |  | 290 |
|  GEN II Fund Services LLC |  |  |  |  |
|  6.450% (TSFR3M + 2.750%) due 11/26/2031 ~ |  | 297 |  | 294 |
|  GFL Environmental, Inc. |  |  |  |  |
|  6.166% (TSFR3M + 2.500%) due 03/03/2032 ~ |  | 348 |  | 349 |
|  Global Medical Response, Inc. |  |  |  |  |
|  7.170% (TSFR3M + 3.500%) due 10/01/2032 ~ |  | 150 |  | 150 |
|  Golden State Food LLC |  |  |  |  |
|  TBD% (TSFR3M + 3.500%) due 12/04/2031 ~ |  | 569 |  | 570 |
|  Graham Packaging Co., Inc. |  |  |  |  |
|  5.918% (TSFR1M + 2.250%) due 01/26/2033 ~ |  | 275 |  | 273 |
|  Gray Television, Inc. |  |  |  |  |
|  6.782% (TSFR1M + 3.000%) due 12/01/2028 ~ |  | 150 |  | 150 |
|  Green Infrastructure Partners, Inc. |  |  |  |  |
|  6.450% (TSFR3M + 2.750%) due 09/24/2032 «~ |  | 325 |  | 325 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **121** |

---

------

Schedule of Investments PIMCO Low Duration Credit Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Gryphon Acquire Newco LLC |  |  |  |  |
|  6.675% (TSFR3M + 3.000%) due 09/13/2032 ~ | $— | 450 | $— | 451 |
|  Gulfside Supply, Inc. |  |  |  |  |
|  6.700% (TSFR3M + 3.000%) due 06/17/2031 ~ |  | 23 |  | 21 |
|  GVC Holdings Gibraltar Ltd. |  |  |  |  |
|  5.951% (TSFR3M + 2.250%) due 10/31/2029 ~ |  | 244 |  | 244 |
|  Hanger, Inc. |  |  |  |  |
|  3.500% - 7.168% (TSFR1M + 3.500%) due 10/23/2031 ~µ |  | 40 |  | 40 |
|  3.500% - 7.168% (TSFR1M + 3.500%) due 10/23/2031 ~ |  | 307 |  | 308 |
|  Heartland Dental LLC |  |  |  |  |
|  7.418% (TSFR1M + 3.750%) due 08/25/2032 ~ |  | 596 |  | 595 |
|  Hologic, Inc. |  |  |  |  |
|  TBD% due 01/14/2033 |  | 817 |  | 808 |
|  HUB International Ltd. |  |  |  |  |
|  5.920% (TSFR3M + 2.250%) due 06/20/2030 ~ |  | 365 |  | 364 |
|  Hudson River Trading LLC |  |  |  |  |
|  TBD% (TSFR1M + 2.500%) due 03/18/2030 ~ |  | 443 |  | 442 |
|  Hunter Douglas, Inc. |  |  |  |  |
|  6.700% (TSFR3M + 3.000%) due 01/20/2032 ~ |  | 140 |  | 139 |
|  IMC Financing LLC |  |  |  |  |
|  6.675% (TSFR1M + 3.000%) due 06/18/2032 ~ |  | 422 |  | 425 |
|  Ineos U.S. Finance LLC |  |  |  |  |
|  6.668% (TSFR1M + 3.000%) due 02/07/2031 ~ |  | 312 |  | 270 |
|  Instructure Holdings, Inc. |  |  |  |  |
|  6.437% (TSFR3M + 2.750%) due 11/13/2031 ~ |  | 447 |  | 430 |
|  ION Platform Finance U.S., Inc. |  |  |  |  |
|  7.450% (TSFR3M + 3.750%) due 10/07/2032 ~ |  | 185 |  | 150 |
|  JetBlue Airways Corp. |  |  |  |  |
|  8.435% (TSFR3M + 4.750%) due 08/27/2029 ~ |  | 521 |  | 479 |
|  Jump Financial LLC |  |  |  |  |
|  7.200% (TSFR3M + 3.500%) due 02/26/2032 «~ |  | 497 |  | 497 |
|  June Purchaser LLC |  |  |  |  |
|  2.750% due 11/28/2031 ~µ |  | 86 |  | 86 |
|  6.450% (TSFR3M + 2.750%) due 11/28/2031 ~ |  | 509 |  | 509 |
|  Jupiter Borrower, Inc. |  |  |  |  |
|  TBD% due 03/25/2033 « |  | 387 |  | 387 |
|  Kohler Energy Co. LLC |  |  |  |  |
|  TBD% (TSFR3M + 3.000%) due 05/01/2031 ~ |  | 504 |  | 504 |
|  LBM Acquisition LLC |  |  |  |  |
|  7.525% (TSFR1M + 3.750%) due 06/06/2031 ~ |  | 449 |  | 362 |
|  LC AHAB U.S. Bidco LLC |  |  |  |  |
|  6.168% (TSFR1M + 2.500%) due 05/01/2031 ~ |  | 641 |  | 636 |
|  LSF12 Helix Parent LLC |  |  |  |  |
|  7.168% (TSFR1M + 3.500%) due 02/10/2033 ~ |  | 274 |  | 270 |
|  M6 ETX Holdings II Midco LLC |  |  |  |  |
|  6.168% (TSFR1M + 2.500%) due 04/01/2032 ~ |  | 406 |  | 408 |
|  Madison IAQ LLC |  |  |  |  |
|  6.128% (TSFR6M + 2.500%) due 06/21/2028 ~ |  | 381 |  | 381 |
|  Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |
|  7.164% (TSFR3M + 3.500%) due 04/15/2030 ~ |  | 230 |  | 223 |
|  Mavis Tire Express Services Corp. |  |  |  |  |
|  6.668% (TSFR1M + 3.000%) due 05/04/2028 ~ |  | 588 |  | 588 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Meade Pipeline Co. LLC |  |  |  |  |
|  5.687% (TSFR3M + 2.000%) due 09/22/2032 ~ | $— | 225 | $— | 225 |
|  MI Windows & Doors LLC |  |  |  |  |
|  6.418% (TSFR1M + 2.750%) due 03/28/2031 ~ |  | 295 |  | 273 |
|  Michaels Cos., Inc. |  |  |  |  |
|  8.669% (TSFR3M + 5.000%) due 03/15/2033 ~ |  | 125 |  | 122 |
|  Mitchell International, Inc. |  |  |  |  |
|  6.668% (TSFR1M + 3.000%) due 06/17/2031 ~ |  | 147 |  | 141 |
|  Modena Buyer LLC |  |  |  |  |
|  7.917% (TSFR3M + 4.250%) due 07/01/2031 ~ |  | 395 |  | 356 |
|  National Mentor Holdings, Inc. |  |  |  |  |
|  6.000% - 9.672% (TSFR3M + 6.000%) due 12/12/2030 ~ |  | 78 |  | 77 |
|  6.000% - 9.672% (TSFR1M + 6.000%) due 12/12/2030 ~ |  | 181 |  | 181 |
|  NEP Group, Inc. |  |  |  |  |
|  8.168% (TSFR1M + 4.500%) due 10/17/2031 ~ |  | 300 |  | 273 |
|  Neptune Bidco U.S., Inc. |  |  |  |  |
|  8.760% (TSFR3M + 5.000%) due 02/03/2033 ~ |  | 600 |  | 574 |
|  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 «~ |  | 24 |  | 19 |
|  Nexstar Broadcasting, Inc. |  |  |  |  |
|  TBD% due 03/18/2033 |  | 125 |  | 124 |
|  NGL Energy Partners LP |  |  |  |  |
|  7.176% (TSFR1M + 3.500%) due 03/11/2033 ~ |  | 325 |  | 326 |
|  Nielsen Consumer, Inc. |  |  |  |  |
|  5.918% (TSFR1M + 2.250%) due 10/31/2030 «~ |  | 321 |  | 317 |
|  Nuvei Technologies Corp. |  |  |  |  |
|  6.168% (TSFR1M + 2.500%) due 11/17/2031 ~ |  | 743 |  | 729 |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |  |  |
|  6.950% (TSFR3M + 3.250%) due 11/03/2032 ~ |  | 648 |  | 627 |
|  Onex TSG Intermediate Corp. |  |  |  |  |
|  6.950% (TSFR3M + 3.250%) due 08/06/2032 ~ |  | 575 |  | 579 |
|  Ontario Gaming GTA LP |  |  |  |  |
|  7.950% (TSFR3M + 4.250%) due 08/01/2030 ~ |  | 269 |  | 253 |
|  Padagis LLC |  |  |  |  |
|  8.658% (TSFR3M + 4.750%) due 07/06/2028 «~ |  | 297 |  | 274 |
|  Paradigm Parent LLC |  |  |  |  |
|  8.200% (TSFR3M + 4.500%) due 04/16/2032 ~ |  | 299 |  | 248 |
|  Peer Holding III BV |  |  |  |  |
|  6.200% (TSFR3M + 2.500%) due 07/01/2031 ~ |  | 222 |  | 222 |
|  Pegasus BidCo BV |  |  |  |  |
|  6.403% (TSFR3M + 2.750%) due 07/12/2029 ~ |  | 343 |  | 342 |
|  Pelican Pipeline LLC |  |  |  |  |
|  TBD% due 03/25/2033 « |  | 275 |  | 276 |
|  Peraton Corp. |  |  |  |  |
|  7.517% (TSFR3M + 3.750%) due 02/01/2028 ~ |  | 143 |  | 122 |
|  Petco Health & Wellness Co., Inc. |  |  |  |  |
|  7.950% (TSFR3M + 4.250%) due 02/03/2031 ~ |  | 400 |  | 392 |
|  PetSmart, Inc. |  |  |  |  |
|  7.675% (TSFR1M + 4.000%) due 08/18/2032 ~ |  | 300 |  | 299 |
|  PG Investment Co. 59 SARL |  |  |  |  |
|  5.950% (TSFR3M + 2.250%) due 03/26/2031 ~ |  | 370 |  | 371 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Phoenix Aviation Capital LLC |  |  |  |  |
|  6.917% (TSFR3M + 3.250%) due 10/28/2030 ~ | $— | 550 | $— | 542 |
|  Phoenix Guarantor, Inc. |  |  |  |  |
|  6.168% (TSFR1M + 2.500%) due 02/21/2031 ~ |  | 106 |  | 107 |
|  Pinnacle Buyer LLC |  |  |  |  |
|  2.500% due 10/01/2032 ~µ |  | 56 |  | 57 |
|  6.161% (TSFR3M + 2.500%) due 10/01/2032 ~ |  | 293 |  | 294 |
|  Planet U.S. Buyer LLC |  |  |  |  |
|  6.673% (TSFR3M + 3.000%) due 02/07/2031 ~ |  | 295 |  | 295 |
|  Primo Brands Corp. |  |  |  |  |
|  TBD% due 03/31/2031 |  | 425 |  | 426 |
|  Proampac PG Borrower LLC |  |  |  |  |
|  7.782% (TSFR1M + 4.000%) due 03/07/2033 ~ |  | 120 |  | 116 |
|  Proofpoint, Inc. |  |  |  |  |
|  6.700% (TSFR3M + 3.000%) due 08/31/2028 ~ |  | 609 |  | 590 |
|  Pye-Barker Fire & Safety LLC |  |  |  |  |
|  1.250% due 12/16/2032 ~µ |  | 49 |  | 49 |
|  6.168% (TSFR1M + 2.500%) due 12/16/2032 ~ |  | 326 |  | 327 |
|  Qnity Electronics, Inc. |  |  |  |  |
|  5.668% (TSFR1M + 2.000%) due 11/01/2032 ~ |  | 424 |  | 424 |
|  QuidelOrtho Corp. |  |  |  |  |
|  7.668% (TSFR1M + 4.000%) due 08/20/2032 ~ |  | 697 |  | 697 |
|  Radiate Holdco LLC |  |  |  |  |
|  7.032% (TSFR1M + 3.250%) due 09/25/2026 ~ |  | 246 |  | 216 |
|  Rand Parent LLC |  |  |  |  |
|  6.700% (TSFR3M + 3.000%) due 03/18/2030 ~ |  | 273 |  | 273 |
|  Raven Acquisition Holdings LLC |  |  |  |  |
|  3.000% due 11/19/2031 ~µ |  | 13 |  | 13 |
|  6.668% (TSFR1M + 3.000%) due 11/19/2031 ~ |  | 185 |  | 182 |
|  RealPage, Inc. |  |  |  |  |
|  6.961% (TSFR3M + 3.000%) due 04/24/2028 ~ |  | 463 |  | 445 |
|  Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP | Rockpoint Gas Storage Partners LP |  |  |
|  6.200% (TSFR3M + 2.500%) due 09/18/2031 ~ |  | 370 |  | 372 |
|  Salas O'brien, Inc. |  |  |  |  |
|  TBD% due 01/31/2033 «~µ |  | 29 |  | 29 |
|  TBD% (TSFR1M + 2.750%) due 01/31/2033 «~ |  | 221 |  | 221 |
|  SCIH Salt Holdings, Inc. |  |  |  |  |
|  6.350% (TSFR6M + 2.750%) due 01/31/2029 ~ |  | 147 |  | 146 |
|  Sedgwick Claims Management Services, Inc. | Sedgwick Claims Management Services, Inc. | Sedgwick Claims Management Services, Inc. |  |  |
|  6.168% (TSFR1M + 2.500%) due 07/31/2031 ~ |  | 292 |  | 287 |
|  Select Medical Corp. |  |  |  |  |
|  TBD% due 12/03/2031 |  | 150 |  | 150 |
|  Smyrna Ready Mix Concrete LLC |  |  |  |  |
|  6.668% (TSFR1M + 3.000%) due 04/02/2029 ~ |  | 124 |  | 124 |
|  Sotera Health Holdings LLC |  |  |  |  |
|  6.168% (TSFR1M + 2.500%) due 05/30/2031 ~ |  | 68 |  | 68 |
|  Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC |  |  |
|  7.518% (TSFR1M + 3.750%) due 10/16/2028 ~ |  | 121 |  | 104 |
|  Speed Midco 3 SARL |  |  |  |  |
|  6.288% (TSFR6M + 2.500%) due 10/07/2032 «~ |  | 440 |  | 434 |
|  Star Parent, Inc. |  |  |  |  |
|  7.700% (TSFR3M + 4.000%) due 09/27/2030 ~ |  | 190 |  | 188 |

---

---

| | | |
|:---|:---|:---|
| **122** | **PIMCO CREDIT BOND FUNDS** | 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)** |
|  Starwood Property Trust, Inc. |  |  |  |  |
|  5.668% (TSFR1M + 2.000%) due 01/02/2030 «~ | $— | 199 | $— | 199 |
|  Stonepeak Nile Parent LLC |  |  |  |  |
|  5.917% (TSFR3M + 2.250%) due 04/09/2032 ~ |  | 698 |  | 698 |
|  Student Transportation of America Holdings, Inc. | Student Transportation of America Holdings, Inc. | Student Transportation of America Holdings, Inc. | Student Transportation of America Holdings, Inc. | Student Transportation of America Holdings, Inc. |
|  TBD% due 06/24/2032 ~µ |  | 61 |  | 61 |
|  TBD% (TSFR3M + 2.750%) due 06/24/2032 ~ |  | 81 |  | 81 |
|  Syniverse Holdings, Inc. |  |  |  |  |
|  10.700% (TSFR3M + 7.000%) due 05/13/2027 «~ |  | 536 |  | 497 |
|  Tacala LLC |  |  |  |  |
|  6.668% (TSFR1M + 3.000%) due 01/31/2031 ~ |  | 516 |  | 516 |
|  Third Coast Infrastructure LLC |  |  |  |  |
|  7.418% (TSFR1M + 3.750%) due 09/25/2030 ~ |  | 319 |  | 322 |
|  Tidal Waste & Recycling Holdings LLC | Tidal Waste & Recycling Holdings LLC | Tidal Waste & Recycling Holdings LLC |  |  |
|  6.450% (TSFR3M + 2.750%) due 10/24/2031 ~ |  | 446 |  | 447 |
|  TK Elevator Midco GmbH |  |  |  |  |
|  TBD% due 04/30/2030 |  | 400 |  | 401 |
|  TBD% (TSFR6M + 2.750%) due 04/30/2030 ~ |  | 289 |  | 290 |
|  TransDigm, Inc. |  |  |  |  |
|  6.168% (TSFR1M + 2.500%) due 02/28/2031 ~ |  | 633 |  | 634 |
|  TreeHouse Foods, Inc. |  |  |  |  |
|  7.918% (TSFR1M + 4.250%) due 02/11/2033 ~ |  | 400 |  | 399 |
|  Trident TPI Holdings, Inc. |  |  |  |  |
|  7.450% (TSFR3M + 3.750%) due 09/15/2028 ~ |  | 392 |  | 372 |
|  Truist Insurance Holdings LLC |  |  |  |  |
|  6.450% (TSFR3M + 2.750%) due 05/06/2031 ~ |  | 460 |  | 454 |
|  U.S. Renal Care, Inc. |  |  |  |  |
|  8.782% (TSFR1M + 5.000%) due 06/28/2028 ~ |  | 1237 |  | 1168 |
|  UKG, Inc. |  |  |  |  |
|  6.167% (TSFR3M + 2.500%) due 02/10/2031 ~ |  | 717 |  | 686 |
|  United Talent Agency LLC |  |  |  |  |
|  6.678% (TSFR1M + 3.000%) due 06/10/2032 «~ |  | 1023 |  | 1026 |
|  Van Pool Transportation LLC |  |  |  |  |
|  TBD% due 08/06/2030 ~µ |  | 21 |  | 21 |
|  TBD% (TSFR3M + 2.750%) due 08/06/2030 ~ |  | 429 |  | 430 |
|  Varsity Brands, Inc. |  |  |  |  |
|  6.450% (TSFR3M + 2.750%) due 08/26/2031 ~ |  | 397 |  | 396 |
|  Veritiv Corp. |  |  |  |  |
|  7.700% (TSFR3M + 4.000%) due 12/02/2030 ~ |  | 396 |  | 386 |
|  Versant Media Group, Inc. |  |  |  |  |
|  7.200% (TSFR3M + 3.500%) due 01/30/2031 ~ |  | 450 |  | 450 |
|  Virgin Media Bristol LLC |  |  |  |  |
|  7.037% (TSFR1M + 3.250%) due 01/31/2029 ~ |  | 425 |  | 411 |
|  VistaJet Malta Finance PLC |  |  |  |  |
|  7.406% - 7.411% (TSFR3M + 3.750%) due 04/01/2031 ~ |  | 248 |  | 245 |
|  Wasserman Media Group LLC |  |  |  |  |
|  TBD% (TSFR1M + 2.500%) due 06/23/2032 ~ |  | 205 |  | 205 |
|  WCG Intermediate Corp. |  |  |  |  |
|  TBD% - 6.439% (TSFR1M + 2.750%) due 02/25/2032 ~ |  | 49 |  | 48 |
|  White Cap Buyer LLC |  |  |  |  |
|  6.918% (TSFR1M + 3.250%) due 10/19/2029 ~ |  | 173 |  | 167 |
|  7.168% (TSFR1M + 3.500%) due 02/10/2033 ~ |  | 275 |  | 262 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  XPLOR T1 LLC |  |  |
|  7.167% (TSFR3M + 3.500%) due 12/01/2032 «~ | 419 | 390 |
|  Zayo Group Holdings, Inc. (6.782% Cash and 0.500% PIK) | Zayo Group Holdings, Inc. (6.782% Cash and 0.500% PIK) |  |
|  7.282% (TSFR1M + 0.500%) due 03/11/2030 ~(a) | 128 | 126 |
|  Zelis Payments Buyer, Inc. |  |  |
|  6.918% (TSFR1M + 3.250%) due 11/26/2031 ~ | 450 | 437 |
|  Total Loan Participations and Assignments (Cost $66,558) | Total Loan Participations and Assignments (Cost $66,558) | 65705 |
| CORPORATE BONDS & NOTES 29.1% | CORPORATE BONDS & NOTES 29.1% | CORPORATE BONDS & NOTES 29.1% |
| BANKING & FINANCE 4.8% | BANKING & FINANCE 4.8% | BANKING & FINANCE 4.8% |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
|  6.750% due 10/15/2027 | 300 | 300 |
|  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 | 175 | 178 |
|  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 | 325 | 318 |
|  Bread Financial Holdings, Inc. |  |  |
|  6.750% due 05/15/2031 | 100 | 99 |
|  Encore Capital Group, Inc. |  |  |
|  8.500% due 05/15/2030 | 675 | 714 |
|  Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
|  8.375% due 04/01/2032 | 100 | 98 |
|  FTAI Aviation Investors LLC |  |  |
|  5.500% due 05/01/2028 | 125 | 125 |
|  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. |
|  9.000% due 06/15/2030 | 125 | 117 |
|  9.750% due 01/15/2029 | 200 | 197 |
|  Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. |
|  6.750% due 05/01/2033 | 300 | 305 |
|  Jefferson Capital Holdings LLC |  |  |
|  9.500% due 02/15/2029 | 350 | 367 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |
|  7.000% due 07/15/2031 | 225 | 233 |
|  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 |
|  5.625% due 09/29/2028 | 300 | 295 |
|  OneMain Finance Corp. |  |  |
|  6.625% due 05/15/2029 | 300 | 301 |
|  6.750% due 09/15/2033 | 200 | 192 |
|  Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. |
|  6.375% due 02/01/2027 | 200 | 198 |
|  PRA Group, Inc. |  |  |
|  8.875% due 01/31/2030 | 200 | 202 |
|  Rocket Cos., Inc. |  |  |
|  7.125% due 02/01/2032 | 125 | 129 |
|  Starwood Property Trust, Inc. |  |  |
|  5.750% due 01/15/2031 | 300 | 297 |
|  6.500% due 07/01/2030 | 250 | 255 |
|  USI, Inc. |  |  |
|  7.500% due 01/15/2032 | 200 | 203 |
|  UWM Holdings LLC |  |  |
|  6.250% due 03/15/2031 | 150 | 137 |
|  WULF Compute LLC |  |  |
|  7.750% due 10/15/2030 | 75 | 79 |
|  XHR LP |  |  |
|  6.625% due 05/15/2030 | 100 | 101 |
|  |  | 6259 |
| INDUSTRIALS 23.2% | INDUSTRIALS 23.2% | INDUSTRIALS 23.2% |
|  1011778 BC ULC/New Red Finance, Inc. | 1011778 BC ULC/New Red Finance, Inc. |  |
|  3.500% due 02/15/2029 | 100 | 96 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Ahead DB Holdings LLC |  |  |  |  |
|  6.625% due 05/01/2028 | $— | 300 | $— | 294 |
|  Albion Financing 1 SARL/Aggreko Holdings, Inc. | Albion Financing 1 SARL/Aggreko Holdings, Inc. | 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 |  | 400 |  | 409 |
|  Altice France SA |  |  |  |  |
|  9.500% due 11/01/2029 |  | 553 |  | 559 |
|  American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. |
|  6.375% due 10/15/2032 |  | 100 |  | 99 |
|  ams-OSRAM AG |  |  |  |  |
|  12.250% due 03/30/2029 |  | 625 |  | 665 |
|  APLD ComputeCo 2 LLC |  |  |  |  |
|  6.750% due 03/15/2031 |  | 125 |  | 124 |
|  Ascent Resources Utica Holdings LLC/ARU Finance Corp. | Ascent Resources Utica Holdings LLC/ARU Finance Corp. | 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 |  | 125 |  | 127 |
|  9.000% due 11/01/2027 |  | 100 |  | 117 |
|  Axon Enterprise, Inc. |  |  |  |  |
|  6.125% due 03/15/2030 |  | 225 |  | 229 |
|  B&G Foods, Inc. |  |  |  |  |
|  8.000% due 09/15/2028 |  | 400 |  | 394 |
|  Bausch Health Cos., Inc. |  |  |  |  |
|  4.875% due 06/01/2028 |  | 100 |  | 92 |
|  Beignet Investor LLC |  |  |  |  |
|  6.581% due 05/30/2049 |  | 1375 |  | 1415 |
|  BioMarin Pharmaceutical, Inc. |  |  |  |  |
|  5.500% due 02/15/2034 |  | 350 |  | 345 |
|  Block, Inc. |  |  |  |  |
|  5.625% due 08/15/2030 |  | 150 |  | 149 |
|  6.500% due 05/15/2032 |  | 390 |  | 394 |
|  Builders FirstSource, Inc. |  |  |  |  |
|  5.000% due 03/01/2030 |  | 150 |  | 146 |
|  Carnival Corp. |  |  |  |  |
|  5.750% due 08/01/2032 |  | 775 |  | 776 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. |
|  4.750% due 02/01/2032 |  | 700 |  | 633 |
|  Century Communities, Inc. |  |  |  |  |
|  6.625% due 09/15/2033 |  | 100 |  | 98 |
|  Cerdia Finanz GmbH |  |  |  |  |
|  9.375% due 10/03/2031 |  | 175 |  | 174 |
|  Chord Energy Corp. |  |  |  |  |
|  6.750% due 03/15/2033 |  | 275 |  | 284 |
|  CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. |
|  6.000% due 01/15/2029 |  | 25 |  | 25 |
|  6.875% due 04/15/2029 |  | 250 |  | 241 |
|  9.750% due 01/15/2034 |  | 150 |  | 156 |
|  Churchill Downs, Inc. |  |  |  |  |
|  4.750% due 01/15/2028 |  | 200 |  | 197 |
|  Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. |
|  7.750% due 04/15/2028 |  | 225 |  | 226 |
|  Cleveland-Cliffs, Inc. |  |  |  |  |
|  6.750% due 04/15/2030 |  | 140 |  | 137 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  6.750% due 04/15/2032 |  | 100 |  | 95 |
|  Columbus McKinnon Corp. |  |  |  |  |
|  7.125% due 02/01/2033 |  | 50 |  | 50 |
|  Comstock Resources, Inc. |  |  |  |  |
|  5.875% due 01/15/2030 |  | 50 |  | 48 |
|  6.750% due 03/01/2029 |  | 175 |  | 173 |
|  CoreWeave, Inc. |  |  |  |  |
|  9.000% due 02/01/2031 |  | 150 |  | 143 |
|  Crowdstrike Holdings, Inc. |  |  |  |  |
|  3.000% due 02/15/2029 |  | 100 |  | 95 |
|  CSC Holdings LLC |  |  |  |  |
|  5.375% due 02/01/2028 |  | 50 |  | 37 |
|  5.500% due 04/15/2027 |  | 225 |  | 195 |
|  6.500% due 02/01/2029 |  | 225 |  | 144 |
|  7.500% due 04/01/2028 |  | 100 |  | 55 |
|  11.250% due 05/15/2028 |  | 100 |  | 82 |
|  11.750% due 01/31/2029 |  | 225 |  | 163 |
|  Cyprium Corp./Cyprium Holdings Luxembourg SARL | Cyprium Corp./Cyprium Holdings Luxembourg SARL | 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 |
|  DaVita, Inc. |  |  |  |  |
|  6.750% due 07/15/2033 |  | 125 |  | 127 |
|  6.875% due 09/01/2032 |  | 125 |  | 128 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **123** |

---

------

Schedule of Investments PIMCO Low Duration Credit Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Dcli Bidco LLC |  |  |  |  |
|  7.750% due 11/15/2029 | $— | 75 | $— | 76 |
|  Discovery Communications LLC |  |  |  |  |
|  3.625% due 05/15/2030 |  | 50 |  | 47 |
|  Discovery Global Holdings, Inc. |  |  |  |  |
|  3.755% due 03/15/2027 |  | 50 |  | 49 |
|  4.279% due 03/15/2032 |  | 100 |  | 89 |
|  5.050% due 03/15/2042 |  | 125 |  | 83 |
|  Dream Finders Homes, Inc. |  |  |  |  |
|  6.875% due 09/15/2030 |  | 125 |  | 120 |
|  DT Midstream, Inc. |  |  |  |  |
|  4.125% due 06/15/2029 |  | 150 |  | 147 |
|  EQT Corp. |  |  |  |  |
|  7.500% due 06/01/2030 |  | 100 |  | 109 |
|  Esab Corp. |  |  |  |  |
|  5.625% due 04/01/2031 |  | 75 |  | 76 |
|  EW Scripps Co. |  |  |  |  |
|  9.875% due 08/15/2030 |  | 450 |  | 437 |
|  Flora Food Management BV |  |  |  |  |
|  7.500% due 10/31/2030 |  | 100 |  | 115 |
|  Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
|  6.750% due 05/01/2029 | $— | 100 |  | 100 |
|  Gap, Inc. |  |  |  |  |
|  3.625% due 10/01/2029 |  | 125 |  | 117 |
|  GFL Environmental, Inc. |  |  |  |  |
|  4.375% due 08/15/2029 |  | 200 |  | 195 |
|  Goat Holdco LLC |  |  |  |  |
|  6.750% due 02/01/2032 |  | 200 |  | 201 |
|  Gray Media, Inc. |  |  |  |  |
|  9.625% due 07/15/2032 |  | 250 |  | 250 |
|  Griffon Corp. |  |  |  |  |
|  5.750% due 03/01/2028 |  | 250 |  | 250 |
|  Gulfport Energy Operating Corp. |  |  |  |  |
|  6.750% due 09/01/2029 |  | 150 |  | 154 |
|  Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
|  3.750% due 05/01/2029 |  | 100 |  | 96 |
|  5.750% due 09/15/2033 |  | 140 |  | 139 |
|  Hologic, Inc. |  |  |  |  |
|  3.250% due 02/15/2029 |  | 250 |  | 250 |
|  Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
|  6.625% due 01/15/2034 |  | 100 |  | 100 |
|  Hughes Satellite Systems Corp. |  |  |  |  |
|  5.250% due 08/01/2026 |  | 50 |  | 44 |
|  6.625% due 08/01/2026 |  | 50 |  | 38 |
|  Industrial F&B Investments III, Inc. | 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 |  | 50 |  | 51 |
|  KBR, Inc. |  |  |  |  |
|  4.750% due 09/30/2028 |  | 400 |  | 393 |
|  Kioxia Holdings Corp. |  |  |  |  |
|  0.000% due 07/24/2033 |  | 75 |  | 77 |
|  Kodiak Gas Services LLC |  |  |  |  |
|  7.250% due 02/15/2029 |  | 50 |  | 52 |
|  Kraken Oil & Gas Partners LLC |  |  |  |  |
|  7.625% due 08/15/2029 |  | 60 |  | 61 |
|  LBM Acquisition LLC |  |  |  |  |
|  6.250% due 01/15/2029 |  | 200 |  | 146 |
|  Level 3 Financing, Inc. |  |  |  |  |
|  7.000% due 03/31/2034 |  | 105 |  | 108 |
|  LifePoint Health, Inc. |  |  |  |  |
|  8.375% due 02/15/2032 |  | 200 |  | 214 |
|  Lithia Motors, Inc. |  |  |  |  |
|  5.500% due 10/01/2030 |  | 100 |  | 98 |
|  Live Nation Entertainment, Inc. |  |  |  |  |
|  3.750% due 01/15/2028 |  | 100 |  | 98 |
|  Matador Resources Co. |  |  |  |  |
|  6.250% due 04/15/2033 |  | 200 |  | 200 |
|  6.500% due 04/15/2032 |  | 100 |  | 101 |
|  Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |
|  7.875% due 04/15/2030 |  | 200 |  | 200 |
|  9.250% due 04/15/2030 |  | 300 |  | 279 |
|  Merlin Entertainments Group U.S. Holdings, Inc. | Merlin Entertainments Group U.S. Holdings, Inc. | 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 |  | 600 |  | 501 |
|  MGM Resorts International |  |  |  |  |
|  5.500% due 04/15/2027 |  | 125 |  | 125 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Michaels Cos., Inc. |  |  |  |  |
|  8.500% due 03/15/2033 | $— | 75 | $— | 73 |
|  Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC | Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC | 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 |  | 475 |  | 455 |
|  Molina Healthcare, Inc. |  |  |  |  |
|  4.375% due 06/15/2028 |  | 200 |  | 194 |
|  Nabors Industries, Inc. |  |  |  |  |
|  7.625% due 11/15/2032 |  | 150 |  | 154 |
|  9.125% due 01/31/2030 |  | 200 |  | 210 |
|  NCR Atleos Corp. |  |  |  |  |
|  9.500% due 04/01/2029 |  | 150 |  | 161 |
|  Neptune Bidco U.S., Inc. |  |  |  |  |
|  9.290% due 04/15/2029 |  | 250 |  | 251 |
|  Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
|  9.419% due 04/30/2029 |  | 35 |  | 28 |
|  Nexstar Media, Inc. |  |  |  |  |
|  4.750% due 11/01/2028 |  | 150 |  | 148 |
|  6.500% due 09/15/2033 |  | 225 |  | 227 |
|  Nissan Motor Co. Ltd. |  |  |  |  |
|  7.500% due 07/17/2030 |  | 125 |  | 126 |
|  Novelis Corp. |  |  |  |  |
|  4.750% due 01/30/2030 |  | 300 |  | 284 |
|  6.875% due 01/30/2030 |  | 50 |  | 50 |
|  Olin Corp. |  |  |  |  |
|  6.625% due 04/01/2033 |  | 50 |  | 49 |
|  ON Semiconductor Corp. |  |  |  |  |
|  3.875% due 09/01/2028 |  | 200 |  | 193 |
|  Organon & Co./Organon Foreign Debt Co-Issuer BV | Organon & Co./Organon Foreign Debt Co-Issuer BV | 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 |  | 150 |  | 146 |
|  Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. | Paradigm Parent LLC & Paradigm Parent Co-Issuer, Inc. | 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 |  |  |  |  |
|  3.375% due 02/15/2028 |  | 50 |  | 48 |
|  3.700% due 06/01/2028 |  | 75 |  | 73 |
|  4.375% due 03/15/2043 |  | 75 |  | 45 |
|  4.600% due 01/15/2045 |  | 75 |  | 45 |
|  4.850% due 07/01/2042 |  | 25 |  | 16 |
|  4.900% due 08/15/2044 |  | 75 |  | 47 |
|  4.950% due 01/15/2031 |  | 100 |  | 93 |
|  5.850% due 09/01/2043 |  | 100 |  | 69 |
|  Park River Holdings, Inc. |  |  |  |  |
|  8.000% due 03/15/2031 |  | 50 |  | 50 |
|  Performance Food Group, Inc. |  |  |  |  |
|  4.250% due 08/01/2029 |  | 250 |  | 240 |
|  Permian Resources Operating LLC |  |  |  |  |
|  5.875% due 07/01/2029 |  | 200 |  | 200 |
|  Post Holdings, Inc. |  |  |  |  |
|  4.625% due 04/15/2030 |  | 50 |  | 48 |
|  6.500% due 03/15/2036 |  | 250 |  | 245 |
|  Prime Healthcare Services, Inc. |  |  |  |  |
|  9.375% due 09/01/2029 |  | 125 |  | 130 |
|  Prime Security Services Borrower LLC/Prime Finance, Inc. | Prime Security Services Borrower LLC/Prime Finance, Inc. | 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 |  | 100 |  | 97 |
|  Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. | 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 |  | 250 |  | 243 |
|  QXO Building Products, Inc. |  |  |  |  |
|  6.750% due 04/30/2032 |  | 400 |  | 408 |
|  Radiology Partners, Inc. |  |  |  |  |
|  8.500% due 07/15/2032 |  | 125 |  | 127 |
|  Raven Acquisition Holdings LLC |  |  |  |  |
|  6.875% due 11/15/2031 |  | 175 |  | 169 |
|  Sable International Finance Ltd. |  |  |  |  |
|  7.125% due 10/15/2032 |  | 400 |  | 395 |
|  Science Applications International Corp. | Science Applications International Corp. | Science Applications International Corp. | Science Applications International Corp. | Science Applications International Corp. |
|  5.875% due 11/01/2033 |  | 250 |  | 244 |
|  SCIH Salt Holdings, Inc. |  |  |  |  |
|  4.875% due 05/01/2028 |  | 225 |  | 223 |
|  Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. |
|  4.091% due 06/01/2029 |  | 125 |  | 121 |
|  5.875% due 07/15/2030 |  | 300 |  | 305 |
|  8.250% due 12/15/2029 |  | 100 |  | 105 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Sirius XM Radio LLC |  |  |
|  3.875% due 09/01/2031 | 100 | 91 |
|  4.125% due 07/01/2030 | 250 | 234 |
|  SM Energy Co. |  |  |
|  6.750% due 08/01/2029 | 100 | 102 |
|  7.000% due 08/01/2032 | 100 | 102 |
|  8.750% due 07/01/2031 | 75 | 78 |
|  9.625% due 06/15/2033 | 75 | 83 |
|  Snap, Inc. |  |  |
|  6.875% due 03/01/2033 | 150 | 142 |
|  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 | 400 | 348 |
|  Stagwell Global LLC |  |  |
|  5.625% due 08/15/2029 | 475 | 453 |
|  Standard Industries, Inc. |  |  |
|  4.750% due 01/15/2028 | 200 | 198 |
|  Station Casinos LLC |  |  |
|  4.500% due 02/15/2028 | 275 | 270 |
|  Sunoco LP |  |  |
|  5.625% due 03/15/2031 | 200 | 199 |
|  Surgery Center Holdings, Inc. |  |  |
|  7.250% due 04/15/2032 | 250 | 246 |
|  SV RNO Property Owner 1 LLC |  |  |
|  5.875% due 03/01/2031 | 200 | 198 |
|  Taylor Morrison Communities, Inc. | Taylor Morrison Communities, Inc. | Taylor Morrison Communities, Inc. |
|  5.750% due 11/15/2032 | 50 | 50 |
|  Tenet Healthcare Corp. |  |  |
|  4.375% due 01/15/2030 | 250 | 242 |
|  Tidewater, Inc. |  |  |
|  9.125% due 07/15/2030 | 53 | 56 |
|  Transocean Aquila Ltd. |  |  |
|  8.000% due 09/30/2028 | 92 | 95 |
|  Transocean International Ltd. |  |  |
|  8.250% due 05/15/2029 | 50 | 52 |
|  8.500% due 05/15/2031 | 400 | 420 |
|  Twilio, Inc. |  |  |
|  3.625% due 03/15/2029 | 100 | 96 |
|  United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
|  4.000% due 07/15/2030 | 150 | 143 |
|  Univision Communications, Inc. |  |  |
|  4.500% due 05/01/2029 | 175 | 165 |
|  8.500% due 07/31/2031 | 175 | 176 |
|  Valaris Ltd. |  |  |
|  8.375% due 04/30/2030 | 225 | 233 |
|  Venture Global LNG, Inc. |  |  |
|  7.000% due 01/15/2030 | 25 | 26 |
|  9.500% due 02/01/2029 | 125 | 135 |
|  9.875% due 02/01/2032 | 650 | 698 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
|  6.125% due 12/15/2030 | 200 | 206 |
|  6.500% due 01/15/2034 | 75 | 78 |
|  6.750% due 01/15/2036 | 75 | 79 |
|  Vertiv Group Corp. |  |  |
|  4.125% due 11/15/2028 | 100 | 99 |
|  Virgin Media Secured Finance PLC |  |  |
|  4.500% due 08/15/2030 | 475 | 422 |
|  VOC Escrow Ltd. |  |  |
|  5.000% due 02/15/2028 | 150 | 149 |
|  Wayfair LLC |  |  |
|  6.750% due 11/15/2032 | 150 | 151 |
|  7.750% due 09/15/2030 | 75 | 78 |
|  WBI Operating LLC |  |  |
|  6.250% due 10/15/2030 | 50 | 50 |
|  Weatherford International Ltd. |  |  |
|  6.750% due 10/15/2033 | 575 | 588 |
|  WR Grace Holdings LLC |  |  |
|  6.625% due 08/15/2032 | 150 | 146 |
|  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 | 100 | 99 |
|  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 (a) | 129 | 128 |

---

---

| | | |
|:---|:---|:---|
| **124** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. |
|  3.875% due 02/01/2029 | 75 | 62 |
|  |  | 30486 |
| UTILITIES 1.1% | UTILITIES 1.1% | UTILITIES 1.1% |
|  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 | 250 | 261 |
|  ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA |
|  6.750% due 02/28/2030 | 325 | 329 |
|  Edison International |  |  |
|  8.125% due 06/15/2053 •  | 75 | 77 |
|  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 | 100 | 100 |
|  8.000% due 05/15/2033 | 100 | 103 |
|  Hawaiian Electric Co., Inc. |  |  |
|  6.000% due 10/01/2033 | 50 | 50 |
|  NRG Energy, Inc. |  |  |
|  3.375% due 02/15/2029 | 125 | 119 |
|  PacifiCorp |  |  |
|  7.125% due 08/15/2056 •  | 250 | 236 |
|  Vistra Operations Co. LLC |  |  |
|  6.875% due 04/15/2032 | 200 | 207 |
|  |  | 1482 |
| Total Corporate Bonds & Notes (Cost $38,247) | Total Corporate Bonds & Notes (Cost $38,247) | 38227 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. TREASURY OBLIGATIONS 4.2% | U.S. TREASURY OBLIGATIONS 4.2% | U.S. TREASURY OBLIGATIONS 4.2% | U.S. TREASURY OBLIGATIONS 4.2% |
|  U.S. Treasury Notes |  |  |  |
|  3.625% due 10/31/2030 | 1175 | $— | 1160 |
|  3.750% due 02/28/2033 | 4375 |  | 4275 |
|  4.125% due 10/31/2031 | 100 |  | 101 |
| Total U.S. Treasury Obligations (Cost $5,540) | Total U.S. Treasury Obligations (Cost $5,540) |  | 5536 |
|  | SHARES |  |  |
| COMMON STOCKS 0.4% | COMMON STOCKS 0.4% | COMMON STOCKS 0.4% | COMMON STOCKS 0.4% |
| HEALTH CARE 0.4% | HEALTH CARE 0.4% | HEALTH CARE 0.4% | HEALTH CARE 0.4% |
|  AmSurg Corp. «(b)(f) | 11642 |  | 512 |
| Total Common Stocks (Cost $487) | Total Common Stocks (Cost $487) |  | 512 |
| SHORT-TERM INSTRUMENTS 6.8% | SHORT-TERM INSTRUMENTS 6.8% | SHORT-TERM INSTRUMENTS 6.8% | SHORT-TERM INSTRUMENTS 6.8% |
| 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) | 240408 |  | 240 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |  |
| SHORT-TERM NOTES 4.9% | SHORT-TERM NOTES 4.9% | SHORT-TERM NOTES 4.9% | SHORT-TERM NOTES 4.9% |
|  Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes |
|  3.631% due 06/22/2026 (d) | 300 |  | 297 |
|  3.692% due 05/27/2026 (d) | 1400 |  | 1392 |
|  3.696% due 06/17/2026 (d) | 1800 |  | 1786 |
|  3.723% due 06/26/2026 (d) | 3073 |  | 3073 |
|  |  |  | 6548 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| U.S. TREASURY BILLS 1.7% | U.S. TREASURY BILLS 1.7% | U.S. TREASURY BILLS 1.7% | U.S. TREASURY BILLS 1.7% |
|  3.370% due 04/21/2026 - 06/23/2026 (c)(d) | 2300 | $— | 2292 |
| Total Short-Term Instruments (Cost $9,081) | Total Short-Term Instruments (Cost $9,081) |  | 9080 |
| Total Investments in Securities<br>(Cost $119,913) | Total Investments in Securities<br>(Cost $119,913) |  | 119060 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 9.5% | INVESTMENTS IN AFFILIATES 9.5% | INVESTMENTS IN AFFILIATES 9.5% | INVESTMENTS IN AFFILIATES 9.5% |
| SHORT-TERM INSTRUMENTS 9.5% | SHORT-TERM INSTRUMENTS 9.5% | SHORT-TERM INSTRUMENTS 9.5% | SHORT-TERM INSTRUMENTS 9.5% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.5% |
|  PIMCO Short-Term Floating NAV Portfolio III | 1285723 |  | 12522 |
| Total Short-Term Instruments (Cost $12,522) | Total Short-Term Instruments (Cost $12,522) |  | 12522 |
| Total Investments in Affiliates (Cost $12,522) | Total Investments in Affiliates (Cost $12,522) |  | 12522 |
| Total Investments 100.0% (Cost $132,435) | Total Investments 100.0% (Cost $132,435) | $— | 131582 |
|  Financial Derivative<br>Instruments (g)(h) 0.1%<br> (Cost or Premiums, net $1,086) | Financial Derivative<br>Instruments (g)(h) 0.1%<br> (Cost or Premiums, net $1,086) |  | 136 |
| Other Assets and Liabilities, net (0.1)% | Other Assets and Liabilities, net (0.1)% |  | (194) |
| Net Assets 100.0% |  | $— | 131524 |

---

#### 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) Payment in-kind security.

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

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

(d) Zero coupon security.

(e) Coupon represents a 7-Day Yield.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  AmSurg Corp. | 11/02/2023 - 11/06/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 | 0.39% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS
The average amount of borrowings outstanding during the period ended March 31, 2026 was $(21) at a weighted average interest rate of 4.043%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **125** |

---

------

Schedule of Investments PIMCO Low Duration Credit Fund (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 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2026 | 79 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16388 | $(65) | $6 | $0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 25 | 2776 | 28 | 6 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 3 | 341 | (8) | 1 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&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 | 5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(569) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | $0 | $(2) |
|  Total Futures Contracts |  |  |  | $(27) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### 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 | 06/20/2029 | 0.850% | $400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | $&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 | $11311 | $755 | $(141) | $614 | $102 | $0 |
|  CDX.HY-46 5-Year Index | 5.000 | Quarterly | 06/20/2031 | 5725 | 249 | 35 | 284 | 27 | (1) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750% | Annual | 12/17/2030 | $2275 | $(33) | $19 | $(14) | $0 | $(3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2032 | 2775 | 65 | 20 | 85 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | 1250 | (4) | 14 | 10 | 0 | (1) |
|  |  |  |  |  |  | $28 | $53 | $81 | $0 | $(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;1086 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | $&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 | 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;13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | $&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;(8) | $(10) |

---

126 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

March 31, 2026

Cash of $1,882 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. 

&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 |
|  IND | 04/2026 | 100 | $118 | $3 | $0 |
|  SOG | 04/2026 | $115 | 100 | 0 | 0 |
|  | 05/2026 | 100 | $116 | 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;3 | $&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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |

---

<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<br>Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $13 | $13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 130 | 0 | 0 | 0 | 130 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | $0 | $0 | $13 | $143 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $3 | $0 | $3 |
|  | $0 | $130 | $0 | $3 | $13 | $146 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $2 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 7 | 8 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 127

------

---

| | | |
|:---|:---|:---|
| Schedule of Investments | PIMCO Low Duration Credit Fund | **(Cont.)** |

---

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 | $(12) | $(12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 977 | 0 | 0 | (2) | 975 |
|  | $0 | $977 | $0 | $0 | $(14) | $963 |
|  Over 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 | $1 | $0 | $1 |
|  | $0 | $977 | $0 | $1 | $(14) | $964 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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;(131) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 185 | 0 | 0 | 53 | 238 |
|  | $0 | $185 | $0 | $0 | $(78) | $107 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $2 | $0 | $2 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $(78) | $109 |

---

#### 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 | $58469 | $7236 | $65705 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 6259 | 0 | 6259 |
| &nbsp;&nbsp; Industrials | 0 | 30486 | 0 | 30486 |
| &nbsp;&nbsp; Utilities | 0 | 1482 | 0 | 1482 |
|  U.S. Treasury Obligations | 0 | 5536 | 0 | 5536 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Health Care | 0 | 0 | 512 | 512 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 240 | 0 | 0 | 240 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 6548 | 0 | 6548 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 2292 | 0 | 2292 |
|  | $240 | $111072 | $7748 | $119060 |
|  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 | $12522 | $0 | $0 | $12522 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12762 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111072 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7748 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131582 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $143 | $0 | $143 |
|  Over the counter | 0 | 3 | 0 | 3 |
|  | $0 | $146 | $0 | $146 |
|  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 | $(10) | $0 | $(10) |
|  Total Financial Derivative Instruments | $0 | $136 | $0 | $136 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12762 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111208 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7748 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131718 |

---

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** | **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 | $5427 | $5565 | $(4054) | $6 | $27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | $771 | $(540) | $7236 | $(32) |
|  Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Industrials | 164 | 0 | (200) | 0 | 0 | 36 | 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 | 33 | 0 | (14) | 0 | 14 | (33) | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Health Care | 544 | 0 | 0 | 0 | 0 | (32) | 0 | 0 | 512 | (32) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6168 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5565 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4268) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | $5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(540) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7748 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64) |

---

---

| | | |
|:---|:---|:---|
| **128** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

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 at<br>03/31/2026 | **Valuation**<br> **Technique** | Unobservable<br>Inputs |  | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance at<br>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 | $1086 | Comparable Companies | EBITDA Multiple | X | 16.360 |  |
|  | 6150 | Third Party Vendor | Broker Quote |  | 76.000-100.750 | 98.446 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Health care | 512 | Comparable Companies | EBITDA Multiple | X | 16.360 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7748 |  |  |  |  |  |

---

<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 | **129** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund

#### (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 136.8% | INVESTMENTS IN SECURITIES 136.8% | INVESTMENTS IN SECURITIES 136.8% | INVESTMENTS IN SECURITIES 136.8% | INVESTMENTS IN SECURITIES 136.8% |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 2.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 2.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 2.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 2.5% | LOAN PARTICIPATIONS AND ASSIGNMENTS 2.5% |
|  Alfa-Bank CJSC |  |  |  |  |
|  5.860% (EUR003M + 2.100%) due 10/21/2026 «~(k) | $— | 2481 | $— | 2481 |
|  Aligned Data Centers International LP | Aligned Data Centers International LP | Aligned Data Centers International LP | Aligned Data Centers International LP | Aligned Data Centers International LP |
|  7.223% due 12/18/2029 «~ |  | 28800 |  | 28987 |
|  Altice France SA |  |  |  |  |
|  8.891% (EUR003M + 6.875%) due 05/30/2031 ~ |  | 376 |  | 436 |
|  10.547% (TSFR3M + 6.875%) due 05/31/2031 ~ | $— | 23139 |  | 23230 |
|  Avolon TLB Borrower 1 U.S. LLC |  |  |  |  |
|  5.425% (TSFR1M + 1.750%) due 06/24/2030 ~ |  | 2488 |  | 2495 |
|  Databricks, Inc. |  |  |  |  |
|  1.000% due 01/05/2032 ~µ |  | 4621 |  | 4598 |
|  8.171% (TSFR1M + 4.500%) due 01/05/2032 ~ |  | 20879 |  | 20774 |
|  Dorchester LLC |  |  |  |  |
|  4.610% (EUR003M + 2.300%) due 01/04/2027 «~(k) |  | 6000 |  | 6935 |
|  Envalior Finance GmbH |  |  |  |  |
|  7.526% (EUR003M + 5.500%) due 03/29/2030 ~ |  | 9100 |  | 9460 |
|  Envision Healthcare Corp. |  |  |  |  |
|  11.641% (TSFR3M + 7.875%) due 07/20/2026 «~ | $— | 9752 |  | 9752 |
|  11.641% (TSFR3M + 7.875%) due 11/03/2028 «~ |  | 37629 |  | 38758 |
|  FPS Finance Co. 1 LLC |  |  |  |  |
|  6.610% (EUR003M + 2.950%) due 05/26/2028 «~ |  | 3100 |  | 3100 |
|  iHeartCommunications, Inc. |  |  |  |  |
|  9.557% (TSFR1M + 5.775%) due 05/01/2029 ~ |  | 1397 |  | 1229 |
|  Jane Street Group LLC |  |  |  |  |
|  5.673% (TSFR3M + 2.000%) due 12/15/2031 ~ |  | 9575 |  | 9412 |
|  Lealand Finance Co. BV |  |  |  |  |
|  6.782% (TSFR1M + 3.000%) due 06/30/2027 ~ |  | 156 |  | 130 |
|  Lealand Finance Co. BV (7.782% Cash) | Lealand Finance Co. BV (7.782% Cash) | Lealand Finance Co. BV (7.782% Cash) | Lealand Finance Co. BV (7.782% Cash) | Lealand Finance Co. BV (7.782% Cash) |
|  7.782% (TSFR1M + 4.000%) due 12/31/2027 ~ |  | 684 |  | 572 |
|  Mercury Aggregator LP |  |  |  |  |
|  TBD% due 04/03/2027 «~ |  | 3277 |  | 0 |
|  Nscale AS |  |  |  |  |
|  TBD% - 8.700% (TSFR3M + 5.000%) due 08/11/2032 «~µ |  | 20000 |  | 20000 |
|  OCS Group Holdings Ltd. |  |  |  |  |
|  8.980% due 11/28/2031 ~ |  | 1000 |  | 1319 |
|  Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds | Panama Government International Bonds |
|  4.546% (EUR006M + 2.450%) due 04/01/2027 «~ |  | 27900 |  | 32504 |
|  Poseidon Bidco SASU |  |  |  |  |
|  7.504% (EUR006M + 5.000%) due 03/13/2030 ~ |  | 16300 |  | 5652 |
|  Project Flash |  |  |  |  |
|  0.563% - 5.933% (TSFR3M + 2.250%) due 04/30/2030 «~µ | $— | 58867 |  | 58867 |
|  0.563% - 5.933% (TSFR1M + 2.250%) due 04/30/2030 «~µ |  | 29927 |  | 29927 |
|  0.625% - 6.181% (TSFR1M + 2.500%) due 01/09/2028 «~µ |  | 6590 |  | 6543 |
|  Project Hudson II |  |  |  |  |
|  7.730% due 05/29/2026 «~ |  | 5000 |  | 5018 |
|  SCUR-Alpha 1503 GmbH |  |  |  |  |
|  9.167% (TSFR3M + 5.500%) due 03/29/2030 ~ |  | 16206 |  | 14261 |
|  Softbank Vision Fund II |  |  |  |  |
|  7.350% (TSFR3M + 3.650%) due 04/25/2029 «~ |  | 23730 |  | 24127 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Subcalidora 2 |  |  |  |
|  7.877% (EUR003M + 5.750%) due 08/14/2029 «~ | EUR | 7900 | 8925 |
|  Syniverse Holdings, Inc. |  |  |  |
|  10.700% (TSFR3M + 7.000%) due 05/13/2027 «~ | $| 6572 | 6087 |
|  TransDigm, Inc. |  |  |  |
|  6.168% (TSFR1M + 2.500%) due 02/28/2031 ~ |  | 60587 | 60664 |
|  Turkiye Vakiflar Bankasi TAO |  |  |  |
|  5.150% (EUR003M + 3.000%) due 12/15/2028 «~ | EUR | 8000 | 9206 |
|  U.S. Renal Care, Inc. |  |  |  |
|  8.782% (TSFR1M + 5.000%) due 06/28/2028 ~ | $| 2062 | 1948 |
|  Virgin Media Investment Holdings Ltd. |  |  |  |
|  6.978% due 08/01/2030 «~ | GBP | 7800 | 9911 |
|  Westmoreland Coal Co. |  |  |  |
|  8.000% due 03/15/2029 «~ | $| 82 | 36 |
|  Total Loan Participations and Assignments<br>(Cost $468,238) | Total Loan Participations and Assignments<br>(Cost $468,238) | Total Loan Participations and Assignments<br>(Cost $468,238) | 457344 |
| CORPORATE BONDS & NOTES 11.7% | CORPORATE BONDS & NOTES 11.7% | CORPORATE BONDS & NOTES 11.7% | CORPORATE BONDS & NOTES 11.7% |
| BANKING & FINANCE 5.8% 123 Lights Re Ltd. | BANKING & FINANCE 5.8% 123 Lights Re Ltd. | BANKING & FINANCE 5.8% 123 Lights Re Ltd. | BANKING & FINANCE 5.8% 123 Lights Re Ltd. |
|  14.510% (FHMMUSTF + 11.000%) due 09/14/2031 ~ |  | 700 | 723 |
|  AerCap Ireland Capital DAC/AerCap Global<br>Aviation Trust | AerCap Ireland Capital DAC/AerCap Global<br>Aviation Trust | AerCap Ireland Capital DAC/AerCap Global<br>Aviation Trust | AerCap Ireland Capital DAC/AerCap Global<br>Aviation Trust |
|  6.450% due 04/15/2027 |  | 600 | 611 |
|  Alamo Re Ltd. |  |  |  |
|  11.944% (FHMMUSTF + 8.434%) due 06/07/2027 ~ |  | 3000 | 3109 |
|  15.390% (FHMMUSTF + 11.880%) due 06/08/2026 ~ |  | 3200 | 3262 |
|  American Express Co. |  |  |  |
|  4.009% due 02/09/2029 •  |  | 9100 | 9044 |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
|  4.269% due 12/11/2026 •  |  | 800 | 799 |
|  4.386% (SOFRRATE + 0.720%) due 10/22/2027 ~ |  | 500 | 498 |
|  4.900% due 03/12/2027 |  | 500 | 502 |
|  5.250% due 07/07/2026 |  | 500 | 501 |
|  Armor RE II Ltd. |  |  |  |
|  12.060% (BRMMUSDF + 8.500%) due 01/07/2032 ~ |  | 250 | 265 |
|  13.760% (BRMMUSDF + 10.200%) due 05/07/2031 ~ |  | 1200 | 1263 |
|  Avolon Holdings Funding Ltd. |  |  |  |
|  2.528% due 11/18/2027 |  | 2735 | 2643 |
|  3.250% due 02/15/2027 |  | 1400 | 1385 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  4.150% due 03/03/2029 |  | 10200 | 10084 |
|  Banco Santander SA |  |  |  |
|  1.722% due 09/14/2027 •  |  | 200 | 197 |
|  5.552% due 03/14/2028 •  |  | 12400 | 12507 |
|  5.565% due 01/17/2030 |  | 12400 | 12711 |
|  6.527% due 11/07/2027 •  |  | 9200 | 9316 |
|  6.607% due 11/07/2028 |  | 7200 | 7568 |
|  Bank of America Corp. |  |  |  |
|  3.419% due 12/20/2028 •  |  | 11001 | 10811 |
|  Bank of Nova Scotia |  |  |  |
|  4.247% due 02/02/2030 •  |  | 3200 | 3172 |
|  4.649% (SOFRRATE + 1.000%) due 09/08/2028 ~ |  | 4100 | 4116 |
|  Barclays PLC |  |  |  |
|  4.219% due 05/24/2030 •  |  | 13600 | 13395 |
|  4.476% due 11/11/2029 •  |  | 8600 | 8554 |
|  4.837% due 09/10/2028 •  |  | 5300 | 5322 |
|  5.138% (SOFRRATE + 1.490%) due 03/12/2028 ~ |  | 4500 | 4532 |
|  5.674% due 03/12/2028 •  |  | 4200 | 4240 |
|  6.496% due 09/13/2027 •  |  | 18600 | 18751 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bayou Re Ltd. |  |  |  |  |
|  11.872% (BNMMDTSC + 8.332%) due 04/30/2031 ~ | $— | 500 | $— | 519 |
|  22.040% (BNMMDTSC + 18.500%) due 04/30/2031 ~ |  | 600 |  | 645 |
|  Blue Ridge Re Ltd. |  |  |  |  |
|  7.010% (FHMMUSTF + 3.500%) due 01/08/2029 ~ |  | 450 |  | 453 |
|  BNP Paribas SA |  |  |  |  |
|  5.497% due 05/20/2030 •  |  | 1900 |  | 1947 |
|  Bonanza RE Ltd. |  |  |  |  |
|  3.659% (MSMMUSTF + 0.000%) due 01/08/2027 ~ |  | 900 |  | 764 |
|  BPCE SA |  |  |  |  |
|  6.612% due 10/19/2027 •  |  | 26300 |  | 26595 |
|  Brown & Brown, Inc. |  |  |  |  |
|  4.700% due 06/23/2028 |  | 1400 |  | 1404 |
|  CaixaBank SA |  |  |  |  |
|  6.684% due 09/13/2027 •  |  | 12400 |  | 12517 |
|  Cape Lookout Re Ltd. |  |  |  |  |
|  8.760% (FHMMUSTF + 5.250%) due 03/21/2033 ~ |  | 1350 |  | 1350 |
|  9.510% (FHMMUSTF + 6.000%) due 03/21/2033 ~ |  | 1350 |  | 1350 |
|  10.410% (FHMMUSTF + 6.900%) due 03/13/2032 ~ |  | 3700 |  | 3862 |
|  12.239% (GSMMUSTF + 8.702%) due 04/05/2027 ~ |  | 600 |  | 609 |
|  Charles River Re Ltd. |  |  |  |  |
|  11.172% (BNMMDTSC + 7.632%) due 05/10/2031 ~ |  | 250 |  | 257 |
|  Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC |
|  5.500% due 06/18/2030 |  | 3500 |  | 3557 |
|  Citrus Re Ltd. |  |  |  |  |
|  8.922% (T-BILL 3MO + 5.250%) due 06/07/2033 ~ |  | 500 |  | 500 |
|  9.910% (T-BILL 3MO + 6.250%) due 06/07/2033 ~ |  | 500 |  | 500 |
|  Cooperatieve Rabobank UA |  |  |  |  |
|  4.655% due 08/22/2028 •  |  | 300 |  | 301 |
|  CoStar Group, Inc. |  |  |  |  |
|  2.800% due 07/15/2030 |  | 6420 |  | 5808 |
|  Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA | Credicorp Capital Sociedad Titulizadora SA |
|  10.100% due 12/15/2043 |  | 2500 |  | 779 |
|  Credit Agricole SA |  |  |  |  |
|  4.631% due 09/11/2028 •  | $— | 3200 |  | 3200 |
|  4.859% (SOFRRATE + 1.210%) due 09/11/2028 ~ |  | 6200 |  | 6229 |
|  Credit Suisse AG AT1 Claim |  | 37150 |  | 13002 |
|  Danske Bank AS |  |  |  |  |
|  5.427% due 03/01/2028 •  |  | 4500 |  | 4543 |
|  Deutsche Bank AG |  |  |  |  |
|  6.720% due 01/18/2029 •  |  | 1568 |  | 1625 |
|  7.146% due 07/13/2027 •  |  | 3500 |  | 3524 |
|  East Lane Re VII Ltd. |  |  |  |  |
|  12.160% (BRMMUSDF + 8.500%) due 03/31/2032 ~ |  | 1500 |  | 1503 |
|  EPR Properties |  |  |  |  |
|  4.750% due 12/15/2026 |  | 627 |  | 627 |
|  4.950% due 04/15/2028 |  | 316 |  | 316 |
|  Equinix, Inc. |  |  |  |  |
|  1.450% due 05/15/2026 |  | 500 |  | 498 |
|  Equitable America Global Funding | Equitable America Global Funding | Equitable America Global Funding | Equitable America Global Funding | Equitable America Global Funding |
|  4.650% due 06/09/2028 |  | 6100 |  | 6091 |
|  Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
|  4.875% due 11/19/2027 |  | 10000 |  | 10064 |
|  Everglades Re II Ltd. |  |  |  |  |
|  14.041% (GSMMUSTI + 10.500%) due 05/13/2027 ~ |  | 2660 |  | 2696 |
|  15.041% (GSMMUSTI + 11.500%) due 05/13/2031 ~ |  | 2660 |  | 2701 |
|  16.291% (GSMMUSTI + 12.750%) due 05/13/2027 ~ |  | 2660 |  | 2707 |
|  F&G Global Funding |  |  |  |  |
|  2.000% due 09/20/2028 |  | 2800 |  | 2607 |

---

---

| | | |
|:---|:---|:---|
| **130** | **PIMCO CREDIT BOND FUNDS** | 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 06/10/2027 | $— | 4900 | $— | 4959 |
|  Ford Motor Credit Co. LLC |  |  |  |  |
|  2.700% due 08/10/2026 |  | 12400 |  | 12310 |
|  2.900% due 02/16/2028 |  | 2200 |  | 2110 |
|  2.900% due 02/10/2029 |  | 200 |  | 187 |
|  3.815% due 11/02/2027 |  | 6404 |  | 6278 |
|  4.271% due 01/09/2027 |  | 400 |  | 398 |
|  4.542% due 08/01/2026 |  | 1300 |  | 1298 |
|  4.950% due 05/28/2027 |  | 12205 |  | 12205 |
|  4.970% due 04/06/2029 |  | 20020 |  | 19780 |
|  5.112% (SOFRRATE + 1.450%) due 11/05/2026 ~ |  | 11000 |  | 11015 |
|  5.113% due 05/03/2029 |  | 500 |  | 495 |
|  5.125% due 11/05/2026 |  | 7900 |  | 7918 |
|  5.303% due 09/06/2029 |  | 900 |  | 896 |
|  5.800% due 03/05/2027 |  | 23700 |  | 23836 |
|  5.850% due 05/17/2027 |  | 3000 |  | 3023 |
|  5.918% due 03/20/2028 |  | 900 |  | 912 |
|  6.798% due 11/07/2028 |  | 2110 |  | 2185 |
|  6.950% due 06/10/2026 |  | 900 |  | 902 |
|  7.350% due 11/04/2027 |  | 14070 |  | 14526 |
|  Gateway Re Ltd. |  |  |  |  |
|  5.560% (BRMMUSDF + 2.000%) due 07/06/2029 ~ |  | 1050 |  | 1050 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  2.350% due 02/26/2027 |  | 2300 |  | 2257 |
|  GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
|  4.000% due 01/15/2031 |  | 1000 |  | 949 |
|  5.300% due 01/15/2029 |  | 902 |  | 913 |
|  Golden Bear Re Ltd. |  |  |  |  |
|  13.162% (T-BILL 1MO + 9.500%) due 03/08/2032 ~ |  | 1850 |  | 1850 |
|  13.412% (JMMMUSTF + 9.750%) due 01/08/2029 ~ |  | 3350 |  | 3411 |
|  Goldman Sachs Group, Inc. |  |  |  |  |
|  3.615% due 03/15/2028 •  |  | 500 |  | 496 |
|  4.148% due 01/21/2029 •  |  | 17300 |  | 17198 |
|  Greengrove RE Ltd. |  |  |  |  |
|  11.290% (BNMMDTSC + 7.750%) due 04/08/2032 ~ |  | 1000 |  | 1036 |
|  GSG Bidco Ltd. |  |  |  |  |
|  4.700% due 06/15/2031 |  | 27500 |  | 31532 |
|  Handshake Re Ltd. |  |  |  |  |
|  8.060% (JMMMUSTF + 4.500%) due 01/08/2030 ~ | $— | 400 |  | 398 |
|  Hardwood Funding LLC |  |  |  |  |
|  4.840% due 06/07/2028 «(k) |  | 3100 |  | 3104 |
|  4.980% due 06/07/2030 «(k) |  | 2000 |  | 2006 |
|  Herbie Re Ltd. |  |  |  |  |
|  7.780% (MSMMUSTF + 4.250%) due 01/07/2030 ~ |  | 450 |  | 451 |
|  Hestia Re Ltd. |  |  |  |  |
|  10.290% (BNMMDTSC + 6.750%) due 03/13/2032 ~ |  | 400 |  | 406 |
|  11.790% (BNMMDTSC + 8.250%) due 03/13/2032 ~ |  | 400 |  | 409 |
|  Hexagon IV RE Ltd. |  |  |  |  |
|  10.454% (EUR003M + 8.428%) due 01/07/2031 ~ |  | 1962 |  | 2380 |
|  HSBC Holdings PLC |  |  |  |  |
|  4.041% due 03/13/2028 •  | $— | 10170 |  | 10125 |
|  4.583% due 06/19/2029 •  |  | 1000 |  | 999 |
|  5.887% due 08/14/2027 •  |  | 13700 |  | 13768 |
|  Integrity RE III Ltd. |  |  |  |  |
|  6.010% (FHMMUSTF + 2.500%) due 06/07/2029 ~ |  | 700 |  | 700 |
|  15.760% (FHMMUSTF + 12.250%) due 06/06/2028 ~ |  | 400 |  | 416 |
|  29.010% (FHMMUSTF + 25.500%) due 06/06/2027 ~ |  | 400 |  | 440 |
|  Integrity Re Ltd. |  |  |  |  |
|  20.744% (FHMMUSTF + 17.234%) due 06/08/2026 ~ |  | 1100 |  | 1132 |
|  26.306% (FHMMUSTF + 22.796%) due 06/08/2026 ~ |  | 500 |  | 519 |
|  Intesa Sanpaolo SpA |  |  |  |  |
|  7.200% due 11/28/2033 |  | 4200 |  | 4709 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
|  5.550% due 07/02/2027 | $— | 8800 | $— | 8883 |
|  JPMorgan Chase & Co. |  |  |  |  |
|  2.069% due 06/01/2029 •  |  | 10400 |  | 9897 |
|  2.947% due 02/24/2028 •  |  | 500 |  | 494 |
|  3.509% due 01/23/2029 •  |  | 900 |  | 886 |
|  3.702% due 05/06/2030 •  |  | 3400 |  | 3317 |
|  4.005% due 04/23/2029 •  |  | 1763 |  | 1749 |
|  4.323% due 04/26/2028 •  |  | 600 |  | 600 |
|  5.299% due 07/24/2029 •  |  | 2700 |  | 2751 |
|  KAF Kaerntner Ausgleichszahlungs-Fonds | KAF Kaerntner Ausgleichszahlungs-Fonds | KAF Kaerntner Ausgleichszahlungs-Fonds | KAF Kaerntner Ausgleichszahlungs-Fonds | KAF Kaerntner Ausgleichszahlungs-Fonds |
|  0.000% due 04/03/2049 « |  | 8781 |  | 761 |
|  Kizuna RE III Pte. Ltd. |  |  |  |  |
|  6.412% (T-BILL 3MO + 2.750%) due 04/09/2029 ~ | $— | 600 |  | 610 |
|  Kona Spc Ltd. |  |  |  |  |
|  5.718% due 09/15/2026 «•  |  | 2200 |  | 2560 |
|  Lehman Brothers Holdings, Inc. | Lehman Brothers Holdings, Inc. | Lehman Brothers Holdings, Inc. | Lehman Brothers Holdings, Inc. | Lehman Brothers Holdings, Inc. |
|  1.000% due 04/05/2049 ^(c) |  | 1816 |  | 8 |
|  Lloyds Banking Group PLC |  |  |  |  |
|  3.750% due 03/18/2028 •  | $— | 5300 |  | 5266 |
|  4.241% due 02/10/2030 •  |  | 10100 |  | 9994 |
|  5.462% due 01/05/2028 •  |  | 3800 |  | 3828 |
|  Locke Tavern Re Ltd. |  |  |  |  |
|  4.060% (JMMMUSTF + 3.250%) due 04/11/2033 ~ |  | 800 |  | 800 |
|  4.060% (JMMMUSTF + 4.250%) due 04/11/2033 ~ |  | 700 |  | 700 |
|  Longleaf Pine Re Ltd. |  |  |  |  |
|  21.473% (GSMMUSTI + 17.932%) due 05/27/2031 ~ |  | 1700 |  | 1800 |
|  Lower Ferry Re Ltd. |  |  |  |  |
|  8.176% (MSMMUSTF + 4.646%) due 07/08/2030 ~ |  | 250 |  | 253 |
|  LPL Holdings, Inc. |  |  |  |  |
|  4.000% due 03/15/2029 |  | 5000 |  | 4859 |
|  4.900% due 04/03/2028 |  | 5700 |  | 5720 |
|  5.200% due 03/15/2030 |  | 10400 |  | 10481 |
|  Lseg U.S. Fin Corp. |  |  |  |  |
|  4.250% due 03/23/2029 |  | 15900 |  | 15787 |
|  Luca RE Ltd. |  |  |  |  |
|  10.810% (JMMMUSTF + 7.250%) due 07/22/2031 ~ |  | 2000 |  | 2061 |
|  MMIFS Re Ltd. |  |  |  |  |
|  5.151% (CAONINDX + 2.900%) due 01/10/2033 ~ |  | 700 |  | 503 |
|  Morgan Stanley |  |  |  |  |
|  5.123% due 02/01/2029 •  | $— | 900 |  | 910 |
|  Morgan Stanley Bank NA |  |  |  |  |
|  4.607% (SOFRRATE + 0.940%) due 07/14/2028 ~ |  | 41400 |  | 41439 |
|  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 |
|  4.213% due 02/08/2030 •  |  | 6800 |  | 6732 |
|  Nationwide Building Society |  |  |  |  |
|  3.960% due 07/18/2030 •  |  | 2390 |  | 2337 |
|  4.302% due 03/08/2029 •  |  | 3900 |  | 3876 |
|  6.557% due 10/18/2027 •  |  | 17800 |  | 18003 |
|  Nature Coast Re Ltd. |  |  |  |  |
|  11.661% (T-BILL 3MO + 8.000%) due 02/26/2030 ~ |  | 1550 |  | 1546 |
|  13.541% (GSMMUSTI + 10.000%) due 12/07/2030 ~ |  | 2066 |  | 2102 |
|  NatWest Group PLC |  |  |  |  |
|  4.445% due 05/08/2030 •  |  | 7400 |  | 7358 |
|  4.905% (SOFRRATE + 1.250%) due 03/01/2028 ~ |  | 7000 |  | 7031 |
|  4.960% (SOFRRATE + 1.300%) due 11/15/2028 ~ |  | 16100 |  | 16222 |
|  5.076% due 01/27/2030 •  |  | 6400 |  | 6473 |
|  5.583% due 03/01/2028 •  |  | 13200 |  | 13332 |
|  NatWest Markets PLC |  |  |  |  |
|  4.596% (SOFRRATE + 0.950%) due 03/21/2028 ~ |  | 12300 |  | 12351 |
|  4.654% due 03/27/2029 |  | 17600 |  | 17651 |
|  4.789% due 03/21/2028 |  | 9400 |  | 9465 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
|  2.450% due 09/15/2028 | $— | 900 | $— | 823 |
|  5.300% due 09/13/2027 |  | 2200 |  | 2187 |
|  5.625% due 09/29/2028 |  | 31300 |  | 30738 |
|  5.698% (SOFRINDX + 2.050%) due 09/13/2027 ~ |  | 1400 |  | 1389 |
|  Nomura Holdings, Inc. |  |  |  |  |
|  2.329% due 01/22/2027 |  | 500 |  | 492 |
|  4.904% due 07/01/2030 |  | 1700 |  | 1700 |
|  4.936% (SOFRRATE + 1.250%) due 07/02/2027 ~ |  | 8400 |  | 8453 |
|  Norinchukin Bank |  |  |  |  |
|  5.094% due 10/16/2029 |  | 3240 |  | 3277 |
|  Northwestern Mutual Global Funding | Northwestern Mutual Global Funding | Northwestern Mutual Global Funding | Northwestern Mutual Global Funding | Northwestern Mutual Global Funding |
|  5.160% due 05/28/2031 |  | 1100 |  | 1126 |
|  Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. |
|  5.200% due 07/01/2030 |  | 11300 |  | 11350 |
|  Orange Capital RE DAC |  |  |  |  |
|  10.356% (EUR003M + 8.330%) due 01/08/2027 ~ |  | 1800 |  | 2164 |
|  Palm RE Ltd. |  |  |  |  |
|  11.290% (BNMMDTSC + 7.750%) due 06/07/2032 ~ | $— | 1000 |  | 1031 |
|  Polestar Re Ltd. |  |  |  |  |
|  10.661% (BRMMUSDF + 7.000%) due 01/08/2029 ~ |  | 400 |  | 401 |
|  12.661% (BRMMUSDF + 9.000%) due 01/08/2029 ~ |  | 400 |  | 400 |
|  14.150% (BRMMUSDF + 10.590%) due 01/07/2028 ~ |  | 1500 |  | 1572 |
|  16.810% (BRMMUSDF + 13.250%) due 01/07/2027 ~ |  | 4900 |  | 5067 |
|  Purple Re Ltd. |  |  |  |  |
|  6.060% (JMMMUSTF + 2.500%) due 06/07/2033 ~ |  | 1100 |  | 1100 |
|  12.686% (JMMMUSTF + 9.126%) due 06/07/2027 ~ |  | 1800 |  | 1857 |
|  Quercus II Re DAC |  |  |  |  |
|  13.079% (EUR003M + 11.000%) due 01/07/2031 ~ |  | 1400 |  | 1618 |
|  Quercus Re DAC |  |  |  |  |
|  10.020% (EUR003M + 8.000%) due 01/06/2031 ~ |  | 300 |  | 358 |
|  Royal Bank of Canada |  |  |  |  |
|  4.456% (SOFRINDX + 0.790%) due 07/23/2027 ~ | $— | 300 |  | 300 |
|  4.510% due 10/18/2027 •  |  | 7900 |  | 7906 |
|  Sabine Re Ltd. |  |  |  |  |
|  12.060% (BNMMDTSC + 8.520%) due 04/07/2031 ~ |  | 600 |  | 619 |
|  Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding | Sammons Financial Group Global Funding |
|  5.050% due 01/10/2028 |  | 3700 |  | 3734 |
| Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
|  5.256% (SOFRRATE + 1.610%) due 03/20/2029 ~ |  | 6900 |  | 6956 |
|  5.473% due 03/20/2029 •  |  | 7500 |  | 7606 |
|  Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC | Santander U.K. Group Holdings PLC |
|  2.469% due 01/11/2028 •  |  | 3000 |  | 2951 |
|  3.823% due 11/03/2028 •  |  | 1700 |  | 1679 |
|  4.320% due 09/22/2029 •  |  | 11300 |  | 11196 |
|  SBA Communications Corp. |  |  |  |  |
|  3.875% due 02/15/2027 |  | 13875 |  | 13742 |
|  SBA Tower Trust |  |  |  |  |
|  1.840% due 04/15/2027 |  | 8500 |  | 8297 |
|  4.831% due 10/15/2029 |  | 10700 |  | 10754 |
|  Societe Generale SA |  |  |  |  |
|  2.797% due 01/19/2028 •  |  | 1600 |  | 1577 |
|  5.250% due 02/19/2027 |  | 300 |  | 302 |
|  Standard Chartered PLC |  |  |  |  |
|  6.750% due 02/08/2028 •  |  | 500 |  | 509 |
|  Stellantis Financial Services U.S. Corp. | Stellantis Financial Services U.S. Corp. | Stellantis Financial Services U.S. Corp. | Stellantis Financial Services U.S. Corp. | Stellantis Financial Services U.S. Corp. |
|  4.950% due 09/15/2028 |  | 7700 |  | 7659 |
|  Synchrony Financial |  |  |  |  |
|  3.950% due 12/01/2027 |  | 5000 |  | 4940 |
|  Taranis Reinsurance DAC |  |  |  |  |
|  8.339% (EUR003M + 6.310%) due 01/07/2031 ~ |  | 1200 |  | 1419 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **131** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  11.019% (EUR003M + 8.990%) due 01/08/2031 ~ |  | 1700 | $— | 2090 |
|  Thames Ssnm Unfunded Comm | Thames Ssnm Unfunded Comm | Thames Ssnm Unfunded Comm |  |  |
|  9.750% due 10/10/2027 |  | 105 |  | 134 |
|  Torrey Pines Re Ltd. |  |  |  |  |
|  9.596% (JMMMUSTF + 6.036%) due 06/07/2027 ~ | $— | 1300 |  | 1344 |
|  10.666% (JMMMUSTF + 7.106%) due 06/07/2027 ~ |  | 800 |  | 829 |
|  12.938% (BRMMUSDF + 9.378%) due 06/05/2026 ~ |  | 500 |  | 505 |
|  Tremont Re Ltd. |  |  |  |  |
|  7.661% (T-BILL 1MO + 4.000%) due 03/22/2033 ~ |  | 450 |  | 450 |
|  UBS Group AG |  |  |  |  |
|  3.091% due 05/14/2032 •  |  | 2500 |  | 2294 |
|  4.194% due 04/01/2031 •  |  | 2850 |  | 2789 |
|  4.214% due 04/10/2030 •  |  | 19500 |  | 19257 |
|  5.428% due 02/08/2030 •  |  | 4800 |  | 4905 |
|  5.959% due 01/12/2034 •  |  | 3405 |  | 3554 |
|  6.327% due 12/22/2027 •  |  | 11500 |  | 11654 |
|  UniCredit SpA |  |  |  |  |
|  1.982% due 06/03/2027 •  |  | 600 |  | 597 |
|  Ursa Re II Ltd. |  |  |  |  |
|  8.661% (MSMMUSTF + 5.000%) due 12/07/2029 ~ |  | 300 |  | 298 |
|  11.411% (MSMMUSTF + 7.750%) due 06/07/2028 ~ |  | 1900 |  | 1918 |
|  Ursa Re Ltd. |  |  |  |  |
|  9.040% (BNMMDTSC + 5.500%) due 12/07/2026 ~ |  | 3600 |  | 3653 |
|  11.041% (GSMMUSTI + 7.500%) due 02/22/2028 ~ |  | 1000 |  | 1022 |
|  12.290% (BNMMDTSC + 8.750%) due 12/07/2026 ~ |  | 4600 |  | 4723 |
|  VB DPR Finance Co. |  |  |  |  |
|  6.833% due 03/15/2035 «(k) |  | 20000 |  | 20217 |
|  Ventas Realty LP |  |  |  |  |
|  3.250% due 10/15/2026 |  | 500 |  | 497 |
|  Veraison Re Ltd. |  |  |  |  |
|  6.441% (GSMMUSTI + 2.900%) due 03/08/2029 ~ |  | 1250 |  | 1250 |
|  7.691% (GSMMUSTI + 4.150%) due 03/08/2034 ~ |  | 350 |  | 350 |
|  8.541% (GSMMUSTI + 5.000%) due 03/08/2033 ~ |  | 250 |  | 254 |
|  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. | VICI Properties LP/VICI Note Co., Inc. |
|  3.750% due 02/15/2027 |  | 8000 |  | 7941 |
|  3.875% due 02/15/2029 |  | 3700 |  | 3597 |
|  4.125% due 08/15/2030 |  | 7500 |  | 7185 |
|  4.250% due 12/01/2026 |  | 1000 |  | 997 |
|  4.500% due 09/01/2026 |  | 5200 |  | 5195 |
|  4.500% due 01/15/2028 |  | 3219 |  | 3201 |
|  5.750% due 02/01/2027 |  | 200 |  | 201 |
|  Vitality Re XVI Ltd. |  |  |  |  |
|  5.280% (MSMMUSTF + 1.750%) due 01/08/2030 ~ |  | 500 |  | 497 |
|  7.280% (MSMMUSTF + 3.750%) due 01/08/2030 ~ |  | 300 |  | 299 |
|  Vitality Re XVII Ltd. |  |  |  |  |
|  5.541% (GSMMUSTI + 2.000%) due 01/08/2031 ~ |  | 2400 |  | 2400 |
|  5.941% (GSMMUSTI + 2.400%) due 01/08/2031 ~ |  | 1000 |  | 1000 |
|  7.541% (GSMMUSTI + 4.000%) due 01/08/2031 ~ |  | 250 |  | 250 |
|  Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC |
|  8.500% due 05/09/2026 ^«(c) |  | 3059 |  | 0 |
|  Wells Fargo & Co. |  |  |  |  |
|  3.526% due 03/24/2028 •  |  | 13500 |  | 13392 |
|  5.707% due 04/22/2028 •  |  | 1200 |  | 1216 |
|  Windrose Re Ltd. |  |  |  |  |
|  8.790% (HSMMUSTF + 5.250%) due 02/11/2033 ~ |  | 450 |  | 449 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Winston RE Ltd. |  |  |  |  |
|  15.230% (BNMMDTSC + 11.690%) due 02/26/2031 ~ | $— | 400 | $— | 418 |
|  |  |  |  | 1066885 |
| INDUSTRIALS 4.8% |  |  |  |  |
|  Air Canada Pass-Through Trust |  |  |  |  |
|  3.300% due 07/15/2031 |  | 370 |  | 354 |
|  3.600% due 09/15/2028 |  | 201 |  | 198 |
|  Altice France SA |  |  |  |  |
|  6.500% due 04/15/2032 |  | 422 |  | 400 |
|  6.875% due 10/15/2030 |  | 2168 |  | 2075 |
|  9.500% due 11/01/2029 |  | 2134 |  | 2158 |
|  Altria Group, Inc. |  |  |  |  |
|  4.500% due 08/06/2030 |  | 800 |  | 797 |
|  Amdocs Ltd. |  |  |  |  |
|  2.538% due 06/15/2030 |  | 3300 |  | 2988 |
|  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 |  | 731 |  | 655 |
|  3.000% due 04/15/2030 |  | 172 |  | 167 |
|  3.200% due 12/15/2029 |  | 643 |  | 627 |
|  3.350% due 04/15/2031 |  | 517 |  | 500 |
|  3.375% due 11/01/2028 |  | 13753 |  | 13587 |
|  3.575% due 07/15/2029 |  | 822 |  | 811 |
|  3.600% due 03/22/2029 |  | 684 |  | 676 |
|  3.650% due 02/15/2029 |  | 681 |  | 663 |
|  3.700% due 04/01/2028 |  | 483 |  | 481 |
|  Bayer U.S. Finance II LLC |  |  |  |  |
|  4.375% due 12/15/2028 |  | 200 |  | 198 |
|  Bayer U.S. Finance LLC |  |  |  |  |
|  6.125% due 11/21/2026 |  | 1900 |  | 1918 |
|  Beignet Investor LLC |  |  |  |  |
|  6.581% due 05/30/2049 |  | 223920 |  | 230398 |
|  BMW U.S. Capital LLC |  |  |  |  |
|  4.566% (SOFRINDX + 0.920%) due 03/21/2028 ~ |  | 7100 |  | 7122 |
|  Boeing Co. |  |  |  |  |
|  5.040% due 05/01/2027 |  | 6700 |  | 6739 |
|  6.259% due 05/01/2027 |  | 27300 |  | 27779 |
|  6.298% due 05/01/2029 |  | 3570 |  | 3749 |
|  6.388% due 05/01/2031 |  | 4000 |  | 4267 |
|  British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust | British Airways Pass-Through Trust |
|  2.900% due 09/15/2036 |  | 5944 |  | 5465 |
|  3.300% due 06/15/2034 |  | 632 |  | 599 |
|  Carvana Co. |  |  |  |  |
|  9.000% due 06/01/2030 |  | 12844 |  | 13370 |
|  9.000% due 06/01/2031 |  | 17853 |  | 19317 |
|  CDW LLC/CDW Finance Corp. |  |  |  |  |
|  2.670% due 12/01/2026 |  | 15100 |  | 14927 |
|  4.250% due 04/01/2028 |  | 15000 |  | 14818 |
|  Centene Corp. |  |  |  |  |
|  2.450% due 07/15/2028 |  | 6300 |  | 5871 |
|  3.375% due 02/15/2030 |  | 1100 |  | 994 |
|  4.625% due 12/15/2029 |  | 51471 |  | 48894 |
|  CLN Magnetto Group |  |  |  |  |
|  7.490% due 10/25/2031 « |  | 9000 |  | 9046 |
|  CommonSpirit Health |  |  |  |  |
|  4.352% due 09/01/2030 |  | 7700 |  | 7590 |
|  Conagra Brands, Inc. |  |  |  |  |
|  5.000% due 08/01/2030 |  | 2400 |  | 2396 |
|  CVS Pass-Through Trust |  |  |  |  |
|  7.507% due 01/10/2032 |  | 45 |  | 48 |
|  Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust | Delta Air Lines Pass-Through Trust |
|  2.000% due 12/10/2029 |  | 403 |  | 390 |
|  Diamondback Energy, Inc. |  |  |  |  |
|  5.200% due 04/18/2027 |  | 800 |  | 807 |
|  Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC |
|  3.950% due 03/20/2028 |  | 8200 |  | 8038 |
|  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 |  | 20277 |  | 20040 |
|  DISH DBS Corp. |  |  |  |  |
|  5.250% due 12/01/2026 |  | 21040 |  | 20872 |
|  5.750% due 12/01/2028 |  | 14310 |  | 13849 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Fedex Freight Holding Co., Inc. | Fedex Freight Holding Co., Inc. | Fedex Freight Holding Co., Inc. | Fedex Freight Holding Co., Inc. | Fedex Freight Holding Co., Inc. |
|  4.300% due 03/15/2029 | $— | 5200 | $— | 5139 |
|  Flora Food Management BV |  |  |  |  |
|  6.875% due 07/02/2029 |  | 7100 |  | 7713 |
|  Gazprom PJSC Via Gaz Capital SA | Gazprom PJSC Via Gaz Capital SA | Gazprom PJSC Via Gaz Capital SA | Gazprom PJSC Via Gaz Capital SA | Gazprom PJSC Via Gaz Capital SA |
|  8.625% due 04/28/2034 | $— | 300 |  | 248 |
|  Global Payments, Inc. |  |  |  |  |
|  4.500% due 11/15/2028 |  | 5700 |  | 5646 |
|  Greene King Finance PLC |  |  |  |  |
|  4.064% due 03/15/2035 |  | 1841 |  | 2265 |
|  5.106% due 03/15/2034 |  | 3424 |  | 4418 |
|  HCA, Inc. |  |  |  |  |
|  4.300% due 11/15/2030 | $— | 900 |  | 885 |
|  Hyatt Hotels Corp. |  |  |  |  |
|  5.050% due 03/30/2028 |  | 1800 |  | 1816 |
|  Hyundai Capital America |  |  |  |  |
|  4.590% (SOFRRATE + 0.920%) due 01/07/2028 ~ |  | 600 |  | 597 |
|  Imperial Brands Finance Netherlands BV | Imperial Brands Finance Netherlands BV | Imperial Brands Finance Netherlands BV | Imperial Brands Finance Netherlands BV | Imperial Brands Finance Netherlands BV |
|  5.250% due 02/15/2031 |  | 4165 |  | 5081 |
|  Imperial Brands Finance PLC |  |  |  |  |
|  3.500% due 07/26/2026 | $— | 4747 |  | 4733 |
|  4.500% due 06/30/2028 |  | 5800 |  | 5805 |
|  JetBlue Pass-Through Trust |  |  |  |  |
|  4.000% due 05/15/2034 |  | 2288 |  | 2172 |
|  Keurig Dr. Pepper, Inc. |  |  |  |  |
|  5.100% due 03/15/2027 |  | 2400 |  | 2410 |
|  Marriott International, Inc. |  |  |  |  |
|  4.500% due 05/01/2033 |  | 2600 |  | 2513 |
|  Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC |
|  4.360% (SOFRRATE + 0.712%) due 12/15/2030 ~ |  | 2382 |  | 2300 |
|  6.013% due 12/15/2030 |  | 160 |  | 212 |
|  MPLX LP |  |  |  |  |
|  4.125% due 03/01/2027 | $— | 500 |  | 499 |
|  4.800% due 02/15/2031 |  | 9000 |  | 9024 |
|  National Football League |  |  |  |  |
|  4.780% due 10/05/2030 «(k) |  | 10600 |  | 10547 |
|  5.480% due 10/05/2028 «(k) |  | 18600 |  | 18792 |
|  Nissan Motor Co. Ltd. |  |  |  |  |
|  4.345% due 09/17/2027 |  | 31470 |  | 30637 |
|  4.810% due 09/17/2030 |  | 4300 |  | 3908 |
|  7.750% due 07/17/2032 |  | 5675 |  | 5752 |
|  Novartis Capital Corp. |  |  |  |  |
|  4.100% due 03/16/2029 |  | 7800 |  | 7792 |
|  NPC Ukrenergo |  |  |  |  |
|  6.875% due 11/09/2028 |  | 800 |  | 738 |
|  Oracle Corp. |  |  |  |  |
|  4.550% due 02/04/2029 |  | 7000 |  | 6913 |
|  Pennsylvania-American Water Co. | Pennsylvania-American Water Co. | Pennsylvania-American Water Co. | Pennsylvania-American Water Co. | Pennsylvania-American Water Co. |
|  7.800% due 09/01/2026 |  | 300 |  | 304 |
|  Petroleos de Venezuela SA |  |  |  |  |
|  5.375% due 04/12/2027 ^(c) |  | 3300 |  | 1105 |
|  5.500% due 04/12/2037 ^(c) |  | 4350 |  | 1465 |
|  6.000% due 11/15/2026 ^(c) |  | 3434 |  | 1182 |
|  9.750% due 05/17/2035 ^(c) |  | 840 |  | 351 |
|  Petroleos Mexicanos |  |  |  |  |
|  6.700% due 02/16/2032 |  | 25103 |  | 24589 |
|  6.950% due 01/28/2060 |  | 3028 |  | 2388 |
|  Prime Property Fund LLC |  |  |  |  |
|  5.250% due 09/30/2029 «(k) |  | 12400 |  | 12415 |
|  Prosus NV |  |  |  |  |
|  1.288% due 07/13/2029 |  | 5000 |  | 5343 |
|  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 |
|  4.805% due 09/16/2028 | $— | 3100 |  | 3114 |
|  5.204% due 09/16/2030 |  | 10000 |  | 10088 |
|  Rogers Communications, Inc. |  |  |  |  |
|  3.200% due 03/15/2027 |  | 1100 |  | 1087 |
|  Rolls-Royce PLC |  |  |  |  |
|  5.750% due 10/15/2027 |  | 14288 |  | 14518 |
|  5.750% due 10/15/2027 |  | 2079 |  | 2779 |
|  Sabine Pass Liquefaction LLC |  |  |  |  |
|  5.000% due 03/15/2027 | $— | 500 |  | 501 |

---

---

| | | |
|:---|:---|:---|
| **132** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Saudi Arabian Oil Co. |  |  |  |
|  4.000% due 02/02/2029 | $| 21600 | 21175 |
|  4.750% due 06/02/2030 |  | 10900 | 10808 |
|  Skyworks Solutions, Inc. |  |  |  |
|  1.800% due 06/01/2026 |  | 300 | 299 |
|  Smith & Nephew PLC |  |  |  |
|  5.150% due 03/20/2027 |  | 1500 | 1508 |
|  Smithfield Foods, Inc. |  |  |  |
|  4.250% due 02/01/2027 |  | 500 | 498 |
|  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 | Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC |
|  5.152% due 03/20/2028 |  | 1274 | 1281 |
|  Telefonica Emisiones SA |  |  |  |
|  4.103% due 03/08/2027 |  | 5000 | 4980 |
|  Textron, Inc. |  |  |  |
|  3.650% due 03/15/2027 |  | 2700 | 2681 |
|  Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
|  9.750% due 10/10/2027 | GBP | 455 | 658 |
|  Times Square Hotel Trust |  |  |  |
|  8.528% due 08/01/2026 | $| 16 | 16 |
|  Topaz Solar Farms LLC |  |  |  |
|  4.875% due 09/30/2039 |  | 377 | 341 |
|  5.750% due 09/30/2039 |  | 3033 | 3020 |
|  U.S. Renal Care, Inc. |  |  |  |
|  10.625% due 06/28/2028 |  | 187 | 156 |
|  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 |  | 1024 | 943 |
|  5.875% due 04/15/2029 |  | 12796 | 13019 |
|  Valaris Ltd. |  |  |  |
|  8.375% due 04/30/2030 |  | 160 | 166 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  3.875% due 08/15/2029 |  | 1800 | 1712 |
|  3.875% due 11/01/2033 |  | 2000 | 1773 |
|  Venture Global LNG, Inc. |  |  |  |
|  8.125% due 06/01/2028 |  | 23300 | 23841 |
|  9.500% due 02/01/2029 |  | 10300 | 11143 |
|  9.875% due 02/01/2032 |  | 11000 | 11819 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
|  6.500% due 01/15/2034 |  | 6890 | 7187 |
|  Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC | Volkswagen Group of America Finance LLC |
|  4.750% due 11/13/2028 |  | 3400 | 3399 |
|  5.050% due 03/27/2028 |  | 7800 | 7852 |
|  5.250% due 03/22/2029 |  | 5000 | 5061 |
|  Yellowstone Energy LP |  |  |  |
|  5.750% due 12/31/2026 |  | 352 | 348 |
|  |  |  | 882106 |
| UTILITIES 1.1% | UTILITIES 1.1% | UTILITIES 1.1% | UTILITIES 1.1% |
|  Ameren Corp. |  |  |  |
|  5.700% due 12/01/2026 |  | 300 | 302 |
|  Edison International |  |  |  |
|  6.250% due 03/15/2030 |  | 3000 | 3110 |
|  Emera U.S. Finance LP |  |  |  |
|  2.639% due 06/15/2031 |  | 1800 | 1606 |
|  FORESEA Holding SA |  |  |  |
|  7.500% due 06/15/2030 |  | 326 | 321 |
|  ONEOK, Inc. |  |  |  |
|  5.550% due 11/01/2026 |  | 300 | 302 |
|  Pacific Gas & Electric Co. |  |  |  |
|  2.100% due 08/01/2027 |  | 29695 | 28791 |
|  2.500% due 02/01/2031 |  | 200 | 179 |
|  3.250% due 06/01/2031 |  | 28900 | 26668 |
|  3.300% due 03/15/2027 |  | 3910 | 3865 |
|  3.300% due 12/01/2027 |  | 20076 | 19666 |
|  3.750% due 07/01/2028 |  | 5599 | 5502 |
|  4.550% due 07/01/2030 |  | 11197 | 11049 |
|  4.650% due 08/01/2028 |  | 800 | 801 |
|  5.000% due 06/04/2028 |  | 27000 | 27239 |
|  5.450% due 06/15/2027 |  | 30454 | 30763 |
|  5.900% due 06/15/2032 |  | 1580 | 1638 |
|  PacifiCorp |  |  |  |
|  4.250% due 03/15/2029 |  | 4400 | 4351 |
|  4.650% due 04/15/2029 |  | 5300 | 5302 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara |
|  4.125% due 05/15/2027 | 3700 | 3676 |
|  Rio Oil Finance Trust |  |  |
|  8.200% due 04/06/2028 | 6268 | 6464 |
|  9.750% due 01/06/2027 | 1408 | 1441 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  2.250% due 06/01/2030 | 700 | 634 |
|  5.250% due 03/15/2030 | 12100 | 12292 |
|  Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC |
|  6.500% due 02/15/2029 | 13553 | 13175 |
|  Xcel Energy, Inc. |  |  |
|  1.750% due 03/15/2027 | 2500 | 2438 |
|  |  | 211575 |
|  Total Corporate Bonds & Notes<br>(Cost $2,135,041) | Total Corporate Bonds & Notes<br>(Cost $2,135,041) | 2160566 |
| CONVERTIBLE BONDS & NOTES 0.1% | CONVERTIBLE BONDS & NOTES 0.1% | CONVERTIBLE BONDS & NOTES 0.1% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  CIFI Holdings Group Co. Ltd. | CIFI Holdings Group Co. Ltd. | CIFI Holdings Group Co. Ltd. |
|  0.000% due 06/30/2029 (f)(k) | 1483 | 54 |
|  Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. | Country Garden Holdings Co. Ltd. |
|  0.000% due 12/31/2031 (f)(k) | 1780 | 199 |
|  |  | 253 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Ubisoft Entertainment SA |  |  |
|  2.375% due 11/15/2028 | 10400 | 11480 |
|  Total Convertible Bonds & Notes<br>(Cost $12,430) | Total Convertible Bonds & Notes<br>(Cost $12,430) | 11733 |
| U.S. GOVERNMENT AGENCIES 61.6% | U.S. GOVERNMENT AGENCIES 61.6% | U.S. GOVERNMENT AGENCIES 61.6% |
|  Colombia TES |  |  |
|  11.750% due 01/24/2035 | 183502000 | 45497 |
|  Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. | Federal Home Loan Mortgage Corp. |
|  2.500% due 10/01/2040 - 02/01/2051 | 215457 | 183820 |
|  3.000% due 02/01/2052 - 12/01/2052 | 25640 | 22572 |
|  3.500% due 11/01/2046 - 11/01/2047 | 532 | 499 |
|  4.000% due 08/01/2042 - 09/01/2050 | 10955 | 10578 |
|  4.500% due 02/01/2048 - 07/01/2053 | 10887 | 10563 |
|  5.000% due 08/01/2052 - 01/01/2055 | 94004 | 93050 |
|  5.500% due 02/01/2053 - 01/01/2056 | 125015 | 126390 |
|  6.000% due 01/01/2029 - 04/01/2055 | 20788 | 21231 |
|  6.500% due 09/01/2053 - 04/01/2055 | 43135 | 44643 |
|  7.000% due 04/01/2055 - 08/01/2055 | 30374 | 31948 |
|  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 |
|  0.583% due 01/25/2031 ~(a) | 109232 | 1156 |
|  2.776% due 06/25/2054 ~ | 8175 | 7967 |
|  3.582% due 10/25/2046 ~ | 400 | 398 |
|  5.975% due 12/25/2047 ~ | 146 | 147 |
|  Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
|  2.500% due 09/01/2040 - 02/01/2051 | 170285 | 146676 |
|  3.000% due 03/01/2030 - 05/01/2052 | 31008 | 28909 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.500% due 08/01/2047 - 03/01/2050 | 19752 | 18359 |
|  4.000% due 06/01/2038 - 07/01/2051 | 39130 | 37508 |
|  4.500% due 12/01/2047 - 08/01/2053 | 11538 | 11173 |
|  5.000% due 08/01/2052 - 12/01/2054 | 77854 | 77211 |
|  5.500% due 01/01/2053 - 11/01/2055 | 40081 | 40566 |
|  6.000% due 12/01/2052 - 07/01/2054 | 73637 | 75327 |
|  6.411% due 09/01/2037 •  | 1309 | 1322 |
|  6.500% due 09/01/2028 - 03/01/2055 | 208520 | 215787 |
|  7.000% due 03/01/2045 - 05/01/2055 | 66511 | 69963 |
|  Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
|  6.000% due 04/25/2043 | 3 | 3 |
|  Federal National Mortgage Association Trust | Federal National Mortgage Association Trust | Federal National Mortgage Association Trust |
|  4.132% due 09/25/2042 •  | 3 | 3 |
|  Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
|  3.000% due 01/20/2052 - 04/20/2052 | 37706 | 33709 |
|  3.500% due 12/20/2051 - 01/20/2056 | 95451 | 87823 |
|  5.000% due 01/20/2049 | 6 | 6 |
|  5.125% due 12/20/2045 •  | 434 | 443 |
|  5.375% due 07/20/2045 - 09/20/2045 •  | 779 | 795 |
|  Government National Mortgage Association REMICS | Government National Mortgage Association REMICS | Government National Mortgage Association REMICS |
|  4.533% due 10/20/2066 •  | 302 | 303 |
|  Government National Mortgage Association, TBA | Government National Mortgage Association, TBA | Government National Mortgage Association, TBA |
|  2.500% due 05/01/2056 | 18900 | 16253 |
|  3.000% due 04/01/2056 | 25768 | 23009 |
|  3.500% due 03/01/2056 - 04/01/2056 | 17300 | 15876 |
|  4.000% due 04/01/2056 - 05/01/2056 | 47600 | 44595 |
|  4.500% due 06/01/2040 - 05/01/2056 | 197900 | 190936 |
|  5.000% due 04/01/2056 - 05/01/2056 | 78400 | 77515 |
|  5.500% due 06/01/2040 | 24250 | 24327 |
|  6.000% due 06/01/2040 - 05/01/2056 | 318000 | 322951 |
|  6.500% due 05/01/2056 | 318100 | 329672 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 06/01/2040 | 204082 | 178981 |
|  3.500% due 06/01/2056 | 160900 | 147186 |
|  4.000% due 04/01/2056 - 06/01/2056 | 992636 | 935395 |
|  4.500% due 04/01/2056 - 06/01/2056 | 385570 | 371646 |
|  5.000% due 04/01/2056 - 06/01/2056 | 2470230 | 2433126 |
|  5.500% due 05/01/2056 - 06/01/2056 | 746632 | 748821 |
|  6.000% due 05/01/2056 - 07/01/2056 | 2273440 | 2313812 |
|  6.500% due 05/01/2056 - 06/01/2056 | 1671750 | 1728067 |
|  Total U.S. Government Agencies<br>(Cost $11,436,334) | Total U.S. Government Agencies<br>(Cost $11,436,334) | 11348513 |
| U.S. TREASURY OBLIGATIONS 6.9% | U.S. TREASURY OBLIGATIONS 6.9% | U.S. TREASURY OBLIGATIONS 6.9% |
|  U.S. Treasury Bonds |  |  |
|  2.750% due 08/15/2047 | 1000 | 708 |
|  3.000% due 08/15/2048 | 80 | 59 |
|  3.000% due 02/15/2049 (q) | 10 | 7 |
|  4.625% due 11/15/2045 | 31552 | 30438 |
|  4.625% due 02/15/2046 (m) | 15300 | 14751 |
|  4.625% due 05/15/2054 (q) | 149800 | 142872 |
|  4.750% due 02/15/2056 | 83900 | 81842 |
|  4.875% due 08/15/2045 | 6161 | 6142 |
|  U.S. Treasury Inflation Protected Securities (i) | U.S. Treasury Inflation Protected Securities (i) | U.S. Treasury Inflation Protected Securities (i) |
|  0.250% due 02/15/2050 | 6350 | 3599 |
|  0.625% due 02/15/2043 | 1132 | 835 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **133** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.750% due 02/15/2042 | 1151 | 888 |
|  0.750% due 02/15/2045 (q) | 5939 | 4271 |
|  0.875% due 02/15/2047 (q) | 6601 | 4687 |
|  1.000% due 02/15/2046 | 3431 | 2548 |
|  1.000% due 02/15/2048 (q) | 7649 | 5500 |
|  1.000% due 02/15/2049 | 24310 | 17228 |
|  1.375% due 02/15/2044 | 1116 | 923 |
|  1.500% due 02/15/2053 | 22756 | 17463 |
|  2.125% due 02/15/2040 | 602 | 590 |
|  2.125% due 02/15/2041 | 594 | 575 |
|  0.125% due 07/15/2026 (o) | 57390 | 58220 |
|  0.125% due 10/15/2026 (o) | 39631 | 39975 |
|  0.125% due 01/15/2031 (o) | 2124 | 1997 |
|  0.125% due 07/15/2031 (o) | 76371 | 71378 |
|  0.250% due 07/15/2029 (o)(q) | 68017 | 66172 |
|  0.375% due 01/15/2027 (o) | 3714 | 3722 |
|  0.375% due 07/15/2027 (o) | 1010 | 1010 |
|  0.625% due 07/15/2032 (o) | 95701 | 90326 |
|  0.750% due 07/15/2028 (o) | 12250 | 12217 |
|  0.875% due 01/15/2029 (o) | 39840 | 39558 |
|  1.375% due 07/15/2033 (q) | 94017 | 91938 |
|  1.625% due 04/15/2030 (o) | 40252 | 40668 |
|  1.750% due 01/15/2034 (o) | 29835 | 29721 |
|  1.875% due 07/15/2034 | 203244 | 204320 |
|  U.S. Treasury Notes |  |  |
|  4.000% due 07/31/2032 (q) | 136200 | 135532 |
|  4.125% due 02/15/2036 (q) | 35900 | 35342 |
|  4.250% due 08/15/2035 (q) | 9635 | 9601 |
|  Total U.S. Treasury Obligations<br>(Cost $1,329,558) | Total U.S. Treasury Obligations<br>(Cost $1,329,558) | 1267623 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 13.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 13.0% | NON-AGENCY MORTGAGE-BACKED SECURITIES 13.0% |
|  Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust | Adjustable Rate Mortgage Trust |
|  4.293% due 03/25/2036 •  | 4134 | 956 |
|  4.757% due 11/25/2035 ~ | 52 | 37 |
|  4.760% due 10/25/2035 ~ | 21 | 20 |
|  5.083% due 06/25/2035 ~ | 3455 | 3382 |
|  6.542% due 08/25/2035 ~ | 30 | 30 |
|  American Home Mortgage Assets Trust | American Home Mortgage Assets Trust | American Home Mortgage Assets Trust |
|  3.918% due 03/25/2047 •  | 1668 | 1520 |
|  3.983% due 12/25/2046 •  | 3367 | 2953 |
|  4.799% due 10/25/2046 •  | 2978 | 1986 |
|  American Home Mortgage Investment Trust | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
|  4.693% due 09/25/2035 •  | 312 | 327 |
|  5.799% due 12/25/2035 •  | 11032 | 1934 |
|  6.700% due 06/25/2036 þ | 8911 | 1051 |
|  7.100% due 06/25/2036 þ | 3816 | 449 |
|  Angel Oak Mortgage Trust |  |  |
|  5.985% due 01/25/2069 þ | 671 | 675 |
|  Ashford Hospitality Trust |  |  |
|  5.095% due 04/15/2035 •  | 10000 | 9970 |
|  5.945% due 04/15/2035 •  | 23253 | 22999 |
|  Atrium Hotel Portfolio Trust |  |  |
|  5.620% due 12/15/2036 •  | 8450 | 8224 |
|  5.920% due 12/15/2036 •  | 7242 | 6942 |
|  BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust | BAMLL Commercial Mortgage Securities Trust |
|  2.847% due 04/20/2042 | 9400 | 7733 |
|  5.787% due 09/15/2038 •  | 6000 | 5703 |
|  6.537% due 09/15/2038 •  | 16700 | 15670 |
|  BAMLL Re-REMICS Trust |  |  |
|  5.617% due 06/17/2050 ~ | 100 | 18 |
|  Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust |
|  5.913% due 10/25/2036 ~ | 2199 | 549 |
|  Banc of America Funding Trust | Banc of America Funding Trust |  |
|  4.170% due 10/20/2036 •  | 5728 | 4516 |
|  4.170% due 12/20/2046 •  | 3393 | 3091 |
|  5.044% due 09/20/2035 ~ | 17 | 14 |
|  5.123% due 05/20/2036 ~ | 36 | 31 |
|  6.388% due 04/25/2037 þ | 73 | 62 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust |  |
|  4.691% due 01/25/2036 ~ | 15 | 14 |
|  4.944% due 11/20/2046 ~ | 129 | 116 |
|  Bank5 |  |  |
|  4.619% due 02/15/2059 | 27300 | 27194 |
|  5.104% due 02/15/2059 | 12600 | 12794 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  BBCCRE Trust |  |  |
|  4.563% due 08/10/2033 ~ | 8800 | 7407 |
|  BBCMS Mortgage Trust |  |  |
|  6.361% due 07/15/2037 •  | 5576 | 5030 |
|  BCAP LLC Trust |  |  |
|  3.606% due 03/27/2036 ~ | 505 | 343 |
|  4.068% due 11/26/2036 ~ | 1277 | 1045 |
|  4.153% due 03/25/2037 •  | 5792 | 5436 |
|  6.500% due 06/26/2037 ~ | 7422 | 1701 |
|  Bear Stearns ALT-A Trust |  |  |
|  4.336% due 11/25/2035 ~ | 227 | 210 |
|  Bear Stearns ALT-A Trust II |  |  |
|  4.533% due 09/25/2047 ~ | 10568 | 5456 |
|  Bear Stearns ARM Trust |  |  |
|  4.991% due 01/25/2035 ~ | 2 | 1 |
|  Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust | Bear Stearns Mortgage Funding Trust |
|  3.953% due 01/25/2037 •  | 7124 | 6345 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  4.788% due 01/26/2036 ~ | 166 | 119 |
|  Benchmark Mortgage Trust |  |  |
|  3.075% due 12/15/2062 ~ | 11595 | 1187 |
|  6.228% due 05/15/2056 ~ | 9472 | 9877 |
|  BINOM Securitization Trust |  |  |
|  4.441% due 08/25/2057 ~ | 7600 | 7406 |
|  BWAY Mortgage Trust |  |  |
|  5.987% due 09/15/2036 •  | 7124 | 6710 |
|  6.637% due 09/15/2036 •  | 8195 | 7475 |
|  Cascade Funding Mortgage Trust | Cascade Funding Mortgage Trust |  |
|  4.000% due 10/25/2054 ~ | 12562 | 12278 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 03/25/2064 ~ | 10749 | 9512 |
|  3.250% due 09/25/2064 ~ | 8721 | 7756 |
|  3.375% due 04/25/2065 ~ | 7424 | 6675 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  6.000% due 05/25/2036 | 10562 | 4068 |
|  6.000% due 02/25/2037 ~ | 379 | 371 |
|  ChaseFlex Trust | ChaseFlex Trust | ChaseFlex Trust |
|  6.000% due 02/25/2035 | 1926 | 1322 |
|  Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates | Chevy Chase Funding LLC Mortgage-Backed Certificates |
|  4.043% due 06/25/2036 •  | 133 | 130 |
|  CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust | CHL Mortgage Pass-Through Trust |
|  3.598% due 04/25/2035 ~ | 82 | 55 |
|  4.063% due 04/25/2035 •  | 73 | 70 |
|  4.096% due 09/20/2036 ~ | 564 | 508 |
|  4.145% due 11/25/2037 ~ | 11437 | 10565 |
|  4.393% due 05/25/2035 •  | 615 | 549 |
|  4.433% due 03/25/2035 •  | 49 | 43 |
|  5.500% due 11/25/2035 | 26 | 13 |
|  6.000% due 02/25/2037 | 5997 | 2096 |
|  6.582% due 10/20/2034 ~ | 46 | 46 |
|  CHL Reperforming Loan REMICS Trust | CHL Reperforming Loan REMICS Trust | CHL Reperforming Loan REMICS Trust |
|  4.153% due 03/25/2035 •  | 1079 | 1043 |
|  CIM Trust | CIM Trust | CIM Trust |
|  4.500% due 03/25/2062 ~ | 40060 | 39189 |
|  Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust | Citicorp Mortgage Securities Trust |
|  6.000% due 05/25/2037 | 847 | 741 |
|  Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust | Citigroup Mortgage Loan Trust |
|  3.375% due 10/25/2062 þ | 18758 | 17238 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  0.000% due 05/01/2060 ~ | 265739 | 234075 |
|  CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust | CitiMortgage Alternative Loan Trust |
|  6.000% due 05/25/2037 | 3724 | 3454 |
|  6.500% due 06/25/2037 | 33 | 31 |
|  CLNY Trust | CLNY Trust | CLNY Trust |
|  5.512% due 11/15/2038 •  | 7850 | 7755 |
|  6.755% due 11/15/2038 •  | 8000 | 7542 |
|  COLT Mortgage Loan Trust | COLT Mortgage Loan Trust | COLT Mortgage Loan Trust |
|  5.903% due 12/25/2068 þ | 2714 | 2724 |
|  6.393% due 06/25/2069 þ | 4666 | 4714 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  4.153% due 04/25/2046 •  | 813 | 770 |
|  4.190% due 07/20/2046 •  | 55 | 48 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.193% due 02/25/2036 •  | $— | 99 | $— | 59 |
|  4.350% due 09/20/2046 •  |  | 926 |  | 843 |
|  4.810% due 11/20/2035 •  |  | 13 |  | 14 |
|  4.819% due 08/25/2046 •  |  | 1382 |  | 1285 |
|  5.000% due 08/25/2035 |  | 2287 |  | 1308 |
|  5.239% due 11/25/2047 •  |  | 2160 |  | 1956 |
|  5.500% due 04/25/2035 |  | 774 |  | 509 |
|  5.500% due 12/25/2035 |  | 134 |  | 119 |
|  5.500% due 03/25/2036 |  | 38 |  | 15 |
|  6.000% due 12/25/2034 |  | 1631 |  | 1453 |
|  6.000% due 03/25/2036 |  | 369 |  | 161 |
|  6.000% due 08/25/2036 •  |  | 343 |  | 327 |
|  6.000% due 03/25/2037 |  | 918 |  | 338 |
|  6.000% due 05/25/2037 |  | 7990 |  | 3188 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  4.459% due 03/25/2032 ~ |  | 31 |  | 30 |
|  6.000% due 01/25/2036 |  | 188 |  | 111 |
|  Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust | Cross Mortgage Trust |
|  5.003% due 11/25/2070 ~ |  | 2727 |  | 2715 |
|  5.036% due 11/25/2070 ~ |  | 10490 |  | 10451 |
|  5.549% due 12/25/2069 ~ |  | 2158 |  | 2166 |
|  CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust | CSMC Mortgage-Backed Trust |
|  5.180% due 01/15/2049 ~ |  | 15000 |  | 9225 |
|  6.421% due 10/25/2037 ~ |  | 27733 |  | 15594 |
|  CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust | CSMC Trust |
|  3.927% due 09/25/2057 ~ |  | 5700 |  | 5411 |
|  5.587% due 07/15/2038 •  |  | 4460 |  | 3154 |
|  5.594% due 07/15/2032 •  |  | 2798 |  | 2778 |
|  6.087% due 07/15/2038 •  |  | 7000 |  | 2219 |
|  6.611% due 06/01/2050 ~ |  | 3888 |  | 3876 |
|  DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust |
|  6.587% due 10/15/2039 •  |  | 19393 |  | 19350 |
|  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 |  | 4300 |  | 4387 |
|  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 ~ |  | 2313 |  | 2308 |
|  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 |
|  4.093% due 03/25/2037 •  |  | 159 |  | 153 |
|  4.213% due 08/25/2047 •  |  | 11429 |  | 11057 |
|  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 |
|  6.369% due 10/25/2036 þ |  | 43 |  | 38 |
|  6.386% due 10/25/2036 þ |  | 43 |  | 38 |
|  Deutsche Mortgage Securities, Inc. Re-REMICS Trust Certificates | Deutsche Mortgage Securities, Inc. Re-REMICS Trust Certificates | Deutsche Mortgage Securities, Inc. Re-REMICS Trust Certificates | Deutsche Mortgage Securities, Inc. Re-REMICS Trust Certificates | Deutsche Mortgage Securities, Inc. Re-REMICS Trust Certificates |
|  4.170% due 06/27/2037 ~ |  | 7490 |  | 6683 |
|  DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust | DROP Mortgage Trust |
|  6.037% due 10/15/2043 •  |  | 15648 |  | 15521 |
|  DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust | DSLA Mortgage Loan Trust |
|  4.101% due 10/19/2036 •  |  | 257 |  | 158 |
|  Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust | Ellington Financial Mortgage Trust |
|  4.973% due 12/25/2070 þ |  | 9638 |  | 9626 |
|  5.100% due 10/25/2070 þ |  | 5476 |  | 5457 |
|  5.655% due 02/25/2060 þ |  | 4547 |  | 4573 |
|  5.726% due 01/25/2060 þ |  | 2700 |  | 2715 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  4.565% due 09/13/2045 •  |  | 681 |  | 890 |
|  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 |
|  4.250% due 03/25/2029 «~ | $— | 37900 |  | 37346 |
|  4.500% due 11/25/2035 ~ |  | 12091 |  | 11978 |
|  Finance of America Structured Securities Trust | Finance of America Structured Securities Trust | Finance of America Structured Securities Trust | Finance of America Structured Securities Trust | Finance of America Structured Securities Trust |
|  3.500% due 09/25/2055 þ |  | 109773 |  | 106953 |
|  3.500% due 03/25/2056 «þ |  | 65800 |  | 63592 |
|  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. |
|  5.177% due 02/25/2036 ~ |  | 9 |  | 9 |
|  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 |
|  5.750% due 05/25/2037 |  | 66 |  | 19 |
|  GCAT Trust | GCAT Trust | GCAT Trust | GCAT Trust | GCAT Trust |
|  4.250% due 05/25/2067 ~ |  | 3456 |  | 3265 |
|  6.007% due 01/25/2059 þ |  | 2300 |  | 2311 |
|  6.085% due 06/25/2059 þ |  | 3002 |  | 3025 |
|  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 |
|  5.590% due 12/15/2036 •  |  | 2595 |  | 2563 |
|  5.840% due 12/15/2036 •  |  | 2947 |  | 2882 |
|  6.440% due 12/15/2036 •  |  | 816 |  | 781 |
|  GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust | GS Mortgage-Backed Securities Corp. Trust |
|  1.750% due 12/25/2060 ~ |  | 10284 |  | 9677 |

---

---

| | | |
|:---|:---|:---|
| **134** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  0.000% due 01/25/2061 ~ | 1128 | 970 |
|  0.000% due 01/25/2061 ~(a) | 158614 | 9943 |
|  0.000% due 12/25/2061 ~(a) | 327 | 310 |
|  0.140% due 01/25/2061 ~(a) | 154458 | 791 |
|  2.915% due 01/25/2061 ~ | 127356 | 121225 |
|  3.711% due 12/25/2061 ~ | 207275 | 178717 |
|  4.100% due 07/25/2065 þ | 12209 | 11868 |
|  4.250% due 01/25/2061 ~ | 4076 | 3852 |
|  4.750% due 01/25/2061 ~ | 3533 | 3407 |
|  5.013% due 07/25/2065 þ | 5177 | 5153 |
|  5.413% due 01/25/2061 ~ | 3303 | 3001 |
|  GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust | GSMPS Mortgage Loan Trust |
|  4.135% due 06/25/2034 ~ | 1107 | 1052 |
|  GSR Mortgage Loan Trust | GSR Mortgage Loan Trust | GSR Mortgage Loan Trust |
|  4.741% due 11/25/2035 ~ | 2 | 2 |
|  HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust | HarborView Mortgage Loan Trust |
|  4.679% due 06/19/2045 •  | 612 | 236 |
|  4.709% due 12/19/2036 •  | 4087 | 3829 |
|  HomeBanc Mortgage Trust | HomeBanc Mortgage Trust | HomeBanc Mortgage Trust |
|  4.603% due 10/25/2035 •  | 7184 | 7040 |
|  HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust | HSI Asset Securitization Corp. Trust |
|  4.783% due 07/25/2035 •  | 3235 | 3063 |
|  Impac Secured Assets Corp. | Impac Secured Assets Corp. | Impac Secured Assets Corp. |
|  4.433% due 03/25/2036 •  | 838 | 748 |
|  IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust | IndyMac INDA Mortgage Loan Trust |
|  4.438% due 08/25/2037 ~ | 81 | 77 |
|  IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust | IndyMac INDX Mortgage Loan Trust |
|  3.314% due 05/25/2037 ~ | 7418 | 6030 |
|  3.817% due 05/25/2037 ~ | 1149 | 763 |
|  3.844% due 09/25/2035 ~ | 41 | 33 |
|  4.153% due 01/25/2037 •  | 6544 | 5911 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  3.988% due 10/25/2036 ~ | 6659 | 5967 |
|  4.203% due 05/25/2036 ~ | 84 | 45 |
|  4.513% due 12/25/2036 ~ | 10 | 11 |
|  5.330% due 12/25/2035 ~ | 345 | 233 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  0.360% due 10/05/2040 ~(a) | 51900 | 457 |
|  5.787% due 12/15/2036 •  | 3810 | 50 |
|  5.887% due 09/15/2029 •  | 7700 | 6639 |
|  6.137% due 09/15/2029 •  | 8698 | 6921 |
|  7.235% due 10/05/2040 | 5500 | 5693 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  0.000% due 10/25/2055 ~ | 117573 | 125517 |
|  4.412% due 05/25/2036 ~ | 179 | 147 |
|  4.735% due 08/25/2036 ~ | 441 | 340 |
|  4.750% due 01/25/2063 ~ | 12670 | 12478 |
|  4.869% due 06/25/2037 ~ | 177 | 134 |
|  4.954% due 03/25/2066 ~ | 15396 | 15344 |
|  5.561% due 09/25/2055 þ | 7043 | 7039 |
|  5.567% due 09/25/2065 ~ | 4192 | 4212 |
|  6.000% due 09/25/2035 | 4761 | 3205 |
|  6.500% due 09/25/2035 | 88 | 53 |
|  JP Morgan Seasoned Mortgage Trust | JP Morgan Seasoned Mortgage Trust | JP Morgan Seasoned Mortgage Trust |
|  3.684% due 01/25/2063 ~ | 9776 | 9139 |
|  Lavender Trust | Lavender Trust | Lavender Trust |
|  6.250% due 10/26/2036 | 983 | 415 |
|  Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust | Legacy Mortgage Asset Trust |
|  5.892% due 10/25/2066 þ | 4247 | 4252 |
|  Lehman Mortgage Trust | Lehman Mortgage Trust | Lehman Mortgage Trust |
|  6.000% due 08/25/2036 | 336 | 251 |
|  6.000% due 09/25/2037 | 65 | 64 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.153% due 12/25/2036 •  | 4399 | 4464 |
|  4.173% due 09/25/2046 •  | 137 | 126 |
|  MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust | MASTR Adjustable Rate Mortgages Trust |
|  4.003% due 04/25/2046 •  | 167 | 157 |
|  MASTR Alternative Loan Trust | MASTR Alternative Loan Trust | MASTR Alternative Loan Trust |
|  6.750% due 07/25/2036 | 395 | 145 |
|  MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust | MASTR Reperforming Loan Trust |
|  8.000% due 08/25/2034 | 1237 | 926 |
|  Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust | Merrill Lynch Alternative Note Asset Trust |
|  4.393% due 03/25/2037 •  | 559 | 129 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.513% due 08/25/2035 •  | 1795 | 1689 |
|  5.277% due 11/25/2035 •  | 25 | 25 |
|  MFA Trust | MFA Trust | MFA Trust |
|  6.105% due 12/25/2068 þ | 2946 | 2962 |
|  MFT Mortgage Trust | MFT Mortgage Trust | MFT Mortgage Trust |
|  3.358% due 02/10/2042 | 5000 | 4212 |
|  3.477% due 02/10/2042 ~ | 6815 | 5282 |
|  Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust |
|  5.370% due 11/15/2034 •  | 1779 | 1759 |
|  6.031% due 12/15/2036 •  | 9000 | 98 |
|  6.170% due 11/15/2034 •  | 20993 | 20760 |
|  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 | 37841 | 36588 |
|  4.000% due 06/25/2064 þ | 4774 | 4648 |
|  4.963% due 09/25/2070 ~ | 4572 | 4566 |
|  5.016% due 09/25/2070 ~ | 7180 | 7170 |
|  5.021% due 11/25/2070 þ | 8449 | 8433 |
|  5.530% due 05/25/2070 ~ | 2089 | 2096 |
|  5.649% due 10/25/2069 ~ | 13352 | 13429 |
|  MRCD Mortgage Trust | MRCD Mortgage Trust | MRCD Mortgage Trust |
|  2.718% due 12/15/2036 | 19530 | 14807 |
|  MSSG Trust | MSSG Trust | MSSG Trust |
|  3.740% due 09/13/2039 ~ | 2681 | 2469 |
|  Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust | Natixis Commercial Mortgage Securities Trust |
|  4.058% due 04/10/2037 ~ | 21999 | 16820 |
|  4.773% due 06/17/2038 ~ | 11706 | 11165 |
|  New Orleans Hotel Trust | New Orleans Hotel Trust | New Orleans Hotel Trust |
|  4.709% due 04/15/2032 •  | 3300 | 3268 |
|  5.309% due 04/15/2032 •  | 12440 | 12275 |
|  New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust | New Residential Mortgage Loan Trust |
|  2.750% due 07/25/2059 ~ | 2954 | 2866 |
|  3.500% due 10/25/2059 ~ | 1369 | 1284 |
|  5.085% due 10/25/2065 ~ | 1304 | 1302 |
|  NLT Trust | NLT Trust | NLT Trust |
|  3.200% due 10/25/2062 ~ | 2784 | 2571 |
|  Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust | Nomura Asset Acceptance Corp. Alternative Loan Trust |
|  3.983% due 06/25/2037 •  | 2849 | 2375 |
|  4.462% due 04/25/2036 ~ | 1800 | 1622 |
|  Nomura Resecuritization Trust | Nomura Resecuritization Trust | Nomura Resecuritization Trust |
|  4.693% due 01/25/2037 •  | 15745 | 15135 |
|  NYMT Loan Trust | NYMT Loan Trust | NYMT Loan Trust |
|  3.750% due 02/25/2068 ~ | 1517 | 1406 |
|  3.750% due 11/25/2069 ~ | 10087 | 9721 |
|  OBX Trust | OBX Trust | OBX Trust |
|  4.940% due 09/25/2062 þ | 14205 | 14120 |
|  5.928% due 11/25/2063 þ | 3531 | 3544 |
|  6.030% due 01/25/2064 þ | 4106 | 4139 |
|  6.233% due 05/25/2064 þ | 3266 | 3295 |
|  6.465% due 10/25/2063 þ | 5484 | 5523 |
|  6.844% due 04/25/2063 þ | 2487 | 2501 |
|  7.159% due 10/25/2063 þ | 7016 | 7073 |
|  Oceanview Mortgage Trust | Oceanview Mortgage Trust | Oceanview Mortgage Trust |
|  4.462% due 11/25/2054 •  | 2070 | 2071 |
|  Pretium Mortgage Credit Partners LLC | Pretium Mortgage Credit Partners LLC | Pretium Mortgage Credit Partners LLC |
|  4.000% due 08/25/2064 þ | 1995 | 1938 |
|  4.000% due 03/25/2065 þ | 19756 | 19145 |
|  4.000% due 07/25/2069 þ | 896 | 872 |
|  4.075% due 06/25/2064 ~ | 3308 | 3127 |
|  4.150% due 01/25/2070 þ | 12002 | 11640 |
|  PRKCM Trust | PRKCM Trust | PRKCM Trust |
|  5.101% due 10/25/2060 þ | 2106 | 2102 |
|  6.431% due 05/25/2059 þ | 593 | 599 |
|  7.225% due 11/25/2058 þ | 2824 | 2849 |
|  Project Cashmere | Project Cashmere | Project Cashmere |
|  4.543% due 12/30/2057 «(b) | 109100 | 75274 |
|  5.713% due 12/30/2057 «(b) | 15100 | 10418 |
|  5.863% due 12/30/2057 «(b) | 9500 | 6555 |
|  6.163% due 12/30/2057 «(b) | 6400 | 4416 |
|  6.563% due 12/30/2057 «(b) | 5200 | 3588 |
|  PRPM LLC | PRPM LLC | PRPM LLC |
|  3.750% due 03/25/2054 þ | 715 | 701 |
|  3.750% due 04/25/2055 þ | 4097 | 3992 |
|  4.000% due 11/25/2053 þ | 744 | 734 |
|  4.000% due 01/25/2054 þ | 687 | 679 |
|  4.000% due 05/25/2054 þ | 615 | 606 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.000% due 11/25/2054 þ | $— | 5129 | $— | 5013 |
|  4.000% due 10/25/2064 þ |  | 788 |  | 769 |
|  4.200% due 12/25/2064 þ |  | 1870 |  | 1843 |
|  4.500% due 06/25/2065 þ |  | 27296 |  | 26731 |
|  4.839% due 10/25/2055 þ |  | 1620 |  | 1603 |
|  4.942% due 12/25/2055 þ |  | 7227 |  | 7167 |
|  5.250% due 07/25/2055 þ |  | 2202 |  | 2200 |
|  5.500% due 03/25/2056 ~ |  | 7300 |  | 7335 |
|  5.699% due 11/25/2029 þ |  | 1351 |  | 1353 |
|  5.774% due 08/25/2028 þ |  | 6913 |  | 6903 |
|  5.870% due 11/25/2029 þ |  | 4839 |  | 4845 |
|  PRPM Trust | PRPM Trust | PRPM Trust | PRPM Trust | PRPM Trust |
|  4.845% due 01/25/2056 þ |  | 5802 |  | 5774 |
|  5.228% due 08/25/2069 þ |  | 6063 |  | 6056 |
|  5.802% due 11/25/2069 þ |  | 6510 |  | 6549 |
|  6.221% due 11/25/2068 þ |  | 992 |  | 999 |
|  RALI Trust | RALI Trust | RALI Trust | RALI Trust | RALI Trust |
|  4.113% due 01/25/2037 •  |  | 8949 |  | 8198 |
|  4.173% due 07/25/2036 •  |  | 106 |  | 99 |
|  4.709% due 09/25/2046 •  |  | 4586 |  | 4349 |
|  5.219% due 09/25/2045 •  |  | 123 |  | 107 |
|  6.000% due 09/25/2036 |  | 308 |  | 110 |
|  RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust | RBSSP Resecuritization Trust |
|  5.069% due 01/26/2036 ~ |  | 1665 |  | 1540 |
|  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 ~ |  | 6700 |  | 6690 |
|  5.545% due 01/25/2065 þ |  | 801 |  | 804 |
|  SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust | SFO Commercial Mortgage Trust |
|  6.187% due 05/15/2038 •  |  | 23560 |  | 23391 |
|  6.687% due 05/15/2038 •  |  | 5000 |  | 4947 |
|  SRT Issuer I LLC | SRT Issuer I LLC | SRT Issuer I LLC | SRT Issuer I LLC | SRT Issuer I LLC |
|  0.000% due 10/01/2031 «•  |  | 20000 |  | 20042 |
|  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 |
|  4.093% due 02/25/2037 •  |  | 1769 |  | 1802 |
|  4.676% due 09/25/2035 ~ |  | 79 |  | 71 |
|  5.798% due 04/25/2034 ~ |  | 1 |  | 1 |
|  Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust | Structured Asset Mortgage Investments II Trust |
|  4.053% due 03/25/2037 •  |  | 830 |  | 325 |
|  4.333% due 08/25/2035 •  |  | 202 |  | 196 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.043% due 07/25/2035 •  |  | 9936 |  | 8840 |
|  4.053% due 05/25/2043 •  |  | 5461 |  | 5138 |
|  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 |
|  4.043% due 05/25/2036 •  |  | 11337 |  | 9174 |
|  TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust | TBW Mortgage-Backed Trust |
|  4.153% due 01/25/2037 •  |  | 14025 |  | 2968 |
|  6.470% due 09/25/2036 þ |  | 473 |  | 11 |
|  6.620% due 03/25/2037 þ |  | 8558 |  | 1616 |
|  Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust | Thornburg Mortgage Securities Trust |
|  4.433% due 09/25/2043 •  |  | 7 |  | 7 |
|  Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC | Towd Point Mortgage Funding - Granite 6 PLC |
|  4.669% due 07/20/2053 •  |  | 21478 |  | 28446 |
|  Towd Point Mortgage Trust |  |  |  |  |
|  2.710% due 01/25/2060 ~ | $— | 2603 |  | 2516 |
|  3.000% due 10/25/2057 ~ |  | 1774 |  | 1710 |
|  3.250% due 07/25/2056 ~ |  | 221 |  | 220 |
|  3.750% due 07/25/2062 ~ |  | 6213 |  | 5899 |
|  3.750% due 09/25/2062 |  | 68753 |  | 65516 |
|  4.103% due 01/25/2066 ~ |  | 6849 |  | 6762 |
|  4.612% due 10/25/2064 ~ |  | 28525 |  | 28299 |
|  Uropa Securities PLC | Uropa Securities PLC | Uropa Securities PLC | Uropa Securities PLC | Uropa Securities PLC |
|  4.213% due 10/10/2040 •  |  | 2541 |  | 3220 |
|  VASA Trust | VASA Trust | VASA Trust | VASA Trust | VASA Trust |
|  5.037% due 07/15/2039 •  | $— | 10800 |  | 10451 |
|  5.537% due 07/15/2039 •  |  | 10000 |  | 9433 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  4.832% due 10/25/2067 ~ |  | 8427 |  | 8359 |
|  4.858% due 12/25/2070 þ |  | 12216 |  | 12182 |
|  5.086% due 07/25/2067 ~ |  | 9832 |  | 9807 |
|  5.389% due 10/25/2067 ~ |  | 13700 |  | 13710 |
|  5.402% due 05/25/2065 þ |  | 6527 |  | 6547 |
|  5.799% due 07/25/2069 þ |  | 1634 |  | 1645 |
|  6.192% due 06/25/2069 þ |  | 5426 |  | 5477 |
|  6.259% due 12/25/2068 þ |  | 2004 |  | 2015 |
|  6.876% due 11/25/2068 ~ |  | 2388 |  | 2408 |
|  WaMu Commercial Mortgage Securities Trust | WaMu Commercial Mortgage Securities Trust | WaMu Commercial Mortgage Securities Trust | WaMu Commercial Mortgage Securities Trust | WaMu Commercial Mortgage Securities Trust |
|  6.180% due 03/23/2045 ~ |  | 4967 |  | 4879 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **135** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust | WaMu Mortgage Pass-Through Certificates Trust |
|  3.829% due 12/25/2046 •  | $| 94 | 84 |
|  4.125% due 02/25/2037 ~ |  | 140 | 126 |
|  4.353% due 11/25/2045 •  |  | 5347 | 5047 |
|  4.373% due 12/25/2045 •  |  | 1119 | 1120 |
|  4.483% due 10/25/2035 ~ |  | 2313 | 2132 |
|  4.773% due 11/25/2034 •  |  | 137 | 135 |
|  5.059% due 11/25/2042 •  |  | 24 | 23 |
|  5.686% due 09/25/2033 ~ |  | 11 | 11 |
|  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 |
|  4.695% due 12/21/2049 •  | GBP | 4062 | 5380 |
|  Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust |
|  4.223% due 06/25/2037 •  | $| 1581 | 1391 |
|  Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
|  5.865% due 11/25/2037 ~ |  | 84 | 78 |
|  6.086% due 04/25/2036 ~ |  | 291 | 288 |
|  6.174% due 10/25/2037 ~ |  | 9047 | 7876 |
|  6.338% due 09/25/2033 ~ |  | 13 | 13 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $2,566,050) | Total Non-Agency Mortgage-Backed Securities (Cost $2,566,050) | Total Non-Agency Mortgage-Backed Securities (Cost $2,566,050) | 2404398 |
| ASSET-BACKED SECURITIES 17.0% | ASSET-BACKED SECURITIES 17.0% | ASSET-BACKED SECURITIES 17.0% | ASSET-BACKED SECURITIES 17.0% |
| AUTOMOBILE ABS OTHER 0.3% | AUTOMOBILE ABS OTHER 0.3% | AUTOMOBILE ABS OTHER 0.3% | AUTOMOBILE ABS OTHER 0.3% |
|  CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust |
|  4.352% due 05/15/2028 •  |  | 3560 | 3563 |
|  4.402% due 09/15/2027 •  |  | 37 | 37 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  2.900% due 03/10/2028 |  | 341 | 335 |
|  First Investors Auto Owner Trust | First Investors Auto Owner Trust | First Investors Auto Owner Trust | First Investors Auto Owner Trust |
|  3.985% due 04/15/2027 (b) |  | 12700 | 12700 |
|  4.310% due 07/16/2029 (b) |  | 15100 | 15099 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  5.690% due 03/15/2029 |  | 7462 | 7485 |
|  M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust | M&T Bank Auto Receivables Trust |
|  4.172% due 05/15/2028 •  |  | 3440 | 3441 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  4.930% due 09/17/2029 |  | 8900 | 8955 |
|  4.960% due 11/15/2028 |  | 2822 | 2825 |
|  |  |  | 54440 |
| AUTOMOBILE SEQUENTIAL 4.2% | AUTOMOBILE SEQUENTIAL 4.2% | AUTOMOBILE SEQUENTIAL 4.2% | AUTOMOBILE SEQUENTIAL 4.2% |
|  AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust | AmeriCredit Automobile Receivables Trust |
|  4.220% due 03/19/2029 |  | 4300 | 4303 |
|  Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust | Arivo Acceptance Auto Loan Receivables Trust |
|  4.920% due 05/15/2029 |  | 990 | 993 |
|  Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC | Avis Budget Rental Car Funding AESOP LLC |
|  5.130% due 10/20/2028 |  | 5500 | 5552 |
|  5.440% due 02/22/2028 |  | 1070 | 1078 |
|  5.780% due 04/20/2028 |  | 2250 | 2279 |
|  6.120% due 04/20/2027 |  | 463 | 464 |
|  Bayview Opportunity Master Fund VII Trust | Bayview Opportunity Master Fund VII Trust | Bayview Opportunity Master Fund VII Trust | Bayview Opportunity Master Fund VII Trust |
|  5.660% due 03/15/2028 |  | 1040 | 1042 |
|  BofA Auto Trust | BofA Auto Trust | BofA Auto Trust | BofA Auto Trust |
|  5.350% due 11/15/2028 |  | 2896 | 2916 |
|  Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust |
|  4.730% due 02/15/2028 |  | 1574 | 1575 |
|  5.340% due 04/17/2028 |  | 257 | 257 |
|  CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust | CarMax Select Receivables Trust |
|  4.030% due 12/17/2029 |  | 17800 | 17794 |
|  4.190% due 03/15/2029 |  | 11900 | 11901 |
|  4.760% due 05/15/2028 |  | 4415 | 4424 |
|  5.780% due 09/15/2027 |  | 67 | 67 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  4.070% due 02/12/2029 |  | 9250 | 9244 |
|  4.260% due 10/10/2029 |  | 9331 | 9332 |
|  4.310% due 09/10/2030 |  | 6225 | 6219 |
|  4.500% due 06/12/2028 |  | 729 | 729 |
|  4.560% due 08/10/2028 |  | 13120 | 13135 |
|  4.780% due 05/10/2028 |  | 589 | 590 |
|  4.910% due 08/10/2029 |  | 3100 | 3118 |
|  5.050% due 04/10/2029 |  | 3098 | 3112 |
|  5.080% due 03/11/2030 |  | 5691 | 5767 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.620% due 01/10/2029 | $— | 1138 | $— | 1145 |
|  5.710% due 07/10/2028 |  | 1950 |  | 1954 |
|  5.710% due 07/10/2029 |  | 3000 |  | 3055 |
|  5.740% due 11/13/2029 |  | 1873 |  | 1912 |
|  6.160% due 10/10/2028 |  | 1906 |  | 1920 |
|  6.160% due 09/10/2029 |  | 5319 |  | 5463 |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  5.220% due 07/25/2029 |  | 11183 |  | 11280 |
|  5.520% due 06/25/2029 |  | 12943 |  | 13080 |
|  CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust | CPS Auto Receivables Trust |
|  4.710% due 03/15/2029 |  | 2242 |  | 2247 |
|  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 |  | 12200 |  | 12194 |
|  4.290% due 10/16/2028 |  | 20318 |  | 20324 |
|  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 |  | 20236 |  | 20233 |
|  4.000% due 10/20/2028 |  | 34800 |  | 34726 |
|  4.650% due 10/20/2027 |  | 3096 |  | 3105 |
|  4.820% due 02/20/2029 |  | 3900 |  | 3936 |
|  4.980% due 08/21/2028 |  | 3300 |  | 3328 |
|  5.310% due 04/20/2027 |  | 1095 |  | 1097 |
|  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 |  | 15900 |  | 15901 |
|  4.310% due 11/15/2028 |  | 34200 |  | 34218 |
|  4.530% due 03/15/2028 |  | 6062 |  | 6067 |
|  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 |  | 2064 |  | 2066 |
|  FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust | FCCU Auto Receivables Trust |
|  5.460% due 04/15/2030 |  | 1100 |  | 1118 |
|  5.540% due 04/16/2029 |  | 3176 |  | 3197 |
|  FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust | FHF Issuer Trust |
|  4.920% due 02/15/2031 |  | 6561 |  | 6561 |
|  5.690% due 02/15/2030 |  | 2673 |  | 2690 |
|  6.790% due 10/15/2029 |  | 1602 |  | 1615 |
|  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 |  | 1164 |  | 1170 |
|  Ford Auto Securitization Trust | Ford Auto Securitization Trust | Ford Auto Securitization Trust | Ford Auto Securitization Trust | Ford Auto Securitization Trust |
|  5.053% due 07/15/2028 |  | 3577 |  | 2597 |
|  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 |
|  4.560% due 12/15/2028 | $— | 5900 |  | 5923 |
|  5.090% due 12/15/2028 |  | 4026 |  | 4055 |
|  Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust | Foursight Capital Automobile Receivables Trust |
|  5.490% due 01/16/2029 |  | 1129 |  | 1131 |
|  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 |  | 10609 |  | 10621 |
|  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 |
|  4.460% due 10/15/2030 |  | 2439 |  | 2442 |
|  5.580% due 06/17/2030 |  | 3209 |  | 3237 |
|  6.370% due 06/15/2028 |  | 545 |  | 546 |
|  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 |
|  5.130% due 04/16/2029 |  | 17912 |  | 18043 |
|  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 |  | 14962 |  | 14989 |
|  Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust |
|  4.840% due 03/15/2029 |  | 6000 |  | 6037 |
|  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 |  | 9600 |  | 9568 |
|  4.520% due 03/15/2029 |  | 12187 |  | 12214 |
|  4.600% due 12/15/2027 |  | 881 |  | 881 |
|  Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust | Lendbuzz Securitization Trust |
|  5.100% due 10/15/2030 |  | 1674 |  | 1678 |
|  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 |
|  5.220% due 02/17/2032 |  | 8608 |  | 8691 |
|  Mercedes-Benz Auto Receivables Trust | Mercedes-Benz Auto Receivables Trust | Mercedes-Benz Auto Receivables Trust | Mercedes-Benz Auto Receivables Trust | Mercedes-Benz Auto Receivables Trust |
|  5.250% due 02/15/2029 |  | 14172 |  | 14258 |
|  5.950% due 11/15/2028 |  | 1664 |  | 1682 |
|  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 |  | 19500 |  | 19457 |
|  PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust | PenFed Auto Receivables Owner Trust |
|  4.700% due 06/15/2029 |  | 5865 |  | 5882 |
|  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 |
|  4.670% due 11/22/2027 |  | 8373 |  | 8389 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  4.811% due 07/27/2026 | 2048 | 2048 |
|  Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V | Research-Driven Pagaya Motor Asset Trust V |
|  5.320% due 09/25/2030 | 749 | 753 |
|  Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust | Santander Drive Auto Receivables Trust |
|  4.040% due 03/15/2029 | 39700 | 39690 |
|  4.280% due 01/15/2029 | 10307 | 10313 |
|  4.630% due 10/16/2028 | 10951 | 10970 |
|  4.710% due 06/15/2028 | 8295 | 8301 |
|  4.850% due 01/16/2029 | 9921 | 9940 |
|  5.630% due 01/16/2029 | 3074 | 3082 |
|  SBNA Auto Lease Trust | SBNA Auto Lease Trust | SBNA Auto Lease Trust |
|  4.560% due 02/22/2028 | 22507 | 22534 |
|  4.680% due 04/20/2027 | 524 | 524 |
|  4.830% due 04/20/2028 | 7800 | 7825 |
|  5.560% due 11/22/2027 | 9427 | 9457 |
|  6.520% due 04/20/2028 | 2763 | 2767 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  5.700% due 10/16/2028 | 2372 | 2384 |
|  5.700% due 08/15/2029 | 2700 | 2746 |
|  SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust | SFS Auto Receivables Securitization Trust |
|  3.910% due 08/20/2029 | 10700 | 10677 |
|  4.520% due 11/20/2028 | 37319 | 37381 |
|  4.650% due 05/22/2028 | 2883 | 2886 |
|  4.940% due 01/21/2031 | 700 | 707 |
|  4.950% due 05/21/2029 | 2332 | 2344 |
|  5.470% due 10/20/2028 | 1177 | 1182 |
|  Tesla Electric Vehicle Trust | Tesla Electric Vehicle Trust | Tesla Electric Vehicle Trust |
|  5.380% due 06/20/2028 | 8151 | 8209 |
|  5.380% due 02/20/2029 | 3500 | 3547 |
|  Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust | Toyota Auto Receivables Owner Trust |
|  5.330% due 01/16/2029 | 6206 | 6261 |
|  5.430% due 04/17/2028 | 4100 | 4145 |
|  USB Auto Owner Trust | USB Auto Owner Trust | USB Auto Owner Trust |
|  4.510% due 06/15/2028 | 11935 | 11952 |
|  Volkswagen Auto Loan Enhanced Trust | Volkswagen Auto Loan Enhanced Trust | Volkswagen Auto Loan Enhanced Trust |
|  5.480% due 12/20/2028 | 5408 | 5462 |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  4.020% due 09/15/2028 | 11500 | 11489 |
|  4.660% due 09/15/2028 | 20004 | 20042 |
|  World Omni Auto Receivables Trust | World Omni Auto Receivables Trust | World Omni Auto Receivables Trust |
|  4.430% due 12/17/2029 | 16400 | 16448 |
|  5.270% due 09/17/2029 | 4777 | 4815 |
|  5.700% due 02/15/2029 | 2820 | 2850 |
|  World Omni Select Auto Trust | World Omni Select Auto Trust | World Omni Select Auto Trust |
|  4.140% due 05/15/2030 | 6761 | 6764 |
|  4.980% due 02/15/2030 | 5017 | 5033 |
|  |  | 771165 |
| CMBS OTHER 0.1% | CMBS OTHER 0.1% | CMBS OTHER 0.1% |
|  MF1 LLC | MF1 LLC | MF1 LLC |
|  5.827% due 06/19/2037 •  | 13371 | 13376 |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  5.180% due 08/18/2043 •  | 1000 | 1001 |
|  |  | 14377 |
| HOME EQUITY OTHER 3.8% | HOME EQUITY OTHER 3.8% | HOME EQUITY OTHER 3.8% |
|  Aames Mortgage Trust | Aames Mortgage Trust | Aames Mortgage Trust |
|  6.950% due 11/25/2031 þ | 283 | 323 |
|  7.150% due 01/25/2032 þ | 151 | 161 |
|  ABFC Trust | ABFC Trust | ABFC Trust |
|  4.543% due 06/25/2037 •  | 3756 | 3230 |
|  Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust | Accredited Mortgage Loan Trust |
|  4.053% due 09/25/2036 •  | 284 | 283 |
|  ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust | ACE Securities Corp. Home Equity Loan Trust |
|  4.233% due 05/25/2037 •  | 12971 | 1923 |
|  5.743% due 11/25/2034 •  | 2267 | 2267 |
|  Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates | Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates |
|  3.105% due 06/25/2033 •  | 464 | 436 |
|  4.543% due 01/25/2036 •  | 208 | 206 |
|  4.738% due 07/25/2035 •  | 2218 | 2211 |
|  5.143% due 03/25/2033 •  | 108 | 104 |

---

---

| | | |
|:---|:---|:---|
| **136** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Argent Securities Trust | Argent Securities Trust | Argent Securities Trust |
|  4.093% due 06/25/2036 •  | 2923 | 1499 |
|  4.173% due 03/25/2036 •  | 4660 | 4379 |
|  4.273% due 07/25/2036 •  | 1019 | 274 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates | Argent Securities, Inc. Asset-Backed Pass-Through Certificates |
|  5.743% due 05/25/2034 •  | 793 | 679 |
|  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 •  | 8654 | 8055 |
|  4.768% due 06/25/2035 •  | 2000 | 1787 |
|  Bayview Financial Mortgage Pass-Through Trust | Bayview Financial Mortgage Pass-Through Trust | Bayview Financial Mortgage Pass-Through Trust |
|  4.658% due 04/28/2036 •  | 214 | 215 |
|  Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust | Bear Stearns Asset-Backed Securities I Trust |
|  4.143% due 06/25/2047 •  | 25753 | 24544 |
|  4.693% due 08/25/2034 •  | 6911 | 6821 |
|  5.393% due 10/25/2037 •  | 25307 | 25516 |
|  5.743% due 08/25/2035 •  | 15199 | 15684 |
|  Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust | Bear Stearns Structured Products, Inc. Trust |
|  5.793% due 03/25/2037 •  | 7000 | 6873 |
|  Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust |
|  3.983% due 06/25/2037 •  | 1451 | 1444 |
|  4.783% due 06/25/2035 •  | 11755 | 11861 |
|  5.593% due 05/25/2035 •  | 15328 | 13723 |
|  Centex Home Equity Loan Trust | Centex Home Equity Loan Trust | Centex Home Equity Loan Trust |
|  4.443% due 03/25/2033 •  | 261 | 251 |
|  4.722% due 06/25/2034 þ | 4150 | 4050 |
|  4.843% due 10/25/2035 •  | 1910 | 1907 |
|  CIT Mortgage Loan Trust | CIT Mortgage Loan Trust | CIT Mortgage Loan Trust |
|  5.293% due 10/25/2037 •  | 24108 | 24458 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.453% due 02/25/2035 •  | 278 | 262 |
|  4.483% due 10/25/2035 •  | 800 | 760 |
|  Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates | Countrywide Asset-Backed Certificates |
|  4.273% due 04/25/2037 •  | 31 | 28 |
|  4.293% due 01/25/2046 •  | 4322 | 4136 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.043% due 06/25/2047 •  | 136 | 133 |
|  4.053% due 04/25/2046 •  | 1360 | 1291 |
|  4.073% due 06/25/2047 •  | 6280 | 5781 |
|  4.198% due 09/25/2046 •  | 1661 | 1381 |
|  4.212% due 12/25/2034 •  | 829 | 786 |
|  4.233% due 05/25/2037 •  | 11188 | 10922 |
|  4.233% due 05/25/2047 •  | 3024 | 2923 |
|  4.273% due 03/25/2047 •  | 8027 | 7720 |
|  4.493% due 03/25/2036 •  | 4092 | 3747 |
|  4.533% due 08/25/2047 •  | 16213 | 15958 |
|  4.693% due 10/25/2047 •  | 7 | 7 |
|  5.499% due 02/25/2035 ~ | 4460 | 4117 |
|  Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC | Credit-Based Asset Servicing & Securitization LLC |
|  3.325% due 03/25/2034 •  | 80 | 91 |
|  Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust | Ellington Loan Acquisition Trust |
|  4.893% due 05/25/2037 •  | 6223 | 6117 |
|  EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
|  6.793% due 11/25/2030 •  | 3348 | 3342 |
|  Finance of America Structured Securities Trust | Finance of America Structured Securities Trust | Finance of America Structured Securities Trust |
|  3.000% due 09/25/2061 þ | 10930 | 11027 |
|  3.500% due 07/25/2075 þ | 70527 | 68889 |
|  6.500% due 04/25/2073 þ | 3703 | 3722 |
|  First NLC Trust | First NLC Trust | First NLC Trust |
|  2.904% due 05/25/2035 •  | 7833 | 7149 |
|  Fremont Home Loan Trust | Fremont Home Loan Trust | Fremont Home Loan Trust |
|  4.073% due 11/25/2036 •  | 3303 | 1966 |
|  GSAA Home Equity Trust | GSAA Home Equity Trust | GSAA Home Equity Trust |
|  4.033% due 05/25/2047 •  | 1314 | 772 |
|  6.741% due 03/25/2036 þ | 3521 | 932 |
|  GSAA Trust | GSAA Trust | GSAA Trust |
|  4.233% due 03/25/2047 •  | 4836 | 1615 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.073% due 03/25/2047 •  | 10639 | 9705 |
|  4.133% due 01/25/2037 •  | 523 | 517 |
|  4.273% due 09/25/2036 •  | 8161 | 2802 |
|  4.513% due 11/25/2035 •  | 1300 | 1145 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  4.393% due 07/25/2036 •  | 2226 | 2138 |
|  Home Equity Loan Trust | Home Equity Loan Trust | Home Equity Loan Trust |
|  3.983% due 04/25/2037 •  | 7826 | 7476 |
|  4.023% due 04/25/2037 •  | 285 | 279 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust | Home Equity Mortgage Loan Asset-Backed Trust |
|  3.983% due 04/25/2037 •  | 13620 | 9278 |
|  5.038% due 03/25/2035 •  | 1239 | 1231 |
|  HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust |
|  3.913% due 12/25/2036 •  | 53 | 15 |
|  JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. | JP Morgan Mortgage Acquisition Corp. |
|  4.378% due 01/25/2036 •  | 6043 | 6162 |
|  4.693% due 09/25/2035 •  | 7419 | 6891 |
|  4.753% due 06/25/2035 •  | 7474 | 6737 |
|  JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust | JP Morgan Mortgage Acquisition Trust |
|  4.213% due 10/25/2036 •  | 70 | 70 |
|  4.243% due 07/25/2036 •  | 5000 | 4606 |
|  Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust | Long Beach Mortgage Loan Trust |
|  4.093% due 06/25/2036 •  | 7753 | 3642 |
|  4.093% due 09/25/2036 •  | 9426 | 6102 |
|  4.253% due 10/25/2036 •  | 33139 | 10101 |
|  4.393% due 02/25/2036 •  | 6305 | 5668 |
|  4.423% due 01/25/2046 •  | 2405 | 2350 |
|  MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust | MASTR Asset-Backed Securities Trust |
|  3.893% due 01/25/2037 •  | 261 | 72 |
|  4.213% due 05/25/2037 •  | 49 | 48 |
|  5.518% due 06/25/2035 •  | 470 | 469 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  3.973% due 06/25/2037 •  | 2704 | 561 |
|  4.013% due 08/25/2037 •  | 1021 | 499 |
|  4.083% due 08/25/2037 •  | 319 | 296 |
|  4.313% due 03/25/2037 •  | 673 | 640 |
|  4.313% due 04/25/2037 •  | 504 | 230 |
|  4.543% due 09/25/2035 •  | 3156 | 3118 |
|  4.593% due 08/25/2035 •  | 1136 | 1115 |
|  Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust | Morgan Stanley ABS Capital I, Inc. Trust |
|  4.043% due 07/25/2036 •  | 47 | 43 |
|  4.273% due 09/25/2036 •  | 6441 | 2209 |
|  4.333% due 03/25/2036 •  | 1801 | 1767 |
|  4.498% due 12/25/2034 •  | 65 | 65 |
|  4.533% due 01/25/2034 •  | 1747 | 1770 |
|  4.723% due 02/25/2035 •  | 1075 | 1012 |
|  4.743% due 07/25/2037 •  | 32663 | 31428 |
|  4.813% due 01/25/2035 •  | 1158 | 1170 |
|  New Century Home Equity Loan Trust | New Century Home Equity Loan Trust | New Century Home Equity Loan Trust |
|  4.438% due 12/25/2035 •  | 4298 | 4184 |
|  4.558% due 02/25/2035 •  | 1730 | 1709 |
|  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 |
|  4.093% due 07/25/2036 •  | 8247 | 7899 |
|  4.453% due 11/25/2035 •  | 3679 | 3580 |
|  4.453% due 10/25/2036 •  | 1982 | 354 |
|  NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust | NovaStar Mortgage Funding Trust |
|  4.033% due 11/25/2036 •  | 17516 | 5297 |
|  4.113% due 05/25/2036 •  | 263 | 261 |
|  4.708% due 10/25/2035 •  | 7022 | 6875 |
|  5.893% due 12/25/2034 •  | 74 | 69 |
|  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 •  | 1135 | 1107 |
|  Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust | Ownit Mortgage Loan Trust |
|  4.113% due 10/25/2037 •  | 7606 | 8177 |
|  4.213% due 01/25/2037 •  | 442 | 434 |
|  4.253% due 10/25/2037 •  | 4146 | 4481 |
|  Park Place Securities, Inc. | Park Place Securities, Inc. | Park Place Securities, Inc. |
|  4.528% due 09/25/2035 •  | 13422 | 13267 |
|  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 |
|  4.528% due 09/25/2035 •  | 2525 | 2497 |
|  4.828% due 05/25/2035 •  | 7804 | 6542 |
|  4.843% due 06/25/2035 •  | 10980 | 9817 |
|  5.518% due 09/25/2034 •  | 1329 | 1320 |
|  People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust | People's Choice Home Loan Securities Trust |
|  4.738% due 05/25/2035 •  | 335 | 322 |
|  Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust | Popular ABS Mortgage Pass-Through Trust |
|  4.258% due 11/25/2036 •  | 6135 | 5525 |
|  Quest Trust | Quest Trust | Quest Trust |
|  4.373% due 08/25/2036 •  | 5737 | 5532 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  4.894% due 11/25/2055 þ | 31962 | 31776 |
|  4.966% due 11/25/2055 þ | 12504 | 12443 |
|  6.808% due 09/25/2043 ~ | 1260 | 1266 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.473% due 12/25/2035 •  | 964 | 877 |
|  Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust | Residential Asset Securities Corporation Trust |
|  4.333% due 07/25/2036 •  | 964 | 862 |
|  4.423% due 02/25/2036 •  | 1445 | 1417 |
|  4.753% due 01/25/2036 •  | 2608 | 2516 |
|  4.768% due 09/25/2035 •  | 2218 | 2223 |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.033% due 01/25/2047 •  | 4405 | 4253 |
|  4.103% due 09/25/2037 •  | 2612 | 2545 |
|  5.543% due 12/25/2037 •  | 1677 | 1622 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.233% due 01/25/2037 •  | 4020 | 3077 |
|  4.408% due 01/25/2035 •  | 1973 | 1909 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  3.963% due 07/25/2037 •  | 3793 | 3413 |
|  3.993% due 06/25/2037 •  | 36815 | 25513 |
|  4.013% due 01/25/2037 •  | 6491 | 4742 |
|  4.033% due 11/25/2036 •  | 5535 | 1464 |
|  4.093% due 03/25/2037 •  | 1432 | 1367 |
|  4.133% due 11/25/2036 •  | 3199 | 846 |
|  4.743% due 09/25/2037 •  | 611 | 525 |
|  4.768% due 03/25/2036 •  | 1000 | 970 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.513% due 07/25/2035 •  | 981 | 949 |
|  4.618% due 05/25/2034 •  | 892 | 871 |
|  4.733% due 09/25/2034 •  | 2285 | 2438 |
|  4.993% due 08/25/2034 •  | 9440 | 10284 |
|  Structured Asset Securities Corp. | Structured Asset Securities Corp. | Structured Asset Securities Corp. |
|  4.993% due 02/25/2035 •  | 542 | 543 |
|  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 •  | 634 | 384 |
|  4.173% due 12/25/2035 •  | 982 | 975 |
|  4.498% due 02/25/2035 •  | 4665 | 4465 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  4.720% due 02/25/2066 þ | 5429 | 5363 |
|  5.278% due 08/25/2065 þ | 14237 | 14232 |
|  6.125% due 02/25/2064 ~ | 3387 | 3404 |
|  |  | 702948 |
| HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% | HOME EQUITY SEQUENTIAL 0.0% |
|  Saxon Asset Securities Trust | Saxon Asset Securities Trust | Saxon Asset Securities Trust |
|  4.273% due 10/25/2046 •  | 9050 | 8138 |
| MANUFACTURING HOUSE ABS OTHER 0.1% | MANUFACTURING HOUSE ABS OTHER 0.1% | MANUFACTURING HOUSE ABS OTHER 0.1% |
|  Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. | Conseco Finance Securitizations Corp. |
|  5.529% due 09/01/2033 •  | 646 | 648 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  3.750% due 11/25/2058 ~ | 3505 | 3485 |
|  4.000% due 11/25/2058 ~ | 5000 | 4923 |
|  |  | 9056 |
| MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% | MANUFACTURING HOUSE SEQUENTIAL 0.0% |
|  Conseco Finance Corp. | Conseco Finance Corp. | Conseco Finance Corp. |
|  7.500% due 03/01/2030 ~ | 2699 | 632 |
| WHOLE LOAN COLLATERAL 0.4% | WHOLE LOAN COLLATERAL 0.4% | WHOLE LOAN COLLATERAL 0.4% |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  4.228% due 11/25/2036 •  | 310 | 310 |
|  Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust | Countrywide Asset-Backed Certificates Trust |
|  4.513% due 11/25/2035 •  | 217 | 215 |
|  First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust | First Franklin Mortgage Loan Trust |
|  3.913% due 11/25/2036 •  | 1431 | 1336 |
|  4.093% due 05/25/2036 •  | 1646 | 1633 |
|  4.103% due 07/25/2036 •  | 159 | 156 |
|  4.273% due 04/25/2036 •  | 7800 | 7278 |
|  4.293% due 06/25/2036 •  | 11075 | 10416 |
|  GSAMP Trust | GSAMP Trust | GSAMP Trust |
|  4.543% due 01/25/2034 •  | 1652 | 1718 |
|  4.768% due 06/25/2034 •  | 281 | 315 |
|  Lehman XS Trust | Lehman XS Trust | Lehman XS Trust |
|  4.033% due 02/25/2037 •  | 2173 | 2183 |
|  4.113% due 02/25/2037 •  | 886 | 876 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **137** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Pretium Mortgage Credit Partners LLC | Pretium Mortgage Credit Partners LLC | Pretium Mortgage Credit Partners LLC |
|  5.744% due 06/25/2055 þ | 6473 | 6488 |
|  RAAC Trust | RAAC Trust | RAAC Trust |
|  4.393% due 06/25/2044 •  | 889 | 827 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  4.288% due 05/25/2036 •  | 866 | 859 |
|  4.378% due 03/25/2036 •  | 18400 | 17596 |
|  Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust | Securitized Asset-Backed Receivables LLC Trust |
|  4.373% due 12/25/2035 •  | 177 | 175 |
|  4.843% due 03/25/2035 •  | 132 | 133 |
|  Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust | Specialty Underwriting & Residential Finance Trust |
|  4.378% due 12/25/2036 •  | 5795 | 5820 |
|  VCAT LLC | VCAT LLC | VCAT LLC |
|  5.062% due 02/25/2056 þ | 8947 | 8913 |
|  5.889% due 02/25/2055 þ | 9215 | 9234 |
|  |  | 76481 |
| OTHER ABS 8.1% | OTHER ABS 8.1% | OTHER ABS 8.1% |
|  AccessLex Institute | AccessLex Institute | AccessLex Institute |
|  4.158% due 09/26/2033 •  | 870 | 860 |
|  ACHV ABS Trust | ACHV ABS Trust | ACHV ABS Trust |
|  4.760% due 04/26/2032 | 562 | 563 |
|  5.040% due 04/26/2032 | 825 | 827 |
|  5.900% due 04/25/2031 | 65 | 65 |
|  Affirm Master Trust | Affirm Master Trust | Affirm Master Trust |
|  4.450% due 10/16/2034 | 5300 | 5282 |
|  4.670% due 07/15/2033 | 10300 | 10335 |
|  4.990% due 02/15/2033 | 19900 | 20028 |
|  Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. | Anchorage Capital CLO 21 Ltd. |
|  4.718% due 10/20/2034 •  | 16600 | 16607 |
|  Anchorage Credit Funding 10 Ltd. | Anchorage Credit Funding 10 Ltd. | Anchorage Credit Funding 10 Ltd. |
|  3.619% due 04/25/2038 | 881 | 861 |
|  Anchorage Credit Funding 19 Ltd. | Anchorage Credit Funding 19 Ltd. | Anchorage Credit Funding 19 Ltd. |
|  5.036% due 10/25/2040 | 22500 | 22304 |
|  Aqua Finance Issuer Trust | Aqua Finance Issuer Trust | Aqua Finance Issuer Trust |
|  4.790% due 05/17/2051 | 7449 | 7488 |
|  Arcano Euro CLO II DAC | Arcano Euro CLO II DAC | Arcano Euro CLO II DAC |
|  3.280% due 07/25/2039 •  | 15100 | 17455 |
|  Ayresome CDO I Ltd. | Ayresome CDO I Ltd. | Ayresome CDO I Ltd. |
|  7.080% due 12/08/2045 •  | 2515 | 605 |
|  Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. | Bain Capital Credit CLO Ltd. |
|  4.819% due 04/22/2035 •  | 24800 | 24794 |
|  BHG Securitization Trust | BHG Securitization Trust | BHG Securitization Trust |
|  4.840% due 09/17/2036 | 3075 | 3085 |
|  BlueMountain CLO XXII Ltd. | BlueMountain CLO XXII Ltd. | BlueMountain CLO XXII Ltd. |
|  5.014% due 07/15/2031 •  | 1783 | 1785 |
|  BlueMountain Fuji EUR CLO V DAC | BlueMountain Fuji EUR CLO V DAC | BlueMountain Fuji EUR CLO V DAC |
|  2.926% due 01/15/2033 •  | 5882 | 6805 |
|  C-BASS CBO XII Ltd. | C-BASS CBO XII Ltd. | C-BASS CBO XII Ltd. |
|  7.090% due 12/15/2034 •  | 10528 | 707 |
|  C-BASS CBO XV Ltd. |  |  |
|  7.020% due 02/16/2041 ^•(c) | 128899 | 1889 |
|  Capital Four U.S. CLO II Ltd. |  |  |
|  5.568% due 01/20/2037 •  | 8700 | 8728 |
|  Capital Street Master Trust | Capital Street Master Trust | Capital Street Master Trust |
|  5.022% due 10/16/2028 •  | 14300 | 14312 |
|  5.272% due 10/16/2028 •  | 1100 | 1101 |
|  Castlelake Aircraft Securitization Trust | Castlelake Aircraft Securitization Trust | Castlelake Aircraft Securitization Trust |
|  4.125% due 06/15/2043 | 710 | 707 |
|  College Avenue Student Loans LLC | College Avenue Student Loans LLC | College Avenue Student Loans LLC |
|  4.130% due 12/26/2047 | 842 | 828 |
|  4.993% due 12/26/2047 •  | 623 | 624 |
|  5.443% due 11/26/2046 •  | 246 | 249 |
|  Consumer Loan Finance Issuer Trust | Consumer Loan Finance Issuer Trust | Consumer Loan Finance Issuer Trust |
|  0.000% due 11/25/2054 «(f) | 2261 | 1182 |
|  5.150% due 11/25/2054 | 1733 | 1739 |
|  5.350% due 11/25/2054 | 9418 | 9553 |
|  5.450% due 11/25/2054 | 2181 | 2201 |
|  5.750% due 11/25/2054 | 1090 | 1098 |
|  6.600% due 11/25/2054 | 1418 | 1420 |
|  8.750% due 11/25/2054 | 816 | 822 |
|  Crossroads Asset Trust | Crossroads Asset Trust | Crossroads Asset Trust |
|  4.910% due 02/20/2032 | 1632 | 1641 |
|  DLLMT LLC | DLLMT LLC | DLLMT LLC |
|  5.080% due 02/22/2027 | 879 | 880 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Elmwood CLO 15 Ltd. | Elmwood CLO 15 Ltd. | Elmwood CLO 15 Ltd. |
|  4.819% due 04/22/2035 •  | 7300 | 7302 |
|  Foundation Finance Trust | Foundation Finance Trust | Foundation Finance Trust |
|  4.670% due 04/15/2052 | 2780 | 2765 |
|  GoodLeap Home Improvement Solutions Trust | GoodLeap Home Improvement Solutions Trust | GoodLeap Home Improvement Solutions Trust |
|  5.320% due 06/20/2049 | 9425 | 9487 |
|  GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust |
|  4.520% due 12/27/2060 | 8338 | 8334 |
|  4.590% due 12/27/2060 | 4200 | 4192 |
|  4.890% due 06/25/2060 | 4052 | 4050 |
|  4.930% due 06/25/2060 | 2581 | 2591 |
|  5.020% due 06/25/2060 | 3000 | 3036 |
|  5.250% due 10/27/2059 | 144 | 145 |
|  5.550% due 06/25/2059 | 400 | 407 |
|  5.880% due 06/25/2059 | 124 | 124 |
|  Guggenheim CLO Ltd. | Guggenheim CLO Ltd. | Guggenheim CLO Ltd. |
|  4.822% due 01/15/2035 •  | 12200 | 12204 |
|  Hildene TruPS Securitization Ltd. | Hildene TruPS Securitization Ltd. | Hildene TruPS Securitization Ltd. |
|  5.686% due 05/22/2039 •  | 31007 | 31012 |
|  Invesco Euro CLO III DAC | Invesco Euro CLO III DAC | Invesco Euro CLO III DAC |
|  3.136% due 10/30/2038 •  | 11800 | 13632 |
|  John Deere Owner Trust | John Deere Owner Trust | John Deere Owner Trust |
|  4.360% due 08/16/2027 | 8820 | 8823 |
|  KKR CLO 21 Ltd. | KKR CLO 21 Ltd. | KKR CLO 21 Ltd. |
|  4.934% due 04/15/2031 •  | 184 | 184 |
|  LCM 31 Ltd. | LCM 31 Ltd. | LCM 31 Ltd. |
|  4.948% due 07/20/2034 •  | 2500 | 2503 |
|  LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust | LendingPoint Pass-Through Trust |
|  5.700% due 07/15/2029 | 86 | 86 |
|  M&T Equipment Notes | M&T Equipment Notes | M&T Equipment Notes |
|  4.990% due 08/18/2031 | 3582 | 3589 |
|  Marlette Funding Trust | Marlette Funding Trust | Marlette Funding Trust |
|  7.130% due 12/15/2033 | 1129 | 1136 |
|  METAL LLC | METAL LLC | METAL LLC |
|  4.581% due 10/15/2042 | 2286 | 1600 |
|  Navient Education Loan Trust | Navient Education Loan Trust | Navient Education Loan Trust |
|  5.020% due 07/15/2055 | 6430 | 6449 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  1.170% due 09/16/2069 | 1395 | 1309 |
|  1.330% due 04/15/2069 | 2138 | 1963 |
|  2.600% due 08/15/2068 | 1256 | 1215 |
|  Navient Refinance Loan Trust | Navient Refinance Loan Trust | Navient Refinance Loan Trust |
|  5.150% due 02/16/2055 | 3620 | 3640 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  4.676% due 08/26/2069 •  | 2615 | 2611 |
|  5.372% due 03/15/2072 •  | 5513 | 5546 |
|  7.230% due 03/15/2072 | 6300 | 6802 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  4.610% due 02/21/2061 | 65121 | 64331 |
|  4.670% due 06/22/2065 | 39728 | 39332 |
|  4.840% due 05/17/2055 | 35244 | 35115 |
|  6.640% due 02/20/2041 | 2288 | 2367 |
|  OCP Euro CLO DAC |  |  |
|  3.266% due 07/20/2036 •  | 14700 | 16979 |
|  OneMain Financial Issuance Trust | OneMain Financial Issuance Trust | OneMain Financial Issuance Trust |
|  1.750% due 09/14/2035 | 1495 | 1475 |
|  4.890% due 10/14/2034 | 562 | 562 |
|  5.172% due 09/15/2036 •  | 4400 | 4430 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  4.865% due 10/15/2032 | 8600 | 8612 |
|  5.108% due 03/15/2033 | 2300 | 2305 |
|  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 | 784 | 785 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  5.373% due 01/17/2033 | 4673 | 4695 |
|  6.258% due 10/15/2031 | 1938 | 1939 |
|  6.319% due 08/15/2031 | 827 | 827 |
|  Project Panama SPV LLC | Project Panama SPV LLC | Project Panama SPV LLC |
|  7.200% due 01/03/2029 « | 10236 | 10295 |
|  RCKT Trust | RCKT Trust | RCKT Trust |
|  4.480% due 11/27/2034 | 1736 | 1737 |
|  4.900% due 07/25/2034 | 838 | 840 |
|  Reach ABS Trust | Reach ABS Trust | Reach ABS Trust |
|  4.930% due 08/18/2032 | 9372 | 9412 |
|  4.960% due 08/16/2032 | 1966 | 1969 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Regional Management Issuance Trust | Regional Management Issuance Trust | Regional Management Issuance Trust |
|  5.830% due 07/15/2036 | 2400 | 2434 |
|  Romark Credit Funding II Ltd. | Romark Credit Funding II Ltd. | Romark Credit Funding II Ltd. |
|  2.625% due 10/25/2039 | 1000 | 952 |
|  Romark Credit Funding III Ltd. | Romark Credit Funding III Ltd. | Romark Credit Funding III Ltd. |
|  5.539% due 09/15/2042 | 6750 | 6759 |
|  Romark Credit Funding Ltd. | Romark Credit Funding Ltd. | Romark Credit Funding Ltd. |
|  5.423% due 07/29/2043 | 22000 | 22119 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  4.576% due 01/25/2075 •  | 28700 | 28581 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  0.000% due 02/16/2055 «(f) | 3 | 2887 |
|  0.000% due 03/15/2055 «(f) | 3 | 45 |
|  0.010% due 11/16/2054 | 4 | 20 |
|  3.940% due 02/16/2055 | 11849 | 11492 |
|  4.550% due 02/16/2055 | 5745 | 5602 |
|  4.772% due 07/15/2053 •  | 20259 | 20248 |
|  4.780% due 03/15/2055 | 2600 | 2574 |
|  4.849% due 11/16/2054 « | 9354 | 9354 |
|  4.872% due 03/15/2055 •  | 5681 | 5692 |
|  4.950% due 02/16/2055 | 1742 | 1705 |
|  4.960% due 03/15/2055 | 51315 | 51720 |
|  5.020% due 03/17/2053 | 16489 | 16513 |
|  5.030% due 03/15/2056 (b) | 82600 | 82700 |
|  5.090% due 10/16/2056 | 3333 | 3361 |
|  5.100% due 03/15/2055 | 2600 | 2619 |
|  5.122% due 02/16/2055 •  | 11849 | 11968 |
|  5.19% due 11/16/2054 « | 68597 | 68183 |
|  5.240% due 03/15/2056 | 9890 | 9988 |
|  5.260% due 03/15/2055 | 5200 | 5030 |
|  5.380% due 07/15/2053 | 4928 | 5004 |
|  5.472% due 10/16/2056 •  | 2561 | 2615 |
|  5.500% due 06/17/2052 | 10850 | 11073 |
|  5.71% due 11/16/2054 « | 4124 | 4092 |
|  5.950% due 02/16/2055 | 1749 | 1759 |
|  6.14% due 11/16/2054 « | 825 | 818 |
|  6.93% due 11/16/2054 « | 6599 | 6544 |
|  SoFi Consumer Loan Program LLC | SoFi Consumer Loan Program LLC | SoFi Consumer Loan Program LLC |
|  0.010% due 06/15/2034 « | 13019 | 15834 |
|  0.010% due 10/25/2034 « | 5091 | 6727 |
|  4.190% due 10/25/2034 | 24634 | 24592 |
|  4.530% due 10/25/2034 | 3787 | 3769 |
|  4.620% due 06/15/2034 | 53965 | 54084 |
|  4.900% due 10/25/2034 | 2942 | 2936 |
|  4.970% due 06/15/2034 | 9700 | 9761 |
|  5.190% due 06/15/2034 | 7600 | 7652 |
|  5.200% due 10/25/2034 | 2170 | 2165 |
|  5.590% due 06/15/2034 | 5600 | 5661 |
|  SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust | SoFi Consumer Loan Program Trust |
|  0.000% due 03/27/2034 «(f) | 4633 | 4568 |
|  4.470% due 08/15/2034 | 5146 | 5148 |
|  4.800% due 02/27/2034 | 2504 | 2510 |
|  4.820% due 06/25/2034 | 19887 | 19956 |
|  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 |
|  SRT Issuer II LLC | SRT Issuer II LLC | SRT Issuer II LLC |
|  6.771% due 12/02/2031 «•(k) | 20000 | 20018 |
|  Tikehau CLO V DAC | Tikehau CLO V DAC | Tikehau CLO V DAC |
|  3.216% due 10/15/2038 •  | 13000 | 15022 |
|  Upstart Pass-Through Trust | Upstart Pass-Through Trust | Upstart Pass-Through Trust |
|  4.300% due 05/20/2030 | 252 | 252 |
|  7.900% due 10/20/2028 | 541 | 545 |
|  Upstart Personal Consumer Trust | Upstart Personal Consumer Trust | Upstart Personal Consumer Trust |
|  11.760% due 05/20/2032 « | 98390 | 98536 |
|  Upstart Securitization Trust | Upstart Securitization Trust | Upstart Securitization Trust |
|  4.600% due 09/20/2035 | 5290 | 5291 |
|  5.020% due 09/20/2035 | 1100 | 1101 |
|  UPX HIL Issuer Trust | UPX HIL Issuer Trust | UPX HIL Issuer Trust |
|  5.160% due 01/25/2047 | 1560 | 1555 |

---

---

| | | |
|:---|:---|:---|
| **138** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Valerie Asset Ltd. | Valerie Asset Ltd. | Valerie Asset Ltd. |
|  5.219% due 09/15/2050 «(k) | 74737 | 73147 |
|  5.267% due 09/15/2050 «(k) | 10153 | 9080 |
|  Venture XIX CLO Ltd. | Venture XIX CLO Ltd. | Venture XIX CLO Ltd. |
|  5.194% due 01/15/2032 •  | 424 | 424 |
|  Volvo Financial Equipment LLC | Volvo Financial Equipment LLC | Volvo Financial Equipment LLC |
|  4.560% due 05/17/2027 | 4101 | 4103 |
|  WATR I Issuer Trust | WATR I Issuer Trust | WATR I Issuer Trust |
|  0.010% due 06/17/2050 « | 3516 | 6077 |
|  0.010% due 09/16/2050 « | 4080 | 7215 |
|  0.010% due 02/17/2051 « | 5054 | 6919 |
|  4.790% due 09/16/2050 « | 23236 | 22982 |
|  4.940% due 02/17/2051 « | 23622 | 23622 |
|  5.040% due 09/16/2050 « | 7399 | 7322 |
|  5.230% due 02/17/2051 « | 7855 | 7855 |
|  5.240% due 09/16/2050 « | 4900 | 4848 |
|  5.250% due 06/17/2050 « | 20575 | 20584 |
|  5.480% due 02/17/2051 « | 4457 | 4457 |
|  5.560% due 06/17/2050 « | 5300 | 5318 |
|  5.810% due 06/17/2050 « | 3300 | 3316 |
|  6.160% due 09/16/2050 « | 5100 | 5044 |
|  6.210% due 02/17/2051 « | 7143 | 7143 |
|  6.770% due 06/17/2050 « | 5800 | 5832 |
|  |  | 1506591 |
|  Total Asset-Backed Securities<br>(Cost $3,161,211) | Total Asset-Backed Securities<br>(Cost $3,161,211) | 3143828 |
| SOVEREIGN ISSUES 9.6% | SOVEREIGN ISSUES 9.6% | SOVEREIGN ISSUES 9.6% |
|  Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds |
|  3.125% due 05/03/2026 | 14600 | 14592 |
|  Argentina Bonar Bonds | Argentina Bonar Bonds | Argentina Bonar Bonds |
|  0.750% due 07/09/2030 þ | 1886 | 1533 |
|  4.125% due 07/09/2035 þ | 2486 | 1739 |
|  Argentina Republic Government International Bonds | Argentina Republic Government International Bonds | Argentina Republic Government International Bonds |
|  0.750% due 07/09/2030 þ | 5586 | 4691 |
|  1.000% due 07/09/2029 | 780 | 687 |
|  3.500% due 07/09/2041 þ | 9847 | 6607 |
|  4.125% due 07/09/2035 þ | 38297 | 27765 |
|  4.125% due 07/09/2046 þ | 107 | 74 |
|  5.000% due 01/09/2038 þ | 10711 | 8098 |
|  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 |
|  5.000% due 03/01/2035 | 505000 | 524 |
|  6.000% due 04/01/2033 | 1450000 | 1611 |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 04/01/2026 (f) | 5300 | 1023 |
|  0.000% due 07/01/2026 (f) | 2070500 | 387106 |
|  0.000% due 10/01/2026 (f) | 976800 | 176665 |
|  Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
|  3.750% due 09/19/2028 | 16500 | 18703 |
|  5.375% due 01/21/2029 | 49300 | 48906 |
|  Colombia TES | Colombia TES | Colombia TES |
|  11.750% due 01/24/2035 | 492737800 | 122167 |
|  12.750% due 11/28/2040 | 21312300 | 5649 |
|  Costa Rica Government International Bonds | Costa Rica Government International Bonds | Costa Rica Government International Bonds |
|  5.500% due 11/21/2030 | 13250 | 15677 |
|  Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
|  5.500% due 08/17/2030 | 75700 | 76192 |
|  Egypt Government Bonds | Egypt Government Bonds | Egypt Government Bonds |
|  19.698% due 10/14/2030 | 2820400 | 50805 |
|  21.954% due 03/04/2028 | 1479900 | 26510 |
|  Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
|  5.375% due 09/26/2030 | 8000 | 8066 |
|  Israel Government International Bonds | Israel Government International Bonds | Israel Government International Bonds |
|  5.375% due 02/19/2030 | 57300 | 58218 |
|  Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds | Japan Government Thirty Year Bonds |
|  1.800% due 03/20/2054 | 474000 | 2021 |
|  2.100% due 09/20/2054 | 1577450 | 7210 |
|  2.200% due 06/20/2054 | 210000 | 985 |
|  2.300% due 12/20/2054 | 1427950 | 6830 |
|  2.400% due 03/20/2055 | 2043300 | 9990 |
|  3.200% due 09/20/2055 | 9571750 | 55435 |
|  3.400% due 12/20/2055 | 4048400 | 24374 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds | Japan Government Twenty Year Bonds |
|  2.400% due 03/20/2045 | 1222000 | 6804 |
|  2.700% due 09/20/2045 | 1428550 | 8287 |
|  Kuwait International Government Bonds | Kuwait International Government Bonds | Kuwait International Government Bonds |
|  4.016% due 10/09/2028 | 58700 | 57905 |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos |
|  7.500% due 05/26/2033 | 27000 | 1383 |
|  7.750% due 05/29/2031 | 382500 | 20360 |
|  7.750% due 11/23/2034 | 249500 | 12745 |
|  8.500% due 03/01/2029 | 617200 | 34532 |
|  8.500% due 05/31/2029 | 163300 | 9113 |
|  Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
|  3.500% due 09/19/2029 | 25300 | 28764 |
|  Mexico Udibonos | Mexico Udibonos | Mexico Udibonos |
|  3.000% due 12/03/2026 (i) | 2196 | 122 |
|  4.000% due 11/30/2028 (i) | 8522 | 472 |
|  4.000% due 08/24/2034 (i) | 334 | 17 |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  7.300% due 08/12/2033 | 134100 | 42224 |
|  7.600% due 08/12/2039 | 44900 | 13393 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  5.400% due 08/12/2034 | 10974 | 2996 |
|  6.150% due 08/12/2032 | 125800 | 37805 |
|  6.900% due 08/12/2037 | 41525 | 11866 |
|  6.950% due 08/12/2031 | 90402 | 28175 |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  7.000% due 02/28/2031 | 581600 | 32213 |
|  8.000% due 01/31/2030 | 80800 | 4724 |
|  8.500% due 01/31/2037 | 369200 | 20393 |
|  8.875% due 02/28/2035 (m) | 800500 | 46494 |
|  9.000% due 01/31/2040 | 94800 | 5273 |
|  Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
|  2.000% due 04/14/2033 (m) | 3800 | 3451 |
|  5.250% due 03/10/2030 | 31300 | 36724 |
|  5.250% due 05/30/2032 | 10600 | 12102 |
|  5.375% due 03/22/2031 | 6760 | 7879 |
|  5.375% due 06/07/2033 | 11800 | 13293 |
|  5.500% due 09/18/2028 | 1500 | 1791 |
|  5.875% due 07/11/2032 | 25900 | 30368 |
|  Russia Foreign Bonds - Eurobond | Russia Foreign Bonds - Eurobond | Russia Foreign Bonds - Eurobond |
|  5.250% due 06/23/2047 « | 12400 | 0 |
|  5.625% due 04/04/2042 | 3400 | 2380 |
|  5.875% due 09/16/2043 | 1800 | 1232 |
|  Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
|  4.125% due 01/12/2029 | 14700 | 14512 |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  39.740% (BISTREFI) due 05/20/2026 ~ | 4600 | 103 |
|  39.740% (BISTREFI) due 08/19/2026 ~ | 3400 | 77 |
|  39.740% (BISTREFI) due 05/17/2028 ~ | 778800 | 17464 |
|  40.299% (BISTREFI) due 09/06/2028 ~ | 50100 | 1123 |
|  Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds |
|  5.250% due 03/13/2030 | 12600 | 12054 |
|  6.125% due 10/24/2028 | 2500 | 2509 |
|  7.625% due 04/26/2029 | 7700 | 7964 |
|  Ukraine Government International Bonds | Ukraine Government International Bonds | Ukraine Government International Bonds |
|  0.000% due 02/01/2030 þ(h) | 45 | 26 |
|  0.000% due 02/01/2034 þ(h) | 167 | 72 |
|  0.000% due 02/01/2035 þ(h) | 141 | 66 |
|  0.000% due 02/01/2036 þ(h) | 118 | 55 |
|  4.500% due 02/01/2034 þ | 246 | 132 |
|  4.500% due 02/01/2035 þ | 328 | 172 |
|  4.500% due 02/01/2036 þ | 246 | 127 |
|  Venezuela Government International Bonds | Venezuela Government International Bonds | Venezuela Government International Bonds |
|  6.000% due 12/09/2049 ^(c) | 408 | 157 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.000% due 03/31/2038 ^(c) | 124 | 51 |
|  7.650% due 04/21/2035 ^(c) | 2923 | 1235 |
|  9.250% due 09/15/2027 ^(c) | 729 | 350 |
|  9.250% due 05/07/2028 ^(c) | 2886 | 1328 |
|  11.750% due 10/21/2026 ^(c) | 130 | 67 |
|  11.950% due 08/05/2031 ^(c) | 6600 | 3399 |
|  12.750% due 08/23/2032 ^(c) | 930 | 472 |
|  Total Sovereign Issues<br>(Cost $1,728,815) | Total Sovereign Issues<br>(Cost $1,728,815) | 1769248 |
|  | **SHARES** |  |
| COMMON STOCKS 0.2% | COMMON STOCKS 0.2% | COMMON STOCKS 0.2% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  Clear Channel Outdoor Holdings, Inc. (d) | 2065869 | 4896 |
|  iHeartMedia, Inc. Class A (d) | 487321 | 1423 |
|  iHeartMedia, Inc. Class B «(d) | 378169 | 972 |
|  SES SA «(d) | 372608 | 5589 |
|  Uniti Group, Inc. (d) | 2270 | 21 |
|  |  | 12901 |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  Hipotecaria Su Casita SA «(d) | 345787 | 0 |
|  UBS Group AG | 17485 | 682 |
|  Windstream Services LLC (d) | 6582 | 62 |
|  XBP Global Holdings, Inc. (d) | 704 | 3 |
|  |  | 747 |
| HEALTH CARE 0.1% | HEALTH CARE 0.1% | HEALTH CARE 0.1% |
|  AmSurg Corp. «(d)(k) | 317945 | 13982 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Drillco Holdings Luxembourg SA «(k) | 23705 | 545 |
|  Foresea Holdings SA « | 7901 | 182 |
|  Luxco Co. Ltd. «(d)(k) | 21193 | 392 |
|  Westmoreland Mining Holdings «(d)(k) | 2910 | 2 |
|  Westmoreland Mining LLC «(d)(k) | 2936 | 12 |
|  |  | 1133  |
| REAL ESTATE 0.0% |  |  |
|  Country Garden Holdings Co. Ltd. (d) | 837353 | 34 |
|  Total Common Stocks (Cost $44,831) | Total Common Stocks (Cost $44,831) | 28797 |
| WARRANTS 0.0% |  |  |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  Windstream Holdings II LLC - Exp. 08/01/2035 | 1282 | 12 |
|  Total Warrants (Cost $8) | Total Warrants (Cost $8) | 12 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 139

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% | PREFERRED SECURITIES 0.0% |
| BANKING & FINANCE 0.0% |  |  |
|  Windstream Holdings II LLC |  |  |
|  11.000% « | 42 | 45 |
| Total Preferred Securities (Cost $42) | Total Preferred Securities (Cost $42) | 45 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| SHORT-TERM INSTRUMENTS 14.2% | SHORT-TERM INSTRUMENTS 14.2% |  |
| COMMERCIAL PAPER 4.5% |  |  |
|  AES Corp. | AES Corp. | AES Corp. |
|  4.150% due 04/02/2026 | 1400 | 1400 |
|  4.150% due 04/13/2026 | 500 | 499 |
|  4.150% due 04/17/2026 | 3400 | 3393 |
|  4.400% due 05/01/2026 (b) | 9400 | 9365 |
|  4.400% due 05/05/2026 (b) | 15100 | 15037 |
|  Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  4.320% due 04/02/2026 | 11350 | 11347 |
|  4.350% due 04/14/2026 | 8200 | 8187 |
|  4.400% due 04/14/2026 | 3515 | 3509 |
|  4.400% due 04/16/2026 | 6385 | 6373 |
|  Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. | Alimentation Couche-Tard, Inc. |
|  3.930% due 04/01/2026 | 2300 | 2300 |
|  3.940% due 04/10/2026 | 3500 | 3496 |
|  4.050% due 04/10/2026 | 4750 | 4745 |
|  4.100% due 04/16/2026 | 4150 | 4142 |
|  4.100% due 04/21/2026 | 8300 | 8280 |
|  4.100% due 04/24/2026 (b) | 4300 | 4289 |
|  AMETEK, Inc. | AMETEK, Inc. | AMETEK, Inc. |
|  3.900% due 04/09/2026 | 7000 | 6993 |
|  3.930% due 04/06/2026 | 1100 | 1099 |
|  4.150% due 04/20/2026 | 10300 | 10277 |
|  4.150% due 04/27/2026 | 800 | 798 |
|  4.170% due 04/27/2026 | 6700 | 6680 |
|  Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
|  3.880% due 04/01/2026 | 4700 | 4699 |
|  3.880% due 04/17/2026 | 2000 | 1996 |
|  3.950% due 04/08/2026 | 7300 | 7294 |
|  Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
|  3.890% due 04/13/2026 | 500 | 499 |
|  Boston Properties LP | Boston Properties LP | Boston Properties LP |
|  4.200% due 04/27/2026 | 3150 | 3140 |
|  Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. | Canadian Natural Resources Ltd. |
|  4.150% due 04/24/2026 (b) | 6800 | 6782 |
|  CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  3.970% due 06/12/2026 | 9950 | 9867 |
|  4.100% due 04/08/2026 | 16800 | 16785 |
|  Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
|  3.900% due 04/06/2026 | 5000 | 4996 |
|  4.030% due 04/24/2026 | 4550 | 4537 |
|  4.100% due 04/01/2026 | 300 | 300 |
|  4.100% due 04/06/2026 | 2300 | 2298 |
|  4.130% due 04/24/2026 | 2900 | 2891 |
|  4.130% due 04/28/2026 | 5400 | 5381 |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  4.120% due 04/07/2026 | 600 | 599 |
|  4.120% due 04/09/2026 | 2600 | 2597 |
|  4.180% due 04/16/2026 | 12900 | 12876 |
|  4.200% due 04/14/2026 | 21100 | 21066 |
|  4.200% due 04/16/2026 | 12400 | 12377 |
|  4.300% due 04/21/2026 | 19500 | 19452 |
|  Edison International | Edison International | Edison International |
|  4.380% due 04/17/2026 | 11100 | 11078 |
|  4.380% due 04/27/2026 | 11200 | 11165 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  3.900% due 04/01/2026 | 6900 | 6899 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  4.050% due 04/01/2026 | 3850 | 3850 |
|  4.050% due 04/13/2026 | 5635 | 5627 |
|  Enbridge U.S., Inc. | Enbridge U.S., Inc. | Enbridge U.S., Inc. |
|  3.910% due 04/13/2026 | 5700 | 5692 |
|  ERAC USA Finance LLC |  |  |
|  3.980% due 04/10/2026 | 3200 | 3196 |
|  4.000% due 04/09/2026 | 5100 | 5095 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL**<br> **AMOUNT**<br> (000S) | **PRINCIPAL**<br> **AMOUNT**<br> (000S) | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.000% due 04/17/2026 | $— | 3350 | $— | 3344 |
|  4.130% due 04/13/2026 |  | 700 |  | 699 |
|  4.150% due 04/13/2026 |  | 1600 |  | 1598 |
|  4.150% due 04/24/2026 |  | 13250 |  | 13213 |
|  4.170% due 04/20/2026 |  | 10150 |  | 10127 |
|  4.170% due 04/23/2026 |  | 600 |  | 598 |
|  4.180% due 04/24/2026 |  | 2250 |  | 2244 |
|  Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy |
|  4.050% due 04/09/2026 |  | 3900 |  | 3896 |
|  Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  4.180% due 04/22/2026 |  | 3150 |  | 3142 |
|  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. |
|  4.150% due 04/09/2026 |  | 1600 |  | 1598 |
|  4.150% due 04/17/2026 |  | 6700 |  | 6687 |
|  4.150% due 04/20/2026 |  | 3950 |  | 3941 |
|  4.170% due 04/23/2026 |  | 4150 |  | 4139 |
|  4.170% due 04/24/2026 |  | 2200 |  | 2194 |
|  Genuine Parts Co. | Genuine Parts Co. | Genuine Parts Co. | Genuine Parts Co. | Genuine Parts Co. |
|  4.220% due 04/09/2026 |  | 2000 |  | 1998 |
|  4.250% due 04/01/2026 |  | 600 |  | 600 |
|  4.280% due 04/06/2026 |  | 1100 |  | 1099 |
|  4.300% due 04/23/2026 |  | 1400 |  | 1396 |
|  4.340% due 04/28/2026 |  | 1200 |  | 1196 |
|  4.350% due 04/23/2026 |  | 300 |  | 299 |
|  Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC | Glencore Funding LLC |
|  4.130% due 04/30/2026 |  | 21600 |  | 21528 |
|  4.150% due 05/04/2026 |  | 15500 |  | 15441 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  4.200% due 04/01/2026 |  | 3200 |  | 3200 |
|  4.200% due 04/02/2026 |  | 4700 |  | 4699 |
|  4.200% due 04/06/2026 |  | 8200 |  | 8194 |
|  4.220% due 04/02/2026 |  | 1900 |  | 1900 |
|  4.220% due 04/06/2026 |  | 6800 |  | 6795 |
|  4.220% due 04/07/2026 |  | 14500 |  | 14490 |
|  4.230% due 04/02/2026 |  | 1300 |  | 1300 |
|  4.230% due 04/07/2026 |  | 8300 |  | 8294 |
|  4.250% due 04/06/2026 |  | 5250 |  | 5246 |
|  Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. | Harley-Davidson Financial Services, Inc. |
|  4.170% due 04/07/2026 |  | 1800 |  | 1799 |
|  4.170% due 04/08/2026 |  | 1500 |  | 1499 |
|  4.230% due 04/08/2026 |  | 1600 |  | 1599 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  4.150% due 04/16/2026 |  | 9400 |  | 9382 |
|  4.150% due 04/17/2026 |  | 4950 |  | 4940 |
|  4.200% due 05/06/2026 |  | 2600 |  | 2589 |
|  4.200% due 05/12/2026 |  | 5450 |  | 5422 |
|  4.200% due 05/13/2026 |  | 300 |  | 298 |
|  4.200% due 05/18/2026 |  | 9500 |  | 9444 |
|  4.350% due 04/23/2026 |  | 2500 |  | 2493 |
|  4.350% due 05/01/2026 |  | 2400 |  | 2391 |
|  4.380% due 04/23/2026 |  | 5050 |  | 5036 |
|  4.380% due 05/01/2026 |  | 4150 |  | 4135 |
|  Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. |
|  4.150% due 04/13/2026 |  | 3100 |  | 3096 |
|  4.200% due 04/13/2026 |  | 1000 |  | 999 |
|  Jabil, Inc. | Jabil, Inc. | Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
|  4.050% due 04/08/2026 |  | 1400 |  | 1399 |
|  4.050% due 04/16/2026 |  | 1100 |  | 1098 |
|  4.120% due 04/08/2026 |  | 16600 |  | 16583 |
|  4.150% due 05/13/2026 |  | 10200 |  | 10144 |
|  4.200% due 04/02/2026 |  | 11300 |  | 11297 |
|  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 |
|  3.990% due 04/08/2026 |  | 5200 |  | 5195 |
|  4.000% due 04/08/2026 |  | 1400 |  | 1399 |
|  4.030% due 04/09/2026 |  | 8000 |  | 7992 |
|  4.210% due 04/23/2026 |  | 1100 |  | 1097 |
|  4.250% due 04/08/2026 |  | 1900 |  | 1898 |
|  4.250% due 04/09/2026 |  | 2850 |  | 2847 |
|  JTI Financial Services North America LLC | JTI Financial Services North America LLC | JTI Financial Services North America LLC | JTI Financial Services North America LLC | JTI Financial Services North America LLC |
|  3.880% due 05/04/2026 |  | 10100 |  | 10064 |
|  4.070% due 05/20/2026 |  | 9000 |  | 8953 |
|  4.070% due 05/26/2026 |  | 5500 |  | 5468 |
|  Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. | Keurig Dr. Pepper, Inc. |
|  3.880% due 04/07/2026 |  | 1200 |  | 1199 |
|  3.900% due 04/23/2026 |  | 2500 |  | 2493 |
|  3.910% due 04/07/2026 |  | 300 |  | 300 |
|  3.910% due 04/27/2026 |  | 1000 |  | 997 |
|  3.920% due 04/27/2026 |  | 7600 |  | 7576 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL**<br> **AMOUNT**<br> (000S) | **MARKET<br>VALUE<br>(000S)** |
|  3.970% due 04/15/2026 | $| 5800 | 5790 |
|  4.100% due 04/09/2026 |  | 6100 | 6094 |
|  4.100% due 04/28/2026 |  | 6900 | 6877 |
|  4.250% due 04/17/2026 (b) |  | 4900 | 4890 |
|  4.300% due 04/08/2026 |  | 8337 | 8329 |
|  4.300% due 04/13/2026 |  | 663 | 662 |
|  4.300% due 04/24/2026 |  | 1800 | 1795 |
|  4.300% due 05/01/2026 |  | 7900 | 7871 |
|  4.320% due 04/28/2026 |  | 1300 | 1296 |
|  4.350% due 04/20/2026 |  | 3200 | 3192 |
|  4.350% due 04/30/2026 |  | 800 | 797 |
|  4.350% due 05/08/2026 |  | 11300 | 11249 |
|  4.380% due 05/07/2026 |  | 9900 | 9856 |
|  Leidos, Inc. | Leidos, Inc. | Leidos, Inc. | Leidos, Inc. |
|  4.180% due 04/23/2026 |  | 3895 | 3885 |
|  4.180% due 04/28/2026 |  | 8705 | 8677 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  3.910% due 04/21/2026 |  | 1300 | 1297 |
|  3.920% due 04/24/2026 |  | 800 | 798 |
|  4.020% due 04/20/2026 |  | 3300 | 3293 |
|  ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  4.150% due 04/10/2026 |  | 2200 | 2198 |
|  Phillips 66 | Phillips 66 | Phillips 66 | Phillips 66 |
|  4.000% due 04/01/2026 |  | 3400 | 3400 |
|  4.050% due 04/01/2026 |  | 400 | 400 |
|  4.050% due 04/02/2026 |  | 400 | 400 |
|  4.050% due 04/08/2026 |  | 18800 | 18783 |
|  4.150% due 04/20/2026 |  | 3400 | 3392 |
|  4.200% due 04/14/2026 |  | 2200 | 2197 |
|  4.300% due 04/24/2026 |  | 5350 | 5336 |
|  4.330% due 04/27/2026 |  | 4750 | 4736 |
|  4.350% due 05/01/2026 |  | 8200 | 8171 |
|  4.360% due 05/01/2026 |  | 9600 | 9567 |
|  4.370% due 05/01/2026 |  | 4850 | 4833 |
|  4.400% due 05/29/2026 |  | 16200 | 16092 |
|  Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. | Rogers Communications, Inc. |
|  4.150% due 04/16/2026 |  | 5061 | 5052 |
|  4.200% due 04/09/2026 |  | 800 | 799 |
|  S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. |
|  4.000% due 04/06/2026 |  | 13700 | 13691 |
|  4.100% due 04/01/2026 |  | 11100 | 11099 |
|  VW Credit, Inc. | VW Credit, Inc. | VW Credit, Inc. | VW Credit, Inc. |
|  4.220% due 05/06/2026 |  | 10900 | 10855 |
|  |  |  | 821108 |
|  |  | **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 3.720% (j) |  | 12430901 | 12431 |
|  |  | **PRINCIPAL**<br> **AMOUNT**<br> (000S) |  |
| REPURCHASE AGREEMENTS (l) 8.4% | REPURCHASE AGREEMENTS (l) 8.4% | REPURCHASE AGREEMENTS (l) 8.4% | REPURCHASE AGREEMENTS (l) 8.4% |
|  |  |  | 1545200 |
| SHORT-TERM NOTES 0.3% | SHORT-TERM NOTES 0.3% | SHORT-TERM NOTES 0.3% | SHORT-TERM NOTES 0.3% |
|  Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
|  3.893% due 01/15/2027 |  | $62439 | 62433 |
| 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 (f)(g) | EGP | 46200 | 743 |
| NIGERIA TREASURY BILLS 0.2% | NIGERIA TREASURY BILLS 0.2% | NIGERIA TREASURY BILLS 0.2% | NIGERIA TREASURY BILLS 0.2% |
|  31.842% due 06/11/2026 - 06/29/2026 (e)(f) | NGN | 65314142 | 45159 |
| SOUTH AFRICA TREASURY BILLS 0.7% | SOUTH AFRICA TREASURY BILLS 0.7% | SOUTH AFRICA TREASURY BILLS 0.7% | SOUTH AFRICA TREASURY BILLS 0.7% |
|  7.285% due 04/22/2026 - 01/27/2027 (e)(f) | ZAR | 2296860 | 132329 |
| TURKEY TREASURY BILLS 0.0% | TURKEY TREASURY BILLS 0.0% | TURKEY TREASURY BILLS 0.0% | TURKEY TREASURY BILLS 0.0% |
|  38.691% due<br>04/07/2026 (e)(f) | TRY | 249000 | 5561 |

---

140 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL**<br> **AMOUNT**<br> (000S) | **PRINCIPAL**<br> **AMOUNT**<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% |  |
|  3.651% due 04/07/2026 - 06/30/2026 (e)(f)(o)(q) | $— | 5456 | 5432 |
| Total Short-Term Instruments<br>(Cost $2,644,332) | Total Short-Term Instruments<br>(Cost $2,644,332) | Total Short-Term Instruments<br>(Cost $2,644,332) | 2630396 |
| Total Investments in Securities<br>(Cost $25,526,890) | Total Investments in Securities<br>(Cost $25,526,890) | Total Investments in Securities<br>(Cost $25,526,890) | 25222503 |
|  | **SHARES** | **SHARES** |  |
| INVESTMENTS IN AFFILIATES 20.4% | INVESTMENTS IN AFFILIATES 20.4% | INVESTMENTS IN AFFILIATES 20.4% | INVESTMENTS IN AFFILIATES 20.4% |
| SHORT-TERM INSTRUMENTS 20.4% | SHORT-TERM INSTRUMENTS 20.4% | SHORT-TERM INSTRUMENTS 20.4% | SHORT-TERM INSTRUMENTS 20.4% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 20.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 20.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 20.4% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 20.4% |
|  PIMCO Short-Term Floating NAV Portfolio III |  | 386188847 | 3761093 |

---

---

| | | |
|:---|:---|:---|
|  | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| Total Short-Term Instruments<br>(Cost $3,760,358) | $— | 3761093 |
| Total Investments in Affiliates<br>(Cost $3,760,358) |  | 3761093 |
| Total Investments 157.2%<br>(Cost $29,287,248) | $— | 28983596 |
|  Financial Derivative<br>Instruments (n)(p) 0.2%<br>(Cost or Premiums, net $58,674) |  | 38399 |
| Other Assets and Liabilities, net (57.4)% |  | (10586884) |
| Net Assets 100.0% | $— | 18435111 |

---

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

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

^ Security is in default.

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

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

| | |
|:---|:---|
| ~ | Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.  |

---

• Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.

þ Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.

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

(b) When-issued security.

(c) Security is not accruing income as of the date of this report.

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

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

(f) Zero coupon security.

(g) Coupon represents a yield to maturity.

(h) Security becomes interest bearing at a future date.

(i) Principal amount of security is adjusted for inflation.

(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 | $2481 | $2481 | 0.01% |
|  AmSurg Corp. | 11/02/2023 - 11/06/2023 | 13285 | 13982 | 0.08 |
|  CIFI Holdings Group Co. Ltd. 0.000% due 06/30/2029 | 12/29/2025 | 133 | 54 | 0.00 |
|  Country Garden Holdings Co. Ltd. 0.000% due 12/31/2031 | 12/31/2025 | 253 | 199 | 0.00 |
|  Dorchester LLC 4.610% due 01/04/2027 | 12/10/2025 | 7016 | 6935 | 0.04 |
|  Drillco Holdings Luxembourg SA | 06/08/2023 | 474 | 545 | 0.00 |
|  Hardwood Funding LLC 4.840% due 06/07/2028 | 03/11/2025 | 3100 | 3104 | 0.01 |
|  Hardwood Funding LLC 4.980% due 06/07/2030 | 03/11/2025 | 2000 | 2006 | 0.01 |
|  Luxco Co. Ltd. | 10/01/2025 | 373 | 392 | 0.00 |
|  National Football League 4.780% due 10/05/2030 | 06/27/2025 | 10600 | 10547 | 0.06 |
|  National Football League 5.480% due 10/05/2028 | 03/14/2024 | 18600 | 18792 | 0.10 |
|  Prime Property Fund LLC 5.250% due 09/30/2029 | 09/17/2024 | 12400 | 12415 | 0.07 |
|  SRT Issuer II LLC 6.771% due 12/02/2031 | 11/28/2025 | 20018 | 20018 | 0.11 |
|  VB DPR Finance Co. 6.833% due 03/15/2035 | 01/31/2025 | 20000 | 20217 | 0.11 |
|  Valerie Asset Ltd. 5.219% due 09/15/2050 | 03/02/2026 | 73024 | 73147 | 0.40 |
|  Valerie Asset Ltd. 5.267% due 09/15/2050 | 03/02/2026 | 9066 | 9080 | 0.05 |
|  Westmoreland Mining Holdings | 03/26/2019 | 9 | 2 | 0.00 |
|  Westmoreland Mining LLC | 06/30/2023 | 19 | 12 | 0.00 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192851 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193928 | 1.05% |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 141

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Lending<br>Rate | Settlement<br>Date | Maturity<br>Date | Principal<br>Amount | Collateralized By | Collateral<br>(Received) | Repurchase<br>Agreements,<br>at Value | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> |
| BOS | 3.680% | 03/19/2026 | 04/15/2026 | $100000 | U.S. Treasury Notes 3.625% due 10/31/2030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101899) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100133 |
|  | 3.690 | 03/17/2026 | 04/06/2026 | 250000 | U.S. Treasury Notes 0.875% due 11/15/2030 | (254023) | 250000 | 250384 |
|  | 3.690 | 03/23/2026 | 04/13/2026 | 150000 | U.S. Treasury Notes 2.750% due 02/15/2028 | (153412) | 150000 | 150138 |
|  | 3.690 | 03/23/2026 | 04/20/2026 | 200000 | U.S. Treasury Notes 4.125% due 10/31/2031 | (205051) | 200000 | 200185 |
| BRC | 6.800 | 03/30/2026 | TBD<sup>(2)</sup> | 678228 | Republic of South Africa Government Bonds 8.750% due 02/28/2048 | (44830) | 40081 | 40096 |
| TOR | 2.230 | 03/10/2026 | 04/07/2026 | 550000 | Province of Alberta 2.050% due 06/01/2030 | (62314) | 395371 | 395910 |
|  |  |  |  |  | Province of British Columbia 1.550% -5.620% due 08/17/2028 -06/18/2057 | (318164) |  |  |
|  |  |  |  |  | Province of Manitoba 2.050% - 2.950% due 06/02/2031 -09/05/2120 | (22095) |  |  |
|  | 2.230 | 03/11/2026 | 04/08/2026 | 355000 | Province of Quebec 3.500% - 4.000% due 09/01/2035 - 12/01/2048 | (258250) | 255194 | 255525 |
|  | 2.230 | 03/19/2026 | 04/08/2026 | 120000 | Province of Ontario 3.600% due 06/02/2035 | (88808) | 86263 | 86332 |
|  | 2.230 | 03/23/2026 | 04/08/2026 | 25000 | Province of New Brunswick Canada 5.650% due 12/27/2028 | (18538) | 17971 | 17981 |
|  | 2.230 | 03/12/2026 | 04/09/2026 | 70000 | Province of Alberta 4.150% due 06/01/2033 | (51557) | 50320 | 50382 |
|  Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements | Total Repurchase Agreements |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1578941) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547066 |

---

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | **Borrowing**<br> **Rate<sup>(3)</sup>** | **Settlement**<br> **Date** | **Maturity**<br> **Date** | **Amount<br>Borrowed<sup>(3)</sup>** | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  BOO | 3.550% | 03/31/2026 | 04/01/2026 | $(14803) | $(14803) |
|  BRC | 6.700 | 03/30/2026 | TBD<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(678228) | (40096) |
|  MYI | 1.600 | 03/13/2026 | TBD<sup>(4)</sup> | (331) | (383) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55282) |

---

#### SHORT SALES:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Description | Coupon | Maturity<br>Date | Principal<br>Amount | Proceeds | Payable for<br>Short Sales |
|  U.S. Government Agencies (1.9)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 1.500% | 05/13/2056 | 3650 | $(2832) | $(2816) |
| &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 | 17200 | (15960) | (15826) |
| &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 | 1200 | (961) | (966) |
| &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 | 393000 | (329137) | (330320) |
|  Total Short Sales (1.9)% |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(348890) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(349928) |

---

#### 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>(5)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOO | $0 | $(14803) | $0 | $(14803) | $13059 | $(1744) |
|  BOS | 700840 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(714385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13545) |
|  BRC | 40096 | (40096) | 0 | 0 | (5221) | (5221) |
|  MYI | 0 | (383) | 0 | (383) | 363 | (20) |
|  TOR | 806130 | 0 | 0 | 806130 | (826986) | (20856) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547066 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55282) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  |  |  |

---

142 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

March 31, 2026

#### 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 | $(14803) | $0 | $0 | $(40479) | $(55282) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14803) | $&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;(40479) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55282) |
|  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  | $(55282) |

---

(m) Securities with an aggregate market value of $54,993 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>(2)</sup> Open maturity repurchase agreement.

<sup>(3)</sup> The average amount of borrowings outstanding during the period ended March 31, 2026 was $(20629) at a weighted average interest rate of 6.228%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(4)</sup> Open maturity reverse repurchase agreement.

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

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

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS<sup>(1)</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | **Strike**<br> **Price** | **Expiration**<br> **Date** | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - Eurex Euro-Bund 10-Year Bond April Futures | EUR 125.500 | 04/24/2026 | 178 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 | $(73) | $(187) |
|  Call - Eurex Euro-Bund 10-Year Bond April Futures | 128.000 | 04/24/2026 | 178 | 178 | (62) | (23) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(210) |

---

#### 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 | 437 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437 | $(149) | $(163) |
|  Call - CBOE U.S. Treasury 10-Year Note May Futures | 113.000 | 04/24/2026 | 437 | 437 | (102) | (58) |
|  |  |  |  |  | $(251) | $(221) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(386) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(431) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  Australia Government 10-Year Bond June Futures  | 06/2026 | 2347 | $174487 | $(948) | $1642 | $0 |
|  Long Guilt June Futures  | 06/2026 | 4198 | 487803 | (21554) | 3667 | 0 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2026 | 2048 | 424848 | 522 | 160 | 0 |
|  U.S. Treasury 5-Year Note June Futures | 06/2026 | 14307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547727 | (21171) | 2012 | 0 |
|  U.S. Treasury 10-Year Note June Futures  | 06/2026 | 12430 | 1380313 | (24884) | 2914 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 1280 | 149200 | (4607) | 280 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72642) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10675 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month SOFR Active Contract March Futures  | 06/2026 | 214 | $(51534) | $800 | $0 | $(3) |
|  Euro-Bobl June Futures  | 06/2026 | 547 | (72981) | 1370 | 0 | (291) |
|  Euro-Bund June Futures  | 06/2026 | 1776 | (257399) | 6878 | 0 | (1868) |
|  Euro-Buxl 30-Year Bond June Futures  | 06/2026 | 4 | (510) | 6 | 0 | (9) |
|  Euro-Schatz June Futures  | 06/2026 | 4 | (489) | 5 | 0 | (1) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 1251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142008) | 450 | 0 | (371) |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2026 | 3075 | (350166) | 11060 | 0 | (1153) |
|  |  |  |  | $20569 | $0 | $(3696) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52073) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10675 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3696) |

---

#### 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 |
|  Ford Motor Co. | (5.000)% | Quarterly | 06/20/2026 | 0.354% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 143

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

#### 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 |
|  Airbus Finance BV | 1.000% | Quarterly | 06/20/2026 | 0.113% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43900 | $1199 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1081) | $118 | $0 | $(1) |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.234 | $4600 | 76 | (67) | 9 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.395 | 7100 | (37) | 131 | 94 | 3 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2030 | 0.712 | 2600 | 43 | (10) | 33 | 1 | 0 |
|  Deutsche Bank | 1.000 | Quarterly | 12/20/2030 | 0.947 | 1300 | 24 | (20) | 4 | 1 | 0 |
|  Ford Motor Co. | 5.000 | Quarterly | 12/20/2028 | 1.166 | $800 | 114 | (34) | 80 | 0 | 0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2027 | 0.653 | 7200 | 306 | 81 | 387 | 2 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.051 | 16000 | 100 | (61) | 39 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.054 | 3300 | 37 | (13) | 24 | 0 | 0 |
|  Goldman Sachs Group, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.312 | 16500 | 103 | (72) | 31 | 0 | 0 |
|  Morgan Stanley | 1.000 | Quarterly | 06/20/2026 | 0.303 | 21800 | 85 | (44) | 41 | 1 | 0 |
|  Oracle Corp. | 1.000 | Quarterly | 06/20/2030 | 1.622 | 9900 | 217 | (447) | (230) | 20 | 0 |
|  Rolls-Royce PLC | 1.000 | Quarterly | 06/20/2026 | 0.109 | 4600 | (439) | 451 | 12 | 0 | 0 |
|  Rolls-Royce PLC | 1.000 | Quarterly | 12/20/2026 | 0.114 | 12500 | (581) | 679 | 98 | 0 | 0 |
|  Rolls-Royce PLC | 1.000 | Quarterly | 06/20/2027 | 0.153 | 3500 | (255) | 298 | 43 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.221 | $2100 | 48 | (44) | 4 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2026 | 0.240 | 20900 | 492 | (371) | 121 | 2 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.368 | 7600 | (5) | 111 | 106 | 3 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 12/20/2028 | 0.423 | 1900 | (5) | 34 | 29 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(479) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### 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 | $92 | $(3) | $3 | $0 | $0 | $0 |
|  CDX.EM-36 5-Year Index | 1.000 | Quarterly | 12/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2805) | 3000 | 195 | 26 | 0 |
|  CDX.EM-37 5-Year Index | 1.000 | Quarterly | 06/20/2027 | 980 | (81) | 86 | 5 | 4 | 0 |
|  CDX.EM-38 5-Year Index | 1.000 | Quarterly | 12/20/2027 | 9400 | (766) | 824 | 58 | 52 | 0 |
|  CDX.EM-39 5-Year Index | 1.000 | Quarterly | 06/20/2028 | 1400 | (95) | 87 | (8) | 0 | (6) |
|  CDX.EM-40 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 22600 | (1028) | 1029 | 1 | 94 | 0 |
|  CDX.EM-41 5-Year Index | 1.000 | Quarterly | 06/20/2029 | 7200 | (247) | 225 | (22) | 32 | 0 |
|  CDX.EM-42 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 10300 | (299) | 231 | (68) | 51 | 0 |
|  CDX.EM-43 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 800 | (29) | 19 | (10) | 4 | 0 |
|  CDX.EM-44 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 3200 | (69) | 7 | (62) | 15 | 0 |
|  CDX.EM-45 5-Year Index | 1.000 | Quarterly | 06/20/2031 | 3000 | (129) | 3 | (126) | 16 | 0 |
|  CDX.HY-36 5-Year Index | 5.000 | Quarterly | 06/20/2026 | 36672 | 3202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3090) | 112 | 15 | 0 |
|  CDX.HY-37 5-Year Index | 5.000 | Quarterly | 12/20/2026 | 2592 | 147 | (85) | 62 | 13 | 0 |
|  CDX.HY-39 5-Year Index | 5.000 | Quarterly | 12/20/2027 | 970 | 0 | 42 | 42 | 6 | 0 |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 1188 | 56 | 15 | 71 | 10 | 0 |
|  CDX.HY-45 5-Year Index | 5.000 | Quarterly | 12/20/2030 | 7128 | 514 | (127) | 387 | 64 | 0 |
|  CDX.HY-46 5-Year Index | 5.000 | Quarterly | 06/20/2031 | 1800 | 71 | 18 | 89 | 16 | 0 |
|  CDX.IG-37 5-Year Index | 1.000 | Quarterly | 12/20/2026 | 300 | 7 | (5) | 2 | 0 | 0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 1000 | 12 | 6 | 18 | 2 | 0 |
|  CDX.IG-45 5-Year Index | 1.000 | Quarterly | 12/20/2030 | 97290 | 2145 | (388) | 1757 | 191 | 0 |
|  CDX.IG-46 5-Year Index | 1.000 | Quarterly | 06/20/2031 | 63100 | 1068 | 42 | 1110 | 137 | 0 |
|  |  |  |  |  | $1671 | $1942 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3613 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive <br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | 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 | 295200 | $(6508) | $818 | $(5690) | $613 | $0 |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/18/2031 |  | 308740 | (7992) | (5170) | (13162) | 983 | 0 |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 3.700 | Annual | 03/28/2034 |  | 6400 | (27) | 393 | 366 | 0 | (25) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/18/2036 |  | 2640 | 9 | 117 | 126 | 0 | (11) |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 03/18/2056 |  | 12280 | 48 | 761 | 809 | 0 | (61) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.176 | Annual | 04/27/2027 | JPY | 3740000 | (253) | (63) | (316) | 3 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.020 | Semi-Annual | 09/20/2028 |  | 19770000 | 183 | 4461 | 4644 | 0 | (96) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Semi-Annual | 03/15/2029 |  | 52610000 | 2967 | 12303 | 15270 | 0 | (337) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.700 | Annual | 09/18/2029 |  | 15440000 | 2574 | 308 | 2882 | 0 | (131) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Annual | 06/15/2032 |  | 6157600 | (14) | 3365 | 3351 | 0 | (89) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/18/2034 |  | 7950000 | 399 | 3536 | 3935 | 0 | (152) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2035 |  | 2576000 | 998 | 67 | 1065 | 0 | (52) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 03/15/2042 |  | 3007000 | 752 | 4485 | 5237 | 0 | (44) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.711 | Annual | 04/27/2042 |  | 908000 | 1395 | 29 | 1424 | 0 | (14) |

---

---

| | | |
|:---|:---|:---|
| **144** | **PIMCO CREDIT BOND FUNDS** | 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 | 4.000% | Annual | 06/20/2026 | $261800 | $(1267) | $1293 | $26 | $0 | $(7) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.590 | Annual | 07/23/2026 | 110700 | 1522 | (13) | 1509 | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.645 | Annual | 07/24/2026 | 169300 | 2421 | (211) | 2210 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.243 | Annual | 08/07/2026 | 51400 | 694 | 169 | 863 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.425 | Semi-Annual | 01/18/2027 | 20500 | (35) | (483) | (518) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.418 | Semi-Annual | 01/20/2027 | 11000 | (11) | (268) | (279) | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.550 | Semi-Annual | 01/20/2027 | 41000 | (96) | (892) | (988) | 3 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.300 | Annual | 03/21/2027 | 337420 | (430) | 2395 | 1965 | 86 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.350 | Semi-Annual | 05/18/2027 | 1172300 | (2877) | 36304 | 33427 | 0 | (187) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2027 | 45790 | 1407 | 1177 | 2584 | 0 | (10) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.850 | Annual | 08/30/2027 | 24500 | (123) | (320) | (443) | 8 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.050 | Annual | 09/07/2027 | 12600 | (65) | (110) | (175) | 4 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/13/2027 | 2600 | (6) | 2 | (4) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2027 | 33150 | 2389 | (1320) | 1069 | 0 | (14) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 03/10/2028 | 33200 | (71) | 180 | 109 | 14 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 0.500 | Semi-Annual | 06/16/2028 | 38548 | (1416) | (1348) | (2764) | 17 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 36150 | 824 | (316) | 508 | 0 | (18) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.700 | Annual | 07/21/2028 | 14300 | (333) | (86) | (419) | 6 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.675 | Annual | 07/24/2028 | 14500 | (337) | (97) | (434) | 6 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.748 | Annual | 07/25/2028 | 21900 | (518) | (90) | (608) | 10 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.468 | Annual | 07/27/2028 | 14200 | (339) | (169) | (508) | 6 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.510 | Annual | 11/30/2028 | 6860 | 0 | 19 | 19 | 0 | (4) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.515 | Annual | 11/30/2028 | 10170 | 0 | 27 | 27 | 0 | (6) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/20/2028 | 75380 | 1212 | (1542) | (330) | 0 | (48) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.100 | Semi-Annual | 02/01/2029 | 50700 | (216) | 4203 | 3987 | 0 | (29) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.940 | Annual | 02/22/2029 | 41600 | (100) | 522 | 422 | 30 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 02/27/2029 | 14200 | (33) | 190 | 157 | 10 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2029 | 29400 | (38) | 275 | 237 | 0 | (22) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 03/20/2029 | 27740 | (899) | 370 | (529) | 0 | (22) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2029 | 106480 | 5107 | 5806 | 10913 | 0 | (73) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2029 | 33998 | 1916 | 595 | 2511 | 0 | (25) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 528460 | (3503) | 2123 | (1380) | 0 | (429) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.050 | Annual | 09/08/2029 | 12600 | (79) | (199) | (278) | 11 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.100 | Annual | 09/09/2029 | 12500 | (78) | (174) | (252) | 10 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.258 | Annual | 09/30/2029 | 892900 | (350) | 12561 | 12211 | 0 | (787) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 885520 | (10562) | 5250 | (5312) | 0 | (833) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2029 | 156890 | 14254 | (4898) | 9356 | 0 | (135) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 02/22/2030 | 34200 | (120) | (26) | (146) | 33 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.340 | Annual | 02/23/2030 | 28400 | (98) | (162) | (260) | 27 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 03/02/2030 | 12100 | (34) | 7 | (27) | 12 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2030 | 12040 | 70 | 170 | 240 | 0 | (12) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 140470 | 2384 | 2042 | 4426 | 0 | (135) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 08/22/2030 | 6900 | (22) | 71 | 49 | 7 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.325 | Annual | 08/31/2030 | 242985 | 791 | 1619 | 2410 | 0 | (241) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.337 | Annual | 08/31/2030 | 16520 | 0 | 156 | 156 | 0 | (16) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.369 | Annual | 08/31/2030 | 20090 | 0 | 166 | 166 | 0 | (20) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.407 | Annual | 08/31/2030 | 5670 | 0 | 39 | 39 | 0 | (6) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.422 | Annual | 08/31/2030 | 8500 | 0 | 53 | 53 | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2030 | 360180 | (5084) | 3183 | (1901) | 0 | (368) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.545 | Annual | 10/31/2030 | 11700 | 0 | 42 | 42 | 0 | (12) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.547 | Annual | 10/31/2030 | 25500 | 0 | 90 | 90 | 0 | (26) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 10/31/2030 | 23500 | 0 | 79 | 79 | 0 | (24) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.572 | Annual | 10/31/2030 | 23400 | 0 | 55 | 55 | 0 | (24) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.582 | Annual | 10/31/2030 | 42300 | 0 | 82 | 82 | 0 | (43) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 10/31/2030 | 29400 | 0 | 38 | 38 | 0 | (30) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.601 | Annual | 10/31/2030 | 52800 | 0 | 55 | 55 | 0 | (54) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.602 | Annual | 10/31/2030 | 52900 | 0 | 51 | 51 | 0 | (54) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.606 | Annual | 10/31/2030 | 23500 | 0 | 18 | 18 | 0 | (24) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.623 | Annual | 10/31/2030 | 23500 | 0 | 0 | 0 | 0 | (24) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.664 | Annual | 10/31/2030 | 15600 | 0 | (29) | (29) | 0 | (16) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.677 | Annual | 10/31/2030 | 12500 | 0 | (31) | (31) | 0 | (13) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.687 | Annual | 10/31/2030 | 19700 | 0 | (58) | (58) | 0 | (20) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.689 | Annual | 10/31/2030 | 33000 | 0 | (100) | (100) | 0 | (34) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.691 | Annual | 10/31/2030 | 25000 | 0 | (78) | (78) | 0 | (26) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.721 | Annual | 10/31/2030 | 15500 | 0 | (70) | (70) | 0 | (16) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.722 | Annual | 10/31/2030 | 15600 | 0 | (71) | (71) | 0 | (16) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.727 | Annual | 10/31/2030 | 15600 | 0 | (75) | (75) | 0 | (16) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.732 | Annual | 10/31/2030 | 10400 | 0 | (52) | (52) | 0 | (11) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 10/31/2030 | 15600 | 0 | (81) | (81) | 0 | (16) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.739 | Annual | 10/31/2030 | 15600 | 0 | (84) | (84) | 0 | (16) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.749 | Annual | 10/31/2030 | 15600 | 0 | (91) | (91) | 0 | (16) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **145** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750% | Annual | 12/17/2030 | $156740 | $(2254) | $1299 | $(955) | $0 | $(165) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 140650 | 4757 | (4004) | 753 | 0 | (145) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 03/18/2031 | 58950 | (369) | 691 | 322 | 0 | (62) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 03/20/2031 | 30940 | (1420) | 535 | (885) | 0 | (35) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.328 | Annual | 04/30/2031 | 6820 | 0 | 146 | 146 | 0 | (7) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.431 | Annual | 04/30/2031 | 11400 | 0 | 177 | 177 | 0 | (12) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 0.750 | Semi-Annual | 06/16/2031 | 93822 | (6926) | (7037) | (13963) | 83 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 297960 | (3074) | 2199 | (875) | 0 | (327) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 06/30/2031 | 20980 | 2 | 458 | 460 | 0 | (23) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.470 | Semi-Annual | 07/15/2031 | 13400 | (54) | 1694 | 1640 | 0 | (12) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.405 | Semi-Annual | 09/07/2031 | 16700 | (72) | 2166 | 2094 | 0 | (16) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 10/05/2031 | 10800 | (24) | (1304) | (1328) | 10 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.535 | Semi-Annual | 10/15/2031 | 10900 | (19) | (1298) | (1317) | 10 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.535 | Semi-Annual | 10/22/2031 | 8000 | (17) | (949) | (966) | 8 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 141710 | (237) | (460) | (697) | 0 | (162) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.735 | Semi-Annual | 01/12/2032 | 8900 | (23) | (1041) | (1064) | 9 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.655 | Semi-Annual | 01/24/2032 | 2700 | (8) | (326) | (334) | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.350 | Semi-Annual | 02/01/2032 | 18800 | (108) | 2742 | 2634 | 0 | (18) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.988 | Semi-Annual | 02/09/2032 | 14500 | 77 | 1452 | 1529 | 0 | (14) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.008 | Semi-Annual | 02/09/2032 | 24400 | 95 | 2460 | 2555 | 0 | (24) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2032 | 20720 | 598 | (132) | 466 | 0 | (23) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.000 | Annual | 03/21/2032 | 282250 | 140 | 4893 | 5033 | 335 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 234042 | (233) | (450) | (683) | 0 | (276) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.900 | Semi-Annual | 05/18/2032 | 636600 | (15389) | 85414 | 70025 | 0 | (610) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2032 | 18270 | 235 | 323 | 558 | 0 | (21) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.680 | Annual | 07/11/2032 | 22000 | (304) | (1154) | (1458) | 24 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.690 | Annual | 07/11/2032 | 22000 | (308) | (1136) | (1444) | 24 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.050 | Annual | 09/06/2032 | 3100 | (26) | (104) | (130) | 4 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2032 | 320620 | (4673) | 3941 | (732) | 0 | (380) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.542 | Annual | 11/15/2032 | 39800 | 0 | 368 | 368 | 0 | (46) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.570 | Annual | 11/15/2032 | 31820 | 0 | 241 | 241 | 0 | (37) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.582 | Annual | 11/15/2032 | 23880 | 0 | 165 | 165 | 0 | (28) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.584 | Annual | 11/15/2032 | 28640 | 0 | 195 | 195 | 0 | (33) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.586 | Annual | 11/15/2032 | 58780 | 0 | 393 | 393 | 0 | (69) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.592 | Annual | 11/15/2032 | 63850 | 0 | 403 | 403 | 0 | (75) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2032 | 366130 | (5418) | 4489 | (929) | 0 | (436) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2032 | 255860 | 29654 | (2365) | 27289 | 0 | (282) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.564 | Annual | 01/31/2033 | 6300 | 0 | 53 | 53 | 0 | (7) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.430 | Annual | 02/27/2033 | 18800 | (75) | (258) | (333) | 21 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.370 | Annual | 03/01/2033 | 18000 | (79) | (307) | (386) | 20 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.405 | Annual | 03/01/2033 | 17600 | (76) | (263) | (339) | 20 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 03/06/2033 | 17600 | (60) | (394) | (454) | 20 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.450 | Annual | 03/07/2033 | 33400 | (119) | (432) | (551) | 38 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 03/18/2033 | 745906 | (7593) | 6236 | (1357) | 0 | (878) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 05/22/2033 | 208310 | 4554 | (453) | 4101 | 0 | (232) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.420 | Annual | 05/24/2033 | 50500 | (204) | (1072) | (1276) | 56 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 06/06/2033 | 472330 | (2441) | 4921 | 2480 | 0 | (533) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/17/2033 | 81970 | 1536 | (375) | 1161 | 0 | (91) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2033 | 77455 | 955 | 3326 | 4281 | 0 | (91) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.730 | Annual | 08/03/2033 | 8300 | (30) | 9 | (21) | 9 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 08/07/2033 | 9500 | (38) | 18 | (20) | 11 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.760 | Annual | 08/23/2033 | 27800 | (108) | 104 | (4) | 31 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 08/30/2033 | 14000 | (53) | 91 | 38 | 16 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 08/30/2033 | 28100 | (99) | 374 | 275 | 31 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.030 | Annual | 10/04/2033 | 27000 | (93) | 612 | 519 | 30 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.175 | Annual | 10/10/2033 | 13100 | (47) | 432 | 385 | 15 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 10/12/2033 | 13100 | (52) | 414 | 362 | 15 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.200 | Annual | 10/18/2033 | 11200 | (38) | 387 | 349 | 13 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.220 | Annual | 10/20/2033 | 13300 | (46) | 480 | 434 | 15 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.230 | Annual | 10/23/2033 | 7000 | (25) | 258 | 233 | 8 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.255 | Annual | 10/23/2033 | 7000 | (25) | 270 | 245 | 8 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.393 | Annual | 10/25/2033 | 6600 | (23) | 318 | 295 | 8 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.450 | Annual | 10/31/2033 | 8200 | (30) | 430 | 400 | 9 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.435 | Annual | 11/01/2033 | 7000 | (29) | 363 | 334 | 8 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.450 | Annual | 11/01/2033 | 13600 | (57) | 720 | 663 | 16 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 11/22/2033 | 13900 | (63) | (419) | (482) | 0 | (16) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.030 | Annual | 12/15/2033 | 14200 | (62) | (210) | (272) | 0 | (15) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 12/19/2033 | 15100 | (63) | (141) | (204) | 0 | (16) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 120910 | (4054) | 1886 | (2168) | 128 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 12/26/2033 | 7500 | (32) | (12) | (44) | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.854 | Annual | 12/29/2033 | 14200 | (61) | (35) | (96) | 0 | (15) |

---

---

| | | |
|:---|:---|:---|
| **146** | **PIMCO CREDIT BOND FUNDS** | 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 | 3.750% | Annual | 01/02/2034 | $7100 | $(31) | $35 | $4 | $0 | $(7) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.810 | Annual | 01/02/2034 | 7100 | (31) | 5 | (26) | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.684 | Annual | 01/03/2034 | 7100 | (32) | 68 | 36 | 0 | (7) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.648 | Annual | 01/08/2034 | 14300 | (65) | 176 | 111 | 0 | (15) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.670 | Annual | 01/08/2034 | 15500 | (73) | 169 | 96 | 0 | (16) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.594 | Annual | 01/09/2034 | 14500 | 0 | 166 | 166 | 0 | (15) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 01/17/2034 | 14200 | (65) | 223 | 158 | 0 | (15) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.735 | Annual | 01/23/2034 | 7000 | (29) | 16 | (13) | 7 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.738 | Annual | 01/23/2034 | 4200 | (18) | 11 | (7) | 4 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.655 | Annual | 01/24/2034 | 8100 | (33) | (27) | (60) | 8 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.665 | Annual | 01/24/2034 | 14200 | (58) | (37) | (95) | 15 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.685 | Annual | 01/24/2034 | 14200 | (58) | (17) | (75) | 15 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 01/31/2034 | 7500 | (32) | (42) | (74) | 8 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.725 | Annual | 02/07/2034 | 6900 | (35) | 17 | (18) | 7 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.783 | Annual | 02/07/2034 | 5900 | (30) | 38 | 8 | 6 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 02/21/2034 | 28000 | (125) | 310 | 185 | 29 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.650 | Annual | 03/05/2034 | 15100 | (64) | (58) | (122) | 15 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 03/05/2034 | 7700 | (29) | (7) | (36) | 8 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.710 | Annual | 03/05/2034 | 15000 | (56) | (3) | (59) | 15 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 04/10/2034 | 14600 | (55) | 148 | 93 | 15 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 04/15/2034 | 7600 | (29) | 77 | 48 | 8 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 04/16/2034 | 15600 | (54) | 216 | 162 | 16 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 04/17/2034 | 14400 | (49) | 346 | 297 | 15 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.085 | Annual | 04/22/2034 | 14400 | (57) | 360 | 303 | 15 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.078 | Annual | 04/29/2034 | 15200 | (44) | 357 | 313 | 16 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 04/30/2034 | 80300 | (226) | 1955 | 1729 | 84 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.130 | Annual | 05/03/2034 | 14200 | (38) | 389 | 351 | 15 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.200 | Annual | 05/06/2034 | 39200 | (127) | 1313 | 1186 | 41 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 06/05/2034 | 16900 | (68) | (286) | (354) | 0 | (17) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 92440 | (2481) | 2011 | (470) | 97 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.994 | Annual | 07/02/2034 | 21400 | (65) | (242) | (307) | 0 | (22) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.060 | Annual | 07/02/2034 | 15000 | (49) | (244) | (293) | 0 | (15) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.795 | Annual | 08/06/2034 | 25200 | (100) | 125 | 25 | 0 | (25) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.645 | Annual | 08/07/2034 | 25200 | (86) | 406 | 320 | 0 | (25) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.679 | Annual | 08/13/2034 | 25300 | (93) | 346 | 253 | 0 | (25) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.569 | Annual | 08/14/2034 | 28000 | (92) | 612 | 520 | 0 | (27) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.586 | Annual | 08/19/2034 | 39800 | (139) | 824 | 685 | 0 | (38) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.595 | Annual | 08/19/2034 | 27900 | (99) | 559 | 460 | 0 | (27) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 08/20/2034 | 25200 | (89) | 628 | 539 | 0 | (24) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.558 | Annual | 08/21/2034 | 28800 | (98) | 655 | 557 | 0 | (28) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.613 | Annual | 08/22/2034 | 25100 | (90) | 468 | 378 | 0 | (24) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.565 | Annual | 08/28/2034 | 19300 | (69) | 430 | 361 | 0 | (19) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 09/04/2034 | 17400 | (66) | 520 | 454 | 0 | (17) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.514 | Annual | 09/04/2034 | 14600 | (55) | 386 | 331 | 0 | (14) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 09/04/2034 | 17900 | (67) | 457 | 390 | 0 | (17) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.410 | Annual | 09/05/2034 | 16200 | (64) | 562 | 498 | 0 | (15) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 14400 | (69) | 710 | 641 | 0 | (13) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.240 | Annual | 09/16/2034 | 8200 | (38) | 398 | 360 | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.278 | Annual | 09/16/2034 | 32800 | (144) | 1486 | 1342 | 0 | (30) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.231 | Annual | 09/18/2034 | 25400 | (90) | 1220 | 1130 | 0 | (23) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 | 25300 | (91) | 1183 | 1092 | 0 | (23) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.450 | Annual | 10/11/2034 | 26500 | (96) | (626) | (722) | 25 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.375 | Annual | 10/15/2034 | 26500 | (94) | (784) | (878) | 25 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.385 | Annual | 10/17/2034 | 16800 | (57) | (486) | (543) | 16 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.446 | Annual | 10/23/2034 | 16200 | (45) | (401) | (446) | 15 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.463 | Annual | 10/23/2034 | 28900 | (86) | (672) | (758) | 27 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.481 | Annual | 10/29/2034 | 28700 | (90) | (621) | (711) | 27 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.465 | Annual | 10/30/2034 | 58200 | (188) | (1325) | (1513) | 55 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.515 | Annual | 11/06/2034 | 52400 | (186) | (972) | (1158) | 49 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 3570 | 42 | (57) | (15) | 3 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 | 14400 | (38) | 76 | 38 | 14 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 01/08/2035 | 9800 | (26) | 59 | 33 | 9 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 01/08/2035 | 14300 | (38) | 142 | 104 | 14 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 | 14400 | (39) | 120 | 81 | 14 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 4.013 | Annual | 01/15/2035 | 42300 | (117) | 787 | 670 | 41 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 15500 | (56) | (54) | (110) | 0 | (15) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 03/05/2035 | 8200 | (29) | (6) | (35) | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 16400 | (57) | (18) | (75) | 0 | (16) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.899 | Annual | 03/11/2035 | 32100 | (108) | (97) | (205) | 0 | (31) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 19100 | (55) | (41) | (96) | 0 | (18) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/07/2035 | 31900 | (156) | (136) | (292) | 29 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **147** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250% | Annual | 06/18/2035 | $11400 | $287 | $303 | $590 | $0 | $(10) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.551 | Annual | 09/17/2035 | 19100 | (56) | 535 | 479 | 0 | (16) |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.712 | Annual | 11/15/2035 | 7700 | 0 | 83 | 83 | 0 | (6) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/17/2035 | 34520 | (582) | 869 | 287 | 0 | (29) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.679 | Annual | 02/15/2036 | 11120 | 0 | 166 | 166 | 0 | (9) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.755 | Annual | 02/15/2036 | 23490 | 0 | 203 | 203 | 0 | (19) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.066 | Annual | 02/15/2046 | 4270 | 0 | 58 | 58 | 8 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.076 | Annual | 02/15/2046 | 9600 | 0 | 118 | 118 | 17 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.368 | Annual | 11/15/2049 | 3300 | 0 | 413 | 413 | 8 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.464 | Annual | 11/15/2049 | 4490 | 0 | 495 | 495 | 10 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.527 | Annual | 11/15/2049 | 1760 | 0 | 177 | 177 | 4 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.485 | Semi-Annual | 01/13/2051 | 6800 | (45) | (3127) | (3172) | 0 | (17) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.580 | Semi-Annual | 01/13/2051 | 61800 | (268) | (27636) | (27904) | 0 | (156) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.491 | Semi-Annual | 01/21/2051 | 7300 | (75) | (3321) | (3396) | 0 | (18) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.438 | Semi-Annual | 01/22/2051 | 17700 | (185) | (8196) | (8381) | 0 | (44) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.450 | Semi-Annual | 04/07/2051 | 42600 | (18) | 20030 | 20012 | 118 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.785 | Semi-Annual | 08/12/2051 | 8400 | (112) | 3661 | 3549 | 22 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.700 | Semi-Annual | 02/01/2052 | 186000 | (1621) | 83559 | 81938 | 504 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 291500 | 31444 | 86942 | 118386 | 850 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.080 | Annual | 02/23/2053 | 9600 | (88) | (1604) | (1692) | 0 | (31) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.550 | Annual | 07/21/2053 | 3600 | (260) | (726) | (986) | 0 | (12) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.537 | Annual | 07/24/2053 | 3600 | (262) | (732) | (994) | 0 | (12) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.508 | Annual | 07/25/2053 | 5600 | (419) | (1154) | (1573) | 0 | (18) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.830 | Annual | 10/12/2053 | 4200 | (24) | (202) | (226) | 0 | (15) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 10/16/2053 | 4200 | (22) | (169) | (191) | 0 | (15) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.870 | Annual | 10/17/2053 | 4400 | (23) | (184) | (207) | 0 | (15) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 11/15/2053 | 7340 | (40) | 1099 | 1059 | 24 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 11/15/2053 | 20300 | 424 | 208 | 632 | 67 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.998 | Annual | 11/15/2053 | 3600 | 0 | 95 | 95 | 13 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.010 | Annual | 11/15/2053 | 3490 | 0 | 85 | 85 | 12 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 11/15/2053 | 3590 | 0 | 85 | 85 | 13 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.082 | Annual | 11/15/2053 | 2900 | 0 | 37 | 37 | 10 | 0 |
| Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.083 | Annual | 11/15/2053 | 4310 | 0 | 54 | 54 | 15 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.085 | Annual | 11/15/2053 | 57706 | 100 | 652 | 752 | 192 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.141 | Annual | 11/15/2053 | 14150 | 0 | 31 | 31 | 50 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.143 | Annual | 11/15/2053 | 5710 | 0 | 11 | 11 | 20 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.161 | Annual | 11/15/2053 | 14220 | 0 | (15) | (15) | 50 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.172 | Annual | 11/15/2053 | 102610 | 0 | (294) | (294) | 364 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.188 | Annual | 11/15/2053 | 11420 | 0 | (65) | (65) | 41 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.196 | Annual | 11/15/2053 | 8590 | 0 | (60) | (60) | 31 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.200 | Annual | 11/15/2053 | 11410 | 0 | (86) | (86) | 41 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.210 | Annual | 11/15/2053 | 11400 | 0 | (106) | (106) | 41 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 03/05/2054 | 6000 | (51) | (545) | (596) | 0 | (21) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/20/2054 | 78300 | 6259 | 2720 | 8979 | 267 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2055 | 95600 | 13708 | 900 | 14608 | 337 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 09/17/2055 | 57500 | 5720 | 684 | 6404 | 215 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.052 | Annual | 02/15/2056 | 5240 | 0 | 74 | 74 | 20 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 4.059 | Annual | 02/15/2056 | 5620 | 0 | 73 | 73 | 22 | 0 |
| Pay | 1-Year BRL-CDI | 9.998 | Maturity | 01/04/2027 | 85700 | 0 | (1470) | (1470) | 23 | 0 |
| Pay | 1-Year BRL-CDI | 10.037 | Maturity | 01/04/2027 | 19800 | 0 | (335) | (335) | 5 | 0 |
| Pay | 1-Year BRL-CDI | 10.041 | Maturity | 01/04/2027 | 91600 | 0 | (1552) | (1552) | 24 | 0 |
| Pay | 1-Year BRL-CDI | 10.072 | Maturity | 01/04/2027 | 28800 | 0 | (417) | (417) | 8 | 0 |
| Pay | 1-Year BRL-CDI | 10.090 | Maturity | 01/04/2027 | 172800 | 0 | (2886) | (2886) | 46 | 0 |
| Pay | 1-Year BRL-CDI | 10.098 | Maturity | 01/04/2027 | 87080 | 0 | (1251) | (1251) | 23 | 0 |
| Pay | 1-Year BRL-CDI | 10.138 | Maturity | 01/04/2027 | 43000 | 0 | (707) | (707) | 11 | 0 |
| Pay | 1-Year BRL-CDI | 10.165 | Maturity | 01/04/2027 | 44160 | 0 | (620) | (620) | 12 | 0 |
| Pay | 1-Year BRL-CDI | 10.170 | Maturity | 01/04/2027 | 73690 | 0 | (1033) | (1033) | 20 | 0 |
| Pay | 1-Year BRL-CDI | 10.183 | Maturity | 01/04/2027 | 132360 | 0 | (1846) | (1846) | 35 | 0 |
| Pay | 1-Year BRL-CDI | 10.203 | Maturity | 01/04/2027 | 103130 | 0 | (1429) | (1429) | 28 | 0 |
| Pay | 1-Year BRL-CDI | 10.210 | Maturity | 01/04/2027 | 14860 | 0 | (205) | (205) | 4 | 0 |
| Pay | 1-Year BRL-CDI | 10.256 | Maturity | 01/04/2027 | 103030 | 0 | (1402) | (1402) | 27 | 0 |
| Pay | 1-Year BRL-CDI | 10.328 | Maturity | 01/04/2027 | 93690 | 0 | (1243) | (1243) | 25 | 0 |
| Pay | 1-Year BRL-CDI | 11.250 | Maturity | 01/04/2027 | 6500 | 0 | (95) | (95) | 2 | 0 |
| Pay | 1-Year BRL-CDI | 11.275 | Maturity | 01/04/2027 | 3300 | 0 | (48) | (48) | 1 | 0 |
| Pay | 1-Year BRL-CDI | 11.290 | Maturity | 01/04/2027 | 3300 | 0 | (47) | (47) | 1 | 0 |
| Pay | 1-Year BRL-CDI | 11.731 | Maturity | 01/04/2027 | 1700 | 0 | (18) | (18) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 11.746 | Maturity | 01/04/2027 | 7300 | 0 | (78) | (78) | 2 | 0 |
| Pay | 1-Year BRL-CDI | 11.901 | Maturity | 01/04/2027 | 17500 | 0 | (165) | (165) | 5 | 0 |
| Pay | 1-Year BRL-CDI | 13.927 | Maturity | 01/04/2027 | 235700 | 12 | (435) | (423) | 0 | (18) |
| Pay | 1-Year BRL-CDI | 14.009 | Maturity | 01/04/2027 | 167700 | 0 | (206) | (206) | 45 | 0 |
| Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 | 154400 | (9) | (711) | (720) | 0 | (83) |

---

---

| | | |
|:---|:---|:---|
| **148** | **PIMCO CREDIT BOND FUNDS** | 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** | **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 | 13.354% | Maturity | 01/02/2029 | BRL | 308000 | $24 | $(845) | $(821) | $357 | $0 |
| Pay | 1-Year BRL-CDI | 12.800 | Maturity | 01/02/2031 |  | 311400 | (18) | (1456) | (1474) | 419 | 0 |
| Pay | 1-Year BRL-CDI | 12.841 | Maturity | 01/02/2031 |  | 112200 | 0 | (509) | (509) | 151 | 0 |
| Pay | 1-Year BRL-CDI | 13.245 | Maturity | 01/02/2031 |  | 11000 | 0 | (40) | (40) | 0 | (3) |
| Pay | 1-Year BRL-CDI | 13.255 | Maturity | 01/02/2031 |  | 100400 | (24) | (331) | (355) | 0 | (25) |
| Pay | 1-Year BRL-CDI | 13.350 | Maturity | 01/02/2031 |  | 23800 | 0 | (36) | (36) | 32 | 0 |
| Pay | 1-Year BRL-CDI | 13.435 | Maturity | 01/02/2031 |  | 7980 | 0 | (15) | (15) | 4 | 0 |
| Pay | 1-Year BRL-CDI | 13.440 | Maturity | 01/02/2031 |  | 8020 | 0 | (15) | (15) | 4 | 0 |
| Pay | 1-Year BRL-CDI | 13.520 | Maturity | 01/02/2031 |  | 75200 | 3 | (55) | (52) | 100 | 0 |
| Pay | 1-Year BRL-CDI | 13.560 | Maturity | 01/02/2031 |  | 42400 | 0 | (30) | (30) | 47 | 0 |
| Pay | 1-Year BRL-CDI | 13.670 | Maturity | 01/02/2031 |  | 10000 | 0 | 0 | 0 | 13 | 0 |
| Pay | 3-Month NZD-BBR | 4.750 | Semi-Annual | 06/19/2029 | NZD | 61900 | 363 | 1136 | 1499 | 64 | 0 |
| Pay | 3-Month ZAR-JIBAR | 6.770 | Quarterly | 03/10/2028 | ZAR | 67300 | 0 | (41) | (41) | 10 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.410 | Quarterly | 07/31/2028 |  | 37800 | 0 | 56 | 56 | 8 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.415 | Quarterly | 07/31/2028 |  | 30200 | 0 | 45 | 45 | 6 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.420 | Quarterly | 07/31/2028 |  | 112900 | 0 | 168 | 168 | 23 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.428 | Quarterly | 07/31/2028 |  | 75100 | 0 | 112 | 112 | 16 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.426 | Quarterly | 08/01/2028 |  | 45600 | 0 | 68 | 68 | 9 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.460 | Quarterly | 08/01/2028 |  | 77000 | 0 | 118 | 118 | 16 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.460 | Quarterly | 08/02/2028 |  | 78000 | 0 | 119 | 119 | 16 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.464 | Quarterly | 08/02/2028 |  | 78200 | 0 | 120 | 120 | 16 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.550 | Quarterly | 08/03/2028 |  | 79600 | 0 | 132 | 132 | 17 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.380 | Quarterly | 08/04/2028 |  | 39500 | 0 | 56 | 56 | 8 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.410 | Quarterly | 08/04/2028 |  | 95000 | 0 | 139 | 139 | 20 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.415 | Quarterly | 08/04/2028 |  | 39500 | 0 | 58 | 58 | 8 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.421 | Quarterly | 08/04/2028 |  | 40300 | 0 | 60 | 60 | 8 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.543 | Quarterly | 08/04/2028 |  | 40200 | 0 | 66 | 66 | 8 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.360 | Quarterly | 08/07/2028 |  | 77500 | 0 | 108 | 108 | 16 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.400 | Quarterly | 08/07/2028 |  | 77500 | 0 | 112 | 112 | 16 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.410 | Quarterly | 08/07/2028 |  | 23000 | 0 | 33 | 33 | 5 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.000 | Quarterly | 01/03/2031 |  | 33700 | 0 | 33 | 33 | 14 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.001 | Quarterly | 01/06/2031 |  | 33700 | 0 | 33 | 33 | 14 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.010 | Quarterly | 01/07/2031 |  | 32900 | 0 | 33 | 33 | 13 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.030 | Quarterly | 01/07/2031 |  | 32900 | 0 | 34 | 34 | 13 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.053 | Quarterly | 01/07/2031 |  | 32900 | 0 | 36 | 36 | 13 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.058 | Quarterly | 01/07/2031 |  | 32900 | 0 | 37 | 37 | 13 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.063 | Quarterly | 01/08/2031 |  | 100300 | 0 | 113 | 113 | 40 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.080 | Quarterly | 01/08/2031 |  | 46700 | 0 | 55 | 55 | 19 | 0 |
| Pay | 3-Month ZAR-JIBAR | 8.203 | Quarterly | 01/10/2031 |  | 169100 | 0 | 248 | 248 | 69 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 2.750 | Semi-Annual | 06/17/2026 | AUD | 12500 | 86 | (143) | (57) | 0 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 3.000 | Semi-Annual | 03/21/2027 |  | 80900 | 1624 | (2663) | (1039) | 32 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 09/18/2029 |  | 36400 | 375 | (1095) | (720) | 156 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 |  | 32900 | (48) | (644) | (692) | 246 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/20/2034 |  | 84600 | (316) | (1623) | (1939) | 666 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/18/2034 |  | 22500 | 297 | (852) | (555) | 186 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 |  | 336500 | 4925 | (13694) | (8769) | 2939 | 0 |
| Pay | 6-Month CZK-PRIBOR | 4.480 | Annual | 03/11/2036 | CZK | 15900 | 0 | (2) | (2) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.370 | Annual | 10/09/2028 | EUR | 17400 | (41) | 412 | 371 | 41 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.450 | Annual | 10/20/2028 |  | 16300 | (31) | 418 | 387 | 37 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.770 | Annual | 04/16/2029 |  | 15100 | (25) | 278 | 253 | 41 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.780 | Annual | 05/02/2029 |  | 15200 | (22) | 279 | 257 | 40 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.950 | Annual | 06/12/2029 |  | 11900 | (21) | 298 | 277 | 29 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.650 | Annual | 08/14/2029 |  | 14500 | (20) | (122) | (142) | 0 | (40) |
| Receive | 6-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 |  | 16700 | (34) | 116 | 82 | 0 | (65) |
| Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 09/16/2031 |  | 708060 | (1654) | (14991) | (16645) | 3540 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.547 | Annual | 03/09/2033 |  | 44600 | (996) | (245) | (1241) | 275 | 0 |
| Pay | 6-Month EUR-EURIBOR | 3.270 | Annual | 08/21/2033 |  | 9400 | (37) | 454 | 417 | 62 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.760 | Annual | 03/04/2034 |  | 9700 | (30) | (136) | (166) | 68 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.750 | Annual | 03/05/2034 |  | 9800 | (31) | (144) | (175) | 68 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.770 | Annual | 04/29/2034 |  | 9800 | (28) | 29 | 1 | 71 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.590 | Annual | 08/19/2034 |  | 16100 | (42) | 355 | 313 | 0 | (117) |
| Pay | 6-Month EUR-EURIBOR | 2.220 | Annual | 01/08/2035 |  | 8900 | (21) | (611) | (632) | 65 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.420 | Annual | 03/07/2035 |  | 9400 | (24) | (481) | (505) | 72 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.520 | Annual | 03/27/2035 |  | 9500 | (25) | (422) | (447) | 75 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.460 | Annual | 04/01/2035 |  | 10000 | (25) | (341) | (366) | 78 | 0 |
| Receive | 6-Month EUR-EURIBOR | 2.510 | Annual | 04/09/2035 |  | 9500 | (33) | 331 | 298 | 0 | (77) |
| Receive | 6-Month EUR-EURIBOR | 2.520 | Annual | 04/09/2035 |  | 10000 | (38) | 341 | 303 | 0 | (81) |
| Receive | 6-Month EUR-EURIBOR | 2.530 | Annual | 04/23/2035 |  | 26000 | (102) | 875 | 773 | 0 | (208) |
| Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 09/16/2036 |  | 34150 | (667) | (575) | (1242) | 302 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.250 | Annual | 03/18/2050 |  | 17400 | 966 | 8986 | 9952 | 0 | (105) |
| Receive | 6-Month EUR-EURIBOR | 0.500 | Annual | 06/17/2050 |  | 4000 | (129) | 2244 | 2115 | 0 | (25) |
| Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 0.830 | Annual | 12/09/2052 |  | 296100 | 3985 | 32579 | 36564 | 353 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **149** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 3.000% | Annual | 09/16/2056 | EUR | 81310 | $1368 | $681 | $2049 | $0 | $(907) |
| Pay | 28-Day MXN-TIIE | 9.020 | Lunar | 12/17/2029 | MXN | 68000 | 0 | 131 | 131 | 13 | 0 |
| Pay | 28-Day MXN-TIIE | 8.990 | Lunar | 12/18/2029 |  | 50400 | 0 | 94 | 94 | 9 | 0 |
| Pay | 28-Day MXN-TIIE | 9.135 | Lunar | 12/27/2029 |  | 97800 | 0 | 207 | 207 | 18 | 0 |
| Pay | 28-Day MXN-TIIE | 9.150 | Lunar | 12/31/2029 |  | 95100 | 0 | 212 | 212 | 18 | 0 |
| Pay | 28-Day MXN-TIIE | 9.108 | Lunar | 03/13/2030 |  | 266600 | 0 | 570 | 570 | 52 | 0 |
| Pay | UKRPI | 4.000 | Maturity | 09/15/2031 | GBP | 7300 | (6) | (1274) | (1280) | 0 | (68) |
| Pay | UKRPI | 4.055 | Maturity | 09/15/2031 |  | 6800 | 28 | (1164) | (1136) | 0 | (63) |
| Pay | UKRPI | 4.066 | Maturity | 09/15/2031 |  | 13200 | (162) | (2021) | (2183) | 0 | (122) |
| Pay | UKRPI | 4.020 | Maturity | 10/15/2031 |  | 9600 | (43) | (1583) | (1626) | 0 | (82) |
| Pay | UKRPI | 4.140 | Maturity | 10/15/2031 |  | 18500 | (70) | (2729) | (2799) | 0 | (157) |
|  |  |  |  |  |  |  | $41965 | $360353 | $402318 | $18695 | $(13595) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $45120 | $361846 | $406966 | $19476 | $(13602) |

---

#### 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 | |
|  | 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;10675 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19476 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30151 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(431) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3696) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13602) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17729) |

---

(o) Securities with an aggregate market value of 324,616 and cash of $27,472 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 asset of $173 and liablity of $(4) is outstanding at period end. 

<sup>(2)</sup> If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> 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.

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

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Received | Unrealized Appreciation/<br>(Depreciation) | Unrealized Appreciation/<br>(Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 04/2026 | CAD | 110411 | $80604 | $1231 | $0 |
|  | 04/2026 | NZD | 65506 | 39263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620 | 0 |
|  | 04/2026 | SGD | 112 | 89 | 1 | 0 |
|  BOA | 04/2026 | BRL | 38296 | 7342 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) |
|  | 04/2026 | CNH | 25861 | 3748 | 0 | (6) |
|  | 04/2026 | EUR | 85964 | 100129 | 768 | 0 |
|  | 04/2026 | INR | 941351 | 10025 | 84 | 0 |
|  | 04/2026 | JPY | 2256280 | 14142 | 0 | (75) |

---

---

| | | |
|:---|:---|:---|
| **150** | **PIMCO CREDIT BOND FUNDS** | 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 | 2828998 | $1933 | $52 | $0 |
|  | 04/2026 | 8691 | 478 | 0 | (7) |
|  | 04/2026 | 75495 | 44979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596 | 0 |
|  | 04/2026 | 20259 | 5478 | 20 | 0 |
|  | 04/2026 | 31 | 24 | 0 | 0 |
|  | 04/2026 | $7313 | 38296 | 81 | 0 |
|  | 04/2026 | 14 | 19 | 0 | 0 |
|  | 04/2026 | 1309 | 9028 | 1 | 0 |
|  | 04/2026 | 4837 | 3629 | 0 | (34) |
|  | 04/2026 | 10025 | 943035 | 10 | 0 |
|  | 04/2026 | 1 | 200 | 0 | 0 |
|  | 04/2026 | 1369 | 25230 | 38 | 0 |
|  | 04/2026 | 780163 | $45338 | 0 | (705) |
|  | 05/2026 | $14141 | 2249485 | 75 | 0 |
|  | 05/2026 | 161757 | $9357 | 0 | (168) |
|  | 06/2026 | 32179 | 10416 | 159 | 0 |
|  | 06/2026 | 132318 | 7381 | 44 | 0 |
|  | 06/2026 | $410 | 2174 | 4 | 0 |
|  | 06/2026 | 1828 | 5702 | 0 | (11) |
|  | 07/2026 | 12000 | $2074 | 0 | (196) |
|  | 08/2026 | 232343 | 13294 | 0 | (292) |
|  | 09/2026 | 66659138 | 16896 | 0 | (579) |
|  | 10/2026 | 28300 | 5178 | 0 | (59) |
|  | 10/2026 | 32498 | 1990 | 102 | 0 |
|  | 11/2026 | 6331 | 353 | 0 | (15) |
|  | 01/2027 | 32612 | 9575 | 338 | 0 |
|  | 01/2027 | 392318 | 23861 | 1254 | 0 |
|  BPS | 04/2026 | 6626 | 4715 | 143 | 0 |
|  | 04/2026 | 468910 | 87601 | 0 | (2925) |
|  | 04/2026 | 586413 | 432987 | 11309 | 0 |
|  | 04/2026 | 8696 | 1264 | 2 | 0 |
|  | 04/2026 | 13086 | 17355 | 35 | 0 |
|  | 04/2026 | 31824 | 10307 | 183 | 0 |
|  | 04/2026 | 13342728 | 8954 | 91 | (11) |
|  | 04/2026 | 7790 | 2093 | 0 | (5) |
|  | 04/2026 | 990370 | 30661 | 607 | (13) |
|  | 04/2026 | 6539 | 143 | 0 | (1) |
|  | 04/2026 | $19788 | 28163 | 0 | (357) |
|  | 04/2026 | 88986 | 468910 | 1539 | 0 |
|  | 04/2026 | 45164 | 764200741 | 3 | (149) |
|  | 04/2026 | 7594 | 24052 | 57 | 0 |
|  | 04/2026 | 5993 | 553673 | 0 | (146) |
|  | 04/2026 | 1861 | 296800 | 9 | 0 |
|  | 04/2026 | 5233 | 7815622 | 11 | (46) |
|  | 04/2026 | 16335 | 58893 | 0 | (471) |
|  | 04/2026 | 10 | 315 | 0 | 0 |
|  | 04/2026 | 24895 | 795724 | 4 | (62) |
|  | 04/2026 | 263054 | $15533 | 9 | 0 |
|  | 05/2026 | 24025 | 7594 | 0 | (57) |
|  | 05/2026 | 1981756 | 20945 | 0 | (86) |
|  | 05/2026 | 454925 | 14118 | 0 | (63) |
|  | 05/2026 | $9610 | 50486 | 78 | 0 |
|  | 05/2026 | 10494 | 178618821 | 26 | 0 |
|  | 05/2026 | 2862 | 872 | 0 | (42) |
|  | 05/2026 | 2088 | 68546 | 0 | (4) |
|  | 05/2026 | 146877 | $8303 | 0 | (355) |
|  | 06/2026 | 58602441 | 3482 | 37 | 0 |
|  | 06/2026 | $7180 | 38155 | 89 | 0 |
|  | 06/2026 | 5527 | 93329609 | 0 | (39) |
|  | 06/2026 | 2070 | 632 | 0 | (26) |
|  | 07/2026 | 443100 | $77946 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5869) |
|  | 07/2026 | $1287 | 393 | 0 | (16) |
|  | 10/2026 | 189300 | $34532 | 0 | (503) |
|  | 10/2026 | 24231 | 1349 | 0 | (59) |
|  | 06/2027 | $1003 | 304 | 0 | (15) |
|  | 05/2029 | 4290 | $14750 | 705 | 0 |
|  | 07/2029 | 573 | 1970 | 94 | 0 |
|  | 05/2030 | 3223 | 11100 | 505 | 0 |
|  | 08/2030 | 1339 | 4514 | 109 | 0 |
|  | 01/2031 | 4838 | 16306 | 357 | 0 |
|  BRC | 04/2026 | 155 | 112 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **151** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2026 | 2809055 | $60956 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1012) |
|  | 04/2026 | $1448 | 2503 | 0 | (10) |
|  | 04/2026 | 5210 | 18746 | 0 | (160) |
|  | 04/2026 | 10364 | 94034 | 0 | (431) |
|  | 04/2026 | 6 | 187 | 0 | 0 |
|  | 04/2026 | 133183 | 6032790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259 | 0 |
|  | 04/2026 | 30386 | 497263 | 0 | (1039) |
|  | 04/2026 | 229318 | $13057 | 0 | (475) |
|  | 05/2026 | 17409 | 21841 | 0 | (8) |
|  | 05/2026 | 891089 | 19134 | 0 | (103) |
|  | 05/2026 | $112 | 155 | 0 | 0 |
|  | 05/2026 | 4985 | 231049 | 7 | 0 |
|  | 06/2026 | 384 | $125 | 2 | 0 |
|  | 07/2026 | 345961 | 19554 | 0 | (717) |
|  BSH | 04/2026 | 389600 | 70723 | 0 | (4491) |
|  | 04/2026 | 12160668 | 76174 | 0 | (451) |
|  | 04/2026 | $75019 | 389600 | 196 | 0 |
|  | 04/2026 | 11161 | 8384 | 0 | (64) |
|  | 04/2026 | 76768 | 132978 | 0 | (352) |
|  | 04/2026 | 17314 | 62625 | 0 | (444) |
|  | 05/2026 | 8384 | $11160 | 64 | 0 |
|  | 05/2026 | 132978 | 76854 | 358 | 0 |
|  | 05/2026 | $76174 | 12124030 | 448 | 0 |
|  | 06/2026 | 100050 | $29546 | 911 | 0 |
|  | 07/2026 | 96000 | 16465 | 0 | (1694) |
|  | 07/2026 | 46338 | 13731 | 492 | 0 |
|  | 10/2026 | 415500 | 76696 | 0 | (205) |
|  CBK | 04/2026 | 7043 | 4962 | 102 | 0 |
|  | 04/2026 | 8714 | 1263 | 0 | (3) |
|  | 04/2026 | 32170 | 37341 | 157 | 0 |
|  | 04/2026 | 20240 | 27060 | 271 | 0 |
|  | 04/2026 | 7184487 | 76872 | 999 | 0 |
|  | 04/2026 | 36695 | 3778 | 2 | (14) |
|  | 04/2026 | 1855 | 544 | 11 | 0 |
|  | 04/2026 | 29115 | 3122 | 46 | 0 |
|  | 04/2026 | 743 | 24 | 1 | 0 |
|  | 04/2026 | 40582 | 1273 | 5 | 0 |
|  | 04/2026 | $2652 | 3744 | 0 | (69) |
|  | 04/2026 | 3942 | 27168 | 2 | 0 |
|  | 04/2026 | 14405 | 12448 | 0 | (17) |
|  | 04/2026 | 21737 | 16338 | 0 | (112) |
|  | 04/2026 | 179524 | 16553519 | 155 | (4284) |
|  | 04/2026 | 30554 | $1796 | 0 | (8) |
|  | 05/2026 | $2460 | 3589 | 16 | 0 |
|  | 05/2026 | 3470 | 2626 | 6 | 0 |
|  | 05/2026 | 0 | 3 | 0 | 0 |
|  | 06/2026 | 339919 | $20 | 0 | 0 |
|  | 06/2026 | 8636 | 2801 | 49 | 0 |
|  | 06/2026 | $2827 | 47500467 | 0 | (34) |
|  | 06/2026 | 37657 | 665919 | 0 | (720) |
|  | 08/2026 | 43654 | $12111 | 0 | (347) |
|  | 09/2026 | 1993447 | 2227 | 74 | 0 |
|  | 09/2026 | 170262710 | 42890 | 0 | (1745) |
|  | 09/2026 | 14189 | 4103 | 60 | 0 |
|  | 09/2026 | $2751 | 49210 | 0 | (44) |
|  | 10/2026 | 26608 | $7840 | 269 | 0 |
|  | 01/2027 | 11807 | 3464 | 121 | 0 |
|  DUB | 04/2026 | 59805 | 8648 | 0 | (35) |
|  | 04/2026 | 64210 | 20743 | 314 | 0 |
|  | 04/2026 | 2863230 | 30395 | 198 | (40) |
|  | 04/2026 | $73235 | 106756 | 422 | 0 |
|  | 04/2026 | 17940 | 122912 | 0 | (95) |
|  | 04/2026 | 33290 | 3137979 | 222 | (157) |
|  | 04/2026 | 132394 | 169120 | 0 | (855) |
|  | 04/2026 | 9196 | 300356 | 0 | (79) |
|  | 05/2026 | 106756 | $73207 | 0 | (422) |
|  | 05/2026 | 168741 | 132394 | 848 | 0 |
|  | 05/2026 | $8648 | 59660 | 36 | 0 |
|  | 06/2026 | 299744 | $9196 | 51 | 0 |
|  | 06/2026 | $29094 | 508477 | 0 | (898) |

---

---

| | | |
|:---|:---|:---|
| **152** | **PIMCO CREDIT BOND FUNDS** | 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** |
|  | 07/2026 | 962 | $54 | $0 | $(2) |
|  | 08/2026 | 34116 | 10101 | 369 | 0 |
|  FAR | 04/2026 | 48931 | 34678 | 918 | 0 |
|  | 04/2026 | 550941 | 406421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10268 | 0 |
|  | 04/2026 | 23340 | 30241 | 1052 | 0 |
|  | 04/2026 | 7932 | 10719 | 220 | 0 |
|  | 04/2026 | 14929991 | 93546 | 0 | (528) |
|  | 04/2026 | 19 | 15 | 0 | 0 |
|  | 04/2026 | $28859 | 4509057 | 0 | (447) |
|  | 04/2026 | 5786 | 20879 | 0 | (161) |
|  | 04/2026 | 714 | 913 | 0 | (4) |
|  | 05/2026 | 39957 | $12626 | 0 | (99) |
|  | 05/2026 | 911 | 714 | 4 | 0 |
|  | 05/2026 | $93546 | 14884893 | 523 | 0 |
|  | 06/2026 | 22905 | $7430 | 130 | 0 |
|  | 06/2026 | $10310 | 179613 | 0 | (350) |
|  | 09/2026 | 2233 | 39427 | 0 | (64) |
|  GLM | 04/2026 | 810795 | $144928 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11601) |
|  | 04/2026 | 31055 | 9990 | 107 | 0 |
|  | 04/2026 | 94342 | 1034 | 38 | 0 |
|  | 04/2026 | 13189 | 10382 | 123 | 0 |
|  | 04/2026 | $154541 | 810795 | 1988 | 0 |
|  | 04/2026 | 3510 | 24103 | 0 | (11) |
|  | 04/2026 | 1206 | 20372920 | 0 | (5) |
|  | 04/2026 | 6181 | 571971 | 0 | (141) |
|  | 04/2026 | 11651 | 214851 | 329 | 0 |
|  | 04/2026 | 5110 | 167694 | 0 | (20) |
|  | 05/2026 | 191254 | 1031250 | 6627 | 0 |
|  | 06/2026 | 9 | $2 | 0 | 0 |
|  | 06/2026 | 60271114 | 3575 | 31 | 0 |
|  | 06/2026 | 26195 | 1470 | 17 | 0 |
|  | 06/2026 | 15790 | 4502 | 0 | (18) |
|  | 06/2026 | 167396 | 5110 | 3 | 0 |
|  | 06/2026 | $1226 | 6526 | 17 | 0 |
|  | 06/2026 | 6226 | 105376861 | 0 | (31) |
|  | 06/2026 | 8555 | 148782 | 0 | (305) |
|  | 07/2026 | 1022700 | $181527 | 0 | (11923) |
|  | 07/2026 | $25517 | 137322 | 458 | 0 |
|  | 08/2026 | 59227 | $17568 | 653 | 0 |
|  | 08/2026 | 212222 | 11905 | 0 | (515) |
|  | 10/2026 | 290000 | 50822 | 0 | (2851) |
|  IND | 04/2026 | 258609 | 305362 | 6448 | 0 |
|  JPM | 04/2026 | 125600 | 24064 | 0 | (184) |
|  | 04/2026 | 80114 | 11582 | 0 | (49) |
|  | 04/2026 | 3999 | 4592 | 0 | (30) |
|  | 04/2026 | 1489549 | 15843 | 112 | 0 |
|  | 04/2026 | 43982 | 11979 | 151 | (20) |
|  | 04/2026 | 156670 | 124318 | 2462 | 0 |
|  | 04/2026 | $23776 | 125600 | 472 | 0 |
|  | 04/2026 | 31249 | 26623 | 0 | (476) |
|  | 04/2026 | 15856 | 1493283 | 35 | 0 |
|  | 04/2026 | 4297 | 79177 | 119 | 0 |
|  | 04/2026 | 2224 | 21310 | 0 | (23) |
|  | 04/2026 | 3238 | 5520 | 0 | (66) |
|  | 04/2026 | 113610 | 1912191 | 317 | (1074) |
|  | 04/2026 | 266994 | $15776 | 38 | (19) |
|  | 05/2026 | 9240 | 6333 | 0 | (40) |
|  | 05/2026 | $9094 | 62772 | 43 | 0 |
|  | 05/2026 | 11 | 1685 | 0 | 0 |
|  | 05/2026 | 31158 | 558526 | 0 | (115) |
|  | 06/2026 | 21368 | $6915 | 105 | 0 |
|  | 06/2026 | 158524 | 8836 | 46 | 0 |
|  | 06/2026 | $62 | 1052580 | 0 | (1) |
|  | 06/2026 | 1742 | 5410 | 0 | (18) |
|  | 07/2026 | 496700 | $88493 | 0 | (5461) |
|  | 10/2026 | 53700 | 9778 | 0 | (161) |
|  | 11/2026 | 315731 | 18014 | 0 | (298) |
|  MBC | 04/2026 | 10261 | 7158 | 79 | 0 |
|  | 04/2026 | 3202 | 4051 | 47 | 0 |
|  | 04/2026 | 4960 | 5743 | 10 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **153** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 04/2026 | 4799872 | $30016 | $0 | $(228) |
|  | 04/2026 | 13026547 | 8901 | 239 | 0 |
|  | 04/2026 | 6934 | 714 | 0 | (2) |
|  | 04/2026 | 69455 | 7432 | 96 | 0 |
|  | 04/2026 | 292722 | 9189 | 301 | 0 |
|  | 04/2026 | $9116 | 13106 | 0 | (74) |
|  | 04/2026 | 8267 | 6502 | 0 | (136) |
|  | 04/2026 | 4470 | 3882 | 17 | 0 |
|  | 04/2026 | 12841 | 9591 | 0 | (147) |
|  | 04/2026 | 38541 | 6016738 | 18 | (647) |
|  | 04/2026 | 3531 | 65179 | 103 | 0 |
|  | 04/2026 | 2540 | 24296 | 3 | (34) |
|  | 05/2026 | 17693 | $20370 | 0 | (112) |
|  | 05/2026 | 9304 | 12316 | 1 | 0 |
|  | 05/2026 | 3057 | 312 | 0 | (3) |
|  | 05/2026 | $3159 | 2751 | 25 | 0 |
|  | 05/2026 | 30016 | 4785369 | 227 | 0 |
|  | 05/2026 | 64209 | $3693 | 0 | (90) |
|  | 06/2026 | 16790 | 930 | 0 | (1) |
|  | 10/2026 | 22228 | 1249 | 0 | (45) |
|  MYI | 04/2026 | 10092 | 474 | 0 | (2) |
|  | 04/2026 | 2632 | 28 | 0 | 0 |
|  | 04/2026 | 4214 | 1191 | 56 | 0 |
|  | 04/2026 | $28 | 2620 | 0 | 0 |
|  | 04/2026 | 14 | 2211 | 0 | 0 |
|  | 06/2026 | 883845 | $53 | 1 | 0 |
|  NGF | 04/2026 | 1980 | 206 | 1 | 0 |
|  | 04/2026 | $19905 | 912810 | 581 | 0 |
|  | 05/2026 | 8480 | 392702 | 0 | (2) |
|  SCX | 04/2026 | 28175 | $8261 | 171 | 0 |
|  | 04/2026 | 12 | 10 | 0 | 0 |
|  | 04/2026 | 25374 | 797 | 27 | 0 |
|  | 04/2026 | $90996 | 125985 | 0 | (428) |
|  | 04/2026 | 4425 | 3316 | 0 | (36) |
|  | 04/2026 | 17817 | 1622577 | 0 | (681) |
|  | 04/2026 | 23962 | 3741094 | 0 | (389) |
|  | 04/2026 | 4461 | 16140 | 0 | (113) |
|  | 04/2026 | 851 | 27162 | 0 | (2) |
|  | 05/2026 | 125811 | $90996 | 425 | 0 |
|  | 06/2026 | $13941 | 235365047 | 0 | (103) |
|  | 11/2026 | 810367 | $501 | 0 | (41) |
|  SOG | 04/2026 | 25028 | 29613 | 684 | 0 |
|  | 04/2026 | $3330 | 2571 | 0 | (115) |
|  | 04/2026 | 424415 | 367777 | 680 | 0 |
|  | 04/2026 | 125706 | 19559482 | 0 | (2462) |
|  | 04/2026 | 475 | 4544 | 4 | 0 |
|  | 05/2026 | 367777 | $425079 | 0 | (664) |
|  | 05/2026 | 4536 | 476 | 0 | (5) |
|  | 06/2026 | 20403 | 376 | 22 | 0 |
|  | 06/2026 | 16043 | 5199 | 85 | 0 |
|  | 06/2026 | 94476 | 28048 | 1002 | 0 |
|  | 07/2026 | 7781 | 2298 | 73 | 0 |
|  SSB | 04/2026 | 78909 | 56153 | 1710 | 0 |
|  | 04/2026 | 4 | 1 | 0 | 0 |
|  | 04/2026 | $147 | 22927 | 0 | (3) |
|  | 06/2026 | 84776284 | $21931 | 0 | (770) |
|  UAG | 04/2026 | 20202 | 5490 | 48 | 0 |
|  | 04/2026 | 515791 | 11160 | 0 | (198) |
|  | 04/2026 | $32581 | 117258 | 0 | (994) |
|  | 05/2026 | 80066 | $1720 | 0 | (10) |
|  | 06/2026 | 360494439 | 93710 | 0 | (2822) |
|  | 06/2026 | 26143 | 8458 | 125 | 0 |
|  | 06/2026 | 21413 | 1193 | 6 | 0 |
|  | 06/2026 | $1498 | 26572 | 0 | (25) |
|  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;72744 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83647) |

---

154 PIMCO CREDIT BOND FUNDS See Accompanying Notes

------

March 31, 2026

#### PURCHASED OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| DUB Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.180% | 07/21/2032 | 15100 | $2422 | $759 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.180 | 07/21/2032 | 24700 | 3962 | 7932 |
| GLM Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.110 | 07/26/2032 | 10500 | 1701 | 520 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.110 | 07/26/2032 | 15300 | 2478 | 5041 |
| MYC Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.400 | 07/20/2027 | 12200 | 1610 | 110 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.400 | 07/20/2027 | 13800 | 1821 | 4073 |
| Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 2.170 | 07/19/2032 | 12200 | 1935 | 606 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 2.170 | 07/19/2032 | 13800 | 2189 | 4442 |
|  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;18118 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23483 |

---

#### WRITTEN OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| UAG | Call - OTC USD versus TRY | TRY | 49.510 | 04/15/2026 | 34500 | $(550) | $(90) |
|  | Call - OTC USD versus TRY |  | 49.650 | 04/17/2026 | 51400 | (791) | (176) |
|  | Call - OTC USD versus TRY |  | 49.650 | 04/21/2026 | 17100 | (253) | (80) |
|  | Call - OTC USD versus TRY |  | 49.600 | 04/24/2026 | 8600 | (128) | (48) |
|  | Call - OTC USD versus TRY |  | 49.990 | 05/01/2026 | 17200 | (260) | (136) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1982) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(530) |

---

#### 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 |
| MYC Call - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.540% | 04/16/2026 | 15600 | $(33) | $(2) |
| Put - OTC 5-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.920 | 04/16/2026 | 15600 | (32) | (58) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60) |

---

#### INTEREST RATE-CAPPED OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Exercise<br>Rate | Floating Rate Index | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| FAR Call - OTC 2-Year Interest Rate Cap  | 0.022% | 1-Day USD-SOFR Compounded-OIS | 08/08/2026 | 51400 | $(886) | $(373) |
| MYC Call - OTC 2-Year Interest Rate Cap  | 0.026 | 1-Day USD-SOFR Compounded-OIS | 07/23/2026 | 110700 | (1958) | (621) |
| NGF Call - OTC 2-Year Interest Rate Cap  | 0.026 | 1-Day USD-SOFR Compounded-OIS | 07/25/2026 | 169300 | (3107) | (898) |
| FAR Put - OTC 2-Year Interest Rate Floor  | 0.022 | 1-Day USD-SOFR Compounded-OIS | 08/08/2026 | 51400 | (886) | 0 |
| MYC Put - OTC 2-Year Interest Rate Floor  | 0.026 | 1-Day USD-SOFR Compounded-OIS | 07/23/2026 | 110700 | (1958) | (1) |
| NGF Put - OTC 2-Year Interest Rate Floor  | 0.026 | 1-Day USD-SOFR Compounded-OIS | 07/25/2026 | 169300 | (3107) | (1) |
|  |  |  |  |  | $(11902) | $(1894) |
|  Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13949) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2484) |

---

#### 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 | Israel Government International Bonds | 1.000% | Quarterly | 06/20/2029 | 0.600% | $600 | $(6) | $14 | $8 | $0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | (136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | 7 | 0 |
| BPS | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.040 | 1000 | (48) | 48 | 0 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.208 | 200 | (18) | 17 | 0 | (1) |
| BRC | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.869 | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106) | 109 | 3 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 0.600 | 900 | (14) | 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | 0 |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 2.887 | 380 | (25) | (4) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **155** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| CBK | Colombia Government International Bonds | 1.000% | Quarterly | 06/20/2027 | 1.040 | % | $600 | $(22) | $22 | $0 | $0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.387 |  | 9400 | (47) | 120 | 73 | 0 |
| DUB | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | <sup>¨</sup> | 4282 | 0 | 24 | 24 | 0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.728 |  | 400 | (18) | 19 | 1 | 0 |
| GST | Brazil Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.485 |  | 4300 | (145) | 151 | 6 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.040 |  | 1100 | (40) | 40 | 0 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.208 |  | 500 | (45) | 43 | 0 | (2) |
|  | Equinix, Inc. | 5.000 | Quarterly | 06/20/2027 | 0.478 |  | 3700 | 517 | (310) | 207 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.332 |  | 500 | 2 | 1 | 3 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 0.600 |  | 1500 | (20) | 39 | 19 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 0.663 |  | 4800 | (131) | 189 | 58 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 0.669 |  | 600 | (6) | 11 | 5 | 0 |
|  | Nissan Motor Co. Ltd. | 1.000 | Quarterly | 12/20/2030 | 2.738 |  | 13300 | (7) | 1 | 0 | (6) |
|  | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 1.662 |  | $8400 | (71) | 61 | 0 | (10) |
| JPM | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.869 |  | 100 | (5) | 5 | 0 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.040 |  | 200 | (8) | 8 | 0 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 0.600 |  | 4500 | (54) | 110 | 56 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 0.663 |  | 1000 | (29) | 41 | 12 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2026 | 0.329 |  | 900 | (7) | 9 | 2 | 0 |
|  | Nissan Motor Co. Ltd. | 1.000 | Quarterly | 12/20/2030 | 2.738 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13300 | (7) | 1 | 0 | (6) |
|  | Turkiye Government International Bonds | 1.000 | Quarterly | 12/20/2030 | 2.887 |  | $2400 | (153) | (31) | 0 | (184) |
| MYC | Brazil Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.610 |  | 38300 | (2372) | 2564 | 192 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 1.040 |  | 2800 | (123) | 123 | 0 | 0 |
|  | Colombia Government International Bonds | 1.000 | Quarterly | 12/20/2027 | 1.208 |  | 3100 | (276) | 266 | 0 | (10) |
|  | Israel Government International Bonds | 1.000 | Quarterly | 06/20/2029 | 0.600 |  | 900 | (15) | 26 | 11 | 0 |
|  | Israel Government International Bonds | 1.000 | Quarterly | 12/20/2029 | 0.663 |  | 2600 | (67) | 98 | 31 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.369 |  | 2900 | 8 | 6 | 14 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2027 | 0.445 |  | 1300 | (4) | 13 | 9 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 06/20/2028 | 0.581 |  | 900 | (17) | 25 | 8 | 0 |
|  | Mexico Government International Bonds | 1.000 | Quarterly | 12/20/2028 | 0.669 |  | 3700 | (39) | 72 | 33 | 0 |
|  | South Africa Government International Bonds | 1.000 | Quarterly | 12/20/2026 | 0.728 |  | 28400 | (1243) | 1308 | 65 | 0 |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4797) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5407 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(248) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(5)</sup> | Swap Agreements,<br>at Value<sup>(5)</sup> |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| BOA | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000% | Quarterly | 12/20/2030 | 24130 | $5485 | $(656) | $4829 | $0 |
| BPS | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 17490 | 4021 | (521) | 3500 | 0 |
| CBK | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 4360 | 988 | (115) | 873 | 0 |
| GST | CMBX.NA.AAA.13 Index | 0.500 | Monthly | 12/16/2072 | $214500 | 171 | 571 | 742 | 0 |
|  | CMBX.NA.AAA.15 Index | 0.500 | Monthly | 11/18/2064 | 106049 | (1020) | 843 | 0 | (177) |
| JPM | CDX.iTraxx Crossover 44 5-Year 35-100% Index | 5.000 | Quarterly | 12/20/2030 | 21610 | 4948 | (623) | 4325 | 0 |
| MEI | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | $3400 | (25) | 36 | 11 | 0 |
| MYI | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | 72100 | 0 | 234 | 234 | 0 |
|  | CMBX.NA.AAA.13 Index | 0.500 | Monthly | 12/16/2072 | 187700 | 0 | 649 | 649 | 0 |
|  | CMBX.NA.AAA.15 Index | 0.500 | Monthly | 11/18/2064 | 12382 | 0 | (21) | 0 | (21) |
| SAL | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | 1300 | 0 | 4 | 4 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14568 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15167 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(198) |

---

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  BPS | Receive | IBXXLLTR Index  | 13807 | 1.230% (SOFR plus a specified spread) | Maturity | 06/22/2026 | $3170 | $0 | $52 | $52 | $0 |
|  | Receive | IBXXLLTR Index  | 6197 | 1.237% SOFR plus a specified spread) | Maturity | 06/22/2026 | 1400 | 0 | 0 | 0 | 0 |
|  JPM | Receive | IBXXLLTR Index  | 19806 | 1.230% (SOFR plus a specified spread) | Maturity | 06/22/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | | |
|:---|:---|:---|
| **156** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
|  MYC | Receive | IBXXLLTR Index  | 28843 | 1.237% SOFR plus a specified spread) | Maturity | 06/22/2026 | $6600 | $0 | $85 | $85 | $0 |
|  | Receive | IBXXLLTR Index  | 4097 | 1.237% SOFR plus a specified spread) | Maturity | 06/22/2026 | 930 | 0 | 5 | 5 | 0 |
|  | Receive | IBXXLLTR Index  | 50677 | 1.237% SOFR plus a specified spread) | Maturity | 06/22/2026 | 11510 | 0 | 63 | 63 | 0 |
|  | Receive | IBXXLLTR Index  | 15011 | 1.237% SOFR plus a specified spread) | Maturity | 09/21/2026 | 3400 | 0 | 21 | 21 | 0 |
|  |  |  |  |  |  |  |  | $0 | $302 | $302 | $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;9771 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16327 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(446) |

---

#### 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> |
|  AZD | $2852 | $0 | $0 | $2852 | $0 | $0 | $0 | $0 | $2852 | $(2770) | $82 |
|  BOA | 4626 | 0 | 4844 | 9470 | (2198) | 0 | 0 | (2198) | 7272 | (9910) | (2638) |
|  BPS | 16002 | 0 | 3552 | 19554 | (11320) | 0 | (1) | (11321) | 8233 | (10050) | (1817) |
|  BRC | 1268 | 0 | 14 | 1282 | (3955) | 0 | (29) | (3984) | (2702) | 2923 | 221 |
|  BSH | 2469 | 0 | 0 | 2469 | (7701) | 0 | 0 | (7701) | (5232) | 4557 | (675) |
|  CBK | 2346 | 0 | 946 | 3292 | (7397) | 0 | 0 | (7397) | (4105) | 5281 | 1176 |
|  DUB | 2460 | 8691 | 25 | 11176 | (2583) | 0 | 0 | (2583) | 8593 | (1670) | 6923 |
|  FAR | 13115 | 0 | 0 | 13115 | (1653) | (373) | 0 | (2026) | 11089 | (11620) | (531) |
|  GLM | 10391 | 5561 | 0 | 15952 | (27421) | 0 | 0 | (27421) | (11469) | 15274 | 3805 |
|  GST | 0 | 0 | 1040 | 1040 | 0 | 0 | (195) | (195) | 845 | (1160) | (315) |
|  IND | 6448 | 0 | 0 | 6448 | 0 | 0 | 0 | 0 | 6448 | (8830) | (2382) |
|  JPM | 3900 | 0 | 4471 | 8371 | (8035) | 0 | (190) | (8225) | 146 | (23) | 123 |
|  MBC | 1166 | 0 | 0 | 1166 | (1519) | 0 | 0 | (1519) | (353) | 216 | (137) |
|  MEI | 0 | 0 | 11 | 11 | 0 | 0 | 0 | 0 | 11 | 0 | 11 |
|  MYC | 0 | 9231 | 537 | 9768 | 0 | (682) | (10) | (692) | 9076 | (1540) | 7536 |
|  MYI | 57 | 0 | 883 | 940 | (2) | 0 | (21) | (23) | 917 | (830) | 87 |
|  NGF | 582 | 0 | 0 | 582 | (2) | (899) | 0 | (901) | (319) | 519 | 200 |
|  SAL | 0 | 0 | 4 | 4 | 0 | 0 | 0 | 0 | 4 | 0 | 4 |
|  SCX | 623 | 0 | 0 | 623 | (1793) | 0 | 0 | (1793) | (1170) | 1440 | 270 |
|  SOG | 2550 | 0 | 0 | 2550 | (3246) | 0 | 0 | (3246) | (696) | 1019 | 323 |
|  SSB | 1710 | 0 | 0 | 1710 | (773) | 0 | 0 | (773) | 937 | (1092) | (155) |
|  UAG | 179 | 0 | 0 | 179 | (4049) | (530) | 0 | (4579) | (4400) | 4553 | 153 |
|  Total Over the Counter | $72744 | $23483 | $16327 | $112554 | $(83647) | $(2484) | $(446) | $(86577) |  |  |  |

---

(q) Securities with an aggregate market value of $35,782 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>¨</sup> Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

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

<sup>(4)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

<sup>(6)</sup> Receive represents that the Fund receives payments for any positive net return on the underlying reference. The Fund makes payments for any negative net return on such underlying reference. Pay represents that the Fund receives payments for any negative net return on the underlying reference. The Fund makes payments for any positive net return on such underlying reference. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **157** |

---

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.)

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of March 31, 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 | $0 | $0 | $10675 | $10675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 781 | 0 | 0 | 18695 | 19476 |
|  | $0 | $781 | $0 | $0 | $29370 | $30151 |
|  Over 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 | $72744 | $0 | $72744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 23483 | 23483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 16025 | 0 | 0 | 302 | 16327 |
|  | $0 | $16025 | $0 | $72744 | $23785 | $112554 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16806 | $0 | $72744 | $53155 | $142705 |
|  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 | $431 | $431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 3696 | 3696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 7 | 0 | 0 | 13595 | 13602 |
|  | $0 | $7 | $0 | $0 | $17722 | $17729 |
|  Over 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 | $83647 | $0 | $83647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 530 | 1954 | 2484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 446 | 0 | 0 | 0 | 446 |
|  | $0 | $446 | $0 | $84177 | $1954 | $86577 |
|  | $0 | $453 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84177 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19676 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104306 |

---

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  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $0 | $4236 | $4236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 53658 | 53658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 17089 | 0 | 0 | 146266 | 163355 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17089 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $204160 | $221249 |
|  Over 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 | $(83736) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83736) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (1410) | 0 | (1410) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 1014 | 0 | 889 | 5395 | 7298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 6862 | 0 | 0 | (1189) | 5673 |
|  | $0 | $7876 | $0 | $(84257) | $4206 | $(72175) |
|  | $0 | $24965 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84257) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208366 | $149074 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(27) | $(27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (78274) | (78274) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (5359) | 0 | 0 | (78868) | (84227) |
|  | $0 | $(5359) | $0 | $0 | $(157169) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162528) |

---

158 PIMCO CREDIT BOND FUNDS 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** |
|  Over 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 | $(3109) | $0 | $(3109) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 1646 | 1646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | (91) | 0 | 1134 | 3378 | 4421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1840 | 0 | 0 | 584 | 2424 |
|  | $0 | $1749 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1975) | $5608 | $5382 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3610) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(1975) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151561) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157146) |

---

#### 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 | $156180 | $301164 | $457344 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 1038237 | 28648 | 1066885 |
| &nbsp;&nbsp; Industrials | 0 | 831306 | 50800 | 882106 |
| &nbsp;&nbsp; Utilities | 0 | 211575 | 0 | 211575 |
|  Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 253 | 0 | 253 |
| &nbsp;&nbsp; Industrials | 0 | 11480 | 0 | 11480 |
|  U.S. Government Agencies | 0 | 11348513 | 0 | 11348513 |
|  U.S. Treasury Obligations | 0 | 1267623 | 0 | 1267623 |
|  Non-Agency Mortgage-Backed Securities | 0 | 2183167 | 221231 | 2404398 |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Automobile ABS Other | 27799 | 26641 | 0 | 54440 |
| &nbsp;&nbsp; Automobile Sequential | 0 | 771165 | 0 | 771165 |
| &nbsp;&nbsp; CMBS Other | 0 | 14377 | 0 | 14377 |
| &nbsp;&nbsp; Home Equity Other | 0 | 702948 | 0 | 702948 |
| &nbsp;&nbsp; Home Equity Sequential | 0 | 8138 | 0 | 8138 |
| &nbsp;&nbsp; Manufacturing House ABS Other | 0 | 9056 | 0 | 9056 |
| &nbsp;&nbsp; Manufacturing House Sequential | 0 | 632 | 0 | 632 |
| &nbsp;&nbsp; Whole Loan Collateral | 0 | 76481 | 0 | 76481 |
| &nbsp;&nbsp; Other ABS | 0 | 1036747 | 469844 | 1506591 |
|  Sovereign Issues | 0 | 1769248 | 0 | 1769248 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 6340 | 0 | 6561 | 12901 |
| &nbsp;&nbsp; Financials | 3 | 744 | 0 | 747 |
| &nbsp;&nbsp; Health Care | 0 | 0 | 13982 | 13982 |
| &nbsp;&nbsp; Industrials | 0 | 0 | 1133 | 1133 |
| &nbsp;&nbsp; Real Estate | 0 | 34 | 0 | 34 |
|  Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Communication Services | 0 | 12 | 0 | 12 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 0 | 45 | 45 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 14967 | 806141 | 0 | 821108 |
| &nbsp;&nbsp; Mutual Funds | 12431 | 0 | 0 | 12431 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at**<br> **03/31/2026** |
| &nbsp;&nbsp; Repurchase Agreements | $0 | $1545200 | $0 | $1545200 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 62433 | 0 | 62433 |
| &nbsp;&nbsp; Egypt Treasury Bills | 0 | 743 | 0 | 743 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 45159 | 0 | 45159 |
| &nbsp;&nbsp; South Africa Treasury Bills | 0 | 132329 | 0 | 132329 |
| &nbsp;&nbsp; Turkey Treasury Bills | 0 | 5561 | 0 | 5561 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 5432 | 0 | 5432 |
|  | $61540 | $24067555 | $1093408 | $25222503 |
|  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 | $3761093 | $0 | $0 | $3761093 |
|  Total Investments | $3822633 | $24067555 | $1093408 | $28983596 |
|  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 | $(349928) | $0 | $(349928) |
|  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 | 5309 | 24842 | 0 | 30151 |
|  Over the counter | 0 | 112530 | 24 | 112554 |
|  | $5309 | $137372 | $24 | $142705 |
|  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 | (2379) | (15350) | 0 | (17729) |
|  Over the counter | 0 | (86577) | 0 | (86577) |
|  | $(2379) | $(101927) | $0 | $(104306) |
|  Total Financial Derivative Instruments | $2930 | $35445 | $24 | $38399 |
|  Totals | $3825563 | $23753072 | $1093432 | $28672067 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 159

------

Schedule of Investments PIMCO Low Duration Income Fund (Cont.) March 31, 2026

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 |
|  Loan Participations and Assignments | $192980 | $198955 | $(97777) | $446 | $194 | $279 | $6087 | $0 | $301164 | $4434 |
|  Corporate Bonds & Notes |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 25527 | 2574 | (33) | 0 | 2 | (183) | 761 | 0 | 28648 | (214) |
| &nbsp;&nbsp; Industrials | 40597 | 10600 | (313) | (1) | 0 | 265 | 0 | (348) | 50800 | 261 |
|  Non-Agency Mortgage-Backed Securities | 12668 | 216114 | (953) | 59 | 0 | 5648 | 0 | (12305) | 221231 | 5153 |
|  Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Other ABS | 65792 | 463032 | (62707) | 10 | (1491) | 5208 | 0 | 0 | 469844 | 5168 |
|  Common Stocks |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Communication Services | 672 | 0 | (97) | 0 | 56 | 5930 | 0 | 0 | 6561 | 6012 |
| &nbsp;&nbsp; Financials | 12551 | 0 | (13170) | 0 | (12257) | 12876 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp; Health Care | 14865 | 0 | 0 | 0 | 0 | (883) | 0 | 0 | 13982 | (883) |
| &nbsp;&nbsp; Industrials | 809 | 1332 | (974) | 0 | 15 | (49) | 0 | 0 | 1133 | (49) |
|  Warrants |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Financials | 9 | 0 | (53) | 0 | (6212) | 6256 | 0 | 0 | 0 | 0 |
|  Preferred Securities |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 0 | 42 | 0 | 0 | 0 | 3 | 0 | 0 | 45 | 3 |
|  | $366470 | $892649 | $(176077) | $514 | $(19693) | $35350 | $6848 | $(12653) | $1093408 | $19885 |
|  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 | $117 | $0 | $(45) | $0 | $0 | $(48) | $0 | $0 | $24 | $(48) |
|  Totals | $366587 | $892649 | $(176122) | $514 | $(19693) | $35302 | $6848 | $(12653) | $1093432 | $19837 |

---

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) | (% Unless Noted Otherwise) |
| Category and Subcategory | Ending<br>Balance<br>at 03/31/2026 | Valuation<br>Technique | Unobservable<br>Inputs | Input Value(s) | Input Value(s) | Weighted<br>Average |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Loan Participations and Assignments | $48511 | Comparable Companies | EBITDA Multiple |  | 16.360 |  |
|  | 209684 | Discounted Cash Flow | Discount Rate |  | 4.270-9.745 | 6.220 |
|  | 36846 | Recent Transaction | Purchase Price |  | 96.000-100.000 | 98.924 |
|  | 6123 | Third Party Vendor | Broker Quote |  | 43.500-92.625 | 92.338 |
|  Corporate Bonds & Notes |  |  |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 27887 | Discounted Cash Flow | Discount Rate |  | 4.774-6.918 | 6.304 |
|  | 761 | Indicative Market Quotation | Broker Quote |  | 7.500 |  |
| &nbsp;&nbsp; Industrials | 50800 | Discounted Cash Flow | Discount Rate |  | 4.871-7.020 | 5.477 |
|  Non-Agency Mortgage-Backed Securities | 37346 | Proxy Pricing | Base Price |  | 98.879 |  |
|  | 183885 | Recent Transaction | Purchase Price |  | 96.645-100.212 | 98.863 |
|  Asset-Backed Securities |  |  |  |  |  |  |
| &nbsp;&nbsp; Other ABS | 130075 | Discounted Cash Flow | Discount Rate |  | 5.327-25.000 | 7.249 |
|  | 310396 | Proxy Pricing | Base Price |  | 89.291-100.000 | 98.635 |
|  | 29373 | Recent Transaction | Purchase Price |  | 100.00-100.092 | 100.063 |
|  Common Stocks |  |  |  |  |  |  |
| &nbsp;&nbsp; Communication Services | 5589 | Indicative Market Quotation | Broker Quote | $— | 15.000 |  |
|  | 972 | Reference Instrument | Liquidity Discount |  | 12.000 |  |
| &nbsp;&nbsp; Health Care | 13982 | Comparable Companies | EBITDA Multiple |  | 16.360 |  |
| &nbsp;&nbsp; Industrials | 741 | Indicative Market Quotation | Broker Quote | $— | 0.594-23.000 | 22.632 |
|  | 392 | Indicative Market Quotation | Broker Quote |  | 16.000 |  |
|  Preferred Securities |  |  |  |  |  |  |
| &nbsp;&nbsp; Banking & Finance | 45 | Discounted Cash Flow | Discount Rate |  | 11.900 |  |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Over the counter | 24 | Indicative Market Quotation | Broker Quote |  | 0.191 |  |
|  Total | $1093432 |  |  |  |  |  |

---

<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.

---

| | | |
|:---|:---|:---|
| **160** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

Consolidated Schedule of Investments PIMCO Preferred and Capital Securities Fund 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 97.1% | INVESTMENTS IN SECURITIES 97.1% | INVESTMENTS IN SECURITIES 97.1% |
| CORPORATE BONDS & NOTES 60.5% | CORPORATE BONDS & NOTES 60.5% | CORPORATE BONDS & NOTES 60.5% |
| BANKING & FINANCE 49.3% | BANKING & FINANCE 49.3% | BANKING & FINANCE 49.3% |
|  ABN AMRO Bank NV | ABN AMRO Bank NV | ABN AMRO Bank NV |
|  5.750% due 09/22/2033 •(d)(e)(g) | 400 | 454 |
|  6.875% due 09/22/2031 •(d)(e) | 2800 | 3423 |
|  African Development Bank | African Development Bank | African Development Bank |
|  5.875% due 05/07/2035 •(d)(e) | 2000 | 1945 |
|  AIB Group PLC | AIB Group PLC | AIB Group PLC |
|  6.000% due 07/14/2031 •(d)(e) | 2000 | 2304 |
|  7.125% due 10/30/2029 •(d)(e)(g) | 3200 | 3863 |
|  Alfa Bank AO Via Alfa Bond Issuance PLC | Alfa Bank AO Via Alfa Bond Issuance PLC | Alfa Bank AO Via Alfa Bond Issuance PLC |
|  5.950% due 04/15/2030 ^«(a)(e) | 5000 | 300 |
|  ASR Nederland NV | ASR Nederland NV | ASR Nederland NV |
|  6.500% due 04/02/2035 •(d)(e) | 3500 | 4127 |
|  Aviva PLC | Aviva PLC | Aviva PLC |
|  7.750% due 09/30/2032 •(d)(e) | 400 | 539 |
|  Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA | Banco Bilbao Vizcaya Argentaria SA |
|  6.875% due 12/13/2030 •(d)(e) | 1800 | 2178 |
|  8.375% due 06/21/2028 •(d)(e) | 3800 | 4694 |
|  9.375% due 03/19/2029 •(d)(e) | 1200 | 1297 |
|  Banco Mercantil del Norte SA | Banco Mercantil del Norte SA | Banco Mercantil del Norte SA |
|  8.375% due 10/14/2030 •(d)(e) | 8600 | 8907 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  9.625% due 11/21/2028 •(d)(e) | 2400 | 2586 |
|  9.625% due 05/21/2033 •(d)(e) | 7000 | 8085 |
|  Bank of Ireland Group PLC | Bank of Ireland Group PLC | Bank of Ireland Group PLC |
|  6.375% due 03/10/2030 •(d)(e) | 2450 | 2857 |
|  Bank of Montreal | Bank of Montreal | Bank of Montreal |
|  7.300% due 11/26/2084 •(e) | 700 | 717 |
|  Bank of Nova Scotia | Bank of Nova Scotia | Bank of Nova Scotia |
|  6.875% due 10/27/2085 •(e) | 600 | 590 |
|  8.000% due 01/27/2084 •(e) | 700 | 733 |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  6.125% due 12/15/2035 •(d)(e) | 2500 | 2761 |
|  8.375% due 09/15/2031 •(d)(e) | 2600 | 3521 |
|  8.500% due 06/15/2030 •(d)(e) | 6100 | 8285 |
|  9.625% due 12/15/2029 •(d)(e) | 4500 | 4911 |
|  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 •(e) | 3500 | 3623 |
|  8.125% due 01/08/2039 •(e) | 5600 | 5901 |
|  BNP Paribas Cardif SA | BNP Paribas Cardif SA | BNP Paribas Cardif SA |
|  6.000% due 11/07/2035 •(d)(e) | 7100 | 7951 |
|  BNP Paribas SA | BNP Paribas SA | BNP Paribas SA |
|  5.625% due 02/16/2033 •(d)(e) | 3000 | 3276 |
|  8.000% due 08/22/2031 •(d)(e) | 10200 | 10630 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  7.500% due 01/16/2030 •(d)(e) | 1800 | 2228 |
|  Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce | Canadian Imperial Bank of Commerce |
|  6.950% due 01/28/2085 •(e) | 3200 | 3195 |
|  7.000% due 10/28/2085 •(e) | 6100 | 6169 |
|  Commerzbank AG | Commerzbank AG | Commerzbank AG |
|  6.500% due 10/09/2029 •(d)(e) | 400 | 477 |
|  6.625% due 10/09/2032 •(d)(e) | 2800 | 3309 |
|  7.875% due 10/09/2031 •(d)(e) | 2800 | 3515 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  3.100% due 06/29/2028 •(d)(e) | 7200 | 7975 |
|  4.875% due 06/29/2029 •(d)(e) | 3000 | 3432 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  6.375% due 09/15/2054 •(g) | 700 | 688 |
|  Credit Agricole Assurances SA | Credit Agricole Assurances SA | Credit Agricole Assurances SA |
|  6.250% due 06/17/2035 •(d)(e) | 2200 | 2567 |
|  Credit Agricole SA | Credit Agricole SA | Credit Agricole SA |
|  5.875% due 03/23/2035 •(d)(e) | 1900 | 2172 |
|  7.250% due 09/23/2028 •(d)(e) | 800 | 970 |
|  Credit Suisse AG AT1 Claim | 58550 | 20493 |
|  Dai-ichi Life Insurance Co. Ltd. | Dai-ichi Life Insurance Co. Ltd. | Dai-ichi Life Insurance Co. Ltd. |
|  6.200% due 01/16/2035 •(d) | 3200 | 3220 |
|  Danske Bank AS | Danske Bank AS | Danske Bank AS |
|  6.600% due 03/25/2033 •(d)(e) | 1200 | 1171 |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  7.125% due 10/30/2030 •(d)(e) | 2400 | 2822 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.375% due 10/30/2031 •(d)(e) |  | 1600 | $— | 1916 |
|  8.125% due 10/30/2029 •(d)(e) |  | 3200 |  | 3886 |
|  10.000% due 12/01/2027 •(d)(e) |  | 4200 |  | 5176 |
|  DNB Bank ASA | DNB Bank ASA | DNB Bank ASA | DNB Bank ASA | DNB Bank ASA |
|  7.375% due 05/30/2029 •(d)(e) | $— | 5200 |  | 5320 |
|  Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. |
|  6.700% due 03/28/2055 •(g) |  | 2000 |  | 2025 |
|  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 •(d)(e) |  | 5400 |  | 6143 |
|  8.500% due 10/15/2028 •(d)(e) |  | 2000 |  | 2498 |
|  Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
|  7.250% due 03/01/2056 •  | $— | 2000 |  | 1887 |
|  7.950% due 10/15/2054 •(g) |  | 3250 |  | 3132 |
|  Groupe des Assurances du Credit Mutuel SADIR | Groupe des Assurances du Credit Mutuel SADIR | Groupe des Assurances du Credit Mutuel SADIR | Groupe des Assurances du Credit Mutuel SADIR | Groupe des Assurances du Credit Mutuel SADIR |
|  5.000% due 10/30/2044 •  |  | 600 |  | 710 |
|  HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC | HSBC Holdings PLC |
|  6.750% due 03/24/2031 •(d)(e) | $— | 1900 |  | 1880 |
|  6.875% due 09/11/2029 •(d)(e) |  | 900 |  | 907 |
|  6.950% due 03/11/2034 •(d)(e)(g) |  | 2200 |  | 2206 |
|  ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV | ING Groep NV |
|  8.000% due 05/16/2030 •(d)(e) |  | 7700 |  | 8117 |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  9.125% due 09/07/2029 •(d)(e) |  | 7800 |  | 10066 |
|  KBC Group NV | KBC Group NV | KBC Group NV | KBC Group NV | KBC Group NV |
|  6.250% due 09/17/2031 •(d)(e) |  | 600 |  | 705 |
|  8.000% due 09/05/2028 •(d)(e) |  | 6400 |  | 7903 |
|  La Mondiale SAM | La Mondiale SAM | La Mondiale SAM | La Mondiale SAM | La Mondiale SAM |
|  6.750% due 01/17/2034 •(d)(e) |  | 1900 |  | 2250 |
|  Legal & General Group PLC | Legal & General Group PLC | Legal & General Group PLC | Legal & General Group PLC | Legal & General Group PLC |
|  5.250% due 03/21/2047 •  | $— | 3600 |  | 3598 |
|  Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. |
|  4.125% due 12/15/2051 •  |  | 5500 |  | 5374 |
|  4.300% due 02/01/2061 |  | 4300 |  | 2693 |
|  Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC | Lloyds Banking Group PLC |
|  7.875% due 06/27/2029 •(d)(e) |  | 2400 |  | 3248 |
|  8.500% due 03/27/2028 •(d)(e) |  | 6600 |  | 9078 |
|  MetLife, Inc. | MetLife, Inc. | MetLife, Inc. | MetLife, Inc. | MetLife, Inc. |
|  5.850% due 03/15/2056 •  | $— | 1200 |  | 1178 |
|  6.350% due 03/15/2055 •  |  | 2000 |  | 2030 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  5.750% due 06/20/2027 •(d)(e) |  | 200 |  | 263 |
|  7.875% due 12/20/2031 •(d)(e) |  | 1500 |  | 1998 |
|  NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC | NatWest Group PLC |
|  5.125% due 05/12/2027 •(d)(e) |  | 2300 |  | 2998 |
|  7.500% due 02/28/2032 •(d)(e) |  | 6000 |  | 7905 |
|  7.625% due 09/30/2035 •(d)(e)(g) |  | 1500 |  | 1966 |
|  8.125% due 11/10/2033 •(d)(e) | $— | 3700 |  | 4007 |
|  Nippon Life Insurance Co. | Nippon Life Insurance Co. | Nippon Life Insurance Co. | Nippon Life Insurance Co. | Nippon Life Insurance Co. |
|  6.500% due 04/30/2055 •(g) |  | 5700 |  | 5893 |
|  NN Group NV | NN Group NV | NN Group NV | NN Group NV | NN Group NV |
|  5.750% due 09/11/2034 •(d)(e) |  | 3400 |  | 3833 |
|  Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. |
|  6.000% due 09/01/2052 •  | $— | 8600 |  | 8624 |
|  Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. |
|  6.650% due 09/15/2055 •  |  | 700 |  | 700 |
|  RLGH Finance Bermuda Ltd. | RLGH Finance Bermuda Ltd. | RLGH Finance Bermuda Ltd. | RLGH Finance Bermuda Ltd. | RLGH Finance Bermuda Ltd. |
|  6.875% due 05/19/2032 •(d)(e) |  | 2400 |  | 2343 |
|  Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada | Royal Bank of Canada |
|  6.750% due 08/24/2085 •(e) |  | 3900 |  | 3917 |
|  7.500% due 05/02/2084 •(e) |  | 8800 |  | 9019 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  7.125% due 07/15/2035 •(d)(e)(g) |  | 1200 |  | 1154 |
|  9.375% due 11/22/2027 •(d)(e) |  | 900 |  | 942 |
|  10.000% due 11/14/2028 •(d)(e) |  | 3400 |  | 3674 |
|  Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC | Standard Chartered PLC |
|  7.000% due 11/14/2035 •(d)(e) |  | 1700 |  | 1669 |
|  Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB | Svenska Handelsbanken AB |
|  4.375% due 03/01/2027 •(d)(e)(g) |  | 1000 |  | 984 |
|  4.375% due 03/01/2027 •(d)(e) |  | 1400 |  | 1377 |
|  Swiss RE Subordinated Finance PLC | Swiss RE Subordinated Finance PLC | Swiss RE Subordinated Finance PLC | Swiss RE Subordinated Finance PLC | Swiss RE Subordinated Finance PLC |
|  5.698% due 04/05/2035 •(g) |  | 1200 |  | 1216 |
|  Textron Financial Corp. | Textron Financial Corp. | Textron Financial Corp. | Textron Financial Corp. | Textron Financial Corp. |
|  5.649% (TSFR3M + 1.997%)<br>due 02/15/2067 ~ |  | 5842 |  | 5248 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Toronto-Dominion Bank | Toronto-Dominion Bank | Toronto-Dominion Bank |
|  7.250% due 07/31/2084 •(e) | 2000 | 2042 |
|  8.125% due 10/31/2082 •(e) | 7900 | 8155 |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  9.250% due 11/13/2028 •(d)(e) | 800 | 853 |
|  9.250% due 11/13/2033 •(d)(e) | 11800 | 13294 |
|  USB Realty Corp. | USB Realty Corp. | USB Realty Corp. |
|  5.081% (US0003M + 1.147%) due 01/15/2027 ~(d) | 6567 | 5789 |
|  |  | 358650 |
| INDUSTRIALS 2.9% | INDUSTRIALS 2.9% | INDUSTRIALS 2.9% |
|  Beignet Investor LLC | Beignet Investor LLC | Beignet Investor LLC |
|  6.581% due 05/30/2049 | 4370 | 4496 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  7.000% due 03/10/2055 •  | 1500 | 1547 |
|  Enbridge, Inc. | Enbridge, Inc. | Enbridge, Inc. |
|  8.500% due 01/15/2084 •(g) | 1759 | 1980 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  6.500% due 02/15/2056 •(g) | 1600 | 1582 |
|  South Jersey Industries, Inc. | South Jersey Industries, Inc. | South Jersey Industries, Inc. |
|  5.020% due 04/15/2031 | 6600 | 5773 |
|  Southern Co. | Southern Co. | Southern Co. |
|  6.000% due 04/01/2058 •  | 1900 | 1910 |
|  Stellantis NV | Stellantis NV | Stellantis NV |
|  6.250% due 03/16/2031 •(d) | 600 | 663 |
|  6.875% due 12/16/2033 •(d) | 2800 | 3053 |
|  |  | 21004 |
| UTILITIES 8.3% | UTILITIES 8.3% | UTILITIES 8.3% |
|  AES Corp. | AES Corp. | AES Corp. |
|  6.950% due 07/15/2055 •  | 3000 | 2802 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
|  6.050% due 03/15/2056 •  | 2800 | 2776 |
|  6.950% due 12/15/2054 •  | 2100 | 2229 |
|  BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC |
|  6.450% due 12/01/2033 •(d)(g) | 3100 | 3225 |
|  CenterPoint Energy, Inc. | CenterPoint Energy, Inc. | CenterPoint Energy, Inc. |
|  6.850% due 02/15/2055 •  | 2600 | 2734 |
|  CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. |
|  6.500% due 06/01/2055 •  | 2000 | 2037 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
|  6.625% due 05/15/2055 •  | 2100 | 2133 |
|  7.000% due 06/01/2054 •(g) | 3800 | 4021 |
|  Electricite de France SA | Electricite de France SA | Electricite de France SA |
|  7.375% due 06/17/2035 •(d) | 700 | 935 |
|  9.125% due 03/15/2033 •(d) | 4200 | 4865 |
|  Emera U.S. Finance LLC | Emera U.S. Finance LLC | Emera U.S. Finance LLC |
|  6.650% due 10/01/2056 •  | 1600 | 1601 |
|  6.850% due 10/01/2056 •  | 1200 | 1202 |
|  Eversource Energy | Eversource Energy | Eversource Energy |
|  6.350% due 08/15/2056 •  | 1200 | 1184 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  6.700% due 09/01/2054 •(g) | 4200 | 4292 |
|  6.750% due 06/15/2054 •  | 3900 | 4039 |
|  PacifiCorp | PacifiCorp | PacifiCorp |
|  7.125% due 08/15/2056 •  | 2500 | 2362 |
|  PG&E Corp. | PG&E Corp. | PG&E Corp. |
|  6.850% due 09/15/2056 •  | 2500 | 2471 |
|  Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. |
|  7.000% due 09/15/2056 •  | 1100 | 1092 |
|  Sempra | Sempra | Sempra |
|  6.375% due 04/01/2056 •  | 3300 | 3316 |
|  6.400% due 10/01/2054 •(g) | 1200 | 1197 |
|  6.625% due 04/01/2055 •  | 1400 | 1404 |
|  Sierra Pacific Power Co. | Sierra Pacific Power Co. | Sierra Pacific Power Co. |
|  6.200% due 12/15/2055 •  | 3200 | 3115 |
|  6.375% due 09/15/2056 •  | 1200 | 1191 |
|  Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  5.742% due 06/15/2056 •  | 500 | 640 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **161** |

---

------

Consolidated Schedule of Investments PIMCO Preferred and Capital Securities Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
|  5.750% due 12/03/2056 •  | $| 4100 | 4004 |
|  |  |  | 60867 |
|  Total Corporate Bonds & Notes (Cost $413,063) | Total Corporate Bonds & Notes (Cost $413,063) | Total Corporate Bonds & Notes (Cost $413,063) | 440521 |
| SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% | SOVEREIGN ISSUES 0.3% |
|  Agence France Locale | Agence France Locale | Agence France Locale | Agence France Locale |
|  7.000% due 06/17/2031 •(d)(e) | EUR | 2000 | 2606 |
|  Total Sovereign Issues (Cost $2,105) | Total Sovereign Issues (Cost $2,105) | Total Sovereign Issues (Cost $2,105) | 2606 |
|  |  | **SHARES** |  |
| PREFERRED SECURITIES 35.8% | PREFERRED SECURITIES 35.8% | PREFERRED SECURITIES 35.8% | PREFERRED SECURITIES 35.8% |
| BANKING & FINANCE 33.7% | BANKING & FINANCE 33.7% | BANKING & FINANCE 33.7% | BANKING & FINANCE 33.7% |
|  Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  4.700% due 05/15/2028 •(d) |  | 2200000 | 2038 |
|  American AgCredit Corp. | American AgCredit Corp. | American AgCredit Corp. | American AgCredit Corp. |
|  5.250% due 06/15/2026 •(d) |  | 5000000 | 5028 |
|  American Express Co. | American Express Co. | American Express Co. | American Express Co. |
|  3.550% due 09/15/2026 •(d) |  | 5350000 | 5290 |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  8.000% due 02/01/2034 •(d)(e) |  | 4600000 | 4853 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
|  5.875% due 03/15/2028 •(d) |  | 18310000 | 18364 |
|  6.625% due 05/01/2030 •(d) |  | 7200000 | 7383 |
|  Brighthouse Holdings LLC | Brighthouse Holdings LLC | Brighthouse Holdings LLC | Brighthouse Holdings LLC |
|  6.500% due 07/27/2037 þ(d) |  | 2000000 | 1703 |
|  CaixaBank SA | CaixaBank SA | CaixaBank SA | CaixaBank SA |
|  8.250% due 03/13/2029 •(d)(e) |  | 4200000 | 5234 |
|  Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. | Charles Schwab Corp. |
|  4.000% due 12/01/2030 •(d) |  | 2100000 | 1945 |
|  5.000% due 12/01/2027 •(d) |  | 4675000 | 4605 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
|  6.875% due 12/31/2099 |  | 2000000 | 2015 |
|  6.950% due 02/15/2030 •(d) |  | 11200000 | 11293 |
|  7.000% due 08/15/2034 •(d) |  | 750000 | 772 |
|  7.625% due 11/15/2028 •(d) |  | 7200000 | 7454 |
|  CoBank ACB | CoBank ACB | CoBank ACB | CoBank ACB |
|  7.125% due 01/01/2030 •(d) |  | 225000 | 232 |
|  Compeer Financial ACA | Compeer Financial ACA | Compeer Financial ACA | Compeer Financial ACA |
|  4.875% due 08/15/2026 •(d) |  | 5000000 | 4946 |
|  7.875% due 02/15/2031 •(d) |  | 4100000 | 4201 |
|  Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA | Cooperatieve Rabobank UA |
|  6.500% due 12/31/2099 þ(d) |  | 5939725 | 7607 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  6.875% due 12/01/2030 •(d) |  | 4700000 | 4782 |
|  Depository Trust & Clearing Corp. | Depository Trust & Clearing Corp. | Depository Trust & Clearing Corp. | Depository Trust & Clearing Corp. |
|  3.375% due 06/20/2026 •(d) |  | 10000000 | 9926 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Farm Credit Bank of Texas | Farm Credit Bank of Texas | Farm Credit Bank of Texas |
|  6.200% due 06/15/2028 •(d) | 7000000 | 6964 |
|  7.000% due 09/15/2030 •(d) | 2400000 | 2467 |
|  7.750% due 06/15/2029 •(d) | 4500000 | 4704 |
|  Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
|  6.125% due 11/10/2034 •(d)(g) | 5400000 | 5357 |
|  6.850% due 02/10/2030 •(d) | 1800000 | 1835 |
|  7.500% due 02/10/2029 •(d) | 2700000 | 2818 |
|  7.500% due 05/10/2029 •(d) | 7100000 | 7396 |
|  Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. |
|  6.250% due 10/15/2030 •(d) | 4100000 | 4034 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  4.200% due 09/01/2026 (d) | 62600 | 1095 |
|  4.625% due 06/01/2026 (d) | 171000 | 3270 |
|  6.500% due 04/01/2030 •(d) | 15700000 | 16121 |
|  6.875% due 06/01/2029 •(d) | 5800000 | 6038 |
|  MetLife Capital Trust IV | MetLife Capital Trust IV | MetLife Capital Trust IV |
|  7.875% due 12/15/2067 | 8760000 | 9479 |
|  MetLife, Inc. | MetLife, Inc. | MetLife, Inc. |
|  4.750% due 06/15/2026 (d) | 103400 | 1898 |
|  Morgan Stanley | Morgan Stanley | Morgan Stanley |
|  4.875% due 07/15/2026 (d) | 112700 | 2227 |
|  6.625% due 10/15/2029 (d) | 129200 | 3261 |
|  7.096% (TSFR3M + 3.422%)<br>due 06/15/2026 ~(d) | 3600000 | 3637 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  10.250% ~ | 35604 | 6032 |
|  PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
|  3.400% due 09/15/2026 •(d) | 10500000 | 10345 |
|  6.250% due 03/15/2030 •(d) | 3300000 | 3337 |
|  State Street Corp. | State Street Corp. | State Street Corp. |
|  6.700% due 03/15/2029 •(d) | 6200000 | 6318 |
|  Synchrony Financial | Synchrony Financial | Synchrony Financial |
|  8.250% (H15T5Y + 4.044%)<br>due 05/15/2029 ~(d) | 82500 | 2077 |
|  Truist Financial Corp. | Truist Financial Corp. | Truist Financial Corp. |
|  5.100% due 03/01/2030 •(d) | 2450000 | 2452 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
|  5.300% due 04/15/2027 •(d) | 4400000 | 4379 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  4.250% due 09/15/2026 (d) | 129900 | 2241 |
|  4.750% due 06/15/2026 (d) | 63000 | 1196 |
|  6.125% due 06/15/2031 •(d) | 2000000 | 2007 |
|  6.850% due 09/15/2029 •(d) | 9900000 | 10259 |
|  7.625% due 09/15/2028 •(d) | 2300000 | 2422 |
|  |  | 245337 |
| INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% |
|  SVB Financial Trust | SVB Financial Trust | SVB Financial Trust |
|  0.000% due 11/07/2032 (c) | 1528000 | 99 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  9.000% due 09/30/2029 •(d) | 1500000 | 1495 |
|  |  | 1594 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| UTILITIES 1.9% | UTILITIES 1.9% | UTILITIES 1.9% |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  7.125% due 05/15/2030 •(d) | 9200000 | 9359 |
|  SCE Trust VII | SCE Trust VII | SCE Trust VII |
|  7.500% due 11/22/2028 (d) | 168700 | 4147 |
|  |  | 13506 |
|  Total Preferred Securities (Cost $295,835) | Total Preferred Securities (Cost $295,835) | 260437 |
| SHORT-TERM INSTRUMENTS 0.5% | SHORT-TERM INSTRUMENTS 0.5% | SHORT-TERM INSTRUMENTS 0.5% |
| 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) | 685508 | 685 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| U.S. TREASURY BILLS 0.4% | U.S. TREASURY BILLS 0.4% | U.S. TREASURY BILLS 0.4% |
|  3.662% due 04/07/2026 - 06/25/2026 (b)(c)(j) | 2695 | 2685 |
| Total Short-Term Instruments (Cost $3,370) | Total Short-Term Instruments (Cost $3,370) | 3370 |
| Total Investments in Securities (Cost $714,373) | Total Investments in Securities (Cost $714,373) | 706934 |
|  | SHARES |  |
| INVESTMENTS IN AFFILIATES 5.5% | INVESTMENTS IN AFFILIATES 5.5% | INVESTMENTS IN AFFILIATES 5.5% |
| SHORT-TERM INSTRUMENTS 5.5% | SHORT-TERM INSTRUMENTS 5.5% | SHORT-TERM INSTRUMENTS 5.5% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.5% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.5% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 4101501 | 39945 |
| Total Short-Term Instruments<br>(Cost $39,918) | Total Short-Term Instruments<br>(Cost $39,918) | 39945 |
| Total Investments in Affiliates<br>(Cost $39,918) | Total Investments in Affiliates<br>(Cost $39,918) | 39945 |
| Total Investments 102.6%<br>(Cost $754,291) | Total Investments 102.6%<br>(Cost $754,291) | 746879 |
|  Financial Derivative Instruments (h)(i) 0.7%<br> (Cost or Premiums, net $220) | Financial Derivative Instruments (h)(i) 0.7%<br> (Cost or Premiums, net $220) | 5136 |
| Other Assets and Liabilities, net (3.3)% | Other Assets and Liabilities, net (3.3)% | (24333) |
| Net Assets 100.0% |  | 727682 |

---

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

^ Security is in default.

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

---

| | |
|:---|:---|
| ~ | 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 not accruing income as of the date of this report.

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

(c) Zero coupon security.

---

| | | |
|:---|:---|:---|
| **162** | **PIMCO CREDIT BOND FUNDS** | See Accompanying Notes |

---

------

March 31, 2026

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

(e) Contingent convertible security.

(f) 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 |
|  BOS | 3.500% | 03/25/2026 | 06/12/2026 | $(4865) | $(4868) |
|  | 4.010 | 03/09/2026 | 06/05/2026 | (4206) | (4216) |
|  | 4.060 | 03/09/2026 | 06/05/2026 | (2895) | (2903) |
|  | 4.070 | 03/09/2026 | 06/05/2026 | (1760) | (1765) |
|  BRC | 1.500 | 03/05/2026 | TBD<sup>(2)</sup> | (420) | (486) |
|  | 1.600 | 01/20/2026 | TBD<sup>(2)</sup> | (3521) | (4083) |
|  | 2.650 | 12/19/2025 | TBD<sup>(2)</sup> | (317) | (422) |
|  | 2.650 | 01/14/2026 | TBD<sup>(2)</sup> | (422) | (561) |
|  | 2.650 | 01/20/2026 | TBD<sup>(2)</sup> | (211) | (281) |
|  | 3.150 | 03/25/2026 | TBD<sup>(2)</sup> | $(5882) | (5885) |
|  | 3.650 | 03/05/2026 | TBD<sup>(2)</sup> | (682) | (684) |
|  IND | 4.060 | 03/16/2026 | 06/16/2026 | (1941) | (1944) |
|  | 4.160 | 03/16/2026 | 06/16/2026 | (1367) | (1370) |
|  | 4.190 | 01/16/2026 | 04/15/2026 | (2871) | (2896) |
|  JML | 2.500 | 03/16/2026 | TBD<sup>(2)</sup> | (510) | (676) |
|  | 3.100 | 03/26/2026 | 04/02/2026 | $(195) | (196) |
|  | 3.500 | 01/22/2026 | TBD<sup>(2)</sup> | (1027) | (1034) |
|  JPS | 3.750 | 03/20/2026 | 05/01/2026 | (4101) | (4106) |
|  SOG | 4.100 | 01/21/2026 | 04/16/2026 | (1160) | (1169) |
|  TDM | 3.300 | 02/24/2026 | TBD<sup>(2)</sup> | (2278) | (2286) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41831) |

---

#### 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 |  |  |  |  |  |  |
|  BOS | $0 | $(13752) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13752) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14981 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229 |
|  BRC | 0 | (12402) | 0 | (12402) | 12359 | (43) |
|  IND | 0 | (6210) | 0 | (6210) | 6739 | 529 |
|  JML | 0 | (1906) | 0 | (1906) | 1831 | (75) |
|  JPS | 0 | (4106) | 0 | (4106) | 4292 | 186 |
|  SOG | 0 | (1169) | 0 | (1169) | 1216 | 47 |
|  TDM | 0 | (2286) | 0 | (2286) | 2206 | (80) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41831) | $&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 |  |  |  |  |  |
|  Corporate Bonds & Notes | $0 | $(4261) | $(16304) | $(16398) | $(36963) |
|  Preferred Securities | 0 | 0 | (4868) | 0 | (4868) |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4261) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21172) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16398) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41831) |
|  Payable for reverse repurchase agreements  |  |  |  |  | $(41831) |

---

(g) Securities with an aggregate market value of $43,344 and cash of $280 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 $(30982) at a weighted average interest rate of 4.159%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **163** |

---

------

Consolidated Schedule of Investments PIMCO Preferred and Capital Securities Fund (Cont.)

<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;(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 |
|  Euro-Schatz June Futures  | 06/2026 | 243 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29702 | $(122) | $39 | $(2) |
|  Long Guilt June Futures  | 06/2026 | 95 | 11039 | (628) | 83 | 0 |
|  U.S. Treasury 2-Year Note June Futures  | 06/2026 | 19 | 3941 | (23) | 1 | 0 |
|  U.S. Treasury 5-Year Note June Futures  | 06/2026 | 861 | 93143 | (1029) | 106 | (2) |
|  U.S. Treasury 10-Year Ultra Long-Term Bond June Futures  | 06/2026 | 421 | 47790 | (867) | 118 | 0 |
|  U.S. Treasury Ultra Long-Term Bond June Futures  | 06/2026 | 376 | 43828 | (1423) | 82 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4092) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 | $&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 |
|  Euro-Bobl June Futures  | 06/2026 | 42 | $(5604) | $46 | $0 | $(22) |
|  Euro-Bund June Futures  | 06/2026 | 93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13479) | 344 | 0 | (98) |
|  Euro-Buxl 30-Year Bond June Futures  | 06/2026 | 44 | (5608) | 56 | 0 | (104) |
|  U.S. Treasury Long-Term Bond June Futures  | 06/2026 | 58 | (6605) | (56) | 0 | (18) |
|  |  |  |  | $390 | $0 | $(242) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3702) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(246) |

---

#### SWAP AGREEMENTS:

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(2)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(3)</sup>** | Variation Margin | Variation Margin |
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(2)</sup>** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | **Market<br>Value<sup>(3)</sup>** | Asset | Liability |
|  CDX.HY-46 5-Year Index | 5.000% | Quarterly | 06/20/2031 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | Floating Rate Index | Fixed Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/18/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132620 | $(894) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1662) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2556) | $275 | $0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/18/2031 | 9600 | 256 | 153 | 409 | 0 | (31) |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 4.000 | Annual | 03/18/2036 | 28120 | 89 | 1256 | 1345 | 0 | (119) |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 4.500 | Annual | 03/18/2056 | 4150 | 16 | 257 | 273 | 0 | (20) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2026 | $800 | 4 | (4) | 0 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 09/17/2027 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 12700 | (271) | 195 | (76) | 0 | (12) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 03/19/2035 | 35800 | 2483 | (934) | 1549 | 0 | (32) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1285) | (906) | (2191) | 0 | (16) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/18/2054 | 1000 | (43) | 152 | 109 | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/18/2055 | 2100 | (284) | (48) | (332) | 0 | (8) |
|  Pay<sup>(4)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/16/2028 | 10100 | (3) | (148) | (151) | 21 | 0 |
|  Pay<sup>(4)</sup> | 6-Month EUR-EURIBOR | 2.500 | Annual | 09/16/2031 | 2600 | 2 | (63) | (61) | 13 | 0 |
|  Receive<sup>(4)</sup> | 6-Month EUR-EURIBOR | 2.750 | Annual | 09/16/2036 | 1500 | 26 | 29 | 55 | 0 | (13) |
|  Pay<sup>(4)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 09/16/2056 | 250 | (2) | (4) | (6) | 3 | 0 |
|  |  |  |  |  |  | $94 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1727) | $(1633) | $316 | $(251) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $220 | $(1684) | $(1464) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251) |

---

164 PIMCO CREDIT BOND FUNDS 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 | **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;429 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(246) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(497) |

---

Cash of $8,447 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of March 31, 2026.

<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> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

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

<sup>(4)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&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 | 6716 | $4903 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | $0 |
|  | 04/2026 | 118 | 156 | 0 | 0 |
|  | 05/2026 | $156 | 118 | 0 | 0 |
|  BOA | 04/2026 | 3509 | $673 | 0 | (5) |
|  | 04/2026 | 1282 | 186 | 0 | 0 |
|  | 04/2026 | 289 | 335 | 1 | 0 |
|  | 04/2026 | 48260 | 514 | 4 | 0 |
|  | 04/2026 | 160407 | 110 | 3 | 0 |
|  | 04/2026 | 664 | 179 | 1 | 0 |
|  | 04/2026 | $672 | 3509 | 5 | 0 |
|  | 04/2026 | 70 | 482 | 0 | 0 |
|  | 04/2026 | 3640 | 3151 | 13 | (11) |
|  | 04/2026 | 514 | 48346 | 1 | 0 |
|  | 05/2026 | 1932 | $2224 | 0 | (13) |
|  | 06/2026 | 4 | 1 | 0 | 0 |
|  | 06/2026 | 2056 | 666 | 10 | 0 |
|  | 06/2026 | 6510 | 363 | 2 | 0 |
|  | 06/2026 | $20 | 62 | 0 | 0 |
|  BPS | 04/2026 | 3100 | $594 | 0 | (5) |
|  | 04/2026 | 484 | 70 | 0 | 0 |
|  | 04/2026 | 2017 | 653 | 12 | 0 |
|  | 04/2026 | 349324 | 233 | 1 | (1) |
|  | 04/2026 | 416 | 112 | 0 | 0 |
|  | 04/2026 | 48583 | 1503 | 29 | (1) |
|  | 04/2026 | $872 | 1238 | 0 | (18) |
|  | 04/2026 | 594 | 3100 | 5 | 0 |
|  | 04/2026 | 1214 | 902 | 0 | (20) |
|  | 04/2026 | 2307 | 39031141 | 0 | (8) |
|  | 04/2026 | 481 | 1524 | 4 | 0 |
|  | 04/2026 | 271 | 404865 | 1 | (2) |
|  | 04/2026 | 1557 | 5610 | 0 | (45) |
|  | 04/2026 | 1 | 29 | 0 | 0 |
|  | 04/2026 | 1274 | 40731 | 0 | (3) |
|  | 04/2026 | 6239 | $368 | 0 | 0 |
|  | 05/2026 | 1522 | 481 | 0 | (4) |
|  | 05/2026 | 97258 | 1028 | 0 | (4) |
|  | 05/2026 | 22427 | 696 | 0 | (3) |
|  | 05/2026 | $400 | 2100 | 3 | 0 |
|  | 05/2026 | 517 | 8799459 | 1 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **165** |

---

------

Consolidated Schedule of Investments PIMCO Preferred and Capital Securities Fund (Cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2026 | $102 | 3349 | $0 | $0 |
|  | 06/2026 | 236 | 3972600 | 0 | (2) |
|  BRC | 04/2026 | 878 | 3160 | 0 | (27) |
|  | 04/2026 | 462 | 4191 | 0 | (19) |
|  | 04/2026 | 464 | 7588 | 0 | (16) |
|  BSH | 04/2026 | 3371 | $21 | 0 | 0 |
|  | 04/2026 | $48355 | 36324 | 0 | (276) |
|  | 04/2026 | 4069 | 7049 | 0 | (19) |
|  | 05/2026 | 36324 | $48353 | 276 | 0 |
|  | 05/2026 | 7049 | 4074 | 19 | 0 |
|  | 05/2026 | $21 | 3361 | 0 | 0 |
|  CBK | 04/2026 | 447 | $65 | 0 | 0 |
|  | 04/2026 | 3631 | 4185 | 14 | (26) |
|  | 04/2026 | 384181 | 4112 | 54 | 0 |
|  | 04/2026 | 1015 | 104 | 0 | (1) |
|  | 04/2026 | 1035 | 111 | 2 | 0 |
|  | 04/2026 | 30 | 1 | 0 | 0 |
|  | 04/2026 | 2185 | 69 | 0 | 0 |
|  | 04/2026 | $210 | 1444 | 0 | 0 |
|  | 04/2026 | 12825 | 11159 | 81 | (8) |
|  | 04/2026 | 2916 | 2176 | 0 | (36) |
|  | 04/2026 | 10343 | 952788 | 8 | (258) |
|  | 04/2026 | 259 | 938 | 0 | (7) |
|  | 06/2026 | 521 | $169 | 3 | 0 |
|  | 06/2026 | $160 | 2695062 | 0 | (2) |
|  | 06/2026 | 736 | 13013 | 0 | (14) |
|  | 09/2026 | 174 | 3105 | 0 | (3) |
|  DUB | 04/2026 | 122 | $18 | 0 | 0 |
|  | 04/2026 | 4069 | 1314 | 20 | 0 |
|  | 04/2026 | 147878 | 1570 | 11 | (2) |
|  | 04/2026 | $2828 | 4122 | 16 | 0 |
|  | 04/2026 | 11 | 75 | 0 | 0 |
|  | 04/2026 | 1627 | 153485 | 11 | (6) |
|  | 04/2026 | 7265 | 9280 | 0 | (47) |
|  | 04/2026 | 485 | 15827 | 0 | (4) |
|  | 05/2026 | 4122 | $2827 | 0 | (16) |
|  | 05/2026 | 9259 | 7265 | 47 | 0 |
|  | 05/2026 | $18 | 122 | 0 | 0 |
|  | 06/2026 | 15795 | $485 | 3 | 0 |
|  | 06/2026 | $285 | 884 | 0 | (3) |
|  FAR | 04/2026 | 2550 | $1808 | 48 | 0 |
|  | 04/2026 | 1357 | 1758 | 61 | 0 |
|  | 04/2026 | 42828 | 57877 | 1190 | 0 |
|  | 04/2026 | 4197 | 26 | 0 | 0 |
|  | 04/2026 | $911 | 726 | 0 | (3) |
|  | 04/2026 | 8 | 1315 | 0 | 0 |
|  | 04/2026 | 975 | 3519 | 0 | (27) |
|  | 04/2026 | 39 | 50 | 0 | 0 |
|  | 05/2026 | 723 | $911 | 3 | 0 |
|  | 05/2026 | 2532 | 800 | 0 | (6) |
|  | 05/2026 | 50 | 39 | 0 | 0 |
|  | 05/2026 | $26 | 4184 | 0 | 0 |
|  | 06/2026 | 1464 | $475 | 8 | 0 |
|  | 09/2026 | $141 | 2488 | 0 | (4) |
|  GLM | 04/2026 | 40947 | $7733 | 0 | (172) |
|  | 04/2026 | 1985 | 638 | 7 | 0 |
|  | 04/2026 | 5443 | 60 | 2 | 0 |
|  | 04/2026 | $7596 | 40947 | 309 | 0 |
|  | 04/2026 | 188 | 1292 | 0 | (1) |
|  | 04/2026 | 64 | 1085791 | 0 | 0 |
|  | 04/2026 | 1147 | 21158 | 33 | 0 |
|  | 04/2026 | 271 | 8887 | 0 | (1) |
|  | 06/2026 | 13 | $2 | 0 | 0 |
|  | 06/2026 | 3526590 | 209 | 2 | 0 |
|  | 06/2026 | 8871 | 271 | 0 | 0 |
|  | 06/2026 | $6181 | 33283 | 160 | 0 |
|  | 06/2026 | 365 | 6180627 | 0 | (2) |
|  | 06/2026 | 1450 | 25373 | 0 | (43) |
|  | 07/2026 | 12 | $2 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **166** | **PIMCO CREDIT BOND FUNDS** | 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** |
|  IND | 04/2026 | 129252 | $152619 | $3223 | $0 |
|  JPM | 04/2026 | 958 | 139 | 0 | 0 |
|  | 04/2026 | 76364 | 812 | 6 | 0 |
|  | 04/2026 | 2349 | 640 | 9 | (1) |
|  | 04/2026 | 9330 | 7404 | 147 | 0 |
|  | 04/2026 | $370 | 319 | 0 | (1) |
|  | 04/2026 | 812 | 76494 | 2 | 0 |
|  | 04/2026 | 2646 | 47452 | 4 | (5) |
|  | 04/2026 | 790 | 1359 | 0 | (9) |
|  | 04/2026 | 1098 | 18340 | 0 | (16) |
|  | 04/2026 | 12024 | $708 | 0 | (2) |
|  | 05/2026 | $19 | 128 | 0 | 0 |
|  | 06/2026 | 625 | $201 | 2 | 0 |
|  | 06/2026 | 7593 | 423 | 2 | 0 |
|  MBC | 04/2026 | 95 | 120 | 2 | 0 |
|  | 04/2026 | 459 | 614 | 8 | 0 |
|  | 04/2026 | 57360 | 611 | 4 | (1) |
|  | 04/2026 | 1297 | 8 | 0 | 0 |
|  | 04/2026 | 992742 | 678 | 18 | 0 |
|  | 04/2026 | 2425 | 258 | 2 | 0 |
|  | 04/2026 | 20050 | 631 | 22 | 0 |
|  | 04/2026 | $903 | 1303 | 0 | (4) |
|  | 04/2026 | 433 | 341 | 0 | (7) |
|  | 04/2026 | 5554 | 4775 | 0 | (35) |
|  | 04/2026 | 1260 | 943 | 0 | (11) |
|  | 04/2026 | 9 | 1423 | 0 | 0 |
|  | 04/2026 | 104 | 1014 | 1 | 0 |
|  | 05/2026 | 1014 | $104 | 0 | (1) |
|  | 05/2026 | $378 | 328 | 2 | 0 |
|  | 05/2026 | 380 | 284 | 0 | (5) |
|  | 05/2026 | 8 | 1293 | 0 | 0 |
|  | 06/2026 | 3742 | $207 | 0 | 0 |
|  MYI | 04/2026 | 2257 | 429 | 0 | (7) |
|  | 04/2026 | 248 | 70 | 3 | 0 |
|  | 04/2026 | $432 | 2257 | 3 | 0 |
|  | 05/2026 | 1634 | $311 | 0 | (3) |
|  | 06/2026 | $392 | 1215 | 0 | (4) |
|  SCX | 04/2026 | 8408 | $5027 | 195 | 0 |
|  | 04/2026 | 1357 | 43 | 1 | 0 |
|  | 04/2026 | $4857 | 6725 | 0 | (23) |
|  | 04/2026 | 5763 | 4306 | 0 | (64) |
|  | 04/2026 | 1189 | 108385 | 0 | (44) |
|  | 04/2026 | 7 | 1034 | 0 | 0 |
|  | 04/2026 | 29 | 911 | 0 | 0 |
|  | 05/2026 | 6715 | $4857 | 23 | 0 |
|  | 06/2026 | $621 | 10467752 | 0 | (5) |
|  SOG | 04/2026 | 983 | $1163 | 27 | 0 |
|  | 04/2026 | 733 | 77 | 0 | (1) |
|  | 04/2026 | $498 | 385 | 0 | (17) |
|  | 04/2026 | 132385 | 114751 | 250 | 0 |
|  | 04/2026 | 37 | 5703 | 0 | (1) |
|  | 05/2026 | 114751 | $132593 | 0 | (245) |
|  | 05/2026 | $77 | 731 | 1 | 0 |
|  | 06/2026 | 1066 | $346 | 6 | 0 |
|  SSB | 04/2026 | 4113 | 2927 | 89 | 0 |
|  | 04/2026 | 1247 | 1668 | 17 | 0 |
|  | 05/2026 | $1668 | 1247 | 0 | (17) |
|  UAG | 04/2026 | 996 | $271 | 2 | 0 |
|  | 04/2026 | $1197 | 4334 | 0 | (29) |
|  | 06/2026 | 1710 | $553 | 8 | 0 |
|  | 06/2026 | 4772 | 266 | 1 | 0 |
|  | 06/2026 | $936 | 16332 | 0 | (30) |
|  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;6639 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1782) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 167

------

Consolidated Schedule of Investments PIMCO Preferred and Capital Securities Fund (Cont.)

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of 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> |
|  AZD | $75 | $0 | $0 | $75 | $0 | $0 | $0 | $0 | $75 | $0 | $75 |
|  BOA | 40 | 0 | 0 | 40 | (29) | 0 | 0 | (29) | 11 | 0 | 11 |
|  BPS | 56 | 0 | 0 | 56 | (116) | 0 | 0 | (116) | (60) | 0 | (60) |
|  BRC | 0 | 0 | 0 | 0 | (62) | 0 | 0 | (62) | (62) | 0 | (62) |
|  BSH | 295 | 0 | 0 | 295 | (295) | 0 | 0 | (295) | 0 | 0 | 0 |
|  CBK | 162 | 0 | 0 | 162 | (355) | 0 | 0 | (355) | (193) | 320 | 127 |
|  DUB | 108 | 0 | 0 | 108 | (78) | 0 | 0 | (78) | 30 | 0 | 30 |
|  FAR | 1310 | 0 | 0 | 1310 | (40) | 0 | 0 | (40) | 1270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1500) | (230) |
|  GLM | 513 | 0 | 0 | 513 | (219) | 0 | 0 | (219) | 294 | (290) | 4 |
|  IND | 3223 | 0 | 0 | 3223 | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3223 | (4420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1197) |
|  JPM | 172 | 0 | 0 | 172 | (34) | 0 | 0 | (34) | 138 | 0 | 138 |
|  MBC | 59 | 0 | 0 | 59 | (64) | 0 | 0 | (64) | (5) | 0 | (5) |
|  MYI | 6 | 0 | 0 | 6 | (14) | 0 | 0 | (14) | (8) | 0 | (8) |
|  SCX | 219 | 0 | 0 | 219 | (136) | 0 | 0 | (136) | 83 | 0 | 83 |
|  SOG | 284 | 0 | 0 | 284 | (264) | 0 | 0 | (264) | 20 | 0 | 20 |
|  SSB | 106 | 0 | 0 | 106 | (17) | 0 | 0 | (17) | 89 | 0 | 89 |
|  UAG | 11 | 0 | 0 | 11 | (59) | 0 | 0 | (59) | (48) | 0 | (48) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6639 | $&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;6639 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1782) | $&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;(1782) |  |  |  |

---

(j) Securities with an aggregate market value of $320 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> 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. Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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

Fair Values of Financial Derivative Instruments on the Consolidated Statements of Assets and Liabilities as of 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 | $429 | $429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 31 | 0 | 0 | 316 | 347 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | $0 | $0 | $745 | $776 |
|  Over 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 | $6639 | $0 | $6639 |
|  | $0 | $31 | $0 | $6639 | $745 | $7415 |
|  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 | $246 | $246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 251 | 251 |
|  | $0 | $0 | $0 | $0 | $497 | $497 |
|  Over 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 | $1782 | $0 | $1782 |
|  | $&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;1782 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2279 |

---

168 PIMCO CREDIT BOND FUNDS 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<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2488 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 143 | 0 | 0 | 335 | 478 |
|  | $0 | $143 | $0 | $0 | $2823 | $2966 |
|  Over 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 | $(17206) | $0 | $(17206) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17206) | $2823 | $(14240) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) 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 | $(5945) | $(5945) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 42 | 0 | 0 | (660) | (618) |
|  | $0 | $42 | $0 | $0 | $(6605) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6563) |
|  Over 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 | $10285 | $0 | $10285 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $42 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $10285 | $(6605) | $3722 |

---

#### 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 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $358350 | $300 | $358650 |
| &nbsp;&nbsp; Industrials | 0 | 21004 | 0 | 21004 |
| &nbsp;&nbsp; Utilities | 0 | 60867 | 0 | 60867 |
|  Sovereign Issues | 0 | 2606 | 0 | 2606 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 23297 | 222040 | 0 | 245337 |
| &nbsp;&nbsp; Industrials | 0 | 1594 | 0 | 1594 |
| &nbsp;&nbsp; Utilities | 4147 | 9359 | 0 | 13506 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 685 | 0 | 0 | 685 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 2685 | 0 | 2685 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28129 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678505 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706934 |
|  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 | $39945 | $0 | $0 | $39945 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68074 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678505 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746879 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 | $122 | $654 | $0 | $776 |
|  Over the counter | 0 | 6639 | 0 | 6639 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7293 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7415 |
|  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 | (226) | (271) | 0 | (497) |
|  Over the counter | 0 | (1782) | 0 | (1782) |
|  | $(226) | $(2053) | $0 | $(2279) |
|  Total Financial Derivative Instruments | $(104) | $5240 | $0 | $5136 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67970 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683745 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752015 |

---

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 | **169** |

---

------

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, Class C-2 and Class R shares of the funds (each, a "Fund" and collectively, the "Funds") indicated on the cover of this report. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Funds.

PIMCO Preferred and Capital Securities Fund has established PIMCO Capital Securities Fund (Cayman) Ltd, a Cayman Islands exempted company (the "Subsidiary"), which is wholly-owned and controlled by the PIMCO Preferred and Capital Securities Fund. PIMCO also serves as the investment adviser for the Subsidiary. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Subsidiary.

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

Each 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 Funds' CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within the Funds' financial statements. Segment assets are reflected on the

accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Each Fund is treated as an investment company under the reporting requirements of U.S. GAAP, including but not limited to ASC 946. The functional and reporting currency for the Funds is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

---

| | |
|:---|:---|
| **170** | **PIMCO CREDIT BOND FUNDS** |

---

------

March 31, 2026

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(b) Foreign Taxes A Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which a Fund invests. These foreign taxes, if any, are paid by a Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of March 31, 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 Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign

denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

(d) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the respective Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(e) Distributions to Shareholders The following table shows the anticipated frequency of distributions from net investment income, if any, for each Fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Distribution Frequency | Distribution Frequency | Distribution Frequency | Distribution Frequency |
| Fund Name | Declared | Declared | Distributed | Distributed |
|  PIMCO Diversified Income Fund |  | Daily |  | Monthly |
|  PIMCO ESG Income Fund |  | Daily |  | Monthly |
|  PIMCO High Yield Fund |  | Daily |  | Monthly |
|  PIMCO High Yield Spectrum Fund |  | Daily |  | Monthly |
|  PIMCO Long-Term Credit Bond Fund |  | Daily |  | Monthly |
|  PIMCO Low Duration Credit Fund |  | Daily |  | Monthly |
|  PIMCO Low Duration Income Fund |  | Daily |  | Monthly |
|  PIMCO Credit Opportunities Bond Fund |  | Quarterly |  | Quarterly |
|  PIMCO Preferred and Capital Securities Fund |  | Quarterly |  | Quarterly |

---

Net realized capital gains earned by each Fund, if any, will be distributed no less frequently than annually. Net short-term capital gains may be paid more frequently. A Fund may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on each Fund's annual financial statements presented under U.S. GAAP.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **171** |

---

------

Notes to Financial Statements (Cont.)

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

Distributions classified as a tax basis return of capital at a Fund's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statements of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(f) New Accounting Pronouncements and Regulatory Updates In 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 Fund's shares, or each of their respective share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, each Fund's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Funds or their agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, each Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. Each Fund generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, each Fund may calculate its NAV as of the NYSE Close for such day or such other time that each Fund may determine.

---

| | |
|:---|:---|
| **172** | **PIMCO CREDIT BOND FUNDS** |

---

------

March 31, 2026

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that a Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Funds will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange or the NYSE Close if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for each Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and

financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund's assets that are invested in one or more open-end management investment companies (other than ETFs), a Fund's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of a Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that a Fund holds foreign (non-U.S.) investments, the value of those investments

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **173** |

---

------

Notes to Financial Statements (Cont.)

may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in each Fund's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which a Fund may transact.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by a Fund normally will be taken into account in calculating the NAV. A Fund's whole loan investments, including those originated by the Fund or through an alternative lending platform, generally are fair valued by the Valuation Designee in accordance with procedures approved by the Board.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of a Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. The Funds' use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in each Fund's prospectus.

Under certain circumstances, the per share NAV of a class of a Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

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

<sup>∎</sup> Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets

or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

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

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are a result of a change, in the normal course of business, from the use of methods used by Pricing Sources (Level 2) to the use of a Broker Quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market-based data (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Sources or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for each respective Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of a Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options

---

| | |
|:---|:---|
| **174** | **PIMCO CREDIT BOND FUNDS** |

---

------

March 31, 2026

on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

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

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the

intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

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

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

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Proxy pricing procedures set the base price of a fixed income security and subsequently adjust the price proportionally to market value changes of a pre-determined security deemed to be comparable in duration, generally a U.S. Treasury or sovereign note based on country of issuance. The base price may be a broker-dealer quote, transaction price or an internal value as derived by analysis of market data. The

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **175** |

---

------

Notes to Financial Statements (Cont.)

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 2 or Level 3 of the fair value hierarchy depending on the source or input of the reference instrument.

Expected recovery valuation estimates that the fair value of an existing asset can be recovered, net of any liability. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Comparable Companies model is based on application of valuation multiples from publicly traded comparable companies to the financials of the subject company. Adjustments may be made to the market-derived valuation multiples based on differences between the

comparable companies and the subject company. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Funds. PIMCO Credit Opportunities Fund, PIMCO Diversified Income Fund, PIMCO High Yield Fund, PIMCO High Yield Spectrum Fund, PIMCO Long-Term Credit Bond Fund and PIMCO Preferred and Capital Securities Fund may each invest in certain other series of the Trust, series of PIMCO ETF Trust, and series of PIMCO Equity Series (each series, an "Underlying Fund" and collectively, the "Underlying Funds"). A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate

---

| | |
|:---|:---|
| **176** | **PIMCO CREDIT BOND FUNDS** |

---

------

March 31, 2026

fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Funds' website at www.pimco.com, or upon request, as applicable. The tables below show the Funds' transactions in and earnings from investments in the affiliated funds for the period ended March 31, 2026 (amounts in thousands<sup>†</sup>):

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>03/31/2026 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Credit Opportunities Bond Fund | $0 | $228735 | $(146000) | $9 | $(11) | $82733 | $1426 | $0 |
|  PIMCO Diversified Income Fund | 242178 | 956429 | (1005300) | 152 | 6 | 193465 | 9537 | 0 |
|  PIMCO High Yield Fund | 230096 | 1193981 | (1039000) | (118) | 152 | 385111 | 14685 | 0 |
|  PIMCO High Yield Spectrum Fund | 2812 | 106993 | (108300) | 2 | 0 | 1507 | 293 | 0 |
|  PIMCO Long-Term Credit Bond Fund | 40681 | 1434079 | (1454500) | 44 | 0 | 20304 | 1578 | 0 |
|  PIMCO Low Duration Credit Fund | 3559 | 59460 | (50500) | 3 | 0 | 12522 | 458 | 0 |
|  PIMCO Low Duration Income Fund | 1232613 | 11464805 | (8936808) | (440) | 923 | 3761093 | 107757 | 0 |
|  PIMCO Preferred and Capital Securities Fund | 22683 | 447453 | (430200) | 0 | 9 | 39945 | 1853 | 0 |

---

#### Investments in PIMCO Senior Loan Active Exchange-Traded Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>03/31/2026 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Credit Opportunities Bond Fund | $39401 | $0 | $(38749) | $(1214) | $562 | $0 | $141 | $0 |
|  PIMCO High Yield Fund | 226705 | 0 | (140405) | (3196) | 722 | 83826 | 11901 | 0 |

---

#### Investments in PIMCO Preferred And Capital Securities Active Exchange-Traded Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>03/31/2025 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>03/31/2026 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO High Yield Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28765 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14994 | $&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;(166) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43593 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

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

(b) Investments in Securities

The Funds may utilize the investments and strategies described below to the extent permitted by each Fund's respective investment policies.

Delayed-Delivery Transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, a Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

Exchange-Traded Funds typically are index-based investment companies that hold substantially all of their assets in securities representing their specific index, but may also be actively-managed investment companies. Shares of ETFs trade throughout the day on an exchange and represent an investment in a portfolio of securities and

other assets. As a shareholder of another investment company, the Funds would bear their pro rata portion of the other investment company's expenses, including advisory fees, in addition to the expenses the Funds bear directly in connection with their own operations. Investments in ETFs entail certain risks; in particular, investments in ETFs involve the risk that the ETF's performance may not track the performance of the index the ETF is designed to track.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **177** |

---

------

Notes to Financial Statements (Cont.)

adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. A Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by a Fund. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When a Fund purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Funds may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Funds may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate a Fund to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, a Fund has the right to receive payments of principal, interest and any fees to which it is

entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, a Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. Unfunded loan commitments, if any, are reflected as a liability on the Statements of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal payments. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases, syndicated bank loans, peer-to-peer loans and litigation finance loans. The Funds may invest in any level of the capital structure of an issuer of mortgage-backed or asset-backed securities, including the equity or "first loss" tranche.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs are

---

| | |
|:---|:---|
| **178** | **PIMCO CREDIT BOND FUNDS** |

---

------

March 31, 2026

types of asset-backed securities. A CBO is a trust which is often backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of various parties. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which a Fund invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and each Fund's prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) risks related to the capability of the servicer of the securitized assets, (iv) the risk that a Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the 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.

Real Estate Investment Trusts ("REITs") are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not taxed on the income distributed to shareholders. Distributions received from REITs may be characterized as income, capital gain or a return of capital. A return of capital is recorded by a Fund as a reduction to the cost basis of its investment in the REIT. REITs are subject to management fees and other expenses, and so a Fund that invests in REITs will bear its proportionate share of the costs of the REITs' operations.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933, as amended. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Funds as of March 31, 2026, as applicable, are disclosed in the Notes to Schedules of Investments.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **179** |

---

------

Notes to Financial Statements (Cont.)

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the net asset value of a Fund's shares. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks, credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage-Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The long-term effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where a Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability, respectively. Recently

finalized FINRA rules include mandatory margin requirements for the TBA market that require the Funds to post collateral in connection with their TBA transactions. There is no similar requirement applicable to the Funds' TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Funds and impose added operational complexity.

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 Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by a Fund to purchase or sell these securities for

---

| | |
|:---|:---|
| **180** | **PIMCO CREDIT BOND FUNDS** |

---

------

March 31, 2026

a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on a Fund's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by a Fund. The location of these instruments in each Fund's financial statements is described below.

(a) Line of Credit The PIMCO High Yield Fund, PIMCO High Yield Spectrum Fund and PIMCO Low Duration Credit Fund entered into a senior unsecured revolving credit agreement with State Street Bank & Trust Company to be utilized for temporary purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Funds pay financing charges based on a combination of an overnight bank funding rate based on a variable rate plus a credit spread. The Funds also pay a fee of 0.25% per annum on the unused commitment amounts. As of March 31, 2026, if applicable, any outstanding borrowings would be disclosed as a payable for line of credit on the Statements of Assets and Liabilities. Interest and outstanding borrowings, if any, paid by the Funds is disclosed as part of the interest expense on the Statements of Operations. Costs and fees, if any, related to the line of credit are disclosed on the Statements of Operations.

During the period, there were no borrowings on this line of credit. The maximum available commitment and related fees for the revolving credit agreement are:

---

| | | |
|:---|:---|:---|
| Funds | Maximum<br>Available<br>Commitment | Commitment<br>and Upfront<br>Fees |
|  PIMCO High Yield Fund | $243000000 | $657400 |
|  PIMCO High Yield Spectrum Fund | $10000000 | $26848 |
|  PIMCO Low Duration Credit Fund | $7000000 | $18936 |

---

(b) Repurchase Agreements Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty

at any time. The underlying securities for all repurchase agreements are held by a Fund's custodian or designated subcustodians (in the case of tri-party repurchase agreements). Traditionally, a Fund has used bilateral repurchase agreements wherein the underlying securities will be held by a Fund's custodian. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to a Fund.

(c) Reverse Repurchase Agreements In a reverse repurchase agreement, a Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. A Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(d) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by a Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. A Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by a Fund are reflected as a liability on the Statements of Assets and Liabilities. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop'. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. Foregone interest and inflationary

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **181** |

---

------

Notes to Financial Statements (Cont.)

income adjustments, if any, are recorded as components of interest income on the Statements of Operations. Interest payments based upon negotiated financing terms made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A Fund will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(e) Short Sales Short sales are transactions in which a Fund sells a security that it does not own in anticipation that the market price of that security will decline. A Fund may make short sales of securities: (i) to offset potential declines in long positions in similar securities, (ii) to increase the flexibility of a Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When a Fund makes a short sale, it will often borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. A Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statements of Assets and Liabilities. Short sales expose a Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to a Fund. A short sale is "against the box" if a Fund holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. A Fund will be subject to additional risks to the extent that it engages in short sales that are not "against the box." A Fund's loss on a short sale could theoretically be unlimited in cases where a Fund is unable, for whatever reason, to close out its short position.

(f) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending

Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended March 31, 2026, the Funds did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds may enter into the financial derivative instruments described below to the extent permitted by each Fund's respective investment policies.

The following disclosures contain information on how and why the Funds use financial derivative instruments, and how financial derivative instruments affect the Funds' financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedules of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of

---

| | |
|:---|:---|
| **182** | **PIMCO CREDIT BOND FUNDS** |

---

------

March 31, 2026

Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by a Fund ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund's exposure to the underlying instrument. Writing call options tends to decrease a Fund's exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. A Fund as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market

risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase a Fund's exposure to the underlying instrument. Purchasing put options tends to decrease a Fund's exposure to the underlying instrument. A Fund pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Credit Default Swaptions may be written or purchased to hedge exposure to the credit risk of an investment without making a 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-Capped Options may be written or purchased to enhance returns or for hedging opportunities. The purpose of purchasing interest rate-capped options is to protect a Fund from floating rate risk above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in interest rate linked products.

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.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **183** |

---

------

Notes to Financial Statements (Cont.)

Options on Securities may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

(d) Swap Agreements are bilaterally negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). A Fund may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statements of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statements of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statements of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statements of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gain (loss) on the Statements of Operations.

For purposes of applying certain of a Fund's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund's investment policies and restrictions, a Fund will value the credit default

swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund's other investment policies and restrictions. For example, a Fund may value credit default swaps at full exposure value for purposes of a Fund's credit quality guidelines (if any) because such value in general better reflects a Fund's actual economic exposure during the term of the credit default swap agreement. As a result, a Fund may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in a Fund's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether a Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by a Fund for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may fail to perform or meet an obligation or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

A Fund's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between a Fund and the counterparty and by the posting of collateral to a Fund to cover a Fund's exposure to the counterparty.

To the extent a Fund has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one

---

| | |
|:---|:---|
| **184** | **PIMCO CREDIT BOND FUNDS** |

---

------

March 31, 2026

party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indexes involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indexes are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index.

Components of the indexes may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets and/or various credit ratings within each sector. Credit indexes are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indexes are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedules of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indexes, the quoted market prices and resulting values, as well as the annual payment rate, serve as an indication of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which a Fund is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **185** |

---

------

Notes to Financial Statements (Cont.)

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure as the value of the fixed rate bonds that the Funds hold may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, a Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by a Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap", (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor", (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the

forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, a Fund would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, a Fund would owe payments on any net positive total return and would receive payments in the event of a net negative total return.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in a Fund, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in a Fund's prospectus for a more detailed description of the risks of investing in a Fund.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **Credit<br>Opportunities<br>Bond Fund** | PIMCO<br>Diversified<br>Income Fund | PIMCO ESG<br>Income Fund | PIMCO<br>High Yield<br>Fund | PIMCO<br>High Yield<br>Spectrum Fund | **PIMCO**<br> **Long-Term<br>Credit<br>Bond Fund** | PIMCO<br>Low Duration<br>Credit Fund | PIMCO<br>Low Duration<br>Income Fund | **PIMCO**<br> **Preferred<br>and Capital<br>Securities Fund** |
|  Interest Rate | X | X | X | X | X | X | X | X | X |
|  Call | X | X | X | X | X | X | X | X | X |
|  "Covenant-lite" Obligations |  |  |  |  |  |  | X |  |  |
|  Credit | X | X | X | X | X | X | X | X | X |
|  Capital Securities |  |  |  |  |  |  |  |  | X |
|  Preferred Securities |  |  |  |  |  |  |  |  | X |
|  Concentration in Banking Industries |  |  |  |  |  |  |  |  | X |
|  Contingent Convertible Securities |  |  | 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<br>Asset-Backed Securities | X | X | X | X |  | X |  | X |  |
|  Collateralized Loan Obligations |  | X |  |  |  |  |  | X |  |
|  Foreign (Non-U.S.) Investment | X | X | X | X | X | X | X | X | X |
|  Loan | 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 |

---

---

| | |
|:---|:---|
| **186** | **PIMCO CREDIT BOND FUNDS** |

---

------

March 31, 2026

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **Credit<br>Opportunities<br>Bond Fund** | **PIMCO<br>Diversified<br>Income Fund** | **PIMCO ESG<br>Income Fund** | **PIMCO<br>High Yield<br>Fund** | **PIMCO<br>High Yield<br>Spectrum Fund** | **PIMCO**<br> **Long-Term<br>Credit<br>Bond Fund** | **PIMCO<br>Low Duration<br>Credit Fund** | **PIMCO<br>Low Duration<br>Income Fund** | **PIMCO**<br> **Preferred<br>and Capital<br>Securities Fund** |
|  Leveraging | X | X | X | X | X | X | X | X | X |
|  Management | X | X | X | X | X | X | X | X | X |
|  Subsidiary |  |  |  |  |  |  |  |  | X |
|  Regulation S Securities |  |  |  |  |  |  |  |  | X |
|  Short Exposure | X | X | X | X | X | X | X | X | X |
|  Environmental, Social and Governance |  |  | X |  |  |  |  |  |  |
|  Convertible Securities | X |  |  |  |  |  |  |  |  |
|  Distribution Rate |  |  | X |  |  |  |  | X |  |
|  Turnover | X | X | X |  |  | X |  | X |  |

---

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 a Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

"Covenant-lite" Obligations Risk is the risk that covenant-lite obligations contain fewer maintenance covenants than other obligations, or no maintenance covenants, and may not include terms that allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. Covenant-lite loans may carry more risk than traditional loans as they allow individuals and corporations to engage in activities that would otherwise be difficult or impossible under a covenant-heavy loan agreement. In the event of default, covenant-lite loans may exhibit diminished recovery values as the lender may not have the opportunity to negotiate with the borrower prior to default.

Credit Risk is the risk that a Fund could experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract, 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.

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 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 the Fund. 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, the Fund will be more susceptible to these risks than a fund that does not invest in capital securities to the same extent as the Fund.

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.

Concentration in Banking Industries Risk is the risk of concentrating in industries related to banking, including interest rate risk, market risk, the risk of heightened competition and the risk that legislation and other government actions could adversely affect such industries.

Contingent Convertible Securities Risk is the risk of investing in contingent convertible securities, including the risk that interest payments may be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **187** |

---

------

Notes to Financial Statements (Cont.)

debt, the risk of a Fund's investment becoming further subordinated as a result of conversion from debt to equity, the risk of a Fund's investment receiving less favorable treatment than equity of the issuer in certain situations, such as during periods of financial distress or regulatory intervention, the risk that principal amount due can be written down to a lesser amount (including potentially to zero), and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to a Fund.

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, including the risk that a court will subordinate high yield senior debt to other debt of the issuer or take other actions detrimental to holders of the senior debt. High yield securities are considered primarily speculative by rating agencies with respect to the issuer's continuing ability to make principal and interest payments, and their values may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by a Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors.

Issuer Risk is the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in 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 a Fund's shares may be constrained by the liquidity of the Fund's portfolio holdings.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount

invested. 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 a Fund. A Fund's use of derivatives or other similar investments may result in losses to a Fund, a reduction in a Fund's returns and/or increased volatility. Non-centrally-cleared over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with a Fund's clearing broker or the clearinghouse. Changes in regulations relating to a registered fund's use of derivatives and related instruments could potentially limit or impact a Fund's ability to invest in derivatives, limit a Fund's ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and a Fund's performance.

Equity Risk is the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. A Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks.

Collateralized Loan Obligations Risk is the risk that investing in collateralized loan obligations ("CLOs") and other similarly structured investments exposes a Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the

---

| | |
|:---|:---|
| **188** | **PIMCO CREDIT BOND FUNDS** |

---

------

March 31, 2026

collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that a Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Loan Risk is the risk that investing in loans exposes a Fund 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 Fund may have to reinvest the proceeds in instruments that pay lower interest rates. To the extent a Fund invests in loans that are covenant-lite obligations, a Fund 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.

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 Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of a Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, and derivative instruments, may give rise to leverage, magnifying gains and losses and causing a Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss. The use of leverage may also increase a Fund's sensitivity to interest rate changes and other market risks.

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 Fund and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of a Fund will be achieved.

Subsidiary Risk is the risk that, by investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary's investments. The Subsidiary is not registered under the Act and may not be subject to all the investor protections of the Act. There is no guarantee that the investment objective of the Subsidiary will be achieved.

Regulation S Securities Risk is the risk that Regulation S securities may be less liquid than publicly traded securities and may not be subject to the disclosure and other investor protection requirements that would be applicable if they were publicly traded. Accordingly, Regulation S securities may involve a high degree of business and financial risk and may result in substantial losses.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to a Fund.

Environmental, Social and Governance Risk is the risk that, because a Fund's ESG strategy may select or typically exclude securities of certain issuers for reasons in addition to performance, a Fund's performance may differ from funds that do not utilize an ESG investing strategy. ESG investing is qualitative and subjective by nature, and there is no guarantee that the factors utilized by PIMCO or any judgment exercised by PIMCO will reflect the opinions of any particular investor. The Fund also faces the risk that reliance on third-party data and ratings, which may be inconsistent, incomplete, or inaccurate, could lead to misaligned investments and adversely impact its performance and objectives.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **189** |

---

------

Notes to Financial Statements (Cont.)

Convertible Securities Risk is the risk that arises because convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk, market risk, liquidity risk and credit risk.

Distribution Rate Risk is the risk that a Fund's distribution rate may change unexpectedly as a result of numerous factors, including changes in realized and projected market returns, fluctuations in market interest rates, Fund performance and other factors.

Turnover Risk is the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower investment performance.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks.

Please see a Fund's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund's performance.

Market Disruptions Risk A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from actual or threatened war or armed conflicts, military conflicts, terrorism, 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 Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund's service providers, including PIMCO as a Fund's investment adviser, rely, and could otherwise disrupt a Fund's service providers' ability to fulfill their obligations to a Fund.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in

which a Fund itself is regulated. Such legislation or regulation could limit or preclude a Fund's ability to achieve its investment objective. 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 a Fund to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Fund. The value of a Fund's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which a Fund invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by a Fund and the value of its investments, and limit and/or preclude a Fund's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk As the use of complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, a Fund, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. Disruptions or failures that affect service providers, counterparties, market participants or issuers of securities that are held by a Fund may adversely affect PIMCO or a Fund, including by causing losses or impairing PIMCO's or a Fund's operations. A breach in cyber security

---

| | |
|:---|:---|
| **190** | **PIMCO CREDIT BOND FUNDS** |

---

------

March 31, 2026

refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

8. MASTER NETTING ARRANGEMENTS

A Fund may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes, the Statements of Assets and Liabilities generally present derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total

net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern bilateral repurchase, reverse repurchase and certain sale-buyback transactions between a Fund and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between a Fund and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedules of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Fund assets in the segregated account. FCM customers, such as the Funds, are permitted to transfer their customer account (and

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **191** |

---

------

Notes to Financial Statements (Cont.)

cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedules of Investments.

Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between a Fund and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations and other events, including, but not limited to, margin, execution and settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default and termination. Margin and other assets delivered as collateral are typically in the possession of the prime broker and would offset any obligations due to the prime broker. The market values of listed options and securities sold short and related collateral are disclosed in the Notes to Schedules of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by a Fund with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect

to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Funds may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Funds are required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from each Fund at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fees and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of each Fund's average daily net assets attributable to each class):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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** | **Supervisory and Administrative Fee** |
| Fund Name | All Classes | Institutional<br>Class | I-2 | I-3 | Administrative<br>Class | Class A | Class C | Class R | Class C-2 |
|  PIMCO Credit Opportunities Bond Fund | 0.30% | 0.30% | 0.40% | 0.50% <sup>(2)</sup>\* | N/A | 0.45% | 0.45% | N/A | N/A |
|  PIMCO Diversified Income Fund | 0.45% | 0.30% | 0.40% | 0.50% <sup>(2)</sup> | 0.30% | 0.45% | 0.45% | N/A | N/A |
|  PIMCO ESG Income Fund | 0.25% | 0.25% | 0.35% | 0.45% <sup>(2)</sup> | N/A | 0.40% | 0.40% | N/A | N/A |
|  PIMCO High Yield Fund | 0.25% | 0.30% | 0.40% | 0.50% <sup>(2)</sup> | 0.30% | 0.40% | 0.40% | 0.40% | N/A |
|  PIMCO High Yield Spectrum Fund | 0.30% | 0.30% | 0.40% | 0.50% <sup>(2)</sup> | N/A | 0.40% | 0.40% | N/A | N/A |
|  PIMCO Long-Term Credit Bond Fund | 0.30% | 0.25% | 0.35% | N/A | N/A | 0.40% \* | N/A | N/A | N/A |
|  PIMCO Low Duration Credit Fund | 0.40% | 0.30% | 0.40% | N/A | N/A | 0.35% | 0.35% | N/A | N/A |
|  PIMCO Low Duration Income Fund | 0.30% | 0.20% | 0.30% | 0.40% <sup>(2)</sup> | N/A | 0.35% | 0.35% | N/A | 0.35% |
|  PIMCO Preferred and Capital Securities Fund<sup>(1)</sup> | 0.44% | 0.35% | 0.45% | 0.55% <sup>(2)</sup> | N/A | 0.45% | 0.45% | N/A | N/A |

---

---

| | |
|:---|:---|
| **192** | **PIMCO CREDIT BOND FUNDS** |

---

------

March 31, 2026

<sup>(1)</sup> PIMCO has contractually agreed to waive the Fund's Investment Advisory Fee and the Supervisory and Administrative Fee in an amount equal to the management fee and administrative services fee, respectively, paid by the PIMCO Capital Securities Fund (Cayman) Ltd. (the "Subsidiary") to PIMCO. The Subsidiary pays PIMCO a management fee and an administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the Subsidiary is in place. 

<sup>(2)</sup> PIMCO has contractually agreed, through July 31, 2026, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. 

\* This particular share class has been registered with the SEC, but was not operational during the year ended 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, Class C-2 and Class R shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C, Class C-2 and Class R shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares (for PIMCO Low Duration Income Fund Class C shares, the Distributor receives distribution fees from the Trust of up to 0.30%), 0.50% for Class C-2 shares and 0.25% for Class R shares, and in connection with personal services rendered to Class A, Class C, Class C-2 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, Class C-2 and Class R shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

The Trust has adopted a Distribution and Servicing Plan with respect to the Administrative Class shares of each Fund pursuant to Rule 12b-1 under the Act (the "Administrative Class Plan"). Under the terms of the Administrative Class Plan, a Fund may compensate the Distributor for providing, or procuring through financial firms, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Administrative Class shares. The Administrative Class Plan permits a Fund to make total payments at an annual rate of up to 0.25% of the average daily net assets attributable to the Administrative Class shares.

The Trust paid distribution and servicing fees at effective rates as noted in the following table (calculated as a percentage of each Fund's average daily net assets attributable to each class):

---

| | | |
|:---|:---|:---|
|  | Allowable Rate | Allowable Rate |
|  | Distribution Fee | Servicing Fee |
|  **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds |  | 0.25% |
|  **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO Low Duration Income Fund | 0.30% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; All Other Funds | 0.75% | 0.25% |
|  **Class C-2** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO Low Duration Income Fund | 0.50% | 0.25% |
|  **Class R** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PIMCO High Yield Fund | 0.25% | 0.25% |
|  | Distribution and/or Servicing Fee | Distribution and/or Servicing Fee |
|  **Administrative Class** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; All Funds | 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, Class C and Class C-2 shares, except for the PIMCO Government Money Market Fund and the PIMCO Short Asset Investment Fund. For the period ended March 31, 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.

(d) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses (including, without limitation, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loans and other investments made by a Fund, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal costs" (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments)); (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **193** |

---

------

Notes to Financial Statements (Cont.)

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates. The pro rata share of Trustee fees for each Fund is reflected on the Statements of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive a portion of the Funds' Supervisory and Administrative Fee, or

reimburse each Fund, to the extent that each Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee fees exceed 0.0049%, (the "Expense Limit") (calculated as a percentage of each Fund's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the supervisory and administrative fee waived or reimbursed pursuant to the Expense Limitation Agreement (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The total recoverable amounts to PIMCO (from the Fee Waiver Agreement and Expense Limitation Agreement combined) as of March 31, 2026, were as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Expiring Within | | |
| Fund Name | 12 months | 13-24 months | 25-36 months | Total |
|  PIMCO ESG Income Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

Pursuant to a Fee Waiver Agreement, PIMCO has contractually agreed, through July 31, 2026, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of each of the PIMCO Credit Opportunities Bond Fund, PIMCO Diversified Income Fund, PIMCO ESG Income Fund, PIMCO High Yield Fund, PIMCO High Yield Spectrum Fund, PIMCO Low Duration Income Fund and PIMCO Preferred and Capital Securities Fund. This Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to the Expense Limitation Agreement and Fee Waiver Agreement, waiver amounts are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of March 31, 2026, the Funds below waived and/or reimbursed the following fees (amounts in thousands<sup>†</sup>):

---

| | |
|:---|:---|
| Fund Name | Waived Fees |
|  PIMCO Diversified Income Fund | $9 |
|  PIMCO ESG Income Fund | 5 |
|  PIMCO High Yield Fund | 27 |
|  PIMCO High Yield Spectrum Fund | 1 |
|  PIMCO Low Duration Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 |
|  PIMCO Preferred and Capital Securities Fund | 21 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

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

(g) Acquired Fund Fees and Expenses The Subsidiary has entered into a separate contract with PIMCO for the management of the Subsidiary's portfolio pursuant to which the Subsidiary pays PIMCO a management fee and an administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. PIMCO has contractually agreed to waive the Fund's Investment Advisory Fee and the Supervisory and Administrative Fee in an amount equal to the management fee and administrative services fee, respectively, paid by the Subsidiary to PIMCO. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the Subsidiary is in place. The waiver is reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended March 31, 2026, the amount waived and/or reimbursed was $931,300. See Note 14, Basis for Consolidation, in the Notes to Financial Statements for more information regarding the Subsidiary.

PIMCO has contractually agreed, through July 31, 2026, for the PIMCO Credit Opportunities Bond Fund, PIMCO Diversified Income Fund, PIMCO High Yield Fund, PIMCO High Yield Spectrum Fund, PIMCO Long-Term Credit Bond Fund and PIMCO Preferred and Capital Securities Fund to waive their Management Fee in an amount equal to the expenses attributable to Investment Advisory, Supervisory and Administrative, and management fees of Underlying Funds indirectly incurred by the respective Fund's investments in the Underlying Funds.

---

| | |
|:---|:---|
| **194** | **PIMCO CREDIT BOND FUNDS** |

---

------

March 31, 2026

The waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. Investors should be aware that an Underlying Fund may engage in securities lending transactions, and the cash collateral received by an Underlying Fund engaging in a securities lending transaction may be invested in short-term liquid fixed income instruments or in money market or short-term funds, or similar investment vehicles, including affiliated money market or short-term funds, as further described in such Underlying Fund's registration statement. In such case, the Underlying Fund will incur investment advisory fees, supervisory and administrative fees, service fees, or other fees in connection with such investment of cash collateral. Ultimately, such fees will be borne by the Funds and will not be waived under the contractual waiver described above. The waiver is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended March 31, 2026, the amount waived and/or reimbursed was $14,255 for PIMCO Credit Opportunities Bond Fund and $1,160,443 for PIMCO High Yield Fund.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statements of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust

(including the Trust's investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time a Fund has held a particular security is not generally a consideration in investment decisions. A change in the securities held by a Fund is known as "portfolio turnover." Each Fund may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by a Fund. Frequent and active trading of a Fund's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Fund's after-tax returns. The transaction costs associated with portfolio turnover may adversely affect a Fund's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended March 31, 2026 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Fund Name | Purchases | Sales | Purchases | Sales |
|  PIMCO Credit Opportunities Bond Fund | $923265 | $826824 | $526838 | $538328 |
|  PIMCO Diversified Income Fund | 7834770 | 7898020 | 1070788 | 962633 |
|  PIMCO ESG Income Fund | 1301854 | 1269808 | 48810 | 23189 |
|  PIMCO High Yield Fund | 520542 | 519452 | 5034331 | 6305069 |
|  PIMCO High Yield Spectrum Fund | 63257 | 54698 | 327089 | 383879 |
|  PIMCO Long-Term Credit Bond Fund | 5022212 | 4983213 | 567747 | 676754 |
|  PIMCO Low Duration Credit Fund | 11723 | 10069 | 74952 | 93934 |
|  PIMCO Low Duration Income Fund | 146899371 | 142260296 | 5042426 | 1866883 |
|  PIMCO Preferred and Capital Securities Fund | 7514 | 5164 | 234885 | 302798 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **195** |

---

------

Notes to Financial Statements (Cont.)

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.01 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **Credit Opportunities Bond Fund** | **PIMCO**<br> **Credit Opportunities Bond Fund** | **PIMCO**<br> **Credit Opportunities Bond Fund** | **PIMCO**<br> **Credit Opportunities Bond Fund** | **PIMCO**<br> **Diversified Income Fund** | **PIMCO**<br> **Diversified Income Fund** | **PIMCO**<br> **Diversified Income Fund** | **PIMCO**<br> **Diversified Income Fund** |
|  | 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** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 7580 | $74280 | 8828 | $85208 | 40010 | $399296 | 36260 | $351274 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 12745 | 123882 | 8293 | 79778 | 6209 | 62141 | 5372 | 51889 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | 516 | 5169 | 1279 | 12365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | 325 | 3216 | 285 | 2764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 704 | 6896 | 2071 | 20016 | 2029 | 20213 | 2112 | 20429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 122 | 1171 | 249 | 2364 | 239 | 2378 | 391 | 3771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 1125 | 10976 | 1065 | 10242 | 14336 | 142600 | 14274 | 137731 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 927 | 8992 | 800 | 7647 | 599 | 5961 | 551 | 5315 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | 103 | 1023 | 145 | 1399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | 93 | 929 | 87 | 838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 140 | 1361 | 141 | 1352 | 781 | 7770 | 798 | 7700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 15 | 144 | 14 | 132 | 90 | 898 | 103 | 997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (5847) | (57185) | (6503) | (62781) | (61320) | (610174) | (93547) | (900616) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (7458) | (72564) | (7542) | (72371) | (5224) | (51877) | (5211) | (50312) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | (1332) | (13007) | (1364) | (13208) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | (405) | (4022) | (380) | (3663) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (995) | (9720) | (1332) | (12858) | (3397) | (33730) | (4402) | (42489) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (137) | (1314) | (88) | (831) | (781) | (7757) | (993) | (9568) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund share transactions** | 8921 | $86919 | 5996 | $57898 | (7129) | $(68973) | (44240) | $(423384) |

---

196 PIMCO CREDIT BOND FUNDS

------

March 31, 2026

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO<br>ESG Income Fund** | **PIMCO<br>ESG Income Fund** | **PIMCO<br>ESG Income Fund** | **PIMCO<br>ESG Income Fund** | **PIMCO<br>High Yield Fund** | **PIMCO<br>High Yield Fund** | **PIMCO<br>High Yield Fund** | **PIMCO<br>High Yield Fund** | **PIMCO<br>High Yield Spectrum Fund** | **PIMCO<br>High Yield Spectrum Fund** | **PIMCO<br>High Yield Spectrum Fund** | **PIMCO<br>High Yield Spectrum Fund** |
| **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** | **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** | **Shares** | **Amount** | **Shares** | **Amount** |
| 11618 | $110347 | 9339 | $87038 | 166941 | $1349255 | 186534 | $1498379 | 17899 | $166648 | 31251 | $288868 |
| 2993 | 28292 | 1420 | 13262 | 9716 | 78391 | 7973 | 63929 | 2023 | 18764 | 2552 | 23365 |
| 613 | 5782 | 645 | 6046 | 7961 | 63937 | 988 | 7949 | 181 | 1666 | 18 | 158 |
| N/A | N/A | N/A | N/A | 6674 | 54028 | 4445 | 35686 | N/A | N/A | N/A | N/A |
| 98 | 927 | 76 | 711 | 5853 | 47302 | 8129 | 65009 | 1590 | 14791 | 1139 | 10474 |
| 10 | 90 | 25 | 233 | 326 | 2649 | 315 | 2536 | 96 | 893 | 146 | 1355 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | 648 | 5237 | 1480 | 11872 | N/A | N/A | N/A | N/A |
| 1518 | 14428 | 1386 | 12933 | 47525 | 384976 | 49857 | 399894 | 2460 | 22889 | 1379 | 12658 |
| 214 | 2036 | 144 | 1344 | 2248 | 18216 | 2213 | 17746 | 235 | 2186 | 586 | 5339 |
| 53 | 504 | 38 | 353 | 406 | 3296 | 81 | 652 | 8 | 76 | 4 | 38 |
| N/A | N/A | N/A | N/A | 1953 | 15819 | 2033 | 16303 | N/A | N/A | N/A | N/A |
| 11 | 104 | 12 | 114 | 2735 | 22155 | 3004 | 24090 | 293 | 2727 | 281 | 2577 |
| 1 | 13 | 1 | 11 | 78 | 629 | 81 | 652 | 26 | 242 | 27 | 243 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | 249 | 2014 | 255 | 2046 | N/A | N/A | N/A | N/A |
| (4765) | (45174) | (6400) | (59624) | (329281) | (2655965) | (272248) | (2175529) | (23848) | (219478) | (9655) | (88794) |
| (996) | (9470) | (657) | (6138) | (13765) | (110926) | (13225) | (105801) | (2010) | (18482) | (15182) | (140791) |
| (350) | (3303) | (273) | (2563) | (8565) | (68375) | (341) | (2737) | (130) | (1203) | (32) | (284) |
| N/A | N/A | N/A | N/A | (8179) | (66150) | (10752) | (86319) | N/A | N/A | N/A | N/A |
| (47) | (443) | (106) | (991) | (12664) | (102331) | (18842) | (151271) | (1626) | (15107) | (1399) | (12803) |
| (2) | (24) | (18) | (164) | (489) | (3951) | (631) | (5056) | (160) | (1486) | (171) | (1574) |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | (1470) | (11818) | (1278) | (10259) | N/A | N/A | N/A | N/A |
| 10969 | $104109 | 5632 | $52565 | (121100) | $(971612) | (49929) | $(390229) | (2963) | $(24874) | 10944 | $100829 |

---

ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 197

------

Notes to Financial Statements (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **PIMCO<br>Long-Term Credit Bond Fund** | **PIMCO<br>Long-Term Credit Bond Fund** | **PIMCO<br>Long-Term Credit Bond Fund** | **PIMCO<br>Long-Term Credit Bond Fund** | **PIMCO<br>Low Duration Credit Fund** | **PIMCO<br>Low Duration Credit Fund** | **PIMCO<br>Low Duration Credit Fund** | **PIMCO<br>Low Duration Credit Fund** |
| | **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** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 106374 | $945027 | 87689 | $782604 | 3327 | $30031 | 4359 | $39758 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 9867 | 87604 | 19584 | 177408 | 224 | 2037 | 327 | 2975 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | N/A | N/A | 1367 | 12350 | 966 | 8764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | 77 | 704 | 75 | 678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 20434 | 180861 | 18263 | 162277 | 714 | 6480 | 799 | 7258 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 990 | 8753 | 1090 | 9699 | 57 | 521 | 55 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | N/A | N/A | 288 | 2612 | 311 | 2825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | 24 | 215 | 30 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (100748) | (887322) | (104793) | (933957) | (6070) | (54996) | (5033) | (45749) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (11838) | (103905) | (21964) | (197988) | (224) | (2020) | (277) | (2512) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-3 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | N/A | N/A | (1525) | (13825) | (1404) | (12731) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | N/A | N/A | N/A | N/A | (183) | (1662) | (190) | (1720) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund share transactions** | 25079 | $231018 | (131) | $43 | (1924) | $(17553) | 18 | $321 |

---

198 PIMCO CREDIT BOND FUNDS

------

March 31, 2026

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO<br>Low Duration Income Fund** | **PIMCO<br>Low Duration Income Fund** | **PIMCO<br>Low Duration Income Fund** | **PIMCO<br>Low Duration Income Fund** | **PIMCO<br>Preferred and Capital Securities Fund** | **PIMCO<br>Preferred and Capital Securities Fund** | **PIMCO<br>Preferred and Capital Securities Fund** | **PIMCO<br>Preferred and Capital Securities Fund** |
| **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** |
| 531566 | $4382316 | 293533 | $2368351 | 14537 | $138075 | 29095 | $268713 |
| 610756 | 5004330 | 292338 | 2359735 | 6161 | 58832 | 10037 | 93265 |
| 39739 | 327990 | 12538 | 101172 | 1354 | 12575 | 2237 | 20614 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 285651 | 2356452 | 160097 | 1294190 | 1951 | 18501 | 3026 | 27834 |
| 17584 | 145043 | 10456 | 84444 | 181 | 1712 | 510 | 4715 |
| 1120 | 9234 | 929 | 7514 | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 37018 | 305234 | 27055 | 218337 | 2111 | 20186 | 2779 | 25698 |
| 36553 | 301195 | 27589 | 222535 | 971 | 9263 | 839 | 7740 |
| 1605 | 13247 | 874 | 7051 | 211 | 2007 | 233 | 2142 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 18341 | 151250 | 12417 | 100198 | 491 | 4656 | 583 | 5356 |
| 1486 | 12245 | 1218 | 9830 | 63 | 597 | 63 | 579 |
| 106 | 870 | 77 | 622 | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| (280161) | (2302868) | (198649) | (1603334) | (22985) | (221118) | (47224) | (437858) |
| (335750) | (2769421) | (352385) | (2844998) | (6392) | (60636) | (7075) | (65421) |
| (13687) | (112648) | (8115) | (65387) | (1618) | (15388) | (2538) | (23184) |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| (97626) | (803181) | (95027) | (766970) | (2983) | (28181) | (7331) | (67419) |
| (7762) | (63872) | (7794) | (62910) | (417) | (3983) | (571) | (5225) |
| (270) | (2219) | (360) | (2900) | N/A | N/A | N/A | N/A |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 846269 | $6955197 | 176791 | $1427480 | (6364) | $(62902) | (15337) | $(142451) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

The following table discloses the number of persons who owned of record or beneficially 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of March 31, 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<br>of outstanding shares | Shareholders that own 10% or more<br>of outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more<br>of outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more<br>of outstanding shares |
|  | Non-Related Parties | Related Parties | Non-Related Parties | Related Parties |
|  PIMCO Credit Opportunities Bond Fund | 4 | 0 | 66% | 0% |
|  PIMCO Diversified Income Fund | 1 | 0 | 34% | 0% |
|  PIMCO ESG Income Fund | 2 | 0 | 71% | 0% |
|  PIMCO High Yield Fund | 2 | 0 | 47% | 0% |
|  PIMCO High Yield Spectrum Fund | 1 | 1 | 11% | 32% |
|  PIMCO Long-Term Credit Bond Fund | 1 | 0 | 27% | 0% |
|  PIMCO Low Duration Credit Fund | 1 | 0 | 47% | 0% |
|  PIMCO Low Duration Income Fund | 2 | 0 | 23% | 0% |
|  PIMCO Preferred and Capital Securities Fund | 3 | 0 | 50% | 0% |

---

ANNUAL FINANCIAL AND OTHER INFORMATION \| MARCH 31, 2026 199

------

Notes to Financial Statements (Cont.)

14. BASIS FOR CONSOLIDATION

The Subsidiary, a Cayman Islands exempted company, was incorporated on February 4, 2015, as a wholly-owned subsidiary acting as an investment vehicle for the PIMCO Preferred and Capital Securities Fund (the "PCS Fund") in order to effect certain investments for the PCS Fund consistent with the PCS Fund's investment objectives and policies as specified in its prospectus and statement of additional information. The PCS Fund's investment portfolio has been consolidated and includes the portfolio holdings of the PCS Fund and the Subsidiary. The consolidated financial statements include the accounts of the PCS Fund and the Subsidiary, if any. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the PCS Fund and the Subsidiary, comprising the entire issued share capital of the Subsidiary, with the intent that the PCS Fund will remain the sole shareholder and retain all rights. Under the Memorandum and Articles of Association, shares issued by the Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Subsidiary. The net assets of the Subsidiary as of period end represented 18.1% of the PCS Fund's consolidated net assets.

15. REGULATORY AND LITIGATION MATTERS

The Funds are not named as defendants in any material litigation or arbitration proceedings and are not aware of any material litigation or claim pending or threatened against them.

The foregoing speaks only as of the date of this report.

16. FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and

distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

A Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Funds' tax positions for all open tax years. As of March 31, 2026, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

In this reporting period, the Funds 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 Funds financial position or the results of its operations. For the annual period covered by this report, the funds did not pay any material federal, state or local income taxes or any material income taxes in foreign jurisdictions.

The Funds file U.S. federal, state and local tax returns as required. The Funds' tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

As of March 31, 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 Credit Opportunities Bond Fund | $9246 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(15288) | $0 | $(61892) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $(67934) |
|  PIMCO Diversified Income Fund | 2632 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146169) | (800) | (470657) | 0 | 0 | (614994) |
|  PIMCO ESG Income Fund | 343 | 0 | (10138) | (11) | (7923) | 0 | 0 | (17729) |
|  PIMCO High Yield Fund | 0 | 0 | (64457) | (1544) | (698605) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1893) | (766499) |
|  PIMCO High Yield Spectrum Fund | 712 | 0 | (13574) | (303) | (71096) | 0 | 0 | (84261) |
|  PIMCO Long-Term Credit Bond Fund | 0 | 0 | (416925) | (376) | (571141) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(988442) |
|  PIMCO Low Duration Credit Fund | 1000 | 0 | (486) | (2) | (90597) | 0 | 0 | (90085) |
|  PIMCO Low Duration Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28322 | 0 | (65200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(789515) | 0 | 0 | (831114) |
|  PIMCO Preferred and Capital Securities Fund | 3664 | 0 | (20948) | 0 | (273611) | 0 | 0 | (290895) |

---

---

| | |
|:---|:---|
| <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.

---

| | |
|:---|:---|
| **200** | **PIMCO CREDIT BOND FUNDS** |

---

------

March 31, 2026

<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, passive foreign investment companies (PFICs), interest accrued on defaulted securities, return of capital distributions from underlying funds, short positions, constructive sales, hyperinflationary investments, and partnerships. 

<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 Funds elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2025 through March 31, 2026 and Ordinary losses realized during the period January 1, 2026 through March 31, 2026 which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, a fund is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of March 31, 2026, the Funds had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO Credit Opportunities Bond Fund | $32845 | $29047 |
|  PIMCO Diversified Income Fund | 85030 | 385627 |
|  PIMCO ESG Income Fund | 2028 | 5895 |
|  PIMCO High Yield Fund | 57514 | 641091 |
|  PIMCO High Yield Spectrum Fund\* | 3453 | 67643 |
|  PIMCO Long-Term Credit Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345095 |
|  PIMCO Low Duration Credit Fund\* | 9181 | 81416 |
|  PIMCO Low Duration Income Fund | 353421 | 436094 |
|  PIMCO Preferred and Capital Securities Fund | 83188 | 190423 |

---

---

| | |
|:---|:---|
| <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 Credit Opportunities Bond Fund | $684414 | $18444 | $(33917) | $(15473) |
|  PIMCO Diversified Income Fund | 3487977 | 97674 | (241849) | (144175) |
|  PIMCO ESG Income Fund | 509639 | 12459 | (23123) | (10664) |
|  PIMCO High Yield Fund | 7528306 | 85643 | (148829) | (63186) |
|  PIMCO High Yield Spectrum Fund | 419270 | 6471 | (20031) | (13560) |
|  PIMCO Long-Term Credit Bond Fund | 4497016 | 61786 | (478502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(416716) |
|  PIMCO Low Duration Credit Fund | 133074 | 975 | (1461) | (486) |
|  PIMCO Low Duration Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29072847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(949818) | (58740) |
|  PIMCO Preferred and Capital Securities Fund | 767527 | 54901 | (75858) | (20957) |

---

---

| | |
|:---|:---|
| <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, passive foreign investment companies (PFICs), interest accrued on defaulted securities, return of capital distributions from underlying funds, short positions, constructive sales, hyperinflationary investments, and partnerships. 

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **201** |

---

------

Notes to Financial Statements (Cont.) March 31, 2026

For the fiscal years ended March 31, 2026 and March 31, 2025, respectively, the Funds made the following tax basis distributions (amounts in thousands<sup>†</sup>):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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 Credit Opportunities Bond Fund | $23336 | $0 | $0 | $21425 | $0 | $0 |
|  PIMCO Diversified Income Fund | 169294 | 0 | 0 | 163251 | 0 | 0 |
|  PIMCO ESG Income Fund | 17222 | 0 | 0 | 13996 | 0 | 872 |
|  PIMCO High Yield Fund | 481373 | 0 | 4807 | 506784 | 0 | 0 |
|  PIMCO High Yield Spectrum Fund | 31599 | 0 | 0 | 23889 | 0 | 0 |
|  PIMCO Long-Term Credit Bond Fund | 193538 | 0 | 0 | 166475 | 0 | 9275 |
|  PIMCO Low Duration Credit Fund | 9859 | 0 | 0 | 10881 | 0 | 0 |
|  PIMCO Low Duration Income Fund | 842607 | 0 | 0 | 621684 | 0 | 0 |
|  PIMCO Preferred and Capital Securities Fund | 40227 | 0 | 0 | 45333 | 0 | 0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

---

| | |
|:---|:---|
| **202** | **PIMCO CREDIT BOND FUNDS** |

---

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Funds and Shareholders of PIMCO Credit Opportunities Bond Fund, PIMCO Diversified Income Fund, PIMCO ESG Income Fund, PIMCO High Yield Fund, PIMCO High Yield Spectrum Fund, PIMCO Long-Term Credit Bond Fund, PIMCO Low Duration Credit Fund, PIMCO Low Duration Income Fund and PIMCO Preferred and Capital Securities Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (nine of the funds constituting PIMCO Funds, hereafter collectively referred to as the "Funds") as of March 31, 2026, the related statements of operations for the year ended March 31, 2026, the statements 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 each of the Funds listed in the table below as of March 31, 2026, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2026 and each of 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.

PIMCO Credit Opportunities Bond Fund

PIMCO Diversified Income Fund

PIMCO ESG Income Fund

PIMCO High Yield Fund

PIMCO High Yield Spectrum Fund

PIMCO Long-Term Credit Bond Fund

PIMCO Low Duration Credit Fund

PIMCO Low Duration Income Fund

PIMCO Preferred and Capital Securities Fund\*

\* The financial statements for PIMCO Preferred and Capital Securities Fund are presented on a consolidated basis

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 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.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **203** |

---

------

Glossary: (abbreviations that may be used in the preceding statements) (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: | Counterparty Abbreviations: | Counterparty Abbreviations: | Counterparty Abbreviations: | Counterparty Abbreviations: |
| AZD | Australia and New Zealand Banking Group | GLM | Goldman Sachs Bank USA | NGF | Nomura Global Financial Products, Inc. |
| BCY | Barclays Capital, Inc. | GSC | Goldman Sachs & Co. LLC | PER | Pershing LLC |
| BNY | Bank of New York Mellon | GST | Goldman Sachs International | RBC | Royal Bank of Canada |
| BOA | Bank of America N.A. | IND | Crédit Agricole Corporate and Investment Bank S.A. | RCY | Royal Bank of Canada |
| BOO | BoA Securities, Inc (Repo Only) | JML | JP Morgan Securities Plc | RDR | RBC Capital Markets LLC |
| BOS | BofA Securities, Inc. | JPM | JP Morgan Chase Bank N.A. | RYL | NatWest Markets Plc |
| BPS | BNP Paribas S.A. | JPS | J.P. Morgan Securities LLC | SAL | Citigroup Global Markets, Inc. |
| BRC | Barclays Bank PLC | MBC | HSBC Bank Plc | SCX | Standard Chartered Bank, London |
| BSH | Banco Santander S.A. - New York Branch | MEI | Merrill Lynch International | SOG | Societe Generale Paris |
| BSN | The Bank of Nova Scotia - Toronto | MJR | Merrill Lynch, Pierce, Fenner & Smith, Inc. | SSB | State Street Bank and Trust Co. |
| CBK | Citibank N.A. | MSB | Morgan Stanley Bank, N.A | STR | State Street FICC Repo |
| DEU | Deutsche Bank Securities, Inc. | MSC | Morgan Stanley & Co. LLC. | TDM | TD Securities (USA) LLC |
| DUB | Deutsche Bank AG | MYC | Morgan Stanley Bank, N.A. | TOR | The Toronto-Dominion Bank |
| FAR | Wells Fargo Bank National Association | MYI | Morgan Stanley & Co. International PLC | UAG | UBS AG Stamford |
|  Currency Abbreviations: | Currency Abbreviations: | Currency Abbreviations: | Currency Abbreviations: | Currency Abbreviations: | Currency Abbreviations: |
| AUD | Australian Dollar | IDR | Indonesian Rupiah | PEN | Peruvian New Sol |
| BRL | Brazilian Real | ILS | Israeli Shekel | PLN | Polish Zloty |
| CAD | Canadian Dollar | INR | Indian Rupee | PYG | Paraguayan Guarani |
| CHF | Swiss Franc | JPY | Japanese Yen | SEK | Swedish Krona |
| CLP | Chilean Peso | KRW | South Korean Won | SGD | Singapore Dollar |
| CNH | Chinese Renminbi (Offshore) | KWD | Kuwaiti Dinar | THB | Thai Baht |
| COP | Colombian Peso | KZT | Kazakhstani Tenge | TRY | Turkish New Lira |
| CZK | Czech Koruna | MXN | Mexican Peso | TWD | Taiwanese Dollar |
| EGP | Egyptian Pound | NGN | Nigerian Naira | USD (or $) | United States Dollar |
| EUR | Euro | NOK | Norwegian Krone | UZS | Uzbekistani Sum |
| GBP | British Pound | NZD | New Zealand Dollar | ZAR | South African Rand |
| HUF | Hungarian Forint |  |  |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: | Exchange Abbreviations: | Exchange Abbreviations: | Exchange Abbreviations: | Exchange Abbreviations: |
| CBOE | Chicago Board Options Exchange | EUREX | Eurex Exchange | OTC | Over the Counter |
| CME | Chicago Mercantile Exchange |  |  |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: | Index/Spread Abbreviations: | Index/Spread Abbreviations: | Index/Spread Abbreviations: | Index/Spread Abbreviations: |
| BISTREFI | Turkish Lira Overnight Reference Rate | EUR006M | 6 Month EUR Swap Rate | SIBCSORA | Singapore Overnight Rate Average |
| BNMMDTSC | Dreyfus Treasury Securites Cash Management Fund Yield | FHMMUSTF | Federated Hermes US Treasury Cash Reserves Fund Yield | SOFR | Secured Overnight Financing Rate |
| Bobl | Bundesobligation, the German word for federal government bond | GSMMUSTF | Goldman Sachs Money Market US Treasury Fund Index | SOFRINDX | Secured Overnight Financing Rate Index |
| BRMMUSDF | BlackRock Money Market US Treasury Fund Index | GSMMUSTI | Goldman Sachs Money Market US Treasury Instrument Index | SONIO | Sterling Overnight Interbank Average Rate |
| CAONINDX | Bloomberg CORRA Compounded Index | H15T5Y | 5 Year US Treasury Yield Curve Constant Maturity Rate | THOR | Thai Overnight Baht Repurchase Rate |
| CAONREPO | Canadian Overnight Repo Rate Average | HSMMUSTF | HSBC UST Money Market Yield | TSFR1M | Term SOFR 1-Month |
| CDX.EM | Credit Derivatives Index - Emerging Markets | IBXXLLTR | iBoxx USD Liquid Leveraged Loan Index | TSFR3M | Term SOFR 3-Month |
| CDX.HY | Credit Derivatives Index - High Yield | JMMMUSTF | JP Morgan Money Market US Treasury Fund Index | TSFR6M | Term SOFR 6-Month |
| CDX.IG | Credit Derivatives Index - Investment Grade | JY0003M | 3 Month JPY-LIBOR | UKRPI | United Kingdom Retail Prices Index |
| CMBX | Commercial Mortgage-Backed Index | MSMMUSTF | MSILF Money Market US Treasury Fund Index | US0003M | ICE 3-Month USD LIBOR |
| EUR003M | 3 Month EUR Swap Rate | MUTKCALM | Tokyo Overnight Average Rate |  |  |
|  Municipal Bond or Agency Abbreviations: | Municipal Bond or Agency Abbreviations: | Municipal Bond or Agency Abbreviations: | Municipal Bond or Agency Abbreviations: | Municipal Bond or Agency Abbreviations: | Municipal Bond or Agency Abbreviations: |
| ACA | American Capital Access Holding Ltd. |  |  |  |  |
|  Other Abbreviations: | Other Abbreviations: | Other Abbreviations: | Other Abbreviations: | Other Abbreviations: | Other Abbreviations: |
| ABS | Asset-Backed Security | CLO | Collateralized Loan Obligation | PIK | Payment-in-Kind |
| ALT | Alternate Loan Trust | CMBS | Collateralized Mortgage-Backed Security | PRIBOR | Prague Interbank Offered Rate |
| BABs | Build America Bonds | DAC | Designated Activity Company | REIT | Real Estate Investment Trust |
| BBR | Bank Bill Rate | EBITDA | Earnings before Interest, Taxes, Depreciation and Amoritization | REMIC | Real Estate Mortgage Investment Conduit |
| BBSW | Bank Bill Swap Reference Rate | EURIBOR | Euro Interbank Offered Rate | TBA | To-Be-Announced |
| BRL-CDI | Brazil Interbank Deposit Rate | JIBAR | Johannesburg Interbank Agreed Rate | TBD | To-Be-Determined |
| BTP | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | JSC | Joint Stock Company | TBD% | Interest rate to be determined when loan settles or at the time of funding |
| CBO | Collateralized Bond Obligation | Lunar | Monthly payment based on 28-day periods. One year consists of 13 periods. | TIIE | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |
| CDO | Collateralized Debt Obligation | Oat | Obligations Assimilables du Trésor | WIBOR | Warsaw Interbank Offered Rate |
| CHILIBOR | Chile Interbank Offered Rate | OIS | Overnight Index Swap |  |  |

---

---

| | |
|:---|:---|
| **204** | **PIMCO CREDIT BOND FUNDS** |

---

------

Distribution Information (Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended March 31, 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 Credit Opportunities Bond Fund | PIMCO Credit Opportunities Bond Fund | PIMCO Credit Opportunities Bond Fund | PIMCO Credit Opportunities Bond Fund | PIMCO Credit Opportunities Bond Fund |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  December 2025 | $0.1754 | $0.0000 | $0.0000 | $0.1754 |
|  March 2026 | $0.0574 | $0.0000 | $0.0000 | $0.0574 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  December 2025 | $0.1726 | $0.0000 | $0.0000 | $0.1726 |
|  March 2026 | $0.0559 | $0.0000 | $0.0000 | $0.0559 |
| Class A | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  December 2025 | $0.1646 | $0.0000 | $0.0000 | $0.1646 |
|  March 2026 | $0.0488 | $0.0000 | $0.0000 | $0.0488 |
| Class C | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  December 2025 | $0.1481 | $0.0000 | $0.0000 | $0.1481 |
|  March 2026 | $0.0330 | $0.0000 | $0.0000 | $0.0330 |
| <br> PIMCO Diversified Income Fund | <br> PIMCO Diversified Income Fund | <br> PIMCO Diversified Income Fund | <br> PIMCO Diversified Income Fund | <br> PIMCO Diversified Income Fund |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  October 2025 | $0.0494 | $0.0000 | $0.0000 | $0.0494 |
|  November 2025 | $0.0420 | $0.0000 | $0.0000 | $0.0420 |
|  December 2025 | $0.0474 | $0.0000 | $0.0000 | $0.0474 |
|  January 2026 | $0.0451 | $0.0000 | $0.0000 | $0.0451 |
|  February 2026 | $0.0459 | $0.0000 | $0.0000 | $0.0459 |
|  March 2026 | $0.0463 | $0.0000 | $0.0000 | $0.0463 |
| 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 | $0.0485 | $0.0000 | $0.0000 | $0.0485 |
|  November 2025 | $0.0413 | $0.0000 | $0.0000 | $0.0413 |
|  December 2025 | $0.0465 | $0.0000 | $0.0000 | $0.0465 |
|  January 2026 | $0.0442 | $0.0000 | $0.0000 | $0.0442 |
|  February 2026 | $0.0452 | $0.0000 | $0.0000 | $0.0452 |
|  March 2026 | $0.0455 | $0.0000 | $0.0000 | $0.0455 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **205** |

---

------

Distribution Information (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $0.0480 | $0.0000 | $0.0000 | $0.0480 |
|  November 2025 | $0.0409 | $0.0000 | $0.0000 | $0.0409 |
|  December 2025 | $0.0461 | $0.0000 | $0.0000 | $0.0461 |
|  January 2026 | $0.0438 | $0.0000 | $0.0000 | $0.0438 |
|  February 2026 | $0.0448 | $0.0000 | $0.0000 | $0.0448 |
|  March 2026 | $0.0451 | $0.0000 | $0.0000 | $0.0451 |
| **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 | $0.0471 | $0.0000 | $0.0000 | $0.0471 |
|  November 2025 | $0.0401 | $0.0000 | $0.0000 | $0.0401 |
|  December 2025 | $0.0452 | $0.0000 | $0.0000 | $0.0452 |
|  January 2026 | $0.0429 | $0.0000 | $0.0000 | $0.0429 |
|  February 2026 | $0.0440 | $0.0000 | $0.0000 | $0.0440 |
|  March 2026 | $0.0443 | $0.0000 | $0.0000 | $0.0443 |
| **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 | $0.0458 | $0.0000 | $0.0000 | $0.0458 |
|  November 2025 | $0.0390 | $0.0000 | $0.0000 | $0.0390 |
|  December 2025 | $0.0439 | $0.0000 | $0.0000 | $0.0439 |
|  January 2026 | $0.0416 | $0.0000 | $0.0000 | $0.0416 |
|  February 2026 | $0.0428 | $0.0000 | $0.0000 | $0.0428 |
|  March 2026 | $0.0431 | $0.0000 | $0.0000 | $0.0431 |
| **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 | $0.0390 | $0.0000 | $0.0000 | $0.0390 |
|  November 2025 | $0.0331 | $0.0000 | $0.0000 | $0.0331 |
|  December 2025 | $0.0372 | $0.0000 | $0.0000 | $0.0372 |
|  January 2026 | $0.0352 | $0.0000 | $0.0000 | $0.0352 |
|  February 2026 | $0.0370 | $0.0000 | $0.0000 | $0.0370 |
|  March 2026 | $0.0369 | $0.0000 | $0.0000 | $0.0369 |
| <br> PIMCO ESG Income Fund | <br> PIMCO ESG Income Fund | <br> PIMCO ESG Income Fund | <br> PIMCO ESG Income Fund | <br> PIMCO ESG Income Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2025 | $0.0421 | $0.0000 | $0.0000 | $0.0421 |
|  November 2025 | $0.0362 | $0.0000 | $0.0000 | $0.0362 |
|  December 2025 | $0.0396 | $0.0000 | $0.0000 | $0.0396 |
|  January 2026 | $0.0349 | $0.0000 | $0.0000 | $0.0349 |
|  February 2026 | $0.0350 | $0.0000 | $0.0000 | $0.0350 |
|  March 2026 | $0.0371 | $0.0000 | $0.0000 | $0.0371 |
| **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 | $0.0412 | $0.0000 | $0.0000 | $0.0412 |
|  November 2025 | $0.0355 | $0.0000 | $0.0000 | $0.0355 |
|  December 2025 | $0.0387 | $0.0000 | $0.0000 | $0.0387 |
|  January 2026 | $0.0341 | $0.0000 | $0.0000 | $0.0341 |
|  February 2026 | $0.0342 | $0.0000 | $0.0000 | $0.0342 |
|  March 2026 | $0.0363 | $0.0000 | $0.0000 | $0.0363 |

---

---

| | |
|:---|:---|
| **206** | **PIMCO CREDIT BOND FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2025 | $0.0408 | $0.0000 | $0.0000 | $0.0408 |
|  November 2025 | $0.0351 | $0.0000 | $0.0000 | $0.0351 |
|  December 2025 | $0.0383 | $0.0000 | $0.0000 | $0.0383 |
|  January 2026 | $0.0337 | $0.0000 | $0.0000 | $0.0337 |
|  February 2026 | $0.0339 | $0.0000 | $0.0000 | $0.0339 |
|  March 2026 | $0.0359 | $0.0000 | $0.0000 | $0.0359 |
| **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 | $0.0386 | $0.0000 | $0.0000 | $0.0386 |
|  November 2025 | $0.0333 | $0.0000 | $0.0000 | $0.0333 |
|  December 2025 | $0.0362 | $0.0000 | $0.0000 | $0.0362 |
|  January 2026 | $0.0316 | $0.0000 | $0.0000 | $0.0316 |
|  February 2026 | $0.0320 | $0.0000 | $0.0000 | $0.0320 |
|  March 2026 | $0.0340 | $0.0000 | $0.0000 | $0.0340 |
| **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 | $0.0321 | $0.0000 | $0.0000 | $0.0321 |
|  November 2025 | $0.0278 | $0.0000 | $0.0000 | $0.0278 |
|  December 2025 | $0.0299 | $0.0000 | $0.0000 | $0.0299 |
|  January 2026 | $0.0255 | $0.0000 | $0.0000 | $0.0255 |
|  February 2026 | $0.0265 | $0.0000 | $0.0000 | $0.0265 |
|  March 2026 | $0.0282 | $0.0000 | $0.0000 | $0.0282 |
| <br>PIMCO High Yield Fund | <br>PIMCO High Yield Fund | <br>PIMCO High Yield Fund | <br>PIMCO High Yield Fund | <br>PIMCO High Yield Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2025 | $0.0453 | $0.0000 | $0.0000 | $0.0453 |
|  November 2025 | $0.0395 | $0.0000 | $0.0000 | $0.0395 |
|  December 2025 | $0.0450 | $0.0000 | $0.0000 | $0.0450 |
|  January 2026 | $0.0418 | $0.0000 | $0.0000 | $0.0418 |
|  February 2026 | $0.0418 | $0.0000 | $0.0000 | $0.0418 |
|  March 2026 | $0.0438 | $0.0000 | $0.0000 | $0.0438 |
| **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 | $0.0446 | $0.0000 | $0.0000 | $0.0446 |
|  November 2025 | $0.0389 | $0.0000 | $0.0000 | $0.0389 |
|  December 2025 | $0.0443 | $0.0000 | $0.0000 | $0.0443 |
|  January 2026 | $0.0411 | $0.0000 | $0.0000 | $0.0411 |
|  February 2026 | $0.0412 | $0.0000 | $0.0000 | $0.0412 |
|  March 2026 | $0.0431 | $0.0000 | $0.0000 | $0.0431 |
| **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 | $0.0442 | $0.0000 | $0.0000 | $0.0442 |
|  November 2025 | $0.0386 | $0.0000 | $0.0000 | $0.0386 |
|  December 2025 | $0.0440 | $0.0000 | $0.0000 | $0.0440 |
|  January 2026 | $0.0407 | $0.0000 | $0.0000 | $0.0407 |
|  February 2026 | $0.0409 | $0.0000 | $0.0000 | $0.0409 |
|  March 2026 | $0.0425 | $0.0000 | $0.0000 | $0.0425 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **207** |

---

------

Distribution Information (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $0.0435 | $0.0000 | $0.0000 | $0.0435 |
|  November 2025 | $0.0380 | $0.0000 | $0.0000 | $0.0380 |
|  December 2025 | $0.0432 | $0.0000 | $0.0000 | $0.0432 |
|  January 2026 | $0.0400 | $0.0000 | $0.0000 | $0.0400 |
|  February 2026 | $0.0402 | $0.0000 | $0.0000 | $0.0402 |
|  March 2026 | $0.0422 | $0.0000 | $0.0000 | $0.0422 |
| **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 | $0.0427 | $0.0000 | $0.0000 | $0.0427 |
|  November 2025 | $0.0373 | $0.0000 | $0.0000 | $0.0373 |
|  December 2025 | $0.0425 | $0.0000 | $0.0000 | $0.0425 |
|  January 2026 | $0.0393 | $0.0000 | $0.0000 | $0.0393 |
|  February 2026 | $0.0396 | $0.0000 | $0.0000 | $0.0396 |
|  March 2026 | $0.0415 | $0.0000 | $0.0000 | $0.0415 |
| **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 | $0.0372 | $0.0000 | $0.0000 | $0.0372 |
|  November 2025 | $0.0326 | $0.0000 | $0.0000 | $0.0326 |
|  December 2025 | $0.0372 | $0.0000 | $0.0000 | $0.0372 |
|  January 2026 | $0.0341 | $0.0000 | $0.0000 | $0.0341 |
|  February 2026 | $0.0350 | $0.0000 | $0.0000 | $0.0350 |
|  March 2026 | $0.0365 | $0.0000 | $0.0000 | $0.0365 |
| **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 | $0.0409 | $0.0000 | $0.0000 | $0.0409 |
|  November 2025 | $0.0358 | $0.0000 | $0.0000 | $0.0358 |
|  December 2025 | $0.0407 | $0.0000 | $0.0000 | $0.0407 |
|  January 2026 | $0.0376 | $0.0000 | $0.0000 | $0.0376 |
|  February 2026 | $0.0380 | $0.0000 | $0.0000 | $0.0380 |
|  March 2026 | $0.0398 | $0.0000 | $0.0000 | $0.0398 |
| <br> PIMCO High Yield Spectrum Fund | <br> PIMCO High Yield Spectrum Fund | <br> PIMCO High Yield Spectrum Fund | <br> PIMCO High Yield Spectrum Fund | <br> PIMCO High Yield Spectrum Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2025 | $0.0541 | $0.0000 | $0.0000 | $0.0541 |
|  November 2025 | $0.0465 | $0.0000 | $0.0000 | $0.0465 |
|  December 2025 | $0.0510 | $0.0000 | $0.0000 | $0.0510 |
|  January 2026 | $0.0502 | $0.0000 | $0.0000 | $0.0502 |
|  February 2026 | $0.0491 | $0.0000 | $0.0000 | $0.0491 |
|  March 2026 | $0.0488 | $0.0000 | $0.0000 | $0.0488 |
| **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 | $0.0532 | $0.0000 | $0.0000 | $0.0532 |
|  November 2025 | $0.0458 | $0.0000 | $0.0000 | $0.0458 |
|  December 2025 | $0.0502 | $0.0000 | $0.0000 | $0.0502 |
|  January 2026 | $0.0494 | $0.0000 | $0.0000 | $0.0494 |
|  February 2026 | $0.0483 | $0.0000 | $0.0000 | $0.0483 |
|  March 2026 | $0.0480 | $0.0000 | $0.0000 | $0.0480 |

---

---

| | |
|:---|:---|
| **208** | **PIMCO CREDIT BOND FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2025 | $0.0519 | $0.0000 | $0.0000 | $0.0519 |
|  November 2025 | $0.0445 | $0.0000 | $0.0000 | $0.0445 |
|  December 2025 | $0.0498 | $0.0000 | $0.0000 | $0.0498 |
|  January 2026 | $0.0490 | $0.0000 | $0.0000 | $0.0490 |
|  February 2026 | $0.0480 | $0.0000 | $0.0000 | $0.0480 |
|  March 2026 | $0.0477 | $0.0000 | $0.0000 | $0.0477 |
| **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 | $0.0511 | $0.0000 | $0.0000 | $0.0511 |
|  November 2025 | $0.0440 | $0.0000 | $0.0000 | $0.0440 |
|  December 2025 | $0.0481 | $0.0000 | $0.0000 | $0.0481 |
|  January 2026 | $0.0474 | $0.0000 | $0.0000 | $0.0474 |
|  February 2026 | $0.0465 | $0.0000 | $0.0000 | $0.0465 |
|  March 2026 | $0.0461 | $0.0000 | $0.0000 | $0.0461 |
| **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 | $0.0448 | $0.0000 | $0.0000 | $0.0448 |
|  November 2025 | $0.0386 | $0.0000 | $0.0000 | $0.0386 |
|  December 2025 | $0.0420 | $0.0000 | $0.0000 | $0.0420 |
|  January 2026 | $0.0414 | $0.0000 | $0.0000 | $0.0414 |
|  February 2026 | $0.0412 | $0.0000 | $0.0000 | $0.0412 |
|  March 2026 | $0.0405 | $0.0000 | $0.0000 | $0.0405 |
| <br> PIMCO Long-Term Credit Bond Fund | <br> PIMCO Long-Term Credit Bond Fund | <br> PIMCO Long-Term Credit Bond Fund | <br> PIMCO Long-Term Credit Bond Fund | <br> PIMCO Long-Term Credit Bond Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2025 | $0.0455 | $0.0000 | $0.0000 | $0.0455 |
|  November 2025 | $0.0392 | $0.0000 | $0.0000 | $0.0392 |
|  December 2025 | $0.0440 | $0.0000 | $0.0000 | $0.0440 |
|  January 2026 | $0.0430 | $0.0000 | $0.0000 | $0.0430 |
|  February 2026 | $0.0411 | $0.0000 | $0.0000 | $0.0411 |
|  March 2026 | $0.0424 | $0.0000 | $0.0000 | $0.0424 |
| **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 | $0.0446 | $0.0000 | $0.0000 | $0.0446 |
|  November 2025 | $0.0385 | $0.0000 | $0.0000 | $0.0385 |
|  December 2025 | $0.0433 | $0.0000 | $0.0000 | $0.0433 |
|  January 2026 | $0.0422 | $0.0000 | $0.0000 | $0.0422 |
|  February 2026 | $0.0404 | $0.0000 | $0.0000 | $0.0404 |
|  March 2026 | $0.0417 | $0.0000 | $0.0000 | $0.0417 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **209** |

---

------

Distribution Information (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO Low Duration Credit Fund | PIMCO Low Duration Credit Fund | PIMCO Low Duration Credit Fund | PIMCO Low Duration Credit Fund | PIMCO Low Duration Credit Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2025 | $0.0595 | $0.0000 | $0.0000 | $0.0595 |
|  November 2025 | $0.0475 | $0.0000 | $0.0000 | $0.0475 |
|  December 2025 | $0.0530 | $0.0000 | $0.0000 | $0.0530 |
|  January 2026 | $0.0492 | $0.0000 | $0.0000 | $0.0492 |
|  February 2026 | $0.0462 | $0.0000 | $0.0000 | $0.0462 |
|  March 2026 | $0.0467 | $0.0000 | $0.0000 | $0.0467 |
| **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 | $0.0586 | $0.0000 | $0.0000 | $0.0586 |
|  November 2025 | $0.0468 | $0.0000 | $0.0000 | $0.0468 |
|  December 2025 | $0.0523 | $0.0000 | $0.0000 | $0.0523 |
|  January 2026 | $0.0485 | $0.0000 | $0.0000 | $0.0485 |
|  February 2026 | $0.0455 | $0.0000 | $0.0000 | $0.0455 |
|  March 2026 | $0.0459 | $0.0000 | $0.0000 | $0.0459 |
| **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 | $0.0570 | $0.0000 | $0.0000 | $0.0570 |
|  November 2025 | $0.0454 | $0.0000 | $0.0000 | $0.0454 |
|  December 2025 | $0.0507 | $0.0000 | $0.0000 | $0.0507 |
|  January 2026 | $0.0469 | $0.0000 | $0.0000 | $0.0469 |
|  February 2026 | $0.0441 | $0.0000 | $0.0000 | $0.0441 |
|  March 2026 | $0.0445 | $0.0000 | $0.0000 | $0.0445 |
| **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 | $0.0508 | $0.0000 | $0.0000 | $0.0508 |
|  November 2025 | $0.0402 | $0.0000 | $0.0000 | $0.0402 |
|  December 2025 | $0.0447 | $0.0000 | $0.0000 | $0.0447 |
|  January 2026 | $0.0411 | $0.0000 | $0.0000 | $0.0411 |
|  February 2026 | $0.0389 | $0.0000 | $0.0000 | $0.0389 |
|  March 2026 | $0.0389 | $0.0000 | $0.0000 | $0.0389 |
| <br> PIMCO Low Duration Income Fund | <br> PIMCO Low Duration Income Fund | <br> PIMCO Low Duration Income Fund | <br> PIMCO Low Duration Income Fund | <br> PIMCO Low Duration Income Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2025 | $0.0380 | $0.0000 | $0.0000 | $0.0380 |
|  November 2025 | $0.0380 | $0.0000 | $0.0000 | $0.0380 |
|  December 2025 | $0.0380 | $0.0000 | $0.0000 | $0.0380 |
|  January 2026 | $0.0380 | $0.0000 | $0.0000 | $0.0380 |
|  February 2026 | $0.0329 | $0.0000 | $0.0000 | $0.0329 |
|  March 2026 | $0.0329 | $0.0000 | $0.0000 | $0.0329 |

---

---

| | |
|:---|:---|
| **210** | **PIMCO CREDIT BOND FUNDS** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2025 | $0.0373 | $0.0000 | $0.0000 | $0.0373 |
|  November 2025 | $0.0373 | $0.0000 | $0.0000 | $0.0373 |
|  December 2025 | $0.0373 | $0.0000 | $0.0000 | $0.0373 |
|  January 2026 | $0.0373 | $0.0000 | $0.0000 | $0.0373 |
|  February 2026 | $0.0322 | $0.0000 | $0.0000 | $0.0322 |
|  March 2026 | $0.0322 | $0.0000 | $0.0000 | $0.0322 |
| **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 | $0.0370 | $0.0000 | $0.0000 | $0.0370 |
|  November 2025 | $0.0370 | $0.0000 | $0.0000 | $0.0370 |
|  December 2025 | $0.0370 | $0.0000 | $0.0000 | $0.0370 |
|  January 2026 | $0.0370 | $0.0000 | $0.0000 | $0.0370 |
|  February 2026 | $0.0319 | $0.0000 | $0.0000 | $0.0319 |
|  March 2026 | $0.0319 | $0.0000 | $0.0000 | $0.0319 |
| **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 | $0.0353 | $0.0000 | $0.0000 | $0.0353 |
|  November 2025 | $0.0352 | $0.0000 | $0.0000 | $0.0352 |
|  December 2025 | $0.0352 | $0.0000 | $0.0000 | $0.0352 |
|  January 2026 | $0.0352 | $0.0000 | $0.0000 | $0.0352 |
|  February 2026 | $0.0301 | $0.0000 | $0.0000 | $0.0301 |
|  March 2026 | $0.0301 | $0.0000 | $0.0000 | $0.0301 |
| **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 | $0.0332 | $0.0000 | $0.0000 | $0.0332 |
|  November 2025 | $0.0332 | $0.0000 | $0.0000 | $0.0332 |
|  December 2025 | $0.0332 | $0.0000 | $0.0000 | $0.0332 |
|  January 2026 | $0.0332 | $0.0000 | $0.0000 | $0.0332 |
|  February 2026 | $0.0281 | $0.0000 | $0.0000 | $0.0281 |
|  March 2026 | $0.0281 | $0.0000 | $0.0000 | $0.0281 |
| **C-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  October 2025 | $0.0318 | $0.0000 | $0.0000 | $0.0318 |
|  November 2025 | $0.0318 | $0.0000 | $0.0000 | $0.0318 |
|  December 2025 | $0.0318 | $0.0000 | $0.0000 | $0.0318 |
|  January 2026 | $0.0318 | $0.0000 | $0.0000 | $0.0318 |
|  February 2026 | $0.0267 | $0.0000 | $0.0000 | $0.0267 |
|  March 2026 | $0.0267 | $0.0000 | $0.0000 | $0.0267 |
| <br> PIMCO Preferred and Capital Securities Fund | <br> PIMCO Preferred and Capital Securities Fund | <br> PIMCO Preferred and Capital Securities Fund | <br> PIMCO Preferred and Capital Securities Fund | <br> PIMCO Preferred and Capital Securities Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2025 | $0.1271 | $0.0000 | $0.0000 | $0.1271 |
|  March 2026 | $0.1257 | $0.0000 | $0.0000 | $0.1257 |
| **I-2** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2025 | $0.1248 | $0.0000 | $0.0000 | $0.1248 |
|  March 2026 | $0.1244 | $0.0000 | $0.0000 | $0.1244 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **211** |

---

------

Distribution Information (Cont.) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **I-3** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2025 | $0.1230 | $0.0000 | $0.0000 | $0.1230 |
|  March 2026 | $0.1230 | $0.0000 | $0.0000 | $0.1230 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2025 | $0.1179 | $0.0000 | $0.0000 | $0.1179 |
|  March 2026 | $0.1188 | $0.0000 | $0.0000 | $0.1188 |
| **Class C** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  December 2025 | $0.0969 | $0.0000 | $0.0000 | $0.0969 |
|  March 2026 | $0.1015 | $0.0000 | $0.0000 | $0.1015 |

---

\* 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 funds 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. 

---

| | |
|:---|:---|
| **212** | **PIMCO CREDIT BOND FUNDS** |

---

------

Federal Income Tax Information (Unaudited)

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Funds' fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of a fund's dividend distribution that qualifies under tax law. The percentage of the following Funds' fiscal 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 Funds intend to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b).

Section 199A Dividends. The Funds intend to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Dividend<br>Received<br>Deduction% | Qualified<br>Dividend<br>Income% | Qualified<br>Interest<br>Income<br>(000s)<sup>†</sup> | Qualified<br>Short-Term<br>Capital Gains<br>(000s)<sup>†</sup> |
|  PIMCO Credit Opportunities Bond Fund | 0.00% | 2.49% | $23336 | $0 |
|  PIMCO Diversified Income Fund | 0.00% | 1.38% | 69630 | 0 |
|  PIMCO ESG Income Fund | 0.00% | 1.56% | 10905 | 0 |
|  PIMCO High Yield Fund | 0.00% | 1.00% | 314824 | 0 |
|  PIMCO High Yield Spectrum Fund | 0.00% | 0.00% | 17133 | 0 |
|  PIMCO Long-Term Credit Bond Fund | 2.98% | 5.41% | 115309 | 0 |
|  PIMCO Low Duration Credit Fund | 0.00% | 0.00% | 6854 | 0 |
|  PIMCO Low Duration Income Fund | 0.00% | 0.00% | 367224 | 0 |
|  PIMCO Preferred and Capital Securities Fund | 37.77% | 100.00% | 31649 | 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 | **213** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **214** | **PIMCO CREDIT BOND FUNDS** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | MARCH 31, 2026 | **215** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **216** | **PIMCO CREDIT BOND FUNDS** |

---

------

#### General Information
Investment Adviser and Administrator

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Funds listed on the Report cover.

------

![LOGO](g124985g75h91.jpg)

PIMSCRBONDFSTMAR_033126

------

**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)](d14608dex99codeeth.htm) [Exhibit 99.CODE—Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.](d14608dex99codeeth.htm)

(a)(2) Not applicable for open-end investment companies.

[(a)(3)](d14608dex99cert.htm) [Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes—Oxley Act of 2002.](d14608dex99cert.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)](d14608dex99906cert.htm) [Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](d14608dex99906cert.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 |

---

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 |
| By: | /s/ Bijal Y. Parikh<br>|
|  | Bijal Y. Parikh |
|  | Treasurer (Principal Financial & Accounting Officer) |
| 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;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of PIMCO Funds;

&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and
have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
|  Date: | 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;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of PIMCO Funds;

&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
|  Date: | June 1, 2026<br>|
|  Signature: | /s/ Bijal Y. Parikh<br>|
|  Title: | Treasurer (Principal Financial & Accounting Officer)<br>|

---

## Exhibit 99.906

**Exhibit 99.906CERT** 

**<u>Certification Under Rule 30a-2(b)</u>** 

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350** 

**(as adopted pursuant to Section 906 of the Sarbanes-Oxley Act)** 

In connection with the Report on Form N-CSR to which this certification is furnished as an exhibit (the "Report"), the undersigned officers of PIMCO Funds (the "Registrant") each certify that to his knowledge:

&nbsp;&nbsp;&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;&nbsp;&nbsp;2. The information contained in the Report on Form N-CSR fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ Joshua D. Ratner<br>| By: | /s/ Bijal Y. Parikh<br>|
| Name: | Joshua D. Ratner<br>| Name: | Bijal Y. Parikh<br>|
| Title: | President (Principal Executive Officer)<br>| Title: | Treasurer (Principal Financial & Accounting Officer)<br>|
| Date: | June 1, 2026<br>| Date: | 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.